Penske Automotive Acquires Crevier BMW and MINI Franchises i

July 13, 2011

Penske Automotive (NYSE:PAG) announced today the acquisition of Crevier BMW and MINI franchises in Santa Ana, California. The Crevier franchises represent around $275 million in estimated yearly revenue. The deal was financed using cash flow from operations and availability under the Company's U.S. revolving credit facility.Penske Automotive Group Executive Vice President George W. Brochick said, "These franchises represent an outstanding opportunity to grow our footprint in Orange County, California. For approximately forty years, the Crevier family has grown this business by focusing on customer commitment, service, loyalty and dedication to the community. We look forward to continuing these traditions while enhancing the customer experience and increasing the presence of the BMW and MINI brands in the Santa Ana location."Penske Auto Group has a potential upside of 8.1% based on a current price of $22.81 and an average consensus analyst price target of $24.67.