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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, Inc. (NYSE: PAG) announced the pricing of $500 million of 3.75% Senior Subordinated Notes due 2029. This offering is set to close on June 15, 2021, subject to standard conditions. The proceeds will be used to redeem $500 million in 5.5% Senior Subordinated Notes due 2026 on June 24, 2021, and to repay U.S. credit obligations and other debts. The offering is accompanied by a prospectus filed with the SEC. The release includes forward-looking statements subject to risks and uncertainties.
Penske Automotive Group (NYSE: PAG), a diversified transportation services provider, announced a proposed offering of $500 million in fixed rate Senior Subordinated Notes due 2029. The proceeds will be utilized to redeem existing $500 million 5.5% Senior Subordinated Notes due 2026, repay amounts under the U.S. credit agreement, and for general corporate purposes. The offering is contingent on market conditions and customary closing requirements, with no solicitation of offers in jurisdictions where prohibited.
Penske Automotive Group, Inc. (NYSE: PAG) has appointed Michelle Hulgrave as Executive Vice President and Chief Financial Officer, effective June 1, 2021, replacing retiring CFO J.D. Carlson. Hulgrave, a company veteran since 2006 with extensive financial experience, aims to enhance the firm's global financial operations. Additionally, Aaron Michael has been promoted to Executive Vice President, Financial Services and Global Risk Management, taking on added responsibilities while managing the company's capital structure, relationships, and risk management initiatives.
Penske Automotive Group (NYSE:PAG) has announced a 2.3% increase in its quarterly dividend to $0.44 per share, payable on June 2, 2021, to shareholders of record on May 24, 2021. This boosts the annualized dividend to $1.76 per share, reflecting a yield of approximately 2%. The company's president, Robert H. Kurnick, highlighted record results and strong cash flow in the first quarter, underscoring confidence in the business's financial health.
Penske Automotive Group (NYSE:PAG) reported record first-quarter results for 2021, with income from continuing operations increasing 253.7% to $182.5 million and earnings per share rising 253.1% to $2.26. Total revenue reached $5.8 billion, up 15.3% from the prior year. Despite COVID-related showroom closures in the U.K., the company maintained strong performance, achieving a 5.5% increase in same-store unit sales. The acquisition of Kansas City Freightliner is anticipated to boost annual revenue by $450 million. The company targets $1 billion in income from continuing operations by 2023.
Penske Automotive Group, Inc. (NYSE: PAG) has acquired Kansas City Freightliner (KCFL), enhancing Premier Truck Group's operations. This strategic move is projected to generate $450 million in annual revenue and expand service offerings across Kansas and Missouri. The acquisition includes five full-service dealerships and additional service centers, bringing PTG's total to thirty dealerships across North America. This expansion aims to capitalize on new and used truck sales, targeting approximately $2.5 billion in annual revenue.
Penske Automotive Group (NYSE:PAG) will conduct its first quarter 2021 financial results conference call on April 28, 2021, at 2:00 p.m. EDT. The call will follow the morning release of its earnings. Interested parties can join by dialing (866) 394-1455 (U.S.) or (516) 575-8644 (International) with Conference ID: 6999373. A replay will be available until May 5 via (855) 859-2056 (U.S.) and (404) 537-3406 (International). The event will also be webcast on the company's website.
Penske Automotive Group (NYSE:PAG) has rebranded its six U.S. used vehicle SuperCenters from CarSense to CarShop, unifying its global brand. The company, which operates 11 U.K. CarShop locations, aims to simplify car buying with transparent pricing and a money-back guarantee. In 2020, CarShop sold over 50,000 units, generating more than $1 billion in revenue. By the end of 2023, Penske plans to expand CarShop locations to 40, aiming for annual sales of 150,000 units and revenues between $2.5 billion and $3 billion, targeting earnings before taxes of approximately $100 million.
Penske Automotive Group (NYSE: PAG) announced the acquisition of Kansas City Freightliner (KCFL), expected to generate $450 million in annualized revenue. The acquisition expands its Premier Truck Group subsidiary, which will now include five full-service dealerships and enhanced service capabilities across Kansas and Missouri. With this transaction, PTG anticipates annual revenues nearing $2.5 billion and a total of 20,000 unit sales annually. The deal is set to close in Q2 2021, subject to customary conditions.
Penske Automotive Group (NYSE:PAG) announced remarkable financial results for Q4 and full year 2020, showcasing a 97% increase in income from continuing operations to $200.1 million and earnings per share of $2.49. Despite a revenue decline to $5.8 billion, strong performance in retail margins and reduced expenses led to a gross margin increase. The company reduced long-term debt by $670 million and announced plans for expansion, including new dealerships expected to contribute $600 million in annualized revenue.
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