The Car and Truck Fleet and Leasing Management Magazine

Penske Automotive and Rallye Motors Mutually Agree to Terminate Agreement

December 21, 2007

BLOOMFIELD HILLS, MI – Penske Automotive Group, Inc., an international automotive retailer, said that it and Rallye Motors have mutually agreed to terminate the previously announced agreement to acquire Rallye Motors by Penske Automotive Group.

Previously, Penske Automotive Group announced that it had signed an agreement to acquire Rallye Motors representing approximately $700 million in annualized revenue, subject to customary conditions. The expected closing date of this transaction was anticipated to be in the first quarter of 2008.

Penske Automotive Group has completed acquisitions in 2007 that are expected to generate approximately $450 million in gross annualized revenue and will provide guidance as to the level of anticipated 2008 acquisitions in connection with the announcement of its fourth quarter results.

Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

Sponsored by

Universal fleet cards offer fleets optimized fuel data management and give broad station access. A universal fuel card usually is used only for fuel; however, in recent years, controls have been added to allow use at repair shops for a limited number of repairs or limited dollar amount.

Read more

Up Next

More From The World's Largest Fleet Publisher