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Penske Automotive Expands with New Dealership in Florida

Penske Automotive Group, Inc. PAG announced that it has opened a new dealership, Porsche West Broward, in Florida. This marks the company’s eighth Porsche dealership in the U.S and sixteenth worldwide.

The new dealership is spread across nine acres of land. It has 66,000 square feet available for facilities and a two-story showroom displaying a wide range of new and pre-owned vehicles. Moreover, the dealership comprises 21 service bays featuring best-in-class diagnostic tools and a detail center. This will help customers with speedy repair of their vehicles across southeast Florida. The dealership also comprises a Porsche boutique and specifications lounge.

The new dealership commenced operations from Apr 4, 2016. It is one of the largest dealerships for the Porsche brand globally. Porsche West Broward will help Penske Automotive to expand its operational scale in southeast Florida while improving its premium brand mix.

Penske Automotive aims to boost earnings via expansion of its dealership network. In Jan 2016, the company announced that it has acquired a 49% equity ownership interest in the Nicole Group, a luxury dealership group that operates in Kanagawa and Tokyo, Japan. With this stake buy, Penske Automotive entered the Japanese market with a strong and established local partner. The company expects to benefit from the strength of the luxury dealership group’s existing business in addition to expanding further through acquisitions.

Zacks Rank:

Penske Automotive currently carries a Zacks Rank #3 (Hold).

Some better-ranked automobile stocks include Federal-Mogul Holdings Corporation FDML, Cooper Tire & Rubber Co. CTB and Superior Industries International, Inc. SUP. All the three stocks sport a Zacks Rank #1 (Strong Buy).

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PENSKE AUTO GRP (PAG): Free Stock Analysis Report
 
SUPERIOR INDS (SUP): Free Stock Analysis Report
 
FEDERAL MOGUL-A (FDML): Free Stock Analysis Report
 
COOPER TIRE (CTB): Free Stock Analysis Report
 
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