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Penske Automotive Group Inc. has inked a letter of intent to open its seventh Porsche dealership in the United States in the second quarter of 2015. The dealership, Porsche of West Broward, will be located in Davie, Fla., around 12 miles west of Fort Lauderdale. Penske said the dealership is expected to generate around $125 million in annual revenue.
Porsche said in 2013 that it had been seeking to add one or two stores in high-growth areas. "The new dealership will afford us the opportunity to scale operations within our existing Florida footprint, and it provides an outstanding growth opportunity for our company," Whitfield Ramonat, Penske vice president for the central region, said in a statement. Porsche saw its new-car sales in the US more than double in the past four years.
Joe Lawrence, COO of Porsche Cars North America, told Automotive News that over 40 of its 189 dealerships in the US will expand, improve or build new facilities in this year.Read the entire article Penske signs letter of intent to open new Porsche store in the US
Penske Automotive Group Inc. posted a 31-percent surge in net income to $245.7 million in full year 2013, on the back of a 12-percent rise in revenue to $14.71 billion. According to Sterne Agee analyst Michael Ward, Penske’s better-than-expected performance could be attributed to the company’s “luxury and import portfolio and concentration in the U.K. market” that accounted for 34 percent of revenue, and its “ability to improve cost accounted for the better-than-expected financial performance.”
“We expect the positive trends to continue in 2014,” Ward wrote in an investment note after the release of the results. Penske said that the United States accounted for 64 percent of its revenue while the United Kingdom accounted for 34 percent.
The rest of Penske’s revenues were from other international regions. In 2013, Penske posted a 12-percent rise in total retail unit sales and a 10-percent climb in new-vehicle retail sales to 199,795. For the fourth quarter of 2013, Penske logged a 21-percent jump in net income to $59.7 million, and a 15-percent gain in revenues to $3.86 billion.Read the entire article Penske logs 31% rise in 2013 net income to $245.7 million
Penske Automotive Group Inc. posted a 59-percent hike in net income in the third quarter of 2013 to $65.3 million. The dealership group also logged a 15-percent surge in revenue to $3.82 billion. The gains were partly attributed to the group's concentration of stores in the United Kingdom as well as to its feat of being able to keep down costs while having solid sales of finance and insurance products.
Group Chairman Roger Penske said in a statement that they remain confident in their ability to continue growing their business, adding that they expect both the US and UK markets to continue to perform well.
The company's operations in the US and the UK accounted for 63 percent and 35 percent of revenues in the quarter, respectively. The remaining 2 percent was accounted for by sales in other international market. The group's retail new-car sales surged 5 percent and retail used-car sales soared by 16 percent in the first three quarters of 2013.Read the entire article Penske Automotive hikes income by 59% in 3rd quarter 2013
Penske Automotive Group Inc. may acquire some dealership in Germany that Daimler mulls selling, Anthony Pordon, Penske's executive vice president of investor relations and corporate development, wrote in an e-mail to Automotive News. Citing sources familiar with Daimler’s thinking, Reuters reported that the German carmaker may sell four dealerships in the country in order to boost falling profits.
The source added that Daimler may sell more dealerships if the initial sale succeeds. Pordon wrote to Automotive News while he doesn't know much about Daimler's intentions, Penske would be interested in some of potential dealerships since they already have a presence in the German marketplace. According to its Web site, Penske owns or holds a stake in 35 dealerships in Germany. Penske’s dealerships sell 11 brands, including Volkswagen Group, Toyota, Lexus, Ferrari and Maserati.
Penske added $750 million in estimated annualized revenue by acquiring several dealerships in 2012. The second-largest dealership group in the United States is eyeing to post over 10-percent jump in revenues in 2013 through a mixed strategy of acquisitions and higher same-store sales, chief executive Roger Penske has said. In January 2013, Penske’s CEO disclosed plans to acquire more dealerships in the US, Western Europe and Brazil, while observing the situation in China.Read the entire article Penske interested in buying Daimler dealerships in Germany
Penske Automotive Group Inc. expects that before the year ends, the pressure on car prices could ease up. The No. 2 biggest dealership group in the country said that the average transaction prices on new vehicles in the third quarter declined by 3.8% from the previous year to $36,497. But for used vehicles, there was a 4.8% drop to $24,982.
