Penske Automotive Group has sealed the deal on its CarShop acquisition.

The dealer group said in a news release Thursday it has completed its purchase of the U.K. used-car retailer.

Penske expects CarShop to pull in about $340 million in annual revenue, and estimates accretion at $0.07 to $0.09 per share annually.

Penske announced in early January it had signed an agreement to buy CarShop, a chain of five standalone used-car retail stores in the U.K. 

The used-car retailer has locations in Cardiff, Swindon, Northampton, Norwich and Doncaster. The company, which launched in 1999, also has a 15-acre vehicle preparation center in Leighton Buzzard that can recondition 45,000 cars a year.

In a news release, dealer group chairman Roger Penske said, "The acquisition of CarShop complements our existing core auto retail business and furthers our diversification strategy within the transportation services industry.

“The CarShop acquisition along with the acquisition of CarSense in the United States strengthens our position in our core markets and provides scalable future growth opportunities,” he said.

The chief executive of Penske’s U.K. operations, Darren Edwards, said in Thursday’s news release: “We are delighted to welcome the CarShop team to Penske Automotive Group and look forward to the opportunities this will provide to expand and diversify our business in this sector of the market.”

Combined, the two used-car standalone store outfits that Penske Automotive purchased should pull about $700 million in revenue each year, Roger Penske said.

Buying these standalone pre-owned outlets, Penske said in a quarterly conference call this month, gives the dealer group a chance to diversity further and provides “a greater opportunity to drive used-vehicle sales in this growing segment of the market.”