8-K
Penske Automotive Group, Inc. (PAG)
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UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | October 29, 2025 |
|---|
Penske Automotive Group, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 1-12297 | 22-3086739 |
|---|---|---|
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 2555 Telegraph Road, | ||
| Bloomfield Hills, Michigan | 48302 | |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant's telephone number, including area code: | 248-648-2500 | |
| Not Applicable | ||
| Former name or former address, if changed since last report |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Voting Common Stock, par value $0.0001 per share | PAG | New York Stock Exchange |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 29, 2025, we issued a press release announcing our third quarter 2025 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.
The information furnished in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02 is incorporated into this Item 7.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated October 29, 2025. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Penske Automotive Group, Inc. | ||
|---|---|---|
| October 29, 2025 | By: | /s/ Shane M. Spradlin |
| Name: Shane M. Spradlin | ||
| Title: Executive Vice President |
Document
| FOR IMMEDIATE RELEASE |
|---|
PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS
Retail Automotive Same-Store Revenue Increases 5%
Record Retail Automotive Service and Parts Revenue up 5% and Record Related Gross Profit up 7%
Earnings Before Taxes of $292 Million; Earnings Per Share of $3.23
1,086,560 Shares Repurchased Through October 24, 2025, or 1.6% of Outstanding Shares
Repaid $550 Million Senior Subordinated Notes at Scheduled Maturity; Leverage at 1.0x
BLOOMFIELD HILLS, MI, October 29, 2025 – 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 quarterly results for the third quarter of 2025. For the quarter, revenue increased 1.4% to $7.7 billion compared to $7.6 billion for the same period in 2024. Net income attributable to common stockholders decreased 6% to $213.0 million compared to $226.1 million in the prior year period, and related earnings per share decreased 5% to $3.23 compared to $3.39 for the same period in 2024. Foreign currency exchange positively impacted revenue by $92.8 million, net income attributable to common stockholders by $0.7 million, and earnings per share by $0.02.
Commenting on the Company's third quarter results, Chair Roger Penske said, "Overall, I am pleased with our performance during the third quarter. We grew same-store retail automotive new units delivered by 4%, reduced new vehicle inventory days supply by 6 days from the end of June and increased retail automotive service and parts revenue to a quarterly record of $818.3 million, including same-store service and parts revenue growth of 5%. In addition to the growth in service and parts revenue, we increased service and parts gross margin by 110 basis points and improved fixed cost absorption by 380 basis points in our U.S. retail automotive operations. However, overall profitability in the quarter was impacted by continued weakness in the North American freight market which drove lower sales and service of commercial trucks, coupled with challenges in the U.K auto retail market from a cyber security incident at one of our OEM partners, an increase in social program costs in the U.K., and a higher tax rate. As a result, third quarter earnings before taxes was negatively impacted by approximately $23 million."
Third Quarter 2025 Retail Automotive Highlights Compared to Third Quarter 2024
•Retail Automotive Same-Store New Units Delivered – increased 4%
•Retail Automotive Same-Store Revenue – increased 5%
•New Vehicle +4%; Used Vehicle +8%; Finance & Insurance +4%; Service & Parts +5%
•Retail Automotive Same-Store Gross Profit – increased 3%
•New Vehicle -5%; Used Vehicle +6%; Finance & Insurance +4%; Service & Parts +8%
•Retail Automotive Same-Store Service and Parts Gross Margin Increased 140 basis points to 59.1%
For the nine months ended September 30, 2025, revenue increased 1% from the same period in 2024 to a record of $23.0 billion. Net income attributable to common stockholders increased 4% to $707.3 million compared to $682.5 million in
the prior year period, and related earnings per share increased 5% to $10.66 compared to $10.20 for the same period in 2024. As reconciled in the attached schedules, adjusted net income increased 1% to $689.3 million and adjusted earnings per share increased 2% to $10.39. Foreign currency exchange positively impacted revenue by $189.0 million, net income attributable to common stockholders by $1.8 million, and earnings per share by $0.02.
