EX-99.1



• Same-store Retail Revenue Increases
8.3%

• Same-store Retail Revenue Increases 11.7%

• Adjusted Income from Continuing

• Adjusted Income from Continuing
Operations Increases 13.8% to $71.0 Million					Operations Increases 18.9% to $295.7 Million

• Adjusted Earnings Per Share from

• Adjusted Earnings Per Share from
Continuing Operations Increases 14.5% to $0.79					Continuing Operations Increases 18.9% to $3.27

• Adjusted EBITDA Increases 16.1% to

• Adjusted EBITDA Increases 18.7% to
$138.8 Million					$568.8 Million
BLOOMFIELD HILLS, MI, February 11, 2015 – Penske Automotive Group, Inc. (NYSE:PAG), an
international transportation services company, announced today that adjusted fourth quarter 2014
income from continuing operations increased 13.8% to $71.0 million, and adjusted earnings per share
increased 14.5% to $0.79 when compared to the same period last year. As more fully described in
the attached tables, adjusted income from continuing operations and adjusted earnings per share
exclude a non-cash $16.0 million, or $0.10 per share, gain on an investment.					On a reported basis,
fourth quarter income from continuing operations increased 29.3% to $80.7 million and related
earnings per share from continuing operations increased 29.0% to $0.89.

“Our retail automotive dealership business produced another strong quarter across both the U.S. and the U.K.,” said Penske Automotive Group Chairman Roger S. Penske. “Same-store retail revenue increased 8.3% and we had a 90-basis-point increase in our service and parts gross margin to 59.7%, which helped drive another record quarter for our business. Strong results across the retail automotive dealership business and our U.S.-based commercial vehicle dealership business were partially offset by our Australian operations which were impacted by challenging economic conditions and post-acquisition restructuring costs within the Power Systems business.”

Total revenue increased 16.3% to $4.4 billion. The revenue increase was driven by a 10.5% increase in total retail unit sales, including a 6.8% increase on a same-store basis. Gross profit improved 15.4% to $659 million while operating income increased 11.6% to $119 million.


Automotive Retail Highlights of the Fourth Quarter

• Total Retail Unit Sales Increased 10.5% to 98,251

• +8.0% in the United States; +16.9% Internationally

• New unit retail sales +11.7%

• Used unit retail sales +9.2%

• Same-store Retail Revenue Increased +8.3%

• New +8.8%; Used +8.0%; Finance & Insurance +10.1%; Service and Parts +6.2%

• +5.0% in the United States; +14.8% Internationally

• Average Transaction Price Per Unit

• New $40,642; +0.8%

• Used $27,035; +1.5%

• Average Gross Profit Per Unit

• New $3,185, -$58/unit; Gross Margin 7.8%, -20 basis points

• Used $1,659, -$92/unit; Gross Margin 6.1%, -50 basis points

• Finance & Insurance $1,070, +$29/unit

Penske continued, “We completed the most profitable year in the history of our company, generated another year of strong cash flow and solidified our balance sheet. The retail automotive and commercial truck markets remain robust and we remain optimistic about the future growth and profitability opportunities for our company.”

For the twelve months ended December 31, 2014, total revenue increased 18.9% to $17.2 billion. The revenue increase was driven by an 11.0% increase in total retail unit sales, including 6.7% on a same-store basis. For the year, same-store retail revenue growth was 11.7%. Adjusted twelve months 2014 income from continuing operations increased 18.9% to $295.7 million, and related adjusted earnings per share increased 18.9% to $3.27, when compared to the same period last year. As more fully described in the attached tables, adjusted income from continuing operations and adjusted earnings per share exclude a non-cash $16.0 million, or $0.10 per share, gain on an investment. Reported income from continuing operations increased 22.7% to $305.4 million and related earnings per share increased 22.9% to $3.38 per share when compared to the same period last year.

