The Board of Directors at the Bloomfield Hills-based company has responded by forming a special committee of independent directors to evaluate the unsolicited, non-binding proposal. This committee has been authorized to bring in outside legal and financial advisors to determine if the offer serves the best interests of the firm and its shareholders.

Penske Automotive Group, which operates extensive dealership networks across the United States, Europe, Japan, and Australia, emphasized that there is no guarantee a deal will be finalized. The company stated it does not plan to provide further updates on the negotiations unless a formal agreement is reached or disclosure becomes legally necessary. Shareholders have been advised that no action is required at this time regarding the potential transaction.