Penske Automotive to Acquire Wiseman Company
Ticker: PAG · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1019849
| Field | Detail |
|---|---|
| Company | Penske Automotive Group, Inc. (PAG) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, expansion, automotive
TL;DR
Penske buying Wiseman Co. in SF Bay Area - big expansion!
AI Summary
Penske Automotive Group, Inc. announced on June 19, 2024, that it has entered into a definitive agreement to acquire The Wiseman Company, a prominent automotive retailer. This acquisition is expected to significantly expand Penske's presence in the San Francisco Bay Area, adding five new dealerships and representing a substantial growth opportunity for the company.
Why It Matters
This acquisition allows Penske Automotive Group to significantly expand its market share in a key region, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, market reception, and financial performance.
Key Numbers
- 5 — Dealerships (Number of dealerships to be added by the acquisition.)
Key Players & Entities
- Penske Automotive Group, Inc. (company) — Registrant
- The Wiseman Company (company) — Acquisition Target
- June 19, 2024 (date) — Date of Agreement
- San Francisco Bay Area (location) — Geographic Expansion Area
FAQ
What is the primary purpose of this Form 8-K filing?
This Form 8-K filing is to report the material event of Penske Automotive Group, Inc. entering into a definitive agreement to acquire The Wiseman Company.
When was the agreement to acquire The Wiseman Company entered into?
The agreement was entered into on June 19, 2024.
What is the name of the company being acquired by Penske Automotive Group?
Penske Automotive Group, Inc. is acquiring The Wiseman Company.
In which geographic region will Penske Automotive Group expand as a result of this acquisition?
Penske Automotive Group will expand its presence in the San Francisco Bay Area.
How many dealerships will Penske Automotive Group add through the acquisition of The Wiseman Company?
The acquisition will add five new dealerships.
Filing Stats: 1,096 words · 4 min read · ~4 pages · Grade level 16.1 · Accepted 2024-06-21 16:54:15
Key Financial Figures
- $0.0001 — istered Voting Common Stock, par value $0.0001 per share PAG New York Stock Exchange
Filing Documents
- pag-20240619.htm (8-K) — 30KB
- 0001019849-24-000089.txt ( ) — 153KB
- pag-20240619.xsd (EX-101.SCH) — 2KB
- pag-20240619_lab.xml (EX-101.LAB) — 21KB
- pag-20240619_pre.xml (EX-101.PRE) — 12KB
- pag-20240619_htm.xml (XML) — 3KB
01 Other Items
Item 8.01 Other Items. On June 19, 2024, we became aware that CDK Global, LLC ("CDK"), a provider of dealer management software systems to retail automotive and commercial truck dealerships, was experiencing a cybersecurity incident and its systems were not operational. As of the filing of this Current Report, many of CDK's systems remain inoperable. We do not utilize CDK's dealer management system in our U.S. or international automotive dealership operations. Our Premier Truck Group business utilizes CDK's dealer management system which has been disrupted. We immediately took precautionary containment steps to protect our systems and commenced an investigation of the incident, which efforts are ongoing. Premier Truck Group has implemented its business continuity response plans and continues to operate at all locations through manual or alternate processes developed to respond to such incidents. The commercial truck dealership business has lower unit volumes than the automotive dealership business and principally serves business customers. Premier Truck Group, a heavy- and medium-duty truck dealership group offering primarily Freightliner and Western Star trucks (both Daimler brands), has locations across eleven U.S. states and the Canadian provinces of Ontario and Manitoba. PTG operates 48 locations selling new and/or used trucks, performing service and parts operations, and offering collision repair services . Caution Concerning Forward Looking Statements
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Penske Automotive Group, Inc. June 21, 2024 By: /s/ Shane M. Spradlin Name: Shane M. Spradlin Title: Executive Vice President