Retail Automotive Dealerships
For the three months ended September 30, 2025, total new units delivered increased 1%. New units increased 6% in the U.S. and declined 5% internationally. Used units delivered decreased 5%, consisting of a 1% decrease in the U.S. and a 10% decrease internationally. The decrease in used units internationally is largely attributable to the previously announced realignment of the Company's U.K. used only dealerships to Sytner Select as we either closed or sold four locations. The Sytner Select locations are more closely aligned with the existing franchised dealer operations and focus on retailing fewer units at higher margin and lower costs. Excluding the performance of the U.K. Sytner Select locations in both periods, used units delivered decreased 2%. Total retail automotive revenue increased 4% to $6.6 billion and increased 5% on a same-store basis. Total retail automotive gross profit increased 2% to $1.1 billion, and same-store gross profit increased 3%, driven by an 8% increase in same-store service and parts.
For the nine months ended September 30, 2025, total new units delivered increased 1%. Used units delivered decreased 13%. Excluding the performance of the U.K. Sytner Select locations in both periods, used units delivered decreased 2%. Total retail automotive revenue increased 1% to $19.7 billion and increased 2% on a same-store basis. Total retail automotive gross profit increased 3% to $3.3 billion, and same-store gross profit increased 3%, driven by an 8% increase in same-store service and parts.
Retail Commercial Truck Dealerships
As of September 30, 2025, Premier Truck Group operated 45 North American retail commercial truck locations. For the three months ended September 30, 2025, retail unit sales decreased 19% to 5,108 from 6,331 and decreased 19% on a same-store basis as continued weakness in the freight market impacted new and used truck demand. Earnings before taxes was $41.5 million compared to $56.5 million in the prior year period. For the nine months ended September 30, 2025, revenue decreased 2% to $2.69 billion from $2.75 billion and decreased 7% on a same-store basis, and earnings before taxes was $140.8 million compared to $158.7 million in the prior year period.
Penske Transportation Solutions Investment
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 405,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and nine months ended September 30, 2025, the Company recorded $58.5 million and $145.1 million in earnings compared to $60.3 million and $145.7 million for the same periods in 2024 as continued weakness in the freight market drove a decline in rental revenue, coupled with an increase in bad debt expense and lower gain on the sale of used trucks.
Corporate Development, Capital Allocation, Liquidity, and Leverage
During July 2025, we completed the acquisition of a Ferrari dealership in Italy with expected estimated annualized revenue of $40 million. Also, on October 15, 2025, the Board of Directors approved an increase in the quarterly dividend of 4.5%, or
$0.06 per share, to $1.38 per share representing a forward dividend yield of 3.2%. The increase represents the Company’s 20th consecutive quarterly increase. On a trailing twelve-month basis, the dividend payout ratio is 36.5%.
During September 2025, we repaid in full at scheduled maturity our $550 million of 3.50% senior subordinated notes due September 1, 2025. During the nine months ended September 30, 2025, the Company repurchased 934,122 shares of common stock, or approximately 1.4% of its outstanding shares, consisting of 796,716 shares of common stock for approximately $119.0 million under our securities repurchase program and 137,406 shares of our common stock for $22.6 million from employees in connection with a net share settlement feature of employee equity awards. From October 1, 2025, through October 24, 2025, the Company repurchased an additional 152,438 shares for an aggregate purchase price of $25.6 million. As of October 24, 2025, $262.3 million remained outstanding and available for repurchases under our securities repurchase program. As of September 30, 2025, the Company had approximately $1.9 billion in liquidity, including $80 million in cash and $1.8 billion of availability under its U.S. and international credit agreements. The Company’s leverage ratio at September 30, 2025 was 1.0x.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the third quarter of 2025 on Wednesday, October 29, 2025, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using access code 9658297. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the third quarter 2025 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com.
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, Japan, and Australia 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 28,300 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 43,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 405,000 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 S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per share, adjusted earnings before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from
its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.
