[6] Greenwich Bmw On Daily News

BusinessBMW of Greenwich Is Sold to Penske Automotive GroupThe deal expands Penske's reach in Connecticut.Barbara Heins, Patch StaffPosted Mon, Mar17, 2014 at 3:03 pm ET

BMW of Greenwich has been acquired by Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company.

Penske announced the purchase of the dealership at 355 W. Putnam Ave., last week. The price was not disclosed. However, Penske estimated its new BMW dealership will generate approximately $190 million in revenue on an annualized basis.

Penske Automotive Group President Robert H. Kurnick said, "The addition of the BMW brand to our existing automotive dealership operations in Connecticut is a key strategic investment for our company. BMW of Greenwich complements our existing presence with Mercedes-Benz, Audi, Porsche and Honda in the Connecticut market, allowing us to continue scaling our operations."

Penske owns Mercedes-Benz of Greenwich. Earlier this month Penske purchased the four real estate parcels where it operates its new and used car sales and repair facilities on West Putnam Avenue, just down the road from its new BMW dealership.

Penske also operates Audi of Fairfield, Fairfield Collision Center in Fairfield, Honda of Danbury, Mercedes-Benz of Fairfield and Porsche of Fairfield.