<SEC-DOCUMENT>0001299933-13-001381.txt : 20130729
<SEC-HEADER>0001299933-13-001381.hdr.sgml : 20130729
<ACCEPTANCE-DATETIME>20130729103232
ACCESSION NUMBER:		0001299933-13-001381
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20130726
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130729
DATE AS OF CHANGE:		20130729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		13991374

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_48199.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Penske Automotive Group, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	July 26, 2013
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	Penske Automotive Group, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	1-12297
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	22-3086739
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	2555 Telegraph Road, Bloomfield Hills, Michigan
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	&nbsp;
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	48302
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	248-648-2500
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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On July 29, 2013, we entered into an agreement to acquire Western Star Trucks Australia Pty Ltd, a distributor of commercial vehicles, related spare parts and aftermarket support across Australia and New Zealand and portions of Southeast Asia.  The purchase price of approximately $200 million, which includes a targeted amount of approximately $67 million of working capital, is projected to be paid in the third quarter, subject to the completion of certain closing conditions, including OEM approval.<br><br>As part of the transaction, our subsidiaries in the U.K. (the "U.K. subsidiaries") amended their &#163;100 million revolving credit agreement to provide the U.K. subsidiaries covenant flexibility to fund the transaction purchase price and operate the subsidiaries to be acquired. The amendment to the U.K. credit agreement is filed as Exhibit 4.1 to this Form 8-K and incorporated herein by reference.<br><br>We purchase motor vehicles from affiliates of certain lenders under this facility, certain lenders provide consumer financing to our customers and certain of our U.K. subsidiaries sell vehicles to affiliates of certain of the lenders. The lenders also provide us with "floor-plan" and other financing.<br><br>
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	Item 7.01 Regulation FD Disclosure.
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On July 29, 2013, we issued a press release announcing that we have entered into an agreement to acquire Western Star Trucks Australia Pty Ltd, a distributor of commercial vehicles, related spare parts and aftermarket support across Australia and New Zealand and portions of Southeast Asia.  The purchase price of approximately $200 million, which includes a targeted amount of approximately $67 million of working capital, is projected to be paid in the third quarter, subject to the completion of certain closing conditions, including OEM approval.  A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.  <br><br>
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	Item 9.01 Financial Statements and Exhibits.
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4.1 Consent and Amendment Letter -- Amendment No. 2. dated July 26, 2013 to U.K. Credit Agreement.<br><br>Exhibit 99.1 Press Release
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Penske Automotive Group, Inc.
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	&nbsp;&nbsp;
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<I>
	July 29, 2013
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	/s/ Shane M. Spradlin
</I>
<BR>
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	&nbsp;
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<I>
	Name: Shane M. Spradlin
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<I>
	Title: Executive Vice President
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	Exhibit&nbsp;Index
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<B>
	Exhibit No.
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	&nbsp;
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	Description
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	4.1
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	&nbsp;
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Consent and Amendment Letter -- Amendment No. 2 dated July 26, 2013 to U.K. Credit Agreement
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	99.1
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	&nbsp;
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Press Release
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-4.1
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<TITLE> EX-4.1 </TITLE>
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    <TD width="35%">&nbsp;</TD>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 11pt"><B>THE ROYAL BANK OF SCOTLAND PLC </B>as Agent<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2 St Philips Place<BR>
Birmingham<BR>
B3 2RB
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD colspan="3" valign="top" align="left">Attention: Bob Ottewill and Neil Taylor<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26 July&nbsp;2013</TD>
</TR>
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<P align="left" style="font-size: 11pt">Dear Sirs


<P align="left" style="font-size: 11pt"><B>&#163;100,000,000 REVOLVING FACILITY AGREEMENT &#151; CONSENT & AMENDMENT LETTER</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BACKGROUND</B></TD>
</TR>

