pag-20240731

0001019849-24-000093.txt : 20240731 0001019849-24-000093.hdr.sgml : 20240731 20240731120536 ACCESSION NUMBER: 0001019849-24-000093 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240731 DATE AS OF CHANGE: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENSKE AUTOMOTIVE GROUP, INC. CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 241160738 BUSINESS ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 BUSINESS PHONE: 248-648-2500 MAIL ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 FORMER COMPANY: FORMER CONFORMED NAME: UNITED AUTO GROUP INC DATE OF NAME CHANGE: 19960726 8-K 1 pag-20240731.htm 8-K pag-20240731

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report (Date of Earliest Event Reported):			July 31, 2024

Penske Automotive Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware

1-12297

22-3086739

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

2555 Telegraph Road,

Bloomfield Hills, Michigan

48302

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code:

248-648-2500

Not Applicable

Former name or former address, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Voting Common Stock, par value $0.0001 per share	PAG	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2024, we issued a press release announcing our second quarter 2024 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.

The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

The information set forth in Item 2.02 is incorporated into this Item 7.01 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index



Exhibit No.						Description
99.1						Press Release.
104						Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	Penske Automotive Group, Inc.

July 31, 2024	By:	/s/ Shane M. Spradlin
		Name: Shane M. Spradlin
		Title: Executive Vice President

EX-99.1 2 q224exhibit99_1.htm EX-99.1 Document




FOR IMMEDIATE RELEASE

PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

Revenue Increases 3% to $7.7 Billion, a Quarterly Record

Record Retail Automotive Service and Parts Revenue of $753 Million, up 10%

Earnings Before Taxes of $326 Million and Earnings Per Share of $3.61

Sequential Improvement in Earnings Before Taxes and Earnings Per Share of 10% and 12%,

Respectively, from First Quarter of 2024

BLOOMFIELD HILLS, MI, July 31, 2024 – Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the second quarter of 2024. For the quarter, revenue increased 3% from the second quarter of 2023 to $7.7 billion. Net income attributable to common stockholders was $241.2 million compared to $300.8 million in the prior year period, and related earnings per share was $3.61 compared to $4.41 for the same period in 2023. Foreign currency exchange negatively impacted revenue by $0.8 million, net income attributable to common stockholders by $0.4 million, and had no impact on earnings per share.

Second Quarter 2024 Operating Highlights Compared to Second Quarter 2023

•New and Used Retail Automotive Units Delivered – increased 2%

•New Vehicle +4%; Used Vehicle flat

•Retail Automotive Same-Store Revenue – decreased 1%

•New Vehicle +2%; Used Vehicle -6%; Finance & Insurance -4%; Service & Parts +5%

•Retail Automotive Same-Store Gross Profit – decreased 5%

•New Vehicle -15%; Used Vehicle -7%; Finance & Insurance -4%; Service & Parts +4%

•New and Used Retail Commercial Truck Units – flat

•New Vehicle -1%; Used Vehicle +9%

•Retail Commercial Truck Same-Store Revenue – decreased 7%

•New Vehicle -4%; Used Vehicle -10%; Finance & Insurance -22%; Service & Parts -9%

•Retail Commercial Truck Same-Store Gross Profit – decreased 5%

•New Vehicle flat; Used Vehicle -5%; Finance & Insurance -22%; Service & Parts -5%

Second Quarter 2024 Performance

The Company’s financial performance for the three months ended June 30, 2024, was driven by its diversification which included continued strong performance of the retail automotive and commercial truck businesses. Highlights during the second quarter included record total quarterly revenue of $7.7 billion, which included a 10% increase in quarterly retail automotive service and parts revenue to $753 million, which is also a quarterly record. In addition, on a sequential basis, retail automotive gross profit per new vehicle retailed improved by $73 and equity earnings from the Company’s investment in Penske


			1

Transportation Solutions increased 63%. As a result, when compared to the first quarter of 2024, earnings before taxes increased 10% and earnings per share increased 12%.

Commenting on the Company's financial results, Chair and CEO Roger Penske said, "I am pleased to see that our service and parts business remains strong and contributed to our record total quarterly revenue of $7.7 billion. In addition, our focus on efficiency and controlling costs drove a sequential decline in selling, general, and administrative expenses as a percentage of gross profit by 50 basis points to 70.2%."

For the six months ended June 30, 2024, revenue increased 2% to $15.1 billion. Net income attributable to common stockholders was $456.4 million compared to $599.1 million in the prior year period, and related earnings per share was $6.81 compared to $8.72 for the same period in 2023. Foreign currency exchange positively impacted revenue by $97.3 million, net income attributable to common stockholders by $1.0 million, and earnings per share by $0.01.

