Penske Automotive to Invest in Commercial Vehicles
Published By : 11 Feb 2015 | Published By : QYRESEARCH
Michigan, U.S. based automotive company Penske Automotive Group Inc. announced on Tuesday that it will turn its focus as well as investments much deeper into the business of commercial vehicles. The company stated that the commercial vehicle dealership business in the United States will b christened Penske Commercial Vehicles, U.S. The company was earlier called ATC Holdco.
Penske Automotive said that forty year old Richard Shearing has been appointed as the president of Penske Commercial Vehicles, U.S. Richard Shearing will aid in growing Penske Automotives commercial truck business in the United States. This was announced by the company in a statement issued on Tuesday.
The Michigan based automotive firm has already been pumping in hundreds of millions of dollars in to the commercial vehicle sector of late. The statement said that Penske Automotive will continue to sell and buy car dealerships in the US this year. However, president Rob Kurnick told reporters that the heavy duty commercial truck business is extremely attractive. Being highly unconsolidated, the segment provides remarkable opportunities for growth.
Experts in the business of buying and selling cars state that buying truck dealerships are comparatively less costly owing to extremely high valuations that are currently on a major portion of the car dealerships.
When it comes to the list of 125 leading dealership groups in the United States, Penske Automotive currently ranks second on the list set by Automotive News. The sales of new vehicles recorded by Penske Automotive in the year 2013 stood at 199,795.