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Stock impact report

One Penske dealer group acquires another Penske dealer group [Yahoo! Finance]

Penske Automotive Group, Inc. (PAG) 
Last penske automotive group, inc. earnings: 2/5 06:59 am Check Earnings Report
US:NYSE Investor Relations: investors.penskeautomotive.com
Company Research Source: Yahoo! Finance
Penske Automotive Group (PAG) on November 19 announced it had acquired two Toyota and two Lexus dealerships , including Longo Toyota, the top Toyota dealership in the United States. Publicly listed PAG acquired the franchises from Penske Motor Group, part of Penske Corp. You might be forgiven for being a bit confused with all the Penskes in that paragraph. But the transaction was actually “very, very simple,” Tony Pordon , executive vice president and head of investor relations and corporate business development at PAG, told WardsAuto in a phone call. Besides Longo Toyota, located in the Los Angeles suburb of El Monte, Calif., the acquisition included Longo Lexus, also in El Monte; Lexus of Stevens Creek in San Jose, Calif.; and Longo Toyota of Prosper, in the Dallas suburb of Prosper, Texas. The dealerships were majority owned and operated by Greg Penske , son of PAG chairman and CEO Roger Penske . Greg Penske is also vice-chairman of PAG Another partner owned around 5% of P Show less Read more
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