Penske Automotive Acquires 49% Stake In A Japanese Luxury Dealership Group

, an automotive and commercial vehicle dealership operator,

on Thursday its entry to the Japanese market. Penske Automotive stated that it acquired a 49 percent stake in the Nicole Group, a luxury dealership group that operates in Tokyo and Kanagawa. Nicole Group operates 4 BMW and 3 MINI dealerships, a Rolls-Royce and a Ferrari dealership, 2 stand-alone service centers along with 2 pre-owned showrooms. "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." Shares of Penske Automotive have lost more than 28 percent over the past year.