Expanding Penske Used Car Only Stores Gets Company Attention
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Bloomfield Hills MI February 8, 2018; Penske Automotive Group Inc. plans to expand its CarSense used-only operation by building and opening stores in three U.S. markets within 12 to 18 months, reported Automotive News.
The nation's second-largest car dealership group owns land in the Phoenix area where it intends to spend $3 million to $4 million to build a CarSense store, Chairman Roger Penske said Thursday during a conference call with analysts and reporters. "We have a [predelivery and inspection] center there that we can utilize," Penske said. Two other potential sites are on the company's radar. The retailer declined to give specifics, but Penske referred to New Jersey and Pennsylvania during the call.
Penske said the future CarSense stores will need to be on sites of at least 10 to 15 acres to stock adequate inventory. The timing for the stores' construction "is dependent on local zoning ordinances and approvals," Tony Pordon, executive vice president of investor relations and corporate development, wrote in an email to Automotive News. "We would expect to have new locations open within the next 12 to 18 months." Read more here.