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Penske Completes Acquisition Of Heavy Truck Dealership Group


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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."

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