DISCLAIMER A Diversified Transportation Services Company Headquartered in Bloomfield Hills, MI USA Diversified business mix provides multiple opportunities for growth Cars, Best Value COMPANY OVERVIEW commercial vehicle, power system & parts distribution locations Retail automotive segment focused on Premium/Luxury brands which generate more than 70% of automotive revenue Capital allocation focused on acquisitions, cash dividends, and securities repurchases Record first quarter revenue; increased 5% 7 7 Sam ...

Penske Automotive Group, Inc. (NYSE:PAG) Q1 2023 Earnings Conference Call April 26, 2023 2:00 PM ET Company Participants Anthony Pordon - Investor Relations Roger Penske - Chairman and Chief Executive Officer Shelley Hulgrave - Executive Vice President and Chief Financial Officer Tony Facione - Vice President and Corporate Controller Conference Call Participants John Murphy - Bank of America Daniel Imbro - Stephens Mike Ward - Benchmark Rajat Gupta - JPMorgan David Whiston - Morningstar Operator Good aftern ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-12297 Penske Automotive Group, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported a record revenue increase of 11% to $7 billion in Q4 2022, with earnings per share rising 6% to $4.21 [19] - For the full year 2022, revenue increased by 9% to nearly $28 billion, and earnings before taxes rose 16% to $1.9 billion [18] - The company repurchased approximately 2.5 million shares for $284 million during Q4 2022, totaling $887 million for the year, representing 11% of shares outstanding at the beginning of 2022 [25][19] Business Line Data and Key Metrics Changes - Retail automotive revenue increased by 4%, and when excluding foreign exchange effects, it rose by 10% [6] - CarShop unit sales increased by 12% to 71,242 units, with revenue rising 16% to $1.7 billion, although variable gross profit per unit declined by 19% [7] - Service and parts revenue increased by 6%, and when excluding foreign exchange, it increased by 11% [21] Market Data and Key Metrics Changes - The company’s forward order bank in the U.K. is 23% higher than the previous year, representing 31,800 units or GBP 100 million of forward gross profit [20] - Used vehicle inventory had a 53-day supply, while new vehicle inventory had a 25-day supply [26] Company Strategy and Development Direction - The company aims to leverage artificial intelligence to improve operational efficiencies and reduce costs [28] - The focus remains on disciplined capital allocation, with a target of 5% growth through acquisitions and organic growth [45] - The company is committed to increasing its Penske Transportation Solutions fleet from over 414,000 units to 500,000 by 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for premium vehicles despite supply constraints expected to continue into 2023 [5] - The company anticipates that the current business environment for leasing, maintenance, and logistics will remain strong in 2023 [9] - Management noted that affordability issues have not significantly impacted premium customers, who continue to show strong demand [34] Other Important Information - The company’s long-term debt was reported at $1.6 billion, with 35% fixed debt and an average interest rate of 3.8% [12] - The company has $107 million in cash and over $1.1 billion in liquidity, indicating a strong balance sheet [27] Q&A Session Summary Question: What is the outlook for consumer demand in 2023? - Management noted that demand for new vehicles remains strong, particularly in the premium luxury segment, and inventory turnover is quick [33] Question: How is the company managing SG&A expenses? - SG&A expenses increased due to higher compensation in the U.K., but management is focused on operational efficiencies and AI to reduce costs [38][64] Question: How did the company achieve sales growth despite supply constraints? - The company benefited from a strong mix of premium luxury vehicles and a favorable market environment in the U.K. [42] Question: What are the priorities for excess cash in 2023? - The company plans to maintain a balanced approach between shareholder returns and growth investments, with a focus on selective acquisitions [45][46] Question: How does the company view the truck business compared to light vehicles? - Management indicated that truck acquisitions have lower CapEx requirements and are currently more attractive due to lower multiples compared to light vehicles [92]

