BLOOMFIELD HILLS, Mich., Jan. 17,
2024 /PRNewswire/ -- Penske Automotive Group,
Inc. (NYSE: PAG), a diversified international transportation
services company and one of the world's premier automotive and
commercial truck retailers, today announced that its Board of
Directors has approved a quarterly dividend of $0.87 per share, representing an increase of
10%. "We are pleased to provide an increase in the cash
dividend. The strength of our balance sheet and our
continued strong cash flow enables us to reward our shareholders,"
said Penske Automotive Group President, Robert Kurnick, Jr. The dividend is
payable March 1, 2024, to
shareholders of record as of February 15,
2024.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in
Bloomfield Hills, Michigan, is a
diversified international transportation services company and one
of the world's premier automotive and commercial truck retailers.
PAG operates dealerships in the United
States, the United Kingdom,
Canada, Germany, Italy, and Japan and is one of the largest retailers of
commercial trucks in North America
for Freightliner. PAG also distributes and retails commercial
vehicles, diesel and gas engines, power systems, and related parts
and services principally in Australia and New
Zealand. PAG employs over 28,000 people worldwide.
Additionally, PAG owns 28.9% of Penske Transportation Solutions
("PTS"), a business that employs over 44,000 people worldwide,
manages one of the largest, most comprehensive and modern trucking
fleets in North America with over
442,000 trucks, tractors, and trailers under lease, rental, and/or
maintenance contracts and provides innovative transportation,
supply chain, and technology solutions to its customers. PAG is a
member of the Fortune 500, Russell 1000, Russell 3000 index and
S&P 400 Mid Cap Indexes. For additional information, including
the Company's 2023 Corporate Responsibility Report highlighting its
strategies, activities, and certain metrics, visit the Company's
website at www.penskeautomotive.com.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking
statements, including forward-looking statements regarding Penske
Automotive Group, Inc.'s profitability and cash flow. Actual
results may vary materially because of risks and uncertainties that
are difficult to predict. These risks and uncertainties include,
among others, those risks and uncertainties related to
macro-economic, geo-political and industry conditions and events,
including their impact on new and used vehicle sales, the
availability of consumer credit, changes in consumer demand,
consumer confidence levels, fuel prices, personal discretionary
spending levels, interest rates, and unemployment rates; our
ability to obtain vehicles and parts from our manufacturers,
especially in light of supply chain disruptions due to natural
disasters, the shortage of vehicle components, the war in
Ukraine, challenges in sourcing
labor, or labor strikes or work stoppages, or other disruptions;
changes in the retail model either from direct sales by
manufacturers, a transition to an agency model of sales, sales by
online competitors, or from the expansion of electric vehicles; the
effects of a pandemic on the global economy, including our ability
to react effectively to changing business conditions in light of
any pandemic; the rate of inflation, including its impact on
vehicle affordability; changes in interest rates and foreign
currency exchange rates; with respect to PTS, changes in the
financial health of its customers, labor strikes or work stoppages
by its employees, a reduction in PTS' asset utilization rates,
continued availability from truck manufacturers and suppliers of
vehicles and parts for its fleet, potential decreases in the resale
value of used vehicles which may affect PTS' ability to sell its
used vehicles after the expiration of its customers' leases or at
the end of its holding period for rental vehicles, which may affect
PTS' profitability and regulatory risks and related compliance
costs; our ability to realize returns on our significant capital
investment in new and upgraded dealership facilities; our ability
to navigate a rapidly changing automotive and truck landscape; our
ability to respond to new or enhanced regulations in both our
domestic and international markets relating to automotive and
commercial truck dealerships and vehicles sales, including those
related to the sales process or emissions standards, as well as
changes in consumer sentiment relating to commercial truck sales
that may hinder our or PTS' ability to maintain, acquire, sell, or
operate trucks; the success of our distribution of commercial
vehicles, engines, and power systems; natural disasters; recall
initiatives or other disruptions that interrupt the supply of
vehicles or parts to us; the outcome of legal and administrative
matters, and other factors over which management has limited
control. These forward-looking statements should be evaluated
together with additional information about Penske Automotive
Group's business, markets, conditions, risks, and other
uncertainties, which could affect Penske Automotive Group's future
performance. The risks and uncertainties discussed above are not
exhaustive and additional risk and uncertainties are addressed in
Penske Automotive Group's Form 10-K for the year ended
December 31, 2022, its Form 10-Q for the quarterly periods
ended March 31, 2023, June 30, 2023, September
30, 2023, and its other filings with the Securities and
Exchange Commission. This press release speaks only as of its date,
and Penske Automotive Group disclaims any duty to update the
information herein.
Inquiries should contact:
|
|
Shelley
Hulgrave
|
Anthony
Pordon
|
Executive Vice
President and
|
Executive Vice
President Investor Relations
|
Chief Financial
Officer
|
and Corporate
Development
|
Penske Automotive
Group, Inc.
|
Penske Automotive
Group, Inc.
|
248-648-2812
|
248-648-2540
|
shulgrave@penskeautomotive.com
|
tpordon@penskeautomotive.com
|
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SOURCE Penske Automotive Group, Inc.