Completes Acquisition of Two Lexus Dealerships in Central Florida

Expected to Add $450 Million in Annualized Revenue

Brings Estimated Annualized Acquired Revenue to $2 Billion Since November

BLOOMFIELD HILLS, Mich., Feb. 24, 2026 /PRNewswire/ -- Penske Automotive Group, Inc. ( PAG ) , a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and eight countries, announced today that it has completed the acquisition of Lexus of Orlando and Lexus of Winter Park, two high-performing Lexus dealerships serving the fast-growing Central Florida market.

The acquisition strengthens Penske Automotive Group's ( PAG ) premium luxury portfolio, expands its footprint in Florida, one of the nation's fastest growing states, and strengthens its relationship with the Lexus brand.  The acquired dealerships are expected to add estimated annualized revenue of $450 million, increasing the Company's revenue derived in the fast-growing Florida market by almost 50%.  Since November 2025, the Company has acquired two Toyota and four Lexus dealerships which are expected to generate approximately $2 billion in estimated annualized revenues.

Commenting on the acquisition, North American Operations Officer Rich Shearing said, "We are excited to welcome the teams at Lexus of Orlando and Lexus of Winter Park to the Penske Automotive Group ( PAG ) family and are proud to expand our partnership with Lexus in a market with a long-term growth potential. These premier dealerships have built a strong reputation for exceptional customer service and operational excellence.  We look forward to continuing that legacy while leveraging the Company's existing infrastructure in Central Florida."

The Company funded the purchase price for the dealerships and associated real estate using cash flow from operations and availability under its U.S. credit agreement.

About Penske Automotive ( PAG )

Penske Automotive Group, Inc. ( PAG ), headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 27,700 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 42,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 396,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s ( PAG ) financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, our ability to successfully integrate the acquired dealerships into our existing operations, obtain contemplated synergies and realize returns related to these acquisitions, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's ( PAG ) business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's ( PAG ) future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's ( PAG ) Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025, and September 30, 2025, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group ( PAG ) disclaims any duty to update the information herein.

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SOURCE Penske Automotive Group, Inc. ( PAG )