The per-vehicle gross profits dropped as well. According to a statement by Chairman Roger Penske, when there were strong sales of new and used units, the markets experienced pricing pressure (especially when compared to the third quarter of 2011) when gross profits per units grew due to a lack of inventory at its Toyota, Honda and Nissan dealerships. Penske said that the U.S. sales environment will maintain its strength because of pent-up demand, strong credit and launches of new products.
He said that Penske dealerships currently have sufficient inventory since Japanese automakers have rebuilt stocks after the natural disasters it faced last year. Several nameplates may get higher margins in the present quarter but overall grosses and margins are "at a level we're going to have to deal with." He added that he hopes that these figure will remain stable or slightly increase. Its net income in the third quarter of $41 million reflected a $17.8 million cost linked to the redemption of senior subordinated notes.Read the entire article Penske expects the pressure on car prices to ease up by the end of 2012
Fisker revealed that it is joining forces with Penske in order to market and service its cars in Arizona but also in the surrounding region. With this new partnership, the Fisker Karma will be available in 80 independent retail locations in the US, Canada and Europe. Currently, Fisker offers just the Karma sedan, which with its unique EVer powertrain combines the power and efficiency of a pure electric car with the range of a traditional car.
Fisker Karma delivers 403 hp and almost 1,000 lb/ft of torque. Moreover, the car offers a fuel economy of 54 MPGe and 169g CO2/mi. Furthermore, the Karma comes with the world’s largest and most powerful solar glass panel roof on a car and 22-inch wheels.
The price for this vehicle is $103,000, not including a $7,500 federal income tax credit and other local incentives. “Penske Automotive Group is one of the most respected and successful auto retail companies in the world,” said Matthew Malfitano, Director of North American Operations at Fisker Automotive. “Their support speaks volumes about Fisker’s market potential. Fisker is proud to be part of the Penske team and we look forward to a fruitful relationship.”Read the entire article Fisker teams up with Penske, extends its U.S. dealer network
Penske Automotive Group Italy is the latest joint venture to be created in Italy, marking the coming together of Penske Automotive Group and BMW-Mini dealer Andrea Mantellini and his family who are based in Bologna. This joint venture will enable Penske Automotive, the No. 2-biggest publicly traded automotive retailer in the U.S. according to revenues, to expand into Italy.
Penske Automotive will control 70% and the Mantellini family will own the rest of the newly created Penske Automotive Group Italy, which will buy and operate dealerships in northern Italy, the companies said in a release on Wednesday. Presently, this joint venture includes Mariani dealership in Monza, Milan, and Milan Vanti Group, which the Mantellini family owns.
Last year, Vanti Group sold around 1,000 BMWs and 450 Minis. Meanwhile, Mariani (which has been renamed to Auto Vanti Monza) recorded sales of approximately 550 BMWs and 320 Minis in 2011. The daily operation of these two dealerships will be managed by 39-year-old Andrea Mantellini. In the U.S., Penske Automotive owns and operates 166 franchises.Read the entire article Penske expands its business into Italy
In 2013, Penske Racing will make the move from Dodge to Ford in the NASCAR Sprint Cup Series competition, according to an Autoweek report, citing sources. Penske is expected to officially release a statement -- if it hasn’t already done so by press time. Penske fields Dodge Chargers for Brad Keselowski and A.J. Allmendinger.
It was in 1972 that team owner Roger Penske made his debut into NASCAR. Back then, he fielded a red, white and blue AMC Matador for Mark Donohue at Riverside. During the same year, he also had drivers Dave Marcis and Donnie Allison but the results weren’t all that great. Penske shut down his team after the 1977 season but at that point, Bobby Allison, Gary Bettenhausen, George Follmer and Neil Bonnett had already driven for him.
He had 102 starts during the first six seasons (1976 was its only full season). Penske’s drivers were the winners in seven poles and five races in Matadors and Chevrolets. During the stretch, Penske had the chance to use Mercury cars but it garnered no wins.Read the entire article Penske Racing will move from Dodge to Ford in the NASCAR Sprint Cup Series
Penske Automotive Group has posted a 67% increase in its fourth-quarter net income, aided by an 11% increase in sales. In a statement, Penske said that it earned $47.7 million during the quarter compared with $28.5 million during the same quarter the previous year. It reported a $2.96 billion revenue, higher than its $2.67 billion a year before.
Its income from continuing operations was 47 cents per share, compared to a forecast of 40 cents per share, according to analysts that Thomson Reuters surveyed. Penske posted earnings of $176.9 million for the year, higher than the $108.3 million in 2010.
