Driving the news: Penske Automotive Group announced today it will purchase two Lexus dealerships in Central Florida in a deal expected to close in the first quarter. The acquisition is expected to add about $450 million in annual revenue.
For context: Penske will purchase Lexus of Winter Park and Lexus of Orlando.
Both dealerships sit about 16 miles apart in metro Orlando.
A Penske spokesperson told CDG News that confidentiality clauses prevented the group from revealing the sellers.
Jimmy Bryan Jr., took over the stores from his late father, according to local media stories and social media posts. An employee at the Winter Park location confirmed Bryan owned the dealership.
The public retailer, based in Bloomfield, Hills, Mich., will fund the purchase using “cash flow from operations and availability under its U.S. credit agreement.”
What they’re saying: "The acquired dealerships will expand the company's scale in one of the fastest growing states in the country while leveraging the company's existing infrastructure in Central Florida," Rich Shearing, Penske’s North American operations officer, said in a statement.
Bottom line: The buy-sell market is hopping and we still have another week of January left, and premium stores in growing areas continue to command attention from buyers.
You can see this deal announcement and many more throughout the entire year, by visiting the CDG Buy/Sell tracker at CDGbuysell.com powered by:
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