Penske Automotive Acquires Crevier BMW and MINI

Penske Automotive Group, Inc. PAG today announced the acquisition of the Crevier BMW and MINI franchises in Santa Ana, California. These franchises complement the Company's existing operations in this market. Crevier BMW and MINI are situated within the Santa Ana auto mall, which also includes the Company's Audi and Volkswagen brands. The Crevier franchises operate on over 12 acres, with nearly 100,000 square feet of facilities, 62 service bays and a five-story, 195,000-square-foot parking structure. Based on 2010 unit sales, Crevier BMW was ranked as the fifth largest new-unit BMW dealership in the United States and the largest Certified BMW pre-owned dealership in the western region. Crevier MINI was ranked as the seventh largest MINI dealership in the United States based on new vehicle sales in 2010. “These franchises represent an outstanding opportunity to grow our footprint in Orange County, California,” said Penske Automotive Group West Region Executive Vice President George W. Brochick. “For approximately forty years, the Crevier family has grown this business by focusing on customer commitment, service, loyalty and dedication to the community. We look forward to continuing these traditions while enhancing the customer experience and increasing the presence of the BMW and MINI brands in the Santa Ana location.” Crevier BMW is a six-time winner of BMW's Center of Excellence award, most recently in 2010. The Crevier franchises represent approximately $275 million in estimated annual revenue. The transaction was financed using cash flow from operations and availability under the Company's U.S. revolving credit facility.