Same-Store Retail Revenues Increase 9.1%
Adjusted Income From Continuing Operations Increases 52% to $29.5
Million
Adjusted Earnings Per Share From Continuing Operations Increases 52%
to $0.32 Per Share
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske
Automotive Group, Inc. (NYSE: PAG), an international automotive
retailer, today reported adjusted fourth quarter income from continuing
operations attributable to common shareholders of $29.5 million, or
$0.32 per share, which compares to income from continuing operations
attributable to common shareholders of $19.4 million, or $0.21 per
share, in the fourth quarter last year. Adjusted fourth quarter 2010
income from continuing operations attributable to common shareholders
excludes a net after-tax gain of $0.8 million, or $0.01 per share,
relating to the items highlighted in the reconciliation in the attached
selected data tables. Total revenue in the fourth quarter increased
13.5% to $2.8 billion.
Fourth Quarter Highlights
-
Total retail unit sales increase 13.9%
-
18.9% in the United States
-
3.7% Internationally
-
Total same-store retail revenues increase 9.1%
-
13.5% in the United States
-
2.0% Internationally
-
Long-term debt reduced by $167 million since the beginning of the
year, including $74 million during the fourth quarter
-
Days supply of vehicle inventories as of December 31, 2010
-
55 days for new
-
43 days for used
“Our results exceeded my expectations,” said Penske Automotive Group
Chairman Roger Penske. “An improving retail environment in the U.S.
drove our business in the fourth quarter, including a 13.8% increase in
same-store total retail unit sales and a 7.0% increase in same-store
service and parts revenues. In the U.K., our execution and our brand mix
helped us to outperform the market and provide a strong contribution of
profits despite difficult comparisons due to the government incentive
programs in place last year.”
Total revenues for the year ended December 31, 2010 increased 12.7% to
$10.7 billion. Adjusted income from continuing operations attributable
to common shareholders for the year ended December 31, 2010 amounted to
$109.3 million, or $1.19 per share, which compares to adjusted income
from continuing operations attributable to common shareholders of $80.2
million, or $0.87 per share, in the year ended December 31, 2009.
Adjusted income from continuing operations attributable to common
shareholders in the years ended December 31, 2010 and 2009 exclude net
after-tax gains of $1.8 million ($0.02 per share) and $3.1 million
($0.03 per share), respectively, relating to the items highlighted in
the reconciliations in the attached selected data tables.
smart USA
The distribution business generated after-tax losses of $5.8 million
($0.06 per share) and $15.9 million ($0.17 per share) in the three and
twelve months ended December 31, 2010, respectively. Results for the
fourth quarter and full year include after-tax expenses of $2.7 million
($0.03 per share) and $3.6 million in ($0.04), respectively, relating to
the development of the five-door vehicle previously designed for
distribution through the smart USA dealer network.
As previously announced, Mercedes-Benz USA and the Company have
initiated discussions to transfer distribution of the smart fortwo to
Mercedes-Benz USA. As a result, smart USA cancelled the project relating
to the five-door vehicle.
Acquisition Activity
During 2010, the Company acquired 8 franchises and commenced operations
at 16 franchises awarded by manufacturers. These 24 franchises are
expected to generate approximately $400 million of revenue on an
annualized basis.
Financing Activity
During 2010, the Company repurchased $155.7 million principal amount of
its outstanding 3.5% Senior Subordinated Convertible Notes due 2026 (the
“Convertible Notes”) for $156.6 million in cash. The Company currently
expects to use cash flow from operations, existing working capital, and
borrowings under its U.S. revolving credit facility to fund the expected
April 2011 redemption of the remaining $150.6 million principal amount
of outstanding Convertible Notes. As of December 31, 2010, the Company
had $300.0 million of revolving credit available under its U.S. credit
facility.
The Company also has authorization to repurchase up to $150.0 million of
its outstanding common stock, debt or convertible debt. Securities may
be acquired from time to time either through open market purchases,
negotiated transactions or other means.
