Penske to Acquire 15 U.K. Dealerships
Acquisition of Rybrook Group LTD includes dealerships representing BMW, MINI, Volvo, Land Rover and Porsche brands.
Acquisition includes dealerships representing luxury brands like BMW and Porsche.
IMAGE: Pexels
Penske Automotive Group, Inc. agreed to buy Rybrook Group Limited, a collection of 15 premium dealerships in the United Kingdom that generate approximately $1 billion in annualized revenues.
According to a Penske press release, the dealerships being acquired include four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche store. It noted that three of the BMW locations also retail BMW Motorrad motorcycles.
According to Darren Edwards, CEO of the Sytner Group subsidiary in the U.K., the Rybrook dealerships were a logical fit for Penske because they represent strong brands and are dedicated to customer service.
“We look forward to continuing this legacy and welcoming these franchises to our team,” Edwards said in the release, which noted that the acquisition has already received regulatory approvals and will be finalized in January.
Originally posted on Auto Dealer Today
More Industry
Ownership Priorities are Shifting
A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.
Read More →
Pump Price Jump Calculated
ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.
Read More →
Black Book: Weekly Market Update
Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.
Read More →
Arkansas Auto Group Acquires First Indiana Rooftop
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
Stellantis to Dive Into U.S. Lending
The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Read More →
New-Vehicle Prices Rise
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Black Book: Weekly Market Update
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →
Black Book: Weekly Market Update
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
EU Auto Association Urges Action
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Driving into the Super CFC Era
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →