Benzinga | Dec 14, 2021 09:15AM EST

Penske Acquires BMW Dealership In Bloomfield Hills For Undisclosed Sum

* Penske Automotive Group Inc (NYSE:PAG) has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan, for an undisclosed sum.

* The deal represents the company's 48th Bayerische Motoren Werke AG (OTC:BMWYY) BMW dealership worldwide.

* "This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years," said Penske President Rob Kurnick.

* Penske expects the acquired dealership to generate about $100 million in annualized revenue.

* Penske held $119.2 million in cash and equivalents as of September 30, 2021.

* Price Action: PAG shares closed lower by 5.43% at $99.94 on Monday.