Penske finalizes dealer acquisitions in Melbourne

Penske Automotive Group has confirmed that it has completed the acquisition of two Melbourne car dealerships.

The international transportation and trucking retailer has expanded its operations to four continents and nine countries, and the acquisition of Porsche Center Brighton and Doncaster has expanded its portfolio to 24 Porsche dealers worldwide.

Penske estimates the acquisitions will add $130 million to estimated annual revenues.

“We are delighted to expand our presence in Australia while expanding our global partnership with the Porsche brand,” says Randall Seymore, head of international operations for Penske Automotive Group.

We look forward to representing Porsche and serving clients in this important market, while leveraging our existing operations in Australia.”

After the acquisition was finalized, Penske decided to divest a Ducati dealership associated with the acquisition for strategic reasons.