Penske Automotive Group acquires UK used-car retailer
CarShop, founded in 1999, has large retail locations in Cardiff, Swindon, Northampton, Norwich and Doncaster, as well as a 15-acre vehicle center in Leighton Buzzard. The company has received a variety of awards and was twice named a U.K. Car Supermarket of the Year.
"The acquisition of CarShop complements our existing core auto retail business and furthers our diversification strategy within the transportation services industry," Penske Automotive Group Chairman Roger Penske said in the release. "The CarShop acquisition along with the acquisition of CarSense in the United States strengthens our position in our core markets and provides scalable future growth opportunities."
CarShop is expected to generate $340 million annually, according to the Penske website.
"We are delighted to welcome the CarShop team to Penske Automotive Group and look forward to the opportunities this will provide to expand and diversify our business in this sector of the market," Darren Edwards, CEO of Penske Automotive Group's U.K. operations, said in the release.