Penske Automotive Acquires A 49 % Interest In Nicole Group Luxury Dealership

Penske Automotive Group, Inc.

, an international transportation services company, announced today that it has acquired a 49 percent equity ownership interest in the Nicole Group, a luxury dealership group with operations in Kanagawa and Tokyo, Japan. The Nicole dealership group operates four BMW and three MINI dealerships, a Rolls-Royce and a Ferrari dealership along with two stand-alone service centers and two pre-owned showrooms. The Nicole Group is also the exclusive importer and distributor of BMW Alpina vehicles for Japan. "We are thrilled with the opportunity to enter the Japanese market with a strong and established local partner," said Penske Automotive Group Chairman Roger S. Penske. "The Nicole Group represents world-class brands and has been named the best BMW dealership in Japan a record seven times. As imports continue to grow market share in Japan, combined with the group's solid reputation in the marketplace, we expect to leverage the strength of the existing business while driving further expansion through organic growth and future acquisitions." Penske Automotive Group will treat its ownership interest as an equity investment, with its pro rata share of income reported as equity in earnings of affiliates in its income statement.