Penske Automotive Acquires Four New Jersey Franchises
Nov. 17, 2015—Penske Automotive Group Inc. announced on Monday its acquisition of New Jersey-based Audi Eatontown, Porsche Monmouth, Jaguar Monmouth and Land Rover Monmouth.
These franchises were acquired from the Schneider Nelson Auto Group and are expected to sell around 2,400 new and used vehicles annually, while generating a revenue of approximately $175 million on an annualized basis.
"We are pleased to welcome these four new dealerships to the Penske family,” said Roger S. Penske, Penske Automotive Group chairman. “The strong reputation and commitment to serving the customers of the New Jersey/Greater New York area for decades complement the company's existing footprint in the northeastern United States, while enhancing our premium/luxury brand mix."