Penske Enters Wisconsin Market
Penske is extending its footprint into Wisconsin with the acquisition of two dealerships. Officials say the locations should contribute annualized revenues of approximately $130 million.
BLOOMFIELD HILLS, Mich. — Penske Automotive Group Inc. announced this week that it has entered the Wisconsin market with the acquisition of Jon Lancaster Toyota Scion and Lexus of Madison. The acquired dealerships are expected to contribute annualized revenues of approximately $130 million.
"Entering the Madison, Wis., market is an important step in our effort to build scale in the upper Midwest,” said Ramonat, the group’s Central region executive vice president. “Coupled with our existing BMW and MINI franchises in Minneapolis, the Toyota and Lexus dealerships in Madison provide an outstanding footprint to leverage our operations and grow our business."
The Toyota dealership is housed in a 70,000-square-foot facility that stretches across 10 acres in in east Madison. Lexus of Madison is an Elite of Lexus dealership located in west Madison, and operates on nine acres in a 45,000-square-feet facility.
Other terms of the transaction were not announced.
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