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 per ...

Shares of Penske Automotive Group (PAG) have hardly moved since the company reported first-quarter 2024 results. It reported first-quarter 2024 adjusted earnings of $3.19 per share, which decreased 26% year over year and missed the Zacks Consensus Estimate of $3.35. The company registered net sales of $7.44 billion, which missed the Zacks Consensus Estimate of $7.45 billion. The top line, however, rose 1.5% from the year-ago quarter's level.Penske’s gross profit in the reported quarter declined 0.6% on a ye ...

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, 2024 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) Delaware 22-3086739 (State or ot ...

(1 Customers control the purchase process and have the ability to flow across in-store and online options Now a framework around which vehicles are sold regardless of how the customer engages Leverage the same system if the customer starts in store Added additional structure and capabilities Leverage tools that integrate the online/in-store platform PENSKE AUTOMOTIVE GROUP / 34 Hybrid purchase process through dealer websites Trade/Sell valuations online Immersive chat and text (AI to human-powered) Online C ...

[Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Penske Automotive Group's Q1 2024 revenue increased by 1.5% to $7.4 billion, while net income and EPS significantly declined due to higher interest costs and lower equity earnings from PTS Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $7.4 Billion | $7.3 Billion | +1.5% | | Net Income Attributable to Common Stockholders | $215.2 Million | $298.3 Million | -27.9% | | Earnings Per Share (EPS) | $3.21 | $4.31 | -25.5% | - Profitability was negatively impacted by a **$17.4 million** increase in interest costs and lower equity earnings from the company's investment in Penske Transportation Solutions (PTS)[3](index=3&type=chunk) - Foreign currency exchange had a positive impact, increasing revenue by **$98.1 million** and EPS by **$0.02**[1](index=1&type=chunk) [Operational Highlights and Management Commentary](index=1&type=section&id=Operational%20Highlights%20and%20Management%20Commentary) Q1 2024 saw a 4% increase in total retail automotive units delivered, record service and parts revenue, and improved SG&A as a percentage of gross profit, despite declines in same-store revenues Q1 2024 Same-Store Performance vs. Q1 2023 | Segment | Revenue Change | Gross Profit Change | | :--- | :--- | :--- | | Retail Automotive | -1% | -4% | | Retail Commercial Truck | -15% | -6% | - Total new and used retail automotive units delivered increased by **4%** year-over-year[3](index=3&type=chunk) - CEO Roger Penske noted record retail automotive service and parts revenue, which grew **9%** to **$746 million**, and a sequential improvement in SG&A as a percentage of gross profit by **30 basis points** to **70.7%**[4](index=4&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Performance) [Retail Automotive Dealerships](index=2&type=section&id=Retail%20Automotive%20Dealerships) The retail automotive segment experienced a 3% revenue increase and 4% rise in unit deliveries, but same-store performance declined, with service and parts revenue being a key growth area Q1 2024 Retail Automotive Performance | Metric | Value | YoY Change | | :--- | :--- | :--- | | Total Revenue | $6.5 Billion | +3% | | Total Units Delivered | 126,864 | +4% | | Total Gross Profit | $1.1 Billion | -1% | | Same-Store Revenue | N/A | -1% | | Same-Store Gross Profit | N/A | -4% | | Same-Store Service & Parts Revenue | N/A | +5% | [Retail Commercial Truck Dealerships](index=2&type=section&id=Retail%20Commercial%20Truck%20Dealerships) This segment faced a 12% decline in retail unit sales due to inventory issues, leading to lower revenue and earnings before taxes, despite an improved gross margin from a stronger sales mix - Retail unit sales declined **12%** due to lack of inventory availability compared to the prior year[6](index=6&type=chunk) Q1 2024 Retail Commercial Truck Performance (in Millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $791.8 | $895.6 | | Earnings Before Taxes | $50.5 | $57.1 | | Gross Margin | Increased 190 bps | N/A | [Penske Transportation Solutions (PTS) Investment](index=2&type=section&id=Penske%20Transportation%20Solutions%20(PTS)%20Investment) Earnings from the 28.9% stake in PTS significantly decreased to $32.5 million in Q1 2024, primarily due to lower rental utilization, higher interest rates, and reduced gains on vehicle sales Earnings from PTS Investment (in Millions) | Period | Earnings | | :--- | :--- | | Q1 2024 | $32.5 | | Q1 2023 | $80.8 | - Penske Automotive Group holds a **28.9%** ownership interest in PTS, which operates a managed fleet of over **442,000** vehicles[7](index=7&type=chunk) [Corporate Development and Financial Position](index=2&type=section&id=Corporate%20Development%20and%20Financial%20Position) [Capital Allocation and Liquidity](index=2&type=section&id=Capital%20Allocation%20and%20Liquidity) In Q1 2024, the company repurchased 0.2 million shares for $32.9 million, maintaining a strong financial position with $1.7 billion in liquidity and a 1.1x leverage ratio - Repurchased **0.2 million shares** of common stock for approximately **$32.9 million** in Q1 2024[8](index=8&type=chunk) Financial Position as of March 31, 2024 (in Millions) | Metric | Value | | :--- | :--- | | Total Liquidity | $1,700 | | Cash | $117 | | Leverage Ratio | 1.1x | | Remaining Repurchase Authority | $182.6 | [Acquisitions and Expansion](index=2&type=section&id=Acquisitions%20and%20Expansion) The company expanded through the acquisition of Rybrook Group in the UK, two U.S. dealerships, and an agreement for two Porsche dealerships in Australia, adding significant annualized revenue - Completed the acquisition of Rybrook Group Limited in the UK, which includes 16 retail automotive franchises and is expected to generate approximately **$1 billion** in annualized revenue[9](index=9&type=chunk) - Acquired one Ford and one Chrysler/Dodge/Jeep/Ram dealership in the U.S.[9](index=9&type=chunk) - Signed an agreement to acquire two Porsche dealerships and one Ducati motorcycle dealership in Melbourne, Australia, with estimated annualized revenues of **$140 million**, expected to close in Q2 2024[9](index=9&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Condensed Statements of Income](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Income) Q1 2024 income statement shows a 1.5% revenue increase to $7.45 billion, but operating income and net income declined significantly due to higher floor plan interest and reduced equity earnings Q1 2024 Income Statement Highlights (in Millions) | Line Item | Q1 2024 | Q1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $7,447.8 | $7,339.0 | +1.5% | | Gross Profit | $1,245.2 | $1,252.3 | -0.6% | | Operating Income | $327.6 | $373.5 | -12.3% | | Floor Plan Interest Expense | $(44.8) | $(27.9) | +60.6% | | Equity in Earnings of Affiliates | $33.3 | $82.1 | -59.4% | | Net Income | $216.2 | $299.6 | -27.8% | | Diluted EPS | $3.21 | $4.31 | -25.5% | [Consolidated Condensed Balance Sheets](index=6&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) As of March 31, 2024, total assets increased to $16.15 billion, driven by inventories and intangible assets, with corresponding increases in total liabilities and total equity Balance Sheet Highlights (in Millions) | Account | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $5,810.6 | $5,679.7 | | Total Assets | $16,146.5 | $15,671.5 | | Total Current Liabilities | $5,910.1 | $5,657.9 | | Total Liabilities | $11,300.4 | $10,915.9 | | Total Equity | $4,846.1 | $4,755.6 | [Detailed Operational and Segment Data](index=7&type=section&id=Detailed%20Operational%20and%20Segment%20Data) [Consolidated Operations Data](index=7&type=section&id=Consolidated%20Operations%20Data) North America's revenue contribution slightly decreased in Q1 2024, while the overall gross margin contracted by 40 basis points and SG&A as a percentage of gross profit increased to 70.7% Revenue by Segment (in Millions) | Segment | Q1 2024 Revenue | Q1 2023 Revenue | | :--- | :--- | :--- | | Retail Automotive | $6,478.0 | $6,299.8 | | Retail Commercial Truck | $791.8 | $895.6 | | Commercial Vehicle Distribution & Other | $178.0 | $143.6 | Key Operating Ratios | Ratio | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Gross Margin | 16.7% | 17.1% | | SG&A as % of Revenue | 11.8% | 11.5% | | SG&A as % of Gross Profit | 70.7% | 67.5% | [Retail