Penske Automotive Group, Inc S-3ASR, filed Nov 1, 2022
Penske Automotive Group, Inc. (PAG)
S-3ASR
2022-11-01
View Original
Added on
October 15, 2026
As filed with the Securities and Exchange Commission on November 1, 2022
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PENSKE AUTOMOTIVE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
(For Co-registrants, Please See Table of Other Registrants on the Following Page)
| Delaware | 22-3086739 | |||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
2555 Telegraph Road
Bloomfield Hills, Michigan 48302
(248) 645-2500
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Shane M. Spradlin
Executive Vice President and General Counsel
2555 Telegraph Road
Bloomfield Hills, Michigan 48302
Telephone No.: (248) 648-2560
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
Approximate date of commencement of proposed sale to the public: From time to time after the Registration Statement becomes effective.
If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
| Emerging growth company | ☐ | |||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐
TABLE OF OTHER REGISTRANTS
Exact Name of Registrant Guarantor as Specified in its Charter (1) | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||||||||
| ATC CHATTANOOGA, LLC | Delaware | 38-3944558 | ||||||||||||
| ATC KNOXVILLE, LLC | Delaware | 36-4798298 | ||||||||||||
| ATC REALTY INVESTMENTS, LLC | Oklahoma | 46-1057967 | ||||||||||||
| ATC WEST TEXAS, LLC | Delaware | 38-3933090 | ||||||||||||
| AUTO MALL PAYROLL SERVICES, INC. | Florida | 65-0168491 | ||||||||||||
| BOWEN REALTY INVESTMENTS, LLC | Oklahoma | 73-1199575 | ||||||||||||
| CARSHOP HOLDINGS, LLC | Delaware | 85-3104278 | ||||||||||||
| CARSHOP, LLC | Tennessee | 85-3114300 | ||||||||||||
| CARSHOP SUPERCENTERS, LLC | Delaware | 84-4917227 | ||||||||||||
| CJNS, LLC | Delaware | 86-1024936 | ||||||||||||
| CLASSIC AUTO GROUP, INC. | New Jersey | 22-3115638 | ||||||||||||
| CLASSIC ENTERPRISES, LLC | Delaware | 22-3115638 | ||||||||||||
| CLASSIC IMPORTS, INC. | New Jersey | 22-3528527 | ||||||||||||
| CLASSIC MANAGEMENT COMPANY, INC. | New Jersey | 22-3271563 | ||||||||||||
| CLASSIC MOTOR SALES, LLC | Delaware | 22-3555425 | ||||||||||||
| CLASSIC NISSAN OF TURNERSVILLE, LLC | Delaware | 52-2097845 | ||||||||||||
| CLASSIC OLDSMOBILE-PONTIAC-GMC TRUCK, LTD. | Texas | 74-2355160 | ||||||||||||
| CLASSIC SPECIAL ADVERTISING, INC. | Texas | 74-2821777 | ||||||||||||
| CLASSIC SPECIAL AUTOMOTIVE GP, LLC | Texas | 74-2974762 | ||||||||||||
| CLASSIC SPECIAL AUTOMOTIVE, LTD. | Texas | 74-2974762 | ||||||||||||
| CLASSIC SPECIAL HYUNDAI, LTD. | Texas | 74-2974736 | ||||||||||||
| CLASSIC SPECIAL, LLC | Texas | 74-2974736 | ||||||||||||
| CLASSIC TURNERSVILLE, INC. | New Jersey | 22-3523436 | ||||||||||||
| D. YOUNG CHEVROLET, LLC | Delaware | 35-2035177 | ||||||||||||
| DAN YOUNG CHEVROLET, INC. | Indiana | 35-1123225 | ||||||||||||
| DAN YOUNG MOTORS, LLC | Delaware | 35-2035179 | ||||||||||||
| DANBURY AUTO PARTNERSHIP | Connecticut | 06-1349205 | ||||||||||||
| DEALER ACCESSORIES, LLC | Delaware | 26-0111056 | ||||||||||||
| DIFEO NISSAN PARTNERSHIP | New Jersey | 22-3186257 | ||||||||||||
| DIFEO PARTNERSHIP, LLC | Delaware | 22-3145559 | ||||||||||||
| DIFEO TENAFLY PARTNERSHIP | New Jersey | 22-3186285 | ||||||||||||
| eCARSHOP, LLC | Delaware | none | ||||||||||||
| EUROPA AUTO IMPORTS, INC. | California | 95-2305855 | ||||||||||||
| FLORIDA CHRYSLER PLYMOUTH, INC. | Florida | 59-2676162 | ||||||||||||
| FRN OF TULSA, LLC | Delaware | 74-2870051 | ||||||||||||
| GENE REED CHEVROLET, INC. | South Carolina | 57-0714181 | ||||||||||||
| GMG MOTORS, INC. | California | 95-2691214 | ||||||||||||
| GOODSON NORTH, LLC | Delaware | 74-2962022 | ||||||||||||
| GOODSON SPRING BRANCH, LLC | Delaware | 74-2962017 | ||||||||||||
| HBL, LLC | Delaware | 38-3635872 | ||||||||||||
| HILL COUNTRY IMPORTS, LTD. | Texas | 74-2585314 | ||||||||||||
| HT AUTOMOTIVE, LLC | Delaware | 41-2251059 | ||||||||||||
Exact Name of Registrant Guarantor as Specified in its Charter (1) | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||||||||
| HUDSON MOTORS PARTNERSHIP | New Jersey | 22-3186282 | ||||||||||||
| KMT/UAG, INC. | California | 95-3189650 | ||||||||||||
| LANDERS AUTO SALES, LLC | Delaware | 84-1664308 | ||||||||||||
| LANDERS FORD NORTH, INC. | Arkansas | 71-0833592 | ||||||||||||
| LATE ACQUISITION I, LLC | Delaware | 33-1011098 | ||||||||||||
| LATE ACQUISITION II, LLC | Delaware | 33-1011096 | ||||||||||||
| MOTORCARS ACQUISITION IV, LLC | Delaware | 38-3569545 | ||||||||||||
| MOTORCARS ACQUISITION V, LLC | Delaware | 87-0721680 | ||||||||||||
| MOTORCARS ACQUISITION VI, LLC | Delaware | 86-1121782 | ||||||||||||
| MOTORCARS ACQUISITION, LLC | Delaware | 38-3526432 | ||||||||||||
| OCT PARTNERSHIP | New Jersey | 22-3248303 | ||||||||||||
| PAG ACQUISITION 27, LLC | Delaware | 27-0398643 | ||||||||||||
| PAG ACQUISITION 28, LLC | Delaware | 27-0398588 | ||||||||||||
| PAG ACQUISITION 66, LLC | Delaware | none | ||||||||||||
| PAG ANNAPOLIS JL1, LLC | Delaware | 46-3695869 | ||||||||||||
| PAG ATLANTA MANAGEMENT, LLC | Delaware | 13-3865530 | ||||||||||||
| PAG AUSTIN L1, LLC | Delaware | 83-1863142 | ||||||||||||
| PAG AZ PROPERTIES, LLC | Delaware | 26-1377262 | ||||||||||||
| PAG BEDFORD A1, LLC | Delaware | 27-3969879 | ||||||||||||
| PAG BEDFORD P1, LLC | Delaware | 27-3969933 | ||||||||||||
| PAG BEDFORD PROPERTIES, LLC | Delaware | none | ||||||||||||
| PAG CHANDLER JLR, LLC | Delaware | 82-1381434 | ||||||||||||
| PAG CHANTILLY M1, LLC | Delaware | 26-1377251 | ||||||||||||
| PAG CHANTILLY P1, LLC | Delaware | 83-4583556 | ||||||||||||
| PAG CHARLOTTE M1, LLC | Delaware | 85-3233234 | ||||||||||||
| PAG CLOVIS T1, INC. | Delaware | 26-1857570 | ||||||||||||
| PAG CONNECTICUT LR1, LLC | Delaware | 47-2218165 | ||||||||||||
| PAG DAVIE P1, LLC | Delaware | 46-3687094 | ||||||||||||
| PAG DISTRIBUTOR S1, LLC | Delaware | 87-0766681 | ||||||||||||
| PAG EAST, LLC | Delaware | 35-2036025 | ||||||||||||
| PAG EAST 295, LLC | Delaware | 87-3472525 | ||||||||||||
| PAG EAST 296, LLC | Delaware | 87-3495959 | ||||||||||||
| PAG GOODYEAR F1, LLC | Delaware | 86-1024935 | ||||||||||||
| PAG GREENWICH B1, LLC | Delaware | 46-4359670 | ||||||||||||
| PAG GREENWICH HOLDINGS, LLC | Delaware | 46-4033557 | ||||||||||||
| PAG INDIANA G1, LLC | Delaware | 87-2494054 | ||||||||||||
| PAG INDIANA H1, LLC | Delaware | 87-2469519 | ||||||||||||
| PAG INTERNATIONAL SERVICES, LLC | Delaware | 46-4042748 | ||||||||||||
| PAG INVESTMENTS, LLC | Delaware | 27-5082711 | ||||||||||||
| PAG LEANDER H1, LLC | Delaware | 82-3046659 | ||||||||||||
| PAG LEANDER H2, LLC | Delaware | 87-4597246 | ||||||||||||
| PAG MADISON L1, LLC | Delaware | 46-0992715 | ||||||||||||
| PAG MADISON T1, LLC | Delaware | 46-0983205 | ||||||||||||
| PAG MARIN M1, INC. | Delaware | 27-4171554 | ||||||||||||
Exact Name of Registrant Guarantor as Specified in its Charter (1) | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||||||||
| PAG MCALLEN H1, LLC | Delaware | 46-3643632 | ||||||||||||
| PAG MCALLEN T1, LLC | Delaware | 46-3655017 | ||||||||||||
| PAG MENTOR A1, INC. | Ohio | 34-1403202 | ||||||||||||
| PAG NEW JERSEY A1, LLC | Delaware | 47-5025018 | ||||||||||||
| PAG NEW JERSEY CS, LLC | Delaware | 81-2315006 | ||||||||||||
| PAG NEW JERSEY JL1, LLC | Delaware | 47-5068848 | ||||||||||||
| PAG NEW JERSEY JL2, LLC | Delaware | 81-4966517 | ||||||||||||
| PAG NEW JERSEY JL3, LLC | Delaware | 82-4010306 | ||||||||||||
| PAG NEW JERSEY P1, LLC | Delaware | 47-5038322 | ||||||||||||
| PAG NORTH ORANGE A1, INC. | Delaware | 86-1316708 | ||||||||||||
| PAG NORTH SCOTTSDALE BE, LLC | Delaware | 26-1363608 | ||||||||||||
| PAG NORTH SCOTTSDALE M1, LLC | Delaware | 82-0651162 | ||||||||||||
| PAG NORTH SCOTTSDALE PP1, LLC | Delaware | none | ||||||||||||
| PAG NORTHERN CALIFORNIA MANAGEMENT, INC. | Delaware | 27-1068131 | ||||||||||||
| PAG ONTARIO B1, INC. | Delaware | 46-0738871 | ||||||||||||
| PAG ORANGE COUNTY L1, INC. | Delaware | 47-4863566 | ||||||||||||
| PAG ORANGE COUNTY MANAGEMENT COMPANY, INC. | Delaware | 45-3981423 | ||||||||||||
| PAG ORANGE COUNTY RR1, INC. | Delaware | 45-4896142 | ||||||||||||
| PAG ORANGE COUNTY S1, INC. | Delaware | 47-0957524 | ||||||||||||
| PAG ORLANDO GENERAL, LLC | Delaware | 26-1207380 | ||||||||||||
| PAG ORLANDO LIMITED, LLC | Delaware | 26-1206643 | ||||||||||||
| PAG ORLANDO PARTNERSHIP, LTD. | Florida | 26-1340023 | ||||||||||||
| PAG PENNSYLVANIA CS, LLC | Delaware | 81-2338272 | ||||||||||||
| PAG ROSWELL B1, LLC | Delaware | 81-4497213 | ||||||||||||
| PAG SAN FRANCISCO N1, INC. | Delaware | 27-3979807 | ||||||||||||
| PAG SANTA ANA AVW, INC. | Delaware | 27-1339782 | ||||||||||||
| PAG SANTA ANA B1, INC. | Delaware | 45-2267865 | ||||||||||||
| PAG SURPRISE T1, LLC | Delaware | 46-2042352 | ||||||||||||
| PAG TEMPE M1, LLC | Delaware | 26-1377292 | ||||||||||||
| PAG TEXAS MANAGEMENT COMPANY, LLC | Delaware | 45-3981193 | ||||||||||||
| PAG TURNERSVILLE AU, LLC | Delaware | 26-4426061 | ||||||||||||
| PAG WASHINGTON A1, LLC | Delaware | 81-2292613 | ||||||||||||
| PAG WEST, LLC | Delaware | 13-3914611 | ||||||||||||
| PAG WEST 293, INC. | Delaware | 87-4622758 | ||||||||||||
| PALM AUTO PLAZA, LLC | Delaware | 65-1272503 | ||||||||||||
| PEACHTREE NISSAN, INC. | Georgia | 58-1273321 | ||||||||||||
| PENSKE COMMERCIAL VEHICLES US, LLC | Delaware | 46-2758677 | ||||||||||||
| PETER PAN MOTORS, INC. | California | 94-1747384 | ||||||||||||
| PMRC, LLC | Delaware | 22-3881752 | ||||||||||||
| PTG MISSOURI, LLC | Delaware | 86-2256500 | ||||||||||||
| PTG OF IDAHO, LLC | Delaware | 84-1953882 | ||||||||||||
| PTG OF UTAH, LLC | Delaware | 84-1943235 | ||||||||||||
| PTG OREGON, LLC | Delaware | 87-2552435 | ||||||||||||
Exact Name of Registrant Guarantor as Specified in its Charter (1) | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||||||||
| RELENTLESS PURSUIT ENTERPRISES, INC. | California | 93-1008771 | ||||||||||||
| SA AUTOMOTIVE, LTD. | Arizona | 86-0583813 | ||||||||||||
| SAU AUTOMOTIVE, LTD. | Arizona | 86-0839423 | ||||||||||||
| SCOTTSDALE 101 MANAGEMENT, LLC | Delaware | 26-1363820 | ||||||||||||
| SCOTTSDALE FERRARI, LLC | Arizona | 86-0981831 | ||||||||||||
| SCOTTSDALE MANAGEMENT GROUP, LLC | Arizona | 86-0573438 | ||||||||||||
| SCOTTSDALE PAINT & BODY, LLC | Delaware | 26-1363898 | ||||||||||||
| SDG AUTOMOTIVE INVESTMENTS, LLC | Ohio | 20-1680626 | ||||||||||||
| SIGMA MOTORS INC. | Arizona | 86-1047752 | ||||||||||||
| SINGLE SOURCE TRUCK PARTS, LLC | Delaware | none | ||||||||||||
| SK MOTORS, LLC | Delaware | 32-0212884 | ||||||||||||
| SL AUTOMOTIVE, LLC | Delaware | 38-3763696 | ||||||||||||
| SUN MOTORS, LLC | Delaware | 30-0438071 | ||||||||||||
| TAMBURRO ENTERPRISES, INC. | Nevada | 88-0485938 | ||||||||||||
| THE AROUND THE CLOCK FREIGHTLINER GROUP, LLC | Oklahoma | 73-1199515 | ||||||||||||
| UAG ATLANTA H1, LLC | Delaware | 30-0282545 | ||||||||||||
| UAG ATLANTA IV MOTORS, LLC | Delaware | 58-1092076 | ||||||||||||
| UAG CAPITOL, INC. | Delaware | 76-0759095 | ||||||||||||
| UAG CAROLINA, INC. | Delaware | 13-3959601 | ||||||||||||
| UAG CENTRAL REGION MANAGEMENT, LLC | Indiana | 38-3537233 | ||||||||||||
| UAG CHANTILLY AU, LLC | Delaware | 87-0766680 | ||||||||||||
| UAG CLASSIC, INC. | Delaware | 13-3987807 | ||||||||||||
| UAG CLOVIS, INC. | Delaware | 76-0759096 | ||||||||||||
| UAG CONNECTICUT, LLC | Delaware | 06-1589742 | ||||||||||||
| UAG DULUTH, INC. | Texas | 58-1786146 | ||||||||||||
| UAG EAST, LLC | Delaware | 13-3944970 | ||||||||||||
| UAG ESCONDIDO A1, INC. | Delaware | 20-3697398 | ||||||||||||
| UAG ESCONDIDO H1, INC. | Delaware | 20-3697348 | ||||||||||||
| UAG ESCONDIDO M1, INC. | Delaware | 20-3697423 | ||||||||||||
| UAG FAYETTEVILLE I, LLC | Delaware | 71-0858576 | ||||||||||||
| UAG FAYETTEVILLE II, LLC | Delaware | 71-0858577 | ||||||||||||
| UAG FAYETTEVILLE III, LLC | Delaware | 71-0858578 | ||||||||||||
| UAG FINANCE COMPANY, INC. | Delaware | 13-3953915 | ||||||||||||
| UAG HOUSTON ACQUISITION, LTD. | Texas | 38-3542915 | ||||||||||||
| UAG HUDSON CJD, LLC | Delaware | 87-0766678 | ||||||||||||
| UAG HUDSON, INC. | New Jersey | 22-1919268 | ||||||||||||
| UAG INTERNATIONAL HOLDINGS, INC. | Delaware | 51-0393682 | ||||||||||||
| UAG KISSIMMEE MOTORS, LLC | Delaware | 58-2361341 | ||||||||||||
| UAG LANDERS SPRINGDALE, LLC | Delaware | 71-0846659 | ||||||||||||
| UAG LOS GATOS, INC. | Delaware | 76-0759098 | ||||||||||||
| UAG MARIN, INC. | Delaware | 76-0759100 | ||||||||||||
| UAG MEMPHIS II, INC. | Delaware | 62-1722683 | ||||||||||||
| UAG MEMPHIS MANAGEMENT, INC. | Delaware | 62-1722677 | ||||||||||||
Exact Name of Registrant Guarantor as Specified in its Charter (1) | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||||||||
| UAG MENTOR ACQUISITION, LLC | Delaware | 38-3553602 | ||||||||||||
| UAG MINNEAPOLIS B1, LLC | Delaware | 76-0819658 | ||||||||||||
| UAG NORTHEAST, LLC | Delaware | 13-3914694 | ||||||||||||
| UAG REALTY, LLC | Delaware | 38-3543708 | ||||||||||||
| UAG ROYAL PALM M1, LLC | Delaware | 06-1774003 | ||||||||||||
| UAG SAN DIEGO A1, INC. | Delaware | 20-3697335 | ||||||||||||
| UAG SAN DIEGO AU, INC. | Delaware | 20-3955972 | ||||||||||||
| UAG SAN DIEGO H1, INC. | Delaware | 20-3697304 | ||||||||||||
| UAG SAN DIEGO MANAGEMENT, INC. | Delaware | 20-3955897 | ||||||||||||
| UAG STEVENS CREEK II, INC. | Delaware | 47-0957526 | ||||||||||||
| UAG TEXAS II, INC. | Delaware | 13-3933083 | ||||||||||||
| UAG TEXAS, LLC | Delaware | 13-3933080 | ||||||||||||
| UAG TULSA HOLDINGS, LLC | Delaware | 51-0410923 | ||||||||||||
| UAG TURNERSVILLE REALTY, LLC | Delaware | 38-3543708 | ||||||||||||
| UAG VK, LLC | Delaware | 38-3590846 | ||||||||||||
| UAG WEST BAY AM, LLC | Delaware | 61-1442389 | ||||||||||||
| UAG WEST BAY IAU, LLC | Delaware | 61-1442390 | ||||||||||||
| UAG WEST BAY II, LLC | Delaware | 38-3672787 | ||||||||||||
| UAG WEST BAY IL, LLC | Delaware | 30-0150590 | ||||||||||||
| UAG WEST BAY IM, LLC | Delaware | 37-1458215 | ||||||||||||
| UAG WEST BAY IP, LLC | Delaware | 32-3360132 | ||||||||||||
| UAG WEST BAY IW, LLC | Delaware | 36-4521984 | ||||||||||||
| UAG YOUNG II, INC. | Delaware | 13-3985679 | ||||||||||||
| UAG-CARIBBEAN, INC. | Delaware | 13-3980142 | ||||||||||||
| UNITED AUTO LICENSING, LLC | Delaware | 38-3556189 | ||||||||||||
| UNITED AUTO SCOTTSDALE PROPERTY HOLDINGS, LLC | Delaware | 86-1123497 | ||||||||||||
| UNITED AUTOCARE PRODUCTS, LLC | Delaware | 13-3922210 | ||||||||||||
| UNITED NISSAN, INC. | Georgia | 58-2038392 | ||||||||||||
| UNITED NISSAN, INC. | Tennessee | 62-0790848 | ||||||||||||
| UNITED RANCH AUTOMOTIVE, LLC | Delaware | 86-1008720 | ||||||||||||
| UNITEDAUTO FINANCE, INC. | Delaware | 16-1456003 | ||||||||||||
| WEST PALM AUTO MALL, INC. | Florida | 65-0050208 | ||||||||||||
| WTA MOTORS, LTD. | Texas | 33-1011102 | ||||||||||||
__________________
(1)The address of each guarantor is 2555 Telegraph Road, Bloomfield Hills, MI 48302.
c/o Penske Automotive Group, Inc.
2555 Telegraph Road
Bloomfield Hills, Michigan 48302
(248) 648-2500
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Each of the Co-Registrant’s Principal Executive Offices)
Shane M. Spradlin
Executive Vice President and General Counsel
2555 Telegraph Road
Bloomfield Hills, Michigan 48302
Telephone No.: (248) 648-2560
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service of Process for Each of the Co-Registrants)
PROSPECTUS
Penske Automotive Group, Inc.
Debt Securities
Preferred Stock
Common Stock
Warrants
We may use this prospectus from time to time to offer debt securities, shares of our preferred stock, shares of our common stock or warrants to purchase our debt securities, preferred stock or common stock. Any or all of the securities may be offered and sold separately or together.
In addition, certain selling securityholders to be identified in a prospectus supplement may use this prospectus from time to time to offer shares of common stock or preferred stock, warrants or other securities. To the extent that any selling securityholder resells any securities, the selling securityholder may be required to provide you with this prospectus and a prospectus supplement identifying and containing specific information about the selling securityholder and the terms of the securities being offered.
We and/or selling securityholders may offer and sell securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. This prospectus also covers guarantees, if any, of our payment obligations under any debt securities, which may be given by certain of our subsidiaries on terms to be determined at the time of the offering of such debt securities. The debt securities and preferred stock may be convertible into or exchangeable or exercisable for other securities. The specific terms of these securities, and the manner in which these securities will be offered, will be provided in supplements to this prospectus. The prospectus supplements may also add, update or change information contained in this prospectus. Information in this prospectus will be deemed modified or superseded by an accompanying prospectus supplement or other offering materials. You should carefully read this prospectus and any relevant prospectus supplement, as well as the documents incorporated or deemed to be incorporated by reference in this prospectus, before you make an investment decision with respect to any offering.
Our common stock is listed on the New York Stock Exchange under the symbol “PAG.” Each prospectus supplement will indicate if the securities offered thereby will be listed on any securities exchange.
