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Tag Archives: penske automotive group
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 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 →