Welcome to our dedicated page for Penske Automotv news (Ticker: PAG), a resource for investors and traders seeking the latest updates and insights on Penske Automotv stock.
Penske Automotive Group reports news on its automotive retail, commercial truck dealership, service and parts, and finance and insurance operations. The company is a diversified international transportation services business with franchised automotive dealerships, commercial truck dealerships, used-vehicle stores, commercial vehicle distribution and power systems operations, and joint venture interests tied to Penske Transportation Solutions.
Recurring updates for PAG cover quarterly operating results, same-store vehicle sales, gross profit per unit, service and parts revenue, truck-market conditions, dealership acquisitions, credit-agreement funding, dividends, share repurchases, and balance-sheet and capital-allocation activity. Company announcements also include completed dealership additions in markets such as California, Texas, and Florida, including Toyota and Lexus franchises.
Penske Automotive Group (NYSE: PAG) will host its first quarter 2022 financial results conference call on April 27, 2022, at 2:00 p.m. ET. The call follows the release of the earnings report that morning and will be accessible via the company's website. Callers are advised to join 5-10 minutes early. A replay will be available until May 4, 2022, with details provided for both U.S. and international listeners. Penske Automotive is a leading diversified transportation services and commercial truck retailer operating in multiple countries.
Penske Automotive Group (NYSE: PAG) has acquired BMW/MINI of Escondido and a collision center, enhancing its presence in the Escondido Auto Mall, California. This acquisition is projected to bring in an annualized revenue of approximately $115 million. Year-to-date 2022, Penske has added $665 million in annualized revenue through acquisitions. CEO Roger Penske expressed enthusiasm about welcoming the 72 employees from the acquired dealership, indicating growth and strengthening relationships with BMW and MINI brands.
Penske Automotive Group (NYSE: PAG) has acquired three BMW MINI dealerships and a collision center in South East England, enhancing its scale in the U.K. market. This acquisition is expected to generate $250 million in annualized revenues and adds to the approximately $550 million in annualized revenue obtained through various acquisitions in 2022. With this move, Penske solidifies its position as the largest retail partner for BMW and MINI in the U.K.
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.