Jump to content

Penske Completes Acquisition Of Heavy Truck Dealership Group


kscarbel2
 Share

Recommended Posts

Press Release / November 4, 2014

Penske Automotive Group has completed the acquisition of a majority stake in The Around the Clock Freightliner Group ("ATC"), a heavy- and medium-duty truck dealership group located in Texas, Oklahoma and New Mexico.

Penske Automotive Group now owns approximately 91% of ATC.

ATC currently operates fourteen locations, including eight full-service dealerships offering Freightliner, Western Star, and Sprinter-branded trucks.

ATC also offers a full range of used trucks available for sale as well as service and parts departments that are open 24 hours a day, seven days a week.

ATC is expected to contribute incremental estimated annualized revenue of $600 - $700 million and estimated annual incremental earnings per share of $0.12 to $0.14 to Penske Automotive Group.

Commenting on the completion of the acquisition, Penske Automotive Group Chairman Roger Penske said, "ATC represents a strategic opportunity for our company. Like the automotive retail dealership business, the heavy-duty truck dealership industry is highly fragmented and provides an excellent opportunity for our company to build scale through further consolidation."

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...