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 financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange 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, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; 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 impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; 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, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments 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 dealerships and vehicles sales, including those related to the sales process, emissions standards, or electrification; 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 risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarterly periods ended March 31, 2025, and June 30, 2025, 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 |
#
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Millions, Except Per Share Data)
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
| Revenue | $ | 7,695.3 | $ | 7,590.8 | 1.4 | % | $ | 22,962.1 | $ | 22,735.3 | 1.0 | % |
| Cost of Sales | 6,446.2 | 6,347.6 | 1.6 | % | 19,147.4 | 18,982.8 | 0.9 | % | ||||
| Gross Profit | $ | 1,249.1 | $ | 1,243.2 | 0.5 | % | $ | 3,814.7 | $ | 3,752.5 | 1.7 | % |
| SG&A Expenses | 907.5 | 885.2 | 2.5 | % | 2,727.4 | 2,652.5 | 2.8 | % | ||||
| Depreciation | 42.9 | 40.6 | 5.7 | % | 124.9 | 117.0 | 6.8 | % | ||||
| Operating Income | $ | 298.7 | $ | 317.4 | (5.9) | % | $ | 962.4 | $ | 983.0 | (2.1) | % |
| Floor Plan Interest Expense | (42.9) | (50.8) | (15.6) | % | (127.7) | (142.2) | (10.2) | % | ||||
| Other Interest Expense | (22.0) | (22.9) | (3.9) | % | (66.1) | (64.1) | 3.1 | % | ||||
| Gain on Sale of Dealership | — | — | nm | 52.3 | — | nm | ||||||
| Equity in Earnings of Affiliates | 58.4 | 60.7 | (3.8) | % | 145.3 | 148.0 | (1.8) | % | ||||
| Income Before Income Taxes | $ | 292.2 | $ | 304.4 | (4.0) | % | $ | 966.2 | $ | 924.7 | 4.5 | % |
| Income Taxes | (78.7) | (77.4) | 1.7 | % | (256.8) | (238.6) | 7.6 | % | ||||
| Net Income | $ | 213.5 | $ | 227.0 | (5.9) | % | $ | 709.4 | $ | 686.1 | 3.4 | % |
| Less: Income Attributable to Non-Controlling Interests | 0.5 | 0.9 | (44.4) | % | 2.1 | 3.6 | (41.7) | % | ||||
| Net Income Attributable to Common Stockholders | $ | 213.0 | $ | 226.1 | (5.8) | % | $ | 707.3 | $ | 682.5 | 3.6 | % |
| Amounts Attributable to Common Stockholders: | ||||||||||||
| Net Income | $ | 213.5 | $ | 227.0 | (5.9) | % | $ | 709.4 | $ | 686.1 | 3.4 | % |
| Less: Income Attributable to Non-Controlling Interests | 0.5 | 0.9 | (44.4) | % | 2.1 | 3.6 | (41.7) | % | ||||
| Net Income Attributable to Common Stockholders | $ | 213.0 | $ | 226.1 | (5.8) | % | $ | 707.3 | $ | 682.5 | 3.6 | % |
| Income Per Share | $ | 3.23 | $ | 3.39 | (4.7) | % | $ | 10.66 | $ | 10.20 | 4.5 | % |
| Weighted Average Shares Outstanding | 66.0 | 66.8 | (1.1) | % | 66.3 | 66.9 | (0.9) | % |
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
| September 30, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Assets: | ||||||
| Cash and Cash Equivalents | $ | 80.3 | $ | 72.4 | ||
| Accounts Receivable, Net | 993.3 | 1,002.1 | ||||
| Inventories | 4,705.1 | 4,640.2 | ||||
| Other Current Assets | 233.6 | 213.1 | ||||