For a discussion of factors that you should consider before you invest in our securities, see “Risk Factors” on page 9 of this prospectus. You should carefully read and consider these risk factors and the risk factors included in our periodic reports, in any prospectus supplement relating to specific offerings of securities and in other documents that we file with the Securities and Exchange Commission.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful and complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is November 1, 2022.
TABLE OF CONTENTS
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ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement we filed with the U.S. Securities and Exchange Commission (the “SEC”) using a “shelf” registration process. Under this shelf registration process, we may sell, from time to time, any combination of the securities described in this prospectus in one or more offerings, and certain selling securityholders to be identified in a prospectus supplement may sell, from time to time, shares of our common stock or preferred stock, warrants or other securities. This prospectus provides you with a general description of the securities we and/or selling securityholders may offer. Each time we and/or selling securityholders sell securities, a prospectus supplement will be provided that contains specific information about the terms of that offering and the specific manner in which such securities may be offered. The prospectus supplement may also add to, update or change information contained in or incorporated by reference into this prospectus. To the extent that any statement made in a prospectus supplement or other offering material is inconsistent with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in the prospectus supplement or other offering material. The prospectus supplement or other offering material may also contain information about any material federal income tax considerations relating to our securities described in the prospectus supplement or other offering material. You should read both this prospectus and any prospectus supplement, together with additional information described under “Documents Incorporated by Reference into this Prospectus” and “Where You Can Find More Information” elsewhere in this prospectus before making an investment decision with respect to any offering of our securities.
This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed or will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under “Where You Can Find More Information” elsewhere in this prospectus.
The registration statement that contains this prospectus, including the exhibits to the registration statement, contains additional information about us and the securities offered under this prospectus. That registration statement can be read at the SEC’s web site (http://www.sec.gov) or at the Company’s website (http://www.penskeautomotive.com) mentioned under the heading “Where You Can Find More Information” elsewhere in this prospectus. The information contained on, or accessible through, our corporate website or any other website that we may maintain is not part of this prospectus or the registration statement of which this prospectus forms a part.
You should rely only on the information contained in or incorporated by reference into this prospectus or any prospectus supplement that we have specifically referred you to. We have not authorized any other person to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it. The information in this prospectus is accurate as of the date on the front cover. The information we have filed and will file with the SEC that is incorporated by reference into this prospectus is accurate as of the filing date of those documents. You should not assume that the information in this prospectus, any accompanying prospectus supplement or any documents we incorporate by reference into this prospectus and any prospectus supplement is accurate as of any date other than the filing date of those documents. Our business, financial condition, results of operations and prospects may have changed since those dates and may change again. We will not make an offer to sell securities in any jurisdiction where the offer or sale is not permitted.
This prospectus may not be used to sell our securities unless it is accompanied by a prospectus supplement or other offering material.
As used in this prospectus, the terms the “Company,” “Penske Automotive,” “we,” “us” and “our” may, depending upon the context, refer to Penske Automotive Group, Inc., our consolidated subsidiaries or to all of them taken as a whole.
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DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this prospectus or the documents incorporated by reference into this prospectus constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are included in various sections of this prospectus and the documents incorporated by reference into this prospectus. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “goal,” “plan,” “seek,” “project,” “continue,” “will,” “would,” and variations of such words and similar expressions, are intended to identify such forward-looking statements. We intend for our forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we set forth this statement in order to comply with such safe harbor provisions. You should note that our forward-looking statements speak only as of the date made, and we undertake no duty or obligation to update or revise our forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements include, without limitation, statements with respect to:
•our expectations regarding the COVID-19 pandemic and the resolution of vehicle production issues;
•our future financial and operating performance;
•future dealership openings, acquisitions, and dispositions;
•future potential capital expenditures and securities repurchases;
•our ability to realize cost savings and synergies;
•our ability to respond to economic cycles;
•trends and sales levels in the automotive retail industry, commercial vehicles industries and in the general economy in the various countries in which we operate;
•the rate of adoption of electric vehicles and its effect on our business;
•our ability to access the remaining availability under our credit agreements;
•our liquidity;
•performance of joint ventures, including Penske Transportation Solutions (“PTS”), the universal brand name for Penske Truck Leasing’s various business lines;
•future foreign currency exchange rates and geopolitical events;
•the outcome of various regulatory initiatives and legal proceedings;
•results of self-insurance plans;
•trends affecting the automotive or trucking industries generally, such as the rate of adoption of electric vehicles and changes to an agency model of distribution in the U.K. and Europe, and our future financial condition or results of operations; and
•our business strategy.
Forward-looking statements involve known and unknown risks and uncertainties and are not assurances of future performance. Our actual results may differ materially from those anticipated in these forward-looking statements due to a variety of factors. These forward-looking statements are affected by risks, uncertainties and assumptions that we make, including, among other things, the factors that are described in “Risk Factors,” and the following:
•we depend on the success, popularity and availability of the brands we sell, and adverse conditions affecting one or more of these vehicle manufacturers, including the adverse impact on the vehicle and parts
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supply chain due to natural disasters, the shortage of microchips or other components, the COVID-19 pandemic, the war in Ukraine, or other disruptions that interrupt the supply of vehicles and parts to us may negatively impact our revenues and profitability;
•our business and the automotive retail and commercial vehicles industries in general are susceptible to adverse economic and geo-political conditions, including changes in interest rates, foreign currency exchange rates, customer demand, customer confidence, the rate of inflation, including its impact on vehicle affordability, fuel prices, unemployment rates and credit availability;
•increased tariffs, import product restrictions, and foreign trade risks that may impair our ability to sell foreign vehicles profitably;
•the number of new and used vehicles sold in our markets, which impacts our ability to generate new and used vehicle gross profit and future service and parts operations;
•the effect on our businesses of the changing retail environment due to certain manufacturers selling direct to consumers outside the franchise system, changes to an agency model of distribution in the U.K and Europe which will negatively impact revenues, reduce SG&A costs, and reduce floor plan interest expense (although other impacts to our results of operations remain uncertain), and the growing number of electric vehicles;
•the effect on our businesses of the new mobility technologies such as shared vehicle services, such as Uber and Lyft, and the eventual availability of driverless vehicles;
•vehicle manufacturers exercise significant control over our operations, and we depend on them and the continuation of our franchise and distribution agreements in order to operate our business;
•we are subject to the risk that a substantial number of our new or used inventory may be unavailable due to recall or other reasons;
•the success of our commercial vehicle distribution operations and engine and power systems distribution operations depends upon continued availability of the vehicles, engines, power systems and other parts we distribute, demand for those vehicles, engines, power systems and parts, and general economic conditions in those markets;
•a restructuring of any significant vehicle manufacturer or supplier;
•our operations may be affected by severe weather or other periodic business interruptions;
•we have substantial risk of loss not covered by insurance;
•we may not be able to satisfy our capital requirements for acquisitions, facility renovation projects, financing the purchase of our inventory or refinancing of our debt when it becomes due;
•our level of indebtedness may limit our ability to obtain financing generally and may require that a significant portion of our cash flow be used for debt service;
•non-compliance with the financial ratios and other covenants under our credit agreements and operating leases;
•higher interest rates may significantly increase our variable rate interest costs and, because many customers finance their vehicle purchases, decrease vehicle sales;
•our operations outside of the U.S. subject our profitability to fluctuations relating to changes in foreign currency values;
•with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS’ asset utilization rates, continued availability from truck manufacturers and
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suppliers of vehicles and parts for its fleet, changes in values of used trucks which affects PTS’ profitability on truck sales, compliance costs in regard to its trucking fleet and truck drivers, its ability to retain qualified drivers and technicians, risks associated with its participation in multi-employer pension plans, conditions in the capital markets to assure PTS’ continued availability of capital to purchase trucks, the effect of changes in lease accounting rules on PTS’ customers’ purchase/lease decisions and industry competition, each of which could impact distributions to us;
•we are dependent on continued security and availability of our information technology systems, which systems are increasingly threatened by ransomware and other cyberattacks, and we may be subject to fines, penalties, and other costs under applicable privacy laws if we do not maintain our confidential customer and employee information properly;
•if we lose key personnel, especially our Chief Executive Officer, or are unable to attract additional qualified personnel;
•new or enhanced regulations relating to automobile dealerships including those enacted in certain European countries, Washington, California, Massachusetts, and New York banning the sale of new vehicles with gasoline engines (with regulations in Europe starting as early as 2030, and California requiring 35% of all new consumer vehicles to be emission free in 2026, 68% to be emission free by 2030 and 100% to be emission free by 2035, with some allowances for plug-in hybrid vehicles);
•changes in tax, financial or regulatory rules or requirements;
•we could be subject to legal and administrative proceedings which, if the outcomes are adverse to us, could have a material adverse effect on our business;
•if state dealer laws in the U.S. are repealed or weakened or new manufacturers such as those selling electric vehicles are able to conduct significant vehicle sales outside of the franchised automotive system, our automotive dealerships may be subject to increased competition and may be more susceptible to termination, non-renewal or renegotiation of their franchise agreements;
•some of our directors and officers may have conflicts of interest with respect to certain related party transactions and other business interests; and
•shares of our common stock eligible for future sale may cause the market price of our common stock to drop significantly, even if our business is doing well.
We urge you to carefully read and consider these risk factors and the risk factors included in our periodic reports, in any prospectus supplement relating to specific offerings of our securities and in the other documents that we file with the SEC in evaluating all forward-looking statements regarding our business. You are cautioned not to place undue reliance on the forward-looking statements contained in this prospectus or incorporated by reference herein. All forward-looking statements attributable to us are qualified in their entirety by this cautionary statement.
You should be aware that any forward-looking statement made by us in this prospectus or in the documents incorporated by reference into this prospectus, or elsewhere, speaks only as of the date on which we make it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. Except to the extent required by the federal securities laws and the Securities and Exchange Commission’s rules and regulations, we have no intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of these risks and uncertainties, you should keep in mind that any scenarios or results contained in any forward-looking statement made in this prospectus or elsewhere might not occur.
Manufacturer disclaimer
No domestic or foreign manufacturer or distributor or any of their affiliates has been involved, directly or indirectly, in the preparation of this prospectus or the registration statement of which this prospectus forms a part. No automobile manufacturer or distributor or any of their affiliates has made or been authorized to make any
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statements or representations in connection with this prospectus, no manufacturer or distributor or any of their affiliates has provided any information or materials that were used in connection with the prospectus, and no automobile manufacturer or distributor or any of their affiliates has any responsibility for the accuracy or completeness of this prospectus or for the registration statement of which this prospectus forms a part.
DOCUMENTS INCORPORATED BY REFERENCE INTO THIS PROSPECTUS
We file annual, quarterly and current reports and other information with the SEC. See “Where You Can Find More Information.” We filed a registration statement on Form S-3 to register with the SEC the securities described in this prospectus. This prospectus is part of that registration statement. As permitted by SEC rules, this prospectus does not contain all the information contained in the registration statement or the exhibits to the registration statement. The SEC allows us to incorporate by reference the information we file with it into this prospectus. This means that we can disclose important business, financial and other information to you by referring you to other documents separately filed with the SEC.
The following documents are incorporated into this prospectus by reference:
•our Annual Report on Form 10-K for the year ended December 31, 2021;
•our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022;
•the portions of our definitive proxy statement on Schedule 14-A filed on March 18, 2022 that are incorporated by reference into our Annual Report on Form 10-K for the year ended December 31, 2021;
•our Current Reports on Form 8-K filed on January 26, 2022, May 12, 2022, July 21, 2022 and October 20, 2022;
•the description of our common stock set forth in Exhibit 4.5 of our Annual Report on Form 10-K for the year ended December 31, 2019, including any subsequent amendment or any report filed for the purpose of updating such description; and
•all documents filed by us under Section 13(a), 13(c), 14 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), after the date of this prospectus and before the termination of the applicable offering (except for information furnished to the SEC that is not deemed to be “filed” for purposes of the Exchange Act).
Any statement made in this prospectus, a prospectus supplement or a document incorporated by reference in this prospectus or a prospectus supplement will be deemed to be modified or superseded for purposes of this prospectus and any applicable prospectus supplement to the extent that a statement contained in an amendment or subsequent amendment to this prospectus or an applicable prospectus supplement or in any other subsequently filed document incorporated by reference herein or therein adds to, updates or changes that statement. Any statement so affected will not be deemed, except as so affected, to constitute a part of this prospectus or any applicable prospectus supplement.
You may obtain a copy of these filings, excluding exhibits (unless such exhibits are specifically incorporated by reference), free of charge, by oral or written request directed to: Penske Automotive Group, Inc., 2555 Telegraph Road, Bloomfield Hills, Michigan, 48302, Attention: General Counsel, Phone: (248) 648-2500.
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THE COMPANY
We are a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. We operate dealerships principally in the United States, the United Kingdom, Canada, Germany, Italy, and Japan, and we are one of the largest retailers of commercial trucks in North America for Freightliner. We also distribute and retail commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. We employ over 26,500 people worldwide. Additionally, we own 28.9% of Penske Transportation Solutions, a business that employs over 40,000 people worldwide and manages a fleet of over 400,000 trucks, tractors, and trailers, providing innovative transportation, supply chain, and technology solutions to North American fleets.
Retail Automotive. We are one of the largest global automotive retailers as measured by the $22.5 billion in total retail automotive dealership revenue we generated in 2021. As of September 30, 2022, we operated 340 retail automotive franchised dealerships, of which 152 are located in the U.S. and 188 are located outside of the U.S. The franchised dealerships outside the U.S. are located primarily in the U.K. We also operate 21 used vehicle dealerships in the U.S. and the U.K. which retail used vehicles under a one price, “no-haggle” methodology under the CarShop brand. Our CarShop operations consist of eight retail dealerships in the U.S. and 13 retail dealerships and a vehicle preparation center in the U.K. We retailed and wholesaled more than 410,000 vehicles in the nine months ended September 30, 2022. We are diversified geographically with 57% of our total retail automotive dealership revenues in the nine months ended September 30, 2022, generated in the U.S. and Puerto Rico and 43% generated outside the U.S. We offer over 35 vehicle brands with 70% of our retail automotive franchised dealership revenue generated from premium brands, such as Audi, BMW, Land Rover, Mercedes-Benz, and Porsche, in the nine months ended September 30, 2022.
Each of our franchised dealerships offers a wide selection of new and used vehicles for sale. In addition to selling new and used vehicles, we generate higher-margin revenue at each of our dealerships through maintenance and repair services, the sale and placement of third-party finance and insurance products, third-party extended service and maintenance contracts, and replacement and aftermarket automotive products. We operate our franchised dealerships under franchise agreements with a number of automotive manufacturers and distributors that are subject to certain rights and restrictions typical of the industry. In March 2022, we agreed to transition our U.K. Mercedes Benz dealerships to an agency model beginning in 2023. Under an agency model, our U.K. Mercedes Benz dealerships will receive a fee for facilitating the sale by the manufacturer of a new vehicle but will not hold the vehicle in inventory. We will continue to provide new vehicle customer service at our U.K. Mercedes Benz dealerships, and the agency model is not expected to structurally change our used vehicle sales operations or service and parts operations. See Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, for a discussion of agency.
Retail Commercial Truck Dealership. We operate Premier Truck Group (“PTG”), a heavy- and medium-duty truck dealership group offering primarily Freightliner and Western Star trucks (both Daimler brands) with locations across nine U.S. states and Ontario, Canada. During February 2022, we acquired TEAM Truck Centres, a retailer of heavy- and medium-duty Freightliner and Western Star commercial trucks located in Ontario, Canada representing four full-service dealerships. As of September 30, 2022, PTG operated 39 locations, selling new and used trucks, parts and service, and offering collision repair services.
Penske Australia. Penske Australia is the exclusive importer and distributor of Western Star heavy-duty trucks (a Daimler Truck brand), MAN heavy- and medium-duty trucks and buses (a VW Group brand), and Dennis Eagle refuse collection vehicles, together with associated parts, across Australia, New Zealand, and portions of the Pacific. In most of these same markets, we are also a leading distributor of diesel and gas engines and power systems, principally representing MTU (a Rolls-Royce solution), Detroit Diesel, Allison Transmission, and Bergen Engines. Penske Australia offers products across the on- and off-highway markets, including in the trucking, mining, power generation, defense, marine, rail, and construction sectors and supports full parts and aftersales service through a network of branches, field service locations, and dealers across the region.
Penske Transportation Solutions. We hold a 28.9% ownership interest in Penske Truck Leasing Co., L.P. (“PTL”). PTL is owned 41.1% by Penske Corporation, 28.9% by us, and 30.0% by Mitsui & Co., Ltd. We account
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for our investment in PTL under the equity method, and we therefore record our share of PTL’s earnings on our statements of income under the caption “Equity in earnings of affiliates,” which also includes the results of our other equity method investments. Penske Transportation Solutions (“PTS”) is the universal brand name for PTL’s various business lines through which it is capable of meeting customers’ needs across the supply chain with a broad product offering that includes full-service truck leasing, truck rental, and contract maintenance along with logistic services, such as dedicated contract carriage, distribution center management, transportation management, lead logistics provider services, and dry van truckload carrier services.
We are incorporated in the state of Delaware and began dealership operations in October 1992. Our telephone number is (248) 648-2500 and our website is http://www.penskeautomotive.com. The information on our website is not part of this prospectus.
RISK FACTORS
An investment in our securities involves a high degree of risk. Prior to making a decision about investing in our securities, you should carefully consider the risks and uncertainties described under “Risk Factors” or “Disclosure Regarding Forward-Looking Statements” in the applicable prospectus supplement and in our most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments to such reports, incorporated in the registration statement of which this prospectus forms a part, together with all other information contained and incorporated by reference in this prospectus and the applicable prospectus supplement. The risks and uncertainties described herein and therein are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also occur. The occurrence of any of those risks and uncertainties may materially adversely affect our financial condition, results of operations, cash flows or business. In that case, the price or value of our securities could decline and you could lose all or part of your investment.
USE OF PROCEEDS
Unless otherwise described in the applicable prospectus supplement, the net proceeds from the sale of the offered securities by us will be used for general corporate purposes, which may include working capital, inventory financing, the acquisition of new businesses, the improvement and expansion of existing facilities, the purchase or construction of new facilities, debt service and repayments, dividends, and potential repurchases of our outstanding securities. We will have significant discretion in the use of any net proceeds and may invest the net proceeds temporarily until we use them for their intended purpose. Additional information on the use of net proceeds from any sale of securities offered by us pursuant to this prospectus may be set forth in the prospectus supplement or other offering material relating to such offering.
We will not receive any proceeds from the resale of securities by selling securityholders pursuant to this prospectus and the applicable prospectus supplement.
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DESCRIPTION OF DEBT SECURITIES
This section describes the general terms that will apply to any debt securities that we may offer in the future and to which a future prospectus supplement may relate. At the time that we offer debt securities, we will describe in the prospectus supplement that relates to that offering (1) the specific terms of the debt securities and (2) the extent to which the general terms described in this section apply to those debt securities.
We may issue debt securities consisting of senior securities and subordinated securities that may be secured or unsecured. The senior securities are to be issued under an indenture to be entered into later between Penske Automotive and The Bank of New York Mellon Trust Company, N.A., as trustee. The subordinated securities are to be issued under a separate indenture, dated as of November 21, 2014, between Penske Automotive and The Bank of New York Mellon Trust Company, N.A., as trustee. The form of the indenture for the senior securities and the executed indenture for the subordinated securities are incorporated by reference as exhibits to the registration statement of which this prospectus forms a part. In the discussion that follows, we summarize particular provisions of the indentures. Our discussion of indenture provisions is only a summary and is not complete. You should read the indentures including changes to be filed as part of any supplemental prospectus, for a more complete understanding of the provisions we describe.
The aggregate principal amount of debt securities that we may issue under each of the indentures is unlimited. The indenture allows us to reopen a previous issue of a series of debt securities and issue additional debt securities of that issue.
To the extent that debt securities are guaranteed, the guarantees will be set forth in the applicable indenture or supplements thereto. To the extent that debt securities or related guarantees are secured, the security interest will be granted under and subject to the applicable indenture or supplements thereto, security agreement, pledge agreements, mortgages, intercreditor agreements, lien subordination agreements and other documents as may be required.
General
Each prospectus supplement relating to a particular offering of debt securities will describe the specific terms of debt securities. Those specific terms will include the following:
•the title of the debt securities;
•any limit on the aggregate principal amount of the debt securities of a particular series;
•whether any of the debt securities are to be issuable in permanent global form;
•the date or dates on which the debt securities will mature;
•the rate or rates at which the debt securities will bear interest, if any, or the formula pursuant to which such rate or rates shall be determined, and the date or dates from which any such interest will accrue;
•the payment dates on which interest, if any, on the debt securities will be payable and the regular record dates which will be used to determine who is entitled to receive each interest payment;
•the terms, if any, upon which the debt securities may be converted into shares of our common stock;
•any mandatory or optional sinking fund or analogous provisions;
•each office or agency where, subject to the terms of the applicable indenture, the principal of and any premium and interest on the debt securities will be payable and each office or agency where, subject to the terms of the applicable indenture, the debt securities may be presented for registration of transfer or exchange;
•the date, if any, after which and the price or prices at which the debt securities may be redeemed, in whole or in part at our option or at the option of the holder of the debt securities, or according to any mandatory
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redemption provisions, and the other detailed terms and provisions of any such optional or mandatory redemption provisions;
•the denominations in which any debt securities will be issuable, if other than denominations of $1,000 and any integral multiple thereof;
•the portion of the principal amount of the debt securities, if other than the principal amount, payable upon acceleration of maturity;
•the person(s), if other than the trustee, who shall be the security registrar, the initial paying agent and the depositary for the debt securities;
•the terms of subordination applicable to any series of subordinated securities;
•the terms of any guarantees; and
•any other terms of the debt securities inconsistent with the provisions of the indentures.
Except where specifically described in the applicable prospectus supplement, the indentures do not contain any covenants designed to protect holders of the debt securities against a reduction in our creditworthiness, including in the event of a highly leveraged transaction, or to prohibit other transactions which may adversely affect holders of the debt securities.
We may issue debt securities as original issue discount securities to be sold at a substantial discount below their stated principal amounts. We will describe in the relevant prospectus supplement any special United States federal income tax considerations that may apply to debt securities issued with such an original issue discount. Special United States tax considerations applicable to any debt securities that are denominated in a currency other than United States dollars or that use an index to determine the amount of payments of principal of and any premium and interest on the debt securities will also be set forth in a prospectus supplement.
Global Securities
According to the indentures, so long as the depositary’s nominee is the registered owner of a global security, that nominee will be considered the sole owner of the debt securities represented by the global security for all purposes. Except as provided in the relevant prospectus supplement, owners of beneficial interests in a global security will not be entitled to have debt securities of the series represented by the global security registered in their names, will not receive or be entitled to receive physical delivery of debt securities of such series in definitive form and will not be considered the owners or holders of the debt securities under the indentures. Principal of, premium, if any, and interest on a global security will be payable in the manner described in the relevant prospectus supplement.
Form, Exchange and Transfer
We will issue the debt securities of each series only in registered form, without coupons, and, unless otherwise specified in the applicable prospectus supplement, only in denominations of $1,000 and integral multiples thereof.
