motor

Penske Automotive Group, an international automotive retailer, today announced the acquisition of Mercedes-Benz of Greenwich, located in Greenwich, Connecticut. This franchise complements the Company�s existing operations in the Connecticut market, which include Audi, Mercedes-Benz and Porsche in Fairfield and Honda in Danbury.

�I�m pleased to expand our presence in Connecticut with the Mercedes-Benz brand,� said East Region Executive Vice President Bernie Wolfe. �For over fifty years, Mercedes-Benz of Greenwich has been serving customers in Greenwich, Stamford and Norwalk with a dedication to customer service and satisfaction. We look forward to implementing the Mercedes-Benz Autohaus facility program in this important market and to growing the overall business to this market�s full potential.�

Mercedes-Benz of Greenwich represents approximately $150 million in estimated annual revenue. The transaction was financed using cash flow from operations and availability under the Company�s U.S. revolving credit facility.

| Penske Automotive