| Total Current Assets | 6,012.3 | 5,927.8 | ||||
| Property and Equipment, Net | 3,165.8 | 3,006.2 | ||||
| Operating Lease Right-of-Use Assets | 2,473.4 | 2,467.2 | ||||
| Intangibles | 3,467.6 | 3,382.9 | ||||
| Other Long-Term Assets | 1,999.7 | 1,936.8 | ||||
| Total Assets | $ | 17,118.8 | $ | 16,720.9 | ||
| Liabilities and Equity: | ||||||
| Floor Plan Notes Payable | $ | 2,453.8 | $ | 2,535.8 | ||
| Floor Plan Notes Payable – Non-Trade | 1,514.8 | 1,488.2 | ||||
| Accounts Payable | 960.5 | 851.7 | ||||
| Accrued Expenses and Other Current Liabilities | 967.7 | 889.0 | ||||
| Current Portion Long-Term Debt | 305.4 | 721.2 | ||||
| Total Current Liabilities | 6,202.2 | 6,485.9 | ||||
| Long-Term Debt | 1,265.6 | 1,130.8 | ||||
| Long-Term Operating Lease Liabilities | 2,389.6 | 2,392.6 | ||||
| Other Long-Term Liabilities | 1,536.1 | 1,484.3 | ||||
| Total Liabilities | 11,393.5 | 11,493.6 | ||||
| Equity | 5,725.3 | 5,227.3 | ||||
| Total Liabilities and Equity | $ | 17,118.8 | $ | 16,720.9 |
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Geographic Revenue Mix: | ||||||||||||
| North America | 62.1 | % | 61.2 | % | 61.1 | % | 59.2 | % | ||||
| U.K. | 27.1 | % | 29.8 | % | 28.3 | % | 31.7 | % | ||||
| Other International | 10.8 | % | 9.0 | % | 10.6 | % | 9.1 | % | ||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||
| Revenue: (Amounts in Millions) | ||||||||||||
| Retail Automotive | $ | 6,570.1 | $ | 6,340.7 | $ | 19,656.9 | $ | 19,434.1 | ||||
| Retail Commercial Truck | 918.6 | 1,063.3 | 2,685.9 | 2,747.4 | ||||||||
| Commercial Vehicle Distribution and Other | 206.6 | 186.8 | 619.3 | 553.8 | ||||||||
| Total | $ | 7,695.3 | $ | 7,590.8 | $ | 22,962.1 | $ | 22,735.3 | ||||
| Gross Profit: (Amounts in Millions) | ||||||||||||
| Retail Automotive | $ | 1,066.3 | $ | 1,041.5 | $ | 3,258.9 | $ | 3,173.7 | ||||
| Retail Commercial Truck | 136.3 | 157.1 | 420.9 | 446.4 | ||||||||
| Commercial Vehicle Distribution and Other | 46.5 | 44.6 | 134.9 | 132.4 | ||||||||
| Total | $ | 1,249.1 | $ | 1,243.2 | $ | 3,814.7 | $ | 3,752.5 | ||||
| Gross Margin: | ||||||||||||
| Retail Automotive | 16.2 | % | 16.4 | % | 16.6 | % | 16.3 | % | ||||
| Retail Commercial Truck | 14.8 | % | 14.8 | % | 15.7 | % | 16.2 | % | ||||
| Commercial Vehicle Distribution and Other | 22.5 | % | 23.9 | % | 21.8 | % | 23.9 | % | ||||
| Total | 16.2 | % | 16.4 | % | 16.6 | % | 16.5 | % | ||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| September 30, | September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating Items as a Percentage of Revenue: | ||||||||||||
| Gross Profit | 16.2 | % | 16.4 | % | 16.6 | % | 16.5 | % | ||||
| Selling, General and Administrative Expenses | 11.8 | % | 11.7 | % | 11.9 | % | 11.7 | % | ||||
| Operating Income | 3.9 | % | 4.2 | % | 4.2 | % | 4.3 | % | ||||
| Income Before Income Taxes | 3.8 | % | 4.0 | % | 4.2 | % | 4.1 | % | ||||
| Operating Items as a Percentage of Total Gross Profit: | ||||||||||||
| Selling, General, and Administrative Expenses | 72.7 | % | 71.2 | % | 71.5 | % | 70.7 | % | ||||
| Adjusted Selling, General, and Administrative Expenses(1) | — | — | 70.8 | % | 70.7 | % | ||||||