Holders may, at their option, but subject to the terms of the indentures and the limitations that apply to global securities, exchange their debt securities for other debt securities of the same series containing identical terms and provisions, in any authorized denomination and of a like tenor and aggregate principal amount.
Subject to the terms of the indentures and the limitations that apply to global securities, holders may exchange debt securities as provided above. No service charge applies for any registration of transfer or exchange of debt securities, but the holder may have to pay any tax or other governmental charge associated with registration of transfer or exchange. We have appointed the trustee as security registrar. Any transfer agent (in addition to the security registrar) initially designated by us for any debt securities will be named in the applicable prospectus supplement. We may at any time designate additional transfer agents or cancel the designation of any transfer agent or approve a change in the office through which any transfer agent acts. However, we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.
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If the debt securities are to be partially redeemed, we will not be required to:
•issue or register the transfer of or exchange any debt security during a period beginning 15 days before the day of the selection for redemption of the debt securities of the applicable series and ending on the close of business on the day of such selection; or
•register the transfer of or exchange any debt security selected for redemption, in whole or in part, except the unredeemed portion of any debt security being redeemed in part.
Payment and Paying Agents
We will pay interest on a debt security on any interest payment date to the registered holder of the debt security as of the close of business on the regular record date for payment of interest. If the debt securities do not remain in book entry form, the record date for each interest payment date will be the close of business on the fifteenth calendar day immediately preceding the applicable interest payment date. In such instance, we will pay such interest either:
•on a special record date between 10 and 15 days before the payment; or
•in any other lawful manner of payment that is consistent with the requirements of any securities exchange on which the debt securities may be listed for trading.
We will pay the principal of and any premium and interest on the debt securities at the office of the paying agent or paying agents that we designate. We may pay interest by check mailed to the address of the person entitled to the payment as the address appears in the security register. We have designated the corporate trust office of the trustee as our sole paying agent for payments on the debt securities. Any other paying agents initially designated by us for the debt securities will be named in the applicable prospectus supplement. We may at any time designate additional paying agents, rescind the designation of any paying agent or approve a change in the office through which any paying agent acts.
Any money paid by us to a paying agent for the payment of the principal of or any premium or interest on any debt security which remains unclaimed at the end of two years after the principal, premium or interest has become due and payable may be repaid to us at our request.
Subordination
We may issue subordinated securities from time to time in one or more series under the subordinated indenture. Our subordinated securities will be subordinated and junior in right of payment to certain of our other indebtedness to the extent set forth in the applicable prospectus supplement.
Guarantees
Certain of our material domestic subsidiaries named as registrants in the registration statement of which this prospectus is a part, or any combination of them, may, jointly and severally, guarantee any or all of the series of debt securities. Guarantees may be full or limited, senior or subordinated, secured or unsecured, or any combination thereof. In all cases, however, the obligations of each guarantor under its guarantee will be limited as necessary to prevent the guarantee from being rendered voidable under fraudulent conveyance, fraudulent transfer or similar laws affecting the rights of creditors generally. The guarantees will not place a limitation on the amount of additional indebtedness that may be incurred by the guarantors.
Satisfaction and Discharge
We may be discharged from our obligations on the debt securities of any series that have matured or will mature or be redeemed within one year if we deposit with the trustee enough cash or U.S. government obligations to pay all the principal, interest and any premium due to the stated maturity date or redemption date of debt securities.
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Merger and Consolidation
Each indenture provides that we may consolidate or merge with or into any other corporation and we may sell, lease or convey all or substantially all of our assets to any corporation, organized and existing under the laws of the United States of America or any U.S. state, provided that the corporation (if other than us) formed by or resulting from any such consolidation or merger or which shall have received such assets shall assume payment of the principal of (and premium, if any), any interest on and any additional amounts payable with respect to the debt securities and the performance and observance of all of the covenants and conditions of such indenture to be performed or observed by us.
Modification and Waiver
The indentures provide that we and the trustee may modify and amend the indentures with the consent of the holders of a majority in principal amount of the outstanding debt securities of each series affected by the modification or amendment, provided that no such modification or amendment may, without the consent of the holder of each outstanding debt security affected by the modification or amendment:
•change the stated maturity of the principal of, or any installment of interest on or any additional amounts payable with respect to, any debt security or change the redemption price;
•reduce the principal amount of, or interest on, any debt security or reduce the amount of principal which could be declared due and payable prior to the stated maturity;
•change the place or currency of any payment of principal or interest on any debt security;
•impair the right to institute suit for the enforcement of any payment on or with respect to any debt security;
•reduce the percentage in principal amount of the outstanding debt securities of any series, the consent of whose holders is required to modify or amend each indenture; or
•modify the foregoing requirements or reduce the percentage of outstanding debt securities necessary to waive any past default to less than a majority.
Except with respect to certain fundamental provisions, the holders of at least a majority in principal amount of outstanding debt securities of any series may, with respect to such series, waive past defaults under each indenture.
Events of Default, Waiver and Notice
Unless otherwise provided in the applicable prospectus supplement and supplemental indenture, an event of default with respect to any debt security of any series is defined in each indenture as being:
•our default in payment of any interest on or any additional amounts payable in respect of any debt security of that series which remains uncured for a period of 30 days;
•our default in payment of principal (and premium, if any) on the debt securities of that series when due either at maturity, upon optional or mandatory redemption, as a sinking fund installment, by declaration or otherwise;
•our default in the performance or breach of any other covenant or warranty in respect of the debt securities of such series in each indenture which shall not have been remedied for a period of 90 days after notice;
•our bankruptcy, insolvency or reorganization; and
•any other event of default established for the debt securities of such series set forth in the applicable prospectus supplement and supplemental indenture.\
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Each indenture provides that the trustee may withhold notice to the holders of the debt securities of any default with respect to any series of debt securities (except in payment of principal of, or interest on, the debt securities) if the trustee considers it in the interest of the holders of the debt securities of such series to do so.
Each indenture also provides that:
•if an event of default due to a default in payment of principal of, or interest on, any series of debt securities, or because of a default in the performance or breach of any other covenant or agreement applicable to the debt securities of such series but not applicable to all outstanding debt securities, shall have occurred and be continuing, either the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of such series then may declare the principal of all debt securities of that series, or such lesser amount as may be provided for in the debt securities of that series, and interest accrued thereon, to be due and payable immediately; and
•if the event of default resulting from our default in the performance of any of the other covenants or agreements in each indenture applicable to all outstanding debt securities under such indenture or certain events of bankruptcy, insolvency and reorganization shall have occurred and be continuing, either the trustee or the holders of not less than 25% in principal amount of all outstanding debt securities (treated as one class) may declare the principal of all debt securities, or such lesser amount as may be provided for in such securities, and interest accrued thereon, to be due and payable immediately,
but upon certain conditions such declarations may be annulled and past defaults may be waived (except a continuing default in payment of principal of, or premium or interest on, the debt securities) by the holders of a majority in principal amount of the outstanding debt securities of such series (or of all series, as the case may be).
The holders of a majority in principal amount of the outstanding debt securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to debt securities of such series provided that such direction shall not be in conflict with any rule of law or the applicable indenture and shall not be unduly prejudicial to the holders not taking part in such direction. The trustee may also take any other action it deems proper which is consistent with the holders’ direction. If an event of default or other default occurs and is continuing after any applicable notice and/or cure period, then the trustee may in its discretion (and subject to the rights of the holders to control remedies as described above and certain other conditions specified in the indentures) bring such judicial proceedings as the trustee shall deem appropriate or proper.
The indentures provide that no holder of any debt security will have any right to institute any proceeding, judicial or otherwise, with respect to the indentures for the appointment of a receiver or trustee for any other remedy thereunder unless:
•that holder has previously given the trustee written notice of a continuing event of default;
•the holders of not less than 25% in principal amount of the outstanding debt securities of any series have made written request to the trustee to institute proceedings in respect of that event of default and have offered the trustee reasonable indemnity against costs and liabilities incurred in complying with such request; and
•for 60 days after receipt of such notice, request and offer of indemnity, the trustee has failed to institute any such proceeding and no direction inconsistent with such request has been given to the trustee during such 60-day period by the holders of a majority in principal amount of outstanding debt securities of that series.
Furthermore, no holder will be entitled to institute any such action if and to the extent that such action would disturb or prejudice the rights of other holders.
However, each holder has an absolute and unconditional right to receive payment when due and to bring a suit to enforce that right. We are required to furnish to the trustee under each indenture annually a statement as to our
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performance or fulfillment of our obligations under the applicable indenture and noting any default in such performance of fulfillment.
The Trustee
The Bank of New York Mellon Trust Company, N.A. will serve as the trustee under each indenture.
DESCRIPTION OF CAPITAL STOCK
The following description of our capital stock is only a summary and is subject to the provisions of our certificate of incorporation and bylaws, in each case as amended, which are included as exhibits to the registration statement on Form S-3 of which this prospectus forms a part, and the applicable provisions of the laws of Delaware, our State of incorporation. To more fully understand the terms of our capital stock, you should read our certificate of incorporation and bylaws, in each case as amended.
General
The Company has authorized 267,225,000 shares of capital stock, $0.0001 par value per share, consisting of: (a) 240,000,000 shares of voting common stock, par value $0.0001 per share, (b) 7,125,000 shares of non-voting common stock, par value $0.0001 per share, (c) 20,000,000 shares of Class C common stock, par value $0.0001 per share, and (d) 100,000 shares of preferred stock, par value $0.0001 per share. As of October 25, 2022, we had 71,303,456 outstanding shares of voting common stock and no outstanding shares of non-voting common stock, Class C common stock, or preferred stock. As of October 25, 2022, approximately 4.2 million shares of common stock were reserved for issuance to employees under our 2020 Equity Incentive Plan.
The following summary of the material terms and provisions of our capital stock is not complete and is subject to the terms included in our restated certificate of incorporation, our bylaws and Delaware law. Reference is made to those documents and to Delaware law for a detailed description of the provisions summarized below.
Limitation on Liability and Indemnification Matters
Our certificate of incorporation limits the liability of our directors to our Company and our stockholders to the fullest extent permitted by Delaware law. Specifically, our directors are not personally liable for money damages for breach of fiduciary duty as a director, except for liability:
•under Section 174 of the Delaware General Corporation Law, which concerns unlawful payments of dividends, stock purchases or redemptions;
•for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
•for any breach of the director’s duty of loyalty to us or our stockholders; and
•for any transaction from which the director derived an improper personal benefit.
Our certificate of incorporation and bylaws also contain provisions indemnifying our directors, officers, employees and agents to the fullest extent permitted by Delaware law. The indemnification permitted under Delaware law is not exclusive of any other rights to which such persons may be entitled under our bylaws, any agreement, a vote of stockholders or otherwise.
In addition, we maintain directors’ and officers’ liability insurance to provide our directors and officers with insurance coverage for losses arising from claims based on breaches of duty, negligence, error and other wrongful acts.
Anti-takeover Effects of Our Certificate of Incorporation and Bylaws and Provisions of Delaware Law
A number of provisions in our certificate of incorporation, bylaws and Delaware law may make it more difficult to acquire control of us by various means. These provisions could deprive the stockholders of opportunities to
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realize a premium on the shares of common stock owned by them. In addition, these provisions may adversely affect the prevailing market price of the common stock. These provisions are intended to:
•enhance the likelihood of continuity and stability in the composition of the board and in the policies formulated by the board;
•discourage certain types of transactions which may involve an actual or threatened change in control of the Company;
•discourage certain tactics that may be used in proxy fights;
•encourage persons seeking to acquire control of us to consult first with the board of directors to negotiate the terms of any proposed business combination or offer; and
•reduce our vulnerability to an unsolicited proposal for a takeover that does not contemplate the acquisition of all of our outstanding shares or that is otherwise unfair to our stockholders.
No Stockholder Action Without a Meeting. Our certificate of incorporation and bylaws provide that stockholders may only take action at an annual or special meeting.
Special Meetings of Stockholders. Our bylaws provide that special meetings of our stockholders may be called only by the board of directors, the chair of the board or the chief executive officer and must be called by the chief executive officer only upon the request of the holders of a majority of the outstanding shares of capital stock entitled to vote. This limitation on the right of stockholders to call a special meeting could make it more difficult for stockholders to initiate actions that are opposed by the board of directors, the chair of the board or the chief executive officer. These actions could include the removal of an incumbent director or the election of a stockholder nominee as a director. They could also include the implementation of a rule requiring stockholder ratification of specific defensive strategies that have been adopted by the board of directors with respect to unsolicited takeover bids. In addition, the limited ability of the stockholders to call a special meeting of stockholders may make it more difficult to change the existing board and management.
Issuance of Preferred Stock. The ability of our board of directors to establish the rights and issue substantial amounts of preferred stock without the need for stockholder approval, while providing desirable flexibility in connection with possible acquisitions, financings and other corporate transactions, may among other things, discourage, delay, defer or prevent a change in control of our Company.
Authorized But Unissued Shares of Common Stock. The authorized but unissued shares of common stock are available for future issuance without stockholder approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Section 203 of the Delaware General Corporation Law. We must comply with the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed manner.
A “business combination” includes a merger, consolidation, sale or other disposition of assets having an aggregate value in excess of 10% of the consolidated assets of the corporation and some transactions that would increase the interested stockholder’s proportionate share ownership in the corporation. An “interested stockholder” is a person who, together with affiliates and associates, owns, or, in some cases, within three years prior, did own,
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15% or more of the corporation’s voting stock. Under Section 203, a business combination between us and an interested stockholder is prohibited unless it satisfies one of the following three conditions:
•prior to the time such stockholder became an “interested stockholder,” our board of directors must have previously approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
•upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding, for purposes of determining the number of shares outstanding, shares owned by (1) persons who are directors and also officers and (2) employee stock plans, in some instances; and
•subsequent to the time such stockholder became an “interested stockholder,” the business combination is approved by a majority of our board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of the holders of at least 66⅔% of the outstanding voting stock that is not owned by the interested stockholder.
DESCRIPTION OF PREFERRED STOCK
General
Subject to limitations prescribed by Delaware law and our certificate of incorporation, our board of directors is authorized to issue, from the authorized but unissued shares of capital stock, preferred stock in series and to establish from time to time the number of shares of preferred stock to be included in the series and to fix the designation and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the shares of each series, and such other subjects or matters as may be fixed by resolution of our board of directors or one of its duly authorized committees. As of the date of this prospectus, we have not issued any shares of preferred stock.
Reference is made to any prospectus supplement relating to any series of shares of preferred stock being offered in such prospectus supplement for the specific terms of the series, including:
•the title and stated value of the series of shares of preferred stock;
•the number of shares of the series of shares of preferred stock offered, the liquidation preference per share and the offering price of such shares of preferred stock;
•the dividend rate(s), period(s) and/or payment date(s) or the method(s) of calculation for those values relating to the shares of preferred stock of the series;
•the date from which dividends on shares of preferred stock of the series shall cumulate, if applicable;
•the procedures for any auction and remarketing, if any, for shares of preferred stock of the series;
•the provision for a sinking fund, if any, for shares of preferred stock of the series;
•the provision for redemption, if applicable, of shares of preferred stock of the series;
•any listing of the series of shares of preferred stock on any securities exchange;
•the terms and conditions, if applicable, upon which shares of preferred stock of the series will be convertible into shares of common stock or other securities, including the conversion price, or manner of calculating the conversion price;
•whether interests in shares of preferred stock of the series will be represented by global securities;
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•a discussion of federal income tax considerations applicable to shares of preferred stock of the series;
•the relative ranking and preferences of shares of preferred stock of the series as to dividend rights and rights upon liquidation, dissolution or winding up of our affairs;
•any limitations on issuance of any series of shares of preferred stock ranking senior to or on a parity with the series of shares of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of our affairs;
•any limitations on direct or beneficial ownership and restrictions on transfer of shares of preferred stock of the series; and
•any additional rights, preferences, qualifications, limitations and restrictions of the series.
Any shares of preferred stock sold hereunder, or issued upon conversion, exercise or exchange of other securities sold hereunder, will be duly authorized, validly issued and, to the extent provided in the applicable certificate of designations, fully paid and nonassessable. This means that, to the extent provided in the applicable certificate of designations, you have paid the full purchase price for your shares and will not be assessed any additional amount for your shares.
Our board of directors will designate the transfer agent and registrar for each series of preferred stock and the exchange or market on which such series will be listed or eligible for trading, if any, at the time it authorizes such series.
To the extent that applicable law or the applicable certificate of designations provides that holders of shares of a series of preferred stock are entitled to voting rights, each holder shall be entitled to vote ratably (relative to each other such holder) on all matters submitted to a vote of such holders. Each holder may exercise such vote either in person or by proxy.
Any description of our preferred stock set forth in a prospectus supplement is only a summary and is subject to the provisions of our certificate of incorporation and bylaws, in each case as amended, which are included as exhibits to the registration statement on Form S-3 of which this prospectus forms a part, the certificate of designations governing the series of preferred stock, and the applicable provisions of the laws of Delaware, our State of incorporation.
Rank
Unless otherwise specified in the applicable prospectus supplement, the shares of preferred stock of each series will rank with respect to dividend rights and rights upon liquidation, dissolution or winding up of our affairs:
•senior to all classes or series of shares of common stock, and to all equity securities ranking junior to the series of shares of preferred stock;
•on a parity with all equity securities issued by us the terms of which specifically provide that such equity securities rank on a parity with shares of preferred stock of the series; and
•junior to all equity securities issued by us the terms of which specifically provide that such equity securities rank senior to shares of preferred stock of the series.
Dividends
Subject to the preferences to which holders of shares of any other series of preferred stock may be entitled and to the extent that the applicable certificate of designations so provides, the holders of shares of a series of preferred stock shall be entitled to receive ratably (relative to each other such holder) such dividends, if any, as may be declared from time to time in respect of shares of such series by our board of directors out of funds (including cash, securities and other property) legally available therefor. Subject to the prior rights of creditors and to preferences to which holders of shares of any other series of preferred stock may be entitled and to the extent that the applicable
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certificate of designations so provides, the holders of such shares of a series of preferred stock are entitled to receive ratably (relative to each other such holder) our assets (including cash, securities and other property) distributed upon our liquidation, dissolution or winding up.
DESCRIPTION OF COMMON STOCK
General
Each outstanding share of our common stock is identical in all respects and entitles its holder to the same rights and privileges, except as otherwise described below. Holders of shares of common stock do not have preemptive or other rights to subscribe for additional shares of common stock or for any of our other securities.
Voting Common Stock. Each holder of voting common stock is entitled to one vote per share on all matters to be voted on by our stockholders. In addition, some stockholders that are “regulated stockholders” (as defined below) may at any time convert their shares of voting common stock into an equal number of shares of non-voting common stock in order to comply with applicable regulatory requirements.
Non-Voting Common Stock. Holders of non-voting common stock are generally not entitled to vote that stock on any matter on which our stockholders are entitled to vote.
If any non-voting common stock is issued, holders of non-voting common stock can vote as a separate class on any merger or consolidation of our Company with or into another entity or entities, or any recapitalization or reorganization, in which shares of non-voting common stock would receive or be exchanged for consideration different on a per share basis from consideration received with respect to or in exchange for the shares of voting common stock or would otherwise be treated differently from shares of voting common stock in connection with such transaction, except that shares of non-voting common stock may, without such a separate class vote, receive non-voting securities which are otherwise identical to the voting securities received with respect to voting common stock so long as (1) the non-voting securities are convertible into the voting securities on the same terms as the non-voting common stock is convertible into voting common stock and (2) all other consideration is equal on a per share basis. Holders of shares of non-voting common stock can vote as a separate class on any amendment to the provisions contained in this paragraph.
Holders of non-voting common stock may at any time convert any or all of their shares into an equal number of shares of voting common stock. However, a holder of non-voting common stock may not convert its shares if, as a result of that conversion, the holder would control (1) more shares of our voting common stock or other securities than the holder is permitted to own pursuant to any regulation applicable to it or (2) with respect to holders regulated by state insurance law, 5% or more of our voting capital stock. However, the shares of non-voting common stock may be converted into voting common stock if the holder believes that such converted shares will be transferred within 15 days pursuant to a “conversion event” and the holder agrees not to vote such shares of voting common stock prior to the conversion event and undertakes to convert such shares back into non-voting common stock if such shares are not transferred pursuant to a conversion event. A “conversion event” includes a public offering by us and certain changes of control of our Company.
We may not convert or directly or indirectly redeem, purchase or otherwise acquire any shares of voting common stock or any other class of our capital stock or take any other action affecting the voting rights of such shares if such action will increase the percentage of any class of outstanding voting securities owned or controlled by any regulated stockholder, unless we give written notice of such action to each regulated stockholder. We must defer making any such conversion, redemption, purchase or acquisition for a period of 30 days after giving notice to the regulated stockholders.
We may not be a party to any reorganization, merger or consolidation pursuant to which any regulated stockholder would be required to take (1) any voting securities that would cause such holder to violate any law, regulation or other governmental requirement or (2) any securities convertible into voting securities which if such
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conversion occurred would cause such holder to violate any law, regulation or governmental requirement. We currently have no outstanding shares of non-voting common stock.
Class C Common Stock. If any Class C common stock is issued, each holder of Class C common stock would be entitled to one-tenth of one vote for each share of Class C common stock held by such holder. We currently have no outstanding shares of Class C common stock.
The holders of shares of voting common stock and Class C common stock and, on any matter on which the holders of shares of non-voting common stock are entitled to vote, the holders of shares of non-voting common stock, all vote together as a single class; provided, however, that the holders of shares of non-voting common stock or Class C common stock are entitled to vote as a separate class on any amendment, repeal or modification of any provision of the certificate of incorporation that adversely affects the powers, preference or special rights of the holders of the non-voting common stock or Class C common stock, respectively.
For purposes of this section, “regulated stockholder” includes any stockholder that is subject to Regulation Y and owns our common stock or preferred stock.
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare Limited.
Listing
Our common stock is listed on the New York Stock Exchange under the symbol “PAG.”
DESCRIPTION OF WARRANTS TO PURCHASE DEBT SECURITIES
The following summarizes the terms of debt warrants we may issue. We will issue the debt warrants under a debt warrant agreement that we will enter into with a bank or trust company, as debt warrant agent, that we select at the time of issue.
Determination of Terms
We may issue debt warrants evidenced by debt warrant certificates under the debt warrant agreement independently or together with any debt securities we offer by any prospectus supplement. The prospectus supplement will describe the particular terms of the debt warrants it covers. These terms may include:
•the price at which the debt warrants will be issued;
•the currency or composite currency for which the debt warrants may be purchased;
•the designation, aggregate principal amount, currency or composite currency and terms of the debt securities which may be purchased upon exercise of the debt warrants;
•if applicable, the designation and terms of the debt securities with which the debt warrants are issued and the number of debt warrants issued with each of such debt securities;
•if applicable, the date on and after which the debt warrants and the related debt securities will be separately transferable;
•the principal amount of debt securities purchasable upon exercise of each debt warrant and the price at which and the currency or composite currency in which such principal amount of debt securities may be purchased upon such exercise;
•the date on which the right to exercise the debt warrants will commence and the date on which the right will expire and, if the debt warrants are not continuously exercisable throughout such period, the specific date or dates on which they will be exercisable;
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•whether the debt warrant certificates representing the debt warrants will be in registered form or bearer form, or both;
•any applicable Federal income tax consequences;
•the identity of the debt warrant agent for the debt warrants; and
•any other terms of the debt warrants which conflict with the debt warrant agreement.
