Penske Automotive Acquires Porsche and Audi Franchises
Penske Automotive Group, Inc., , an international automotive retailer, today announced that it has completed the acquisition of the Fred Baker Porsche and Audi franchises in Bedford, Ohio, which is in the Cleveland metropolitan area.
Growing up with three brothers, Natalie Anderson became exposed early to the world of automobiles. This 29-year-old account manager now dreams of having her very own top-of-the-line vintage car.
The Porsche 911 has been modified many times over its lifespan to suit the current markets and to satisfy the demands of its customers. The classic 911 is said to have been developed as a much more powerful, larger more comfortable replacement for the 356 – the company’s first model, and has gone on to be the most successful model created by the famous marque.
Porsche is known for producing small but immensely powerful engines. The same can be said about the company—small but powerful. Porsche is a German automaker renowned for its lines of sports car. News has it that the German sports car maker is getting closer to its goal which is to control Europe’s largest automaker, the Volkswagen Group. It should be noted that Porsche is one of the largest shareholders of Volkswagen with a total of 27.4% and is planning to further increase its stakes if not for the Volkswagen Law.
The move by tiny sports car maker Porsche to take control of the giant Volkswagen group by means of purchasing a great part of stakes of the German giant automaker has proven that the force of private equity can still be defeated.