Acquisitions

For the year ended December 31, 2014, the company acquired over one billion in annualized revenues across its footprint as follows:

• Retail automotive: $225 million

• Commercial vehicle dealerships: $600 to $700 million

• Commercial vehicle distribution: $200 to $225 million

In the first quarter of 2015, the company announced that it acquired two commercial vehicle dealerships, Freightliner of Knoxville and Freightliner of Chattanooga, which are expected to contribute estimated annualized revenues of approximately $200 million. Additionally, the company acquired a Land Rover retail automotive dealership located in Darien, Connecticut, with estimated annualized revenues of approximately $50 million.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the fourth quarter of 2014 on February 11, 2015, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (800) 288-8975 [International, please dial (612) 332-0636]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter and full-year 2014 financial results has been posted to 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 an international transportation services company that operates retail automotive and commercial vehicle dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 21,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, 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 adjusted income from continuing operations, adjusted earnings per share from continuing operations, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). 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.

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 future sales potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, 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’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, 2013, 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.

Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:


David K. Jones Executive Vice President and Chief Financial Officer Penske Automotive Group, Inc. 248-648-2800 dave.jones@penskeautomotive.com		Anthony R. Pordon Executive Vice President Investor Relations and Corporate Development Penske Automotive Group, Inc. 248-648-2540 tpordon@penskeautomotive.com

# # #

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


	Three Months Ended										Twelve Months Ended
	December 31,										December 31,
								Increase/									Increase/
	2014				2013			(Decrease)			2014			2013			(Decrease)
Revenue	$	4,410.1			$	3,793.3			16.3	%	$	17,177.2		$	14,443.9			18.9	%
Cost of Sales		3,751.4		?		3,222.3			16.4	%		14,603.5			12,246.9			19.2	%

Gross Profit	$	658.7		?	$	571.0			15.4	%	$	2,573.7		$	2,197.0			17.1	%
SG&A Expenses		519.7		?		447.7			16.1	%		1,999.6			1,705.6			17.2	%
Depreciation		19.6				16.3			20.2	%		70.0			59.6			17.4	%

Operating Income	$	119.4			$	107.0			11.6	%	$	504.1		$	431.8			16.7	%
Floor Plan Interest Expense		(12.3	)			(11.9	)		3.4	%		(46.1	)		(43.1	)		7.0	%
Other Interest Expense		(15.5	)			(11.0	)		40.9	%		(52.8	)		(45.2	)		16.8	%
Equity in Earnings of Affiliates		12.1				8.2			47.6	%		40.8			30.7			32.9	%
Gain on Investment		16.0				—		nm				16.0			—		nm

Income from Continuing Operations Before Income Taxes	$	119.7			$	92.3			29.7	%	$	462.0		$	374.2			23.5	%
Income Taxes		(37.6	)			(29.4	)		27.9	%		(153.2	)		(123.9	)		23.6	%

Income from Continuing Operations	$	82.1			$	62.9			30.5	%	$	308.8		$	250.3			23.4	%
Loss from Discontinued Operations, net of tax		(8.9	)			(3.2	)		178.1	%		(18.7	)		(4.6	)		306.5	%

Net Income	$	73.2			$	59.7			22.6	%	$	290.1		$	245.7			18.1	%
Less: Income Attributable to Non-Controlling Interests		1.4				0.5			180.0	%		3.4			1.5			126.7	%

Net Income Attributable to Common Shareholders	$	71.8			$	59.2			21.3	%	$	286.7		$	244.2			17.4	%

Income from Continuing Operations Per Share	$	0.89			$	0.69			29.0	%	$	3.38		$	2.75			22.9	%

Income Per Share	$	0.80			$	0.66			21.2	%	$	3.17		$	2.70			17.4	%

Weighted Average Shares Outstanding		90,263,149				90,378,532			-0.1	%		90,354,839			90,330,621		—

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	82.1			$	62.9			30.5	%	$	308.8		$	250.3			23.4	%
Less: Income Attributable to Non-Controlling Interests		1.4				0.5			180.0	%		3.4			1.5			126.7	%

