BLOOMFIELD HILLS, Mich. -

Penske Automotive Group acquired two Wisconsin dealerships this week, Jon Lancaster Toyota Scion and Lexus of Madison.

The company said the acquired dealerships are expected to contribute annualized revenues of approximately $130 million.

The Toyota dealership is located in east Madison and operates on 10 acres with approximately 70,000 square feet of facilities for sales and service, including a Toyota express service center specializing in oil changes and brake repairs.

Lexus of Madison is an Elite of Lexus dealership located in west Madison and operates on nine acres with nearly 45,000 square feet of facilities dedicated to sales and service.

Penske highlighted each facility is fully compliant with current OEM corporate identity standards.

Other terms of the transaction were not announced.

“Entering the Madison, Wisconsin, market is an important step in our effort to build scale in the upper Midwest,” Penske central region executive vice president Whit Ramonat said.

“Coupled with our existing BMW and Mini franchises in Minneapolis, the Toyota and Lexus dealerships in Madison provide an outstanding footprint to leverage our operations and grow our business,” Ramonat continued. “We are excited with the opportunity to represent these world-class brands in the Madison market.”

Penske’s success out West was highlighted during Used Car Week as Greg Penske, chairman and chief executive officer of the Penske Motor Group, accepted Auto Remarketing’s 2012 CPO Dealer of the Year Award sponsored by NCM Associates. The honor stemmed from the performance of Longo Toyota in El Monte, Calif.

More coverage from Used Car Week, including keynote recaps and photo galleries, can be found here.