Penske Automotive Group Inc., the nation's second-biggest dealership group, has acquired Porsche and Audi dealerships in the Cleveland metropolitan area, reported Automotive News.

The Fred Baker Porsche and Audi stores in Bedford, Ohio,will be renamed Porsche of Bedford and Audi Bedford, Penske said in a statement today.

Penske declined to comment on financial terms of the deal.

The two stores are expected to generate annual revenues of about $40 million, the company said.

Penske, which is headquartered in Bloomfield Hills, Mich., already owns six dealerships in Cleveland as well as a regional collision repair center nearby. With the acquisitions, Penske will operate 23 Audi and 13 Porsche dealerships worldwide. The brands represent about 15 percent of Penske's worldwide revenue.

Penske operates 172 retail stores in the United States and 151 abroad representing 39 brands and 25 collision repair centers.

Its Smart USA unit has distribution rights for Smart cars in the United States.

Last year, the company posted unit sales of 323,447 new and used vehicles and revenue of more than $9.5 billion.