Total Revenue Increases 10.5% to $2.9 Billion
Total Same-Store Retail Revenue Increases 9.8%
EPS from Continuing Operations Increases 27% to $0.43
Repurchased $87.3 Million in Convertible Debt
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today reported 2011 second quarter income from continuing
operations attributable to common shareholders of $39.9 million, or
$0.43 per share, which compares to income from continuing operations of
$31.0 million, or $0.34 per share for the second quarter last year.
Total revenue increased by $273.8 million, or 10.5%, to $2.9 billion on
a 6.3% increase in total retail unit sales. The revenue increase was
highlighted by higher average transaction prices on both new and used
vehicles during the quarter, including a 13.8% increase in same-store
retail revenue from the Company’s premium/luxury brands. The parts and
service business remained resilient, increasing 7.5% in the quarter;
6.0% on a same-store basis.
Highlights of the Second Quarter
-
Total retail unit sales increased 6.3% to 70,873
-
+7.4% in the United States; +3.7% Internationally
-
New unit retail sales (1.1%); Used unit retail sales +16.1%
-
Same-store retail revenue increased 9.8%
-
New +6.2%; Used +17.6%; Finance & Insurance +10.8%; Service and
Parts +6.0%
-
+7.5% in the United States; +13.6% Internationally
-
Average Gross Profit Per Unit
-
New $3,196/unit, +12.4%; Gross Margin 8.5%
-
Used $2,194/unit, +6.0%; Gross Margin 8.2%
“Although we faced a challenging inventory situation as a result of the
Japan earthquake, our business model continued to prove its resiliency
and delivered another solid quarter,” said Penske Automotive Group
Chairman Roger Penske. “We offset the 1.1% decline in new retail unit
sales with a 16.1% increase in used retail vehicle sales and higher
gross profit per new and used retail unit sold. Additionally, the
Company’s premium luxury brand mix in the U.K. continued to perform
well, as same-store retail sales of new units outperformed overall U.K
market registrations, which declined by 5.2% in the second quarter
according to industry data.”
Commenting on the impact of the earthquake and tsunami that struck
Japan, Penske said, “Our OEM partners have made substantial progress in
their ability to increase production earlier than originally
anticipated. We continue to expect supply challenges of certain brands
during the third quarter; however, we expect the situation to continue
improving and remain confident in our ability to manage through any
continued supply disruption.”
Total revenue for the six months ended June 30, 2011 increased 12.8% to
$5.7 billion. Income from continuing operations attributable to common
shareholders increased 41.7%, to $78.0 million or $0.84 per share, which
compares to income from continuing operations of $55.0 million, or $0.60
per share for the six months ended June 30, 2010.
Acquisition Activity
As previously announced, the Company recently completed the acquisition
of Crevier BMW-MINI, in Santa Ana, California, and Mercedes-Benz of
Greenwich in Connecticut. In total, the Company has acquired seven
franchises in 2011, which are expected to generate approximately $525
million of annual revenue. These transactions were financed using
working capital and availability under the Company’s U.S. revolving
credit facility.
Securities Repurchase Activity
During the second quarter of 2011, the Company acquired 618,209 shares
of its common stock at an average price of $20.06 per share. Also during
the quarter, holders of the Company's 3.5% Senior Subordinated
Convertible Notes Due 2026 (the "Notes") tendered $87.3 million of the
$150.6 million outstanding principal amount of the Notes to the Company.
The Company completed the purchase of the Notes using its revolving
credit facility and available cash on hand. The remaining $63.3 million
of the Notes may be redeemed by the Company at any time by paying par
value and any applicable conversion premium.
The Company currently has authorization to repurchase up to $138.6
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 second quarter of 2011 on July 21, 2011,
at 2:00 p.m.Eastern Daylight Time. To listen to the
conference call, participants must dial (800) 230-1096
[International, please dial (612) 332-0107]. The call will also be
simultaneously broadcast over the Internet through the Investors
Relations section of the Penske Automotive Group website at www.penskeautomotive.com.
