Penske Automotive Group, one of the largest car dealership owners in the world, has acquired BMW of Wilmington and Porsche Wilmington for an undisclosed amount.
Penske says the two dealerships are expected to add $140 million in annual revenue for the company.
Michigan-based Penske only owns one other dealership in North Carolina — Mercedes-Benz of South Charlotte in Pineville. But the company sold more than 123,000 new and used vehicles in the past year.
“The greater Wilmington, North Carolina, area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of The Baker Motor Co.,” said Penske CEO Roger Penske in a statement.
BMW of Wilmington has been designated as a BMW Center of Excellence, and Porsche Wilmington has been designated as a Porsche Premier Dealer.
Baker, which started in 1988 with a Mercedes-Benz dealership, primarily owns auto dealerships in South Carolina in the Charleston market. It continues to own the electric vehicle Moke dealership in Wilmington.