Benzinga | Jun 4, 2021 07:00AM EDT

Penske Reports Purchase Of Mercedes-Benz Of South Charlotte In North Carolina

Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, announced today that it has entered the Charlotte, North Carolina market area with the acquisition of Mercedes-Benz of South Charlotte. The acquisition is expected to add $150 million in annualized revenues.

Mercedes-Benz of South Charlotte represents Penske Automotive Group's 26th world-wide dealership for the Mercedes-Benz brand. The South Charlotte location was originally founded in 2006 and expands the Company's operations to a new market area which is ranked as one of the largest population growth areas in the United States. The dealership includes over 70,000 square feet of facilities, including 50 service bays, to meet the growing demands of this new market for the Company.

"We are thrilled to enter this new market area and we welcome the Mercedes-Benz of South Charlotte team to Penske Automotive Group," said President Rob Kurnick. "With the completion of this acquisition, Penske Automotive Group has now added over $700 million in expected annualized revenue to its operations this year as the company drives to its target goal of achieving $1 billion in earnings before taxes in 2023."