07:31 AM EST, 12/02/2024 (MT Newswires) -- Penske Automotive Group ( PAG ) said Monday it has completed the acquisition of Porsche Centre Melbourne from Porsche Retail Group Australia.

The acquisition is expected to contribute $130 million in estimated annualized revenue, doubling the company's revenue for three Porsche dealerships in Melbourne to $260 million, Penske Automotive ( PAG ) said.