Penske Automotive Acquires Mercedes-Benz of Greenwich

Penske Automotive Group, Inc. PAG today announced the acquisition of Mercedes-Benz of Greenwich, located in Greenwich, Connecticut. This franchise complements the Company's existing operations in the Connecticut market, which include Audi, Mercedes-Benz and Porsche in Fairfield and Honda in Danbury. “I'm pleased to expand our presence in Connecticut with the Mercedes-Benz brand,” said East Region Executive Vice President Bernie Wolfe. “For over fifty years, Mercedes-Benz of Greenwich has been serving customers in Greenwich, Stamford and Norwalk with a dedication to customer service and satisfaction. We look forward to implementing the Mercedes-Benz Autohaus facility program in this important market and to growing the overall business to this market's full potential.” Mercedes-Benz of Greenwich represents approximately $150 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.