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Tag Archives: roger penske
Penske Automotive Group Posts Lukewarm Q2 Results
“I am pleased to see that our service and parts business remains strong and contributed to our record total quarterly revenue of $7.7 billion. In addition, our focus on efficiency and controlling costs drove a sequential decline in selling, general, and administrative expenses as a percentage of gross profit by 50 basis points to 70.2%,” said Chair and CEO Roger Penske, which is more or less what he said about Q1 results. Continue reading
Old Fashion Racing as Newgarden’s Daring Pass Wins Indy 500
Multiple early-race caution flags prompted different pit strategies among the 33 starters. Consistent with NTT IndyCar Series competition, the strategies played out during the final 40 laps as the battle for the win was fought out between five drivers. But in the end it wasn’t strategy, but pure driving skill and daring commitment that led to victory. Continue reading
Posted in news analysis
Tagged 08th running of the Indianapolis 500, Arrow McLaren Chevrolet, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, David Salters, Honda Racing US, Josef Newgarden, Ken Zino, Pato O’Ward, Penske, roger penske, Shell Team Penske Chevrolet
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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
Posted in auto news, financial results, manufacturing, mobility company, news analysis, results, transportation
Tagged auto industry commentary, autoinformed.com, automotive and commercial truck retailers, automotive blog, Automotive news and analysis, Ken Zino, NYSE: PAG, penske automotive group, roger penske
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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
Josef Newgarden Driving a Penske-Chevrolet Wins Accident Marred Indianapolis 500
All told, Newgarden led five laps of the 200. Newgarden started the race 17th on the grid. For Tim Cindric, President at Team Penske, it was the ninth Indianapolis 500 win and the 19th for Roger Penske as team owner; the first came in 1972. However, it was Roger Penske’s first as the owner of the Indianapolis Motor Speedway since he bought it three and half years ago. Continue reading
Corvette Z06 is Pace Car for 107th Indianapolis 500
With a Red Mist (not to be confused with the racer’s meaning of that term. Ah the perils of young communications people) Metallic exterior paint and two-tone Jet Black and Sky Cool Gray with Torch Red accents on the interior, the ‘Vette also has the requisite marketing Indianapolis 500 logos. Continue reading
Penske Automotive Group: Record Q2 Earnings of $500 Million
Penske Automotive Group, Inc. (NYSE: PAG) today said it set all-time record quarterly earnings during Q2 of 2022 as earnings before taxes increased 8% to $500 million. Income From Continuing Operations increased 10% to $374 million. Earnings per share increased … Continue reading
Posted in news analysis
Tagged auto industry commentary, autoinformed.com, Ken Zino, pag Q2 2022, roger penske
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Honda Beats Chevrolet at the Brickyard. Record Purse Claimed
The Indianapolis 500 purse record was shattered after a chaotic and red-flagged 106th Indianapolis 500 with race-winner Marcus Ericsson taking home $3.1 million from a total purse of $16,000,200. Continue reading
Posted in racing
Tagged auto industry commentary, autoinformed.com, indianapolis 500, irl, Ken Zino, roger penske
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Brickyard Saturday – Power, Cindric Win for Penske
“Roger Penske has had a rough year as far as the team goes. I’m really happy for the whole group. Because it’s not for lack of effort,” said Power. They worked really hard during the Month of May and we were all scratching our heads at the end. I’ve been here six times now (five for road course wins, one Indy 500 win) in this Victory Lane; pretty special place for me. This win goes to the whole group; they deserve it more than me.” Continue reading
Posted in people, racing
Tagged Austin Cindric, auto industry commentary, autoinformed.com, indycar, Ken Zino, NASCAR Xfinity Series, roger penske, Will Power
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Helio Castroneves Sets Record-Tying Fourth Win at Indy 500
It is ironic that Castroneves was eased out of Team Penske’s Indy Car Team for a seat racing sports cars. The fan favorite returned to open wheel racing this year and presented Roger Penske – now owner of the Indy 500 – with a reminder that age and cunning often overcome a track full of fast but ultimately losing young racers. That’s what happens when you dance – or race – with stars Continue reading
Posted in racing
Tagged auto industry commentary, autoinformed, autoinformed.com, indianapolis 500, Ken Zino, Meyer Shank Racing, roger penske
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Penske Automotive Posts All Time Record Q1 Results
Penske – as a diversified international transportation services company – is a good leading indicator of the overall health of the transportation sectors with the caveat that it is heavily biased toward luxury brands. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, Ken Zino, Q1 2021 Results, roger penske
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Understeer – Indianapolis 500 Pushed Back Until Late August
“I am disappointed that we have had to reschedule the Indianapolis 500,” Roger Penske said. “However, the health and safety of our event participants and spectators is our top priority, and we believe that postponing the event is the responsible decision with the conditions and restrictions we are facing.” Continue reading
Penske Automotive Increases Dividend
“Our Board of Directors are pleased to offer our shareholders an increase in the quarterly dividend for the 30th consecutive quarter,” said Penske Automotive Group President Robert H. Kurnick, Jr. Continue reading
Penske Automotive Group Q3 2024 Net Income Drops
“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. Continue reading →