About Penske Automotive
Penske
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.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined
under SEC rules, such as earnings before interest, taxes, depreciation
and amortization (“EBITDA”). The Company has reconciled this measure to
the most directly comparable GAAP measure in the release. The Company
believes that this widely accepted measure of operating profitability
improves the transparency of the Company's disclosures. This non-GAAP
financial measure is not a substitute for GAAP financial results, and
should only be considered in conjunction with the Company’s financial
information that is presented in accordance with GAAP.
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 future sales potential. 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 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 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, 2010, 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.
Find a vehicle: http://www.penskecars.com
Engage
Penske Automotive: http://www.penskesocial.com
Like
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
|
|
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Consolidated Statements of Income
|
|
(Amounts In Thousands, Except Per Share Data)
|
|
(Unaudited)
|
|
|
|
| Three Months Ended |
| | June 30, |
| | 2011 |
| 2010 |
|
Revenues:
| | | | |
|
New Vehicle
| |
$
|
1,422,267
| | |
$
|
1,314,904
| |
|
Used Vehicle
| | |
879,907
| | | |
736,336
| |
|
Finance and Insurance, Net
| | |
69,202
| | | |
61,666
| |
|
Service and Parts
| | |
348,018
| | | |
323,824
| |
|
Fleet and Wholesale Vehicle
| |
|
169,026
|
| |
|
177,872
|
|
|
Total Revenues
| |
|
2,888,420
|
| |
|
2,614,602
|
|
|
Cost of Sales:
| | | | |
|
New Vehicle
| | |
1,301,352
| | | |
1,206,216
| |
|
Used Vehicle
| | |
807,425
| | | |
677,382
| |
|
Service and Parts
| | |
149,040
| | | |
138,558
| |
|
Fleet and Wholesale Vehicle
| |
|
166,963
|
| |
|
175,640
|
|
|
Total Cost of Sales
| | |
2,424,780
| | | |
2,197,796
| |
|
Gross Profit
| | |
463,640
| | | |
416,806
| |
|
SG&A Expenses
| | |
380,350
| | | |
339,676
| |
|
Depreciation
| |
|
12,093
|
| |
|
11,516
|
|
|
Operating Income
| | |
71,197
| | | |
65,614
| |
|
Floor Plan Interest Expense
| | |
(7,113
|
)
| | |
(7,983
|
)
|
|
Other Interest Expense
| | |
(10,575
|
)
| | |
(12,542
|
)
|
|
Debt Discount Amortization
| | |
-
| | | |
(2,428
|
)
|
|
Equity in Earnings of Affiliates
| | |
7,882
| | | |
4,784
| |
|
Gain on Debt Repurchase
| |
|
-
|
| |
|
422
|
|
|
Income from Continuing Operations Before Income Taxes
| | |
61,391
| | | |
47,867
| |
|
Income Taxes
| |
|
(20,996
|
)
| |
|
(16,628
|
)
|
|
Income from Continuing Operations
| | |
40,395
| | | |
31,239
| |
|
Loss from Discontinued Operations, Net of Tax
