Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, intends to expand its retail automotive operations into Australia by acquiring two Porsche dealerships along with a Ducati motorcycle dealership in Melbourne, Australia.
The Company has signed an agreement to acquire Porsche Centre Brighton, Porsche Centre Doncaster and Ducati Melbourne West. The Brighton dealership, which is located approximately 20 minutes from central Melbourne, opened in March 2009 and has been serving the Porsche community in Melbourne for nearly 15 years. The Doncaster dealership is the newest official Porsche Centre located in the high-growth northeast Melbourne suburbs.
Commenting on the acquisition, Penske Automotive Group Head of International Operations Randall Seymore said, "We are delighted to announce this transaction and expand our partnership with the Porsche brand. For over ten years we have strategically built a diverse commercial vehicle and power systems business that operates across Australia and New Zealand based on our commitment to strong customer service. With this acquisition we will leverage that existing infrastructure and our significant experience in the retail automotive industry to drive growth of the Porsche brand in Melbourne by building a relationship with Porsche enthusiasts through a focus on the customer experience."
The acquisition is expected to close in the second quarter of 2024, subject to customary conditions.