International auto dealership company Penske Automotive Group (PAG) has acquired a 49 percent equity ownership stake in The Nicole Group, a luxury dealership group with operations in Kanagawa and Tokyo, Japan.

The Nicole dealership group operates four BMW and three ‘MINI’ dealerships, a Rolls-Royce, and a Ferrari dealership along with two stand-alone service centers and two pre-owned showrooms.

The firm is also the exclusive importer and distributor of BMW Alpina vehicles for Japan.

“We are thrilled with the opportunity to enter the Japanese market with a strong and established local partner,” said PAG Chairman Roger S. Penske, adding that The Nicole Group represents world-class brands” and has been named the best BMW dealership in Japan a record seven times.

“As imports continue to grow market share in Japan, combined with the group’s solid reputation in the marketplace, we expect to leverage the strength of the existing business while driving further expansion through organic growth and future acquisitions,” he said.

While the exact terms of the deal weren’t made public, it was disclosed that PAG Automotive Group will treat its ownership interest as “an equity investment, with its pro rata share of income reported as equity in earnings of affiliates in its income statement.”

In addition to its new Japan operations, Michigan-headquartered PAG employs 23,000 people worldwide with automotive and commercial truck dealerships in the U.S. and Western Europe, as well as commercial vehicle, diesel engines, gas engines, power systems and related parts and services operations in Australia and New Zealand.