“We are pleased to expand our relationship with these world-class brands and further enhance our premium retail automotive brand mix in the southeastern United States.,” said PAG Chair and CEO Roger Penske The greater Wilmington, North Carolina area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of The Baker Motor Company. We welcome the associates of these two dealerships to the Penske Automotive Group team.”

During Q2 2023 PAG revenue increased 8% to $7.5 billion, a quarterly record. Net income attributable to common stockholders decreased 20% to $300.8 million from $374.0 million, and related earnings per share decreased 11% to $4.41 from $4.93 when compared to the same period last year. PAG said results for the second quarter of 2023 were driven by strong performance from its automotive and commercial truck operations which partially offset higher interest expense and lower equity earnings from its investment in Penske Transportation Solutions. Move over, foreign currency exchange negatively impacted revenue by $23.7 million, net income attributable to common stockholders by $0.5 million, and earnings per share by $0.01.