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The Penske Automotive Group, Inc. (NYSE: PAG), today announced that its Board of Directors has authorized an increase in the Company’s quarterly dividend by $0.05 per share or 8%, to $0.66 per share and delegated to management an additional $250 million in authority to repurchase the Company’s outstanding securities.
“Based on the strength of the Company’s performance and continued strong cash flow, we are pleased to provide our shareholders with an increase in the cash dividend, and we remain poised to return value to shareholders through additional securities repurchase authority as market conditions and other considerations warrant,” said Penske Automotive Group President, Robert Kurnick, Jr. Continue reading
SEMA CEO Testifies Against Proposed EPA Standards
SEMA President and CEO Mike Spagnola testified remotely yesterday before the U.S. Environmental Protection Agency (EPA) in opposition to the agency’s newly proposed new federal emissions standards for motor vehicles model years ’27-’32, which are intended to significantly increase sales of electric vehicles (AutoInformed: EPA Wants Toughest Federal Emission Standards Ever).
“SEMA and its members have serious concerns with this proposal, which aggressively seeks to lower carbon emissions under timelines that effectively make electric vehicles the de facto choice option for automakers to meet the requirements. Government shouldn’t pick winners and losers. This far too-fast mandate will create a seismic shift for small businesses who don’t have the capacity to make the shift this quickly, especially when they’re not receiving billions in government funds like the large automakers are to fund their electric vehicle programs,” said Spagnola.
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