Reynolds and Reynolds and Penske Automotive Group Extend Agreement
DAYTON, Ohio, July 12, 2018 /PRNewswire/ -- The Reynolds and Reynolds Company ("Reynolds") and Penske Automotive Group ("Penske") today announced the two companies have extended their exclusive agreement for Reynolds to provide the Reynolds Retail Management System to all Penske new car franchised dealerships in the U.S. and Puerto Rico.
Under the new agreement, Penske intends to integrate electronic document management to improve workflow and efficiency and install the Reynolds docuPAD® system in F&I departments across more than 120 Penske dealerships. Reynolds docuPAD system is an interactive tabletop tool designed to engage customers and improve the F&I process by creating a consistent presentation, safeguarding compliance, and improving effectiveness of the F&I process.
"We have had the privilege of doing business with Roger Penske for some 30 years now," said Bob Brockman, chairman and CEO of Reynolds and Reynolds. "We all take a lot of pride in working with their team and everyone here is committed to delivering the best possible products, services, and results to them. The standards they hold are high, and we look forward to the opportunity to continue to meet those standards."
"We are pleased to extend our relationship with our long-term partner, Reynolds and Reynolds," said Roger Penske, Chair and CEO of Penske Automotive Group. "The Reynolds Retail Management System is fully integrated into all of our U.S.-based auto dealerships providing our teams with consistency and some of the best products in the industry. We look forward to taking the next step with Reynolds as we implement the docuPAD system and working with their team of talented individuals to improve our operations."
About Reynolds and Reynolds
Reynolds and Reynolds is a leading provider of automobile dealership software, services, and forms to help dealerships deliver better business results and transform the customer experience. The privately held company is headquartered in Dayton, Ohio, with major U.S. operations in Houston and College Station, Texas, and Celina, Ohio, as well as operations in Canada, in the U.K., and Europe. (www.reyrey.com)
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide, is a member of the Fortune 500, Russell 2000, and was named as one of the World's Most Admired Companies by Fortune. For additional information visit the company's website at www.penskeautomotive.com
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future migration plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: changes in the migration feasibility or timeline, economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, the completion of closing conditions and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10‑K for the year ended December 31, 2017, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
SOURCE The Reynolds and Reynolds Company
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