Retail Automotive Dealerships

For the three months ended June 30, 2024, total new and used units delivered increased 2% to 126,653, and total retail automotive revenue increased 3% to $6.6 billion. Same-store new and used units delivered decreased 1% to 120,486, and same-store revenue decreased 1%. Same-store service and parts revenue and gross profit increased 5% and 4%, respectively. Total retail automotive gross profit decreased 1% to $1.1 billion, including a 5% decrease on a same-store basis.

Retail Commercial Truck Dealerships

As of June 30, 2024, Premier Truck Group operated 48 North American retail commercial truck locations. New truck demand continues to be driven by replacement purchases. For the three months ended June 30, 2024, retail unit sales were flat. Revenue was $892.3 million compared to $919.2 million in the same period last year. Earnings before taxes was $51.7 million compared to $55.5 million in the same period in 2023. For the six months ended June 30, 2024, revenue was $1.7 billion compared to $1.8 billion in the same period last year. Earnings before taxes was $102.2 million compared to $112.6 million in the same period in 2023.

Penske Transportation Solutions Investment

Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 446,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2024, the Company recorded $52.9 million and $85.4 million in earnings compared to $73.3 million and $154.1 million for the same periods in 2023. Equity earnings increased by 63% sequentially as full-service leasing continued to perform well and rental utilization improved when compared to the three months ended March 31, 2024.

Corporate Development, Capital Allocation, Liquidity, and Leverage

During the six months ended June 30, 2024, we repurchased 0.4 million shares of common stock for approximately $58.1 million under our securities repurchase program and also acquired 0.1 million shares of our common stock for $18.3 million from employees in connection with a net share settlement feature of employee equity awards. As of June 30, 2024, $157.4 million remained available under the Company's existing repurchase authority. Additionally, the Board of Directors approved a quarterly dividend of $1.07 per share representing an 11%, or $0.11 per share, increase and represents the third increase to the Company’s dividend in 2024 and the 15th consecutive quarterly increase. The dividend is payable September 4, 2024, to shareholders of record as of August 15, 2024. Including this dividend distribution and the Company’s securities repurchases, the Company will have returned approximately $271 million to shareholders in 2024.


			2

During June 2024, we acquired three full-service Freightliner and Western Star dealerships and two independent repair facilities operating in Minnesota and Wisconsin from River States Truck and Trailer, representing $200 million in estimated annualized revenue. In July 2024, we announced the acquisition of Bill Brown Ford, representing $550 million in estimated annualized revenue. Year-to-date 2024, Penske Automotive Group has completed acquisitions representing nearly $2 billion in estimated annualized revenue.

As of June 30, 2024, the Company had approximately $1.7 billion in liquidity, including $115 million in cash and $1.6 billion of availability under its U.S. and international credit agreements. The Company’s leverage ratio at June 30, 2024 was 1.2x.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2024 on Wednesday, July 31, 2024, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (877) 692-8955 [International, please dial (234) 720-6979] using access code 8247256. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2024 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,850 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 44,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 446,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, including the Company's 2023 Corporate Responsibility Report highlighting its corporate responsibility strategies, activities, and certain metrics, visit the Company's website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.


			3

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, our ability to successfully complete pending acquisitions and satisfy applicable closing conditions, our ability to successfully integrate acquired dealerships into our existing operations and obtain certain contemplated synergies, those related to macro-economic, geo-political and industry conditions and events, including their impact on new and used vehicle sales, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to PTS and PTG, personal discretionary spending levels, interest rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, the shortage of vehicle components, international conflicts, including the war in Ukraine, challenges in sourcing labor, or labor strikes or work stoppages, or other disruptions; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and our third party providers, which systems are increasing threatened by ransomware and other cyber attacks, the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process or emissions standards, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2023, its Form 10-Q for the quarterly period ended March 31, 2024, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.


			4

Inquiries should contact:



Shelley Hulgrave			Anthony Pordon
Executive Vice President and			Executive Vice President Investor Relations
Chief Financial Officer			and Corporate Development
Penske Automotive Group, Inc.			Penske Automotive Group, Inc.
248-648-2812			248-648-2540
shulgrave@penskeautomotive.com			tpordon@penskeautomotive.com

# # #


			5

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024		2023		Change		2024		2023		Change
Revenue	$	7,696.7	$	7,468.5	3.1	%	$	15,144.5	$	14,807.5	2.3	%
Cost of Sales	6,432.6		6,195.5		3.8	%	12,635.2		12,282.2		2.9	%
Gross Profit	$	1,264.1	$	1,273.0	(0.7)	%	$	2,509.3	$	2,525.3	(0.6)	%
SG&A Expenses	887.5		858.1		3.4	%	1,767.3		1,703.0		3.8	%
Depreciation	38.6		34.1		13.2	%	76.4		68.0		12.4	%
Operating Income	$	338.0	$	380.8	(11.2)	%	$	665.6	$	754.3	(11.8)	%
Floor Plan Interest Expense	(46.6)		(30.8)		51.3	%	(91.4)		(58.7)		55.7	%
Other Interest Expense	(19.9)		(24.2)		(17.8)	%	(41.2)		(45.0)		(8.4)	%

Equity in Earnings of Affiliates	54.0		74.5		(27.5)	%	87.3		156.6		(44.3)	%
Income Before Income Taxes	$	325.5	$	400.3	(18.7)	%	$	620.3	$	807.2	(23.2)	%
Income Taxes	(82.6)		(97.7)		(15.5)	%	(161.2)		(205.0)		(21.4)	%


Net Income	$	242.9	$	302.6	(19.7)	%	$	459.1	$	602.2	(23.8)	%
Less: Income Attributable to Non-Controlling Interests	1.7		1.8		(5.6)	%	2.7		3.1		(12.9)	%
Net Income Attributable to Common Stockholders	$	241.2	$	300.8	(19.8)	%	$	456.4	$	599.1	(23.8)	%

Amounts Attributable to Common Stockholders:
Net Income	$	242.9	$	302.6	(19.7)	%	$	459.1	$	602.2	(23.8)	%
Less: Income Attributable to Non-Controlling Interests	1.7		1.8		(5.6)	%	2.7		3.1		(12.9)	%


Net Income Attributable to Common Stockholders	$	241.2	$	300.8	(19.8)	%	$	456.4	$	599.1	(23.8)	%

Income Per Share	$	3.61	$	4.41	(18.1)	%	$	6.81	$	8.72	(21.9)	%
Weighted Average Shares Outstanding	66.9		68.2		(1.9)	%	67.0		68.7		(2.5)	%


			6

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)


	June 30,			December 31,
	2024			2023
Assets:
Cash and Cash Equivalents	$	115.1		$	96.4
Accounts Receivable, Net			1,040.5			1,114.6
Inventories			4,705.9			4,293.1
Other Current Assets			217.7			175.6
Total Current Assets			6,079.2			5,679.7
Property and Equipment, Net			2,914.3			2,765.2
Operating Lease Right-of-Use Assets			2,466.1			2,405.5
Intangibles			3,288.3			2,983.1
Other Long-Term Assets			1,885.6			1,838.0
Total Assets	$	16,633.5		$	15,671.5

Liabilities and Equity:
Floor Plan Notes Payable	$	2,578.2		$	2,255.6
Floor Plan Notes Payable – Non-Trade			1,562.7			1,515.9
Accounts Payable			943.4			866.9
Accrued Expenses and Other Current Liabilities			916.9			809.8
Current Portion Long-Term Debt			171.7			209.7

Total Current Liabilities			6,172.9			5,657.9
Long-Term Debt			1,594.6			1,419.5
Long-Term Operating Lease Liabilities			2,397.4			2,336.0
Other Long-Term Liabilities			1,482.3			1,502.5
Total Liabilities			11,647.2			10,915.9
Equity			4,986.3			4,755.6
Total Liabilities and Equity	$	16,633.5		$	15,671.5


			7

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Geographic Revenue Mix:
North America	59.8		%	59.7		%	58.2		%	59.0		%
U.K.	31.2		%	32.2		%	32.7		%	32.9		%
Other International	9.0		%	8.1		%	9.1		%	8.1		%
Total	100.0		%	100.0		%	100.0		%	100.0		%

Revenue: (Amounts in Millions)
Retail Automotive	$	6,615.4		$	6,406.0		$	13,093.4		$	12,705.8
Retail Commercial Truck	892.3			919.2			1,684.1			1,814.8
Commercial Vehicle Distribution and Other	189.0			143.3			367.0			286.9
Total	$	7,696.7		$	7,468.5		$	15,144.5		$	14,807.5

Gross Profit: (Amounts in Millions)
Retail Automotive	$	1,075.0		$	1,085.9		$	2,132.2		$	2,148.5
Retail Commercial Truck	144.5			146.8			289.3			293.8
Commercial Vehicle Distribution and Other	44.6			40.3			87.8			83.0
Total	$	1,264.1		$	1,273.0		$	2,509.3		$	2,525.3