| |
|
(336
|
)
| |
|
(1,555
|
)
|
|
Net Income
| | |
40,059
| | | |
29,684
| |
|
Income Attributable to Non-Controlling Interests
| |
|
(499
|
)
| |
|
(243
|
)
|
|
Net Income Attributable to Common Shareholders
| |
$
|
39,560
|
| |
$
|
29,441
|
|
|
Income from Continuing Operations Per Share
| |
$
|
0.43
|
| |
$
|
0.34
|
|
|
Income Per Share
| |
$
|
0.43
|
| |
$
|
0.32
|
|
|
Weighted Average Shares Outstanding
| |
|
92,570
|
| |
|
92,206
|
|
| Amounts Attributable to Common Shareholders: | | | | |
|
Reported Income from Continuing Operations
| |
$
|
40,395
| | |
$
|
31,239
| |
|
Income Attributable to Non-Controlling Interests
| |
|
(499
|
)
| |
|
(243
|
)
|
|
Income from Continuing Operations, net of tax
| | |
39,896
| | | |
30,996
| |
|
Loss from Discontinued Operations, net of tax
| |
|
(336
|
)
| |
|
(1,555
|
)
|
|
Net Income
| |
$
|
39,560
|
| |
$
|
29,441
|
|
| | | | | | | |
|
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Consolidated Statements of Income
|
|
(Amounts In Thousands, Except Per Share Data)
|
|
(Unaudited)
|
|
|
|
| Six Months Ended |
| | June 30, |
| | 2011 |
| 2010 |
|
Revenues:
| | | | |
|
New Vehicle
| |
$
|
2,823,614
| | |
$
|
2,516,795
| |
|
Used Vehicle
| | |
1,692,501
| | | |
1,421,466
| |
|
Finance and Insurance, Net
| | |
135,676
| | | |
119,550
| |
|
Service and Parts
| | |
696,209
| | | |
649,606
| |
|
Fleet and Wholesale Vehicle
| |
|
335,907
|
| |
|
331,372
|
|
|
Total Revenues
| |
|
5,683,907
|
| |
|
5,038,789
|
|
|
Cost of Sales:
| | | | |
|
New Vehicle
| | |
2,591,388
| | | |
2,308,806
| |
|
Used Vehicle
| | |
1,554,114
| | | |
1,306,620
| |
|
Service and Parts
| | |
299,014
| | | |
281,113
| |
|
Fleet and Wholesale Vehicle
| |
|
330,674
|
| |
|
325,392
|
|
|
Total Cost of Sales
| | |
4,775,190
| | | |
4,221,931
| |
|
Gross Profit
| | |
908,717
| | | |
816,858
| |
|
SG&A Expenses
| | |
738,462
| | | |
666,039
| |
|
Depreciation
| |
|
24,031
|
| |
|
23,374
|
|
|
Operating Income
| | |
146,224
| | | |
127,445
| |
|
Floor Plan Interest Expense
| | |
(14,131
|
)
| | |
(16,125
|
)
|
|
Other Interest Expense
| | |
(21,976
|
)
| | |
(25,262
|
)
|
|
Debt Discount Amortization
| | |
(1,718
|
)
| | |
(5,343
|
)
|
|
Equity in Earnings of Affiliates
| | |
7,904
| | | |
4,355
| |
|
Gain on Debt Repurchase
| |
|
-
|
| |
|
1,027
|
|
|
Income from Continuing Operations Before Income Taxes
| | |
116,303
| | | |
86,097
| |
|
Income Taxes
| |
|
(37,784
|
)
| |
|
(30,878
|
)
|
|
Income from Continuing Operations
| | |
78,519
| | | |
55,219
| |
|
Loss from Discontinued Operations, Net of Tax
| |
|
(4,463
|
)
| |
|
(5,203
|
)
|
|
Net Income
| | |
74,056
| | | |
50,016
| |
|
Income Attributable to Non-Controlling Interests
| |
|
(569
|
)
| |
|
(221
|
)
|
|
Net Income Attributable to Common Shareholders