Financial Data and Key Metrics Changes - Revenue increased 7% to $6.9 billion, while EBT decreased 2% to $467 million and net income declined 4% to $340 million, with earnings per share increasing 3% to $4.61 [8] - Excluding foreign exchange impacts, revenue increased 12% to $7.3 billion, EBT increased 1% to $481 million, net income decreased 1% to $351 million, and earnings per share increased 7% to $4.75 [9] - Year-to-date EBITDA reached $1.6 billion, a 21% increase compared to the same period last year, with trailing 12-month EBITDA at $2.1 billion [19] Business Line Data and Key Metrics Changes - Retail Automotive operations saw new units decline 6% due to supply constraints, while used units declined 11% due to challenges in acquiring affordable inventory [10][11] - Retail automotive revenue declined 3%, but increased 4% when excluding FX, with variable gross profit per unit increasing $70 to $5,830 [12] - CarShop unit sales were 16,400 with revenue of $380 million, but profitability was impacted by vehicle acquisition prices and reconditioning costs [13] - Retail Commercial Truck dealership business saw total unit sales increase 25% to 6,031, with revenue increasing 42% to $1 billion and gross profit increasing 21% to $140 million [14] Market Data and Key Metrics Changes - In the U.K., the forward order bank is over 60% higher than the previous year, representing 36,000 units and $101 million in gross profit [11] - Penske Transportation Solutions (PTS) revenue increased 19% to $3.5 billion, with profit increasing 15% to a record $468 million [17] Company Strategy and Development Direction - The company is focused on operational efficiencies and has implemented AI to improve customer interactions and streamline processes [27][90] - Sustainability initiatives include building infrastructure for electric vehicles and installing over 1,500 charging stations [30] - The company plans to maintain a balanced capital allocation strategy, focusing on growth and shareholder returns [96] Management's Comments on Operating Environment and Future Outlook - Management expects supply constraints to persist for the next 9 to 12 months, but demand for new vehicles remains strong [11] - The company is confident in its diversified business model and ability to manage macro challenges [25] - Management remains optimistic about the premium luxury market, with strong pre-orders and minimal cancellations [52] Other Important Information - The company repurchased 2.8 million shares for $309 million in Q3, with a total of $675 million in share repurchases year-to-date [21] - The quarterly dividend was increased by 24% to $0.57 per share, with $114 million paid in dividends through September 30 [22] Q&A Session All Questions and Answers Question: What is the outlook on new vehicle grosses? - Management indicated that new vehicle grosses have remained high due to tight inventory and strong demand, with expectations for this to continue for the next 6 to 12 months [35][40] Question: How does the company view the used vehicle market? - Management acknowledged challenges in the used vehicle market due to a shortage of affordable inventory and indicated a focus on technology to improve customer engagement and sales [41][47] Question: Can you discuss the recent acquisition in the U.K.? - The acquisition of five Mercedes-Benz dealerships and three service centers is expected to generate $550 million in revenue and fits well within the company's existing operations [57][60] Question: What are the risks associated with proposed F&I legislation? - Management supports the elimination of unfair practices but noted uncertainty regarding the impact of proposed rules on the business [73][75] Question: What is the current state of SG&A and productivity? - SG&A is expected to normalize between 70% and 72%, with improvements in sales force productivity driven by AI and automation initiatives [81][83]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-12297 Penske Automotive Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Penske Automotive Group, Inc. (NYSE:PAG) Q2 2022 Earnings Conference Call July 27, 2022 2:00 PM ET Company Participants Anthony Pordon - Executive Vice President, Investor Relations & Corporate Development Roger Penske - Chair & Chief Executive Officer Shelley Hulgrave - Executive Vice President & Chief Financial Officer Tony Facione - Vice President & Corporate Controller Conference Call Participants John Murphy - Bank of America Rajat Gupta - JPMorgan Daniel Imbro - Stephens Inc. David Whiston - Morningst ...

PENSKE Automotive Second Quarter 2022 Financial Results SYTNER On-Highway Power Systems Mining Defense DISCLAIMER Statements in this press release may involve forward-looking statements, including forwardlooking statements regarding Penske Automotive Group, Inc.'s financial performance, acquisitions, and growth plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, the company's ability to successfully ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-12297 Penske Automotive Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Penske Automotive Group, Inc. (NYSE:PAG) Q1 2022 Results Conference Call April 27, 2022 2:00 PM ET Company Participants Anthony Pordon - EVP, Investor Relations and Corporate Development Roger Penske - Chair & CEO Shelley Hulgrave - CFO Tony Facione - Vice President and Corporate Controller Conference Call Participants John Murphy - Bank of America Stephanie Moore - Truist Securities Mike Ward - Benchmark Company Daniel Imbro - Stephens Inc Rajat Gupta - JPMorgan David Whiston - Morningstar Operator Good af ...