Gross Margin:
Retail Automotive	16.2		%	17.0		%	16.3		%	16.9		%
Retail Commercial Truck	16.2		%	16.0		%	17.2		%	16.2		%
Commercial Vehicle Distribution and Other	23.6		%	28.1		%	23.9		%	28.9		%
Total	16.4		%	17.0		%	16.6		%	17.1		%


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating Items as a Percentage of Revenue:
Gross Profit	16.4	%	17.0	%	16.6	%	17.1	%
Selling, General and Administrative Expenses	11.5	%	11.5	%	11.7	%	11.5	%
Operating Income	4.4	%	5.1	%	4.4	%	5.1	%
Income Before Income Taxes	4.2	%	5.4	%	4.1	%	5.5	%

Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses	70.2	%	67.4	%	70.4	%	67.4	%
Operating Income	26.7	%	29.9	%	26.5	%	29.9	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Amounts in Millions)	2024		2023		2024		2023

EBITDA(1)	$	384.0	$	458.6	$	737.9	$	920.2
Floor Plan Credits	$	13.0	$	11.2	$	23.9	$	21.1
Rent Expense	$	65.3	$	62.2	$	130.6	$	123.9
_______________________
(1)See the following Non-GAAP reconciliation table.


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PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024			2023			Change		2024			2023			Change
Retail Automotive Units:
New Retail		50,861			49,562		2.6	%		99,528			97,224		2.4	%
Used Retail		65,571			65,386		0.3	%		134,836			133,222		1.2	%
Total Retail		116,432			114,948		1.3	%		234,364			230,446		1.7	%
New Agency		10,221			8,931		14.4	%		19,153			15,864		20.7	%
Total Retail and Agency		126,653			123,879		2.2	%		253,517			246,310		2.9	%

Retail Automotive Revenue: (Amounts in Millions)
New Vehicles	$	2,995.8		$	2,820.1		6.2	%	$	5,798.4		$	5,541.4		4.6	%
Used Vehicles		2,275.8			2,330.3		(2.3)	%		4,612.0			4,627.4		(0.3)	%
Finance and Insurance, Net		208.7			214.1		(2.5)	%		414.7			420.9		(1.5)	%
Service and Parts		752.8			685.2		9.9	%		1,498.9			1,368.2		9.6	%
Fleet and Wholesale		382.3			356.3		7.3	%		769.4			747.9		2.9	%
Total Revenue	$	6,615.4		$	6,406.0		3.3	%	$	13,093.4		$	12,705.8		3.1	%

Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles	$	291.0		$	326.8		(11.0)	%	$	563.4		$	640.6		(12.1)	%
Used Vehicles		119.5			123.3		(3.1)	%		249.4			245.9		1.4	%
Finance and Insurance, Net		208.7			214.1		(2.5)	%		414.7			420.9		(1.5)	%
Service and Parts		439.6			406.5		8.1	%		872.0			805.4		8.3	%
Fleet and Wholesale		16.2			15.2		6.6	%		32.7			35.7		(8.4)	%
Total Gross Profit	$	1,075.0		$	1,085.9		(1.0)	%	$	2,132.2		$	2,148.5		(0.8)	%

Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)	$	58,437		$	56,557		3.3	%	$	57,820		$	56,687		2.0	%
Used Vehicles		34,707			35,639		(2.6)	%		34,204			34,735		(1.5)	%

Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)	$	5,302		$	6,259		(15.3)	%	$	5,267		$	6,287		(16.2)	%
Used Vehicles		1,822			1,887		(3.4)	%		1,849			1,847		0.1	%
Finance and Insurance (excluding agency)		1,766			1,840		(4.0)	%		1,742			1,806		(3.5)	%
Agency		2,390			2,153		11.0	%		2,381			2,142		11.2	%

Retail Automotive Gross Margin:
New Vehicles		9.7	%		11.6	%	(190)bps			9.7	%		11.6	%	(190)bps
Used Vehicles		5.3	%		5.3	%	—bps			5.4	%		5.3	%	+10bps
Service and Parts		58.4	%		59.3	%	(90)bps			58.2	%		58.9	%	(70)bps
Fleet and Wholesale		4.2	%		4.3	%	(10)bps			4.3	%		4.8	%	(50)bps
Total Gross Margin		16.2	%		17.0	%	(80)bps			16.3	%		16.9	%	(60)bps