You may exchange debt warrant certificates for new debt warrant certificates of different denominations and may present debt warrant certificates for registration of transfer at the corporate trust office of the debt warrant agent, which will be listed in the prospectus supplement. Debt warrant holders, as such, do not have any of the rights of holders of debt securities, except to the extent that the consent of debt warrant holders may be required for certain modifications of the terms of an indenture or form of the debt security, as the case may be, and the series of debt securities issuable upon exercise of the debt warrants. In addition, debt warrant holders are not entitled to payments of principal of and interest, if any, on the debt securities.
Exercise of Debt Warrants
You may exercise debt warrants by surrendering the debt warrant certificate at the corporate trust office of the debt warrant agent, with payment in full of the exercise price. Upon the exercise of debt warrants, the debt warrant agent will, as soon as practicable, deliver the debt securities in authorized denominations in accordance with your instructions. If less than all the debt warrants evidenced by the debt warrant certificate are exercised, the agent will issue a new debt warrant certificate for the remaining amount of debt warrants.
DESCRIPTION OF WARRANTS TO PURCHASE COMMON OR PREFERRED STOCK
The following summarizes the terms of common stock warrants and preferred stock warrants we may issue. This description is subject to the detailed provisions of a stock warrant agreement that we will enter into with a stock warrant agent we select at the time of issue.
General Terms
We may issue stock warrants evidenced by stock warrant certificates under the stock warrant agreement independently or together with any securities we offer by any prospectus supplement. If we offer stock warrants, the prospectus supplement will describe the particular terms of the stock warrants it covers. These terms may include:
•the offering price, if any;
•the number of shares of common or preferred stock purchasable upon exercise of one stock warrant and the initial price at which the shares may be purchased upon exercise;
•if applicable, the designation and terms of the preferred stock purchased upon exercise of the preferred stock warrants;
•the dates on which the right to exercise the stock warrants begins and expires;
•certain United States federal income tax consequences;
•call provisions, if any;
•the currencies in which the offering price and exercise price are payable; and
•if applicable, the anti-dilution provisions of the stock warrants.
The shares of common stock or preferred stock we issue upon exercise of the stock warrants will, when issued in accordance with the stock warrant agreement, be validly issued, fully paid and non-assessable.
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Exercise of Stock Warrants
You may exercise stock warrants by surrendering to the stock warrant agent the stock warrant certificate, which indicates your election to exercise all or a portion of the stock warrants evidenced by the certificate. Surrendered stock warrant certificates must be accompanied by payment of the exercise price in the form of cash or a check. The stock warrant agent will deliver certificates evidencing duly exercised stock warrants to the transfer agent. Upon receipt of the certificates and the exercise price, the transfer agent will deliver a certificate representing the number of shares of common stock or preferred stock purchased. If you exercise fewer than all the stock warrants evidenced by any certificate, the stock warrant agent will deliver a new stock warrant certificate representing the unexercised stock warrants.
No Rights As Shareholders
Holders of stock warrants, as such, are not entitled to vote, to consent, to receive dividends or to receive notice as holders of common stock or preferred stock with respect to any meeting of such holders, or to exercise any rights whatsoever as holders of our common stock or preferred stock.
PLAN OF DISTRIBUTION
We and/or selling securityholders may sell the offered securities to or through one or more underwriters for public offering and sale by them, may sell the offered securities to investors directly or through agents, which agents may be affiliated with us, or otherwise through a combination of any of such methods of sale. Direct sales to investors may be accomplished through subscription offerings or through subscription rights distributed to our stockholders. In connection with subscription offerings or the distribution of subscription rights to stockholders, if all of the underlying offered securities are not subscribed for, we may sell such unsubscribed offered securities to third parties directly or through agents and, in addition, whether or not all of the underlying offered securities are subscribed for, we may concurrently offer additional offered securities to third parties directly or through agents, which agents may be affiliated with us. Any underwriter or agent involved in the offer and sale of the offered securities will be named in the applicable prospectus supplement.
Any selling securityholder will act independently of us in making decisions with respect to the timing, manner and size of each sale of securities covered by this prospectus and the applicable prospectus supplement.
The distribution of the offered securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, or at prices related to the prevailing market prices at the time of sale or at negotiated prices, any of which may represent a discount from the prevailing market price. We and/or selling securityholders also may, from time to time, authorize underwriters acting as our agents to offer and sell the offered securities upon the terms and conditions set forth in the applicable prospectus supplement. In connection with the sale of offered securities, underwriters may be deemed to have received compensation in the form of underwriting discounts or commissions and may also receive commissions from purchasers of offered securities for whom they may act as agent. Underwriters may sell offered securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agent.
Our securities, including our common stock, may also be sold in one or more of the following transactions: (i) block transactions (which may involve crosses) in which a broker-dealer may sell all or a portion of such shares as agent, but may position and resell all or a portion of the block as principal to facilitate the transaction; (ii) purchases by any such broker-dealer as principal, and resale by such broker-dealer for its own account pursuant to a prospectus supplement; (iii) a special offering, an exchange distribution or a secondary distribution in accordance with applicable New York Stock Exchange or other stock exchange, quotation system or over-the-counter market rules; (iv) ordinary brokerage transactions and transactions in which any such broker-dealer solicits purchasers; (v) sales “at the market” to or through a market maker or into an existing trading market, on an exchange or otherwise, for such shares; and (vi) sales in other ways not involving market makers or established trading markets, including direct sales to purchasers.
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Any underwriting compensation paid to underwriters or agents in connection with the offering of offered securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers, will be set forth in the applicable prospectus supplement. Underwriters, dealers and agents participating in the distribution of the offered securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized by them on resale of the offered securities may be deemed to be underwriting discounts and commissions, under the Securities Act of 1933, as amended (the “Securities Act”). Underwriters, dealers and agents may be entitled, under agreements entered into with us and/or selling securityholders, to indemnification against and contribution toward civil liabilities, including liabilities under the Securities Act. Any such indemnification agreements will be described in the applicable prospectus supplement.
If five percent or more of the net proceeds of any offering of securities made under this prospectus will be received by members of the Financial Industry Regulatory Authority, which we refer to in this prospectus as “FINRA,” participating in the offering or by affiliates or associated persons of such FINRA members, the offering will be conducted in accordance with FINRA Conduct Rule 5121.
The maximum aggregate commission or discount to be received by any member of FINRA or independent broker dealer will not be greater than 8% of the gross proceeds of the sale of securities offered pursuant to this prospectus and any applicable prospectus supplement.
To comply with the securities laws of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.
Some of the underwriters and their affiliates may be customers of, engage in transactions with and perform services for us and our subsidiaries in the ordinary course of business.
SELLING SECURITYHOLDERS
Selling securityholders are persons or entities that, directly or indirectly, have acquired or will from time to time acquire from us, our securities in various private transactions. Such selling securityholders may be parties to registration rights agreements with us, or we otherwise may have agreed or will agree to register their securities for resale. The initial purchasers of our securities, as well as their transferees, pledgees, donees or successors, all of whom we refer to as “selling securityholders,” may from time to time offer and sell the securities pursuant to this prospectus and any applicable prospectus supplement.
The applicable prospectus supplement will set forth the name of each selling securityholder and the number of and type of securities beneficially owned by such selling securityholder that are covered by such prospectus supplement. The applicable prospectus supplement also will disclose whether any of the selling securityholders have held any position or office with, have been employed by or otherwise have had a material relationship with us during the three years prior to the date of the prospectus supplement.
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LEGAL MATTERS
Unless otherwise specified in a prospectus supplement, certain legal matters in connection with the securities offered pursuant to this prospectus will be passed upon by Shane M. Spradlin, Esq., our general counsel. Mr. Spradlin owns shares of our common stock and holds restricted stock awards and may receive additional awards in the future. Any underwriters will be represented by their own legal counsel.
EXPERTS
The financial statements of Penske Automotive Group, Inc. as of December 31, 2021 and 2020, and for each of the three years in the period ended December 31, 2021, incorporated by reference in this prospectus by reference to Penske Automotive Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021, and the effectiveness of Penske Automotive Group, Inc.’s internal control over financial reporting, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement on Form S-3 with the SEC under the Securities Act to register the securities offered by means of this prospectus. This prospectus, which is a part of the registration statement, does not contain all of the information identified in the registration statement. For further information about us and the securities offered by means of this prospectus, we refer you to the registration statement and the exhibits filed as a part of the registration statement. Statements contained in this prospectus as to the contents of any contract or other document filed as an exhibit to the registration statement are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copy of the contract or document that has been filed.
We are subject to the information and periodic reporting requirements of the Exchange Act. In accordance with those requirements, we file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The documents that we file with the SEC, including the registration statement, are available to investors on this web site. You can log onto the SEC’s web site at http://www.sec.gov. Certain information is also available on our corporate website at http://www.penskeautomotive.com/. The information contained on, or accessible through, our corporate web site or any other web site that we may maintain is not part of this prospectus or the registration statement of which this prospectus forms a part.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The following table sets forth the estimated expenses to be borne by us in connection with the issuance and distribution of the securities registered hereby:
SEC registration fee | $ * | ||||
Printing expenses | ** | ||||
Legal fees and expenses | ** | ||||
Accounting fees and expenses | ** | ||||
Trustee fees and expenses | ** | ||||
Miscellaneous | ** | ||||
Total | $ ** | ||||
__________________
* The registrant is registering an indeterminate amount of securities under this registration statement and, in accordance with Rules 456(b) and 457(r), the registrant is deferring payment of any additional registration fee until the time that the securities are sold under this registration statement pursuant to a prospectus supplement.
** These expenses are calculated in part based on the number of issuances and the amount of securities offered and accordingly cannot be estimated at this time.
Item 15. Indemnification of Directors and Officers
The restated certificate of incorporation of Penske Automotive Group, Inc. (“Penske Automotive Group”) provides that a director of Penske Automotive Group will not be liable to Penske Automotive Group or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent that an exemption from liability or limitation of liability is not permitted under the Delaware General Corporation law (“DGCL”). Based on the DGCL as presently in effect, a director of Penske Automotive Group will not be personally liable to Penske Automotive Group or its stockholders for monetary damages for breach of fiduciary duty as a director, except: (1) for any breach of the director’s duty of loyalty to Penske Automotive Group or its stockholders; (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (3) under Section 174 of the DGCL, which concerns unlawful payments of dividends, stock purchases or redemptions; or (4) for any transactions from which the director derived an improper personal benefit.
While these provisions give directors protection from awards for monetary damages for breaches of their duty of care, they do not eliminate the duty. Accordingly, Penske Automotive Group’s certificate of incorporation will have no effect on the availability of equitable remedies such as injunction or rescission based on a director’s breach of his or her duty of care.
The Restated Certificate of Incorporation and the Bylaws of Penske Automotive Group provide that Penske Automotive Group will indemnify its directors and officers to the fullest extent permitted by law and that no director shall be liable for monetary damages to Penske Automotive Group or its stockholders for any breach of fiduciary duty, except to the extent provided by applicable law. Penske Automotive Group maintains standard policies of directors’ and officers’ liability insurance.
Arizona Registrants:
The registrants organized as corporations under Arizona law are subject to the provisions of the Arizona Corporations and Associations Act (“ACAA”). Section 10-851 of the ACAA provides that, subject to certain limitations, a corporation may indemnify a director against liability incurred in the proceeding if all of certain specified conditions exist, or as provided in the corporation’s articles of incorporation. A corporation may not indemnify a director who was adjudged liable on the basis that financial benefit was improperly received by the director. Indemnification is limited to reasonable expenses incurred in connection with the proceeding.
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Section 10-851 of the ACAA permits an Arizona corporation to eliminate or limit in its articles of incorporation the liability of a director to the corporation or its shareholders for money damages for any action taken or any failure to take any action as a director, except under certain specified circumstances and permits an Arizona corporation to include in its articles of incorporation a provision permitting or making obligatory indemnification of a director for liability to any person for any action taken, or any failure to take any action, as a director, except for certain exceptions.
The articles of incorporation of SA Automotive, Ltd., Scottsdale Management Group, Ltd., and Sigma Motors Inc. provide that no director of the corporation shall be personally liable to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director, subject to certain limitations. In addition, these articles of incorporation provide that each corporation shall indemnify any and all of its existing and former directors, officers, employees, and agents for expenses incurred in any legal action brought or threatened against them for any action or omission alleged to have been committed while acting within the scope of their position at the corporation, subject to certain limitations.
The articles of incorporation of Sigma Motors Inc. provide that the corporation shall indemnify any person who incurs expenses or liabilities by reason of the fact he or she is or was an officer, director, employee or agent of the corporation, and is mandatory in all circumstances in which indemnification is permitted by law. The articles of incorporation further provide that, to the fullest extent permitted by Arizona law, a director of the corporation shall not be liable to the corporation or its shareholders for monetary damages for any action taken or any failure to take any action as a director.
Scottsdale Ferrari, LLC and Scottsdale Management Group, LLC are subject to the Arizona Limited Liability Company Act (“ALLCA”). Section 29-610(A)(13) of the ALLCA permits a limited liability company to indemnify a member, manager, employee, officer, agent or any other person.
Arkansas Registrants:
The registrants organized as corporations under Arkansas law are subject to the provisions of the Arkansas Business Corporation Act (“ABCA”). Under Section 4-27-850 of the ABCA, a corporation has power to indemnify a director, officer, employee, or agent of the corporation against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. If the director, officer, employee, or agent is found to be liable to the corporation, indemnification is not permitted unless the court in which such action or suit was brought determines that the person is fairly and reasonably entitled to indemnity for such expenses which the court deems proper.
Section 4-27-202(b)(3) of the ABCA permits an Arkansas corporation to eliminate or limit in its articles of incorporation the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, subject to certain limitations.
The articles of incorporation of Landers Ford North, Inc. provide that to the fullest extent permitted by law, a director of the corporation shall not be personally liable to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director except under certain circumstances. The articles of incorporation and the bylaws of both registrants provide that the corporation shall indemnify, to the fullest extent permitted by Arkansas law, any person who was or is a party or is threatened to be made a party to a proceeding by reason of the fact that he or she is or was a director, officer, employee or agent of the corporation, under certain circumstances and subject to certain limitations, and these rights are not exclusive of any other indemnification rights granted by law or in other organizational documents.
California Registrants:
The registrants organized as corporations under California law are subject to the provisions of the California Corporations Code (“CCC”). Section 317 of the CCC authorizes a court to award, or a corporation’s board of
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directors to grant, indemnity to any agent of the corporation under certain circumstances and subject to certain limitations.
Section 204(a)(10) of the CCC permits a corporation to provide in its articles of incorporation that a director of the corporation shall not be personally liable to the corporation or its shareholders for monetary damages for breach of such director’s duties, subject to certain limitations.
The articles of incorporation of Relentless Pursuit Enterprises, Inc. provide that the liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California law. The articles of incorporation further provide that each corporation is authorized to provide indemnification of agents for breach of duty to the corporation and its stockholders through bylaw provisions or through agreements with agents or both, in excess of the indemnification otherwise permitted by the CCC, subject to the limits of the CCC.
The bylaws of KMT/UAG, Inc. and Relentless Pursuit Enterprises, Inc. permit each corporation to indemnify any director, officer, agent or employee as to those liabilities and on those terms and conditions that are specified in the CCC.
Connecticut Registrant:
Connecticut has no statute governing indemnification or limitation of liability for controlling persons, directors, or officers of general partnerships, and Danbury Auto Partnership’s organizational documents do not provide for indemnification or limitation of liability.
Delaware Registrants:
The registrants organized as corporations under Delaware law are subject to the provisions of the DGCL. Section 145 of the DGCL authorizes a court to award, or a corporation’s board of directors to grant, indemnity to directors, officers, employees and agents of the corporation under certain circumstances and subject to certain limitations.
Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, subject to certain limitations.
The certificates of incorporation of the Delaware corporate registrants generally provide for both limitation of liability and indemnification. The bylaws of the Delaware registrants generally provide for indemnification of directors and officers.
Section 18-108 of the Delaware Limited Liability Company Act (“DLLCA”) permits a limited liability company to indemnify any member or manager of the company from and against any and all claims and demands whatsoever.
Section 18-1101 of the DLLCA permits a limited liability company to provide in its limited liability company agreement that a member, manager or other person shall not be liable for breach of contract and breach of duties to the limited liability company or to another member or manager or to another person that is a party to or is otherwise bound by the limited liability company agreement, subject to certain limitations.
The operating agreements of the Delaware limited liability company registrants provide that a manager shall not be liable to the company or any other person for actions on behalf of the company or in furtherance of the company’s business, subject to certain limitations. The operating agreements further provide that the company shall indemnify any manager, member or other specified persons to the fullest extent provided or allowed by the DLLCA, subject to certain limitations.
Florida Registrants:
Section 607.0850 of the Florida Business Corporation Act (“FBCA”) authorizes a court to award, or a Florida incorporated registrant’s board of directors to grant, indemnity to officers, directors, employees or other agents of
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the corporation under certain circumstances and subject to certain limitations. In addition, Section 607.0831 of the FBCA provides that a director shall not be personally liable for monetary damages to the corporation or any other person for any statement, vote, decision or failure to act regarding corporate management or policy by such director, subject to certain limitations.
The bylaws of each of the Florida corporate registrants provide that the corporation shall indemnify directors, officers, employees, or agents to the extent and in the manner permitted by the FBCA, and that each corporation has the power to make further indemnification as permitted by the FBCA except to indemnify any person against gross negligence or willful misconduct.
Section 620.1303 of the Florida Revised Uniform Limited Partnership Act provides that a limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.
Georgia Registrants:
The registrants organized as corporations under Georgia law are subject to the provisions of the Georgia Business Corporation Code (“GBCC”). Section 14-2-851 of the GBCC permits a corporation to indemnify an individual who is a party to a proceeding because he or she is or was a director against liability incurred in the proceeding under certain circumstances. A corporation may not indemnify a director in connection with a proceeding by or in the right of the corporation, except for reasonable expenses if certain requirements are met, or if the director is found liable on the basis that personal benefit was improperly received by him or her, unless such indemnification is permitted by the articles of incorporation or bylaws, pursuant to Section 14-2-856 of the GBCC. Under Section 14-2-852 of the GBCC, a corporation is required to indemnify a director who was wholly successful in the defense of any proceeding to which he or she was a party because he or she was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding. Section 14-2-854 permits a court to order indemnification or advance for expenses if it determines that the director is entitled to indemnification under specified circumstances. Section 14-2-857 permits indemnification of officers, if specified requirements are met.
In addition, Section 14-2-202(b)(4) of the GBCC provides that the articles of incorporation of a Georgia corporation may include a provision eliminating or limiting the liability of a director to the corporation or its shareholders for monetary damages for any action taken, or any failure to take any action, as a director, except for certain types of liability.
The articles of incorporation of United Nissan, Inc. (Georgia) provide that no director of the corporation shall have personal liability to the corporation or to its shareholders for monetary damages for breach of fiduciary duty of care or other duty as a director, subject to certain limitations.
The bylaws of Peachtree Nissan, Inc. and United Nissan, Inc. (Georgia) provide that each corporation shall indemnify and hold harmless directors, officers, employees and agents of the corporation in actions by persons other than the corporation and in actions by or in the name of the corporation, under certain circumstances and subject to certain limitations. The bylaws further provide that this indemnification is not exclusive of any other right to which the person indemnified is entitled. In addition, the United Nissan, Inc. bylaws provide that unless the articles of incorporation provide otherwise, a director or officer of the corporation may apply to court for indemnification, which the court may order if specified requirements are met, and that if authorized by the articles of incorporation or resolution approved by the shareholders, the corporation may indemnify or obligate itself to indemnify a director or officer regardless of the other limitations provided in the bylaws, subject to specified requirements.
Indiana Registrants:
The registrants organized as corporations under Indiana law are subject to the provisions of the Indiana Business Corporation Law (“IBCL”). Section 23-1-37-8 of the IBCL permits an Indiana corporation to indemnify directors against liability incurred in the proceeding if certain requirements are met. Section 23-1-37-9 of the IBCL requires a corporation to indemnify a director who was wholly successful in the defense of any proceeding to which
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the director was a party because the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding. Under IBCL Section 23-1-37-11, unless a corporation’s articles of incorporation provide otherwise, a director may apply for indemnification to the court, which may order indemnification if it determines that the specified requirements are met. Unless the corporation’s articles of incorporation provide otherwise, officers and other employees may also be indemnified under Section 23-1-37-13 of the IBCL, under specified circumstances. Section 23-1-37-15 of the IBCL expressly permits a corporation to include additional indemnification rights in its articles of incorporation or bylaws.
The articles of incorporation of Dan Young Chevrolet, Inc. provide that the corporation shall indemnify directors, officers, employees, or agents of the corporation under specified circumstances, except if such person is found to be liable for negligence or misconduct in the performance of a duty to the corporation. The indemnification provided in the articles of incorporation is not exclusive of any rights to which such person may otherwise be entitled.
The registrants organized as limited liability companies under Indiana law are subject to the provisions of the Indiana Business Flexibility Act (“IBFA”). Section 23-18-4-4 of the IBFA provides that a limited liability company’s operating agreement may eliminate or limit the personal liability of a member or manager for monetary damages for breach of certain duties, and provide for indemnification of a member or manager for judgments, settlements, penalties, fines, or expenses incurred in a proceeding to which a person is a party because the person is or was a member or manager.
Nevada Registrant:
Section 78.7502 of the General Corporation Law of Nevada (“GCLN”) authorizes a court to award, or a corporation’s board of directors to grant, indemnity to officers and directors of the corporation under certain circumstances and subject to certain limitations. In addition, Section 78.138(7) of the GCLN provides that, unless the articles of incorporation or an amendment thereto filed after October 1, 2003 provide for greater individual liability, a director or officer is not individually liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act in such person’s capacity as a director or officer unless it is proven that (i) such person’s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer and (ii) such person’s breach of those duties involved intentional misconduct, fraud or a knowing violation of law.
The articles of incorporation of Tamburro Enterprises, Inc. provide that no director or officer shall have personal liability to the corporation or its stockholders for damages for breach of fiduciary duty as a director or officer, subject to certain limitations. The bylaws of Tamburro Enterprises, Inc. provide that the corporation must indemnify, to the maximum extent permitted by the GCLN, directors, officers, employees or agents of the corporation, under specified circumstances. The bylaws further provide that this right does not exclude any other rights to which a person seeking indemnification may be entitled under any article of incorporation, agreement, or otherwise.
