Penske Automotive Group

Penske to open 7th U.S. Porsche store

12:34 pm U.S. ET | Feb. 28, 2014
Penske Automotive Group signed a letter of intent to open its seventh Porsche dealership in the United States. The store is scheduled to open in Davie, Florida, in the second quarter of 2015.... Read More »


Penske reports record net income for Q4 and year

11:47 am U.S. ET | Feb. 13, 2014
Penske Automotive Group reported its highest fourth-quarter and full-year net income in company history, driven by higher retail sales and cost controls. For the fourth quarter, Penske's net income rose 21 percent to $59.7 million, as revenue increased 15 percent to $3.86 billion.... Read More »


Dealer acquisition spend doubles in first 3 quarters

12:01 am U.S. ET | Dec. 30, 2013
Acquisition spending on U.S. dealerships by public retailers more than doubled during the first three quarters of 2013 from the same period in 2012.... Read More »


Penske product-specialist plan stems from Apple concept

12:01 am U.S. ET | Nov. 11, 2013
Penske Automotive Group Inc. is testing the use of product specialists in one of its stores in hopes of increasing sales and improving customer satisfaction.... Read More »



With M&A picking up, private groups slug it out with the publics

12:01 am U.S. ET | Aug. 26, 2013
As dealership buy-sells heat up, large privately held dealership groups are bidding aggressively against the large public groups, even for the largest deals.... Read More »


Lithia's 3-point plan to boost F&I

12:01 am U.S. ET | Aug. 12, 2013
Public retailer Lithia Motors Inc. increased per-vehicle F&I revenue by 4 percent in the second quarter, to $1,098. And CEO Bryan DeBoer isn't satisfied.... Read More »


Penske-Hertz deals yield cash, cars

12:01 am U.S. ET | Aug. 5, 2013
Penske Automotive Group Inc. said it gained $15 million in additional revenue in the second quarter from deals with Hertz Corp. that make Penske the exclusive operator of some Hertz rental locations in Memphis, Tenn., and parts of Indiana, including airport locations in Fort Wayne, Indianapolis and South Bend.... Read More »


Penske Q2 profits surge

11:18 am U.S. ET | July 31, 2013
Penske Automotive Group's second-quarter net income and revenue rose at a double-digit clip, driven by strong new- and used-car sales, gains in service and parts revenue and continued cost controls.... Read More »


Automakers deliver 10% quarterly gain in shareholder value

12:01 am U.S. ET | July 29, 2013
Strong product launches and historically low financing rates led to a 10.1 percent increase in shareholder value for global automakers in the second quarter.... Read More »


AutoNation joins service tablet trend

12:01 am U.S. ET | July 29, 2013
AutoNation Inc. is launching the use of touchpad tablets in some service lanes to speed customer service and make it more interactive.... Read More »


Michigan's Prestige Automotive acquires Cadillac store in suburban Detroit from Penske Auto

8:03 am U.S. ET | July 18, 2013
Prestige Automotive Group of St. Clair Shores, Mich., has acquired a Cadillac dealership in suburban Detroit from Penske Automotive Group for $15 million.... Read More »


Penske boosts dividend ahead of Q2 earnings

12:26 pm U.S. ET | July 17, 2013
Penske Automotive Group raised its quarterly dividend 7 percent for the second straight quarter this year, to 16 cents per share from 15 cents, the company said today. The dividend is payable on Sept. 3 to shareholders of record on Aug. 12.... Read More »


Dealers putting more dollars into dirt

12:01 am U.S. ET | June 3, 2013
Since 2008, the six publicly traded dealership groups combined have increased their ownership of land and buildings by nearly 25 percent, according to a Merrill Lynch report. For example, according to the report, "Group 1 went from owning about 27 percent of its properties in 2008 to now owning almost 40 percent."... Read More »


U.S. dealer group Penske interested in buying Daimler stores in Germany

May 27, 2013 06:01 CET
Penske Automotive Group says it would be interested in buying some dealerships in Germany owned by Daimler. Daimler may want to sell four company-owned stores as it seeks to boost faltering profits.... Read More »


Penske: If Daimler sells stores in Germany, we're interested

12:01 am U.S. ET | May 27, 2013
Penske Automotive Group Inc. says it would be interested in buying some dealerships in Germany owned by Daimler AG. Daimler may want to sell four stores as it seeks to boost faltering profits, an unidentified source familiar with the company's thinking told Reuters. Daimler could sell more dealerships if those transactions go well, the source said.... Read More »


LaSorda, Penske launch venture fund for tech startups

1:00 pm U.S. ET | May 23, 2013
Tom LaSorda, the former CEO of Chrysler and Fisker Automotive, has started a new venture capital fund -- with investors that include auto racing and retailing executive Roger Penske -- that will invest in startup companies in health care, clean energy, transportation, information technology, software and applications.... Read More »


Penske raises dividend 7%

3:52 pm U.S. ET | May 10, 2013
Penske Automotive Group increased its quarterly dividend by 7 percent, to 15 cents per share, for the first quarter, the company announced today.... Read More »


Public retail groups: 'We're fighting tooth and nail' for margins

12:01 am U.S. ET | May 6, 2013
Profit margins on new vehicles are slipping for the nation's largest dealership groups as manufacturers and retailers slug it out for market share. New-car margins dropped for all the public dealership groups during the first quarter of 2013.... Read More »


Dealership groups expected to post first-quarter gains

4:29 pm U.S. ET | April 22, 2013
Dealership groups that announce their first-quarter earnings over the next two weeks should see continued growth as new- and used-car sales outperform 2012 levels, analysts say. Asbury Automotive Group, Sonic Automotive and Lithia Motors release their quarterly reports this week. Penske Automotive Group and Group 1 Automotive report next week.... Read More »


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How a Texas Toyota store solved used-car-supply challenge

Mike Shaw Toyota in Corpus Christi, Texas, struggled to find good used cars. So it started providing free appraisals to service customers and offered to buy their vehicles on the spot. Mon., April 14
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