Conference Call
Penske Automotive will host a conference call discussing financial
results relating to the fourth quarter of 2010 on February 16, 2011,
at 2:00 p.m.Eastern Standard Time. To listen to the
conference call, participants must dial (800) 230-1074
[International, please dial (612) 234-9960]. The call will also be
simultaneously broadcast over the Internet through the Penske Automotive
Group website at www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc. (www.penskeautomotive.com),
headquartered in Bloomfield Hills, Michigan, operates 325 retail
automotive franchises, representing 39 different brands and 25 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 153 franchises located
outside the United States, primarily in the United Kingdom.
Penske Automotive, through its wholly-owned subsidiary smart USA
Distributor LLC (www.smartusa.com),
is the exclusive distributor of the smart fortwo vehicle and related
parts in the United States. smart USA supports approximately 75 smart
retail centers in the United States.
Penske Automotive is a member of the Fortune 500 and Russell 1000 and
has approximately 14,500 employees. smart and fortwo are registered
trademarks of Daimler AG.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined
under SEC rules, such as adjusted income from continuing operations
attributable to common shareholders and related earnings per share,
EBITDA and adjusted EBITDA. The Company has reconciled these measures to
the most directly comparable GAAP measures in the release. The Company
believes that these non-GAAP financial measures improve the transparency
of the Company's disclosure by providing period-to-period comparability
of the Company's results from operations.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding Penske Automotive Group,
Inc.’s expected revenue, ability to access amounts under its U.S.
revolving credit facility, and efforts to transition the smart USA
distributorship. Actual results may vary materially because of risks and
uncertainties, including external factors such as consumer credit
conditions, adverse conditions affecting a particular manufacturer,
macro-economic factors, interest rate fluctuations, changes in consumer
spending, and other factors over which management has no control.
Availability of revolving credit under the Company’s U.S. credit
facility is predicated on continued covenant compliance and other
factors. Successful transition of the smart USA distributorship will
depend on negotiation and completion of definitive documentation,
regulatory approvals, and other factors. These forward-looking
statements should be evaluated together with additional information
about Penske Automotive’s business, markets, conditions and other
uncertainties, which could affect Penske Automotive’s future
performance. These risks and uncertainties are addressed in Penske
Automotive’s Form 10-K for the year ended December 31, 2009, and its
other filings with the Securities and Exchange Commission (“SEC”). This
press release speaks only as of its date, and Penske Automotive
disclaims any duty to update the information herein.