| Operating Income | 23.9 | % | 25.5 | % | 25.2 | % | 26.2 | % | ||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| September 30, | September 30, | |||||||||||
| (Amounts in Millions) | 2025 | 2024 | 2025 | 2024 | ||||||||
| EBITDA(1) | $ | 357.1 | $ | 367.9 | $ | 1,157.2 | $ | 1,105.8 | ||||
| Floor Plan Credits | $ | 14.4 | $ | 13.4 | $ | 40.0 | $ | 37.3 | ||||
| Rent Expense | $ | 68.3 | $ | 65.9 | $ | 202.4 | $ | 196.5 | ||||
| _______________________ | ||||||||||||
| (1)See the following Non-GAAP reconciliation table. |
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Retail Automotive Units: | ||||||||||||||||
| New Retail | 48,809 | 49,523 | (1.4) | % | 146,957 | 149,051 | (1.4) | % | ||||||||
| Used Retail | 54,708 | 57,738 | (5.2) | % | 168,193 | 192,574 | (12.7) | % | ||||||||
| Total Retail | 103,517 | 107,261 | (3.5) | % | 315,150 | 341,625 | (7.7) | % | ||||||||
| New Agency | 11,730 | 10,290 | 14.0 | % | 32,495 | 29,443 | 10.4 | % | ||||||||
| Total Retail and Agency | 115,247 | 117,551 | (2.0) | % | 347,645 | 371,068 | (6.3) | % | ||||||||
| Retail Automotive Revenue: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 2,961.1 | $ | 2,890.2 | 2.5 | % | $ | 8,925.0 | $ | 8,688.6 | 2.7 | % | ||||
| Used Vehicles | 2,242.8 | 2,123.9 | 5.6 | % | 6,643.8 | 6,735.9 | (1.4) | % | ||||||||
| Finance and Insurance, Net | 195.9 | 193.1 | 1.5 | % | 594.6 | 607.8 | (2.2) | % | ||||||||
| Service and Parts | 818.3 | 778.0 | 5.2 | % | 2,424.3 | 2,276.9 | 6.5 | % | ||||||||
| Fleet and Wholesale | 352.0 | 355.5 | (1.0) | % | 1,069.2 | 1,124.9 | (5.0) | % | ||||||||
| Total Revenue | $ | 6,570.1 | $ | 6,340.7 | 3.6 | % | $ | 19,656.9 | $ | 19,434.1 | 1.1 | % | ||||
| Retail Automotive Gross Profit: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 258.3 | $ | 274.1 | (5.8) | % | $ | 820.7 | $ | 837.5 | (2.0) | % | ||||
| Used Vehicles | 115.6 | 108.6 | 6.4 | % | 369.2 | 358.0 | 3.1 | % | ||||||||
| Finance and Insurance, Net | 195.9 | 193.1 | 1.5 | % | 594.6 | 607.8 | (2.2) | % | ||||||||
| Service and Parts | 482.2 | 449.8 | 7.2 | % | 1,425.9 | 1,321.8 | 7.9 | % | ||||||||
| Fleet and Wholesale | 14.3 | 15.9 | (10.1) | % | 48.5 | 48.6 | (0.2) | % | ||||||||
| Total Gross Profit | $ | 1,066.3 | $ | 1,041.5 | 2.4 | % | $ | 3,258.9 | $ | 3,173.7 | 2.7 | % | ||||
| Retail Automotive Revenue Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles (excluding agency) | $ | 60,041 | $ | 57,879 | 3.7 | % | $ | 60,172 | $ | 57,840 | 4.0 | % | ||||
| Used Vehicles | 40,995 | 36,785 | 11.4 | % | 39,501 | 34,978 | 12.9 | % | ||||||||
| Retail Automotive Gross Profit Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles (excluding agency) | $ | 4,726 | $ | 5,072 | (6.8) | % | $ | 5,073 | $ | 5,202 | (2.5) | % | ||||
| Used Vehicles | 2,112 | 1,882 | 12.2 | % | 2,195 | 1,859 | 18.1 | % | ||||||||
| Finance and Insurance (excluding agency) | 1,848 | 1,761 | 4.9 | % | 1,848 | 1,748 | 5.7 | % | ||||||||
| Agency | 2,753 | 2,636 | 4.4 | % | 2,693 | 2,470 | 9.0 | % | ||||||||
| Retail Automotive Gross Margin: | ||||||||||||||||
| New Vehicles | 8.7 | % | 9.5 | % | (80)bps | 9.2 | % | 9.6 | % | (40)bps | ||||||
| Used Vehicles | 5.2 | % | 5.1 | % | +10bps | 5.6 | % | 5.3 | % | +30bps | ||||||
| Service and Parts | 58.9 | % | 57.8 | % | +110bps | 58.8 | % | 58.1 | % | +70bps | ||||||
