During the first three months of the year, Penske bought the medium and heavy commercial truck business in Ontario, Canada. In January, Penske said it had opened a new Honda dealership in Leander, Texas. This month, Penske acquired a BMW-Mini dealership and Clash Center in Southern California and announced it has acquired three BMW-Mini stores and a Clash Center in the UK
Penske CarShop’s autonomous second-hand car business continued to grow as revenue more than doubled to $ 515.8 million from sales of 19,523 cars, up 71 percent. Penske operated 23 CarShop outlets during the quarter and plans to have 40 CarShop stores in the US and the UK by the end of 2023
Shares of Penske Automotive on Tuesday it fell 1.25 percent to $ 99.22.
Income for 1 quarter: $ 6.98 billion, up 21 percent from a year earlier
Q1 net income: $ 369.5 million, up 102 percent
Car sales in the first quarter: 113,759 joint sales of new and used cars, up 2.6 percent. At the same store, Penske sold 109,218 new and used cars, down 1.3 percent. Penske did not specify the number of cars in the U.S., but said the number of new cars sold at U.S. dealerships fell 13 percent at the same store, while the number of used cars fell 9 percent at the same store.
Entries: Earnings before tax, operating income and earnings per share for any quarter.
Rating: Penske of Bloomfield Hills, Michigan, ranks 3rd Automotive news‘ a list of the top 150 dealerships based in the USwith retail sales of 195,384 new cars in 2021.