Penske buys Cleveland Audi and Porsche dealerships

BLOOMFIELD HILLS (AP) -- Auto retailer Penske Automotive Group Inc. said Tuesday that it has bought Fred Baker Porsche and Audi dealerships in the Cleveland area. Terms of the transaction were not disclosed.

The two dealerships will be renamed Porsche of Bedford and Audi Bedford. The Bloomfield, Mich., company estimates the purchase will generate about $40 million in annual revenue.

Penske already owns six dealerships in the Cleveland metropolitan area, along with a regional collision repair center.

Worldwide, the company runs 23 Audi and 13 Porsche dealerships. Together, the two brands account for 15 percent of Penske's worldwide revenue.

Shares of Penske rose 1 cent to $17.05 in afternoon trading.

Published: Thu, Dec 23, 2010