| Fleet and Wholesale | 4.1 | % | 4.5 | % | (40)bps | 4.5 | % | 4.3 | % | +20bps | ||||||
| Total Gross Margin | 16.2 | % | 16.4 | % | (20)bps | 16.6 | % | 16.3 | % | +30bps | ||||||
| Retail Automotive Revenue Mix Percentages: | ||||||||||||||||
| New Vehicles | 45.1 | % | 45.6 | % | (50)bps | 45.4 | % | 44.7 | % | +70bps | ||||||
| Used Vehicles | 34.1 | % | 33.5 | % | +60bps | 33.8 | % | 34.7 | % | (90)bps | ||||||
| Finance and Insurance, Net | 3.0 | % | 3.0 | % | —bps | 3.0 | % | 3.1 | % | (10)bps | ||||||
| Service and Parts | 12.5 | % | 12.3 | % | +20bps | 12.3 | % | 11.7 | % | +60bps | ||||||
| Fleet and Wholesale | 5.3 | % | 5.6 | % | (30)bps | 5.5 | % | 5.8 | % | (30)bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
| Retail Automotive Gross Profit Mix Percentages: | ||||||||||||||||
| New Vehicles | 24.2 | % | 26.3 | % | (210)bps | 25.2 | % | 26.4 | % | (120)bps | ||||||
| Used Vehicles | 10.8 | % | 10.4 | % | +40bps | 11.3 | % | 11.3 | % | —bps | ||||||
| Finance and Insurance, Net | 18.4 | % | 18.5 | % | (10)bps | 18.2 | % | 19.2 | % | (100)bps | ||||||
| Service and Parts | 45.2 | % | 43.2 | % | +200bps | 43.8 | % | 41.6 | % | +220bps | ||||||
| Fleet and Wholesale | 1.4 | % | 1.6 | % | (20)bps | 1.5 | % | 1.5 | % | —bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Retail Automotive Same-Store Units: | ||||||||||||||||
| New Retail | 47,115 | 46,969 | 0.3 | % | 141,674 | 143,099 | (1.0) | % | ||||||||
| Used Retail | 53,593 | 55,023 | (2.6) | % | 163,336 | 179,604 | (9.1) | % | ||||||||
| Total Retail | 100,708 | 101,992 | (1.3) | % | 305,010 | 322,703 | (5.5) | % | ||||||||
| New Agency | 11,730 | 9,672 | 21.3 | % | 32,495 | 27,332 | 18.9 | % | ||||||||
| Total Retail and Agency | 112,438 | 111,664 | 0.7 | % | 337,505 | 350,035 | (3.6) | % | ||||||||
| Retail Automotive Same-Store Revenue: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 2,863.0 | $ | 2,765.7 | 3.5 | % | $ | 8,587.2 | $ | 8,352.9 | 2.8 | % | ||||
| Used Vehicles | 2,196.5 | 2,042.9 | 7.5 | % | 6,407.9 | 6,371.0 | 0.6 | % | ||||||||
| Finance and Insurance, Net | 193.7 | 187.0 | 3.6 | % | 583.7 | 582.8 | 0.2 | % | ||||||||
| Service and Parts | 799.9 | 762.8 | 4.9 | % | 2,341.3 | 2,224.0 | 5.3 | % | ||||||||
| Fleet and Wholesale | 341.3 | 325.5 | 4.9 | % | 1,023.5 | 1,061.8 | (3.6) | % | ||||||||
| Total Revenue | $ | 6,394.4 | $ | 6,083.9 | 5.1 | % | $ | 18,943.6 | $ | 18,592.5 | 1.9 | % | ||||
| Retail Automotive Same-Store Gross Profit: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 249.5 | $ | 262.9 | (5.1) | % | $ | 786.3 | $ | 806.1 | (2.5) | % | ||||
| Used Vehicles | 112.7 | 106.6 | 5.7 | % | 355.2 | 343.6 | 3.4 | % | ||||||||
| Finance and Insurance, Net | 193.7 | 187.0 | 3.6 | % | 583.7 | 582.8 | 0.2 | % | ||||||||
| Service and Parts | 473.0 | 439.8 | 7.5 | % | 1,383.5 | 1,287.4 | 7.5 | % | ||||||||
| Fleet and Wholesale | 14.0 | 15.8 | (11.4) | % | 47.4 | 48.7 | (2.7) | % | ||||||||
| Total Gross Profit | $ | 1,042.9 | $ | 1,012.1 | 3.0 | % | $ | 3,156.1 | $ | 3,068.6 | 2.9 | % | ||||
| Retail Automotive Same-Store Revenue Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles (excluding agency) | $ | 60,121 | $ | 58,396 | 3.0 | % | $ | 60,032 | $ | 57,922 | 3.6 | % | ||||
