Penske gets millions in gov't funding to expand 2 dealerships

Penske gets millions in gov't funding to expand 2 dealerships

Filed under: Car Buying, Government/Legal, Hirings/Firings, Lexus, Toyota, Earnings/Financials

Detroit's automakers didn't get much help from the federal government when they visited the White House, but that hasn't stopped a pair of LA-area car dealerships from receiving federal funding. Longo Toyota - "the World's Largest Dealership" - and Longo Lexus - "the #1 Lexus dealer in the Western US", received a half-million-dollar grant from the US Department of Housing and Urban Development in order to expand their facilities and create new jobs. The HUD funding is only part of the $3,000,000 the Penske-owned dealerships received from the City of El Monte, California, where the enormous car lots are situated - money which the city has already recovered (and then some) from the increased sales tax revenues.
The deal involved the Penske Automotive Group constructing a 50,000-square-foot service center, expanded vehicle lots, new showrooms and a 2,500-space parking complex out back. The municipal funding was granted in exchange for Longo creating between 35 and 90 new jobs within four years, while the federal grant stipulated the creation of only 15 new jobs. According to reports, the Longo dealerships have already well surpassed their requirements.
[Source: San Gabriel Valley Tribune via DealersEdge and The Auto Channel]

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lol, penske is money hungry, hes who i work for at chevy!!