BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced that its Board of Directors has approved a
12.5% increase in the Company’s dividend to $0.09 per share.
The dividend, which is payable on December 1, 2011, to shareholders of
record on November 10, 2011, represents the second increase this year
and restores it to the level paid by the Company prior to its suspension
in the fourth quarter of 2008 due to the recession. “The increase in the
dividend, coupled with the 2.4 million shares we have reacquired so far
this year, demonstrates the strength of our financial position, the
confidence we have in the improving auto sales environment and our
commitment to shareholders,” said President Rob Kurnick.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 325 retail automotive franchises, representing 42 different
brands and 28 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 170 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 as well as external
factors such as consumer credit conditions; adverse conditions affecting
a particular manufacturer, including the adverse impact to the vehicle
and parts supply chain due to natural disasters such as the earthquake
and tsunami that struck Japan in March 2011; 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.
Find a vehicle: http://www.penskecars.com
Engage
Penske Automotive: http://www.penskesocial.com
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Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow
Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit
Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
David K. Jones
Executive Vice
President and
Chief Financial Officer
Penske Automotive Group,
Inc.
248-648-2800
dave.jones@penskeautomotive.com
or
Anthony
R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
Source: Penske Automotive Group, Inc.