Penske Automotive Group

Penske buys Hertz locations in Memphis; broader plan possible

4:22 pm U.S. ET | Sept. 6, 2012
Penske Automotive Group, the nation’s second-largest dealership group, has signed an agreement with Hertz to become the sole franchise operator of Hertz rental locations in the Memphis, Tenn., market -- a relationship Hertz says may expand to other markets.... Read More »

 

BEST PRACTICES

A win-win for losers

12:01 am U.S. ET | Sept. 3, 2012
Crevier BMW is shedding dead weight. A focus on physical fitness and employee well-being contributes to a low absentee rate, high employee retention and productivity. The store sells about 4,000 new and used vehicles annually, making it one of BMW's top-selling U.S. dealerships.... Read More »

 

Private buyers snapping up stores

12:01 am U.S. ET | Aug. 20, 2012
Despite more optimism in 2012, the dealership mergers and acquisitions market hasn't taken off the way many experts predicted. Through the first half of the year, acquisitions of U.S. dealerships by the public retailers ran at less than half the pace of 2011.... Read More »

 

Penske expects boost in luxury car sales from Olympics in U.K.

7:05 am U.S. ET | July 31, 2012
Penske Automotive Group expects to see a boost in luxury vehicle sales this quarter at its U.K. stores on the heels of the 2012 Summer Olympics in London. But the outlook for Penske’s U.S. business is harder to predict ahead of the presidential election, Penske Chairman Roger Penske said in a second-quarter earnings call today.... Read More »

 

Public dealer groups seen posting higher Q2 sales, profits

5:40 pm U.S. ET | July 10, 2012
The outlook is good for strong sales and earnings for the publicly traded dealership groups when they report second-quarter results later this month, a Wells Fargo analyst said Tuesday.... Read More »

 

GOLDEN GATE GAMBIT

How Roger Penske wooed and won Frisco's grande dame of auto retailing and revived a 7-story downtown jewel

12:01 am U.S. ET | June 18, 2012
Roger Penske's opening of a seven-story auto dealership in downtown San Francisco last month was a daring step for the global industry magnate. Penske, seeing opportunity downtown, put a combined Nissan and Infiniti dealership into an abandoned building that was arguably the jewel of the city's one-time auto row. Before he could think of doing it, he first had to win the favor and approval of Mrs. Brooks.... Read More »

 

Penske Automotive takes wait-and-see approach on more stores with Fisker

5:23 pm U.S. ET | June 8, 2012
Luxury plug-in hybrid maker Fisker Automotive has opened a new dealership with Penske Automotive Group in Scottsdale, Ariz., but consumers will dictate whether the companies open more stores together.... Read More »

 

U.S. dealership count: Going up

12:01 am U.S. ET | June 4, 2012
In a surprising swing after the severe cutback in U.S. dealerships during the recession, some automakers are again adding stores. This year is shaping up to be the second in a row with an increase in the dealership count. But the expansion isn't likely to last.... Read More »

 

FINANCE & INSURANCE

Hey, keep it down out there!

12:01 am U.S. ET | June 4, 2012
Curry Honda's Howard Sackaroff says he keeps two bottles of Advil on his desk. The dealership is in the midst of a $4.5 million renovation. And Sackaroff doesn't want business disrupted during construction -- least of all the finance and insurance office, where privacy is critical. Fortunately, Sackaroff planned ahead so he hasn't had to pop any pain relievers yet.... Read More »