Income from Continuing Operations, net of tax	$	80.7			$	62.4			29.3	%	$	305.4		$	248.8			22.7	%
Loss from Discontinued Operations, net of tax		(8.9	)			(3.2	)		178.1	%		(18.7	)		(4.6	)		306.5	%

Net Income Attributable to Common Shareholders	$	71.8			$	59.2			21.3	%	$	286.7		$	244.2			17.4	%

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


	December 31,		December 31,
	2014		2013
Assets:
Cash and Cash Equivalents	$	36.3	$	50.3
Accounts Receivable, Net		701.4		594.9
Inventories		2,819.2		2,501.4
Other Current Assets		124.7		87.7
Assets Held for Sale		186.1		253.8

Total Current Assets		3,867.7		3,488.1
Property and Equipment, Net		1,328.8		1,119.5
Intangibles		1,652.5		1,430.1
Other Long-Term Assets		379.2		377.8

Total Assets	$	7,228.2	$	6,415.5

Liabilities and Equity:
Floor Plan Notes Payable	$	1,812.6	$	1,671.9
Floor Plan Notes Payable – Non-Trade		920.5		900.9
Accounts Payable		417.6		369.0
Accrued Expenses		310.3		260.9
Current Portion Long-Term Debt		36.6		14.5
Liabilities Held for Sale		132.7		166.5

Total Current Liabilities		3,630.3		3,383.7
Long-Term Debt		1,316.0		981.8
Other Long-Term Liabilities		600.7		527.9

Total Liabilities		5,547.0		4,893.4
Equity		1,681.2		1,522.1

Total Liabilities and Equity	$	7,228.2	$	6,415.5

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
Geographic Revenue Mix:
U.S.		63.7	%		63.9	%		60.8	%		64.0	%
U.K.		31.4	%		31.6	%		35.0	%		34.0	%
Other International		4.9	%		4.5	%		4.2	%		2.0	%

Total		100.0	%		100.0	%		100.0	%		100.0	%

Revenue Mix:
New Vehicles		49.9	%		51.5	%		50.5	%		52.0	%
Used Vehicles		27.0	%		28.4	%		28.8	%		29.0	%
Finance and Insurance		2.4	%		2.4	%		2.5	%		2.6	%
Service and Parts		9.8	%		10.4	%		10.0	%		10.6	%
Fleet and Wholesale		4.9	%		4.6	%		4.9	%		4.7	%

Retail Automotive		94.0	%		97.3	%		96.7	%		98.9	%
Commercial Vehicle and Other		6.0	%		2.7	%		3.3	%		1.1	%

Total		100.0	%		100.0	%		100.0	%		100.0	%

Gross Profit Mix:
New Vehicles		26.2	%		27.5	%		26.1	%		26.3	%
Used Vehicles		11.1	%		12.4	%		13.0	%		14.0	%
Finance and Insurance		16.0	%		16.2	%		16.9	%		16.9	%
Service and Parts		39.0	%		40.6	%		39.6	%		41.3	%
Fleet and Wholesale		0.1	%		0.3	%		0.4	%		0.4	%

Retail Automotive		92.4	%		97.0	%		96.0	%		98.9	%
Commercial Vehicle and Other		7.6	%		3.0	%		4.0	%		1.1	%

Total		100.0	%		100.0	%		100.0	%		100.0	%

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)


	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
							Increase/							Increase/
	2014			2013			(Decrease)	2014			2013			(Decrease)
Operating Items as a Percentage of Revenue:
Gross Profit		14.9	%		15.1	%	-20 bps		15.0	%		15.2	%	-20 bps
Selling, General and Administrative Expenses	11.8%			11.8%			—	11.6%			11.8%			-20 bps
Operating Income		2.7	%		2.8	%	-10 bps		2.9	%		3.0	%	-10 bps
Inc. From Cont. Ops. Before Inc. Taxes		2.7	%		2.4	%	+30 bps		2.7	%		2.6	%	+10 bps
Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses	78.9%			78.4%			+50 bps	77.7%			77.6%			+10 bps
Operating Income		18.1	%		18.7	%	-60 bps		19.6	%		19.7	%	-10 bps


