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Penske Automotive Group (NYSE: PAG) operates one of the world's premier transportation service networks, spanning automotive retail and commercial truck dealerships across three continents. This news hub provides investors and industry professionals with essential updates on corporate developments, financial performance, and strategic initiatives.
Access real-time updates on earnings announcements, dealership acquisitions, and operational milestones. Our curated collection features press releases about PAG's luxury vehicle sales growth, commercial truck service expansions, and international partnership developments. Users will find analysis of quarterly results alongside coverage of leadership changes and industry recognition.
Key content includes updates on PAG's North American retail operations, European commercial vehicle expansions, and Asia-Pacific market strategies. Track developments in critical areas including electric vehicle infrastructure investments, premium brand partnerships, and digital retail innovations. All content is verified through primary sources to ensure regulatory compliance and factual accuracy.
Bookmark this page for streamlined access to Penske Automotive Group's latest business developments. Combine our news feed with SEC filings and earnings call transcripts for comprehensive investment research. Check back regularly for updates from this global leader in transportation services.
Penske Automotive Group (NYSE: PAG) announced an 11% increase in its quarterly dividend to $1.07 per share, marking the 15th consecutive quarterly increase. This represents the third dividend hike in 2024, underscoring the company's robust balance sheet and low leverage ratio of 1.2x as of June 30, 2024. Penske Automotive has returned approximately $271 million to shareholders in 2024 through dividends and share repurchases. Furthermore, the company has completed acquisitions with an estimated annualized revenue of $2 billion this year. The dividend is payable on September 4, 2024, to shareholders of record as of August 15, 2024. CEO Robert Kurnick, Jr. highlighted the company's strong financial health and ongoing growth through acquisitions.
Penske Automotive Group (NYSE: PAG) has announced its Q2 2024 financial results conference call, scheduled for July 31, 2024, at 2:00 p.m. Eastern. The company will release its financial results for the three and six months ended June 30, 2024, earlier that morning. Investors can access the call via phone or webcast, with dial-in information provided for both U.S. and international participants. An investor presentation and earnings press release will be available on the company's website prior to the call.
PAG is a diversified international transportation services company, operating dealerships across multiple countries and is a major retailer of commercial trucks. The company employs over 28,500 people worldwide and owns 28.9% of Penske Transportation Solutions, which manages a large trucking fleet and provides transportation solutions.
Haig Partners , a leading buy-sell advisory firm, has successfully facilitated the sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu. The Ford dealership was acquired by Dahl Automotive, while the Mack-Isuzu dealership was sold to Kriete Truck Centers. These transactions followed the recent sale of three Freightliner-Western Star dealerships to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE: PAG).
The sales process involved navigating complex OEM restrictions and managing multiple transactions simultaneously. Haig Partners' expertise in the medium and heavy-duty truck market was important in achieving optimal outcomes for the seller, Joe Laux, former owner and CEO of River States. The transactions expand Dahl Automotive's commercial vehicle operations and align with Kriete Truck Centers' growth strategy.
The Presidio Group has exclusively advised the Brown family on the sale of Bill Brown Ford, a prestigious Ford dealership in Livonia, Michigan, to Penske Automotive Group (PAG). Founded in 1940, Bill Brown Ford has been a cornerstone of the Livonia community since 1952, winning Ford's Triple Crown Award for seven consecutive years and the President's Award for 17 straight years. The dealership, known for its customer-first approach, was led by Ed Brown for 50 years until his passing in March 2023.
Tom Brown and Ruth Ann Brown, the current owners, expressed confidence in PAG's ability to maintain the dealership's legacy and take care of employees and customers. Roger Penske, CEO of PAG, welcomed Bill Brown Ford employees and pledged to continue the family's legacy. This transaction is considered one of the most notable dealership buy-sell deals of 2024 in the automotive industry.
Penske Automotive Group (NYSE: PAG) has acquired Bill Brown Ford in Livonia, Michigan, expanding its North American retail operations. The acquisition is expected to add $550 million in estimated annualized revenue. PAG will acquire over 200,000 square feet of facilities across 29 acres, including a main dealership, pre-owned facility, fleet maintenance center, and collision center.
Bill Brown Ford is an 18-time recipient of the Ford President's Award. This acquisition strengthens PAG's relationship with Ford and expands its Midwest presence. Year-to-date 2024, PAG has completed acquisitions representing nearly $2 billion in estimated annualized revenue. The company operates dealerships across four continents and nine countries, employing over 28,500 people worldwide.
Haig Partners , a leading advisory firm, acted as the exclusive sell-side advisor for the sale of River States Truck and Trailer to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE:PAG). The acquisition is projected to generate $200 million in annualized revenue for Premier Truck Group, which operates 48 locations across the U.S. and Canada. River States, with five facilities in Wisconsin and Minnesota, adds 161,000 sq. ft. of space, 96 service bays, and 63 technicians to Premier Truck Group's portfolio. Joe Laux, the former CEO of River States, praised his team and Haig Partners for their roles in the successful transaction. This acquisition aims to enhance customer service and operational efficiency for Premier Truck Group.
Premier Truck Group, a division of Penske Automotive Group (NYSE: PAG), has acquired River States Truck and Trailer, expanding its operations into Wisconsin and Minnesota. This acquisition is expected to generate an additional $200 million in annual revenue. River States operates five facilities, including three full-service dealerships and two independent repair facilities, which will be integrated into Premier Truck Group’s network. The acquisition enhances Premier Truck Group's footprint to 48 locations across North America and strengthens its service offering with collision centers in Eagan, MN, and La Crosse, WI, extending their heavy truck collision network to 12 centers.
Penske Automotive Group (NYSE: PAG) announced the completion of its acquisition of Porsche Centre Brighton and Porsche Centre Doncaster in Melbourne, Australia, bringing its total number of Porsche dealerships to 24 globally. This acquisition is projected to generate an estimated $130 million in annualized revenue. Head of International Operations, Randall Seymore, expressed enthusiasm about expanding PAG's presence in Australia and strengthening their partnership with Porsche. As part of the strategic move, PAG decided to divest a Ducati dealership acquired during the transaction.
Penske Automotive Group is a global transportation services company with operations across nine countries and approximately 28,000 employees. PAG is also a significant player in commercial truck retail and owns a substantial stake in Penske Transportation Solutions, which manages a large fleet of trucks and offers various transportation and supply chain services.
Penske Automotive Group, Inc. (NYSE: PAG) increased its quarterly dividend by 10% to $0.96 per share. The dividend is payable on June 4, 2024, to shareholders of record as of May 20, 2024. President Robert Kurnick, Jr. cited a strong balance sheet and cash flow for the dividend boost.
Penske Automotive Group is a global transportation services company and a major player in automotive and commercial truck retail. The company operates dealerships in several countries and is a significant retailer of commercial trucks in North America.
Penske Automotive Group reported its quarterly results for the first quarter of 2024, with a 1.5% increase in revenue to $7.4 billion. Net income was $215.2 million compared to $298.3 million in the prior year. The company experienced growth in retail automotive revenue, a 40 basis point increase in gross margin, and a 30 basis point improvement in selling, general, and administrative expenses. However, profitability was impacted by lower equity earnings from PTS and higher interest expenses.