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Consolidated Statements of Income
|
|
(Amounts In Thousands, Except Per Share Data)
|
|
(Unaudited)
|
|
| |
|
|
Fourth Quarter
|
| |
2010
|
|
2009
|
|
Revenues:
| | | | |
|
New Vehicle
| |
$1,451,352
| |
$1,254,487
|
|
Used Vehicle
| |
728,404
| |
647,641
|
|
Finance and Insurance, Net
| |
61,813
| |
58,272
|
|
Service and Parts
| |
342,841
| |
322,934
|
|
Distribution
| |
8,226
| |
9,443
|
|
Fleet and Wholesale Vehicle
| |
175,460
| |
146,342
|
|
Total Revenues
| |
2,768,096
| |
2,439,119
|
|
Cost of Sales:
| | | | |
|
New Vehicle
| |
1,328,404
| |
1,149,149
|
|
Used Vehicle
| |
676,005
| |
598,426
|
|
Service and Parts
| |
150,129
| |
142,209
|
|
Distribution
| |
7,403
| |
10,631
|
|
Fleet and Wholesale Vehicle
| |
174,832
| |
145,229
|
|
Total Cost of Sales
| |
2,336,773
| |
2,045,644
|
|
Gross Profit
| |
431,323
| |
393,475
|
|
SG&A Expenses
| |
360,203
| |
327,620
|
|
Depreciation
| |
12,053
| |
13,523
|
|
Operating Income
| |
59,067
| |
52,332
|
|
Floor Plan Interest Expense
| |
(9,091)
| |
(8,060)
|
|
Other Interest Expense
| |
(11,776)
| |
(13,524)
|
|
Debt Discount Amortization
| |
(1,647)
| |
(3,135)
|
|
Equity in Earnings of Affiliates
| |
8,844
| |
2,092
|
|
Income from Continuing Operations Before Income Taxes
| |
45,397
| |
29,705
|
|
Income Taxes
| |
(14,573)
| |
(10,057)
|
|
Income from Continuing Operations
| |
30,824
| |
19,648
|
|
Loss from Discontinued Operations, Net of Tax
| |
(1,753)
| |
(759)
|
|
Net Income
| |
29,071
| |
18,889
|
|
Income Attributable to Non-Controlling Interests
| |
(562)
| |
(212)
|
|
Net Income Attributable to Common Shareholders
| |
$28,509
| |
$18,677
|
|
Income from Continuing Operations Per Share
| |
$0.33
| |
$0.21
|
|
Income Per Share
| |
$0.31
| |
$0.20
|
|
Weighted Average Shares Outstanding
| |
92,214
| |
91,780
|
| Amounts Attributable to Common Shareholders: | | | | |
|
Reported Income from Continuing Operations
| |
$30,824
| |
$19,648
|
|
Income Attributable to Non-Controlling Interests
| |
(562)
| |
(212)
|
|
Income from Continuing Operations, Net of Tax
| |
30,262
| |
19,436
|
|
Loss from Discontinued Operations, Net of Tax
| |
(1,753)
| |
(759)
|
|
Net Income
| |
$28,509
| |
$18,677
|
|
| |
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Consolidated Statements of Income
|
|
(Amounts In Thousands, Except Per Share Data)
|
|
(Unaudited)
|
| |
|
|
|
Year
|
| |
2010
|
|
2009
|
|
Revenues:
| | | | |
|
New Vehicle
| |
$5,455,802
| |
$4,654,569
|
|
Used Vehicle
| |
2,940,296
| |
2,597,155
|
|
Finance and Insurance, Net
| |
251,954
| |
222,281
|
|
Service and Parts
| |
1,344,274
| |
1,316,514
|
|
Distribution
| |
51,401
| |
179,159
|
|
Fleet and Wholesale Vehicle
| |
669,858
| |
534,478
|
|
Total Revenues
| |
10,713,585
| |
9,504,156
|
|
Cost of Sales:
| | | | |
|
New Vehicle
| |
5,007,864
| |
4,279,046
|
|
Used Vehicle
| |
2,714,097
| |
2,373,303
|
|
Service and Parts
| |
580,601
| |
591,159
|
|
Distribution
| |
46,833
| |
161,000
|
|
Fleet and Wholesale Vehicle
| |
662,642
| |
521,672
|
|
Total Cost of Sales
| |
9,012,037
| |
7,926,180
|
|
Gross Profit
| |
1,701,548
| |
1,577,976
|
|
SG&A Expenses
| |
1,411,814
| |
1,315,225
|
|
Depreciation
| |
