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
cash dividend of $0.15 per share for the first quarter of 2013. The
dividend is payable on June 3, 2013, to shareholders of record on May
20, 2013.
“Based on the strength of our financial performance, cash flow
generation and continued confidence we have in the retail automotive
environment, we are pleased to offer our shareholders a 7% increase in
the quarterly dividend,” said Penske Automotive Group President Robert
H. Kurnick.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 342 retail automotive franchises, representing over 40
different brands and 30 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 174 franchises in 18 states
and Puerto Rico and 168 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 16,700 employees.
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 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 or other disruptions that interrupt the supply of
vehicles or parts to us; 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, 2012, 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.
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David K. Jones
Executive Vice President and
Chief Financial
Officer
Penske Automotive Group, Inc.
248-648-2800
dave.jones@penskeautomotive.com
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.