EX-99.1

PENSKE AUTOMOTIVE REPORTS FIRST QUARTER RESULTS
____________________________________________________________

Income from Continuing Operations Increases to $20.8 Million and Related
Earnings per Share Increases to $0.23

$71.1 Million of Convertible Notes Repurchased in Q1 2010
___________________________________________________________

BLOOMFIELD HILLS, MI, April 30, 2010 – Penske Automotive Group, Inc. (NYSE: PAG), an international automotive retailer, today reported first quarter income from continuing operations attributable to PAG of $20.8 million, or $0.23 per share. This compares to income from continuing operations attributable to PAG of $16.5 million, or $0.18 per share, in the first quarter last year. The Company recorded after-tax gains of $0.4 million and $6.5 million ($0.07 per share) in the first quarter of 2010 and 2009, respectively, relating to purchases of the Company’s 3.5% Senior Subordinated Convertible Notes due 2026. Excluding these gains, adjusted income from continuing operations attributable to PAG in the first quarter of 2010 and 2009 amounted to $20.4 million, or $0.22 per share, and $10.0 million, or $0.11 per share, respectively. Net income attributable to common shareholders in the first quarter of 2010 was $20.4 million, or $0.22 per share.

Total revenue increased $332 million, or 15.4%, to $2.5 billion in the first quarter 2010. The increase in revenue was driven by 9.2% increase in total retail unit sales. On a same-store basis, total retail revenue increased 16.4%, including increases of 14.0% in the United States and 20.4% internationally. During the first quarter, selling, general and administrative expenses as a percentage of gross profit declined 182 basis points to 83.1%.

“I am extremely pleased with the performance of our business in the first quarter,” said Penske Automotive Group Chairman Roger Penske. “Despite difficult weather conditions in many of our markets and the challenging market dynamics facing the smart brand, an improving overall retail environment and the continued strong performance of our premium/luxury brands in all of our markets contributed to our strong operating results. On an adjusted basis, income from continuing operations increased 105% and earnings per share doubled compared to the first quarter last year.”

During the first quarter, smart USA wholesaled 956 units, which compares to 5,714 units in the first quarter last year. In response to the continuing slow selling environment, smart USA further enhanced its efforts to reduce vehicle stock and offered increased incentives on certain 2009 smart fortwos, which resulted in an after-tax expense of $0.7 million, or $0.01 per share. These challenging conditions contributed to a loss of $0.04 per share in the distribution segment in the first quarter.

The Company repurchased $71.1 million principal amount of its 3.5% Senior Subordinated Convertible Notes due 2026 in open market transactions for $71.7 million in cash during the first quarter, leaving approximately $235 million principal amount of these securities outstanding.

The Company has $123 million remaining under its previously announced authority to repurchase its outstanding common stock, debt and convertible debt, depending on market conditions, price and other factors. Securities may be acquired from time to time either through open market purchases, negotiated transactions or other means.

Penske Automotive will host a conference call discussing financial results relating to the first quarter of 2010 on April 30, 2010, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1093 [International, please dial (612) 288-0329]. The call will also be simultaneously broadcast over the Internet through the Penske Automotive Group website at www.penskeautomotive.com.

Penske Automotive Group, Inc. (www.penskeautomotive.com), headquartered in Bloomfield Hills, Michigan, operates 326 retail automotive franchises, representing 40 different brands and 25 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 174 franchises in 17 states and Puerto Rico and 152 franchises located outside the United States, primarily in the United Kingdom.

Penske Automotive, through its wholly-owned subsidiary smart USA Distributor LLC (www.smartusa.com), is the exclusive distributor of the smart fortwo vehicle and related parts in the United States. smart USA supports more than 75 smart retail centers in the United States.

Penske Automotive is a member of the Fortune 500 and Russell 1000 and has approximately 14,000 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 potential. Actual results may vary materially because of risks and uncertainties, including external factors such as consumer credit conditions, adverse conditions affecting a particular manufacturer, macro-economic factors, 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, 2009, 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 attributable to PAG and related earnings per share. 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 by providing 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
		2010			2009
Revenues:
New Vehicle		$	1,234,705		$	971,814
Used Vehicle			698,771			616,727
Finance and Insurance, Net			59,592			48,497
Service and Parts			335,207			327,526
Distribution			7,936			80,113
Fleet and Wholesale Vehicle			156,163			115,222

Total Revenues			2,492,374			2,159,899

Cost of Sales:
New Vehicle			1,132,996			900,409
Used Vehicle			641,872			560,629
Service and Parts			146,167			150,392
Distribution			7,722			68,314
Fleet and Wholesale Vehicle			152,387			111,547

Total Cost of Sales			2,081,144			1,791,291

Gross Profit			411,230			368,608
SG&A Expenses			341,644			312,941
Depreciation and Amortization			12,374			12,881

Operating Income			57,212			42,786
Floor Plan Interest Expense			(8,570	)		(9,474	)
Other Interest Expense			(12,720	)		(14,500	)
Debt Discount Amortization			(2,915	)		(3,638	)
Equity in Earnings (Loss) of Affiliates			(429	)		714
Gain on Debt Repurchase			605			10,429

Income from Continuing Operations Before Income Taxes			33,183			26,317
Income Taxes			(12,444	)		(9,857	)

