BREAKING NEWS

Penske Automotive Expands Presence In The United Kingdom

Penske Automotive Group (NYSE: PAG), an international transportation services provider, announced today that it has completed the acquisition of The Car People (www.thecarpeople.co.uk), one of the U.K.'s leading retailers of used vehicles. The Car People retails high-quality used vehicles at fixed retail prices as part of a transparent customer buying experience.''

Commenting on the transaction, Penske Automotive Group Chairman Roger S. Penske said, "I am delighted to welcome The Car People team to Penske Automotive Group. The acquisition of The Car People accelerates the company's expansion of its Used Car Supermarket business and reinforces our commitment to grow the used car business while strengthening the company's market position in the U.K., our second largest market."

The Car People has been in operation since 2000 and has four large-scale retail locations operating in Wakefield, Sheffield, Manchester, and Warrington. The Car People sells approximately 18,000 vehicles annually and is expected to generate estimated annualized revenue of approximately $300 million. On a combined basis, the company's Used Car Supermarket business in the U.K. is expected to sell more than 55,000 vehicles annually.  

About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide and is a member of the Fortune 500 and Russell 2000.

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