Penske acquires used-only dealership group CarSense
Jamie LaReau Automotive News - The acquisition is expected to generate about $350 million in estimated annual revenue for the Bloomfield Hills-based auto retailer.
View ArticlePenske Vehicle Services to lay off up to 166 workers in Michigan
Crain's Detroit Business Automotive News - The Troy-based company says that the loss of a contract with GM prompted layoffs of employees at its Warren, Detroit, Milford, Pontiac, Grand Blanc and...
View ArticlePenske completes acquisition of U.K. used car dealership CarShop
Tyler Clifford - CarShop, founded in 1999, operates five large-scale retail locations in Europe that specialize in high-quality used vehicles.
View ArticlePenske Automotive acquires Jaguar, Land Rover dealerships in New Jersey
Annalise Frank - The Bloomfield Hills-based auto retailer expects to create $215 million in revenue with the purchase.
View ArticlePenske Automotive's first-quarter net income rises on acquisitions, U.K....
Jamie LaReau Automotive News - Chairman Roger Penske credited the Bloomfield Hills-based company's diverse business model for its quarterly gains, which came despite currency headwinds.
View ArticleFewer Michigan companies on Fortune 500, but metro Detroit makes gains
Annalise Frank - One company fell off the list this year and heavy-hitters including Ford, Dow Chemical and Whirlpool saw their rankings drop. But two-thirds of the Southeast Michigan businesses...
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Grand Prix would lose $1M without Penske support
Bill Shea - Subsidies still are needed to cover the race's operational costs, estimated at about $11.5 million, despite an event-record 77 corporate sponsors providing funding.
View ArticlePenske Automotive says Q2 net income rises 14 percent
Jamie LaReauAutomotive News - The nation's second-largest dealership group said net income rose to $106.2 million in the quarter, the best in company history.
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Penske Logistics to invest $98.6 million, create 403 jobs in Romulus
Kurt Nagl - The new "highly specialized" 606,000-square-foot distribution center will service the Midwest.
View ArticlePenske warns of storms' hit to earnings
Jamie LaReauAutomotive News - The damage from Hurricane Maria has forced the Bloomfield Hills-based company to suspend operations at all of its dealerships in Puerto Rico.
View ArticlePenske Automotive expands presence in United Kingdom
Crain's Detroit Business - The Bloomfield Hills-based company said it has completed the acquisition of The Car People, one of the U.K.'s leading retailers of used vehicles.
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Planned garden is latest obstacle to running Grand Prix on Belle Isle
Sherri Welch - Organizers are weighing the future of the annual race in the face of environmental and use objections. "It's going to be a decision of ... is it on Belle or not (at all), frankly."
View ArticlePenske workers share $2.1 million
Eric FreedmanAutomotive News - Around 1,750 employees of Penske dealerships in California will share in the settlement of a wage-and-hour class-action lawsuit.
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Penske, Roush named to NASCAR Hall of Fame
Automotive News - The longtime Michigan-based race team owners and businessmen were elected for steering some of the most successful motorsports organizations in the sport's history.
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