New Jersey Registrants:
The New Jersey Business Corporation Act (“NJBCA”) governs the corporations organized in New Jersey. Section 14A:3-5 of the NJBCA permits a New Jersey corporation to indemnify a corporate agent (which includes directors, officers, employees or agents) against expenses and liabilities in connection with any proceeding involving the corporate agent by reason of his or her being or having been such a corporate agent, other than a proceeding by or in the right of the corporation, if certain requirements are met. In addition, a corporation may indemnify a corporate agent against expenses in connection with any proceeding by or in the right of the corporation which involves the corporate agent, if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation. However, in such proceeding no indemnification may be provided if the corporate agent has been adjudged to be liable to the corporation, except to the extent that the court determines that the corporate agent is fairly and reasonably entitled to indemnity. A New Jersey corporation must indemnify a corporate agent against expenses to the extent the corporate agent has been successful on the merits or otherwise in any proceeding referred to above. Section 14A:3-5(8) of the NJBCA also expressly permits a corporation to include additional indemnification provisions in its organizational documents. Section 14A:2-7(3) of
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the NJBCA further states that the certificate of incorporation of a New Jersey corporation may provide that a director or officer shall not be personally liable, or shall be liable only to the extent provided, to the corporation or its shareholders for damages for breach of any duty owed to the corporation or its shareholders, except in certain circumstances.
The articles of incorporation of Classic Auto Group, Inc. and Classic Management Company, Inc. provide that no director or officer of the corporation shall be personally liable to the corporation or its shareholders for damages for breach of any duty owed to the corporation or its shareholders, except in accordance with the NJBCA.
The bylaws of the New Jersey registrants generally provide that each corporation shall indemnify any corporate agent to the fullest extent permitted by the NJBCA, subject to specified limitations. The bylaws of Classic Auto Group, Inc., and Classic Turnersville, Inc. also permit the board of directors to similarly indemnify any corporation agent in connection with specified proceedings.
The New Jersey Uniform Partnership Act (1996) contains no provisions for indemnification or limitation of liability, and the New Jersey general partnership registrants’ organizational documents do not provide for indemnification or limitation of liability.
Ohio Registrants:
PAG Mentor A1, Inc. is subject to the provisions of the Ohio General Corporation Law (“OGCL”). Section 1701.13(E) of the OGCL authorizes a court to award, or a corporation’s board of directors to grant, indemnity to an officer, director, employee or agent of the corporation under certain circumstances and subject to certain limitations. In addition, Section 1701.59(E) provides that, unless otherwise provided in the articles of incorporation or bylaws, a director shall be liable in damages for any action that the director takes or fails to take as a director only if it is proved by clear and convincing evidence in a court of competent jurisdiction that the director’s action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for the best interests of the corporation.
The certificate of incorporation of PAG Mentor A1, Inc. provides that the corporation may indemnify or agree to indemnify directors, officers, employees, or agents of the corporation under certain circumstances and subject to certain limitations. The certificate of incorporation provides that a director, officer, employee, or agent who has been successful in a proceeding shall be indemnified, if specified conditions are met. The indemnification provided in the certificate of incorporation is not exclusive of any other rights to which the person seeking indemnification may be entitled. The bylaws of PAG Mentor A1, Inc. further provide that the corporation shall indemnify directors, officers, employees and agents to the fullest extent permitted by law, and that this right is not exclusive of any other rights to which the person seeking indemnification may be entitled.
SDG Automotive Investments, LLC is organized as a limited liability company under the laws of Ohio.
SDG Automotive Investments, LLC is subject to the provisions of the Ohio Revised Code (“ORC”). Section 1705.32 of the ORC permits a limited liability company to indemnify any person. Furthermore, Section 1705.29(D) of the ORC provides that, unless otherwise provided in the articles of incorporation or operating agreement, a manager of a limited liability company shall be liable for damages for any action that such manager takes or fails to take as a manager only if it is proved by clear and convincing evidence in a court with jurisdiction that his or her action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the company or undertaken with reckless disregard for the best interests of the company.
Oklahoma Registrants:
The registrants organized as limited liability companies under Oklahoma law are subject to the provisions of Oklahoma Limited Liability Company Act (“OLLCA”). Section 2017 of the OLLCA provides that a limited liability company may indemnify and hold harmless any member or manager or other person from and against any and all claims and demands as are set forth in the limited liability company agreement. The limited liability company agreements of the Oklahoma registrants do not provide for indemnification or limitation of liability.
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South Carolina Registrants:
Gene Reed Chevrolet, Inc. is organized as a corporation under South Carolina law and is subject to the provisions of the South Carolina Code of Laws (“SCCL”). In particular, Article 5 of Chapter 8 of the SCCL authorizes a corporation to indemnify a director against liability incurred in the proceeding if certain conditions are met and, unless the corporation’s articles of incorporation provide otherwise, authorizes a corporation to indemnify an officer, employee, or agent of the corporation who is not a director under specified circumstances. Unless the corporation’s articles of incorporation provide otherwise, a South Carolina corporation must indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which he or she was a party because he or she is or was a director of the corporation. However, a South Carolina corporation may not indemnify a director under Article 5 of Chapter 8 of the SCCL (1) in connection with a proceeding by or in the right of the corporation in which the director was adjudged liable to the corporation; or (2) in connection with any other proceeding charging improper personal benefit to him or her, whether or not involving action in his or her official capacity, in which he or she was adjudged liable on the basis that personal benefit was improperly received by him. Unless a corporation’s articles of incorporation provide otherwise, a director may apply for indemnification to a court of competent jurisdiction, which may order indemnification if it determines that the director is entitled to it. In addition, Section 33-2-102(e) of the SCCL permits a South Carolina corporation that meets certain specified criteria to include in its articles of incorporation provision eliminating or limiting the personal liability of a director to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director, provided that the provision may not eliminate or limit the liability of a director under certain circumstances.
The bylaws of Gene Reed Chevrolet, Inc. provide that the corporation shall indemnify and save harmless all directors, officers, employees or agents of the corporation to the fullest extent permitted by the SCCL.
Tennessee Registrant:
United Nissan, Inc. (Tennessee) is subject to the provisions of Section 48-18-502 of the Tennessee Code (“TC”), which authorizes a court to award, or a corporation’s board of directors to grant, indemnity to an officer, director, employee or agent of the corporation under certain circumstances and subject to certain limitations. Section 48-18-503 provides that, unless limited by its charter, a corporation must indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party under specified circumstances. Additionally, Section 48-12-102(b) permits a Tennessee corporation to include in its charter a provision eliminating or limiting the personal liability of a director to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director, subject to certain limitations.
The charter of United Nissan, Inc. (Tennessee) provides that no director shall be liable to the corporation or to its shareholders for monetary damages for breach of fiduciary duty, subject to certain limitations. The charter further provides that the directors, officers, employees and agents of the corporation shall be entitled to indemnification in accordance with the TC and in certain specified circumstances, and that these rights do not affect any rights to indemnification to which directors, officers, employees or agents may be entitled by contract or under the TC. The bylaws of United Nissan, Inc. provide that the corporation shall indemnify officers and directors under certain circumstances and subject to certain limitations.
Carshop, LLC is organized as a limited liability company under the laws of Tennessee. Carshop, LLC is subject to the provisions of 48-249-115 of the TC, which authorizes a court to award, or the limited liability company to grant, indemnity to an individual acting on behalf of the limited liability company under certain circumstances and subject to certain limitations, a responsible person, or an officer, employee, independent contractor or agent of the limited liability company who is not a responsible person. Subsection (c) provides that a limited liability company shall indemnify a responsible person or an officer, employee, independent contractor or agent of the limited liability company who is not a responsible person, who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the person was a party, because the person is or was a responsible person, against reasonable expense incurred by the person in connection with proceeding.
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Texas Registrants:
Section 8.003 of Title 1 of the Texas Business Organizations Code (“TBOC”) provides that the certificate of formation of a corporation may restrict the circumstances under which the corporation must or may indemnify a person. Sections 8.051 and 8.101 of the TBOC provides that a corporation must indemnify a governing person, former governing person, or delegate in connection with a proceeding in which the person is a respondent because the person is or was a governing person or delegate if the person is wholly successful in the defense of the proceeding, and may indemnify such a person under certain other circumstances and subject to certain limitations. Section 8.052 permits a court to order a corporation to indemnify a governing person, former governing person, or delegate to the extent the court determines that the person is fairly and reasonably entitled to indemnification in view of all the relevant circumstances. In addition, Section 7.001 of Title 1 of the TBOC allows a Texas corporation in its certificate of formation to provide that a governing person of the organization is not liable, or is liable only to the extent provided by the certificate of formation or similar instrument, to the organization or its owners or members for monetary damages for an act or omission by the person in the person’s capacity as a governing person, except under certain circumstances.
The bylaws of Classic Special Advertising, Inc. provide that the corporation shall indemnify its directors and officers to the maximum extent permitted by the TBOC, subject to certain limitations, and that this provision is not exclusive of any other rights to which an officer or director may be entitled under any bylaw, agreement, insurance policy, or otherwise.
Sections 8.051 and 8.101 of Title 1 of the TBOC provides that a limited partnership must indemnify a governing person, former governing person, or delegate in connection with a proceeding in which the person is a respondent because the person is or was a governing person or delegate if the person is wholly successful in the defense of the proceeding, and may indemnify such a person under certain other circumstances and subject to certain limitations. Section 8.052 permits a court to order a limited partnership to indemnify a governing person, former governing person, or delegate to the extent the court determines that the person is fairly and reasonably entitled to indemnification in view of all the relevant circumstances. In addition, Section Sec. 8.003. allows the written partnership agreement of a limited partnership to restrict the circumstances under which the limited partnership must or may indemnify or may advance expenses to a person.
The partnership agreements or limited liability company agreements of the Texas registrants provide for limitation of liability of the partners to the partnership or members.
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Item 16. Exhibits
A list of exhibits filed with this registration statement is contained in the index to exhibits, which is incorporated by reference.
INDEX TO EXHIBITS
| Exhibit Number | Description | |||||||
*1.1 | Form(s) of Underwriting Agreement. | |||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
*4.6 | Form of Debt Warrant Agreement, including forms of Debt Warrant Certificates. | |||||||
*4.7 | Form of Common Stock Warrant Agreement, including Warrant Certificate of Common Stock. | |||||||
*4.8 | Form of Preferred Stock Warrant Agreement, including Warrant Certificate for Preferred Stock. | |||||||
*4.9 | Certificate of Designation of Preferred Stock. | |||||||
5 | ||||||||
22 | ||||||||
23.1 | ||||||||
23.2 | ||||||||
| 24 | ||||||||
25.1 | ||||||||
25.2 | ||||||||
107 | ||||||||
___________________
* To be filed by amendment or incorporated by reference in connection with the offering of any securities, as appropriate.
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Item 17. Undertakings
Each of the undersigned co-registrants hereby undertakes:
(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii)To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however, that paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2)That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(ii)Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
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as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(5)That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, in a primary offering of securities of the registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)Any preliminary prospectus or prospectus of the registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)Any free writing prospectus relating to the offering prepared by or on behalf of the registrant or used or referred to by the registrant;
(iii)The portion of any other free writing prospectus relating to the offering containing material information about the registrant or its securities provided by or on behalf of the registrant; and
(iv)Any other communication that is an offer in the offering made by the registrant to the purchaser.
(6)That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(7)Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 15 or otherwise, the registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
(8)To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act (the TIA”) in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the TIA.
II-11
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan on the 1st day of November, 2022.
| PENSKE AUTOMOTIVE GROUP, INC. | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Executive Vice President and Chief Financial Officer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on the 1st day of November, 2022.
| Signature | Position | Date | ||||||||||||
| /s/ Roger S. Penske | Chair of the Board and | November 1, 2022 | ||||||||||||
| Roger S. Penske | Chief Executive Officer (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Executive Vice President and Chief Financial Officer | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Financial and Accounting Officer) | |||||||||||||
| /s/ John D. Barr | Director | November 1, 2022 | ||||||||||||
| John D. Barr | ||||||||||||||
| /s/ Lisa Davis | Director | November 1, 2022 | ||||||||||||
| Lisa Davis | ||||||||||||||
| /s/ Wolfgang Dürheimer | Director | November 1, 2022 | ||||||||||||
| Wolfgang Dürheimer | ||||||||||||||
| /s/ Michael R. Eisenson | Director | November 1, 2022 | ||||||||||||
| Michael R. Eisenson | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
| /s/ Kimberly J. McWaters | Director | November 1, 2022 | ||||||||||||
| Kimberly J. McWaters | ||||||||||||||
| /s/ Kota Odagiri | Director | November 1, 2022 | ||||||||||||
| Kota Odagiri | ||||||||||||||
| /s/ Greg Penske | Director | November 1, 2022 | ||||||||||||
| Greg Penske | ||||||||||||||
| /s/ Sandra E. Pierce | Director | November 1, 2022 | ||||||||||||
| Sandra E. Pierce | ||||||||||||||
| /s/ Greg C. Smith | Director | November 1, 2022 | ||||||||||||
| Greg Smith | ||||||||||||||
| /s/ Ronald G. Steinhart | Director | November 1, 2022 | ||||||||||||
| Ronald G. Steinhart | ||||||||||||||
| /s/ H. Brian Thompson | Director | November 1, 2022 | ||||||||||||
| H. Brian Thompson | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Classic Auto Group, Inc. | PAG New Jersey JL2, LLC | ||||
| Classic Enterprises, LLC | PAG New Jersey JL3, LLC | ||||
| Classic Imports, Inc. | PAG New Jersey P1, LLC | ||||
| Classic Management Company, Inc. | PAG Turnersville AU, LLC | ||||
| Classic Motor Sales, LLC | UAG Chantilly AU, LLC | ||||
| Classic Nissan of Turnersville, LLC | UAG Classic, Inc. | ||||
| Classic Turnersville, Inc. | UAG Connecticut, LLC | ||||
| DiFeo Partnership LLC | UAG East, LLC | ||||
| HBL, LLC | UAG Hudson CJD, LLC | ||||
| PAG Annapolis JL1, LLC | UAG Hudson, Inc. | ||||
| PAG Chantilly M1, LLC | UAG Northeast, LLC | ||||
| PAG Chantilly P1, LLC | UAG Turnersville Realty, LLC | ||||
| PAG Connecticut LR1, LLC | UAG West Bay AM, LLC | ||||
| PAG East, LLC | UAG West Bay IAU, LLC | ||||
| PAG East 295, LLC | UAG West Bay II, LLC | ||||
| PAG East 296, LLC | UAG West Bay IL, LLC | ||||
| PAG Greenwich B1, LLC | UAG West Bay IM, LLC | ||||
| PAG Greenwich Holdings, LLC | UAG West Bay IP, LLC | ||||
| PAG New Jersey A1, LLC | UAG West Bay IW, LLC | ||||
| PAG New Jersey JL1, LLC | UnitedAuto Finance, Inc. | ||||
| By: | /s/ John Cragg | ||||
| John Cragg | |||||
| Chair of the Board | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ John Cragg | Chair of the Board | November 1, 2022 | ||||||||||||
| John Cragg | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director (Principal Accounting Officer and Principal Financial Officer) | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| PAG Atlanta Management, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Tyler Heard | President | November 1, 2022 | ||||||||||||
| Tyler Heard | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Danbury Auto Partnership | |||||
| DiFeo Nissan Partnership | |||||
| DiFeo Tenafly Partnership | |||||
| Hudson Motors Partnership | |||||
| OCT Partnership | |||||
| By: DiFeo Partnership, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ John Cragg | Chair of the Board | November 1, 2022 | ||||||||||||
| John Cragg | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | ||||||||||||||
| Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Late Acquisition I, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Bernard W. Wolfe | President | November 1, 2022 | ||||||||||||
| Bernard W. Wolfe | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| PAG International Services, LLC | |||||
| UAG International Holdings, Inc. | |||||
| UAG Realty, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Roger S. Penske | Chair of the Board | November 1, 2022 | ||||||||||||
| Roger S. Penske | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | President and Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
CJNS, LLC | PAG West 293, Inc. | |||||||
Classic Special Advertising, Inc. | Peter Pan Motors, Inc. | |||||||
Classic Special Automotive GP, LLC | PMRC, LLC | |||||||
Classic Special, LLC | Relentless Pursuit Enterprises, Inc. | |||||||
Europa Auto Imports, Inc. | SA Automotive, Ltd. | |||||||
GMG Motors, Inc. | SAU Automotive, Ltd. | |||||||
Goodson North, LLC | Scottsdale 101 Management, LLC | |||||||
Goodson Spring Branch, LLC | Scottsdale Ferrari, LLC | |||||||
HT Automotive, LLC | Scottsdale Management Group, LLC | |||||||
KMT/UAG, Inc. | Scottsdale Paint & Body, LLC | |||||||
Late Acquisition II, LLC | Sigma Motors, Inc. | |||||||
PAG Austin L1, LLC | SK Motors, LLC | |||||||
PAG AZ Properties, LLC | SL Automotive, LLC | |||||||
PAG Chandler JLR, LLC | Sun Motors, LLC | |||||||
PAG Clovis T1, Inc. | Tamburro Enterprises, Inc. | |||||||
PAG Leander H1, LLC | UAG Capitol, Inc. | |||||||
PAG Leander H2, LLC | UAG Clovis, Inc. | |||||||
PAG Marin M1, Inc. | UAG Escondido A1, Inc. | |||||||
PAG McAllen H1, LLC | UAG Escondido H1, Inc. | |||||||
PAG McAllen T1, LLC | UAG Escondido M1, Inc. | |||||||
PAG North Orange A1, Inc. | UAG Los Gatos, Inc. | |||||||
PAG North Scottsdale BE, LLC | UAG Marin, Inc. | |||||||
PAG North Scottsdale M1, LLC | UAG San Diego A1, Inc. | |||||||
PAG North Scottsdale PP1, LLC | UAG San Diego AU, Inc. | |||||||
PAG Northern California Management, Inc. | UAG San Diego H1, Inc. | |||||||
PAG Ontario B1, Inc. | UAG San Diego Management, Inc. | |||||||
PAG Orange County L1, Inc. | UAG Stevens Creek II, Inc. | |||||||
PAG Orange County Management Company, Inc. | UAG Texas II, Inc. | |||||||
PAG Orange County RR1, Inc. | UAG Texas, LLC | |||||||
PAG Orange County S1, Inc. | UAG VK, LLC | |||||||
PAG Santa Ana AVW, Inc. | UnitedAuto Scottsdale Property Holdings, LLC | |||||||
PAG Santa Ana B1, Inc. | United Ranch Automotive, LLC | |||||||
PAG Surprise T1, LLC | ||||||||
| PAG Tempe M1, LLC | ||||||||
| By: | /s/ Bernard W. Wolfe | |||||||
| Bernard W. Wolfe, | ||||||||
| Chair of the Board | ||||||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Bernard W. Wolfe | Chair of the Board | November 1, 2022 | ||||||||||||
| Bernard W. Wolfe | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| PAG Texas Management Company, LLC | |||||
| PAG West, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Bernard W. Wolfe | President | November 1, 2022 | ||||||||||||
| Bernard W. Wolfe | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| eCarShop, LLC | |||||
| Florida Chrysler Plymouth, Inc. | |||||
| Gene Reed Chevrolet, Inc. | |||||
| Landers Ford North, Inc. | |||||
| Motorcars Acquisition VI, LLC | |||||
| PAG Acquisition 27, LLC | |||||
| PAG Acquisition 28, LLC | |||||
| PAG Acquisition 66, LLC | |||||
| PAG Distributor S1, LLC | |||||
| PAG Goodyear F1, LLC | |||||
| PAG San Francisco N1, Inc. | |||||
| PAG Washington A1, LLC | |||||
| Peachtree Nissan, Inc. | |||||
| UAG Carolina, Inc. | |||||
| United Nissan, Inc. (GA) | |||||
| United Nissan, Inc. (TN) | |||||
| West Palm Auto Mall, Inc. | |||||
| By: | /s/ Robert H. Kurnick, Jr. | ||||
| Robert H. Kurnick, Jr., | |||||
| Chair of the Board and President | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
/s/ Robert H. Kurnick, Jr. | Chair of the Board, President and Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| UAG Houston Acquisition, Ltd. | |||||
| By: UAG Texas, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Bernard W. Wolfe | Chair of the Board | November 1, 2022 | ||||||||||||
| Bernard W. Wolfe | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| WTA Motors, Ltd. | |||||
| By: Late Acquisition II, LLC | |||||
| Its: General Partner | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Bernard W. Wolfe | Chair of the Board | November 1, 2022 | ||||||||||||
| Bernard W. Wolfe | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| United Auto Licensing, LLC | |||||
| By: | /s/ Robert H. Kurnick, Jr. | ||||
| Robert H. Kurnick, Jr. | |||||
| President | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Robert H. Kurnick, Jr. | President, Treasurer and Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | (Principal Executive Officer, Principal Accounting | |||||||||||||
| Officer and Principal Financial Officer) | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Auto Mall Payroll Services, Inc. | PAG Orlando Limited, LLC | |||||||
| D. Young Chevrolet, LLC | PAG Roswell B1, LLC | |||||||
| Dan Young Chevrolet, Inc. | Palm Auto Plaza, LLC | |||||||
| Dan Young Motors, LLC | SDG Automotive Investments, LLC | |||||||
| Dealer Accessories, LLC | UAG Atlanta H1, LLC | |||||||
| FRN of Tulsa, LLC | UAG Atlanta IV Motors, LLC | |||||||
| Landers Auto Sales, LLC | UAG Central Region Management, LLC | |||||||
| Motorcars Acquisition IV, LLC | UAG Duluth, Inc. | |||||||
| Motorcars Acquisition V, LLC | UAG Fayetteville I, LLC | |||||||
| Motorcars Acquisition, LLC | UAG Fayetteville II, LLC | |||||||
| PAG Bedford A1, LLC | UAG Fayetteville III, LLC | |||||||
| PAG Bedford P1, LLC | UAG Kissimmee Motors, LLC | |||||||
| PAG Bedford Properties, LLC | UAG Landers Springdale, LLC | |||||||
| PAG Davie P1, LLC | UAG Memphis II, Inc. | |||||||
| PAG Indiana G1, LLC | UAG Memphis Management, Inc. | |||||||
| PAG Indiana H1, LLC | UAG Mentor Acquisition, LLC | |||||||
| PAG Madison L1, LLC | UAG Minneapolis B1, LLC | |||||||
| PAG Madison T1, LLC | UAG Royal Palm M1, LLC | |||||||
| PAG Mentor A1, LLC | UAG Tulsa Holdings, LLC | |||||||
| PAG Orlando General, LLC | UAG Young II, Inc. | |||||||
| UAG-Caribbean, Inc. | ||||||||
| By: | /s/ Tyler Heard | |||||||
| Tyler Heard | ||||||||
| Chair of the Board | ||||||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Tyler Heard | Chair of the Board | November 1, 2022 | ||||||||||||
| Tyler Heard | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| United AutoCare Products, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Aaron Michael | President | November 1, 2022 | ||||||||||||
| Aaron Michael | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| PAG Investments, LLC | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Robert H. Kurnick, Jr. | Chair of the Board | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| UAG Finance Company, Inc. | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| President and Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Michelle Hulgrave | President, Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Executive Officer, Principal | |||||||||||||
| Accounting Officer and Principal | ||||||||||||||
| Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Classic Oldsmobile Pontiac-GMC Truck, Ltd. | |||||
| Classic Special Automotive, Ltd. | |||||
| Classic Special Hyundai, Ltd. | |||||
| Hill Country Imports, Ltd. | |||||
| By: Tamburro Enterprises, Inc. | |||||
| Its: General Partner | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Bernard W. Wolfe | Chair of the Board | November 1, 2022 | ||||||||||||
| Bernard W. Wolfe | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| PAG Orlando Partnership, Ltd. | |||||
| By: PAG Orlando General, LLC | |||||
| Its: General Partner | |||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Tyler Heard | Chair of the Board | November 1, 2022 | ||||||||||||
| Tyler Heard | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Penske Commercial Vehicles US, LLC | |||||
| By: | PAG Investments, LLC | ||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Richard Shearing | President, Chief Executive Officer and Manager | November 1, 2022 | ||||||||||||
| Richard Shearing | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Manager | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Assistant Secretary and Manager | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | (Principal Executive Officer) | |||||||||||||
| /s/ George Brochick | Manager | November 1, 2022 | ||||||||||||
| George Brochick | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| ATC Chattanooga, LLC | ||||||||
| ATC Knoxville, LLC | ||||||||
| ATC Realty Investments, LLC | ||||||||
| ATC West Texas, LLC | ||||||||
| PTG Missouri, LLC | ||||||||
| PTG of Idaho, LLC | ||||||||
| PTG of Utah, LLC | ||||||||
| PTG Oregon, LLC | ||||||||
| Single Source Truck Parts, LLC | ||||||||
| The Around the Clock Freightliner Group, LLC | ||||||||
| By: | Penske Commercial Vehicles US, LLC | |||||||
| By: | /s/ Michelle Hulgrave | |||||||
| Michelle Hulgrave | ||||||||
| Assistant Treasurer | ||||||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Richard Shearing | President, Chief Executive Officer and Manager | November 1, 2022 | ||||||||||||
| Richard Shearing | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Manager | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Assistant Secretary and Manager | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | (Principal Executive Officer) | |||||||||||||
| /s/ George Brochick | Manager | November 1, 2022 | ||||||||||||
| George Brochick | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| Bowen Realty Investments, LLC | |||||
| By: | ATC Realty Investments, LLC | ||||
| By: | /s/ Michelle Hulgrave | ||||
| Michelle Hulgrave | |||||
| Assistant Treasurer | |||||
KNOW ALL PERSONS BY THE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Richard Shearing | President, Chief Executive Officer and Manager | November 1 , 2022 | ||||||||||||
| Richard Shearing | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Manager | November 1 , 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Assistant Secretary and Manager | November 1 , 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | (Principal Executive Officer) | |||||||||||||
| /s/ George Brochick | Manager | November 1 , 2022 | ||||||||||||
| George Brochick | ||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the registrants has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bloomfield Hills, State of Michigan, on November 1, 2022.
