Penske Automotive Group acquires NC BMW, Porsche dealerships
Penske Automotive Group, which operates almost 500 auto and truck dealerships in six countries, had added two more to its collection.
Penske announced it has acquired BMW of Wilmington and Porsche Wilmington in Wilmington, N.C., from Baker Motor Company.
Both dealerships have earned their respective brands’ highest honor: BMW of Wilmington was named a BMW Center of Excellence and Porsche Wilmington has been designated as a Porsche Premier Dealer.
Penske said the acquisitions are expected to generate annualized revenue of approximately $140 million.
“We are pleased to expand our relationship with these world class brands and further enhance our premium retail automotive brand mix in the southeastern United States,” Penske Automotive Group chairman and CEO Roger Penske said in a news release.
“The greater Wilmington area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of the Baker Motor Company.”