48,884
| |
54,234
|
|
Operating Income
| |
240,850
| |
208,517
|
|
Floor Plan Interest Expense
| |
(34,981)
| |
(35,552)
|
|
Other Interest Expense
| |
(49,267)
| |
(55,201)
|
|
Debt Discount Amortization
| |
(8,637)
| |
(13,043)
|
|
Equity in Earnings of Affiliates
| |
20,569
| |
13,808
|
|
Gain on Debt Repurchase
| |
1,634
| |
10,429
|
|
Income from Continuing Operations Before Income Taxes
| |
170,168
| |
128,958
|
|
Income Taxes
| |
(57,912)
| |
(45,200)
|
|
Income from Continuing Operations
| |
112,256
| |
83,758
|
|
Loss from Discontinued Operations, Net of Tax
| |
(2,909)
| |
(6,838)
|
|
Net Income
| |
109,347
| |
76,920
|
|
Income Attributable to Non-Controlling Interests
| |
(1,066)
| |
(459)
|
|
Net Income Attributable to Common Shareholders
| |
$108,281
| |
$76,461
|
|
Income from Continuing Operations Per Share
| |
$1.21
| |
$0.91
|
|
Income Per Share
| |
$1.18
| |
$0.83
|
|
Weighted Average Shares Outstanding
| |
92,091
| |
91,653
|
| Amounts Attributable to Common Shareholders: | | | | |
|
Reported Income from Continuing Operations
| |
$112,256
| |
$83,758
|
|
Income Attributable to Non-Controlling Interests
| |
(1,066)
| |
(459)
|
|
Income from Continuing Operations, Net of Tax
| |
111,190
| |
83,299
|
|
Loss from Discontinued Operations, Net of Tax
| |
(2,909)
| |
(6,838)
|
|
Net Income
| |
$108,281
| |
$76,461
|
|
| |
| |
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Consolidated Condensed Balance Sheets
|
|
(Amounts In Thousands)
|
|
(Unaudited)
|
| | | |
|
| |
12/31/10
| |
12/31/09
|
| Assets | | | | |
|
Cash and Cash Equivalents
| |
$16,621
| |
$13,999
|
|
Accounts Receivable, Net
| |
397,255
| |
321,226
|
|
Inventories
| |
1,524,226
| |
1,302,495
|
|
Other Current Assets
| |
70,341
| |
95,426
|
|
Assets Held for Sale
| |
--
| |
10,625
|
|
Total Current Assets
| |
2,008,443
| |
1,743,771
|
|
Property and Equipment, Net
| |
739,847
| |
726,808
|
|
Intangibles
| |
1,018,316
| |
1,011,803
|
|
Other Long-Term Assets
| |
303,226
| |
313,625
|
|
Total Assets
| |
$4,069,832
| |
$3,796,007
|
| | | |
|
| Liabilities and Equity | | | | |
|
Floor Plan Notes Payable
| |
$973,285
| |
$769,657
|
|
Floor Plan Notes Payable – Non-Trade
| |
505,430
| |
423,316
|
|
Accounts Payable
| |
261,986
| |
189,989
|
|
Accrued Expenses
| |
207,498
| |
227,294
|
|
Current Portion Long-Term Debt
| |
10,593
| |
12,442
|
|
Liabilities Held for Sale
| |
--
| |
7,675
|
|
Total Current Liabilities
| |
1,958,792
| |
1,630,373
|
|
Long-Term Debt
| |
769,285
| |
933,966
|
|
Other Long-Term Liabilities
| |
295,902
| |
285,629
|
|
Total Liabilities
| |
3,023,979
| |
2,849,968
|
|
Equity
| |
1,045,853
| |
946,039
|
|
Total Liabilities and Equity
| |
$4,069,832
| |
$3,796,007
|
|
| |
| |
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Selected Data
|
|
(Unaudited)
|
| | | |
|
| |
Fourth Quarter
| |
Year
|
| |
2010
|
|
2009
| |
2010
|
|
2009
|
|
Total Retail Units:
| | | | | | | | |
|
New Retail
| |
39,033
| |
35,176
| |
155,352
| |
140,661
|
|
Used Retail
| |
27,705
| |
23,395
| |
113,676
| |
102,208
|
|
Total
| |
66,738
| |
58,571
| |
269,028
| |
242,869
|
| | | | | | | |
|
|
smart Wholesale Units
| |
884
| |
998
| |
5,045
| |
