Penske Automotive now owns about 91 per cent of Around the Clock Freightliner Group.
Transportation services firm Penske Automotive has finalised its takeover of truck dealership firm Around the Clock Freightliner Group (ATC) in the US.
Penske now owns about 91 per cent of ATC, which has heavy- and medium-duty dealerships in Texas, Oklahoma and New Mexico.
Penske Automotive chairman Roger Penske says the acquisition represents a strategic opportunity for the company.
“Like the automotive retail dealership business, the heavy-duty truck dealership industry is highly fragmented and provides an excellent opportunity for our company to build scale through further consolidation,” Penske says.
ATC currently operates fourteen dealerships, including eight full-service dealerships offering Freightliner, Western Star, and Sprinter-branded trucks.
ATC also offers a full range of used trucks available for sale as well as 24/7 service and parts departments.
The Michigan-based Penske Automotive also has footholds in Europe, Australia and New Zealand.
It announced in September it had signed an agreement to acquire MTU Detroit Diesel in Australia. Penske Automotive’s operations in Australia include distributing and supporting Western Star and MAN trucks.