</TABLE>


<P>
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    <TD width="1%" nowrap align="right">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We refer to the &#163;100,000,000 revolving facility agreement dated 16 December&nbsp;2011 and made
between, amongst others (1)&nbsp;UAG UK Holdings Limited as Parent, (2)&nbsp;Sytner Group Limited, as
Company and Original Borrower, (3)&nbsp;the companies listed in part 1 of schedule 1 therein as
Original Guarantors, (4)&nbsp;The Royal Bank of Scotland plc and BMW Financial Services (GB)
Limited as Mandated Lead Arranger, (5)&nbsp;the financial institutions listed in part 2 and part 3
of the schedule 1 therein as Original Lenders, (6)&nbsp;The Royal Bank of Scotland plc as Agent and
(7)&nbsp;The Royal Bank of Scotland plc as Security Agent (the <B>&#147;Facility Agreement"</B>).</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is proposed that Penske Transportation Group International Pty Ltd, a newly incorporated
company (<B>&#147;Newco"</B>), being a wholly-owned subsidiary of the Parent, enter into a sale and
purchase agreement with Transpacific Industries Group Limited (as vendor) (the <B>&#147;SPA&#148;</B>) in
relation to the proposed acquisition (the <B>&#147;Acquisition"</B>) of the entire issued share capital of
Western Star Trucks Australia Pty, Ltd. (the <B>&#147;Target"</B>).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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    <TD width="1%" nowrap align="right">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is proposed that the purchase price to be paid in relation to the Acquisition of up to
&#163;170,000,000, will be funded (subject to the Majority Lender consent) from the following
sources:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a loan of up to a principal amount of &#163;100,000,000 (or its equivalent in other
currencies) from Penske Automotive Group, Inc. being the ultimate holding company of
the Parent, to the Parent (the <B>&#147;US Loan"</B>);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a distribution of up to &#163;70,000,000 made from the Company to the Parent (the
<B>&#147;Distribution"</B>); and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>following receipt of the US Loan and the Distribution, a loan or equity
investment of up to a principal amount of &#163;170,000,000 (or its equivalent in other
currencies) from the Parent to Newco (the &#147;<B>Australian Loan</B>&#148;).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, in connection with the Acquisition and pursuant to clause 38 (<I>Amendments and
waivers</I>) of the Facility Agreement hereby requests that the Majority Lenders consent to the
matters detailed in paragraph 3.1 (<I>Consents</I>) of this letter. Accordingly the Agent must seek
the consent of the Majority Lenders before executing this letter on their behalf.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This letter is supplemental to and amends the Facility Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This letter is entered into by Sytner Group Limited as the Company and as Obligors&#146; Agent.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEFINITIONS AND INTERPRETATION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">In this letter terms defined in, or construed for the purposes of, the Facility
Agreement have the same meanings when used in this letter (unless the same are otherwise
defined in this letter).

