EX-99.1

PENSKE AUTOMOTIVE REPORTS FIRST QUARTER RESULTS
____________________________________________________________

Income from Continuing Operations of $33.8 Million;
17% Increase Versus Adjusted Q1 ’07

Earnings Per Share from Continuing Operations of $0.36;
16% Increase Versus Adjusted Q1 ’07
____________________________________________________

BLOOMFIELD HILLS, MI, April 29, 2008 – Penske Automotive Group, Inc. (NYSE: PAG), an international automotive retailer, today reported that first quarter income from continuing operations was $33.8 million, which represents a 17.4% increase over adjusted income from continuing operations of $28.8 million in the prior year. Related earnings per share were $0.36 in the first quarter, which compares to $0.31 per share in the prior year. Net income in the first quarter was $33.9 million, or $0.36 per share, compared with adjusted net income of $26.9 million, or $0.28 per share, in the prior year. Adjusted 2007 earnings exclude $12.3 million ($0.13 per share) of after-tax costs relating to the redemption of the Company’s 9.625% Senior Subordinated Notes in March of 2007. In the first quarter of 2007, reported income from continuing operations and reported net income were $16.5 million, or $0.18 per share, and $14.6 million, or $0.15 per share, respectively.

Revenues in the first quarter increased 4.0% to $3.2 billion. On a same-store basis, retail revenues declined 2.3%, due primarily to a decline in new vehicle unit sales at the Company’s U.S. dealerships. “I’m pleased with the performance of our business in the first quarter,” said

Penske Automotive Group Chairman Roger Penske. “While the new vehicle sales environment was difficult, particularly in the U.S., our business continued to perform well. In particular, I am pleased that we were able to generate same-store retail revenue increases in our used vehicle, finance & insurance, and service and parts operations. Further, our overall gross margin increased to 15.4%, due primarily to the strength of our used vehicle and service and parts performance.” Penske continued, “I also remain excited about our distribution of the smart fortwo in the U.S., and am optimistic about its prospects and its potential to further diversify the Company’s overall business model.”

During the first quarter, the Company did not effect any repurchases under its previously announced share buyback authority. The Company currently projects earnings from continuing operations in the second quarter to be in the range of $0.45 to $0.47 per share, and continues to project earnings from continuing operations for the year in the range of $1.63 to $1.71 per share. Earnings per share information in 2008 is based on an estimated average of 95.0 million shares outstanding.

Penske Automotive will host a conference call discussing financial results relating to the first quarter of 2008 on April 29, 2008, at 2:00 p.m. EDT. To listen to the conference call, participants must dial (800) 230-1951 [International, please dial (612) 332-0530]. The call will be simultaneously broadcast over the Internet through the Penske Automotive Group website at www.penskeautomotive.com.

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 316 retail automotive franchises, representing more than 40 different brands, and 27 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 171 franchises in 19 states and Puerto Rico and 145 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 1000 and has approximately 16,000 employees. smart and fortwo are registered trademarks of Daimler AG.

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales and earnings potential. Actual results may vary materially because of risks and uncertainties, including external factors such as interest rate fluctuations, changes in consumer spending and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties which could affect Penske Automotive’s future performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2007, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted income from continuing operations and related earnings per share, which exclude certain items disclosed in the release. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure and the period-to-period comparability of the Company’s results from operations.

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)


	First Quarter
	2008			2007
Revenues:
New Vehicle	$	1,635,602		$	1,624,778
Used Vehicle		803,456			780,345
Finance and Insurance, Net		75,068			67,832
Service and Parts		363,385			347,954
Distribution		63,770			- -
Fleet and Wholesale Vehicle		263,189			259,106

Total Revenues		3,204,470			3,080,015
Cost of Sales:
New Vehicle		1,497,644			1,488,202
Used Vehicle		735,849			719,240
Service and Parts		159,833			154,798
Distribution		53,618			- -
Fleet and Wholesale Vehicle		263,468			256,008

Total Cost of Sales		2,710,412			2,618,248

Gross Profit		494,058			461,767
SG&A Expenses		399,173			369,711
Depreciation and Amortization		13,501			12,340

Operating Income		81,384			79,716
Floor Plan Interest Expense		(17,312	)		(15,816	)
Other Interest Expense		(12,043	)		(18,823	)
Equity in Earnings of Affiliates		1,392			(821	)
Debt Redemption Charge		- -			(18,634	)

