Penske Automotive announced Tuesday it has added four new franchises to its lineup.

The dealer group has acquired Audi Eatontown, Porsche Monmouth, Jaguar Monmouth and Land Rover Monmouth, which are all located in Monmouth County, N.J.

Penske management pointed out this is one of the wealthiest counties in the U.S.  

Penske purchased the franchises from the Schneider Nelson Auto Group. The four new stores are expected to sell approximately 2,400 new and used vehicles annually, generating revenue of approximately $175 million on an annualized basis.

Penske Automotive Group Chairman Roger S. Penske said, "We are pleased to welcome these four new dealerships to the Penske family. The strong reputation and commitment to serving the customers of the New Jersey/Greater New York area for decades complement the company's existing footprint in the northeastern United States, while enhancing our premium/luxury brand mix."    

This news comes after Penske reported used sales were up 7.7 percent in the third quarter. The group has maintained that pace all year, with a similar jump – 7.8 percent, to be exact – in overall used retail units sold in the first three quarters of the year compared to the same period in 2014.