Penske Automotive acquires 4 Toyota/Lexus dealerships for $519M; adds $1.5B annual revenue

PENSKE AUTOMOTIVE GROUP, INC.

Purchased Longo Toyota, Longo Lexus, Lexus Stevens Creek, and Longo Toyota of Prosper for $519M.
Dealerships retailed over 28,000 new+used units in 2024; expected to add $1.5B annualized revenue.
Funding: $363.6M cash from existing credit + $155.8M seller note (4.5%, 3-year term).
Transaction approved by a special committee of independent directors; seller partly owned by Greg Penske (Vice Chair) affiliates.
Longo Toyota is #1 volume Toyota dealer in the U.S. for 58 consecutive years.

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