Porsche and Audi Franchises Acquired by Penske Automotive

Penske Automotive Group, Inc., PAG today announced that it has completed the acquisition of the Fred Baker Porsche and Audi franchises in Bedford, Ohio, which is in the Cleveland metropolitan area. The franchises will be renamed Porsche of Bedford and Audi Bedford. The acquisition complements the company's existing dealership operations in the Cleveland metropolitan area, which currently includes six dealerships and a regional collision repair center. The acquired franchises are expected to generate an estimated $40 million in annualized revenue.