Retail Automotive Revenue Mix Percentages:
New Vehicles		45.3	%		44.0	%	+130bps			44.3	%		43.6	%	+70bps
Used Vehicles		34.4	%		36.4	%	(200)bps			35.2	%		36.4	%	(120)bps
Finance and Insurance, Net		3.2	%		3.3	%	(10)bps			3.2	%		3.3	%	(10)bps
Service and Parts		11.4	%		10.7	%	+70bps			11.4	%		10.8	%	+60bps
Fleet and Wholesale		5.7	%		5.6	%	+10bps			5.9	%		5.9	%	—bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		27.1	%		30.1	%	(300)bps			26.4	%		29.8	%	(340)bps
Used Vehicles		11.1	%		11.4	%	(30)bps			11.7	%		11.4	%	+30bps
Finance and Insurance, Net		19.4	%		19.7	%	(30)bps			19.4	%		19.6	%	(20)bps
Service and Parts		40.9	%		37.4	%	+350bps			40.9	%		37.5	%	+340bps
Fleet and Wholesale		1.5	%		1.4	%	+10bps			1.6	%		1.7	%	(10)bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


			9

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024			2023			Change		2024			2023			Change
Retail Automotive Same-Store Units:
New Retail		48,923			49,507		(1.2)	%		95,730			97,073		(1.4)	%
Used Retail		62,230			63,233		(1.6)	%		127,851			128,583		(0.6)	%
Total Retail		111,153			112,740		(1.4)	%		223,581			225,656		(0.9)	%
New Agency		9,333			8,918		4.7	%		17,861			15,811		13.0	%
Total Retail and Agency		120,486			121,658		(1.0)	%		241,442			241,467		—	%

Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	2,871.6		$	2,818.7		1.9	%	$	5,560.3		$	5,537.7		0.4	%
Used Vehicles		2,156.6			2,284.2		(5.6)	%		4,373.4			4,530.0		(3.5)	%
Finance and Insurance, Net		202.7			211.9		(4.3)	%		403.2			416.2		(3.1)	%
Service and Parts		717.3			683.0		5.0	%		1,430.9			1,363.3		5.0	%
Fleet and Wholesale		366.9			351.3		4.4	%		740.5			734.7		0.8	%
Total Revenue	$	6,315.1		$	6,349.1		(0.5)	%	$	12,508.3		$	12,581.9		(0.6)	%

Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	277.5		$	326.7		(15.1)	%	$	538.5		$	640.4		(15.9)	%
Used Vehicles		113.6			121.8		(6.7)	%		235.0			243.1		(3.3)	%
Finance and Insurance, Net		202.7			211.9		(4.3)	%		403.2			416.2		(3.1)	%
Service and Parts		422.6			405.1		4.3	%		839.9			802.1		4.7	%
Fleet and Wholesale		15.6			15.2		2.6	%		32.0			35.5		(9.9)	%
Total Gross Profit	$	1,032.0		$	1,080.7		(4.5)	%	$	2,048.6		$	2,137.3		(4.2)	%

Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)	$	58,259		$	56,592		2.9	%	$	57,651		$	56,737		1.6	%
Used Vehicles		34,655			36,123		(4.1)	%		34,207			35,230		(2.9)	%

Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)	$	5,283		$	6,265		(15.7)	%	$	5,240		$	6,295		(16.8)	%
Used Vehicles		1,825			1,926		(5.2)	%		1,838			1,891		(2.8)	%
Finance and Insurance (excluding agency)		1,810			1,870		(3.2)	%		1,794			1,840		(2.5)	%
Agency		2,198			1,975		11.3	%		2,187			1,921		13.8	%

Retail Automotive Same-Store Gross Margin:
New Vehicles		9.7	%		11.6	%	(190)bps			9.7	%		11.6	%	(190)bps
Used Vehicles		5.3	%		5.3	%	—bps			5.4	%		5.4	%	—bps
Service and Parts		58.9	%		59.3	%	(40)bps			58.7	%		58.8	%	(10)bps
Fleet and Wholesale		4.3	%		4.3	%	—bps			4.3	%		4.8	%	(50)bps
Total Gross Margin		16.3	%		17.0	%	(70)bps			16.4	%		17.0	%	(60)bps

Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles		45.5	%		44.4	%	+110bps			44.5	%		44.0	%	+50bps
Used Vehicles		34.1	%		36.0	%	(190)bps			35.0	%		36.0	%	(100)bps
Finance and Insurance, Net		3.2	%		3.3	%	(10)bps			3.2	%		3.3	%	(10)bps
Service and Parts		11.4	%		10.8	%	+60bps			11.4	%		10.8	%	+60bps
Fleet and Wholesale		5.8	%		5.5	%	+30bps			5.9	%		5.9	%	—bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles		26.9	%		30.2	%	(330)bps			26.3	%		30.0	%	(370)bps
Used Vehicles		11.0	%		11.3	%	(30)bps			11.5	%		11.4	%	+10bps
Finance and Insurance, Net		19.6	%		19.6	%	—bps			19.7	%		19.5	%	+20bps
Service and Parts		40.9	%		37.5	%	+340bps			41.0	%		37.5	%	+350bps
Fleet and Wholesale		1.6	%		1.4	%	+20bps			1.5	%		1.6	%	(10)bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


			10

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024			2023			Change		2024			2023			Change
Retail Commercial Truck Units:
New Retail		4,483			4,539		(1.2)	%		7,974			9,056		(11.9)	%
Used Retail		765			704		8.7	%		1,814			1,359		33.5	%
Total		5,248			5,243		0.1	%		9,788			10,415		(6.0)	%

Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles	$	615.4		$	616.4		(0.2)	%	$	1,109.6		$	1,216.6		(8.8)	%
Used Vehicles		48.7			52.4		(7.1)	%		111.1			101.9		9.0	%
Finance and Insurance, Net		4.2			5.0		(16.0)	%		9.5			10.0		(5.0)	%
Service and Parts		219.2			232.1		(5.6)	%		442.8			460.1		(3.8)	%
Wholesale and Other		4.8			13.3		(63.9)	%		11.1			26.2		(57.6)	%
Total Revenue	$	892.3		$	919.2		(2.9)	%	$	1,684.1		$	1,814.8		(7.2)	%

Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles	$	39.3		$	37.5		4.8	%	$	73.9		$	70.0		5.6	%
Used Vehicles		3.4			4.0		(15.0)	%		6.7			9.4		(28.7)	%
Finance and Insurance, Net		4.2			5.0		(16.0)	%		9.5			10.0		(5.0)	%
Service and Parts		94.1			95.4		(1.4)	%		192.2			193.7		(0.8)	%
Wholesale and Other		3.5			4.9		(28.6)	%		7.0			10.7		(34.6)	%
Total Gross Profit	$	144.5		$	146.8		(1.6)	%	$	289.3		$	293.8		(1.5)	%

Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles	$	137,269		$	135,798		1.1	%	$	139,150		$	134,345		3.6	%
Used Vehicles		63,665			74,421		(14.5)	%		61,266			75,009		(18.3)	%

Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles	$	8,765		$	8,254		6.2	%	$	9,266		$	7,723		20.0	%
Used Vehicles		4,502			5,722		(21.3)	%		3,742			6,914		(45.9)	%
Finance and Insurance		798			960		(16.9)	%		969			961		0.8	%

Retail Commercial Truck Gross Margin:
New Vehicles		6.4	%		6.1	%	+30bps			6.7	%		5.8	%	+90bps
Used Vehicles		7.0	%		7.6	%	(60)bps			6.0	%		9.2	%	(320)bps
Service and Parts		42.9	%		41.1	%	+180bps			43.4	%		42.1	%	+130bps
Wholesale and Other		72.9	%		36.8	%	+3,610bps			63.1	%		40.8	%	+2,230bps
Total Gross Margin		16.2	%		16.0	%	+20bps			17.2	%		16.2	%	+100bps

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		69.0	%		67.1	%	+190bps			65.9	%		67.0	%	(110)bps
Used Vehicles		5.5	%		5.7	%	(20)bps			6.6	%		5.6	%	+100bps
Finance and Insurance, Net		0.5	%		0.5	%	—bps			0.6	%		0.6	%	—bps
Service and Parts		24.6	%		25.3	%	(70)bps			26.3	%		25.4	%	+90bps
Wholesale and Other		0.4	%		1.4	%	(100)bps			0.6	%		1.4	%	(80)bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		27.2	%		25.5	%	+170bps			25.5	%		23.8	%	+170bps
Used Vehicles		2.4	%		2.7	%	(30)bps			2.3	%		3.2	%	(90)bps
Finance and Insurance, Net		2.9	%		3.4	%	(50)bps			3.3	%		3.4	%	(10)bps
Service and Parts		65.1	%		65.0	%	+10bps			66.4	%		65.9	%	+50bps
Wholesale and Other		2.4	%		3.4	%	(100)bps			2.5	%		3.7	%	(120)bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


