Roger Penske

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 »

 

Hendrick will receive award from Crain

12:01 am U.S. ET | Oct. 21, 2013
Auto dealer and race team owner Rick Hendrick will receive the 2014 Keith Crain/Automotive News Lifetime Achievement Award on Jan. 22 at the 2014 Washington Auto Show.... Read More »

 

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.... Read More »

 

Penske to acquire commercial vehicle distributor in Australia for $200 million

4:16 pm U.S. ET | July 29, 2013
Penske Automotive Group plans to acquire commercial vehicle distributor Western Star Trucks Australia from Transpacific Industries Group for about $200 million ($219 million Australian) in the third quarter.... 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 »

 

EXECUTIVE COMPENSATION

CEOs' pay grows with the economy

12:01 am U.S. ET | June 10, 2013
Ford CEO Alan Mulally has repeated as highest-paid CEO at publicly traded North America-based automotive companies. Mulally took home $68,443,381 in 2012, up slightly from the $68,247,702 he made in 2011. He climbed to the top of last year's list after placing third in the 2010 rankings. Unlike previous years, Mulally isn't the only automaker CEO on the list. No. 33 on this list of 35 executives is General Motors CEO Dan Akerson.... 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 »

 

AMY WILSON

For AutoNation's Jackson, Penske sets pace for retirement

12:01 am U.S. ET | May 16, 2013
AutoNation CEO Mike Jackson's employment contract with the country's largest dealership group is up in September. Jackson will turn 65 next February, but he has no intention of walking out the door any time soon.... 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 »

 

Penske Q1 net income jumps 23% on higher new- and used-vehicle sales

11:14 am U.S. ET | April 29, 2013
Stronger new- and used-vehicle sales for Penske Automotive Group pushed up net income 23 percent in the first quarter on an 8 percent rise in revenue from the year-earlier period, the company said today.... Read More »

 

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

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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