Penske Automotive Group confirmed on Wednesday that it has received the non-binding offer and moved quickly to address the potential buyout. The board has established a special committee of independent directors to evaluate the terms of the deal and determine whether the proposed price serves the best interests of the remaining shareholders.

This move marks a significant consolidation effort for the existing partners, who currently hold a dominant majority of the company. If the acquisition proceeds, it would effectively end the firm's tenure as a publicly traded automotive and truck retailer, shifting control entirely to its primary stakeholders.