Penske signs letter of intent to open new Porsche store in the US

Article by Anita Panait, on March 4, 2014

Penske Automotive Group Inc. has inked a letter of intent to open its seventh Porsche dealership in the United States in the second quarter of 2015. The dealership, Porsche of West Broward, will be located in Davie, Fla., around 12 miles west of Fort Lauderdale. Penske said the dealership is expected to generate around $125 million in annual revenue.

Porsche said in 2013 that it had been seeking to add one or two stores in high-growth areas. "The new dealership will afford us the opportunity to scale operations within our existing Florida footprint, and it provides an outstanding growth opportunity for our company," Whitfield Ramonat, Penske vice president for the central region, said in a statement.  Porsche saw its new-car sales in the US more than double in the past four years.

Joe Lawrence, COO of Porsche Cars North America, told Automotive News that over 40 of its 189 dealerships in the US will expand, improve or build new facilities in this year.

Porsche grew 21 percent in the US in 2013 to 42,323 vehicles, and sees more growth when it starts rolling out the new Macan crossover by May or June. Porsche is aiming to sell 50,000 vehicles in the US by 2018.

"We're asking [dealers] to prepare for the growth with their facility plans," Lawrence said. "We've got many that are already in place and others that we're working with. When we've got growth plans like we do, and the dealers have seen evidence of the strategy coming to fruition these past couple of years, we've found them to be very willing partners in building together with us for the future." [source: automotive news - sub. required]

If you liked the article, share on:

Comments

Recommended

The next generation Volvo XC60 will be soon on its way to dealerships and customers as the Swedish carmaker has already commenced production of the mid-sized sports utility vehicle at...
by - April 30, 2017
In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries