BLOOMFIELD HILLS, Mich. -

Penske Automotive Group has bought a 49-percent equity ownership stake in a luxury dealership group in Japan known as the Nicole Group. The multi-franchise retailer operates out of Kanagawa and Tokyo, and it features a Rolls-Royce store, a Ferrari store, four BMW stores and three MINI stores.

The Nicole Group also has two standalone service shops and two used-car showrooms and is the exclusive Japanese importer and distributor of BMW Alpina vehicles.

Penske said its statement in the company will be handled “an equity investment, with its pro rata share of income reported as equity in earnings of affiliates in its income statement.”

Group chairman Roger Penske said in the announcement:  "We are thrilled with the opportunity to enter the Japanese market with a strong and established local partner. The Nicole Group represents world-class brands and has been named the best BMW dealership in Japan a record seven times. 

“As imports continue to grow market share in Japan, combined with the group's solid reputation in the marketplace, we expect to leverage the strength of the existing business while driving further expansion through organic growth and future acquisitions,” he added.