Penske Automotive (PAG) announced that it has acquired Longo Toyota and Longo Lexus, located in El Monte, California, Lexus of Stevens Creek, located in San Jose, California, and Longo Toyota of Prosper, located in Prosper, Texas, a growing suburb of Dallas, Texas. The purchase price was funded from a combination of existing availability under the company’s U.S. credit agreement and a note payable to the seller. The transaction closed on November 19.
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