The Latest Breaking News from Penske Automotive Group Inc

Despite rising interest rates on auto loans and low supply, strong demand should keep the industry afloat even if the economy slips into a recession. Moreover, the integration of advanced technologies is expected to drive the industry’s long-term growth. Given the favorable prospects of the industry, fundamentally sound auto stocks…

Penske Automotive Group Inc (NYSE:PAG) has acquired Terry Lee Hyundai and Genesis of Noblesville in Indiana, expanding its presence in the Indianapolis metropolitan market. The financial terms were not disclosed. The company expects the acquisition to generate annualized revenue of $80 million.  The addition of the Hyundai Motor Co., Ltd. (OTC:HYMTF) and Genesis dealerships brings…

Penske Automotive Group Inc (NYSE:PAG) reported first-quarter FY22 sales growth of 21% year-on-year to $6.97 billion, beating the consensus of $6.34 billion. Total retail automotive revenue increased 16% to $6.0 billion, or 11% on a same-store basis. The gross profit increased 34.9% Y/Y to $1.2 billion and the gross margin expanded 190 basis…

Penske Truck Leasing has ordered 750 all-electric Ford Motor Co (NYSE:F) E-transit cargo vans. The financial terms were not disclosed. Penske Truck Leasing is owned by Penske Corporation, Penske Automotive Group Inc (NYSE:PAG), and Mitsui & Co Ltd (OTC:MITSY). The company will take delivery of its first several vehicles in the next several weeks. Penske's first Ford…