Penske Automotive acquires commercial truck dealership

Penske Automotive Group Inc. has acquired Oregon-based McCoy Freightliner, growing its offering of commercial trucks and expanding its reach to the Pacific Northwest.

The deal, announced Tuesday, brings Penske subsidiary Premier Truck Group three dealership locations and $200 million in annual revenue, according to a Penske Automotive news release.

Terms of the deal were not disclosed.

McCoy Freightliner, established in 2007, operated a pair of medium- and heavy-duty Freightliner truck dealerships as well as a remarketing center for fleet and leased trucks. Those locations have been placed under the umbrella of Dallas-based Premier Truck Group, which Penske acquired in 2014.

“McCoy expands our reach to the Pacific Northwest, servicing the Interstate 5 and 84 corridors, and is within 600 miles of our existing Idaho locations, providing us with the opportunity to improve customer service while further scaling our operations,” Richard Shearing, president of Premier Truck Group, said in the release.

Premier Truck Group has grown to 37 dealerships in North America with around $2.5 billion in annual revenue — $1.1 billion of which was added in the past year through acquisitions. It took over Kansas City Freightliner earlier this year, tacking on $450 million in annual revenue.

Penske Automotive’s third-quarter earnings were the highest in its history. For the three months ended Sept. 30, the company reported income of $354.8 million, up 44 percent from the same time last year, on sales of $6.5 billion, up nearly 9 percent from a year prior.

The dealership group, based in suburban Detroit, ranked No. 2 on Automotive News‘ most recent list of the top 150 dealership groups based in the U.S., with retail sales of 178,437 new vehicles in 2020. However, Lithia — the third-largest group in the country in 2020 — vaulted past Penske to become the second-largest retailer going forward with its April acquisition of the Suburban Collection based in Troy.

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