| |
$
|
73,487
|
| |
$
|
49,795
|
|
|
Income from Continuing Operations Per Share
| |
$
|
0.84
|
| |
$
|
0.60
|
|
|
Income Per Share
| |
$
|
0.79
|
| |
$
|
0.54
|
|
|
Weighted Average Shares Outstanding
| |
|
92,514
|
| |
|
92,086
|
|
| Amounts Attributable to Common Shareholders: | | | | |
|
Reported Income from Continuing Operations
| |
$
|
78,519
| | |
$
|
55,219
| |
|
Income Attributable to Non-Controlling Interests
| |
|
(569
|
)
| |
|
(221
|
)
|
|
Income from Continuing Operations, net of tax
| | |
77,950
| | | |
54,998
| |
|
Loss from Discontinued Operations, net of tax
| |
|
(4,463
|
)
| |
|
(5,203
|
)
|
|
Net Income
| |
$
|
73,487
|
| |
$
|
49,795
|
|
| | | | | | | |
|
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Consolidated Condensed Balance Sheets
|
|
(Amounts In Thousands)
|
|
(Unaudited)
|
|
| |
| |
| | June 30, | | December 31, |
| | 2011 | | 2010 |
| | | |
|
| Assets | | | | |
|
Cash and Cash Equivalents
| |
$
|
3,346
| |
$
|
17,868
|
|
Accounts Receivable, Net
| | |
365,794
| | |
383,675
|
|
Inventories
| | |
1,456,409
| | |
1,453,546
|
|
Other Current Assets
| | |
91,772
| | |
68,457
|
|
Assets Held for Sale
| |
|
56,826
| |
|
110,485
|
|
Total Current Assets
| | |
1,974,147
| | |
2,034,031
|
|
Property and Equipment, Net
| | |
776,386
| | |
720,834
|
|
Intangibles
| | |
1,032,914
| | |
1,011,889
|
|
Other Long-Term Assets
| |
|
303,432
| |
|
303,078
|
|
Total Assets
| |
$
|
4,086,879
| |
$
|
4,069,832
|
| | | |
|
| Liabilities and Equity | | | | |
|
Floor Plan Notes Payable
| |
$
|
854,224
| |
$
|
922,295
|
|
Floor Plan Notes Payable – Non-Trade
| | |
562,906
| | |
492,595
|
|
Accounts Payable
| | |
215,923
| | |
253,424
|
|
Accrued Expenses
| | |
232,431
| | |
202,644
|
|
Current Portion Long-Term Debt
| | |
10,285
| | |
10,593
|
|
Liabilities Held for Sale
| |
|
52,480
| |
|
79,455
|
|
Total Current Liabilities
| | |
1,928,249
| | |
1,961,006
|
|
Long-Term Debt
| | |
706,522
| | |
769,285
|
|
Other Long-Term Liabilities
| |
|
331,877
| |
|
293,688
|
|
Total Liabilities
| | |
2,966,648
| | |
3,023,979
|
|
Equity
| |
|
1,120,231
| |
|
1,045,853
|
|
Total Liabilities and Equity
| |
$
|
4,086,879
| |
$
|
4,069,832
|
| | | |
|
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Selected Data
|
|
(Unaudited)
|
|
|
|
| Three Months Ended |
| Six Months Ended |
| | June 30, | | June 30, |
| | 2011 |
| 2010 | | 2011 |
| 2010 |
|
Total Retail Units:
| | | | | | | | |
|
New Retail
| | |
37,830
| | |
38,238
| | |
76,703
| | |
73,307
|
|
Used Retail
| |
|
33,043
| |
|
28,466
| |
|
63,954
| |
|
54,569
|
|
Total Retail
| |
|
70,873
| |
|
66,704
| |
|
140,657
| |
|
127,876
|
| | | | | | | |
|
|
Same-Store Retail Units:
| | | | | | | | |
|
New Same-Store Retail
| | |
37,231
| | |
38,238
| | |
73,543
| | |
