Penske Acquires BMW Dealership In Bloomfield Hills For Undisclosed Sum

by Shivani Kumaresan, Benzinga Staff Writer

December 14, 2021 9:15 AM | 1 min read

Penske Automotive Group Inc PAG has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan, for an undisclosed sum.
The deal represents the company's 48th Bayerische Motoren Werke AG BMWYY BMW dealership worldwide.
"This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years," said Penske President Rob Kurnick.
Penske expects the acquired dealership to generate about $100 million in annualized revenue.
Penske held $119.2 million in cash and equivalents as of September 30, 2021.
Price Action: PAG shares closed lower by 5.43% at $99.94 on Monday.

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