Penske Automotive Group completed the acquisition of Longo Toyota, Longo Lexus, Longo Toyota of Prosper and Lexus of Stevens Creek for $519.4m.

Penske Automotive Group, an international transportation services company operating automotive dealerships, completed the acquisition of Longo Toyota, a retailer of Toyota products, Longo Lexus, a Lexus vehicles retailer, Longo Toyota of Prosper, a retailer of Toyota products, and Lexus of Stevens Creek, a Lexus vehicles retailer, for $519.4m. "The acquisition of these premier dealerships represents a strategic addition to the Penske Automotive Group portfolio. The transaction strengthens our relationship with the Toyota and Lexus brands and expands the Company's presence in southern California to the Los Angeles area, complements the Company's existing presence in northern California and expands our operations in Texas to the fast-growing Dallas market. We look forward to continuing the outstanding legacy of these dealerships and are excited to welcome these new team members to Penske Automotive Group," Rich Shearing, Penske Automotive Group Operations Officer, North America.