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.”
