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Penske Automotive Group Acquires Harper Truck Centres

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Premier Truck Group Subsidiary Expands Operations to Ontario, Canada

BLOOMFIELD HILLS, Mich., April 11, 2016 /PRNewswire/ -- Penske Automotive Group (NYSE: PAG), an international transportation services provider, announced today that its Premier Truck Group subsidiary has completed the acquisition of Harper Truck Centres, a Freightliner, Western Star, Thomas Built Bus and Fuso commercial truck dealership group located in Ontario, Canada. 

Penske Automotive Group Chairman Roger Penske said, "This is an outstanding acquisition for our business and complements our partnership with the Freightliner and Western Star brands.  Daimler Trucks North America has a strong market share and presence in the Canadian marketplace, providing a solid foundation for the future growth of our business."

Harper Truck Centres has five dealership locations in the greater Toronto market area and services Highway 401, a major truck thoroughfare between Buffalo, New York, and Detroit, Michigan.   The acquisition is expected to generate approximately $130 million in annualized revenue for Penske Automotive Group.

Premier Truck Group President Richard Shearing said, "This acquisition provides us with immediate scale in the marketplace.  Harper Truck Centres has built a strong legacy of providing commercial vehicle sales, service and support in the Canadian marketplace for more than 20 years, and we welcome their employees to the Premier Truck and Penske Automotive Group team."

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential and outlook.  Actual results may vary materially because of risks and uncertainties that are difficult to predict.  These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recalls or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control.  These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance.  These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2015, and its other filings with the Securities and Exchange Commission ("SEC").  This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand.  PAG employs more than 22,000 people worldwide and is a member of the Fortune 500 and Russell 2000.  For additional information, visit the company's website at www.penskeautomotive.com.

About Premier Truck Group

Premier Truck Group is an international medium-duty and heavy-duty commercial truck dealership group headquartered in Dallas, Texas. The company has locations throughout Texas, Oklahoma, Tennessee and Georgia in the United States and in Ontario, Canada, and offers a premium selection of new Freightliner and Western Star commercial vehicles, a large selection of previously owned commercial trucks and a full suite of maintenance and repair services with many of its locations open 24 hours every day, seven days per week.  Premier Truck Group also offers a wide selection of retail parts and accessories. Premier Truck Group is a subsidiary of Penske Automotive Group (NYSE: PAG).  For additional information, visit the company's website at www.premiertruck.com.

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Inquiries should contact:







J. D. Carlson 

Anthony R. Pordon

Executive Vice President and Chief Financial Officer 

Executive Vice President Investor Relations and Corporate Development   

Penske Automotive Group, Inc. 

Penske Automotive Group, Inc.

248-648-2810

248-648-2540

jcarlson@penskeautomotive.com

tpordon@penskeautomotive.com









Premier Truck Group inquiries should contact:







Steven C. Silcox



Vice President of Marketing 



Premier Truck Group 



972-225-4359  



ssilcox@premiertruck.com  



 

Penske Automotive Group logo. (PRNewsFoto/Penske Automotive Group)

 

Logo - http://photos.prnewswire.com/prnh/20130530/MM23675LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/penske-automotive-group-acquires-harper-truck-centres-300248230.html

SOURCE Penske Automotive Group, Inc.

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