13,772
|
| | | | | | | |
|
|
Same-Store Retail Units:
| | | | | | | | |
|
New Same-Store Retail
| |
37,386
| |
35,168
| |
149,376
| |
140,087
|
|
Used Same-Store Retail
| |
26,657
| |
23,380
| |
109,813
| |
101,578
|
|
Total
| |
64,043
| |
58,548
| |
259,189
| |
241,665
|
| | | | | | | |
|
|
Same-Store Retail Revenue:
| | | | | | | | |
|
New Vehicles
| |
$1,392,903
| |
$1,253,863
| |
$5,221,327
| |
$4,615,701
|
|
Used Vehicles
| |
705,514
| |
647,154
| |
2,824,175
| |
2,559,534
|
|
Finance and Insurance, Net
| |
59,980
| |
58,266
| |
244,184
| |
220,704
|
|
Service and Parts
| |
329,720
| |
321,525
| |
1,300,007
| |
1,304,400
|
|
Total
| |
$2,488,117
| |
$2,280,808
| |
$9,589,693
| |
$8,700,339
|
| | | | | | | |
|
|
Same-Store Retail Revenue Growth:
| | | | | | | | |
|
New Vehicles
| |
11.1%
| |
18.2%
| |
13.1%
| |
(24.0%)
|
|
Used Vehicles
| |
9.0%
| |
19.1%
| |
10.3%
| |
(12.9%)
|
|
Finance and Insurance, Net
| |
2.9%
| |
34.1%
| |
10.6%
| |
(16.9%)
|
|
Service and Parts
| |
2.5%
| |
(1.6%)
| |
(0.3%)
| |
(8.6%)
|
|
Total
| |
9.1%
| |
15.5%
| |
10.2%
| |
(18.8%)
|
| | | | | | | |
|
|
Revenue Mix:
| | | | | | | | |
|
New Vehicles
| |
52.4%
| |
51.4%
| |
50.9%
| |
49.0%
|
|
Used Vehicles
| |
26.3%
| |
26.6%
| |
27.4%
| |
27.3%
|
|
Finance and Insurance, Net
| |
2.2%
| |
2.4%
| |
2.4%
| |
2.3%
|
|
Service and Parts
| |
12.4%
| |
13.2%
| |
12.5%
| |
13.9%
|
|
Distribution
| |
0.3%
| |
0.4%
| |
0.5%
| |
1.9%
|
|
Fleet and Wholesale
| |
6.4%
| |
6.0%
| |
6.3%
| |
5.6%
|
| | | | | | | |
|
|
Average Retail Selling Price:
| | | | | | | | |
|
New Vehicles
| |
$37,183
| |
$35,663
| |
$35,119
| |
$33,091
|
|
Used Vehicles
| |
26,291
| |
27,683
| |
25,866
| |
25,410
|
| | | | | | | |
|
|
Gross Margin
| |
15.6%
| |
16.1%
| |
15.9%
| |
16.6%
|
| | | | | | | |
|
|
Retail Gross Margin – by Product:
| | | | | | | | |
|
New Vehicles
| |
8.5%
| |
8.4%
| |
8.2%
| |
8.1%
|
|
Used Vehicles
| |
7.2%
| |
7.6%
| |
7.7%
| |
8.6%
|
|
Service and Parts
| |
56.2%
| |
56.0%
| |
56.8%
| |
55.1%
|
|
| |
| |
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Selected Data (Continued)
|
|
(Unaudited)
|
| | | |
|
| |
Fourth Quarter
| |
Year
|
| |
2010
|
|
2009
| |
2010
|
|
2009
|
|
Gross Profit per Retail Transaction:
| | | | | | | | |
|
New Vehicles
| |
$3,150
| |
$2,995
| |
$2,883
| |
$2,670
|
|
Used Vehicles
| |
1,891
| |
2,104
| |
1,990
| |
2,190
|
|
Finance and Insurance
| |
926
| |
995
| |
937
| |
915
|
| | | | | | | |
|
|
Brand Mix:
| | | | | | | | |
|
BMW / MINI
| |
23%
| |
22%
| |
21%
| |
22%
|
|
Toyota / Lexus
| |
17%
| |
19%
| |
18%
| |
19%
|
|
Honda / Acura
| |
13%
| |
13%
| |
14%
| |
14%
|
|
Mercedes Benz / smart
| |
11%
| |
11%
| |
10%
| |
10%
|
|
Audi
| |
10%
| |
10%
| |
10%
| |
10%
|
|
Land Rover
| |
4%
| |
5%
| |
5%
| |
4%
|
|
Porsche
| |
4%
| |
4%
| |
4%
| |
4%
|
|
Ferrari / Maserati
| |
3%
| |
3%
| |
3%
| |
3%
|
|
Other
| |
15%
| |
13%
| |
15%
| |
14%
|
| |
100%
| |
100%
| |
100%
| |
100%
|
| | | | | | | |
|
|
Premium
| |
68%
| |
67%
| |
66%
| |
65%
|
|
Foreign
| |
27%
| |
28%
| |
29%
| |
30%
|
|
Domestic Big 3
| |
5%
| |
5%
| |
5%
| |
5%
|
| |
100%
| |
100%
| |
100%
| |
100%
|
| | | | | | | |
|
|
Revenue Mix:
| | | | | | | | |
|
U.S.
