Penske Automotive Group, Inc. announced severe storms at its Genesis, Honda, Hyundai and Toyota dealerships in Round Rock, TX, caused significant hail damage to more than 750 new, used and customer service loaner vehicles.
The company estimates these vehicles represent more than $27 million in inventory value. Most of the damaged vehicles are not repairable and are anticipated to be total losses.
Penske is assessing the damage to determine their financial impact. Some of the damage is expected to be covered by insurance, but Penske will incur the potential loss of new and used vehicles sales and will be responsible for its insurance deductibles. The company is working with manufacturers to replace the damaged inventory as soon as possible.
