Penske Automotive Group Completes Purchase

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US vehicle retailer Penske Automotive Group has completed the purchase of Transpacific’s Commercial Vehicle Group (CVG). The new company is to be known as Penske Commercial Vehicles Pty Ltd.  Penske Commercial Vehicles is responsible for the MAN Truck, MAN Bus, Western Star and Dennis Eagle brands in Australia and New Zealand.

Penske Automotive Group Chairman Roger S. Penske said, "We are extremely pleased to complete this acquisition in such an efficient time frame. We believe that our existing relationships with heavy and medium-duty truck manufacturers, our experience in operating distribution and dealership-related businesses, strong market dynamics and multiple growth options augment this business opportunity. Further, The Commercial Vehicle Group provides us with an attractive gateway to enhance our global business profile while potentially providing a stepping-stone to Southeast Asian markets for other parts of our business."