Penske Automotive Group Inc. has acquired Mercedes-Benz of South Charlotte expanding the company’s footprint in the North Carolina market.
The acquisition is expected to augment Penske’s annualized revenues by $150 million.
"We are thrilled to enter this new market area and we welcome the Mercedes-Benz of South Charlotte team to Penske Automotive Group," Penske President Rob Kurnick said. "With the completion of this acquisition, Penske Automotive Group has now added over $700 million in expected annualized revenue to its operations this year as the company drives to its target goal of achieving $1 billion in earnings before taxes in 2023."
Mercedes-Benz of South Charlotte, located at 950 North Polk Street, Pineville, North Carolina, was originally founded in 2006, Penske reported.
According to Penske, the South Charlotte dealership has more than 70,000 square feet of facilities and 50 service bays.
Penske Automotive Group is headquartered in Bloomfield Hills, Michigan, and has more than 23,000 employees globally.
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