| Used Vehicles | 40,985 | 37,127 | 10.4 | % | 39,231 | 35,473 | 10.6 | % | ||||||||
| Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles (excluding agency) | $ | 4,710 | $ | 5,130 | (8.2) | % | $ | 5,019 | $ | 5,221 | (3.9) | % | ||||
| Used Vehicles | 2,102 | 1,937 | 8.5 | % | 2,175 | 1,913 | 13.7 | % | ||||||||
| Finance and Insurance (excluding agency) | 1,891 | 1,806 | 4.7 | % | 1,894 | 1,793 | 5.6 | % | ||||||||
| Agency | 2,631 | 2,558 | 2.9 | % | 2,497 | 2,317 | 7.8 | % | ||||||||
| Retail Automotive Same-Store Gross Margin: | ||||||||||||||||
| New Vehicles | 8.7 | % | 9.5 | % | (80)bps | 9.2 | % | 9.7 | % | (50)bps | ||||||
| Used Vehicles | 5.1 | % | 5.2 | % | (10)bps | 5.5 | % | 5.4 | % | +10bps | ||||||
| Service and Parts | 59.1 | % | 57.7 | % | +140bps | 59.1 | % | 57.9 | % | +120bps | ||||||
| Fleet and Wholesale | 4.1 | % | 4.9 | % | (80)bps | 4.6 | % | 4.6 | % | —bps | ||||||
| Total Gross Margin | 16.3 | % | 16.6 | % | (30)bps | 16.7 | % | 16.5 | % | +20bps | ||||||
| Retail Automotive Same-Store Revenue Mix Percentages: | ||||||||||||||||
| New Vehicles | 44.8 | % | 45.5 | % | (70)bps | 45.3 | % | 44.9 | % | +40bps | ||||||
| Used Vehicles | 34.4 | % | 33.6 | % | +80bps | 33.8 | % | 34.3 | % | (50)bps | ||||||
| Finance and Insurance, Net | 3.0 | % | 3.1 | % | (10)bps | 3.1 | % | 3.1 | % | —bps | ||||||
| Service and Parts | 12.5 | % | 12.5 | % | —bps | 12.4 | % | 12.0 | % | +40bps | ||||||
| Fleet and Wholesale | 5.3 | % | 5.3 | % | —bps | 5.4 | % | 5.7 | % | (30)bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
| Retail Automotive Same-Store Gross Profit Mix Percentages: | ||||||||||||||||
| New Vehicles | 23.9 | % | 26.0 | % | (210)bps | 24.9 | % | 26.3 | % | (140)bps | ||||||
| Used Vehicles | 10.8 | % | 10.5 | % | +30bps | 11.3 | % | 11.2 | % | +10bps | ||||||
| Finance and Insurance, Net | 18.6 | % | 18.5 | % | +10bps | 18.5 | % | 19.0 | % | (50)bps | ||||||
| Service and Parts | 45.4 | % | 43.5 | % | +190bps | 43.8 | % | 42.0 | % | +180bps | ||||||
| Fleet and Wholesale | 1.3 | % | 1.5 | % | (20)bps | 1.5 | % | 1.5 | % | —bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Retail Commercial Truck Units: | ||||||||||||||||
| New Retail | 4,298 | 5,405 | (20.5) | % | 12,675 | 13,379 | (5.3) | % | ||||||||
| Used Retail | 810 | 926 | (12.5) | % | 2,486 | 2,740 | (9.3) | % | ||||||||
| Total | 5,108 | 6,331 | (19.3) | % | 15,161 | 16,119 | (5.9) | % | ||||||||
| Retail Commercial Truck Revenue: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 620.8 | $ | 755.3 | (17.8) | % | $ | 1,803.6 | $ | 1,864.9 | (3.3) | % | ||||
| Used Vehicles | 60.7 | 60.1 | 1.0 | % | 177.2 | 171.2 | 3.5 | % | ||||||||
| Finance and Insurance, Net | 3.7 | 5.2 | (28.8) | % | 12.2 | 14.7 | (17.0) | % | ||||||||
| Service and Parts | 227.0 | 232.8 | (2.5) | % | 675.7 | 675.6 | — | % | ||||||||
| Wholesale and Other | 6.4 | 9.9 | (35.4) | % | 17.2 | 21.0 | (18.1) | % | ||||||||
| Total Revenue | $ | 918.6 | $ | 1,063.3 | (13.6) | % | $ | 2,685.9 | $ | 2,747.4 | (2.2) | % | ||||
| Retail Commercial Truck Gross Profit: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 34.7 | $ | 46.0 | (24.6) | % | $ | 104.8 | $ | 119.9 | (12.6) | % | ||||
| Used Vehicles | 2.7 | 4.8 | (43.8) | % | 14.9 | 11.5 | 29.6 | % | ||||||||