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2.2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Continuing obligations</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subject to the provisions of this letter:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Facility Agreement (other than as amended in accordance with the terms of
this letter) and all other Finance Documents shall remain in full force and effect;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company on behalf of each Obligor confirms its knowledge and acceptance of
this letter;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.2.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Facility Agreement shall be read and construed as one document with this
letter;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.2.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company on behalf of each Obligor confirms that with effect from the
Effective Date (as defined below), each Obligor shall be bound by the terms of the
Facility Agreement as amended by the terms of this letter;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.2.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company on behalf of each Obligor confirms that the guarantee and
indemnity given by each Obligor pursuant to Clause 20 (<I>Guarantee and indemnity</I>) of the
Facility Agreement and all Security given by each Obligor pursuant to the Facility
Agreement shall continue in full force and effect notwithstanding the consents set out
below and the amendment of the Facility Agreement in accordance with the terms of this
letter; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.2.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as expressly provided in paragraphs 3 (<I>Consents</I>) or 4 (<I>Amendments</I>)
nothing in this letter shall constitute or be construed as an amendment, waiver,
consent or release of any provisions of, or any right or remedy of the Finance Parties
under, the Finance Documents, nor otherwise prejudice any right or remedy of a Finance
Party under the Facility Agreement or any other Finance Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONSENTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consents</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company requests Majority Lender consent in relation to the following matters:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notwithstanding any restriction under clause 24.8 (<I>Acquisitions</I>) of the
Facility Agreement, the Majority Lenders consent to the Parent incorporating Newco for
the purpose of acquiring the entire issued share capital of the Target and the
incorporation of Newco will not breach clause 24.8 (<I>Acquisitions</I>) of the Facility
Agreement. The Majority Lenders further confirm that, notwithstanding the requirement
in the definition of Permitted Acquisition of the Facility Agreement, it is not
necessary that the Company deliver a certificate signed by two directors of the Company
attaching a copy of the latest audited accounts (or management accounts) of Newco;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notwithstanding any restriction under clause 24.15 (<I>Loans or credit</I>) of the
Facility Agreement, the Majority Lenders consent to the Parent making the Australian
Loan and the making of such loan will not breach clause 24.15 (<I>Loans or credit</I>) of the
Facility Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notwithstanding any restriction under clause 24.17 (<I>Dividends and share
redemption</I>) of the Facility Agreement, the Majority Lenders consent to the Company
making the Distribution to the Parent and such Distribution the by Company to the
Parent will not breach clause 24.17 (<I>Dividends and share redemption</I>) of the Facility
Agreement; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.1.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notwithstanding any restriction under clause 24.18 (<I>Financial Indebtedness</I>) of
the Facility Agreement, the Majority Lenders consent to the Parent incurring Financial
Indebtedness in connection with the US Loan and the Parent incurring such Financial
Indebtedness will not breach clause 24.18 (<I>Financial Indebtedness</I>) of the Facility
Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acceptance by Majority Lenders</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The consents in paragraph 3.1 (<I>Consents</I>) above shall be effective on the date (the
&#147;<B>Effective Date</B>&#148;) upon which the Agent gives written confirmation to the Company that the
Agent has received:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an original of this letter countersigned by the Company by which the Company
(on behalf of itself and each of the Obligors) acknowledges and agrees to the terms of
this letter;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of the resolutions of the directors of the Company authorising it to
agree to the terms of this letter and perform all its obligations under it, in form and
substance satisfactory to the Agent; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.2.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receipt of a report from Allens (addressed to the Finance Parties and in form
and substance satisfactory to the Finance Parties) on the SPA and associated
documentation relating to the Acquisition.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The above consents shall apply only to the matters specifically referred to in this letter
and are given in reliance upon any information supplied to the Agent by the Obligors being
true, complete and accurate. Such consent shall be without prejudice to any rights which
the Finance Parties may now or hereafter have in relation to any other circumstances or
matters other than as specifically referred to in this letter (and whether subsisting at the
date hereof or otherwise) or in relation to any such information being other than true,
complete and accurate, which rights shall remain in full force and effect


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confirmation from the Obligors</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">With effect from the date of countersignature of this letter, the Company and each Obligor
confirms and agrees that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the US Loan (including any accrued interest) shall only be repaid in an amount
not exceeding the amount of the Australian Loan that has been repaid directly by Newco
or its Subsidiaries using funds received other than from a member of the Group;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the US Loan (including any accrued interest) has not been repaid prior to
the date falling 60&nbsp;days after the Australian Completion Date, the Company shall
procure that Penske Automotive Group, Inc., any relevant subsidiaries and each relevant
Obligor shall enter into a subordination deed (in form and substance satisfactory to
the Agent) confirming that the outstanding balance of the US Loan is fully subordinated
to the Loans under the Facility Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Newco and the Target will amend the Target&#146;s constitutional documents within
seven Business Days of the Australian Completion Date to remove the discretion of the
Target&#146;s directors to refuse to register a transfer of shares under or in connection
with any Security provided to the Security Agent;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force, the Company and the Parent shall procure that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Parent shall not:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create or permit to subsist any
Security over the shares in Newco; and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, transfer or otherwise
dispose of any of the shares in Newco,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:16%; font-size: 11pt">other than in accordance with Clause 24.29.4 of the Facility
Agreement;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Newco shall not:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create or permit to subsist any
Security over the shares in the Target;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, transfer or otherwise
dispose of any of the shares in the Target,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:16%; font-size: 11pt">other than in accordance with Clause 24.29.4 of the Facility
Agreement; and/or


