BLOOMFIELD HILLS, Mich.--(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 $0.07 per share payable on June 3, 2011, to
shareholders of record on May 20, 2011.
“The decision to declare the cash dividend exhibits the Board of
Directors’ confidence in the improved cash flow generation and financial
position of the Company,” said Penske Automotive Chairman Roger Penske.
“Additionally, this action reflects the resilience of the Company’s
business model and our proven ability to execute in a difficult
operating environment.”
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 326 retail automotive franchises, representing 39 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 154 franchises located outside the United States, primarily in the United
Kingdom. Penske Automotive is a member of the Fortune 500 and
Russell 1000 and has approximately 14,500 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.
Source: Penske Automotive Group, Inc.
Contact:
Inquiries should contact:
Penske Automotive Group, Inc.
David
K. Jones
Executive Vice President Finance and
Chief Financial
Officer
dave.jones@penskeautomotive.com
or
Penske
Automotive Group, Inc.
Anthony R. Pordon, 248-648-2540
Executive
Vice President Investor Relations and Corporate Development
tpordon@penskeautomotive.com