PAG Form 4: EVP & CFO Hulgrave Disposes of 1,100 Shares

Rhea-AI Filing Summary

Michelle Hulgrave, EVP & CFO of Penske Automotive Group (PAG), sold 1,100 shares of the company's common stock on 08/19/2025 at a reported price of $182.5505 per share. After the sale she beneficially owned 18,922 shares, held directly. The Form 4 was signed by power of attorney on 08/20/2025. The filing shows a single non-derivative disposition and does not disclose any derivative transactions or additional material changes to ownership.

Positive

• Timely compliance with Section 16 reporting, filed the day after the transaction
• Clear disclosure of pre- and post-transaction direct ownership (18,922 shares after sale)

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider sale of 1,100 shares by the CFO is a routine disclosure; size appears modest relative to total holdings.

The transaction documents a straightforward open-market or private sale (transaction code S) of 1,100 shares at $182.5505 on 08/19/2025, leaving the reporting person with 18,922 shares. The Form 4 shows no derivative activity and no change in indirect ownership. This is a standard Section 16 disclosure that updates investor records of insider holdings. The filing contains no information about the reason for the sale, any planned trading program, or broader corporate actions.

Corporate Governance Expert

TL;DR: Compliance appears proper—timely Form 4 filing executed by power of attorney; transaction is routine.

The Form 4 was filed promptly and signed by a power of attorney on 08/20/2025 for a transaction dated 08/19/2025, satisfying standard Section 16 reporting requirements. There are no indications of amendments or accompanying derivative transactions. The disclosure is limited to the single non-derivative sale and resulting direct ownership; no governance or control changes are reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hulgrave Michelle

(Last) (First) (Middle)

2555 TELEGRAPH RD.

(Street)

BLOOMFIELD HILLS MI 48302

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PENSKE AUTOMOTIVE GROUP, INC. [ PAG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/19/2025		S		1,100	D	$182.5505	18,922	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Shane M. Spradlin, by power of attorney	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Penske Automotive Group (PAG) insider sell on 08/19/2025?

The insider sold 1,100 shares of common stock at a reported price of $182.5505 per share on 08/19/2025.

Who filed the Form 4 for PAG and what is their role?

Michelle Hulgrave, identified as EVP & CFO, is the reporting person on the Form 4.

How many PAG shares did the reporting person own after the sale?

After the reported sale, the reporting person beneficially owned 18,922 shares, held directly.

Was the Form 4 filed on time and properly signed?

Yes. The Form 4 lists the transaction date as 08/19/2025 and is signed by power of attorney on 08/20/2025.

Did the filing report any derivative transactions or changes in indirect ownership?

No. The Form 4 reports only a single non-derivative disposition and discloses no derivative holdings or changes in indirect ownership.