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]

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