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Penske Automotive Completes Acquisition of Rybrook Group
“We are pleased to expand our brand footprint and increase our scale,” said Darren Edwards, CEO of the Company’s Sytner Group subsidiary in the U.K. “The Rybrook dealerships represent exceptional brands with a strong commitment to providing outstanding customer service. We look forward to continuing this legacy and welcome the Rybrook associates to our team.” Continue reading
Penske Automotive Group Buys 15 UK Dealerships
Penske Automotive Group, Inc. (NYSE: PAG)* today announced that it has agreed to acquire Rybrook Group Limited consisting of 15 premium dealerships in the United Kingdom, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the BMW locations also retail BMW Motorrad motorcycles. The dealerships to be acquired represent estimated annualized revenues of $1 billion. Continue reading
Penske Automotive Group Buys BMW and Porsche Dealerships
Penske Automotive Group, Inc. (NYSE: PAG)* today announced that it has acquired BMW of Wilmington and Porsche Wilmington. The move increases operations in the luxury vehicle segment. PAG forecasts that it will add ~$140,000,000 in revenue annually. (AutoInformed: Penske Automotive … Continue reading
Penske Automotive Group Ups Dividend Again
“We are pleased to provide an increase in the cash dividend to our shareholders,” said Penske Automotive Group President, Robert Kurnick, Jr. “Continued strong cash flow, a healthy balance sheet, and the strength of our operations enables us to increase the dividend and reward our shareholders.” Continue reading
Penske Automotive Group Buys Transolutions Truck Centers
“We are thrilled to expand our North American presence with the Freightliner, Western Star and Thomas Built Bus brands. For more than 30 years, Transolutions Truck Centers has built a strong legacy of providing quality service to customers across Manitoba,” said Premier Truck Group President Ron Long. Continue reading
Hot, Fast Company: Penske Automotive Increases Dividend 6%
Penske Automotive Group, Inc. (NYSE: PAG) – an international transportation services company, a significant force among premier auto and commercial truck retailers, and a successful racing organization – today announced that its Board of Directors has increased the dividend by $0.03 per share. Continue reading
Penske Automotive Posts Record Q4, Full-Year 2021 Results
“During the fourth quarter, our diversified business and strong execution by our team produced record revenue, earnings before taxes, net income, and earnings per share, driven by strong retail automotive and commercial truck vehicle margins, a 26% increase in same-store retail automotive gross profit, and continued strong earnings from Penske Transportation Solutions which increased 62%,” CEO Roger Penske said. Continue reading
Penske Automotive Group Buys Another BMW Store
This is the Group’s 48th BMW dealership world-wide. The acquired dealership is expected to generate approximately $100 million in annualized revenue. Continue reading
Penske Automotive Group Increases Dividend
With this increase, the annualized dividend is $1.72 per share and represents a yield of 2.7%, the highest in our peer group. Our business and cash flow remain strong despite the Covid-19 pandemic, as the actions we took to mitigate its impact continue to provide operational benefits,” said President Robert K. Kurnick. Continue reading
Penske Automotive – May Business Improving
“Since the COVID-19 pandemic began impacting operations in the second half of March, we took actions to reduce costs and preserve our liquidity position. Based on these actions, I expect further improvements to our operating results in June and into the second half of the year as the economy continues to recover,” said Penske Automotive Group CEO Roger Penske. Continue reading
Posted in economy, news analysis
Tagged auto industry commentary, autoinformed.com, COVID-19, Ken Zino, penske automotive group
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Penske Automotive Increases Dividend to $0.40 Per Share
“We are pleased to offer our shareholders an increase in the quarterly dividend for the 33rd consecutive quarter. Our sector leading dividend represents a yield of 3.6% and reinforces our commitment to PAG shareholders,” said Penske Automotive Group President Robert H. Kurnick, Jr.” Continue reading
Penske Buys more Jaguar and Land Rover Dealerships
A previous acquisition of a Cadillac dealership in Manhattan failed because Penske couldn’t get experienced managers to move to New York. The company now operates five Jaguar/Land Rover dealerships in the United States. Continue reading
Penske Automotive Reports Record Q3 Results
Our business continued to perform well in the third quarter, producing another quarter of record results despite the translation effects from foreign currency headwinds,” said Penske Automotive Group Chairman Roger S. Penske. Continue reading
Posted in financial results
Tagged autoinformed, autoinformed.com, Brexit, Ken Zino, pag, penske automotive group, Penske Truck
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AutoNation, Penske Report Strong Q1 Earnings from Dealers
The two largest auto dealer groups operating in the United States reported large increases in Q1 earnings and profits today. It was the latest sign that a slow recovery is well underway in the auto industry. However, the new luxury vehicle business, where broken out, had relatively weak results compared to other segments. Luxury cars, of course, were once thought to be recession proof and discount proof, but that is no longer the case as discounts are increasing along with competition from non-luxury autos with high levels of equipment. Continue reading
Penske Automotive Group 2024 Q1 Earnings Drop
“Our retail automotive service and parts revenue grew 9% to a quarterly record of $746 million. During the quarter, we experienced a recovery across our used vehicle retail automotive operations with profitability improving sequentially by $428 per unit retailed. Further, I was pleased with our focus on controlling costs as selling, general, and administrative expenses as a percentage of gross profit improved by 30 basis points sequentially to 70.7%,” said Roger Penske Chair and CEO. Continue reading →