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend its constitutional
documents to allow the directors of Newco discretion to refuse
to register a transfer of shares under or in connection with
any Security provided to the Security Agent; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Target shall not amend its constitutional documents to allow the
directors of the Target discretion to refuse to register a transfer of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares under or in connection with any Security provided to the Security
Agent; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any time after Newco and/or the Target have granted the Australian Share
Charges in accordance with Clause 24.29.4 of the Facility Agreement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Newco shall not issue any further shares unless those shares are charged
to the Security Agent at the same time and in the same manner as set out in
Clause 24.29.4 of the Facility Agreement; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3.5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Target shall not issue any further shares unless those shares are
charged to the Security Agent at the same time and in the same manner as
set out in Clause 24.29.4 of the Facility Agreement.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">A failure to comply with the requirements of this paragraph 3.3 shall be an Event of Default
in accordance with Clause 25.3 (<I>Other obligations</I>) of the Facility Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMENDMENTS</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With effect from the Effective Date, the Facility Agreement shall be amended as follows:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the following new definitions shall be inserted into Clause 1.1 (<I>Definitions</I>):</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt">""<B>Australian Completion Date</B>&#148; means the Completion Date as defined in the Australian SPA&#148;;



<P align="left" style="margin-left:4%; font-size: 11pt">""<B>Australian SPA</B>&#148; means the sale and purchase agreement with Transpacific Industries Group
Limited (as vendor) and Penske Transportation Group International Pty Ltd (as purchaser) in
relation to the proposed acquisition of the entire issued share capital of Western Star
Trucks Australia Pty, Ltd.&#148;; and



