Penske Automotive Group Acquires Team Truck Centres in Ontario, Canada
Represents $150 Million in Annualized Revenues
BLOOMFIELD HILLS, Mich., Feb. 28, 2022 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers, today announced that it has acquired TEAM Truck Centres (“TEAM”), a retailer of medium and heavy-duty Freightliner and Western Star commercial trucks, located in Ontario, Canada. The acquisition is expected to generate approximately $150 million in annualized revenue, building further scale within the Company’s wholly-owned Premier Truck Group (“PTG”) subsidiary.
TEAM has been operating in southwest Ontario, Canada for over 45 years and is one of the largest and most-well-respected commercial truck dealerships in Canada. TEAM adds four full-service dealerships in Ontario (Cambridge, London, Sarnia, Windsor) to Premier Truck Group’s existing operations, bringing the company’s commercial truck dealership operations to eleven locations in Canada. Commenting on the acquisition, PTG President Richard Shearing said, “We are thrilled to welcome TEAM Truck Centres to Premier Truck Group. These new locations are complementary to our existing locations in Ontario, improve our scalability, and increase our ability to service trucks remotely through TEAM Truck Centres mobile product support vehicles.”
PTG now operates forty-one (41) North American commercial truck locations in Texas, Oklahoma, Oregon, Tennessee, Georgia, Kansas, Missouri, Utah, Idaho and Ontario, Canada, which generate nearly $3 billion in aggregate annual revenue.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy, and Japan and is the largest retailer of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems and related parts and services principally in Australia and New Zealand. Additionally, PAG owns 28.9% of Penske Transportation Solutions, a business that manages a fleet of over 350,000 vehicles providing innovative transportation, supply chain and technology solutions to North American fleets. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website at www.penskeautomotive.com.
About Premier Truck Group
Premier Truck Group, headquartered in Dallas, Texas, provides customers with a premium selection of new Freightliner and Western Star commercial vehicles. Additionally, Premier Truck Group also offers a large selection of used truck and offers full-service parts and service operations. For additional information, visit the company’s website at www.premiertruck.com
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s financial performance and growth plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, the duration, severity, and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic and geo-political conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, changes in the distribution model in our international operations via agency or other means, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group’s business, markets, conditions, and other uncertainties, which could affect Penske Automotive Group’s future performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10-K for the year ended December 31, 2021, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
SOURCE Penske Automotive Group, Inc.; Premier Truck Group