Penske Acquires No. 1 Toyota Dealership in Four-Store Deal
Penske Automotive Group announced the acquisition of four Toyota and Lexus dealerships in California and Texas, including Longo Toyota of El Monte, Calif., the nation’s highest-volume Toyota store.
The $519.4 million deal also includes neighboring Longo Lexus as well as San Jose’s Lexus Stevens Creek and the Dallas-area Longo Toyota of Prosper. The seller is Penske Motor Group, whose majority owner is Greg Penske — son of Penske Automotive CEO and Chairman Roger Penske — who joined the larger company as vice chairman in 2023.
“The acquisition of these premier dealerships represents a strategic addition to the Penske Automotive Group portfolio,” writes North American Operations Officer Rich Shearing in a release. “The transaction strengthens our relationship with the Toyota and Lexus brands and expands the company’s presence in Southern California to the Los Angeles area, complements the company’s existing presence in Northern California and expands our operations in Texas to the fast-growing Dallas market.”
Executives say the acquired group collectively sold more than 28,000 new and used units last year and will add an estimated $1.5 billion in annual revenue. Penske currently leads the Big 6 publicly traded dealer groups in gross profit per new vehicle, according to the companies’ Q3 investor reports.
