Penske Auto Income Makes Q4 Record
Revenue also up for year. Q4 profit, meanwhile, falls due to market shifts.
Revenue rose 11% to $7 billion in the quarter.
IMAGE: Tumisu
Penske Automotive Group reported record fourth-quarter revenue on the strength of increased new-vehicle demand as its profit fell due to foreign currency exchange and diminished retail gross profit per vehicle.
Revenue rose 11% to $7 billion in the quarter. For the full year, it increased 9% to $27.8 billion, the transportation services and car and commercial truck retailer said.
"Our international diversified transportation services company produced record results in 2022,” said Chairman and CEO Roger Penske in a statement. “We retailed more than 447,000 new and used vehicles through our retail automotive operations and over 20,000 new and used commercial trucks through our commercial truck dealerships while our investment in Penske Transportation Solutions continues to benefit from the growth in its vehicle fleet."
The group’s profit fell 4.3% to 299.3 million, it reported.
Foreign currency exchange shaved profits by $6 million, the company said.
Penske’s retail automotive and retail commercial truck businesses grew revenue for the quarter, up 8% and 40%, respectively.
Originally posted on Auto Dealer Today
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →