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Consolidated Condensed Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenue:        
Total revenues $ 2,888,420 $ 2,614,602 $ 5,683,907 $ 5,038,789
Cost of sales:        
Total cost of sales 2,424,780 2,197,796 4,775,190 4,221,931
Gross profit 463,640 416,806 908,717 816,858
Selling, general and administrative expenses 380,350 339,676 738,462 666,039
Depreciation 12,093 11,516 24,031 23,374
Operating income 71,197 65,614 146,224 127,445
Floor plan interest expense (7,113) (7,983) (14,131) (16,125)
Other interest expense (10,575) (12,542) (21,976) (25,262)
Debt discount amortization   (2,428) (1,718) (5,343)
Equity in earnings of affiliates 7,882 4,784 7,904 4,355
Gain on debt repurchase   422   1,027
Income from continuing operations before income taxes 61,391 47,867 116,303 86,097
Income taxes (20,996) (16,628) (37,784) (30,878)
Income from continuing operations 40,395 31,239 78,519 55,219
Loss from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income 40,059 29,684 74,056 50,016
Less: Income attributable to non-controlling interests 499 243 569 221
Net income attributable to Penske Automotive Group common stockholders 39,560 29,441 73,487 49,795
Basic earnings per share attributable to Penske Automotive Group common stockholders:        
Continuing operations $ 0.43 $ 0.34 $ 0.84 $ 0.60
Discontinued operations $ 0.00 $ (0.02) $ (0.05) $ (0.06)
Net income attributable to Penske Automotive Group common stockholders $ 0.43 $ 0.32 $ 0.79 $ 0.54
Shares used in determining basic earnings per share 92,514 92,142 92,444 92,016
Diluted earnings per share attributable to Penske Automotive Group common stockholders:        
Continuing operations $ 0.43 $ 0.34 $ 0.84 $ 0.60
Discontinued operations $ 0.00 $ (0.02) $ (0.05) $ (0.06)
Net income attributable to Penske Automotive Group common stockholders $ 0.43 $ 0.32 $ 0.79 $ 0.54
Shares used in determining diluted earnings per share 92,570 92,206 92,514 92,086
Amounts attributable to Penske Automotive Group common stockholders:        
Income from continuing operations 40,395 31,239 78,519 55,219
Less: Income attributable to non-controlling interests 499 243 569 221
Income from continuing operations, net of tax 39,896 30,996 77,950 54,998
Loss from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income attributable to Penske Automotive Group common stockholders 39,560 29,441 73,487 49,795
Cash dividends per share $ 0.07   $ 0.07  
New vehicle
       
Revenue:        
Total revenues 1,422,267 1,314,904 2,823,614 2,516,795
Cost of sales:        
Total cost of sales 1,301,352 1,206,216 2,591,388 2,308,806
Used vehicle
       
Revenue:        
Total revenues 879,907 736,336 1,692,501 1,421,466
Cost of sales:        
Total cost of sales 807,425 677,382 1,554,114 1,306,620
Finance and insurance, net
       
Revenue:        
Total revenues 69,202 61,666 135,676 119,550
Service and parts
       
Revenue:        
Total revenues 348,018 323,824 696,209 649,606
Cost of sales:        
Total cost of sales 149,040 138,558 299,014 281,113
Fleet and wholesale vehicle
       
Revenue:        
Total revenues 169,026 177,872 335,907 331,372
Cost of sales:        
Total cost of sales $ 166,963 $ 175,640 $ 330,674 $ 325,392