Penske Automotive Group

Penske store tests no-haggle pricing

12:01 am U.S. ET | June 2, 2014
Penske Automotive Group Inc. has begun no-haggle pricing at a Toyota dealership near Phoenix on new and used vehicles, trade-ins and finance and insurance products. It is unclear whether any of Penske's 242 other stores will adopt the approach, but Michael Faul, general manager of Toyota of Surprise in Surprise, Ariz., is a fan....
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Public retailers want to take the wheel on leads

12:01 am U.S. ET | April 28, 2014
Public dealership groups are moving to improve their own online lead development and reduce reliance on third-party lead providers....
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Penske posts record continuing-operations income in Q1

7:33 am U.S. ET | April 24, 2014
Penske Automotive Group reported the highest quarterly income from continuing operations in the company's history....
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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....
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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....
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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....
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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....
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A HOT STORE BIDDING WAR

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....
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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....
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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....
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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....
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