Penske Automotive expands U.K. footprint with 15-store Rybrook Group deal

Penske Automotive Group Inc. on Monday said it completed its acquisition of 15 premium-brand dealerships from Rybrook Group Ltd., expanding its presence in the United Kingdom.

The acquisition includes four BMW, four Mini, four Volvo, two Land Rover and one Porsche dealership. Three of the BMW locations also sell BMW Motorrad motorcycles. The dealerships are in England and Wales
Those stores generate about $1 billion in annual revenue, Penske Automotive said.

"We are pleased to expand our brand footprint and increase our scale," Darren Edwards, CEO of Penske's Sytner Group U.K. subsidiary, said in a statement. "The Rybrook dealerships represent exceptional brands with a strong commitment to providing outstanding customer service."

The U.K. acquisition follows Penske Automotive's interest in acquiring another U.K. auto retailer, Pendragon.

In September, Penske Automotive, with Sweden's Hedin Mobility Group, competed with U.S. auto retail rivals Lithia Motors Inc. and AutoNation Inc. to purchase Pendragon. But in October, Penske Automotive said it did not intend to make a firm offer for that business because of valuation; Lithia is poised to close on its purchase of Pendragon in the first quarter.

In the U.S., Penske Automotive has entered into a $12.3 million cash agreement to buy Don Allen Auto Service Inc., with Ford and Chrysler-Dodge-Jeep-Ram dealerships, in Nantucket, Mass., from William Tornovish Jr. and Erik Evens. The deal is expected to close in the first quarter, Penske Automotive said in a regulatory filing last month.

Penske Automotive's most recent U.S. car dealership acquisition was in the third quarter of 2023, when the company bought BMW and Porsche dealerships in Wilmington, N.C., from Baker Motor Co.

Penske Automotive, of Bloomfield Hills, Mich., ranks No. 3 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 185,831 new vehicles in 2022.