72,200
|
|
Used Same-Store Retail
| |
|
32,524
| |
|
28,466
| |
|
61,131
| |
|
53,825
|
|
Total Same-Store Retail
| |
|
69,755
| |
|
66,704
| |
|
134,674
| |
|
126,025
|
| | | | | | | |
|
|
Same-Store Retail Revenue:
| | | | | | | | |
|
New Vehicles
| |
$
|
1,396,807
| |
$
|
1,314,904
| |
$
|
2,701,047
| |
$
|
2,479,693
|
|
Used Vehicles
| | |
866,181
| | |
736,332
| | |
1,624,448
| | |
1,404,974
|
|
Finance and Insurance, Net
| | |
68,336
| | |
61,668
| | |
131,976
| | |
118,439
|
|
Service and Parts
| |
|
343,327
| |
|
323,821
| |
|
670,260
| |
|
642,733
|
|
Total Same-Store Retail
| |
$
|
2,674,651
| |
$
|
2,436,725
| |
$
|
5,127,731
| |
$
|
4,645,839
|
| | | | | | | |
|
|
Same-Store Retail Revenue Growth:
| | | | | | | | |
|
New Vehicles
| | |
6.2%
| | |
19.5%
| | |
8.9%
| | |
22.1%
|
|
Used Vehicles
| | |
17.6%
| | |
10.3%
| | |
15.6%
| | |
10.4%
|
|
Finance and Insurance, Net
| | |
10.8%
| | |
13.4%
| | |
11.4%
| | |
16.4%
|
|
Service and Parts
| | |
6.0%
| | |
-2.2%
| | |
4.3%
| | |
-0.3%
|
| | | | | | | |
|
|
Revenue Mix:
| | | | | | | | |
|
New Vehicles
| | |
49.2%
| | |
50.3%
| | |
49.7%
| | |
49.9%
|
|
Used Vehicles
| | |
30.5%
| | |
28.2%
| | |
29.8%
| | |
28.2%
|
|
Finance and Insurance, Net
| | |
2.4%
| | |
2.4%
| | |
2.4%
| | |
2.4%
|
|
Service and Parts
| | |
12.0%
| | |
12.4%
| | |
12.2%
| | |
12.9%
|
|
Fleet and Wholesale
| | |
5.9%
| | |
6.7%
| | |
5.9%
| | |
6.6%
|
| | | | | | | |
|
|
Average Retail Selling Price:
| | | | | | | | |
|
New Vehicles
| |
$
|
37,596
| |
$
|
34,387
| |
$
|
36,812
| |
$
|
34,332
|
|
Used Vehicles
| | |
26,629
| | |
25,867
| | |
26,464
| | |
26,049
|
| | | | | | | |
|
|
Operating items as a percentage of revenue:
| | | | | | | | |
|
New Vehicle Gross Profit
| | |
8.5%
| | |
8.3%
| | |
8.2%
| | |
8.3%
|
|
Used Vehicle Gross Profit
| | |
8.2%
| | |
8.0%
| | |
8.2%
| | |
8.1%
|
|
Service and Parts Gross Profit
| | |
57.2%
| | |
57.2%
| | |
57.1%
| | |
56.7%
|
|
Total Gross Profit
| | |
16.1%
| | |
15.9%
| | |
16.0%
| | |
16.2%
|
|
Selling, general and administrative expenses
| | |
13.2%
| | |
13.0%
| | |
13.0%
| | |
13.2%
|
|
Operating income
| | |
2.5%
| | |
2.5%
| | |
2.6%
| | |
2.5%
|
| | | | | | | |
|
|
Operating items as a percentage of total gross profit:
| | | | | | | | |
|
Selling, general and administrative expenses
| | |
82.0%
| | |
81.5%
| | |
81.3%
| | |
81.5%
|
|
Operating income
| | |
15.4%
| | |
15.7%
| | |
16.1%
| | |
15.6%
|
| | | | | | | |
|
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Selected Data (Continued)
|
|
(Unaudited)
|
|
|
|
| Three Months Ended |
| Six Months Ended |
| | June 30, | | June 30, |
| | 2011 |
| 2010 | | 2011 |
| 2010 |
|
Gross Profit per Retail Transaction:
| | | | | | | | |
|
New Vehicles
| |
$
|
3,196
| |
$
|
2,842
| |
$
|
3,028
| |
$
|
