Penske Automotive completed the acquisition of a Ferrari dealership in Modena from Ferrari.

Penske Automotive Group, a company specializing in diversified transportation services and automotive retail, completed the acquisition of a Ferrari dealership in Modena, from Ferrari, an Italian luxury sports car manufacturer. Financial terms were not disclosed. "We are honored to represent the Ferrari brand at such an iconic location in Italy. Our luxury brand presence in northern Italy, strong reputation and experienced leadership team will help us provide exceptional service to Ferrari customers. We welcome the Ferrari brand in Italy, its customers and its existing employees to our team," Randall Seymore, Head of International Operations Penske Automotive Group.