	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
	2014		2013		Increase/ (Decrease)			2014		2013		Increase/ (Decrease)
(Amounts in Millions)
EBITDA*	$	154.8	$	119.6		29.4	%	$	584.8	$	479.0		22.1	%
Adjusted EBITDA*	$	138.8	$	119.6		16.1	%	$	568.8	$	479.0		18.7	%
Rent Expense	$	48.8	$	45.2		8.0	%	$	190.2	$	172.8		10.1	%
Floorplan Credits	$	6.9	$	6.2		11.3	%	$	28.8	$	25.7		12.1	%

* See the following Non-GAAP reconciliation tables

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Dealership Operations
Selected Data
(Unaudited)


	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
	2014		2013		Increase/ (Decrease)			2014		2013		Increase/ (Decrease)
Total Retail Automotive Dealership Units:
New Retail		54,168		48,511		11.7	%		216,462		195,477		10.7	%
Used Retail		44,083		40,370		9.2	%		181,894		163,247		11.4	%

Total Retail		98,251		88,881		10.5	%		398,356		358,724		11.0	%

Same-Store Retail Automotive Dealership Units:
New Same-Store Retail		51,900		48,175		7.7	%		205,473		193,915		6.0	%
Used Same-Store Retail		42,457		40,204		5.6	%		173,648		161,310		7.6	%

Total Same-Store Retail		94,357		88,379		6.8	%		379,121		355,225		6.7	%

Retail Automotive Dealership Revenue: (Amounts in Millions)
New Vehicles	$	2,201.5	$	1,955.4		12.6	%	$	8,672.6	$	7,506.6		15.5	%
Used Vehicles		1,191.8		1,075.6		10.8	%		4,947.0		4,187.5		18.1	%
Finance and Insurance, Net		105.1		92.5		13.6	%		435.8		370.2		17.7	%
Service and Parts		430.4		394.2		9.2	%		1,712.6		1,528.6		12.0	%
Fleet and Wholesale		217.9		172.4		26.4	%		834.7		698.4		19.5	%

Total	$	4,146.7	$	3,690.1		12.4	%	$	16,602.7	$	14,291.3		16.2	%

Retail Automotive Dealership Gross Profit: (Amounts in Millions)
New Vehicles	$	172.5	$	157.3		9.7	%	$	672.5	$	578.6		16.2	%
Used Vehicles		73.2		70.7		3.5	%		334.8		306.5		9.2	%
Finance and Insurance, Net		105.1		92.5		13.6	%		435.8		370.2		17.7	%
Service and Parts		257.0		231.9		10.8	%		1,019.2		906.9		12.4	%
Fleet and Wholesale		1.0		1.6		-37.5	%		9.6		10.6		-9.4	%

Total	$	608.8	$	554.0		9.9	%	$	2,471.9	$	2,172.8		13.8	%

Retail Automotive Dealership Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	2,114.0	$	1,942.2		8.8	%	$	8,233.4	$	7,439.6		10.7	%
Used Vehicles		1,157.9		1,071.7		8.0	%		4,753.6		4,143.3		14.7	%
Finance and Insurance, Net		101.0		91.7		10.1	%		418.3		368.7		13.5	%
Service and Parts		416.4		392.2		6.2	%		1,634.9		1,512.8		8.1	%

Total Same-Store Retail	$	3,789.3	$	3,497.8		8.3	%	$	15,040.2	$	13,464.4		11.7	%

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Dealership Operations
Selected Data
(Unaudited)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
Revenue Mix Percentages:
New Vehicles		53.1	%		53.0	%		52.3	%		52.5	%
Used Vehicles		28.7	%		29.1	%		29.8	%		29.3	%
Finance and Insurance, Net		2.5	%		2.5	%		2.6	%		2.6	%
Service and Parts		10.4	%		10.7	%		10.3	%		10.7	%
Fleet and Wholesale		5.3	%		4.7	%		5.0	%		4.9	%

Total		100.0	%		100.0	%		100.0	%		100.0	%

Gross Profit Mix Percentages:
New Vehicles		28.3	%		28.4	%		27.2	%		26.6	%
Used Vehicles		12.0	%		12.8	%		13.6	%		14.1	%
Finance and Insurance, Net		17.3	%		16.7	%		17.6	%		17.0	%
Service and Parts		42.2	%		41.8	%		41.2	%		41.8	%
Fleet and Wholesale		0.2	%		0.3	%		0.4	%		0.5	%

Total		100.0	%		100.0	%		100.0	%		100.0	%


	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2014			2013			Increase/ (Decrease)			2014			2013			Increase/ (Decrease)
Average Revenue per Vehicle Retailed:
New Vehicles	$	40,642		$	40,309			0.8	%	$	40,065		$	38,401			4.3	%
Used Vehicles	$	27,035		$	26,644			1.5	%	$	27,197		$	25,652			6.0	%
Gross Profit per Vehicle Retailed:
New Vehicles	$	3,185		$	3,243			-1.8	%	$	3,106		$	2,960			4.9	%
Used Vehicles	$	1,659		$	1,751			-5.3	%	$	1,841		$	1,878			-2.0	%
Finance and Insurance	$	1,070		$	1,041			2.8	%	$	1,094		$	1,032			6.0	%
Operating Items as a Percentage of Revenue:
Gross Profit:
New Vehicle		7.8	%		8.0	%	-20 bps				7.8	%		7.7	%	+10 bps
Used Vehicle		6.1	%		6.6	%	-50 bps				6.8	%		7.3	%	-50 bps
Service and Parts		59.7	%		58.8	%	+90 bps				59.5	%		59.3	%	+20 bps
Fleet and Wholesale		0.5	%		0.9	%	-40 bps				1.2	%		1.5	%	-30 bps
Total Gross Profit		14.7	%		15.0	%	-30 bps				14.9	%		15.2	%	-30 bps

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Dealership Operations
Selected Data
(Unaudited)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
Automotive Dealership Revenue Mix:
Premium:
BMW		28	%		26	%		27	%		25	%
Audi		13	%		13	%		13	%		13	%
Mercedes-Benz		11	%		11	%		11	%		11	%
Land Rover		5	%		5	%		5	%		5	%
Porsche		5	%		5	%		5	%		5	%
Lexus		4	%		5	%		4	%		4	%
Ferrari / Maserati		2	%		2	%		2	%		2	%
Acura		2	%		2	%		1	%		2	%
Bentley		1	%		1	%		2	%		1	%
Others		2	%		2	%		2	%		2	%

Total Premium		73	%		72	%		72	%		70	%
Volume Non-U.S.:
Toyota		11	%		11	%		11	%		12	%
Honda		7	%		8	%		8	%		9	%
Volkswagen		2	%		2	%		2	%		2	%
Nissan		1	%		1	%		1	%		1	%
Others		2	%		2	%		2	%		2	%

Total Volume Non-U.S.		23	%		24	%		24	%		26	%
U.S.:
General Motors / Chrysler / Ford		4	%		4	%		4	%		4	%

Total Automotive Dealership Revenue		100	%		100	%		100	%		100	%

Automotive Dealership Geographic Revenue Mix:
U.S.		64.7	%		65.7	%		62.0	%		64.6	%
U.K.		33.4	%		32.5	%		36.2	%		34.3	%
Other International		1.9	%		1.8	%		1.8	%		1.1	%

Total		100.0	%		100.0	%		100.0	%		100.0	%

PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Vehicle Dealership Operations
Selected Data
(Unaudited)


	Two Months Ended
	December 31, 2014*
Total Retail Units:
New Retail		791
Used Retail		188

Total Retail		979

Revenue: (Amounts in Millions)
New Vehicles	$	78.7
Used Vehicles		9.5
Finance and Insurance, Net		0.9
Service and Parts		33.9
Wholesale and other		2.6

