Penske Automotive Group Inc. has entered the growing Charlotte, N.C., market with its acquisition Thursday of Felix Sabates' Mercedes-Benz of South Charlotte, in Pineville, near the South Carolina border.
The second-largest new-vehicle retailer based in the U.S. said in a news release Friday that the store is expected to add $150 million in annual revenue. The dealership acquisition is Penske's first since late 2018, when it bought Lexus stores in Texas.
Penske said the more than 70,000-square-foot dealership, which opened in 2006, includes 50 service bays.
Sabates, like Penske CEO Roger Penske, has ties to the racing world. He was a NASCAR team owner with Chip Ganassi Racing and was set to retire as an owner last year. Sabates owned the dealership with Terry Taylor, according to Sabates' Chip Ganassi Racing biography.
The acquisition marks Penske's 26th Mercedes-Benz dealership globally. Terms of the transaction weren't disclosed. The store will be renamed Mercedes-Benz of South Charlotte.