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BLOOMFIELD HILLS, Mich. - Penske Automotive Group, Inc. (NYSE:PAG), a prominent player in the Specialty Retail industry with annual revenue exceeding $30 billion, has completed the acquisition of a Ferrari dealership in Modena, Italy, expanding its luxury presence in the country, according to a company press release. According to InvestingPro data, the company has demonstrated strong financial health with consistent profitability.
The new dealership is located in Emilia Romagna, considered the heart of the Italian Motor Valley. With this addition, Penske now operates 29 automotive retail locations in Italy and represents Ferrari at nine locations worldwide, including Maranello Classic Parts, the only official Ferrari classic parts distributor globally.
The Modena dealership is expected to generate approximately $40 million in annualized revenue.
"We are honored to represent the Ferrari brand at such an iconic location in Italy," said Randall Seymore, Penske Automotive Group Head of International Operations. "Our luxury brand presence in northern Italy, strong reputation and experienced leadership team will help us provide exceptional service to Ferrari customers."
Penske Automotive Group operates dealerships across eight countries on four continents, including the United States, United Kingdom, Canada, Germany, Italy, Japan, and Australia. The company employs over 28,700 people worldwide and is one of the largest retailers of commercial trucks in North America for Freightliner.
The company also holds a 28.9% stake in Penske Transportation Solutions, which manages a fleet of over 428,000 trucks, tractors, and trailers under various contracts.
Penske Automotive Group is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes.
In other recent news, Penske Automotive Group reported its first-quarter 2025 financial results, revealing an adjusted earnings per share (EPS) of $3.39, which exceeded analyst expectations of $3.23. Despite this positive earnings performance, revenue fell short of forecasts, reaching $7.6 billion against a projected $7.71 billion. The company also announced a 3.3% increase in its quarterly dividend, marking the 18th consecutive quarter of dividend growth, and expanded its share repurchase authorization by $250 million, bringing the total to $295.8 million. Citi analyst Michael Ward raised the price target for Penske Automotive to $195, reflecting confidence in the company’s ability to withstand potential tariff increases. Penske’s international operations, comprising 40% of its revenue, help mitigate risks associated with tariff changes. The company’s significant stake in Penske Transportation Solutions, which contributes around $200 million in equity income, further strengthens its financial position. These developments highlight Penske’s strategic focus on diversification and operational efficiency amidst challenging market conditions.
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