Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company, has completed the acquisition of Freightliner medium and heavy-duty commercial truck dealerships operating in the Chattanooga and Knoxville markets. These dealerships represent the full line of Freightliner commercial truck products under the brand names Freightliner, Western Star, Sprinter and Freightliner Custom Chassis. The dealerships also offer a full range of used trucks and service/parts/body shop departments to meet the needs of their customers.
Penske Automotive Group Chairman Roger S. Penske said, “We are pleased to expand our commercial truck dealership footprint into these new markets as we build scale within the highly-fragmented commercial truck dealership industry. The Chattanooga and Knoxville dealerships offer a strong legacy of providing outstanding new and used sales and service to local customers in addition to servicing fleet and owner-operators along the busy Interstate 24, 40 and 75 corridors providing us with an outstanding opportunity for future organic growth.”
Commenting on the transaction, Freightliner of Knoxville and Chattanooga President Patrick T. Carroll said, “We are excited to join the growing family of commercial truck dealerships in Penske Automotive Group. For more than 20 years, we have built our business with a focus on having industry leading facilities, hiring the best human capital and fostering outstanding relationships with our customers. As a result of sharing a common business philosophy with Penske, we look forward to continuing these traditions while expanding our ability to serve customers provided by the size and scope of Penske Automotive Group.”
The company estimates these dealerships will generate approximately $200 million in annualized revenue.