Penske Automotive has completed its acquisition of The Around the Clock Freightliner Group, a heavy and medium duty truck dealership group operating in Texas, Oklahoma and New Mexico. The company bought a 91% majority stake in ATC.
“ATC represents a strategic opportunity for our company,” said Roger S. Penske, chairman of Penske Automotive Group. “Like the automotive retail dealership business, the heavy duty truck dealership industry is highly fragmented and provides an excellent opportunity for our company to build scale through further consolidation."
ATC is expected to contribute incremental estimated annualized revenue of up to $700 million to Penske Automotive. The addition is projected to generate 12 to 14 cents per share.
ATC operates 14 locations offering Freightliner, Western Star and Sprinter branded trucks. It also has eight full-service locations. ATC offers used trucks for sale as well as parts and service departments.