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Penske Automotive Group, Inc.
Type Public (NYSEPAG)
Founded 1990
Founder(s) Roger Penske
Headquarters Bloomfield Hills, MI, USA
Area served USA, Germany, Mexico, Puerto Rico, United Kingdom
Key people Roger Penske
(Chairman of the Board) & (CEO)
Industry Automotive, Auto Dealerships, Vehicle Parts
Products Automobiles
Services Financial services, Repair
Revenue US$ 11.646 billion (2008)
Operating income $ -399.66 million (2008)
Net income $ -411.90 million (2008)
Total assets $ 2.006 billion (2008)
Total equity $ 783.73 million (2008)
Parent Penske Corporation
Divisions Sytner Group
Penske Motor Group
Subsidiaries Smart Car
Website PenskeAutomotive.com

Penske Automotive Group (NYSEPAG), headquartered in Bloomfield Hills, Michigan, is the world's second largest automotive dealership group.

PAG operates 253 retail automotive franchises, representing 40 different brands, and 40 collision repair centers. PAG is a member of the Fortune 500 and Russell 2000, and has approximately 15,000 employees. PAG has 152 franchises in 19 U.S. states, selling new and previously owned vehicles, finance, insurance products, replacement parts, and offers maintenance and repair services on all brands it represents. Outside the United States it has operations in Puerto Rico, Mexico, Germany and 110 franchises in the United Kingdom via the Sytner Group.

Contents

History

Previously called UnitedAuto Group, on July 2, 2007 UAG changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG.[1]

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Smart Car USA

Daimler AG, the owner of Smart, had plans to sell the car maker, but the rising oil prices changed their minds. In January 2008, the smart vehicles came to the United States, when Penske Automotive Group struck a deal with Daimler AG to distribute their 'smart' brand in the United States. Daimler AG is now importing their "Smart" cars to the USA.[2][3]

Saturn

General Motors, amidst restructuring, announced plans to sell or discontinue Pontiac, Saab, Hummer and Saturn. In May 2009, it was reported in the media that PAG, or Roger Penske personally, would be interested in presenting a bid for GM's Saturn LLC and Saturn Distribution Corporation which is slated to be sold or shuttered as part of GM's restructuring plan to be submitted to the U.S. Presidential Task Force on the Auto Industry.[4] On June 5, 2009 a deal between Penske and GM was reached for the sale of Saturn and its subsidiary dealerships. The deal will save 13,350 jobs. However, Penske is not an auto manufacturer, so the company will need to find another company to manufacture the Saturns. General Motors will produce the cars until 2011, and then Penske will need to find another manufacturer. Roger Penske said he expects to line up a “worldwide partner” to produce future Saturns with an “ultimate goal” of building them in the U.S.[5][6]. Reports have indicated that Penske has been talking with Paris-based Renault Motors, and that the source for future Saturns could be Renault Samsung, its South Korean subsidiary.[7] GM and Penske's deal fell through after a disagreement with how Saturn cars would be manufactured after GM sold Saturn to Penske. As a result, GM will also be phasing out the Saturn brand.

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External links


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