Penske’s Q1 internet revenue greater than doubles

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In the course of the first three months of the yr, Penske purchased a medium- and heavy-duty business truck enterprise in Ontario, Canada. Penske in January mentioned it had opened a brand new Honda dealership in Leander, Texas. Penske this month acquired a BMW-Mini dealership and a collision heart in Southern California and introduced it had bought three BMW-Mini shops and a collision heart within the U.Okay.

Penske’s CarShop standalone used-vehicle enterprise continued to develop as income greater than doubled to $515.8 million on gross sales of 19,523 automobiles, up 71 %. Penske operated 23 CarShop shops through the quarter and plans to have 40 CarShop stores within the U.S. and U.Okay. by the tip of 2023.

Shares of Penske Automotive closed down 1.25 % to $99.22 on Tuesday.

Q1 income: $6.98 billion, up 21 % from a yr earlier

Q1 internet revenue: $369.5 million, up 102 %

Q1 car gross sales: 113,759 mixed new- and used-vehicle gross sales, up 2.6 %. On a same-store foundation, Penske bought 109,218 new and used automobiles, down 1.3 %. Penske did not specify U.S. car counts however reported that the variety of new automobiles bought at U.S. dealerships fell 13 % on a same-store foundation whereas the variety of used automobiles dropped 9 % on a same-store foundation.

Information: All-time pretax earnings, revenue from persevering with operations and earnings per share for any quarter.

Rating: Penske, of Bloomfield Hills, Mich., ranks No. 3 on Automotive Informationlist of the top 150 dealership groups based in the U.S., with retail gross sales of 195,384 new automobiles in 2021.

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