Penske Automotive Group said Tuesday it has bought the Jaguar and Land Rover dealerships in Paramus, N.J., from the Prestige Family of Fine Cars. Penske expects the purchase to generate about $215 million in annual revenues.
"We are pleased with the opportunity to add the Jaguar and Land Rover dealerships in Paramus to the Penske Automotive footprint,” company president Robert Kurnick Jr., said in a news release.
“These new dealerships enhance the company's existing portfolio and bring additional scale in the New Jersey/New York metropolitan area to our business.
“We welcome the employees to the Penske Automotive Group team and look forward to working with them to grow the Jaguar and Land Rover businesses in this important market area," he added.
With the addition, Penske now has five Jaguar/Land Rover dealerships in the U.S.