Its revenue rose by 12% to $11.6 billion. Chairman Roger Penske said that its fourth quarter results “continue to demonstrate the strength of the automotive retail model and the benefit from our premium/luxury brand mix in both the U.S. and international markets.” He said that it had a profitable quarter while it achieved same-store revenue increases in all business areas.Read the entire article Penske posted a a 67% increase in its fourth-quarter net income
Roger Penske was presented the 2012 Keith Crain/Automotive News Lifetime Achievement Award for his contributions to the auto industry. Doing the awarding honours were General Motors North America President Mark Reuss and Keith Crain, chairman of Crain Communications Inc., publisher of Automotive News.
Penske, 74, is the founder and chairman of Penske Corp., whose units include Penske Automotive Group, the second-largest U.S. auto retailer, and Penske Performance, which operates the success-ridden racing team Penske Racing. Penske’s penchant for racing began while a teenager, garnering several high-profile victories until his retirement in 1965.
After his retirement, his love for racing pushed him to open his first auto dealership, which has now blossomed into a multi-billion corporation employing more than 35,000 people around the world. His love for racing also prompted him to establish Penske Racing, which won a record 15 times at the Indianapolis 500.Read the entire article Roger Penske gets 2012 Keith Crain/Automotive News Lifetime Achievement Award
Penske Automotive Group reported a quarterly profit that has almost doubled. The dividend of the second largest dealership group in the U.S. was increased by 12.5%. In a statement, Penske revealed that it had a net income of $55.7 million, or 62 cents per share. This is higher than about $30 million, or 38 cents per share the previous year. Its adjusted income, excluding a one-time income tax benefit, amounted to $45.7 million or 50 cents per share.
Its revenue increased by 10.5% to $3 billion, boosted by an improvement in used car sales and elevated prices for both new and used cars and trucks.
Its new car prices climbed by 8.4% to an average of $38,236. Meanwhile, used car prices increased by 2.2% to $26,404. Its profit margins increased on the new and used car sales. Penske gave a separate statement, revealing that its board supported a 12.5% boost in the dividend to 9 cents per share.Read the entire article Penske’s profit almost doubled in the third quarter of 2011
Penske Automotive Group Inc. posted a 67% jump in first-quarter profits and immediately, its shares rose to record levels in four years, closing up 12.3% at $23.06. An increase in new- and used-vehicle sales had contributed to the rise in profits. This is the highest level yet that the stock has risen since 2007, which is when industrywide U.S. vehicle sales have exceeded 16 million.
In 2009, sales fell to a low of 10.4 million. Recovery had been slow since then. Its net income totaled $33.9 million for the quarter, a considerable increase from $20.3 million the previous year.
Penske said that its revenues in the quarter increased by about 16% to $2.9 billion. New-vehicle sales revenue had gone up to $1.4 billion from $1.2 billion.Read the entire article Penske posted a 67% jump in first-quarter profit
Penske Automotive Group Inc. CEO Roger Penske recently told analysts that the company is being "opportunistic" about adding franchises but maintaining "strict financial discipline."
The nation’s second biggest auto retailer is open to acquisitions, but it's unlikely to return to its rapid pace of 2007 when it added $1.5 billion in revenues through store purchases. Fourth-quarter 2010 profit rose 53 percent, with higher sales of luxury vehicles offsetting losses at the Smart microcar brand.
Its net income rose to $28.5 million from $18.7 million a year earlier, and its fourth-quarter revenue rose 13 percent to $2.77 billion. In 2010, the company acquired eight franchises and opened 16 new points awarded by manufacturers.Read the entire article Penske Automotive looking for new acquisitions
For the fourth quarter of 2010, Penske Automotive Group Inc. posted a 53 percent increase in profit, surpassing analysts' estimates. Penske Automotive, considered as the nation's second-biggest dealership group, said that net income rose to $28.5 million from $18.7 million a year earlier.
Meanwhile, revenue climbed 13 percent to $2.77 billion. Last year, the dealership group posted earnings of $108.3 million, about 41 percent higher than in 2009, attributed to higher light vehicle sales. Revenue rose by 12.7 percent to $10.7 billion in 2010.
Penske Automotive stores, which sell import and luxury vehicles such as the namesake brands of BMW AG and Toyota Motor Corp., make up over 90 percent of revenue. Autodata Corp. said that luxury cars and sport-utility vehicles gained market share last year, while import brands' gains trailed the industry.Read the entire article Penske Automotive’s 4Q 2010 profit is 53% higher than previous year
Mercedes-Benz has entered a deal to take over Smart car distribution in the U.S. from Penske Automotive Group, according to a statement from the two companies. In 2008, Penske launched the European microcar brand as an independent distributor. Smart is owned by Mercedes' parent, Daimler AG.
