Roger Penske is making a major move away from the racetrack.

Penske Automotive Group, the publicly traded dealership business chaired by the legendary NASCAR team owner, announced Thursday, Oct. 15, that it has agreed to a $16.3 billion deal that would take the company private.

The agreement involves Penske Corporation and Japanese trading company Mitsui & Co., which already own a majority of the automotive retailer. Together, they plan to buy the remaining shares and end the company’s run on the New York Stock Exchange.

For NASCAR fans, there’s an important distinction: This is a deal involving Penske’s automotive retail business, not Team Penske or his other racing properties.

Penske Automotive Group said it will go private after agreeing to a bid from shareholders Penske Corp. and Mitsui & Co. that values the automotive retailer at $16.3 billion.

Penske Automotive said Oct. 15 that Penske Corp. and Mitsui would buy the retailer’s remaining shares at… pic.twitter.com/cIhhrllt4G

— Automotive News (@Automotive_News) October 15, 2026

Roger Penske’s $16.3 Billion Deal: What We Know

Under the agreement, shareholders outside the buying group will receive $212 per share in cash, up from the $210 initially proposed in July.

The offer represents an 8.84% premium over Penske Automotive Group’s closing stock price Wednesday. The $16.3 billion figure represents the company’s total enterprise value, including debt, rather than the amount being paid for the outstanding shares.

Once the deal closes, Penske Corporation is expected to own approximately 64% of Penske Automotive Group, with Mitsui holding the remaining 36%.

The agreement received approval from the company’s board following a unanimous recommendation from a special committee of independent directors.

“This transaction marks an important next chapter for PAG,” Penske said in the company’s announcement.

He also emphasized the company’s 25-year relationship with Mitsui and their plans to continue growing the business together.

The transaction is expected to close in the first quarter of 2027, pending shareholder and regulatory approvals.

What Does the Penske Buyout Mean for NASCAR?

Penske’s name is attached to some of the biggest operations in American motorsports, which makes Thursday’s announcement particularly noteworthy.

But Penske Automotive Group is a separate business from Team Penske, which competes in NASCAR and IndyCar, and Penske Entertainment, which owns Indianapolis Motor Speedway and IndyCar.

Neither racing operation is part of the announced transaction.

Penske Automotive Group operates automotive and commercial truck dealerships across multiple international markets. Going private would change its ownership structure and remove the company from public stock trading, but it does not mean Penske is selling his racing teams.

The deal also isn’t finalized. The companies still have several steps to complete before the anticipated 2027 closing.

For now, the announcement marks a significant shift in how one of Penske’s largest businesses will operate, while his racing empire remains outside the agreement.