| CarShop Holdings, LLC | |||||
| CarShop Supercenters, LLC | |||||
| CarShop, LLC | |||||
| PAG Charlotte M1, LLC | |||||
| PAG New Jersey CS, LLC | |||||
| PAG Pennsylvania CS, LLC | |||||
| By: | /s/ Tyler Heard | ||||
| Tyler Heard | |||||
| Chair and President | |||||
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Robert H. Kurnick, Jr. and Shane M. Spradlin, and each of them acting individually, as his or her attorney-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-3 (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or any substitute, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Tyler Heard | Chair and President | November 1, 2022 | ||||||||||||
| Tyler Heard | (Principal Executive Officer) | |||||||||||||
| /s/ Michelle Hulgrave | Assistant Treasurer and Director | November 1, 2022 | ||||||||||||
| Michelle Hulgrave | (Principal Accounting Officer and | |||||||||||||
| Principal Financial Officer) | ||||||||||||||
| /s/ Robert H. Kurnick, Jr. | Director | November 1, 2022 | ||||||||||||
| Robert H. Kurnick, Jr. | ||||||||||||||
Exhibit 5
November 1, 2022
Penske Automotive Group, Inc.
2555 Telegraph Road
Bloomfield Hills, MI 48302
Re: Penske Automotive Group, Inc. Registration Statement on Form S-3
Ladies and Gentlemen:
I have acted as counsel to Penske Automotive Group, Inc., a Delaware corporation (“Penske Automotive”), in connection with the preparation of the Form S-3 Registration Statement filed with the Securities and Exchange Commission (the “Commission”) on the date hereof (the “Registration Statement”) relating to the proposed offer and sale from time to time of the following securities (the “Securities”) pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”): (i) shares of common stock of Penske Automotive, par value $0.0001 per share (the “Common Stock”); (ii) shares of preferred stock of Penske Automotive, par value $0.0001 per share (the “Preferred Stock”); (iii) one or more series of debt securities of Penske Automotive (the “Debt Securities”); (iv) the guarantees of each Penske Automotive subsidiary listed as a co-registrant in the Registration Statement (the “Subsidiary Guarantors”) with respect to Debt Securities (the “Guarantees”); (v) warrants for the purchase of Debt Securities, Preferred Stock, Common Stock or other securities (the “Warrants”); and (vi) rights to purchase Common Stock (the “Rights”).
Unless otherwise provided in any prospectus supplement forming a part of the Registration Statement relating to a particular series of Debt Securities, each series of Debt Securities will be issued under one of two indentures (each, an “Indenture”): the Subordinated Indenture dated as of November 21, 2014 between Penske Automotive and The Bank of New York Mellon Trust Company, N.A., as Trustee, as amended, supplemented or otherwise modified from time to time, which is incorporated by reference as an exhibit to this Registration Statement; or a Senior Indenture to be entered into between Penske Automotive and The Bank of New York Mellon Trust Company, N.A., as Trustee, the form of which is incorporated by reference as an exhibit to the Registration Statement.
Certain terms of the Securities to be issued from time to time, their creation, offering and issuance, any consideration to be received for such Securities, and any indenture, warrant, agreement, rights agreement and form of the applicable Security and their execution and delivery, will be approved by the Board of Directors of Penske Automotive (or a committee thereof) and, if applicable, the boards of directors of the Subsidiary Guarantors, as part of the corporate action taken and to be taken in connection with the authorization of the issuance of the Securities (the “Corporate Proceedings”).
I have examined originals or copies certified or otherwise identified to my satisfaction of such documents, corporate records, certificates of public officials and other instruments as I have deemed necessary or appropriate for the purposes of this opinion. I have also conducted such investigations of fact and law as I have deemed necessary or advisable for purposes of this opinion. In such examination, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as originals and the conformity to authentic original documents of all documents submitted to me as copies. As to any facts material to this opinion that I did not independently establish or verify, I have, with your consent, relied upon the statements, certificates and representations of officers and other representatives of Penske Automotive and others, in each case, as I have deemed necessary or appropriate for the purposes of this opinion.
I am a member of the Bar of the State of New York and the Bar of the State of Michigan, and I have not considered, and I express no opinion as to, the laws of any jurisdiction other than the laws of the State of New York, the State of Michigan, the General Corporation Law of the State of Delaware (which includes the statutory provisions and all applicable provisions of the Delaware Constitution and the reported judicial cases interpreting those laws currently in effect), the federal laws of the United States of America, the corporate and limited liability company statutes listed on Schedule 1 hereto, the limited partnership statutes set forth on Schedule 1 hereto, and the general partnership statues set forth on Schedule 1 hereto, and, to the extent that judicial or regulatory orders or decrees or consents, approvals, licenses, authorizations, validations, filings, recordings or registrations with
governmental authorities are relevant, to those required under such laws, in each case as in effect on the date hereof (the “Relevant Laws”).
Based upon my examination of such documents and other matters I have deemed necessary or appropriate, I am of the opinion that:
(1) upon the completion of the Corporate Proceedings relating to the shares of Common Stock and the due issuance and delivery of the shares of Common Stock, the Common Stock, when sold in exchange for the consideration set forth in the prospectus contained in the Registration Statement and any prospectus supplement relating to the Common Stock, will be legally issued, fully paid and nonassessable;
(2) upon the completion of the Corporate Proceedings relating to a series of the Preferred Stock, the execution, delivery and filing with, and recording by, the Secretary of State of the State of Delaware of the Certificate of Designation relating to such series of the Preferred Stock, and the due issuance and delivery of the shares of Preferred Stock of such series, the Preferred Stock of such series, when sold in exchange for the consideration set forth in the prospectus contained in the Registration Statement and any prospectus supplement relating to such series of the Preferred Stock, will be legally issued, fully paid and nonassessable;
(3) upon the completion of the Corporate Proceedings relating to a series of the Debt Securities, and, if applicable, Guarantees, the execution and delivery of the applicable Indenture and the due execution, authentication, issuance and delivery of the Debt Securities and, if applicable, Guarantees, of such series, the Debt Securities and, if applicable, Guarantees, of such series, when sold in exchange for the consideration set forth in the prospectus contained in the Registration Statement and any prospectus supplement relating to such series of Debt Securities, and, if applicable, Guarantees, will be legally issued and will be binding obligations of Penske Automotive and, if applicable, the Subsidiary Guarantors, enforceable against them in accordance with their terms and entitled to the benefits of the applicable Indenture, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors’ rights generally and subject to general principles of equity;
(4) upon the completion of the Corporate Proceedings relating to a series of Warrants, the execution and delivery of the warrant agreement relating to the Warrants (the “Warrant Agreement”) and the due execution, authentication, issuance and delivery of the Warrants, the Warrants, when sold in exchange for the consideration set forth in the prospectus contained in the Registration Statement and any prospectus supplement relating to such series of Warrants, will be legally issued and will be binding obligations of Penske Automotive enforceable against Penske Automotive in accordance with their terms and entitled to the benefits of the applicable Warrant Agreement, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors’ rights generally and subject to general principles of equity; and
(5) upon the completion of the Corporate Proceedings relating to a series of Rights, the execution and delivery of the rights agreement relating to the Rights of such series (the “Rights Agreement”) and the due execution, authentication, issuance and delivery of the Rights, the Rights, issued without consideration, will be legally issued and will be binding obligations of Penske Automotive enforceable against Penske Automotive in accordance with their terms and entitled to the benefits of the applicable Rights Agreement, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors’ rights generally and subject to general principles of equity.
The foregoing opinions assume that (a) the Registration Statement and any amendments relating thereto shall have become effective under the Securities Act and shall continue to be effective; (b) a prospectus supplement describing each class or series of Securities offered pursuant to the Registration Statement, to the extent required by applicable law, will be timely filed with the Commission; (c) at the time any Securities or the instruments defining the rights or terms of the Securities (the “Governing Documents”) are authorized, issued, executed, authenticated, acknowledged, delivered or filed (as the case may be), Penske Automotive and, if applicable, the Subsidiary Guarantors, will remain duly organized, validly existing and in good standing under the laws of their respective jurisdictions of organization, the Corporate Proceedings related thereto will not have been modified or rescinded and there will not have occurred any change in the law or in the applicable charter or bylaws affecting the authorization,
2
issuance, execution, authentication, acknowledgment, delivery or filing of such Securities; (d) the terms of the Securities will be established in conformity with the applicable Governing Documents and so as not to violate or be void under any applicable law; (e) all certificates evidencing any Securities will be in the form required by law and approved for issuance by Penske Automotive and, if applicable, the Subsidiary Guarantors; and (f) none of the authorization, issuance, execution, authentication, acknowledgement, delivery or filing of any Securities or Governing Documents, nor compliance by Penske Automotive or, if applicable, the Subsidiary Guarantors with their respective obligations thereunder, will violate, conflict with or constitute a default or event of default under, or require any filing with or approval of any court or governmental body under, the applicable charter or bylaws as then in effect, any law then applicable to Penske Automotive or, if applicable, the Subsidiary Guarantors, any agreement or instrument then binding upon Penske Automotive or, if applicable, the Subsidiary Guarantors, or any then effective order of any court or governmental body having jurisdiction over Penske Automotive or, if applicable, the Subsidiary Guarantors.
I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of my name under the heading “Legal Matters” in the prospectus included in the Registration Statement. In giving this consent, I do not thereby admit that I am within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.
| Very truly yours, | ||
/s/ Shane M. Spradlin | ||
| SHANE M. SPRADLIN | ||
| GENERAL COUNSEL | ||
3
Schedule 1
Corporate and Limited Liability Company Statutes
Arizona Corporations and Associations Act
Arizona Limited Liability Company Act
Arkansas Business Corporation Act
California Corporations Code
Delaware Limited Liability Company Act
Florida Business Corporation Act
Georgia Business Corporation Code
Indiana Business Corporation Law
Indiana Business Flexibility Act
General Corporation Law of Nevada
New Jersey Business Corporation Act
Ohio General Corporation Law
Ohio Revised Code Sections 1705.32 and 1705.29
Oklahoma Limited Liability Company Act
South Carolina Code of Laws, Article 5 of Chapter 8
Tennessee Code, Title 48
Texas Business Organizations Code
Limited Partnership Statutes
Florida Revised Uniform Limited Partnership Act
Texas Business Organizations Code Sections 8.051 and 8.101
General Partnership Statutes
New Jersey Uniform Partnership Act (1996)
Exhibit 22
List of Guarantor Subsidiaries of Penske Automotive Group, Inc.
Penske Automotive Group, Inc. is the issuer of (i) 3.50% senior subordinated notes due 2025 and (ii) 3.75% senior subordinated notes due 2029 (collectively, the “Notes”). The following subsidiaries are guarantors of these Notes as of November 1, 2022:
ATC CHATTANOOGA, LLC
ATC KNOXVILLE, LLC
ATC REALTY INVESTMENTS, LLC
ATC WEST TEXAS, LLC
ATLANTIC AUTO FUNDING CORPORATION
ATLANTIC AUTO SECOND FUNDING CORPORATION
ATLANTIC AUTO THIRD FUNDING CORPORATION
AUTO MALL PAYROLL SERVICES, INC.
BOWEN REALTY INVESTMENTS, LLC
CARSHOP HOLDINGS, LLC
CARSHOP SUPERCENTERS, LLC
CJNS, LLC
CLASSIC AUTO GROUP, INC.
CLASSIC ENTERPRISES, LLC
CLASSIC IMPORTS, INC.
CLASSIC MANAGEMENT COMPANY, INC.
CLASSIC MOTOR SALES, LLC
CLASSIC NISSAN OF TURNERSVILLE, LLC
CLASSIC OLDSMOBILE-PONTIAC-GMC TRUCK, LTD.
CLASSIC SPECIAL ADVERTISING, INC.
CLASSIC SPECIAL AUTOMOTIVE GP, LLC
CLASSIC SPECIAL AUTOMOTIVE, LTD.
CLASSIC SPECIAL HYUNDAI, LTD.
CLASSIC SPECIAL, LLC
CLASSIC TURNERSVILLE, INC.
D. YOUNG CHEVROLET, LLC
DAN YOUNG CHEVROLET, INC.
DAN YOUNG MOTORS, LLC
DANBURY AUTO PARTNERSHIP
DEALER ACCESSORIES, LLC
DIFEO NISSAN PARTNERSHIP
DIFEO PARTNERSHIP, LLC
DIFEO TENAFLY PARTNERSHIP
eCARSHOP, LLC
EUROPA AUTO IMPORTS, INC.
FLORIDA CHRYSLER PLYMOUTH, INC.
FRN OF TULSA, LLC
GENE REED CHEVROLET, INC.
GMG MOTORS, INC.
GOODSON NORTH, LLC
GOODSON SPRING BRANCH, LLC
HBL, LLC
HILL COUNTRY IMPORTS, LTD.
HT AUTOMOTIVE, LLC
HUDSON MOTORS PARTNERSHIP
KMT/UAG, INC.
LANDERS AUTO SALES, LLC
LANDERS FORD NORTH, INC.
LATE ACQUISITION I, LLC
LATE ACQUISITION II, LLC
MOTORCARS ACQUISITION IV, LLC
MOTORCARS ACQUISITION V, LLC
MOTORCARS ACQUISITION VI, LLC
MOTORCARS ACQUISITION, LLC
OCT PARTNERSHIP
PAG ACQUISITION 27, LLC
PAG ACQUISITION 28, LLC
PAG ACQUISITION 66, LLC
PAG ANNAPOLIS JL1, LLC
PAG ATLANTA MANAGEMENT, LLC
PAG AUSTIN L1, LLC
PAG AZ PROPERTIES, LLC
PAG BEDFORD A1, LLC
PAG BEDFORD P1, LLC
PAG BEDFORD PROPERTIES, LLC
PAG CHANDLER JLR, LLC
PAG CHANTILLY M1, LLC
PAG CHANTILLY P1, LLC
PAG CHARLOTTE M1, LLC
PAG CLOVIS T1, INC.
PAG CONNECTICUT LR1, LLC
PAG DAVIE P1, LLC
PAG DISTRIBUTOR S1, LLC
PAG EAST, LLC
PAG EAST 295, LLC
PAG EAST 296, LLC
PAG GOODYEAR F1, LLC
PAG GREENWICH B1, LLC
PAG GREENWICH HOLDINGS, LLC
PAG INDIANA G1, LLC
PAG INDIANA H1, LLC
PAG INTERNATIONAL SERVICES, LLC
PAG INVESTMENTS, LLC
PAG LEANDER H1, LLC
PAG LEANDER H2, LLC
PAG MADISON L1, LLC
PAG MADISON T1, LLC
PAG MARIN M1, INC.
PAG MCALLEN H1, LLC
PAG MCALLEN T1, LLC
PAG MENTOR A1, INC.
PAG NEW JERSEY A1, LLC
PAG NEW JERSEY CS, LLC
PAG NEW JERSEY JL1, LLC
PAG NEW JERSEY JL2, LLC
PAG NEW JERSEY JL3, LLC
PAG NEW JERSEY P1, LLC
PAG NORTH ORANGE A1, INC.
PAG NORTH SCOTTSDALE BE, LLC
PAG NORTH SCOTTSDALE M1, LLC
PAG NORTH SCOTTSDALE PP1, LLC
PAG NORTHERN CALIFORNIA MANAGEMENT, INC.
PAG ONTARIO B1, INC.
PAG ORANGE COUNTY L1, INC.
PAG ORANGE COUNTY MANAGEMENT COMPANY, INC.
PAG ORANGE COUNTY RR1, INC.
PAG ORANGE COUNTY S1, INC.
PAG ORLANDO GENERAL, LLC
PAG ORLANDO LIMITED, LLC
PAG ORLANDO PARTNERSHIP, LTD.
PAG PENNSYLVANIA CS, LLC
PAG ROSWELL B1, LLC
PAG SAN FRANCISCO N1, INC.
PAG SANTA ANA AVW, INC.
PAG SANTA ANA B1, INC.
PAG SURPRISE T1, LLC
PAG TEMPE M1, LLC
PAG TEXAS MANAGEMENT COMPANY, LLC
PAG TURNERSVILLE AU, LLC
PAG WASHINGTON A1, LLC
PAG WEST 293, INC.
PAG WEST, LLC
PALM AUTO PLAZA, LLC
PEACHTREE NISSAN, INC.
PENSKE COMMERCIAL VEHICLES US, LLC
PETER PAN MOTORS, INC.
PMRC, LLC
PTG OF IDAHO, LLC
PTG OF UTAH, LLC
PTG MISSOURI, LLC
PTG OREGON, LLC
RELENTLESS PURSUIT ENTERPRISES, INC.
SA AUTOMOTIVE, LTD.
SAU AUTOMOTIVE, LTD.
SCOTTSDALE 101 MANAGEMENT, LLC
SCOTTSDALE FERRARI, LLC
SCOTTSDALE MANAGEMENT GROUP, LTD.
SCOTTSDALE PAINT & BODY, LLC
SDG AUTOMOTIVE INVESTMENTS, LLC
SIGMA MOTORS INC.
SINGLE SOURCE TRUCK PARTS, LLC
SK MOTORS, LLC
SL AUTOMOTIVE, LLC
SUN MOTORS, LLC
TAMBURRO ENTERPRISES, INC.
THE AROUND THE CLOCK FREIGHTLINER GROUP, LLC
UAG ARKANSAS FLM, LLC
UAG ATLANTA H1, LLC
UAG ATLANTA IV MOTORS, LLC
UAG CAPITOL, INC.
UAG CAROLINA, INC.
UAG CENTRAL REGION MANAGEMENT, LLC
UAG CHANTILLY AU, LLC
UAG CLASSIC, INC.
UAG CLOVIS, INC.
UAG CONNECTICUT, LLC
UAG DULUTH, INC.
UAG EAST, LLC
UAG ESCONDIDO A1, INC.
UAG ESCONDIDO H1, INC.
UAG ESCONDIDO M1, INC.
UAG FAYETTEVILLE I, LLC
UAG FAYETTEVILLE II, LLC
UAG FAYETTEVILLE III, LLC
UAG FINANCE COMPANY, INC.
UAG HOUSTON ACQUISITION, LTD.
UAG HUDSON CJD, LLC
UAG HUDSON, INC.
UAG INTERNATIONAL HOLDINGS, INC.
UAG KISSIMMEE MOTORS, LLC
UAG LANDERS SPRINGDALE, LLC
UAG LOS GATOS, INC.
UAG MARIN, INC.
UAG MEMPHIS II, INC.
UAG MEMPHIS MANAGEMENT, INC.
UAG MENTOR ACQUISITION, LLC
AG MINNEAPOLIS B1, LLC
UAG NORTHEAST, LLC
UAG REALTY, LLC
UAG ROYAL PALM M1, LLC
UAG SAN DIEGO A1, INC.
UAG SAN DIEGO AU, INC.
UAG SAN DIEGO H1, INC.
UAG SAN DIEGO MANAGEMENT, INC.
UAG STEVENS CREEK II, INC.
UAG TEXAS II, INC.
UAG TEXAS, LLC
UAG TULSA HOLDINGS, LLC
UAG TURNERSVILLE REALTY, LLC
UAG VK, LLC
UAG WEST BAY AM, LLC
UAG WEST BAY IAU, LLC
UAG WEST BAY II, LLC
UAG WEST BAY IL, LLC
UAG WEST BAY IM, LLC
UAG WEST BAY IP, LLC
UAG WEST BAY IW, LLC
UAG YOUNG II, INC.
UAG-CARIBBEAN, INC.
UNITED AUTO LICENSING, LLC
UNITED AUTO SCOTTSDALE PROPERTY HOLDINGS, LLC
UNITED AUTOCARE PRODUCTS, LLC
UNITED NISSAN, INC.
UNITED NISSAN, INC.
UNITED RANCH AUTOMOTIVE, LLC
UNITEDAUTO FIFTH FUNDING, INC.
UNITEDAUTO FINANCE, INC.
UNITEDAUTO FOURTH FUNDING INC.
WEST PALM AUTO MALL, INC.
WTA MOTORS, LTD.
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated February 18, 2022, relating to the financial statements of Penske Automotive Group, Inc. and the effectiveness of Penske Automotive Group, Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Penske Automotive Group, Inc. for the year ended December 31, 2021. We also consent to the reference to us under the heading "Experts" in such Registration Statement.
/s/ DELOITTE & TOUCHE LLP
Detroit, Michigan
November 1, 2022
Exhibit 25.1
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) |__|
___________________________
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
(Exact name of trustee as specified in its charter)
(Jurisdiction of incorporation if not a U.S. national bank) | 95-3571558 (I.R.S. employer identification no.) | ||||
333 South Hope Street Suite 2525 Los Angeles, California (Address of principal executive offices) | 90071 (Zip code) | ||||
PENSKE AUTOMOTIVE GROUP, INC.
