Increases Dividend 10% to $0.11 per Share
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 10%
increase in the Company’s dividend to $0.11 per share. The dividend is
payable on June 1, 2012, to shareholders of record on May 10, 2012.
President Rob Kurnick said, “Over the last twelve months the Board of
Directors has been pleased to increase the dividend four times. The
dividend increase announced today demonstrates the Board’s confidence in
the sustainability of the auto retail environment and strength of our
financial position.”
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 335 retail automotive franchises, representing 40 different
brands and 29 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 168 franchises in 17 states and Puerto Rico
and 167 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 16,000 employees.
Caution Concerning Forward Looking Statements
Statements in this press release involve forward-looking statements,
including forward-looking statements regarding Penske Automotive Group,
Inc.’s future sales potential and outlook. Actual results may vary
materially because of risks and uncertainties that are difficult to
predict. These risks and uncertainties include, among others: economic
conditions generally, conditions in the credit markets and changes in
interest rates, 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; changes in consumer credit availability, the
outcome of legal and administrative matters, and other factors over
which management has limited 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, 2011, 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
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Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Penske Automotive Group, Inc.
David K. Jones
Executive Vice
President and
Chief Financial Officer
248-648-2800
dave.jones@penskeautomotive.com
or
Penske
Automotive Group, Inc.
Anthony R. Pordon
Executive Vice
President Investor Relations
and Corporate Development
248-648-2540
tpordon@penskeautomotive.com
Source: Penske Automotive Group, Inc.