2,837
|
|
Used Vehicles
| | |
2,194
| | |
2,071
| | |
2,164
| | |
2,105
|
|
Finance and Insurance
| | |
976
| | |
924
| | |
965
| | |
935
|
| | | | | | | |
|
|
Brand Mix:
| | | | | | | | |
|
BMW
| | |
24%
| | |
21%
| | |
23%
| | |
21%
|
|
Toyota / Lexus
| | |
15%
| | |
17%
| | |
15%
| | |
17%
|
|
Honda / Acura
| | |
13%
| | |
15%
| | |
13%
| | |
14%
|
|
Audi
| | |
12%
| | |
11%
| | |
12%
| | |
11%
|
|
Mercedes-Benz
| | |
9%
| | |
9%
| | |
9%
| | |
9%
|
|
Land Rover
| | |
4%
| | |
4%
| | |
5%
| | |
5%
|
|
General Motors / Chrysler / Ford
| | |
5%
| | |
5%
| | |
5%
| | |
5%
|
|
Porsche
| | |
5%
| | |
4%
| | |
5%
| | |
4%
|
|
Ferrari / Maserati
| | |
3%
| | |
3%
| | |
3%
| | |
3%
|
|
Nissan / Infiniti
| | |
2%
| | |
3%
| | |
2%
| | |
3%
|
|
Bentley / Aston Martin
| | |
2%
| | |
2%
| | |
2%
| | |
2%
|
|
Volkswagen
| | |
2%
| | |
2%
| | |
2%
| | |
2%
|
|
Other
| | |
4%
| | |
4%
| | |
4%
| | |
4%
|
| | | | | | | |
|
| | | | | | | |
|
|
Premium
| | |
68%
| | |
65%
| | |
68%
| | |
66%
|
|
Foreign
| | |
27%
| | |
30%
| | |
27%
| | |
29%
|
|
Domestic Big 3
| | |
5%
| | |
5%
| | |
5%
| | |
5%
|
| | | | | | | |
|
| | | | | | | |
|
|
Revenue Mix:
| | | | | | | | |
|
U.S.
| | |
62%
| | |
63%
| | |
61%
| | |
62%
|
|
International
| | |
38%
| | |
37%
| | |
39%
| | |
38%
|
| | | | | | | |
|
|
EBITDA (Amounts in thousands) *
| |
$
|
84,059
| |
$
|
74,353
| |
$
|
164,028
| |
$
|
140,076
|
| | | | | | | |
|
|
Rent Expense (Amounts in thousands)
| |
$
|
42,907
| |
$
|
40,117
| |
$
|
85,581
| |
$
|
80,095
|
| | | | | | | | | | | |
|
* See the following Non-GAAP reconciliation tables
|
|
|
|
PENSKE AUTOMOTIVE GROUP, INC.
|
|
Selected Data (Concluded)
|
|
(Unaudited)
|
|
|
|
Reconciliation of 2011 and 2010 net income to EBITDA:
|
|
|
|
| Three Months Ended |
| Six Months Ended |
| | June 30, | | June 30, |
|
(Amounts in thousands)
| | 2011 |
| 2010 | | 2011 |
| 2010 |
| | | | | | | |
|
|
Net income
| |
$
|
40,059
| |
$
|
29,684
| |
$
|
74,056
| |
$
|
50,016
|
|
Depreciation
| | |
12,093
| | |
11,516
| | |
24,031
| | |
23,374
|
|
Other interest expense
| | |
10,575
| | |
12,542
| | |
21,976
| | |
25,262
|
|
Debt discount amortization
| | |
-
| | |
2,428
| | |
1,718
| | |
5,343
|
|
Income taxes
| | |
20,996
| | |
16,628
| | |
37,784
| | |
30,878
|
|
Loss from discontinued operations, net of tax
| |
|
336
| |
|
1,555
| |
|
4,463
| |
|
5,203
|
|
EBITDA
| |
$
|
84,059
| |
$
|
74,353
| |
$
|
164,028
| |
$
|
140,076
|
| | | | | | | | | | | |
|
Source: Penske Automotive Group, Inc.
Contact:
Penske Automotive Group, Inc.
David K. Jones, 248-648-2800
Executive
Vice President and
Chief Financial Officer
dave.jones@penskeautomotive.com
or
Anthony
R. Pordon, 248-648-2540
Executive Vice President Investor Relations
and
Corporate Development
tpordon@penskeautomotive.com