(Exact name of obligor as specified in its charter)
| Delaware (State or other jurisdiction of incorporation or organization) | 22-3086739 (I.R.S. employer identification no.) | ||||
TABLE OF OTHER REGISTRANTS
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| ATC CHATTANOOGA, LLC | Delaware | 38-3944558 | ||||||
| ATC KNOXVILLE, LLC | Delaware | 36-4798298 | ||||||
| ATC REALTY INVESTMENTS, LLC | Oklahoma | 46-1057967 | ||||||
| ATC WEST TEXAS, LLC | Delaware | 38-3933090 | ||||||
| AUTO MALL PAYROLL SERVICES, INC. | Florida | 65-0168491 | ||||||
| BOWEN REALTY INVESTMENTS, LLC | Oklahoma | 73-1199575 | ||||||
| CARSHOP HOLDINGS, LLC | Delaware | 85-3104278 | ||||||
| CARSHOP, LLC | Tennessee | 85-3114300 | ||||||
| CARSHOP SUPERCENTERS, LLC | Delaware | 84-4917227 | ||||||
| CJNS, LLC | Delaware | 86-1024936 | ||||||
| CLASSIC AUTO GROUP, INC. | New Jersey | 22-3115638 | ||||||
| CLASSIC ENTERPRISES, LLC | Delaware | 22-3115638 | ||||||
| CLASSIC IMPORTS, INC. | New Jersey | 22-3528527 | ||||||
| CLASSIC MANAGEMENT COMPANY, INC. | New Jersey | 22-3271563 | ||||||
| CLASSIC MOTOR SALES, LLC | Delaware | 22-3555425 | ||||||
| CLASSIC NISSAN OF TURNERSVILLE, LLC | Delaware | 52-2097845 | ||||||
| CLASSIC OLDSMOBILE-PONTIAC-GMC TRUCK, LTD. | Texas | 74-2355160 | ||||||
| CLASSIC SPECIAL ADVERTISING, INC. | Texas | 74-2821777 | ||||||
| CLASSIC SPECIAL AUTOMOTIVE GP, LLC | Texas | 74-2974762 | ||||||
| CLASSIC SPECIAL AUTOMOTIVE, LTD. | Texas | 74-2974762 | ||||||
- 2 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| CLASSIC SPECIAL HYUNDAI, LTD. | Texas | 74-2974736 | ||||||
| CLASSIC SPECIAL, LLC | Texas | 74-2974736 | ||||||
| CLASSIC TURNERSVILLE, INC. | New Jersey | 22-3523436 | ||||||
| D. YOUNG CHEVROLET, LLC | Delaware | 35-2035177 | ||||||
| DAN YOUNG CHEVROLET, INC. | Indiana | 35-1123225 | ||||||
| DAN YOUNG MOTORS, LLC | Delaware | 35-2035179 | ||||||
| DANBURY AUTO PARTNERSHIP | Connecticut | 06-1349205 | ||||||
| DEALER ACCESSORIES, LLC | Delaware | 26-0111056 | ||||||
| DIFEO NISSAN PARTNERSHIP | New Jersey | 22-3186257 | ||||||
| DIFEO PARTNERSHIP, LLC | Delaware | 22-3145559 | ||||||
| DIFEO TENAFLY PARTNERSHIP | New Jersey | 22-3186285 | ||||||
| eCARSHOP, LLC | Delaware | none | ||||||
| EUROPA AUTO IMPORTS, INC. | California | 95-2305855 | ||||||
| FLORIDA CHRYSLER PLYMOUTH, INC. | Florida | 59-2676162 | ||||||
| FRN OF TULSA, LLC | Delaware | 74-2870051 | ||||||
| GENE REED CHEVROLET, INC. | South Carolina | 57-0714181 | ||||||
| GMG MOTORS, INC. | California | 95-2691214 | ||||||
| GOODSON NORTH, LLC | Delaware | 74-2962022 | ||||||
| GOODSON SPRING BRANCH, LLC | Delaware | 74-2962017 | ||||||
| HBL, LLC | Delaware | 38-3635872 | ||||||
| HILL COUNTRY IMPORTS, LTD. | Texas | 74-2585314 | ||||||
- 3 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| HT AUTOMOTIVE, LLC | Delaware | 41-2251059 | ||||||
| HUDSON MOTORS PARTNERSHIP | New Jersey | 22-3186282 | ||||||
| KMT/UAG, INC. | California | 95-3189650 | ||||||
| LANDERS AUTO SALES, LLC | Delaware | 84-1664308 | ||||||
| LANDERS FORD NORTH, INC. | Arkansas | 71-0833592 | ||||||
| LATE ACQUISITION I, LLC | Delaware | 33-1011098 | ||||||
| LATE ACQUISITION II, LLC | Delaware | 33-1011096 | ||||||
| MOTORCARS ACQUISITION IV, LLC | Delaware | 38-3569545 | ||||||
| MOTORCARS ACQUISITION V, LLC | Delaware | 87-0721680 | ||||||
| MOTORCARS ACQUISITION VI, LLC | Delaware | 86-1121782 | ||||||
| MOTORCARS ACQUISITION, LLC | Delaware | 38-3526432 | ||||||
| OCT PARTNERSHIP | New Jersey | 22-3248303 | ||||||
| PAG ACQUISITION 27, LLC | Delaware | 27-0398643 | ||||||
| PAG ACQUISITION 28, LLC | Delaware | 27-0398588 | ||||||
| PAG ACQUISITION 66, LLC | Delaware | none | ||||||
| PAG ANNAPOLIS JL1, LLC | Delaware | 46-3695869 | ||||||
| PAG ATLANTA MANAGEMENT, LLC. | Delaware | 13-3865530 | ||||||
| PAG AUSTIN L1, LLC | Delaware | 83-1863142 | ||||||
| PAG AZ PROPERTIES, LLC | Delaware | 26-1377262 | ||||||
| PAG BEDFORD A1, LLC | Delaware | 27-3969879 | ||||||
| PAG BEDFORD P1, LLC | Delaware | 27-3969933 | ||||||
- 4 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PAG BEDFORD PROPERTIES, LLC | Delaware | none | ||||||
| PAG CHANDLER JLR, LLC | Delaware | 82-1381434 | ||||||
| PAG CHANTILLY M1, LLC | Delaware | 26-1377251 | ||||||
| PAG CHANTILLY P1, LLC | Delaware | 83-4583556 | ||||||
| PAG CHARLOTTE M1, LLC | Delaware | 85-3233234 | ||||||
| PAG CLOVIS T1, INC. | Delaware | 26-1857570 | ||||||
| PAG CONNECTICUT LR1, LLC | Delaware | 47-2218165 | ||||||
| PAG DAVIE P1, LLC | Delaware | 46-3687094 | ||||||
| PAG DISTRIBUTOR S1, LLC | Delaware | 87-0766681 | ||||||
| PAG EAST, LLC | Delaware | 35-2036025 | ||||||
| PAG EAST 295, LLC | Delaware | 87-3472525 | ||||||
| PAG EAST 296, LLC | Delaware | 87-3495959 | ||||||
| PAG GOODYEAR F1, LLC | Delaware | 86-1024935 | ||||||
| PAG GREENWICH B1, LLC | Delaware | 46-4359670 | ||||||
| PAG GREENWICH HOLDINGS, LLC | Delaware | 46-4033557 | ||||||
| PAG INDIANA G1, LLC | Delaware | 87-2494054 | ||||||
| PAG INDIANA H1, LLC | Delaware | 87-2469519 | ||||||
| PAG INTERNATIONAL SERVICES, LLC | Delaware | 46-4042748 | ||||||
| PAG INVESTMENTS, LLC | Delaware | 27-5082711 | ||||||
| PAG LEANDER H1, LLC | Delaware | 82-3046659 | ||||||
| PAG LEANDER H2, LLC | Delaware | 87-4597246 | ||||||
- 5 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PAG MADISON L1, LLC | Delaware | 46-0992715 | ||||||
| PAG MADISON T1, LLC | Delaware | 46-0983205 | ||||||
| PAG MARIN M1, INC. | Delaware | 27-4171554 | ||||||
| PAG MCALLEN H1, LLC | Delaware | 46-3643632 | ||||||
| PAG MCALLEN T1, LLC | Delaware | 46-3655017 | ||||||
| PAG MENTOR A1, INC. | Ohio | 34-1403202 | ||||||
| PAG NEW JERSEY A1, LLC | Delaware | 47-5025018 | ||||||
| PAG NEW JERSEY CS, LLC | Delaware | 81-2315006 | ||||||
| PAG NEW JERSEY JL1, LLC | Delaware | 47-5068848 | ||||||
| PAG NEW JERSEY JL2, LLC | Delaware | 81-4966517 | ||||||
| PAG NEW JERSEY JL3, LLC | Delaware | 82-4010306 | ||||||
| PAG NEW JERSEY P1, LLC | Delaware | 47-5038322 | ||||||
| PAG NORTH ORANGE A1, INC. | Delaware | 86-1316708 | ||||||
| PAG NORTH SCOTTSDALE BE, LLC | Delaware | 26-1363608 | ||||||
| PAG NORTH SCOTTSDALE M1, LLC | Delaware | 82-0651162 | ||||||
| PAG NORTH SCOTTSDALE PP1, LLC | Delaware | none | ||||||
| PAG NORTHERN CALIFORNIA MANAGEMENT, INC. | Delaware | 27-1068131 | ||||||
| PAG ONTARIO B1, INC. | Delaware | 46-0738871 | ||||||
| PAG ORANGE COUNTY L1, INC. | Delaware | 47-4863566 | ||||||
| PAG ORANGE COUNTY MANAGEMENT COMPANY, INC. | Delaware | 45-3981423 | ||||||
| PAG ORANGE COUNTY RR1, INC. | Delaware | 45-4896142 | ||||||
- 6 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PAG ORANGE COUNTY S1, INC. | Delaware | 47-0957524 | ||||||
| PAG ORLANDO GENERAL, LLC | Delaware | 26-1207380 | ||||||
| PAG ORLANDO LIMITED, LLC | Delaware | 26-1206643 | ||||||
| PAG ORLANDO PARTNERSHIP, LTD. | Florida | 26-1340023 | ||||||
| PAG PENNSYLVANIA CS, LLC | Delaware | 81-2338272 | ||||||
| PAG ROSWELL B1, LLC | Delaware | 81-4497213 | ||||||
| PAG SAN FRANCISCO N1, INC. | Delaware | 27-3979807 | ||||||
| PAG SANTA ANA AVW, INC. | Delaware | 27-1339782 | ||||||
| PAG SANTA ANA B1, INC. | Delaware | 45-2267865 | ||||||
| PAG SURPRISE T1, LLC | Delaware | 46-2042352 | ||||||
| PAG TEMPE M1, LLC | Delaware | 26-1377292 | ||||||
| PAG TEXAS MANAGEMENT COMPANY, LLC | Delaware | 45-3981193 | ||||||
| PAG TURNERSVILLE AU, LLC | Delaware | 26-4426061 | ||||||
| PAG WASHINGTON A1, LLC | Delaware | 81-2292613 | ||||||
| PAG WEST, LLC | Delaware | 13-3914611 | ||||||
| PAG WEST 293, INC. | Delaware | 87-4622758 | ||||||
| PALM AUTO PLAZA, LLC | Delaware | 65-1272503 | ||||||
| PEACHTREE NISSAN, INC. | Georgia | 58-1273321 | ||||||
| PENSKE COMMERCIAL VEHICLES US, LLC | Delaware | 46-2758677 | ||||||
| PETER PAN MOTORS, INC. | California | 94-1747384 | ||||||
| PMRC, LLC | Delaware | 22-3881752 | ||||||
- 7 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PTG MISSOURI, LLC | Delaware | 86-2256500 | ||||||
| PTG OF IDAHO, LLC | Delaware | 84-1953882 | ||||||
| PTG OF UTAH, LLC | Delaware | 84-1943235 | ||||||
| PTG OREGON, LLC | Delaware | 87-2552435 | ||||||
| RELENTLESS PURSUIT ENTERPRISES, INC. | California | 93-1008771 | ||||||
| SA AUTOMOTIVE, LTD. | Arizona | 86-0583813 | ||||||
| SAU AUTOMOTIVE, LTD. | Arizona | 86-0839423 | ||||||
| SCOTTSDALE 101 MANAGEMENT, LLC | Delaware | 26-1363820 | ||||||
| SCOTTSDALE FERRARI, LLC | Arizona | 86-0981831 | ||||||
| SCOTTSDALE MANAGEMENT GROUP, LLC. | Arizona | 86-0573438 | ||||||
| SCOTTSDALE PAINT & BODY, LLC | Delaware | 26-1363898 | ||||||
| SDG AUTOMOTIVE INVESTMENTS, LLC | Ohio | 20-1680626 | ||||||
| SIGMA MOTORS INC. | Arizona | 86-1047752 | ||||||
| SINGLE SOURCE TRUCK PARTS, LLC | Delaware | none | ||||||
| SK MOTORS, LLC | Delaware | 32-0212884 | ||||||
| SL AUTOMOTIVE, LLC | Delaware | 38-3763696 | ||||||
| SUN MOTORS, LLC | Delaware | 30-0438071 | ||||||
| TAMBURRO ENTERPRISES, INC. | Nevada | 88-0485938 | ||||||
| THE AROUND THE CLOCK FREIGHTLINER GROUP, LLC | Oklahoma | 73-1199515 | ||||||
| UAG ATLANTA H1, LLC | Delaware | 30-0282545 | ||||||
| UAG ATLANTA IV MOTORS, LLC | Delaware | 58-1092076 | ||||||
- 8 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| UAG CAPITOL, INC. | Delaware | 76-0759095 | ||||||
| UAG CAROLINA, INC. | Delaware | 13-3959601 | ||||||
| UAG CENTRAL REGION MANAGEMENT, LLC | Indiana | 38-3537233 | ||||||
| UAG CHANTILLY AU, LLC | Delaware | 87-0766680 | ||||||
| UAG CLASSIC, INC. | Delaware | 13-3987807 | ||||||
| UAG CLOVIS, INC. | Delaware | 76-0759096 | ||||||
| UAG CONNECTICUT, LLC | Delaware | 06-1589742 | ||||||
| UAG DULUTH, INC. | Texas | 58-1786146 | ||||||
| UAG EAST, LLC | Delaware | 13-3944970 | ||||||
| UAG ESCONDIDO A1, INC. | Delaware | 20-3697398 | ||||||
| UAG ESCONDIDO H1, INC. | Delaware | 20-3697348 | ||||||
| UAG ESCONDIDO M1, INC. | Delaware | 20-3697423 | ||||||
| UAG FAYETTEVILLE I, LLC | Delaware | 71-0858576 | ||||||
| UAG FAYETTEVILLE II, LLC | Delaware | 71-0858577 | ||||||
| UAG FAYETTEVILLE III, LLC | Delaware | 71-0858578 | ||||||
| UAG FINANCE COMPANY, INC. | Delaware | 13-3953915 | ||||||
| UAG HOUSTON ACQUISITION, LTD. | Texas | 38-3542915 | ||||||
| UAG HUDSON CJD, LLC | Delaware | 87-0766678 | ||||||
| UAG HUDSON, INC. | New Jersey | 22-1919268 | ||||||
| UAG INTERNATIONAL HOLDINGS, INC. | Delaware | 51-0393682 | ||||||
| UAG KISSIMMEE MOTORS, LLC | Delaware | 58-2361341 | ||||||
- 9 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| UAG LANDERS SPRINGDALE, LLC | Delaware | 71-0846659 | ||||||
| UAG LOS GATOS, INC. | Delaware | 76-0759098 | ||||||
| UAG MARIN, INC. | Delaware | 76-0759100 | ||||||
| UAG MEMPHIS II, INC. | Delaware | 62-1722683 | ||||||
| UAG MEMPHIS MANAGEMENT, INC. | Delaware | 62-1722677 | ||||||
| UAG MENTOR ACQUISITION, LLC | Delaware | 38-3553602 | ||||||
| UAG MINNEAPOLIS B1, LLC | Delaware | 76-0819658 | ||||||
| UAG NORTHEAST, LLC | Delaware | 13-3914694 | ||||||
| UAG REALTY, LLC | Delaware | 38-3543708 | ||||||
| UAG ROYAL PALM M1, LLC | Delaware | 06-1774003 | ||||||
| UAG SAN DIEGO A1, INC. | Delaware | 20-3697335 | ||||||
| UAG SAN DIEGO AU, INC. | Delaware | 20-3955972 | ||||||
| UAG SAN DIEGO H1, INC. | Delaware | 20-3697304 | ||||||
| UAG SAN DIEGO MANAGEMENT, INC. | Delaware | 20-3955897 | ||||||
| UAG STEVENS CREEK II, INC. | Delaware | 47-0957526 | ||||||
| UAG TEXAS II, INC. | Delaware | 13-3933083 | ||||||
| UAG TEXAS, LLC | Delaware | 13-3933080 | ||||||
| UAG TULSA HOLDINGS, LLC | Delaware | 51-0410923 | ||||||
| UAG TURNERSVILLE REALTY, LLC | Delaware | 38-3543708 | ||||||
| UAG VK, LLC | Delaware | 38-3590846 | ||||||
| UAG WEST BAY AM, LLC | Delaware | 61-1442389 | ||||||
- 10 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| UAG WEST BAY IAU, LLC | Delaware | 61-1442390 | ||||||
| UAG WEST BAY II, LLC | Delaware | 38-3672787 | ||||||
| UAG WEST BAY IL, LLC | Delaware | 30-0150590 | ||||||
| UAG WEST BAY IM, LLC | Delaware | 37-1458215 | ||||||
| UAG WEST BAY IP, LLC | Delaware | 32-3360132 | ||||||
| UAG WEST BAY IW, LLC | Delaware | 36-4521984 | ||||||
| UAG YOUNG II, INC. | Delaware | 13-3985679 | ||||||
| UAG-CARIBBEAN, INC. | Delaware | 13-3980142 | ||||||
| UNITED AUTO LICENSING, LLC | Delaware | 38-3556189 | ||||||
| UNITED AUTO SCOTTSDALE PROPERTY HOLDINGS, LLC | Delaware | 86-1123497 | ||||||
| UNITED AUTOCARE PRODUCTS, LLC | Delaware | 13-3922210 | ||||||
| UNITED NISSAN, INC. | Georgia | 58-2038392 | ||||||
| UNITED NISSAN, INC. | Tennessee | 62-0790848 | ||||||
| UNITED RANCH AUTOMOTIVE, LLC | Delaware | 86-1008720 | ||||||
| UNITEDAUTO FINANCE, INC. | Delaware | 16-1456003 | ||||||
| WEST PALM AUTO MALL, INC. | Florida | 65-0050208 | ||||||
| WTA MOTORS, LTD. | Texas | 33-1011102 | ||||||
| 2555 Telegraph Road Bloomfield Hills, Michigan (Address of principal executive offices) | 48302 (Zip code) | ||||
- 11 -
___________________________
Senior Debt Securities
and Subsidiary Guarantees of Senior Debt Securities
(Title of the indenture securities)
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
- 12 -
1. General information. Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to which it is subject.
Name | Address | ||||
Comptroller of the Currency United States Department of the Treasury | Washington, DC 20219 | ||||
Federal Reserve Bank | San Francisco, CA 94105 | ||||
Federal Deposit Insurance Corporation | Washington, DC 20429 | ||||
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each such affiliation.
None.
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act").
1. A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152875).
2. A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-121948).
3. A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-152875).
4. A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229762).
- 13 -
6. The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152875).
7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.
- 14 -
SIGNATURE
Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, and State of New York, on the 27th day of October, 2022.
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. | ||||||||
| By: | /s/ | Marie A. Hattinger | ||||||
| Name: | Marie A. Hattinger | |||||||
| Title: | Vice President | |||||||
- 15 -
EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
of 333 South Hope Street, Suite 2525, Los Angeles, CA 90071
At the close of business June 30, 2022, published in accordance with Federal regulatory authority instructions.
| Dollar amounts | ||
| in thousands | ||
ASSETS
Cash and balances due from depository institutions: | ||||||||
| Noninterest-bearing balances and currency and coin | 3,548 | |||||||
| Interest-bearing balances | 464,922 | |||||||
| Securities: | ||||||||
| Held-to-maturity securities | 0 | |||||||
| Available-for-sale debt securities | 50,522 | |||||||
| Equity securities with readily determinable fair values not held for trading | 0 | |||||||
Federal funds sold and securities purchased under agreements to resell: | ||||||||
| Federal funds sold in domestic offices | 0 | |||||||
| Securities purchased under agreements to resell | 0 | |||||||
| Loans and lease financing receivables: | ||||||||
| Loans and leases held for sale | 0 | |||||||
| Loans and leases, held for investment | 0 | |||||||
| LESS: Allowance for loan and lease losses | 0 | |||||||
| Loans and leases held for investment, net of allowance | 0 | |||||||
| Trading assets | 0 | |||||||
| Premises and fixed assets (including capitalized leases) | 17,717 | |||||||
| Other real estate owned | 0 | |||||||
| Investments in unconsolidated subsidiaries and associated companies | 0 | |||||||
| Direct and indirect investments in real estate ventures | 0 | |||||||
| Intangible assets | 856,313 | |||||||
| Other assets | 104,690 | |||||||
| Total assets | $ | 1,497,712 | ||||||
1
LIABILITIES
| Deposits: | |||||
| In domestic offices | 1,570 | ||||
| Noninterest-bearing | 1,570 | ||||
| Interest-bearing | 0 | ||||
| Federal funds purchased and securities | |||||
| sold under agreements to repurchase: | |||||
| Federal funds purchased in domestic offices | 0 | ||||
| Securities sold under agreements to repurchase | 0 | ||||
| Trading liabilities | 0 | ||||
| Other borrowed money: | |||||
| (includes mortgage indebtedness and obligations under capitalized leases) | 0 | ||||
| Not applicable | |||||
| Not applicable | |||||
| Subordinated notes and debentures | 0 | ||||
| Other liabilities | 264,945 | ||||
| Total liabilities | 266,515 | ||||
| Not applicable | |||||
EQUITY CAPITAL
| Perpetual preferred stock and related surplus | 0 | ||||
| Common stock | 1,000 | ||||
| Surplus (exclude all surplus related to preferred stock) | 325,102 | ||||
| Not available | |||||
| Retained earnings | 905,091 | ||||
| Accumulated other comprehensive income | 4 | ||||
| Other equity capital components | 0 | ||||
| Not available | |||||
| Total bank equity capital | 1,231,197 | ||||
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 | ||||
| Total equity capital | 1,231,197 | ||||
| Total liabilities and equity capital | 1,497,712 | ||||
I, Matthew J. McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.
| Matthew J. McNulty | ) | CFO | ||||||
We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and
2
to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
| Antonio I. Portuondo, President | ) | |||||||
| Michael P. Scott, Managing Director | ) | Directors (Trustees) | ||||||
| Kevin P. Caffrey, Managing Director | ) | |||||||
3
Exhibit 25.2
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) |__|
___________________________
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
(Exact name of trustee as specified in its charter)
(Jurisdiction of incorporation if not a U.S. national bank) | 95-3571558 (I.R.S. employer identification no.) | ||||
333 South Hope Street Suite 2525 Los Angeles, California (Address of principal executive offices) | 90071 (Zip code) | ||||
___________________________
PENSKE AUTOMOTIVE GROUP, INC.