<P align="left" style="margin-left:4%; font-size: 11pt"><B>&#147;Australian Group&#148; </B>means Penske Transportation Group International Pty Ltd and each of its
Subsidiaries from time to time&#148;;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the definition of &#147;<B>Margin</B>&#148; in Clause 1.1 (<I>Definitions</I>) shall be amended by inserting the
following as a new paragraph at the end of the definition:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">&#147;Notwithstanding the above, the Margin from the Australian Completion Date until the second
Quarter Date following the Australian Completion Date shall be 1.50% per annum&#148;;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a new Clause 22.5.3 (<I>Group Companies</I>) shall be included by inserting the following new
clause:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>&#147;22.5.3 </B>the Parent shall supply to the Agent a report signed by two directors of the Parent,
confirming that the aggregate of earnings before interest, tax, depreciation and
amortisation (calculated on the same basis as Consolidated EBITDA, as defined in
clause&nbsp;23 (<I>Financial Covenants</I>) but on the basis that references in the definition of
<B>&#147;Consolidated EBITDA&#148; </B>and related definitions to <B>&#147;Group&#148; </B>shall be to the <B>&#147;Australian
Group"</B>) of the Australian Group and the aggregate gross assets, the aggregate net
assets and aggregate turnover of the Australian Group (in each case calculated on an
unconsolidated basis and excluding all intra-group items and investment in Subsidiaries
of any member of the Australian Group) does not exceed 35 per cent of the consolidated
earnings before interest, tax, depreciation and amortisation (calculated on the same
basis as Consolidated EBITDA, as defined in clause&nbsp;23 (<I>Financial Covenants</I>) but on the
basis that references in the definition of <B>&#147;Consolidated EBITDA&#148; </B>and related
definitions to <B>&#147;Group&#148; </B>shall be to the <B>&#147;UAG Group"</B>) of the UAG Group and consolidated
gross assets, consolidated net assets and consolidated turnover of the UAG Group.<B>"</B>; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a new Clause 24.29.4 (<I>Further assurance</I>) shall be included by inserting the following new
clause:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt"><B>24.29.4 </B>In the event that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions of clause&nbsp;24.32.1 are not complied with; and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate of earnings before interest, tax, depreciation and amortisation
(calculated on the same basis as Consolidated EBITDA, as defined in clause&nbsp;23
(<I>Financial Covenants</I>) but on the basis that references in the definition of
<B>&#147;Consolidated EBITDA&#148; </B>and related definitions to <B>&#147;Group&#148; </B>shall be to the Australian
Group) of the Australian Group and the aggregate gross assets, the aggregate net assets
and aggregate turnover of the Australian Group (in each case calculated on an
unconsolidated basis and excluding all intra-group items and investment in Subsidiaries
of any member of the Australian Group) exceeds 35 per cent of the consolidated earnings
before interest, tax, depreciation and amortisation (calculated on the same basis as
Consolidated EBITDA, as defined in clause&nbsp;23 (<I>Financial Covenants</I>) but on the basis
that references in the definition of <B>&#147;Consolidated EBITDA&#148; </B>and related definitions to
<B>&#147;Group&#148; </B>shall be to the <B>&#147;UAG Group"</B>) of the UAG Group and consolidated gross assets,
consolidated net assets and consolidated turnover of the UAG Group (the <B>&#147;Australian
Group Threshold Test"</B>),</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 11pt">the Parent shall as soon as reasonably practicable following the earlier of (i)&nbsp;the
Agent giving notice to the Parent and (ii)&nbsp;the Parent or an Obligor becoming aware
of the failure to so comply with the provisions of clause&nbsp;24.32.1 or the Australian
Group Threshold Test being exceeded (as the case may be), execute and deliver to the
Security Agent (i)&nbsp;a charge over the shares held by the Parent in Penske
Transportation Group International Pty Ltd (in such form as the Security Agent may
reasonably require) in favour of the Security Agent or its nominee(s) (the &#147;<B>Newco
Share Charge</B>&#148;) and (ii)&nbsp;a charge over the shares held by Penske Transportation Group
International Pty Ltd in Western Star Trucks Australia Pty, Ltd. (in such form as
the Security Agent may reasonably require) in favour of the Security Agent or its
nominee(s) (the &#147;<B>Target Share Charge</B>&#148;) (the Newco Share Charge and the Target Share
Charge together being the <B>&#147;Australian Share Charges"</B>) together with such legal
opinions (in form and substance and from legal counsel satisfactory to the Security
Agent) relating to the Australian Share Charges as the Security Agent may reasonably
require and any notices or documents required to be given or executed under the
terms of the Australian Share Charges.&#148;.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS AND RELIANCE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Representations</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company makes the Repeating Representations to each Finance Party at the date of
this letter, on the date this letter is countersigned by the Agent and on the Effective Date
by reference to the facts and circumstances existing at such dates respectively but as if
references to the &#147;Facility Agreement&#148; include this letter and the Facility Agreement as
amended by the terms of this letter.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reliance</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company on behalf of each Obligor acknowledges that the Agent has entered into this
letter in full reliance on the representations and warranties made by it in the terms stated
in this paragraph 5.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ASSURANCE</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company shall, at the request of the Agent and at its own expense, do all such acts
and things necessary or desirable to give effect to the amendments effected or to be
effected pursuant to this letter.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MISCELLANEOUS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Incorporation of terms</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The provisions of clauses 38 (<I>Amendments and waivers</I>) and 34 (<I>Notices</I>) of the Facility
Agreement shall apply to this letter as if set out in full in this letter and as if
references in those clauses to &#147;<I>this Agreement</I>&#148; or &#147;<I>the Finance Documents</I>&#148; are references to
this letter.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Counterparts</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This letter may be executed in any number of counterparts, and this has the same effect
as if the signatures on the counterparts were on a single copy of this letter. Delivery of a
counterpart of this letter by e-mail attachment or telecopy shall be an effective mode of
delivery.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Third party rights</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Unless expressly provided to the contrary in a Finance Document a person who is not a
party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or enjoy the benefit of any term of this letter.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">7.4</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Finance Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Agent and the Company designate this letter a Finance Document.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GOVERNING LAW/ENFORCEMENT</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing law</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This letter and any non-contractual obligations arising out of or in connection with it
shall be governed by English law.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Jurisdiction of English courts</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The courts of England have exclusive jurisdiction to settle any dispute
arising out of or in connection with this letter (including a dispute relating to the
existence, validity or termination of this letter or any non-contractual obligation
arising out of or in connection with this letter) (a <B>&#147;Dispute"</B>).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The parties to this letter agree that the courts of England are the most
appropriate and convenient courts to settle Disputes and accordingly no party to this
Letter will argue to the contrary.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Please confirm your agreement to the above by signing and returning the enclosed copy of this
letter.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yours faithfully</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><U>/s/ Adam Collinson </U>
<BR>
Adam Collinson


