Penske Automotive Completes Acquisition Of CarSense

BLOOMFIELD HILLS, MI - January 11, 2017: Penske Automotive Group , an international transportation services provider, announced today that it has completed the acquisition of CarSense, a stand-alone specialty retailer of used vehicles in the United States. 

CarSense has five locations operating in the Philadelphia and Pittsburgh, Pennsylvania, market areas, including southern >New Jersey, and is dedicated to reconditioning and retailing high-quality, late-model used vehicles at no-haggle prices through a friendly, comfortable and transparent buying experience. Penske Automotive Group Executive Vice President Whit Ramonat said, "We are pleased to welcome the CarSense team to Penske Automotive Group, and we look forward to combining our resources as we expand our share of the highly fragmented used vehicle marketplace."     

The acquisition is expected to generate estimated annual revenue of approximately $350 million with accretion estimated to be $0.07 to $0.09 per share on an annualized basis.