(Exact name of obligor as specified in its charter)
| Delaware (State or other jurisdiction of incorporation or organization) | 22-3086739 (I.R.S. employer identification no.) | ||||
TABLE OF OTHER REGISTRANTS
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| ATC CHATTANOOGA, LLC | Delaware | 38-3944558 | ||||||
| ATC KNOXVILLE, LLC | Delaware | 36-4798298 | ||||||
| ATC REALTY INVESTMENTS, LLC | Oklahoma | 46-1057967 | ||||||
| ATC WEST TEXAS, LLC | Delaware | 38-3933090 | ||||||
| AUTO MALL PAYROLL SERVICES, INC. | Florida | 65-0168491 | ||||||
| BOWEN REALTY INVESTMENTS, LLC | Oklahoma | 73-1199575 | ||||||
| CARSHOP HOLDINGS, LLC | Delaware | 85-3104278 | ||||||
| CARSHOP, LLC | Tennessee | 85-3114300 | ||||||
| CARSHOP SUPERCENTERS, LLC | Delaware | 84-4917227 | ||||||
| CJNS, LLC | Delaware | 86-1024936 | ||||||
| CLASSIC AUTO GROUP, INC. | New Jersey | 22-3115638 | ||||||
| CLASSIC ENTERPRISES, LLC | Delaware | 22-3115638 | ||||||
| CLASSIC IMPORTS, INC. | New Jersey | 22-3528527 | ||||||
| CLASSIC MANAGEMENT COMPANY, INC. | New Jersey | 22-3271563 | ||||||
| CLASSIC MOTOR SALES, LLC | Delaware | 22-3555425 | ||||||
| CLASSIC NISSAN OF TURNERSVILLE, LLC | Delaware | 52-2097845 | ||||||
| CLASSIC OLDSMOBILE-PONTIAC-GMC TRUCK, LTD. | Texas | 74-2355160 | ||||||
| CLASSIC SPECIAL ADVERTISING, INC. | Texas | 74-2821777 | ||||||
| CLASSIC SPECIAL AUTOMOTIVE GP, LLC | Texas | 74-2974762 | ||||||
| CLASSIC SPECIAL AUTOMOTIVE, LTD. | Texas | 74-2974762 | ||||||
- 2 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| CLASSIC SPECIAL HYUNDAI, LTD. | Texas | 74-2974736 | ||||||
| CLASSIC SPECIAL, LLC | Texas | 74-2974736 | ||||||
| CLASSIC TURNERSVILLE, INC. | New Jersey | 22-3523436 | ||||||
| D. YOUNG CHEVROLET, LLC | Delaware | 35-2035177 | ||||||
| DAN YOUNG CHEVROLET, INC. | Indiana | 35-1123225 | ||||||
| DAN YOUNG MOTORS, LLC | Delaware | 35-2035179 | ||||||
| DANBURY AUTO PARTNERSHIP | Connecticut | 06-1349205 | ||||||
| DEALER ACCESSORIES, LLC | Delaware | 26-0111056 | ||||||
| DIFEO NISSAN PARTNERSHIP | New Jersey | 22-3186257 | ||||||
| DIFEO PARTNERSHIP, LLC | Delaware | 22-3145559 | ||||||
| DIFEO TENAFLY PARTNERSHIP | New Jersey | 22-3186285 | ||||||
| eCARSHOP, LLC | Delaware | none | ||||||
| EUROPA AUTO IMPORTS, INC. | California | 95-2305855 | ||||||
| FLORIDA CHRYSLER PLYMOUTH, INC. | Florida | 59-2676162 | ||||||
| FRN OF TULSA, LLC | Delaware | 74-2870051 | ||||||
| GENE REED CHEVROLET, INC. | South Carolina | 57-0714181 | ||||||
| GMG MOTORS, INC. | California | 95-2691214 | ||||||
| GOODSON NORTH, LLC | Delaware | 74-2962022 | ||||||
| GOODSON SPRING BRANCH, LLC | Delaware | 74-2962017 | ||||||
| HBL, LLC | Delaware | 38-3635872 | ||||||
| HILL COUNTRY IMPORTS, LTD. | Texas | 74-2585314 | ||||||
- 3 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| HT AUTOMOTIVE, LLC | Delaware | 41-2251059 | ||||||
| HUDSON MOTORS PARTNERSHIP | New Jersey | 22-3186282 | ||||||
| KMT/UAG, INC. | California | 95-3189650 | ||||||
| LANDERS AUTO SALES, LLC | Delaware | 84-1664308 | ||||||
| LANDERS FORD NORTH, INC. | Arkansas | 71-0833592 | ||||||
| LATE ACQUISITION I, LLC | Delaware | 33-1011098 | ||||||
| LATE ACQUISITION II, LLC | Delaware | 33-1011096 | ||||||
| MOTORCARS ACQUISITION IV, LLC | Delaware | 38-3569545 | ||||||
| MOTORCARS ACQUISITION V, LLC | Delaware | 87-0721680 | ||||||
| MOTORCARS ACQUISITION VI, LLC | Delaware | 86-1121782 | ||||||
| MOTORCARS ACQUISITION, LLC | Delaware | 38-3526432 | ||||||
| OCT PARTNERSHIP | New Jersey | 22-3248303 | ||||||
| PAG ACQUISITION 27, LLC | Delaware | 27-0398643 | ||||||
| PAG ACQUISITION 28, LLC | Delaware | 27-0398588 | ||||||
| PAG ACQUISITION 66, LLC | Delaware | none | ||||||
| PAG ANNAPOLIS JL1, LLC | Delaware | 46-3695869 | ||||||
| PAG ATLANTA MANAGEMENT, LLC. | Delaware | 13-3865530 | ||||||
| PAG AUSTIN L1, LLC | Delaware | 83-1863142 | ||||||
| PAG AZ PROPERTIES, LLC | Delaware | 26-1377262 | ||||||
| PAG BEDFORD A1, LLC | Delaware | 27-3969879 | ||||||
| PAG BEDFORD P1, LLC | Delaware | 27-3969933 | ||||||
- 4 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PAG BEDFORD PROPERTIES, LLC | Delaware | none | ||||||
| PAG CHANDLER JLR, LLC | Delaware | 82-1381434 | ||||||
| PAG CHANTILLY M1, LLC | Delaware | 26-1377251 | ||||||
| PAG CHANTILLY P1, LLC | Delaware | 83-4583556 | ||||||
| PAG CHARLOTTE M1, LLC | Delaware | 85-3233234 | ||||||
| PAG CLOVIS T1, INC. | Delaware | 26-1857570 | ||||||
| PAG CONNECTICUT LR1, LLC | Delaware | 47-2218165 | ||||||
| PAG DAVIE P1, LLC | Delaware | 46-3687094 | ||||||
| PAG DISTRIBUTOR S1, LLC | Delaware | 87-0766681 | ||||||
| PAG EAST, LLC | Delaware | 35-2036025 | ||||||
| PAG EAST 295, LLC | Delaware | 87-3472525 | ||||||
| PAG EAST 296, LLC | Delaware | 87-3495959 | ||||||
| PAG GOODYEAR F1, LLC | Delaware | 86-1024935 | ||||||
| PAG GREENWICH B1, LLC | Delaware | 46-4359670 | ||||||
| PAG GREENWICH HOLDINGS, LLC | Delaware | 46-4033557 | ||||||
| PAG INDIANA G1, LLC | Delaware | 87-2494054 | ||||||
| PAG INDIANA H1, LLC | Delaware | 87-2469519 | ||||||
| PAG INTERNATIONAL SERVICES, LLC | Delaware | 46-4042748 | ||||||
| PAG INVESTMENTS, LLC | Delaware | 27-5082711 | ||||||
| PAG LEANDER H1, LLC | Delaware | 82-3046659 | ||||||
| PAG LEANDER H2, LLC | Delaware | 87-4597246 | ||||||
- 5 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PAG MADISON L1, LLC | Delaware | 46-0992715 | ||||||
| PAG MADISON T1, LLC | Delaware | 46-0983205 | ||||||
| PAG MARIN M1, INC. | Delaware | 27-4171554 | ||||||
| PAG MCALLEN H1, LLC | Delaware | 46-3643632 | ||||||
| PAG MCALLEN T1, LLC | Delaware | 46-3655017 | ||||||
| PAG MENTOR A1, INC. | Ohio | 34-1403202 | ||||||
| PAG NEW JERSEY A1, LLC | Delaware | 47-5025018 | ||||||
| PAG NEW JERSEY CS, LLC | Delaware | 81-2315006 | ||||||
| PAG NEW JERSEY JL1, LLC | Delaware | 47-5068848 | ||||||
| PAG NEW JERSEY JL2, LLC | Delaware | 81-4966517 | ||||||
| PAG NEW JERSEY JL3, LLC | Delaware | 82-4010306 | ||||||
| PAG NEW JERSEY P1, LLC | Delaware | 47-5038322 | ||||||
| PAG NORTH ORANGE A1, INC. | Delaware | 86-1316708 | ||||||
| PAG NORTH SCOTTSDALE BE, LLC | Delaware | 26-1363608 | ||||||
| PAG NORTH SCOTTSDALE M1, LLC | Delaware | 82-0651162 | ||||||
| PAG NORTH SCOTTSDALE PP1, LLC | Delaware | none | ||||||
| PAG NORTHERN CALIFORNIA MANAGEMENT, INC. | Delaware | 27-1068131 | ||||||
| PAG ONTARIO B1, INC. | Delaware | 46-0738871 | ||||||
| PAG ORANGE COUNTY L1, INC. | Delaware | 47-4863566 | ||||||
| PAG ORANGE COUNTY MANAGEMENT COMPANY, INC. | Delaware | 45-3981423 | ||||||
| PAG ORANGE COUNTY RR1, INC. | Delaware | 45-4896142 | ||||||
- 6 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PAG ORANGE COUNTY S1, INC. | Delaware | 47-0957524 | ||||||
| PAG ORLANDO GENERAL, LLC | Delaware | 26-1207380 | ||||||
| PAG ORLANDO LIMITED, LLC | Delaware | 26-1206643 | ||||||
| PAG ORLANDO PARTNERSHIP, LTD. | Florida | 26-1340023 | ||||||
| PAG PENNSYLVANIA CS, LLC | Delaware | 81-2338272 | ||||||
| PAG ROSWELL B1, LLC | Delaware | 81-4497213 | ||||||
| PAG SAN FRANCISCO N1, INC. | Delaware | 27-3979807 | ||||||
| PAG SANTA ANA AVW, INC. | Delaware | 27-1339782 | ||||||
| PAG SANTA ANA B1, INC. | Delaware | 45-2267865 | ||||||
| PAG SURPRISE T1, LLC | Delaware | 46-2042352 | ||||||
| PAG TEMPE M1, LLC | Delaware | 26-1377292 | ||||||
| PAG TEXAS MANAGEMENT COMPANY, LLC | Delaware | 45-3981193 | ||||||
| PAG TURNERSVILLE AU, LLC | Delaware | 26-4426061 | ||||||
| PAG WASHINGTON A1, LLC | Delaware | 81-2292613 | ||||||
| PAG WEST, LLC | Delaware | 13-3914611 | ||||||
| PAG WEST 293, INC. | Delaware | 87-4622758 | ||||||
| PALM AUTO PLAZA, LLC | Delaware | 65-1272503 | ||||||
| PEACHTREE NISSAN, INC. | Georgia | 58-1273321 | ||||||
| PENSKE COMMERCIAL VEHICLES US, LLC | Delaware | 46-2758677 | ||||||
| PETER PAN MOTORS, INC. | California | 94-1747384 | ||||||
| PMRC, LLC | Delaware | 22-3881752 | ||||||
- 7 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| PTG MISSOURI, LLC | Delaware | 86-2256500 | ||||||
| PTG OF IDAHO, LLC | Delaware | 84-1953882 | ||||||
| PTG OF UTAH, LLC | Delaware | 84-1943235 | ||||||
| PTG OREGON, LLC | Delaware | 87-2552435 | ||||||
| RELENTLESS PURSUIT ENTERPRISES, INC. | California | 93-1008771 | ||||||
| SA AUTOMOTIVE, LTD. | Arizona | 86-0583813 | ||||||
| SAU AUTOMOTIVE, LTD. | Arizona | 86-0839423 | ||||||
| SCOTTSDALE 101 MANAGEMENT, LLC | Delaware | 26-1363820 | ||||||
| SCOTTSDALE FERRARI, LLC | Arizona | 86-0981831 | ||||||
| SCOTTSDALE MANAGEMENT GROUP, LLC. | Arizona | 86-0573438 | ||||||
| SCOTTSDALE PAINT & BODY, LLC | Delaware | 26-1363898 | ||||||
| SDG AUTOMOTIVE INVESTMENTS, LLC | Ohio | 20-1680626 | ||||||
| SIGMA MOTORS INC. | Arizona | 86-1047752 | ||||||
| SINGLE SOURCE TRUCK PARTS, LLC | Delaware | none | ||||||
| SK MOTORS, LLC | Delaware | 32-0212884 | ||||||
| SL AUTOMOTIVE, LLC | Delaware | 38-3763696 | ||||||
| SUN MOTORS, LLC | Delaware | 30-0438071 | ||||||
| TAMBURRO ENTERPRISES, INC. | Nevada | 88-0485938 | ||||||
| THE AROUND THE CLOCK FREIGHTLINER GROUP, LLC | Oklahoma | 73-1199515 | ||||||
| UAG ATLANTA H1, LLC | Delaware | 30-0282545 | ||||||
| UAG ATLANTA IV MOTORS, LLC | Delaware | 58-1092076 | ||||||
- 8 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| UAG CAPITOL, INC. | Delaware | 76-0759095 | ||||||
| UAG CAROLINA, INC. | Delaware | 13-3959601 | ||||||
| UAG CENTRAL REGION MANAGEMENT, LLC | Indiana | 38-3537233 | ||||||
| UAG CHANTILLY AU, LLC | Delaware | 87-0766680 | ||||||
| UAG CLASSIC, INC. | Delaware | 13-3987807 | ||||||
| UAG CLOVIS, INC. | Delaware | 76-0759096 | ||||||
| UAG CONNECTICUT, LLC | Delaware | 06-1589742 | ||||||
| UAG DULUTH, INC. | Texas | 58-1786146 | ||||||
| UAG EAST, LLC | Delaware | 13-3944970 | ||||||
| UAG ESCONDIDO A1, INC. | Delaware | 20-3697398 | ||||||
| UAG ESCONDIDO H1, INC. | Delaware | 20-3697348 | ||||||
| UAG ESCONDIDO M1, INC. | Delaware | 20-3697423 | ||||||
| UAG FAYETTEVILLE I, LLC | Delaware | 71-0858576 | ||||||
| UAG FAYETTEVILLE II, LLC | Delaware | 71-0858577 | ||||||
| UAG FAYETTEVILLE III, LLC | Delaware | 71-0858578 | ||||||
| UAG FINANCE COMPANY, INC. | Delaware | 13-3953915 | ||||||
| UAG HOUSTON ACQUISITION, LTD. | Texas | 38-3542915 | ||||||
| UAG HUDSON CJD, LLC | Delaware | 87-0766678 | ||||||
| UAG HUDSON, INC. | New Jersey | 22-1919268 | ||||||
| UAG INTERNATIONAL HOLDINGS, INC. | Delaware | 51-0393682 | ||||||
| UAG KISSIMMEE MOTORS, LLC | Delaware | 58-2361341 | ||||||
- 9 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| UAG LANDERS SPRINGDALE, LLC | Delaware | 71-0846659 | ||||||
| UAG LOS GATOS, INC. | Delaware | 76-0759098 | ||||||
| UAG MARIN, INC. | Delaware | 76-0759100 | ||||||
| UAG MEMPHIS II, INC. | Delaware | 62-1722683 | ||||||
| UAG MEMPHIS MANAGEMENT, INC. | Delaware | 62-1722677 | ||||||
| UAG MENTOR ACQUISITION, LLC | Delaware | 38-3553602 | ||||||
| UAG MINNEAPOLIS B1, LLC | Delaware | 76-0819658 | ||||||
| UAG NORTHEAST, LLC | Delaware | 13-3914694 | ||||||
| UAG REALTY, LLC | Delaware | 38-3543708 | ||||||
| UAG ROYAL PALM M1, LLC | Delaware | 06-1774003 | ||||||
| UAG SAN DIEGO A1, INC. | Delaware | 20-3697335 | ||||||
| UAG SAN DIEGO AU, INC. | Delaware | 20-3955972 | ||||||
| UAG SAN DIEGO H1, INC. | Delaware | 20-3697304 | ||||||
| UAG SAN DIEGO MANAGEMENT, INC. | Delaware | 20-3955897 | ||||||
| UAG STEVENS CREEK II, INC. | Delaware | 47-0957526 | ||||||
| UAG TEXAS II, INC. | Delaware | 13-3933083 | ||||||
| UAG TEXAS, LLC | Delaware | 13-3933080 | ||||||
| UAG TULSA HOLDINGS, LLC | Delaware | 51-0410923 | ||||||
| UAG TURNERSVILLE REALTY, LLC | Delaware | 38-3543708 | ||||||
| UAG VK, LLC | Delaware | 38-3590846 | ||||||
| UAG WEST BAY AM, LLC | Delaware | 61-1442389 | ||||||
- 10 -
| Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||||||
| UAG WEST BAY IAU, LLC | Delaware | 61-1442390 | ||||||
| UAG WEST BAY II, LLC | Delaware | 38-3672787 | ||||||
| UAG WEST BAY IL, LLC | Delaware | 30-0150590 | ||||||
| UAG WEST BAY IM, LLC | Delaware | 37-1458215 | ||||||
| UAG WEST BAY IP, LLC | Delaware | 32-3360132 | ||||||
| UAG WEST BAY IW, LLC | Delaware | 36-4521984 | ||||||
| UAG YOUNG II, INC. | Delaware | 13-3985679 | ||||||
| UAG-CARIBBEAN, INC. | Delaware | 13-3980142 | ||||||
| UNITED AUTO LICENSING, LLC | Delaware | 38-3556189 | ||||||
| UNITED AUTO SCOTTSDALE PROPERTY HOLDINGS, LLC | Delaware | 86-1123497 | ||||||
| UNITED AUTOCARE PRODUCTS, LLC | Delaware | 13-3922210 | ||||||
| UNITED NISSAN, INC. | Georgia | 58-2038392 | ||||||
| UNITED NISSAN, INC. | Tennessee | 62-0790848 | ||||||
| UNITED RANCH AUTOMOTIVE, LLC | Delaware | 86-1008720 | ||||||
| UNITEDAUTO FINANCE, INC. | Delaware | 16-1456003 | ||||||
| WEST PALM AUTO MALL, INC. | Florida | 65-0050208 | ||||||
| WTA MOTORS, LTD. | Texas | 33-1011102 | ||||||
| 2555 Telegraph Road Bloomfield Hills, Michigan (Address of principal executive offices) | 48302 (Zip code) | ||||
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___________________________
Subordinated Debt Securities
and Subsidiary Guarantees of Subordinated Debt Securities
(Title of the indenture securities)
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
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1. General information. Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to which it is subject.
Name | Address | ||||
Comptroller of the Currency United States Department of the Treasury | Washington, DC 20219 | ||||
Federal Reserve Bank | San Francisco, CA 94105 | ||||
Federal Deposit Insurance Corporation | Washington, DC 20429 | ||||
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each such affiliation.
None.
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act").
1. A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152875).
2. A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-121948).
3. A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-152875).
4. A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229762).
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6. The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152875).
7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.
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SIGNATURE
Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, and State of New York, on the 27th day of October, 2022.
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. | ||||||||
| By: | /s/ | Marie A. Hattinger | ||||||
| Name: | Marie A. Hattinger | |||||||
| Title: | Vice President | |||||||
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EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
of 333 South Hope Street, Suite 2525, Los Angeles, CA 90071
At the close of business June 30, 2022, published in accordance with Federal regulatory authority instructions.
| Dollar amounts | ||
| in thousands | ||
ASSETS
Cash and balances due from depository institutions: | ||||||||
| Noninterest-bearing balances and currency and coin | 3,548 | |||||||
| Interest-bearing balances | 464,922 | |||||||
| Securities: | ||||||||
| Held-to-maturity securities | 0 | |||||||
| Available-for-sale debt securities | 50,522 | |||||||
| Equity securities with readily determinable fair values not held for trading | 0 | |||||||
Federal funds sold and securities purchased under agreements to resell: | ||||||||
| Federal funds sold in domestic offices | 0 | |||||||
| Securities purchased under agreements to resell | 0 | |||||||
| Loans and lease financing receivables: | ||||||||
| Loans and leases held for sale | 0 | |||||||
| Loans and leases, held for investment | 0 | |||||||
| LESS: Allowance for loan and lease losses | 0 | |||||||
| Loans and leases held for investment, net of allowance | 0 | |||||||
| Trading assets | 0 | |||||||
| Premises and fixed assets (including capitalized leases) | 17,717 | |||||||
| Other real estate owned | 0 | |||||||
| Investments in unconsolidated subsidiaries and associated companies | 0 | |||||||
| Direct and indirect investments in real estate ventures | 0 | |||||||
| Intangible assets | 856,313 | |||||||
| Other assets | 104,690 | |||||||
| Total assets | $ | 1,497,712 | ||||||
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LIABILITIES
| Deposits: | ||||||||
| In domestic offices | 1,570 | |||||||
| Noninterest-bearing | 1,570 | |||||||
| Interest-bearing | 0 | |||||||
| Federal funds purchased and securities | ||||||||
| sold under agreements to repurchase: | ||||||||
| Federal funds purchased in domestic offices | 0 | |||||||
| Securities sold under agreements to repurchase | 0 | |||||||
| Trading liabilities | 0 | |||||||
| Other borrowed money: | ||||||||
| (includes mortgage indebtedness and obligations under capitalized leases) | 0 | |||||||
| Not applicable | ||||||||
| Not applicable | ||||||||
| Subordinated notes and debentures | 0 | |||||||
| Other liabilities | 264,945 | |||||||
| Total liabilities | 266,515 | |||||||
| Not applicable | ||||||||
EQUITY CAPITAL
| Perpetual preferred stock and related surplus | 0 | ||||
| Common stock | 1,000 | ||||
| Surplus (exclude all surplus related to preferred stock) | 325,102 | ||||
| Not available | |||||
| Retained earnings | 905,091 | ||||
| Accumulated other comprehensive income | 4 | ||||
| Other equity capital components | 0 | ||||
| Not available | |||||
| Total bank equity capital | 1,231,197 | ||||
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 | ||||
| Total equity capital | 1,231,197 | ||||
| Total liabilities and equity capital | 1,497,712 | ||||
I, Matthew J. McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.
| Matthew J. McNulty | ) | CFO | ||||||
We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and
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to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
| Antonio I. Portuondo, President | ) | |||||||
| Michael P. Scott, Managing Director | ) | Directors (Trustees) | ||||||
| Kevin P. Caffrey, Managing Director | ) | |||||||
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