			11

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations Same-Store

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024			2023			Change		2024			2023			Change
Retail Commercial Truck Same-Store Units:
New Retail		4,275			4,510		(5.2)	%		7,637			9,027		(15.4)	%
Used Retail		739			701		5.4	%		1,763			1,356		30.0	%
Total		5,014			5,211		(3.8)	%		9,400			10,383		(9.5)	%

Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	585.1		$	611.7		(4.3)	%	$	1,059.4		$	1,212.0		(12.6)	%
Used Vehicles		46.9			52.2		(10.2)	%		108.0			101.8		6.1	%
Finance and Insurance, Net		3.9			5.0		(22.0)	%		8.9			10.0		(11.0)	%
Service and Parts		207.6			229.3		(9.5)	%		420.8			457.2		(8.0)	%
Wholesale and Other		4.3			13.3		(67.7)	%		10.4			26.0		(60.0)	%
Total Revenue	$	847.8		$	911.5		(7.0)	%	$	1,607.5		$	1,807.0		(11.0)	%

Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	37.1		$	37.0		0.3	%	$	69.6		$	69.5		0.1	%
Used Vehicles		3.8			4.0		(5.0)	%		7.8			9.4		(17.0)	%
Finance and Insurance, Net		3.9			5.0		(22.0)	%		8.9			10.0		(11.0)	%
Service and Parts		89.5			94.3		(5.1)	%		183.4			192.5		(4.7)	%
Wholesale and Other		3.3			4.7		(29.8)	%		6.2			10.4		(40.4)	%
Total Gross Profit	$	137.6		$	145.0		(5.1)	%	$	275.9		$	291.8		(5.4)	%

Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	136,857		$	135,637		0.9	%	$	138,722		$	134,259		3.3	%
Used Vehicles		63,431			74,485		(14.8)	%		61,255			75,043		(18.4)	%

Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	8,684		$	8,211		5.8	%	$	9,110		$	7,700		18.3	%
Used Vehicles		5,140			5,733		(10.3)	%		4,410			6,922		(36.3)	%
Finance and Insurance		784			958		(18.2)	%		947			960		(1.4)	%

Retail Commercial Truck Same-Store Gross Margin:
New Vehicles		6.3	%		6.0	%	+30bps			6.6	%		5.7	%	+90bps
Used Vehicles		8.1	%		7.7	%	+40bps			7.2	%		9.2	%	(200)bps
Service and Parts		43.1	%		41.1	%	+200bps			43.6	%		42.1	%	+150bps
Wholesale and Other		76.7	%		35.3	%	+4,140bps			59.6	%		40.0	%	+1,960bps
Total Gross Margin		16.2	%		15.9	%	+30bps			17.2	%		16.1	%	+110bps

Retail Commercial Truck Same-Store Revenue Mix Percentages:
New Vehicles		69.0	%		67.1	%	+190bps			65.9	%		67.1	%	(120)bps
Used Vehicles		5.5	%		5.7	%	(20)bps			6.7	%		5.6	%	+110bps
Finance and Insurance, Net		0.5	%		0.5	%	—bps			0.6	%		0.6	%	—bps
Service and Parts		24.5	%		25.2	%	(70)bps			26.2	%		25.3	%	+90bps
Wholesale and Other		0.5	%		1.5	%	(100)bps			0.6	%		1.4	%	(80)bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Commercial Truck Same-Store Gross Profit Mix Percentages:
New Vehicles		27.0	%		25.5	%	+150bps			25.2	%		23.8	%	+140bps
Used Vehicles		2.8	%		2.8	%	—bps			2.8	%		3.2	%	(40)bps
Finance and Insurance, Net		2.8	%		3.4	%	(60)bps			3.2	%		3.4	%	(20)bps
Service and Parts		65.0	%		65.0	%	—bps			66.5	%		66.0	%	+50bps
Wholesale and Other		2.4	%		3.3	%	(90)bps			2.3	%		3.6	%	(130)bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


			12

PENSKE AUTOMOTIVE GROUP, INC.

