Declares $0.08 Per Share, an Increase of 14 Percent
BLOOMFIELD HILLS, Mich., Jul 26, 2011 (BUSINESS WIRE) --
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced that its Board of Directors has declared a
cash dividend of $0.08 per share, representing an increase of 14% over
the $0.07 dividend paid in the previous quarter.
Commenting on the dividend, Chairman Roger Penske said, "We believe
providing shareholders with an increase in the quarterly dividend
demonstrates the confidence we have in our strong operating performance
and the resiliency of our business model while allowing the company to
maintain financial flexibility to continue to invest in the business."
The dividend is payable on September 1, 2011, to shareholders of record
on August 10, 2011.
About Penske Automotive
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 327 retail automotive franchises, representing 42 different
brands and 26 collision repair centers. Penske Automotive, which sells
new and previously owned vehicles, finance and insurance products and
replacement parts, and offers maintenance and repair services on all
brands it represents, has 172 franchises in 17 states and Puerto Rico
and 155 franchises located outside the United States, primarily in the United
Kingdom. Penske Automotive is a member of the Fortune 500 and
Russell 2000 and has approximately 15,000 employees.
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding PAG. Actual results may
vary materially because of risks and uncertainties, including adverse
conditions affecting a particular manufacturer, including the adverse
impact to the vehicle and parts supply chain due to the earthquake in
Japan in March 2011, as well as external factors such as macro-economic
factors, interest rate fluctuations, changes in consumer spending and
other factors over which management has no control. These
forward-looking statements should be evaluated together with additional
information about PAG's business, markets, conditions and other
uncertainties, which could affect PAG's future performance, which are
contained in the Company's Form 10-K for the year ended December 31,
2010, and its other filings with the Securities and Exchange Commission
and which are incorporated into this press release by reference. This
press release speaks only as of its date, and Penske Automotive Group,
Inc. disclaims any duty to update the information herein.
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SOURCE: Penske Automotive Group, Inc.
Penske Automotive Group, Inc.
David K. Jones
Executive Vice President and
Chief Financial Officer
Penske Automotive Group, Inc.
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development