Penske Automotive Group acquires Longo Toyota and Longo Lexus in California, Lexus of Stevens Creek in San Jose, California, and Longo Toyota of Prosper in Texas.
These acquisitions are expected to add $1.5 billion in estimated annualized revenue to the company.
Longo Toyota is recognized as the #1 volume Toyota dealer in the U.S. for 58 consecutive years.
Strategic Acquisition
The acquisitions strengthen Penske Automotive Group's relationship with Toyota and Lexus brands and expand its presence in key markets, such as Los Angeles and Dallas.
Revenue Boost
The acquired dealerships are projected to contribute significantly to the company's annual revenue, enhancing its financial performance.
Legacy Continuation
Penske Automotive Group is excited to carry forward the outstanding legacy of the acquired dealerships and welcomes the new team members.
- The acquisitions mark a strategic move to solidify Penske Automotive Group's position in the automotive market.
- Expanding into California and Texas allows the company to tap into high-demand regions and capitalize on the success of the acquired dealerships.
Penske Automotive Group's recent acquisitions signal a promising growth trajectory, reinforcing its market presence and revenue projections.