Penske Automotive (PAG) Group has completed the acquisition of a Ferrari dealership in Modena, Italy. Located in Emilia Romagna, the heart of the Italian Motor Valley, this Ferrari dealership expands the Company’s existing luxury presence in Italy to 29 automotive retail locations. Penske Automotive Group now represents nine Ferrari locations worldwide, including Maranello Classic Parts, the only official Ferrari classic parts distributor in the world. The expected estimated annualized revenue of the Modena location is $40M.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PAG:
- Penske Automotive price target raised to $205 from $190 at BofA
- Penske Automotive management to meet with Stephens
- Penske Automotive price target raised to $195 from $185 at Citi
- Penske Automotive Amends Services Agreement with Mitsui
- Penske Automotive raises quarterly dividend 3.3% to $1.26 per share