“I am pleased with our financial performance during the third quarter, despite the impact from the stop sale of certain vehicles and the residual impact from the CDK Cyber Security incident. New and used retail automotive gross profit per unit remained strong, retail automotive service and parts performed at record levels, the retail commercial truck business performed well, selling, general, and administrative expenses remained well controlled, and the equity income from Penske Transportation Solutions increased 14% sequentially despite continued freight challenges,” said Chair and CEO Roger Penske.

For the nine months ended 30 September 2024, revenue increased 2% to $22.7 billion. Net income attributable to common stockholders was $682.5 million compared to $862.5 million in the prior year period, and related earnings per share was $10.20 compared to $12.64 for the same period in 2023. Foreign currency exchange positively impacted revenue by $166.2 million, net income attributable to common stockholders by $2.7 million, and earnings per share by $0.04.