Penske Automotive Group Acquires McCoy Freightliner

BLOOMFIELD HILLS, Mich., Nov. 16, 2021 /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 McCoy Freightliner ("McCoy"), a retailer of medium and heavy-duty commercial trucks, located in Oregon. The McCoy acquisition is expected to generate approximately $200 million in annualized revenue, building further scale within the Company's wholly-owned Premier Truck Group ("PTG") subsidiary.

McCoy adds two full-service dealerships (Portland, OR and Salem, OR) and a remarketing center (Portland, OR) to Premier Truck Group's existing operations. Commenting on the acquisition, PTG President Richard Shearing said, "We are thrilled to welcome McCoy Freightliner to Premier Truck Group. McCoy expands our reach to the Pacific Northwest, servicing the Interstate 5 and 84 corridors, and is within 600 miles of our existing Idaho locations, providing us with the opportunity to improve customer service while further scaling our operations." 

PTG now operates thirty-seven North American commercial truck locations in Texas, Oklahoma, Oregon, Tennessee, Georgia, Utah, Idaho and Ontario, Canada, which we expect to generate $2.5 billion in annual revenue.

Year-to-date, Penske Automotive Group has added approximately $1.1 billion in expected annualized revenue through the completion of retail automotive and commercial truck dealerships.

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 one of the largest retailers 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, located 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 trucks and offers full-service parts and service operations conveniently open extended hours, with some open 24 hours every day. 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 growth plans and expected revenue. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: the satisfaction of customary closing conditions, the duration, severity and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, 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, 2020, 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.

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SOURCE Penske Automotive Group, Inc.; Premier Truck Group