PENSKE AUTOMOTIVE GROUP ACQUIRES COMMERCIAL TRUCK DEALERSHIPS IN CANADA

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05 Jun, 2023, 12:22 ET

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Expands North American Operations to New Market Area in Manitoba

Adds $180 Million in Expected Annualized Revenue

BLOOMFIELD HILLS, Mich., June 5, 2023 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that it has acquired Transolutions Truck Centres ("TSTC"), a retailer of medium and heavy-duty commercial trucks and buses, located in Winnipeg, Manitoba, Canada. With this acquisition, Premier Truck Group, the Company's wholly-owned commercial truck subsidiary, continues to expand and complement its operations in Canada by establishing a presence in an additional Canadian province.

TSTC consists of five locations throughout the greater Winnipeg market, including three full-service dealerships and two parts & service centers. TSTC sells and services Freightliner Trucks, Western Star Trucks and Thomas Built Buses, and is the licensed dealer for SelecTrucks, Daimler Truck's used vehicle brand, for the entire territory of Manitoba. The TSTC acquisition is expected to add 73 service bays, 59 technicians and approximately 200 new members to the Premier Truck Group team. The acquisition is expected to generate approximately $180 million in annualized revenue. With the inclusion of the TSTC facilities, Premier Truck Group now operates 44 locations throughout North America.

Commenting on the acquisition, Premier Truck Group President Ron Long said, "We are thrilled to expand our North American presence with the Freightliner, Western Star and Thomas Built Bus brands. For more than 30 years, Transolutions Truck Centers has built a strong legacy of providing quality service to customers across Manitoba. We look forward to continuing their legacy and welcome TSTC to the Premier Truck Group team."

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 27,000 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 43,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 419,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.

About Premier Truck Group

Premier Truck Group is an international medium-duty and heavy-duty commercial truck dealership group headquartered in Dallas, Texas. The company has locations throughout Texas, Oklahoma, Oregon, Utah, Idaho, Kansas, Missouri, Tennessee and Georgia in the United States and in Ontario and Manitoba, Canada, and offers a premium selection of new Freightliner and Western Star commercial vehicles, a large selection of previously owned commercial trucks and a full suite of maintenance and repair services. Premier Truck Group also offers a wide selection of retail parts and accessories. Premier Truck Group is a subsidiary of Penske Automotive Group (NYSE: PAG). For additional information, visit the company's website at www.premiertruck.com

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future revenue. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on new and used vehicle sales, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, personal discretionary spending levels, interest rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, the shortage of microchips or other components, the COVID-19 pandemic, the war in Ukraine, challenges in sourcing labor, or other disruptions; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; the continued effect of COVID-19 on the global economy, including our ability to react effectively to changing business conditions in light of the COVID-19 pandemic; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate and integrate acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs; our ability to realize returns on our significant capital investment in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to automotive and commercial truck dealerships and vehicles sales, including those related to emissions standards, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2022, its Form 10-Q for the quarterly period ended March 31, 2023, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Inquiries should contact:

Shelley Hulgrave

Anthony Pordon

Executive Vice President and

Executive Vice President Investor Relations

Chief Financial Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2812

248-648-2540

[email protected]

[email protected]

SOURCE Penske Automotive Group, Inc.