<P align="left" style="font-size: 11pt"><B>For and on behalf of</B>
<BR>
<B>SYTNER GROUP LIMITED</B>


<P align="left" style="font-size: 11pt"><BR>
<B>as Company and Obligors&#146; Agent</B>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<P align="left" style="font-size: 11pt"><I>ON COPY</I>


<P align="left" style="font-size: 11pt"><B>To: Sytner Group Limited</B>


<P align="left" style="font-size: 11pt">We acknowledge agree and accept the above terms:


<P align="left" style="font-size: 11pt"><U>/s/<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Keith Bakewell&#151;</U>


<P align="left" style="font-size: 11pt"><B>THE ROYAL BANK OF SCOTLAND PLC</B>


<P align="left" style="font-size: 11pt"><B>(acting in its capacity as Agent)</B>


<P align="left" style="font-size: 11pt">Signed by <U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Keith Bakewell&#151;</U>


<P align="left" style="font-size: 11pt">For and on behalf of <B>THE ROYAL BANK OF SCOTLAND PLC as Agent </B>on behalf of the Lenders (acting on
the instruction of the Majority Lenders)


<P align="left" style="font-size: 11pt">Dated: 26 July, 2013



<P align="center" style="font-size: 10pt; display: none">2




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<DESCRIPTION>EX-99.1
<TEXT>
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<TITLE> EX-99.1 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><FONT style="font-size: 10pt"></FONT>


<DIV align="center">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt"><B>FOR IMMEDIATE RELEASE</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><img src="e38580-13207132047399a6b8_2.jpg"></FONT></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><img src="e38580-13207132047399a6b8_3.jpg"></FONT><FONT style="font-size: 11pt"><BR>
<img src="e38580-13207132047399a6b8_4.jpg"><BR></FONT>
<FONT style="font-size: 9pt"><img src="e38580-13207132047399a6b8_5.jpg"></FONT></TD>
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<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><BR></FONT></TD>
</TR>
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</DIV>


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt"><B>PENSKE AUTOMOTIVE SIGNS AGREEMENT TO ACQUIRE A COMMERCIAL VEHICLE AND PARTS DISTRIBUTOR IN<BR>
AUSTRALIA AND NEW ZEALAND</B></FONT>



<P align="left" style="font-size: 12pt"><B>BLOOMFIELD HILLS, MI, </B>July&nbsp;28, 2013 &#150; Penske Automotive Group, Inc. (NYSE:PAG), an international
automotive retailer, today announced that it has signed an agreement to acquire a distributor of
commercial vehicles, related spare parts and aftermarket support across Australia and New Zealand
and portions of Southeast Asia from Transpacific Industries Group Limited. The business to be
acquired, Western Star Trucks Australia, primarily distributes heavy and medium-duty trucks for
Western Star, MAN and Dennis Eagle through a network of over 80 independent dealers while serving
customers across a number of industries, including on-highway, logistics, construction, mining,
manufacturing, agricultural and waste/refuse collection.


<P align="left" style="font-size: 12pt">The Western Star truck brand, an affiliate of Daimler Trucks North America, is a top-three
Australian heavy-duty truck brand and holds a leading position in key market segments. The MAN
Truck and Bus brand is majority-owned by Volkswagen AG and is within the top-six suppliers to the
Australian bus market. Dennis Eagle is a growing brand within the specialist refuse collection
vehicle market.


<P align="left" style="font-size: 12pt">Closing of the transaction is expected to occur in the third quarter of 2013. Including vehicle
inventory, parts, assets and goodwill, the company expects the total purchase price to be
approximately $200&nbsp;million which will be financed using available cash flow from operations and
availability under the company&#146;s credit and floorplan financing facilities. The transaction is
subject to specified closing conditions, including OEM approval.