The French-built ForTwo had a good start but U.S. sales have dropped considerably. Under their deal, Mercedes-Benz USA will take over Smart’s distribution rights and management.
Mercedes-Benz USA CEO Ernst Lieb said that negotiations over details, including when the hand-over takes effect, is expected to be completed by July. The 21 Smart dealerships that don’t offer Mercedes products will lose the franchise, meaning that Smart will have 58 U.S. dealers.Read the entire article Mercedes-Benz enters deal to take over Smart’s U.S. distribution from Penske
Shell-Pennzoil and Penske Corporation have introduced the cars that will be participating in the 2011 NASCAR Sprint Cup Series and IZOD IndyCar Series. These two cars, which have Shell-Pennzoil livery all over them, are the products of the new sponsorship agreement the companies signed in April.
Kurt Busch will drive the No. 22 Dodge in next year's Sprint by, while Helio Castroneves will be driving the No. 3 Shell V-Power-Pennzoil Ultra Dallara/Honda. Lisa Davis, Shell Lubricants president, said that strategic alliances are “very important” to its organization.
She disclosed that what this alliance with Penske provides more opportunities to advance its technological leadership and product development “through the invaluable knowledge gained both on and off the track." Under the April agreement, the Shell-Pennzoil name will be promoted by the two drivers as well as by Will Power and Ryan Briscoe in the IndyCar series.Read the entire article Shell, Penske present cars for 2011 NASCAR Sprint Cup, IZOD IndyCar Series
Penske Automotive Group posted an increase of 9 percent in net income during the third quarter of 2010. Penske attributed the improvement to the performance of its luxury franchises, strong used-vehicle sales and its drive to cut long-term debt.
The second-largest auto retailer in the United States said that its used-vehicle unit sales had double-digit increases. In particular, it recorded a 16.5 percent increase overall and a 20.6 percent surge at its US dealerships for the third quarter of 2010.
However, used-vehicle margins decreased when compared to the previous year. The publicly held retailer had $29.98 million in net earnings, as revenues in the third quarter of 2010 increased by 7 percent to $2.76 billion in when compared to the year-earlier period.Read the entire article Penske posted a 9 percent increase in net income during the third quarter
Picking out a used vehicle has never been easier. Penske Automotive Group has launched a Web site that enables prospects to view vehicle inventory for all 174 of its franchises in one place and schedule service appointments online.
This campaign also enables prospects to follow the company and its products through the introduction of a Facebook page, facebook.com/penskecars. Penskecars.com captures the look and feel of national automotive portals such as AutoTrader and Cars. Visitors may also search inventory by make, style, price, features or options.
Penske’s organization and the Penske name have been very successful. In fact, it boasts building more than 40 brands and over 25,000 new and used vehicles in stock.Read the entire article Penske launches new website with vehicle inventory and service appointments
As earlier reported, Roger Penske, the former racecar driver and owner of the second largest dealership in the US, has become the new owner of GM's Saturn brand. In an interview, Penske revealed that he plans to focus on making electric vehicles as the main goal of Saturn brand under his proprietorship.
He also silenced speculations that Saturn dealers may be forced to vend cars with the Smart brand, saying that Saturn showrooms will certainly not sell this brand. The new Saturn owner said that the government's focus on funding alternative-powered cars may thrust him to really focus on EVs under Saturn.
The agreement with GM provides for the continued production of the Aura, Outlook and Vue for Saturn at least for the succeeding three years, after which Penske can negotiate with GM to continue production models. The new owner also seeks to fill the lineup of Saturn since the Astra hatch and Sky roadster will be lost to him.Read the entire article Saturn will not sell the Smart brand, says Penske
All Saturn dealers are holding their breath for the possible takeover of Roger Penske, an auto magnate who saved Detroit Diesel and is now seeking to take control of the cast-off General Motors brand.
It is believed that a decision could be made as early as this week. However, Penske and his team at Penske Automotive Group in suburban Detroit have declined to discuss the takeover until it is completed, says Autonews.
It is believed that if Penske gets Saturn, he will shave dealer profits, have less generous operating rules and opt for a smaller factory organization to support it. However, the dealers know that if Saturn could be saved then only Penske can do it.Read the entire article Saturn dealers waiting for Roger Penske to make its move
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