Penske Automotive Group on Friday said it acquired BMW of Wilmington and Porsche Wilmington. The transaction, in which the dealerships will keep their names, closed Aug. 10.
Financial terms of the deal were undisclosed. The acquisitions are expected to generate about $140 million in annual revenue, Penske said.
Chairman Roger Penske said in a statement the group is pleased to enhance its premium retail automotive brand mix in the Southeast.
“The greater Wilmington, N.C., area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of the Baker Motor Co.,” Penske said. “We welcome the associates of these two dealerships to the Penske Automotive Group team.”
No brokers were involved in the deal, a Penske spokesman said.
Baker Motor Co., owned by Tommy Baker, is based in Charleston, S.C., and founded in 1988. The group’s website lists other stores in North Carolina and South Carolina selling Mercedes, Porsche, Infiniti, Maserati, Alfa Romeo, Jaguar, Land Rover, Buick, GMC and Cadillac vehicles.
Penske on July 26 posted a 19.5 percent year-over-year decline in second-quarter net income to $302.6 million, while net income attributable to common stockholders fell 19.6 percent to $300.8 million. The company, however, posted record second-quarter revenue of $7.5 billion, up 8.1 percent from the same period in 2022. Premium brands represented 71 percent of Penske’s retail automotive sales in the quarter, with BMW and Mini accounting for 25 percent of the total.
Penske, 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.