Total Retail Revenue	$	125.6

Gross Profit: (Amounts in Millions)
New Vehicles	$	4.6
Used Vehicles		1.3
Finance and Insurance, Net		0.9
Service and Parts		13.9
Wholesale and other		0.4

Total Retail Gross Profit	$	21.1

Average Revenue per Vehicle Retailed:
New Vehicles	$	99,532
Used Vehicles	$	50,710
Gross Profit per Vehicle Retailed:
New Vehicles	$	5,838
Used Vehicles	$	6,808
Finance and Insurance	$	947
Operating Items as a Percentage of Revenue:
Gross Profit:
New Vehicle		5.8	%
Used Vehicle		13.7	%
Service and Parts		41.0	%
Wholesale and other		15.4	%

Total Gross Profit		16.8	%

* Acquired in November 2014; therefore, results shown are for the two month period ending December 31, 2014.

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)

The following tables reconcile reported income from continuing operations and earnings per share to adjusted income from continuing operations and adjusted earnings per share for the three months and twelve months ended December 31, 2014 and 2013:

Income from Continuing Operations:


	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
(Amounts in Millions)	2014			2013		Increase/ (Decrease)			2014			2013		Increase/ (Decrease)
Income from Continuing Operations	$	80.7		$	62.4		29.3	%	$	305.4		$	248.8		22.7	%
Less: Gain on Investment⁽¹⁾		(9.7	)		—	nm				(9.7	)		—	nm
Adjusted Income from Continuing Operations	$	71.0		$	62.4		13.8	%	$	295.7		$	248.8		18.9	%

Earnings Per Share:


	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
	2014			2013		Increase/ (Decrease)			2014			2013		Increase/ (Decrease)
Earnings Per Share from Continuing Operations	$	0.89		$	0.69		29.0	%	$	3.38		$	2.75		22.9	%
Less: Gain on Investment⁽¹⁾	$	(0.10	)		—	nm			$	(0.10	)		—	nm

Adjusted Earnings Per Share from									$
Continuing Operations	$	0.79		$	0.69		14.5	%		3.27⁽²⁾		$	2.75		18.9	%

⁽¹⁾ Represents a non-cash gain of $16.0 million ($9.7 million after-taxes) in the fourth quarter of 2014 relating to the re-measurement at fair value of our previously held non-controlling interest of a commercial vehicle dealership business, of which we acquired a controlling interest (91%) in the fourth quarter 2014.

⁽²⁾ Earnings per share amounts may not add up to the total due to rounding.

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”) and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) for the three months and twelve months ended December 31, 2014 and 2013:


	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
(Amounts in Millions)	2014			2013		Increase/ (Decrease)			2014			2013		Increase/ (Decrease)
Net Income	$	73.2		$	59.7		22.6	%	$	290.1		$	245.7		18.1	%
Depreciation		19.6			16.3		20.2	%		70.0			59.6		17.4	%
Other Interest Expense		15.5			11.0		40.9	%		52.8			45.2		16.8	%
Income Taxes		37.6			29.4		27.9	%		153.2			123.9		23.6	%
Loss from Discontinued Operations, Net of Tax		8.9			3.2		178.1	%		18.7			4.6		306.5	%

EBITDA	$	154.8		$	119.6		29.4	%	$	584.8		$	479.0		22.1	%
Less: Gain on Investment⁽¹⁾		(16.0	)		—	nm				(16.0	)		—	nm

Adjusted EBITDA	$	138.8		$	119.6		16.1	%	$	568.8		$	479.0		18.7	%

⁽¹⁾ Represents a non-cash gain of $16.0 million ($9.7 million after-tax) in the fourth quarter of 2014 relating to the re-measurement at fair value of our previously held non-controlling interest of a commercial vehicle dealership business, of which we acquired a controlling interest (91%) in the fourth quarter 2014.

# # # # # # #


FOR IMMEDIATE RELEASE


Fourth Quarter 2014				Twelve Months 2014