Penske Automotive Group Inc. has acquired a BMW dealership in its headquarters city of Bloomfield Hills, Mich., marking a return to dealership ownership in Michigan for the auto retailer.
Penske on Monday bought Erhard BMW of Bloomfield, which it said it expects will add $100 million in annual revenue. The dealership was owned by the Dahm family. Terms were not disclosed, but the store was renamed BMW of Bloomfield Hills.
"This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years," Penske President Rob Kurnick said in a statement Tuesday. "We are thrilled to expand our presence and relationship with the BMW brand."
Also on Monday, Fox Motors, of Grand Rapids, Mich., entered the metro Detroit market with the purchase of Erhard BMW of Farmington Hills and Jaguar-Land Rover Farmington Hills, also from the Dahm family. Terms of that transaction weren't disclosed. The BMW store was renamed BMW of Farmington Hills, while the Jaguar-Land Rover store retains its name.
It's the first Jaguar-Land Rover dealership for Fox Motors and the second BMW store.
"My family and I have always loved the Jaguar and Land Rover lineup and welcomed the opportunity to bring the iconic luxury brands to Fox Motors," Fox Motors CEO Daniel DeVos said in a statement. "We are continually looking for growth opportunities, so to expand our BMW footprint and enter the metro Detroit community, after adding Ann Arbor in 2017, is a natural move that we are excited about."