Penske Automotive Group has signed an agreement to acquire Porsche Centre Melbourne, located in Melbourne, Australia, from Porsche Retail Group Australia Pty Ltd.  Upon completion of the acquisition, Porsche Centre Melbourne will expand the company’s partnership with Porsche in Melbourne to deliver an exceptional level of customer experience. The acquisition is expected to add $130 million in estimated annualized revenue, bringing the estimated annualized revenue for the three Porsche Dealerships in Melbourne to $260 million. The acquisition is subject to customary conditions and is expected to close by the end of this year.  

Commenting on the acquisition, Penske Automotive Group Head of International Operations Randall Seymore said, “We are thrilled to extend our relationship with Porsche in Melbourne and are committed to providing exceptional service and innovative retail experiences that exceed our customers’ expectations.”