Penske Automotive Group’s two largest shareholders have submitted a nonbinding proposal to acquire the roughly 27.8% of the company’s shares they do not already own, a move that would take one of the “Big Six” publicly traded dealer groups private.

Penske Corp., the privately held company controlled by founder Roger Penske, owns approximately 52% of Penske Automotive Group. Japanese trading conglomerate Mitsui & Co., which owns approximately 20.3%, announced the proposal Tuesday. The offer is priced at $210 per share, valuing the company at approximately $13.8 billion. PAG shares surged more than 10% on the news Wednesday, hitting a 52-week high of $218.63.

Mitsui has been an investor in Penske Automotive since 2001 and is also a 30% partner in Penske Truck Leasing. In a statement, Mitsui said the automotive industry “is experiencing a transformative period due to technological advancements” and cited a desire to “sustain current operational excellence while innovating and growing PAG’s business.”

Penske Automotive reported $27.5 billion in automotive dealership revenue in 2025. The company’s earnings call is scheduled for July 29.

The U.S. dealer buy-sell market set a new record in Kerrigan Advisors’ Q1 report, which charts the highest transaction volume ever recorded in a 12-month period.

Read more at Mitsui & Co.