By: Jamie LaReau

Penske Automotive Group Inc. has bought the Schneider Nelson Auto Group in a deal expected to generate annual revenue of about $175 million.

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Penske, which currently has 244 dealerships, will add four stores: Audi Eatontown, Porsche Monmouth, Jaguar Monmouth and Land Rover Monmouth.

The stores are in Monmouth County, N.J. The county, which has a population of 650,000, is one of the wealthiest in the U.S.

The stores are expected to sell 2,400 new and used vehicles a year.

“The strong reputation and commitment to serving the customers of the New Jersey-Greater New York area for decades complement [Penske’s] existing footprint in the northeastern United States, while enhancing our premium-luxury brand mix,” Penske Automotive Chairman Roger Penske said in a statement.

This is Penske’s second franchised car dealership acquisition this year. In January, it bought a Land Rover dealership in Darien, Conn. The company expects that dealership to generate about $50 million of revenue annually.

Penske ranks No. 2 on the Automotive News list of the top 150 dealership groups in the United States, with retail sales of 216,462 new vehicles in 2014.

About I.C. Collins

I.C. Collins is grateful that he can pursue something that is both interesting and has value on several levels. For over three decades in the Automotive Sales Industry a bottom-line guy Collins doesn't shy away from telling the truth in ways that cut through the noise to deliver streetwise and corporate knowledge from someone who's been there and done that, many times over.

He aims to create “a long-lasting major brand that for generations is a company that is business-critical to the leading brands in the world. We are focused every day on creating something that’s valuable and has permanence.”

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