Managing Automotive

News, knowledge, and insights for the automotive industry.

Managing Automotive

Penske Automotive says Q2 net income rises 14 percent - Retailer calls results the best in company history

alert

Penske Automotive says Q2 net income rises 14 percent - Retailer calls results the best in company history

Penske Automotive Group Inc. reported a 14 percent gain in second-quarter net income, crediting increased business in used-vehicle sales, service and parts and finance and insurance.  But, like Asbury Automotive Group Inc., Penske also saw its gross profit margins per vehicle squeezed in both new and used vehicle sales.  The nation's second-largest dealership group said net income rose to $106.2 million in the quarter as revenue jumped 2.5 percent to $5.38 billion. 

[Automotive News]

SUBSCRIBE

Add this blog to your RSS feed reader.

Arent Fox In Your Inbox
To subscribe to Arent Fox Alerts and other news, click here.

ABOUT ARENT FOX LLP

Arent Fox LLP, founded in 1942, is internationally recognized in core practice areas where business and government intersect. With more than 350 lawyers, the firm provides strategic legal counsel and multidisciplinary solutions to clients that range from Fortune 500 corporations to trade associations. The firm has offices in Los Angeles, New York, San Francisco, and Washington, DC.