DETROIT -- Penske Automotive Group Inc.'s net income soared more than sevenfold as the retailer posted record second-quarter results driven by lower costs and increases in new- and used-vehicle sales, per-vehicle profits and service and parts revenue.
Revenue for the third-largest dealership group in the U.S. soared 91 percent to $6.99 billion. Net income totaled $340.4 million, higher than $44.8 million in the second quarter of 2020 and $118.5 million for the same period in 2019. The 2020 results were hampered by the beginning of the coronavirus pandemic.
Penske, in a statement Thursday, said its results in this year's second quarter included charges of $12.6 million related to debt redemption cost and $8.8 million for an increase in United Kingdom corporate taxes.
CEO Roger Penske said the results came from across its automotive business and commercial truck division and were aided by lower costs.
"Despite the ongoing disruption to new-vehicle supply, our performance in the quarter demonstrates the strength of the auto and commercial truck retail model and the benefit from our diversification," he said in the company statement.