Penske Joins the Used-Vehicle Store Wave With Purchase of CarSense
Penske Automotive Group announced on Dec. 1 that early in the first quarter of 2017 it will acquire used-vehicle retailer CarSense. Terms of the deal were not announced, but with annual revenue of about $350 million, we estimate a purchase price of about $100 million. CarSense has five stores in the Philadelphia, Pittsburgh, and New Jersey markets, and Penske thinks it can double the store base within 24 months. Management also expects CarSense to add $0.07-$0.09 to 2017 EPS. The plan is to scal...Penske Automotive Group is a transportation services company that operates automotive and commercial truck dealerships and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services. The company has four segments: Retail Automotive, consisting of its retail automotive dealership operations; Retail Commercial Truck, consisting of its retail commercial truck dealership operations in the United States and Canada; Other, consisting of its commercial vehicle and power systems distribution operations and other non-automotive consolidated operations; and Non-Automotive Investments, consisting of its equity method investments in non-automotive operations.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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