Penske Automotive Q1 earnings: Most profitable quarter in company history

Penske Automotive Q1 earnings: Most profitable quarter in company history

In the course of the initially three months of the yr, Penske purchased a medium- and hefty-obligation professional truck business enterprise in Ontario. The company in January stated it had opened a new Honda dealership in Leander, Texas. Penske this thirty day period obtained a BMW-Mini dealership and a collision centre in Southern California and declared it had bought a few BMW-Mini shops and a collision heart in the U.K.

Penske’s CarShop standalone applied-automobile business enterprise continued to improve, as earnings a lot more than doubled to $515.8 million on revenue of 19,523 automobiles, up 71 %. Penske operated 23 CarShop outlets for the duration of the quarter and ideas to have 40 CarShop shops in the U.S. and U.K. by the stop of 2023.

Q1 earnings: $6.98 billion, up 21 per cent from a calendar year before

Q1 web cash flow: $369.5 million, up 102 p.c

Q1 motor vehicle sales: 113,759 mixed new- and utilized-vehicle product sales, up 2.6 %. On a exact-retail outlet foundation, Penske bought 109,218 new and utilized automobiles, down 1.3 per cent. Penske did not specify U.S. auto counts but noted that the selection of new cars marketed at U.S. dealerships fell 13 % on a exact-retail outlet basis whilst utilized-car income dropped 9 per cent on a exact-shop foundation.

Documents: All-time pretax earnings, revenue from continuing functions and earnings for every share for any quarter.

Ranking: Penske, of Bloomfield Hills, Mich., ranks No. 3 on Automotive News‘ checklist of the leading 150 dealership groups dependent in the U.S., with retail income of 195,384 new autos in 2021.