Penske Automotive Group More Than Doubles Q1 Net Income
Penske Automotive Group first quarter net income sored from $183.1 million year over year to $369.5 million.

Penske Automotive
Penske Automotive Group reported a first quarter net income that more than doubled, soaring from $183.1 million year over year to $369.5 million.
Revenue jumped 21 percent to $6.98 billion.
The news sent Penske Automotive Group shares soaring 5% in premarket trading on Wednesday. They closed down 1.25% to $99.22 on Tuesday.
The company's light-vehicle dealerships made up the bulk of its income. However, Penske’s pretax earnings from its commercial truck dealerships also more than doubled, while pretax earnings for its Australian unit jumped 75%. Income from Penske's ownership stake in Penske Transportation Solutions more than doubled.
CEO Roger Penske said the company has repurchased $184.1 million of common stock and has acquired or opened dealerships adding about $665 million in annualized revenue to the company in 2022.
"Our results were driven by strong performance across the entire business," Penske said in the company's statement.
Penske bought a medium- and heavy-duty commercial truck business in Ontario in the first quarter. The company also opened a new Honda dealership in Leander, Texas, in January. This month, Penske acquired a BMW-Mini dealership and a collision center in Southern California, and three BMW-Mini stores and a collision center in the U.K.
Penske's CarShop standalone used-vehicle business also continued to grow, as revenue more than doubled to $515.8 million on sales of 19,523 vehicles, up 71%. Penske operated 23 CarShop outlets during the quarter with plans to have 40 outlets in the U.S. and U.K. by the end of 2023.
The company reported 113,759 combined new- and used-vehicle sales, up 2.6%. On a same-store basis, Penske sold 109,218 new and used vehicles, down 1.3 percent. Penske reported the number of new vehicles sold at U.S. dealerships fell 13% on a same-store basis while used-vehicle sales dropped 9% on a same-store basis.
Originally posted on Auto Dealer Today
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