Automotive Operations (Total)](index=9&type=section&id=Retail%20Automotive%20Operations%20(Total)) Total retail automotive revenue grew by 2.8%, primarily from new vehicle sales and service/parts, though new vehicle gross profit declined, while used vehicle gross profit expanded Q1 2024 Retail Automotive Revenue & Gross Profit (in Millions) | Category | Revenue | Gross Profit | | :--- | :--- | :--- | | New Vehicles | $2,802.6 (+3.0%) | $272.4 (-13.2%) | | Used Vehicles | $2,336.2 (+1.7%) | $129.9 (+6.0%) | | Service and Parts | $746.1 (+9.2%) | $432.4 (+8.4%) | Q1 2024 Gross Profit Per Vehicle Retailed | Category | Gross Profit per Unit | YoY Change | | :--- | :--- | :--- | | New Vehicles | $5,229 | -17.2% | | Used Vehicles | $1,876 | +3.8% | [Retail Automotive Operations (Same-Store)](index=12&type=section&id=Retail%20Automotive%20Operations%20(Same-Store)) Same-store retail automotive revenue and gross profit declined, mainly due to new vehicle performance, but service and parts revenue and gross profit showed growth Q1 2024 Same-Store Revenue & Gross Profit (in Millions) | Category | Revenue | Gross Profit | | :--- | :--- | :--- | | New Vehicles | $2,688.7 (-1.1%) | $261.0 (-16.8%) | | Used Vehicles | $2,237.8 (-1.4%) | $122.3 (+0.2%) | | Service and Parts | $713.7 (+4.9%) | $417.5 (+5.1%) | - Same-store gross profit per new vehicle retailed saw a significant drop of **17.9%** from **$6,326** to **$5,195**[30](index=30&type=chunk) [Retail Commercial Truck Operations (Total)](index=15&type=section&id=Retail%20Commercial%20Truck%20Operations%20(Total)) The retail commercial truck segment's total revenue decreased by 11.6% to $791.8 million, yet gross margin expanded by 190 basis points, offsetting some profit decline - Total retail commercial truck units sold decreased by **12.2%**, with new units down **22.7%** while used units grew **60.2%**[32](index=32&type=chunk) Q1 2024 Gross Profit Per Commercial Truck Retailed | Category | Gross Profit per Unit | YoY Change | | :--- | :--- | :--- | | New Vehicles | $9,909 | +37.8% | | Used Vehicles | $3,187 | -61.1% | [Retail Commercial Truck Operations (Same-Store)](index=17&type=section&id=Retail%20Commercial%20Truck%20Operations%20(Same-Store)) Same-store commercial truck revenue sharply declined by 15.2%, with new vehicle revenue down 21.0%, despite a significant increase in gross profit per new vehicle retailed Q1 2024 Same-Store Commercial Truck Performance (in Millions) | Metric | Value | YoY Change | | :--- | :--- | :--- | | Total Revenue | $759.7 | -15.2% | | Total Gross Profit | $138.4 | -5.7% | | New Retail Units | 3,362 | -25.6% | | Used Retail Units | 1,024 | +56.3% | [Supplemental Data and Non-GAAP Reconciliations](index=20&type=section&id=Supplemental%20Data%20and%20Non-GAAP%20Reconciliations) [Supplemental Data](index=20&type=section&id=Supplemental%20Data) Premium brands constituted 72% of retail automotive revenue, with Q1 capital expenditures at $102.5 million and cash paid for acquisitions at $243.6 million, ending with 40 days' supply for new vehicles - The premium vehicle segment, including brands like BMW/MINI, Audi, and Mercedes-Benz, represented **72%** of the retail automotive revenue mix, consistent with the prior year[36](index=36&type=chunk) Q1 2024 Capital Expenditures & Repurchases (in Millions) | Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Capital expenditures | $102.5 | $102.4 | | Cash paid for acquisitions | $243.6 | $0 | | Stock repurchases | $32.9 | $110.2 | Inventory Days' Supply | Vehicle Type | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | New vehicle | 40 days | 39 days | | Used vehicle | 36 days | 48 days | [Non-GAAP Reconciliations](index=22&type=section&id=Non-GAAP%20Reconciliations) Q1 2024 EBITDA decreased by 23.3% to $353.9 million, and the leverage ratio stood at 1.1x based on trailing twelve months adjusted EBITDA of $1.586 billion EBITDA Reconciliation (in Millions) | Period | Net Income | EBITDA | YoY Change (EBITDA) | | :--- | :--- | :--- | :--- | | Q1 2024 | $216.2 | $353.9 | -23.3% | | Q1 2023 | $299.6 | $461.6 | N/A | - The leverage ratio of **1.1x** was calculated using total non-vehicle long-term debt of **$1,677.2 million** and trailing twelve months adjusted EBITDA of **$1,586.1 million**[39](index=39&type=chunk)

