Penske Automotive Group has completed a significant expansion in California and Texas with the acquisition of four high-performing Toyota and Lexus dealerships, including Longo Toyota, the largest Toyota dealership in the United States. The acquisition also includes Longo Lexus in El Monte, Lexus of Stevens Creek in San Jose, and Longo Toyota of Prosper in the Dallas metropolitan area.
The newly acquired dealerships collectively retailed more than 28,000 new and used vehicles in 2024 and are expected to add an estimated $1.5 billion in annualized revenue to Penske Automotive Group. Longo Toyota has held its position as the top Toyota dealership in the country for 58 consecutive years, while Longo Lexus has been the leading Lexus dealership in the Western United States for 35 years. Lexus of Stevens Creek has been Northern California’s top-volume Lexus dealership for 22 years.
The acquisitions strengthen Penske Automotive Group’s long-standing relationships with Toyota and Lexus while expanding its retail footprint across key growth markets, including the Los Angeles region, Northern California, and the rapidly developing Dallas area. The company stated that the expansion aligns with its long-term strategy of investing in established, high-volume dealerships with strong customer loyalty and market leadership.
The transaction was financed through a combination of available capacity under the company’s U.S. credit agreement and a note payable to the seller. The deal closed on November 19, 2025, with additional details disclosed in the company’s Form 8 K filing with the Securities and Exchange Commission.
Penske Automotive Group, headquartered in Bloomfield Hills, Michigan, is a diversified global transportation services company operating across the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia. The company employs more than 28,300 people worldwide. Also, it retains a 28.9% interest in Penske Transportation Solutions, a logistics and fleet management business that oversees one of the largest trucking fleets in North America. Penske Automotive Group is listed on the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes.
KEY QUOTE:
“The acquisition of these premier dealerships represents a strategic addition to the Penske Automotive Group portfolio. The transaction strengthens our relationship with the Toyota and Lexus brands and expands the Company’s presence in southern California to the Los Angeles area, complements the Company’s existing presence in northern California and expands our operations in Texas to the fast-growing Dallas market. We look forward to continuing the outstanding legacy of these dealerships and are excited to welcome these new team members to Penske Automotive Group.”
Rich Shearing, North American Operations Officer
