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penskeautomotive.com

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Investments

8

Portfolio Exits

3

Partners & Customers

4

About Penske Automotive Group

Penske Automotive Group (NYSE: PAG) is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Western Europe, and Canada. The company distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand. It is based in Bloomfield Hills, Michigan.

Headquarters Location

2555 Telegraph Road

Bloomfield Hills, Michigan, 48302,

United States

248-648-2500

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Latest Penske Automotive Group News

Publics' dealership acquisitions drop in '22

Nov 21, 2022

Dealership acquisition and spending by the public dealership groups, which collectively played a significant role in last year's feverish buy-sell market, dropped sharply in the first half of 2022. Lithia Motors Inc., Group 1 Automotive Inc., Penske Automotive Group Inc. and Sonic Automotive Inc. bought 21 U.S. franchised dealerships in 10 transactions in the first six months of 2022, down from 67 stores acquired by public auto retailers in 17 deals in the first half of 2021, according to Automotive News' tracking of dealership buy-sell activity. The number of dealerships purchased by the public groups in this year's first half decreased by more than two-thirds compared with the first half of 2021, a period headlined by Lithia's April 2021 purchase of Michigan's Suburban Collection and its 34 franchised dealerships. Sonic did not acquire any franchised stores in the first half of last year. AutoNation Inc. and Asbury Automotive Group Inc. had no new-vehicle dealership purchases in the first half of 2022 or 2021. U.S. new-vehicle dealership acquisition spending by the publics fell by nearly half to $1.1 billion in the first half of this year, compared with $2.1 billion spent in the first half of 2021, according to an estimate from Haig Partners, a Fort Lauderdale, Fla., buy-sell firm, which reviewed public disclosures, and Automotive News analysis. Lithia was, by far, the biggest public buyer in the first half of 2022, acquiring 16 new-vehicle dealerships in five transactions, Automotive News found. But those totals are down sharply from the 57 stores the auto retail giant acquired in 11 transactions in the same period last year. Group 1 and Penske Automotive each bought two U.S. dealerships in the first half of 2022, while Sonic Automotive bought one store. Sonic Automotive  LMP Automotive Holdings* * LMP also issued stock to partially pay for some transactions. Note: AutoNation and Asbury Automotive Group had no U.S. dealership purchases in the first half of either year. Source: Haig Partners and Automotive News estimates based on the companies’ regulatory disclosures Related Article The publics' acquisition activity substantially heated up in the second half of 2021 and rose to a crescendo in the fourth quarter when Group 1 bought 28 stores from Prime Automotive Group , Sonic purchased RFJ Auto Partners Holdings and, in the largest deal of the bunch, Asbury acquired Larry H. Miller Dealerships . "In '21, the publics were on a tear buying stores and buying major groups," Erin Kerrigan, managing director of Kerrigan Advisors, a sell-side firm in Incline Village, Nev., told Automotive News. Kerrigan Advisors estimated the six major public groups spent a record $9.56 billion on acquisitions in 2021, nearly four times the $2.48 billion spent in 2020. While dealership acquisition spending is down this year so far, the publics have been busy buying back their own stock. Kerrigan Advisors said the six major publics collectively spent $2.2 billion on stock buybacks in the first half of 2022, about double the $1.1 billion they spent a year earlier. Many of the publics have indicated they will remain active in buying dealerships but at the same time are beefing up share repurchase authorizations. For example, in October, AutoNation said it planned to buy four dealerships in Colorado by year's end and said its board authorized up to an additional $1 billion to buy back its stock. Public dealership group acquisitions Here’s a look at the publics’ U.S. transaction and franchised store purchase counts in the first half of 2022 compared with the first six months of 2021. Lithia Motors *The company’s shares are now traded over the counter. Note: Both AutoNation and Asbury Automotive Group had no dealership purchases in the first half of 2022 or 2021. Source: Automotive News Research & Data Center Byrd: Able “to take advantage” "M&A is one of the things that's so hard to predict because the opportunities come along sporadically," Sonic Automotive CFO Heath Byrd said in an October earnings call. "But we're in a great position to take advantage of those when they do come up." Sonic CEO David Smith acknowledged that while prices for franchised dealerships are still historically high, retailers have seen some signs that prices are coming down. "It'll be interesting to see, especially going forward into '23, what prices we're going to see and what opportunities could come across our desk," Smith said last month. "But they've got to be extremely, extremely attractive in order to allocate capital towards acquisitions."

Penske Automotive Group Investments

8 Investments

Penske Automotive Group has made 8 investments. Their latest investment was in Ridecell as part of their Series B - II on November 11, 2018.

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Penske Automotive Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/13/2018

Series B - II

Ridecell

$31.39M

No

3

5/15/2018

Series B

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$99M

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10

10/20/2017

Series A

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10

1/7/2016

Corporate Minority

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10

8/14/2000

Unattributed VC - IV

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$99M

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0

Date

11/13/2018

5/15/2018

10/20/2017

1/7/2016

8/14/2000

Round

Series B - II

Series B

Series A

Corporate Minority

Unattributed VC - IV

Company

Ridecell

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Amount

$31.39M

$99M

$99M

New?

No

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Co-Investors

Sources

3

10

10

10

0

Penske Automotive Group Portfolio Exits

3 Portfolio Exits

Penske Automotive Group has 3 portfolio exits. Their latest portfolio exit was Internet Brands on December 18, 2010.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/18/2010

Take Private

$99M

1

6/15/2006

Acquired

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$99M

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0

11/14/2000

IPO

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$99M

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0

Date

12/18/2010

6/15/2006

11/14/2000

Exit

Take Private

Acquired

IPO

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

0

0

Penske Automotive Group Acquisitions

16 Acquisitions

Penske Automotive Group acquired 16 companies. Their latest acquisition was TEAM Truck Centres on February 28, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

2/28/2022

$99M

Acquired

2

12/14/2021

$99M

Acquired

2

11/16/2021

$99M

Acquired

2

3/4/2021

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$99M

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10

12/12/2017

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$99M

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10

Date

2/28/2022

12/14/2021

11/16/2021

3/4/2021

12/12/2017

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired

Acquired

Acquired

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Sources

2

2

2

10

10

Penske Automotive Group Partners & Customers

4 Partners and customers

Penske Automotive Group has 4 strategic partners and customers. Penske Automotive Group recently partnered with Team Corporation on February 2, 2017.

Date

Type

Business Partner

Country

News Snippet

Sources

2/24/2017

Partner

United States

Shell and Penske forge the future of transport alliances

The knowledge Shell and Pennzoil gain through these alliances help address tomorrow 's world mobility energy challenge with efficient solutions that power and protect motorists around the globe .

1

6/6/2013

Vendor

United States

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10

8/7/2006

Client

United States

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10

1/1/2004

Vendor

United States

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10

Date

2/24/2017

6/6/2013

8/7/2006

1/1/2004

Type

Partner

Vendor

Client

Vendor

Business Partner

Country

United States

United States

United States

United States

News Snippet

Shell and Penske forge the future of transport alliances

The knowledge Shell and Pennzoil gain through these alliances help address tomorrow 's world mobility energy challenge with efficient solutions that power and protect motorists around the globe .

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Sources

1

10

10

10

Penske Automotive Group Team

2 Team Members

Penske Automotive Group has 2 team members, including former Chief Financial Officer, Executive Vice President, David Jones.

Name

Work History

Title

Status

David Jones

Chief Financial Officer, Executive Vice President

Former

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Name

David Jones

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Work History

Title

Chief Financial Officer, Executive Vice President

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Status

Former

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