Penske Automotive Group has entered into a definitive merger agreement to be taken private by its two largest shareholders, Penske Corp. and Mitsui & Co., which will own 64% and 36% of the company, respectively. +
Walser Automotive has fortified its presence in the Minneapolis-St. Paul market with the addition of two Ford dealerships and a Chevrolet store. +
A nonbinding proposal from Penske’s largest shareholders would take one of the “Big 6” publicly traded dealer groups private at $210 per share. +
Clyde Owen brings a diverse educational and executive background to his new role as CEO of PCMI, where he relies on an execution-focused approach to meet the growing and varied demands of their customers. +
NADA analysts say waning demand and affordability issues are depressing sales team earnings, Nevada leads the nation in average payroll and bigger dealers continue to gain market share. +
After experiencing record highs for more than two years, a cooling market will likely accelerate consolidation, according to a special Automotive News report. +