Supplemental Data

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Retail Automotive Revenue Mix:
Premium:
BMW / MINI	26	%	25	%	26	%	25	%
Audi	10	%	11	%	10	%	11	%
Mercedes-Benz	9	%	9	%	9	%	9	%
Land Rover / Jaguar	8	%	7	%	8	%	8	%
Porsche	9	%	8	%	8	%	8	%
Ferrari / Maserati	3	%	3	%	3	%	3	%
Lexus	3	%	3	%	3	%	3	%
Acura	1	%	1	%	1	%	1	%
Bentley	1	%	1	%	1	%	1	%
Others	2	%	3	%	3	%	2	%
Total Premium	72	%	71	%	72	%	71	%
Volume Non-U.S.:
Toyota	11	%	10	%	11	%	10	%
Honda	6	%	6	%	5	%	6	%
Volkswagen	2	%	2	%	2	%	2	%
Hyundai	1	%	1	%	1	%	1	%
Others	1	%	2	%	2	%	1	%
Total Volume Non-U.S.	21	%	21	%	21	%	20	%
U.S.:
General Motors / Stellantis / Ford	1	%	1	%	1	%	1	%
Used Vehicle Centers	6	%	7	%	6	%	8	%
Total	100	%	100	%	100	%	100	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Capital Expenditures / Stock Repurchases:	2024		2023		2024		2023
(Amounts in Millions)
Capital expenditures	$	99.2	$	83.1	$	201.7	$	185.5
Cash paid for acquisitions, net of cash acquired	$	197.2	$	80.5	$	440.8	$	80.5
Stock repurchases:
Aggregate purchase price	$	43.5	$	240.2	$	76.4	$	350.4
Shares repurchased		0.3		1.7		0.5		2.6


Balance Sheet and Other Highlights:	June 30, 2024		December 31, 2023
(Amounts in Millions)
Cash and Cash Equivalents	$	115.1	$	96.4
Inventories	$	4,705.9	$	4,293.1
Total Floor Plan Notes Payable	$	4,140.9	$	3,771.5
Total Long-Term Debt	$	1,766.3	$	1,629.2
Equity	$	4,986.3	$	4,755.6

Debt to Total Capitalization Ratio		26.2%		25.5%
Leverage Ratio (1)		1.2x		1.0x
New vehicle days' supply		52 days		39 days
Used vehicle days' supply		40 days		48 days
__________________________
(1)See the following Non-GAAP reconciliation table


			13

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliations

(Unaudited)

The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended
	June 30,				2024 vs. 2023
(Amounts in Millions)	2024		2023		Change		% Change

Net Income	$	242.9	$	302.6	$	(59.7)	(19.7)	%
Add: Depreciation		38.6		34.1		4.5	13.2	%
Other Interest Expense		19.9		24.2		(4.3)	(17.8)	%
Income Taxes		82.6		97.7		(15.1)	(15.5)	%

EBITDA	$	384.0	$	458.6	$	(74.6)	(16.3)	%


	Six Months Ended
	June 30,				2024 vs. 2023
(Amounts in Millions)	2024		2023		Change		% Change

Net Income	$	459.1	$	602.2	$	(143.1)	(23.8)	%
Add: Depreciation		76.4		68.0		8.4	12.4	%
Other Interest Expense		41.2		45.0		(3.8)	(8.4)	%
Income Taxes		161.2		205.0		(43.8)	(21.4)	%

EBITDA	$	737.9	$	920.2	$	(182.3)	(19.8)	%

The following table reconciles the leverage ratio as of June 30, 2024, and December 31, 2023:


	Six			Six			Trailing Twelve			Twelve
	Months Ended			Months Ended			Months Ended			Months Ended
(Amounts in Millions)	December 31, 2023			June 30, 2024			June 30, 2024			December 31, 2023

Net Income	$	456.4		$	459.1		$	915.5		$	1,058.6
Add: Depreciation			73.0			76.4			149.4			141.0
Other Interest Expense			47.6			41.2			88.8			92.6
Income Taxes			155.9			161.2			317.1			360.9

EBITDA	$	732.9		$	737.9		$	1,470.8		$	1,653.1
Add: Impairment Charges (1)			40.7			—			40.7			40.7

Adjusted EBITDA	$	773.6		$	737.9		$	1,511.5		$	1,693.8

Total Non-Vehicle Long-Term Debt							$	1,766.3		$	1,629.2
Leverage Ratio									1.2x			1.0x
__________________________
(1)Impairment charges relate to our Used Vehicle Dealerships International reporting unit

# # # # # # #


			14

Cover Page	Jul. 31, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 31, 2024
Entity Registrant Name	Penske Automotive Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	1-12297
Entity Tax Identification Number	22-3086739
Entity Address, Address Line One	2555 Telegraph Road
Entity Address, City or Town	Bloomfield Hills
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48302
City Area Code	248
Local Phone Number	648-2500
Title of 12(b) Security	Voting Common Stock, par value $0.0001 per share
Trading Symbol	PAG
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001019849
Amendment Flag	false

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Cover Page

Jul. 31, 2024

Cover [Abstract]

Document Type 8-K

Document Period End Date Jul. 31, 2024

Entity Registrant Name Penske Automotive Group, Inc.

Entity Incorporation, State or Country Code DE

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