UAG to get Penske nametag

United Auto Group Inc. said it will change its corporate name to Penske Automotive Group Inc. effective July 2.

The Bloomfield Hills-based owner and operator of 311 car dealerships said it will also change its ticker symbol to PAG on the New York Stock Exchange on Monday.

Officials said voting and all other rights related to the company’s common stock will not be affected by the name change. In addition, the change in name will have no impact on the validity or transferability of currently outstanding stock certificates.

“Mr. (Roger) Penske is our chairman, and our company is at a point where we thought it was an appropriate time to change the name and leverage the Penske name as we try and grow our business," said Tony Pordon, senior vice president with United Auto Group.