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, 2023 ☐ 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 ...

Penske Automotive Group, Inc. (NYSE:PAG) Q4 2023 Earnings Conference Call February 7, 2024 2:00 PM ET Company Participants Anthony Pordon - Executive Vice President of Investor Relations and Corporate Development Roger Penske - Chairman and Chief Executive Officer Richard Shearing - Chief Operating Officer, North American Operations Randall Seymore - Chief Operating Officer, International Operations Shelley Hulgrave - Chief Financial Officer Tony Facione - Vice President and Corporate Controller Conference ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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) 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 September 30, 2023 (State or other jurisdiction ...

Financial Performance - Penske Automotive Group's revenue for the nine months ended September 30, 2023 was $22.3 billion[17], an increase of 7% compared to $20.8 billion in the same period of 2022[42] - Income from continuing operations for the nine months ended September 30, 2023, excluding foreign exchange impacts, was $863 million[42], a decrease of 20% compared to $1.082 billion in 2022[42] - Earnings per share for the nine months ended September 30, 2023, excluding foreign exchange impacts, was $12.64[42], a decrease of 12% compared to $14.31 in 2022[42] - The company repurchased 2.7 million shares for $365 million during the nine months ended September 30, 2023[15] - Penske Transportation Solutions (PTS) contributed $238 million in equity earnings to Penske Automotive Group for the nine months ended September 30, 2023[39] Retail Automotive - Same-store new units increased by 9% and used units decreased by 4% for the nine months ended September 30, 2023[20] - Same-store new vehicle gross profit per unit decreased by 10% to $6,180, and used vehicle gross profit per unit decreased by 19% to $1,764 for the nine months ended September 30, 2023[20] - Same-store variable vehicle gross profit decreased by $628 per unit, or 11%, to $5,180 in Q3 2023[13] Retail Commercial Trucks - Premier Truck Group's EBT for the nine months ended September 30, 2023, was $173.7 million[51], an increase of 6%[51] - Same-store new units increased by 5% and used units increased by 3% for the nine months ended September 30, 2023[52] Penske Transportation Solutions (PTS) - PTS operating revenue for Q3 2023 was $2.8 billion[131], an increase of 4%[129] - PTS net income for Q3 2023 was $291 million[131], a decrease of 38%[157]

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, 2023 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 ...