Penske Automotive Group has lots of lots. The #2 publicly traded auto dealer in the US (behind AutoNation), PAG operates about 300 dealerships in some 20 US states, Puerto Rico, Germany, and the UK and the company sell cars made by more than a dozen automakers. Non-US brands, including AUDI, BMW, and Honda, account for about 95% of sales. The group also sells used vehicles and provides repair services and financing. PAG'S UK unit, Sytner Group, operates about 145 dealerships. Additionally, PAG holds a minority stake in Internet Brands. Chairman and CEO Roger S. Penske runs the company.
In 2009 Penske dropped its bid to take the wheel of General Motors' Saturn brand. Penske backed out of the deal because it would not be able to supply Saturn showrooms once GM halts production in 2011. The transaction would have given Penske ownership of the Saturn brand and certain Saturn assets, including parts inventory, and grants Penske the right to distribute vehicles and parts through Saturn's dealership network. It also would have allowed GM, which endured a quick stint in Chapter 11 bankruptcy protection in mid-2009, to transfer ownership of some 350 dealerships to Penske and save about 13,000 jobs. The reorganized GM had designated Saturn as one of the four brands it plans to shutter.
Steeply falling vehicle sales and turmoil in the credit markets had led Penske to curtail its dealership acquisition strategy. In the meantime, the firm is consolidating some dealerships and in 2008 cut about 10% of its workforce worldwide.
PAG in June 2008 bought a 9% limited partner interest in Penske Truck Leasing from General Electric Capital Corporation subsidiaries. The $219 million deal gives PAG a larger share of the global transportation provider.
The company appointed Roger S. Penske, Jr., as its president in January 2007. In July it changed its name from United Auto Group to Penske Automotive Group, Inc.
Japan's Mitsui & Co., together with an affiliate, owns about 55% of PAG's stock and consequently controls the company. Penske Corporation owns about 40% of PAG.
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]