<P align="left" style="font-size: 12pt">&#147;Western Star Trucks provides us with an attractive gateway to enhance our global business
profile,&#148; said Penske Automotive Group Chairman Roger S. Penske. &#147;Strong market dynamics, multiple
growth options and one of the largest and well-established dealer networks in Australia and New
Zealand enhance the business opportunity. We believe that our existing relationships with heavy
and medium-duty truck manufacturers and our experience in operating distribution and
dealership-related businesses provide us with a unique opportunity to expand our business while
potentially providing a steppingstone to Southeast Asian markets for other parts of our business.&#148;


<P align="left" style="font-size: 12pt">Western Star Trucks has a seasoned local management team which is expected to provide a seamless
transition. Upon closing, the transaction is expected to generate approximately $420-$460&nbsp;million
in estimated annual U.S. dollar-related revenues for Penske Automotive Group. Penske Automotive
expects to incur approximately $0.02 per share in acquisition-related costs in its third-quarter
2013 results. On a proforma basis, the proposed transaction is expected to be $0.10 to $0.14
accretive per fully diluted share on an annualized basis, excluding acquisition-related costs.


<P align="left" style="font-size: 12pt"><U><B>About Penske Automotive</B></U>
<BR>
<U>Penske Automotive Group, Inc</U>., headquartered in Bloomfield Hills, Michigan, operates 332
retail automotive franchises, representing 39 different brands and 30 collision repair centers.
Penske Automotive, which sells new and previously owned vehicles, finance and insurance products
and replacement parts, and offers maintenance and repair services on all brands it represents, has
172 franchises in 18 states and Puerto Rico and 160 franchises located outside the United States,
primarily in the <U>United Kingdom</U>. Penske Automotive is a member of the Fortune 500 and
Russell 2000 and approximately 16,700 employees.


<P align="left" style="font-size: 12pt"><U><B>Caution Concerning Forward Looking Statements</B></U>
<BR>
Statements in this press release may involve forward-looking statements, including forward-looking
statements regarding Penske Automotive Group, Inc.&#146;s future outlook, sales potential, potential
earnings and ability to complete the transactions noted above. Actual results may vary materially
because of risks and uncertainties that are difficult to predict. These risks and uncertainties
include, among others: economic conditions generally, conditions in the credit markets and changes
in interest rates, adverse conditions affecting a particular manufacturer, including the adverse
impact to the vehicle and parts supply chain due to natural disasters 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, 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&#146;s business, markets, conditions and
other uncertainties, which could affect Penske Automotive&#146;s future performance. These risks and
uncertainties are addressed in Penske Automotive&#146;s Form 10-K for the year ended December&nbsp;31, 2012,
and its other filings with the Securities and Exchange Commission (&#147;SEC&#148;). This press release
speaks only as of its date, and Penske Automotive disclaims any duty to update the information
herein.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt"><I>Find a vehicle</I>: <U>http://www.penskecars.com</U>
<BR>
<I>Engage Penske Automotive</I>: <U>http://www.penskesocial.com</U>
<BR>
<I>Like Penske Automotive on Facebook</I>: <U>https://facebook.com/PenskeCars</U>
<BR>
<I>Follow Penske Automotive on Twitter</I>: <U>https://twitter.com/#!/Penskecarscorp</U>
<BR>
<I>Visit Penske Automotive on YouTube</I>: <U>http://www.youtube.com/penskecars</U>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Inquiries should contact:
</FONT>
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David K. Jones<BR>
Executive Vice President and<BR>
Chief Financial Officer<BR>
Penske Automotive Group, Inc.<BR>
248-648-2800<BR>
dave.jones@penskeautomotive.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Anthony R. Pordon<BR>
Executive Vice President Investor Relations<BR>
and Corporate Development<BR>
Penske Automotive Group, Inc.<BR>
248-648-2540<BR>
tpordon@penskeautomotive.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