Income from Continuing Operations Before Income Taxes and Minority Interests		53,421			25,622
Income Taxes		(19,147	)		(8,796	)
Minority Interests		(435	)		(294	)

Income from Continuing Operations		33,839			16,532
Income (Loss) from Discontinued Operations, Net of Tax		91			(1,950	)

Net Income	$	33,930		$	14,582

Income from Continuing Operations Per Diluted Share	$	0.36		$	0.18

Diluted EPS	$	0.36		$	0.15

Diluted Weighted Average Shares Outstanding		94,657			94,412

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Thousands)
(Unaudited)


	3/31/08		12/31/07
Assets
Cash and Cash Equivalents	$	20,394	$	11,690
Accounts Receivable, Net		503,463		448,985
Inventories		1,818,846		1,682,736
Other Current Assets		89,092		65,948
Assets Held for Sale		110,307		96,638

Total Current Assets		2,542,102		2,305,997
Property and Equipment, Net		650,360		617,874
Intangibles		1,661,243		1,659,788
Other Assets		87,466		84,894

Total Assets	$	4,941,171	$	4,668,553

Liabilities and Stockholders’ Equity
Floor Plan Notes Payable	$	1,198,824	$	1,070,882
Floor Plan Notes Payable – Non-Trade		502,620		476,854
Accounts Payable		291,725		266,726
Accrued Expenses		257,312		212,310
Current Portion Long-Term Debt		14,437		14,522
Liabilities Held for Sale		68,898		54,745

Total Current Liabilities		2,333,816		2,096,039
Long-Term Debt		829,982		830,106
Other Long-Term Liabilities		328,893		320,949

Total Liabilities		3,492,691		3,247,094
Stockholders’ Equity		1,448,480		1,421,459

Total Liabilities and Stockholders’ Equity	$	4,941,171	$	4,668,553


	Three Months
	2008			2007
Total Retail Units
New Retail		45,550			45,105
Used Retail		26,911			25,550

Total Retail		72,461			70,655

smart Wholesale Units		4,913			—

Same-Store Retail Units
New Same-Store Retail		41,668			44,659
Used Same-Store Retail		25,832			24,580

Total Same-Store Retail		67,500			69,239

Same-Store Retail Revenue
New Vehicles	$	1,518,819		$	1,607,937
Used Vehicles		768,434			751,735
Finance and Insurance, Net		71,151			67,452
Service and Parts		345,233			341,416

Total Same-Store Retail	$	2,703,637		$	2,768,540

Same-Store Retail Revenue Growth
New Vehicles		(5.5	%)		7.6	%
Used Vehicles		2.2	%		20.9	%
Finance and Insurance, Net		5.5	%		10.7	%
Service and Parts		1.1	%		10.4	%
Revenue Mix
New Vehicles		51.1	%		52.8	%
Used Vehicles		25.1	%		25.3	%
Finance and Insurance, Net		2.3	%		2.2	%
Service and Parts		11.3	%		11.3	%
Distribution		2.0	%		—	%
Fleet and Wholesale		8.2	%		8.4	%
Average Retail Selling Price
New Vehicles	$	35,908		$	36,022
Used Vehicles		29,854			30,542
Gross Margin		15.4	%		15.0	%
Retail Gross Margin – by Product
New Vehicles		8.4	%		8.4	%
Used Vehicles		8.4	%		7.8	%
Service and Parts		56.0	%		55.5	%
Gross Profit per Retail Transaction
New Vehicles	$	3,029		$	3,028
Used Vehicles		2,512			2,392
Finance and Insurance		1,036			960


	Three Months
	2008			2007
Brand Mix:
BMW		21	%		22	%
Toyota / Lexus		20	%		19	%
Honda / Acura		14	%		14	%
Mercedes Benz		10	%		11	%
Audi		8	%		8	%
Land Rover		5	%		6	%
Ferrari / Maserati		4	%		2	%
Porsche		3	%		4	%
General Motors		3	%		3	%
Other		12	%		11	%

		100	%		100	%
Premium		65	%		66	%
Foreign		29	%		28	%
Domestic Big 3		6	%		6	%

		100	%		100	%
Revenue Mix:
U.S.		60	%		60	%
International		40	%		40	%

		100	%		100	%
Debt to Total Capital Ratio		37	%		40	%
Rent Expense	$	40,174		$	36,235


Contact:	Bob O’Shaughnessy Chief Financial Officer 248-648-2800 boshaughnessy@penskeautomotive.com	Tony Pordon Senior Vice President 248-648-2540 tpordon@penskeautomotive.com