| |
65%
| |
62%
| |
63%
| |
63%
|
|
International
| |
35%
| |
38%
| |
37%
| |
37%
|
| |
100%
| |
100%
| |
100%
| |
100%
|
| | | | | | | |
|
|
Rent Expense
| |
$44,479
| |
$41,602
| |
$169,342
| |
$162,992
|
| | | | | | | |
|
|
EBITDA*
| |
$70,873
| |
$59,887
| |
$276,956
| |
$251,436
|
| | | | | | | |
|
|
Adjusted EBITDA*
| |
$69,722
| |
$59,887
| |
$274,171
| |
$246,231
|
| | | | | | | |
|
| | | | | | | |
|
|
* See the following Non-GAAP reconciliation tables
|
|
|
Reconciliation of 2010 and 2009 reported and adjusted income from
continuing operations attributable to common shareholders of PAG and
related earnings per share:
|
|
Fourth Quarter
|
| |
2010
|
|
2009
|
| |
Income
|
|
EPS
| |
Income
|
|
EPS
|
|
Income from continuing operations attributable to common
shareholders of PAG
| |
$30,262
| |
$0.33
| |
$19,436
| |
$0.21
|
|
Gain on sale of investment
| |
(3,595)
| |
(0.04)
| |
--
| |
--
|
|
Franchise closure/relocation costs
| |
2,814
| |
0.03
| |
--
| |
--
|
|
Adjusted income from continuing operations attributable to PAG
| |
$29,481
| |
$0.32
| |
$19,436
| |
$0.21
|
| | | | | |
|
| | | | | |
|
| |
Twelve Months
|
| |
2010
| |
2009
|
| |
Income
| |
EPS
| |
Income
| |
EPS
|
|
Income from continuing operations attributable to common
shareholders of PAG
| |
$111,190
| |
$1.21
| |
$83,299
| |
$0.91
|
|
Gain on sale of investment
| |
(3,595)
| |
(0.04)
| |
--
| |
--
|
|
Franchise closure/relocation costs
| |
2,814
| |
0.03
| |
778
| |
0.01
|
|
Gain on debt repurchase
| |
(1,062)
| |
(0.01)
| |
(6,518)
| |
(0.07)
|
|
Costs relating to Saturn transaction
| |
--
| |
--
| |
1,926
| |
0.02
|
|
Hedge de-designation costs
| |
--
| |
--
| |
686
| |
0.01
|
|
Adjusted income from continuing operations attributable to PAG
| |
$109,347
| |
$1.19
| |
$80,171
| |
$0.87
|
| | | | | |
|
|
|
Reconciliation of 2010 and 2009 net income to EBITDA and adjusted
EBITDA:
|
| | | | | |
|
| |
Fourth Quarter
| |
Twelve Months
|
| |
2010
| |
2009
| |
2010
| |
2009
|
|
Net income
| |
$29,071
| |
$18,889
| |
$109,347
| |
$76,920
|
|
Depreciation
| |
12,053
| |
13,523
| |
48,884
| |
54,234
|
|
Other interest expense
| |
11,776
| |
13,524
| |
49,267
| |
55,201
|
|
Debt discount amortization
| |
1,647
| |
3,135
| |
8,637
| |
13,043
|
|
Income taxes
| |
14,573
| |
10,057
| |
57,912
| |
45,200
|
|
Loss from discontinued operations, net of tax
| |
1,753
| |
759
| |
2,909
| |
6,838
|
|
EBITDA
| |
70,873
| |
59,887
| |
276,956
| |
251,436
|
|
Gain on sale of investment
| |
(5,295)
| |
--
| |
(5,295)
| |
--
|
|
Franchise closure/relocation costs
| |
4,144
| |
--
| |
4,144
| |
1,200
|
|
Gain on debt repurchase
| |
--
| |
--
| |
(1,634)
| |
(10,429)
|
|
Costs relating to Saturn transaction
| |
--
| |
--
| |
--
| |
2,967
|
|
Hedge de-designation costs
| |
--
| |
--
| |
--
| |
1,057
|
| | | | | | | |
|
|
Adjusted EBITDA
| |
$69,722
| |
$59,887
| |
$274,171
| |
$246,231
|
Source: Penske Automotive Group, Inc.
Contact:
Penske Automotive Group, Inc.
Bob O’Shaughnessy
Chief
Financial Officer
248-648-2800
boshaughnessy@penskeautomotive.com
or
Anthony
R. Pordon
Senior Vice President
248-648-2540
tpordon@penskeautomotive.com