Income from Continuing Operations			20,739			16,460
Loss from Discontinued Operations, Net of Tax			(407	)		(258	)

Net Income			20,332			16,202
Loss Attributable to Non-Controlling Interests			22			80

Net Income Attributable to Common Shareholders		$	20,354		$	16,282

Income from Continuing Operations Per Share		$	0.23		$	0.18

Income Per Share		$	0.22		$	0.18

Weighted Average Shares Outstanding			91,961			91,501

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations		$	20,739		$	16,460
Loss Attributable to Non-Controlling Interests			22			80

Income from Continuing Operations, net of tax			20,761			16,540
Loss from Discontinued Operations, net of tax			(407	)		(258	)

Net Income		$	20,354		$	16,282

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


	3/31/10		12/31/09
Assets
Cash and Cash Equivalents	$	23,543	$	13,769
Accounts Receivable, Net		378,395		322,598
Inventories		1,384,231		1,306,532
Other Current Assets		103,821		95,560
Assets Held for Sale		6,302		5,005

Total Current Assets		1,896,292		1,743,464
Property and Equipment, Net		720,575		726,835
Intangibles		1,004,367		1,012,079
Other Long-Term Assets		294,941		313,629

Total Assets	$	3,916,175	$	3,796,007

Liabilities and Equity
Floor Plan Notes Payable	$	868,226	$	772,926
Floor Plan Notes Payable – Non-Trade		488,362		423,316
Accounts Payable		213,541		190,325
Accrued Expenses		235,114		227,725
Current Portion Long-Term Debt		16,611		12,442
Liabilities Held for Sale		4,616		3,083

Total Current Liabilities		1,826,470		1,629,817
Long-Term Debt		862,785		933,966
Other Long-Term Liabilities		283,891		286,185

Total Liabilities		2,973,146		2,849,968
Equity		943,029		946,039

Total Liabilities and Equity	$	3,916,175	$	3,796,007


	Three Months
	2010			2009
Total Retail Units:
New Retail		36,212			30,756
Used Retail		26,887			27,007

Total Retail		63,099			57,763

smart Wholesale Units		956			5,714

Same-Store Retail Units:
New Same-Store Retail		35,485			30,681
Used Same-Store Retail		26,436			26,918

Total Same-Store Retail		61,921			57,599

Same-Store Retail Revenue:
New Vehicles	$	1,206,057		$	967,461
Used Vehicles		681,068			613,150
Finance and Insurance, Net		58,358			48,363
Service and Parts		329,254			324,762

Total Same-Store Retail	$	2,274,737		$	1,953,736

Same-Store Retail Revenue Growth:
New Vehicles		24.7	%		(42.9	%)
Used Vehicles		11.1	%		(27.0	%)
Finance and Insurance, Net		20.7	%		(36.6	%)
Service and Parts		1.4	%		(12.2	%)
Revenue Mix:
New Vehicles		49.5	%		45.0	%
Used Vehicles		28.0	%		28.6	%
Finance and Insurance, Net		2.4	%		2.2	%
Service and Parts		13.5	%		15.2	%
Distribution		0.3	%		3.7	%
Fleet and Wholesale		6.3	%		5.3	%
Average Retail Selling Price:
New Vehicles	$	34,097		$	31,598
Used Vehicles		25,989			22,836
Gross Margin		16.5	%		17.1	%
Retail Gross Margin – by Product:
New Vehicles		8.2	%		7.3	%
Used Vehicles		8.1	%		9.1	%
Service and Parts		56.4	%		54.1	%


	Three Months
	2010			2009
Gross Profit per Retail Transaction:
New Vehicles	$	2,809		$	2,322
Used Vehicles		2,116			2,077
Finance and Insurance		944			840
Brand Mix:
BMW		20	%		22	%
Toyota / Lexus		18	%		19	%
Honda / Acura		14	%		14	%
Audi		11	%		10	%
Mercedes Benz		10	%		10	%
Land Rover		5	%		4	%
Porsche		4	%		3	%
Other		18	%		18	%

		100	%		100	%
Premium		65	%		65	%
Foreign		30	%		31	%
Domestic Big 3		5	%		4	%

		100	%		100	%
Revenue Mix:
U.S.		61	%		64	%
International		39	%		36	%

		100	%		100	%
Rent Expense	$	41,419		$	39,625
		3/31/10			12/31/09

Debt to Total Capital Ratio		48	%		50	%
Debt Covenant Compliance (U.S.):
Current Ratio (min 1.00:1)		1.04:1			1.07:1
Fixed Charge Coverage Ratio (min 1.00:1)		1.34:1			1.29:1
Ratio of Non-Floorplan Debt to Stockholders’ Equity (max 1.30:1)		0.61:1			0.66:1
Funded Debt to EBITDA Ratio (max 2.50:1)		1.04:1			1.11:1
Debt Covenant Compliance (U.K.):
Capital Expenditures (max £50 million)	£	9.3		£	12.7
EBITAR to Fixed Charges (min 1.50:1)		2.88x			2.72x
Debt to EBITAR (max 3.25:1)		0.71x			0.77x


Contacts:		Bob O’Shaughnessy Chief Financial Officer 248-648-2800 boshaughnessy@penskeautomotive.com

		or
		Anthony R. Pordon Senior Vice President 248-648-2540 tpordon@penskeautomotive.com