Welcome to our dedicated page for Penske Automotive Group news (Ticker: PAG), a resource for investors and traders seeking the latest updates and insights on Penske Automotive Group stock.
Penske Automotive Group, Inc. (NYSE: PAG) is a globally diversified transportation services company headquartered in Bloomfield Hills, Michigan. With operations spanning the United States, Canada, Western Europe, Australia, New Zealand, and Japan, Penske Automotive Group holds a prominent position in the automotive and commercial truck dealership industry.
The company primarily operates automotive and commercial truck dealerships, distributing commercial vehicles, diesel engines, gas engines, power systems, and related parts and services. It manages nearly 20 U.S. states and also operates in Puerto Rico, the United Kingdom, Germany, Italy, and Japan, among other locations.
Penske Automotive Group is renowned for its extensive network of approximately 150 U.S. light-vehicle dealerships and 189 franchised dealerships overseas, with a significant presence in the United Kingdom and Continental Europe. The company sells over 35 brands of vehicles, with more than 90% of its retail automotive revenue stemming from luxury and import brands. Alongside new and used vehicle sales, Penske offers parts and repair services, finance, and insurance solutions.
The company's Premier Truck Group operates 48 truck dealerships in North America, primarily selling Freightliner and Western Star brands. Penske also owns 19 CarShop used-vehicle stores in the U.S. and the U.K. Premier Truck Group recently announced the relocation of its Amarillo, Texas dealership to a state-of-the-art facility, enhancing its ability to service customers with increased service bays and improved amenities.
Penske Automotive Group reported a revenue increase of 1.5% to $7.4 billion in the first quarter of 2024, despite facing higher interest costs and lower equity earnings from its investment in Penske Transportation Solutions (PTS). The company also expanded its global footprint by acquiring two Porsche dealerships and a Ducati motorcycle dealership in Melbourne, Australia, further strengthening its presence in the luxury automotive market.
With over 28,500 employees worldwide, Penske Automotive Group continues to invest in strategic acquisitions and facility upgrades to maintain its competitive edge. The company is listed on the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For more information, including the latest news and financial updates, visit the company's website at www.penskeautomotive.com.
Penske Automotive Group has donated over $1 million to the Paralyzed Veterans of America (PVA), marking a significant contribution to support veterans with spinal cord injuries. This includes a $500,000 company match as part of its ongoing partnership established in 2015. The funds are meant for providing vital medical care, specialized vehicles, and housing for veterans in need. Penske has raised over $7 million since partnering with PVA, underscoring its commitment to helping veterans live more independent lives amidst rising inflation and ongoing challenges from COVID-19.
Penske Automotive Group (NYSE: PAG) has acquired TEAM Truck Centres, a significant retailer in Ontario, Canada, specializing in medium and heavy-duty Freightliner and Western Star trucks. This acquisition is projected to add approximately $150 million in annualized revenue and enhance the scale of Penske's Premier Truck Group (PTG). TEAM's four new full-service dealerships complement PTG's existing operations, now totaling eleven locations in Canada, and bolster mobile support services.
Penske Automotive Group (NYSE: PAG) reported record financial results for Q4 and full-year 2021. Q4 income from continuing operations soared 55.1% to $310.4 million, with earnings per share (EPS) up 59.4% to $3.97. Total revenue rose 8.3% to $6.3 billion, while gross profit increased 31.3%. Full-year income from continuing operations climbed 118.4% to $1.2 billion, with EPS at $14.88. The company reduced its debt significantly, returning over $530 million to shareholders via dividends and share buybacks. Growth is expected to continue with ambitious sales targets for CarShop.
Penske Automotive Group (NYSE: PAG) announced a 2.2% increase in its dividend, raising it by $0.01 to $0.47 per share. This adjustment, effective March 1, 2022 for shareholders of record on February 10, 2022, reflects the Board of Directors' confidence in the company’s strong cash flow and robust business model.
The company operates dealerships in the US, UK, Germany, Italy, and Japan, and is a major commercial truck retailer in North America.
Penske Automotive Group (NYSE: PAG) will host its fourth quarter and full-year 2021 financial results conference call on February 9, 2022, at 2:00 p.m. ET. The results will be released earlier that day. Interested parties can join the call via phone or listen to a live webcast on the company's website. A replay will be available until February 16, 2022.
Penske operates automotive and commercial truck dealerships in multiple countries and is a significant player in the North American truck retail market.
Penske Automotive Group (NYSE: PAG) has announced the grand opening of its 14th Honda dealership, Honda Leander, in Leander, Texas. The new facility spans over 9 acres, featuring 46,000 square feet of space and 27 service bays. This expansion adds to Penske's existing presence in the Austin/Round Rock market, where it operates eight other dealerships and two collision centers. President Rob Kurnick expressed satisfaction with this development, highlighting its significance for the company’s growth.
Penske Automotive Group (NYSE: PAG) has acquired Erhard BMW of Bloomfield, enhancing its BMW dealership network to 48 locations globally. Located in Bloomfield Hills, Michigan, this dealership has a strong 50-year history in the Detroit market and is the largest BMW dealership in Michigan. The acquisition is projected to generate approximately $100 million in annual revenue. Year-to-date, PAG has added about $1.2 billion in expected annualized revenue through various dealership acquisitions.
Penske Automotive Group (NYSE: PAG) has acquired McCoy Freightliner, enhancing its operations in Oregon. This acquisition is projected to generate around $200 million in annual revenue, further expanding its Premier Truck Group subsidiary. McCoy adds two full-service dealerships and a remarketing center, extending PAG's reach to the Pacific Northwest. Year-to-date, the company has secured approximately $1.1 billion in expected annual revenue through similar acquisitions, positioning PAG for continued growth in the commercial truck market.
Penske Automotive Group (NYSE:PAG) announced the opening of its eighth CarShop location in Scottsdale, Arizona, marking its 23rd location globally. This new 45,000 square foot facility offers a wide selection of certified vehicles, a no-haggle pricing model, and an indoor shopping experience supported by a service center staffed with certified technicians. The expansion has created 50 jobs in the community and enhances CarShop's legacy of customer service, aiming to provide a stress-free car-buying experience.
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