Penske buys 2 North Carolina luxury dealerships

No brokers were involved in the deal, a Penske spokesman said.

Baker Motor Co., owned by Tommy Baker, is based in Charleston, S.C., and founded in 1988. The group’s website lists other stores in North Carolina and South Carolina selling Mercedes, Porsche, Infiniti, Maserati, Alfa Romeo, Jaguar, Land Rover, Buick, GMC and Cadillac vehicles.

Penske on July 26 posted a 19.5 percent year-over-year decline in second-quarter net income to $302.6 million, while net income attributable to common stockholders fell 19.6 percent to $300.8 million. The company, however, posted record second-quarter revenue of $7.5 billion, up 8.1 percent from the same period in 2022. Premium brands represented 71 percent of Penske’s retail automotive sales in the quarter, with BMW and Mini accounting for 25 percent of the total.