Two current owners of global retailer Penske Automotive Group are offering $210 a share, subject to shareholder and regulatory approval.
Penske Corp., Tokyo-based Mitsui & Co. Ltd., and Mitsui’s New York-based U.S. subsidiary announced a proposal on July 22 to acquire the 27.8% of publicly traded megadealer Penske Automotive Group they don’t already own, and take it private.
The estimated cost would be $3.8 billion, based on a proposed price per share of $210, for 18.2 million shares. The proposal is subject to shareholder and regulatory approval.
Under Roger Penske, founder and chairman, Penske Corp. and its Penske Automotive Holdings Corp. already own approximately 52% of the dealership group. Penske Automotive is based in Bloomfield Hills, Mich.
Mitsui and its U.S. subsidiary, Mitsui & Co. (U.S.A.), between them currently own about 20.3% of Penske Automotive Group, according to Mitsui’s announcement of the proposed deal. Mitsui’s business includes an automotive segment dedicated to logistics, manufacturing, wholesale, retail, finance, leasing and rental of automobiles, parts and related products, according to the company’s website.
As of March 31, 2026, Penske Automotive operated 368 franchised, retail automotive dealerships, 149 in the United States and 219 outside the U.S. market, mostly in the United Kingdom, the company said in its quarterly report filed with the SEC.
“So many companies are choosing to remain private longer,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors, in a text message July 22. ”This transaction is in keeping with that trend.”
The Kerrigan Blue Sky Report for the first quarter of 2026, published June 9, notes that private dealership groups have raised $1.7 billion from public bond markets since 2020, “highlighting growing investor confidence in scaled private auto retailers and their acquisition-driven growth strategies.”
George Karolis, president of the Presidio Group, noted in a phone interview on July 22, that Penske has “probably the best brand mix in the U.S. market,” with a high mix of luxury franchises. He said that generally
speaking, without commenting specifically about Penske Automotive, taking a public company private can allow a company to be more nimble, with less oversight by shareholders and regulators.
Penske Automotive Group 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, according to the company’s quarterly report for the first quarter.
“We’ve seen all the publics balance their capital allocation between acquisitions and buying their own shares,” said Karolis. “They have all taken a look at their stock and seen it as a good value.”
Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of more than 445 franchises generating more than $10 billion in client proceeds, including two of the largest transactions in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group and Leith Automotive to Holman. The firm advises the industry’s leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors is the only firm in auto retail exclusively dedicated to sell-side advisory, providing its clients the assurance of a conflict-free approach.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, the industry authority on dealership buy/sell market trends and valuations and includes Kerrigan Advisors’ signature blue sky charts, multiples and analysis for each franchise in the luxury and non-luxury segments. To download a preview of the report, click here. The firm also releases The Kerrigan Index™ comprised of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail. To access The Kerrigan Index™, click here. To read the 2025 Kerrigan Dealer Survey, click here. To read the 2025 Kerrigan OEM Survey, click here. Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.
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