BLOOMFIELD HILLS, Mich. -

A just-announced acquisition by Penske Automotive Group is expected to generate approximately $200 million in annualized revenue for the company, while expanding its footprint in the Lone Star State.

The company announced this week that it has acquired the Frank Smith Toyota-Scion and Hyundai dealerships in Pharr, Texas. 

Both dealerships operate in the Rio Grande Valley area, serving the greater metropolitan area of McAllen, Texas, representing a new market area Penske, the company reported.

Penske Automotive has existing Texas operations in Austin, Houston, and Round Rock.

"We are thrilled to expand our affiliation with the Toyota and Hyundai brands," said Penske Automotive Group president Rob Kurnick. "These new dealerships will allow us the opportunity to further scale operations within the company's existing Texas footprint and provide a growth opportunity in a new and dynamic market area."  

The acquired dealerships are located on an 18-acre site which includes a 28,000-square-foot, 38-service bay collision repair center and an 8,500-square-foot delivery/detail center, the company reported, operating in a campus-style environment. The dealership facilities are compliant with the individual brands' current image programs. 

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