(RTTNews) – Penske Automotive Group, Inc. (PAG), a global transportation company, on Friday announced its access to the Charlotte, North Carolina, market with Mercedes-Benz’s acquisition of South Charlotte. The acquisition is expected to increase $150 million in annualized revenue.
Mercedes-Benz of South Charlotte represents the 26th largest dealership of the penske automotive group in the world for the Mercedes-Benz brand. The concession includes more than 70,000 feet of facilities, adding 50 service bays, to meet the developing demands of this new market for the Company. .
The South Charlotte location was originally founded in 2006 and extends the company’s operations to a new market domain that is ranked as one of the largest population expansion spaces in the United States.
With the final touch of this acquisition, Penske Automotive Group has added more than $700 million in expected annualized earnings to its operations this year as the company pursues its goal of achieving $1 billion in pre-tax profits by 2023.