Acquisition includes dealerships representing luxury brands like BMW and Porsche.
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Penske Automotive Group, Inc. agreed to buy Rybrook Group Limited, a collection of 15 premium dealerships in the United Kingdom that generate approximately $1 billion in annualized revenues.
According to a Penske press release, the dealerships being acquired include four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche store. It noted that three of the BMW locations also retail BMW Motorrad motorcycles.
According to Darren Edwards, CEO of the Sytner Group subsidiary in the U.K., the Rybrook dealerships were a logical fit for Penske because they represent strong brands and are dedicated to customer service.
“We look forward to continuing this legacy and welcoming these franchises to our team,” Edwards said in the release, which noted that the acquisition has already received regulatory approvals and will be finalized in January.
Originally posted on Auto Dealer Today
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