| Finance and Insurance, Net | 3.7 | 5.2 | (28.8) | % | 12.2 | 14.7 | (17.0) | % | ||||||||
| Service and Parts | 92.1 | 98.0 | (6.0) | % | 279.6 | 290.2 | (3.7) | % | ||||||||
| Wholesale and Other | 3.1 | 3.1 | — | % | 9.4 | 10.1 | (6.9) | % | ||||||||
| Total Gross Profit | $ | 136.3 | $ | 157.1 | (13.2) | % | $ | 420.9 | $ | 446.4 | (5.7) | % | ||||
| Retail Commercial Truck Revenue Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles | $ | 144,435 | $ | 139,746 | 3.4 | % | $ | 142,288 | $ | 139,390 | 2.1 | % | ||||
| Used Vehicles | 74,937 | 64,856 | 15.5 | % | 71,304 | 62,480 | 14.1 | % | ||||||||
| Retail Commercial Truck Gross Profit Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles | $ | 8,075 | $ | 8,503 | (5.0) | % | $ | 8,268 | $ | 8,957 | (7.7) | % | ||||
| Used Vehicles | 3,354 | 5,237 | (36.0) | % | 5,999 | 4,247 | 41.3 | % | ||||||||
| Finance and Insurance | 732 | 828 | (11.6) | % | 803 | 914 | (12.1) | % | ||||||||
| Retail Commercial Truck Gross Margin: | ||||||||||||||||
| New Vehicles | 5.6 | % | 6.1 | % | (50)bps | 5.8 | % | 6.4 | % | (60)bps | ||||||
| Used Vehicles | 4.4 | % | 8.0 | % | (360)bps | 8.4 | % | 6.7 | % | +170bps | ||||||
| Service and Parts | 40.6 | % | 42.1 | % | (150)bps | 41.4 | % | 43.0 | % | (160)bps | ||||||
| Wholesale and Other | 48.4 | % | 31.3 | % | +1,710bps | 54.7 | % | 48.1 | % | +660bps | ||||||
| Total Gross Margin | 14.8 | % | 14.8 | % | —bps | 15.7 | % | 16.2 | % | (50)bps | ||||||
| Retail Commercial Truck Revenue Mix Percentages: | ||||||||||||||||
| New Vehicles | 67.6 | % | 71.0 | % | (340)bps | 67.2 | % | 67.9 | % | (70)bps | ||||||
| Used Vehicles | 6.6 | % | 5.7 | % | +90bps | 6.6 | % | 6.2 | % | +40bps | ||||||
| Finance and Insurance, Net | 0.4 | % | 0.5 | % | (10)bps | 0.5 | % | 0.5 | % | —bps | ||||||
| Service and Parts | 24.7 | % | 21.9 | % | +280bps | 25.2 | % | 24.6 | % | +60bps | ||||||
| Wholesale and Other | 0.7 | % | 0.9 | % | (20)bps | 0.5 | % | 0.8 | % | (30)bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
| Retail Commercial Truck Gross Profit Mix Percentages: | ||||||||||||||||
| New Vehicles | 25.5 | % | 29.3 | % | (380)bps | 24.9 | % | 26.9 | % | (200)bps | ||||||
| Used Vehicles | 2.0 | % | 3.1 | % | (110)bps | 3.5 | % | 2.6 | % | +90bps | ||||||
| Finance and Insurance, Net | 2.7 | % | 3.3 | % | (60)bps | 2.9 | % | 3.3 | % | (40)bps | ||||||
| Service and Parts | 67.6 | % | 62.4 | % | +520bps | 66.4 | % | 65.0 | % | +140bps | ||||||
| Wholesale and Other | 2.2 | % | 1.9 | % | +30bps | 2.3 | % | 2.2 | % | +10bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations Same-Store
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Retail Commercial Truck Same-Store Units: | ||||||||||||||||
| New Retail | 4,298 | 5,405 | (20.5) | % | 11,755 | 13,119 | (10.4) | % | ||||||||
| Used Retail | 810 | 926 | (12.5) | % | 2,421 | 2,730 | (11.3) | % | ||||||||
| Total | 5,108 | 6,331 | (19.3) | % | 14,176 | 15,849 | (10.6) | % | ||||||||
| Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 620.8 | $ | 755.3 | (17.8) | % | $ | 1,658.7 | $ | 1,823.8 | (9.1) | % | ||||
| Used Vehicles | 60.7 | 60.1 | 1.0 | % | 173.0 | 170.5 | 1.5 | % | ||||||||
| Finance and Insurance, Net | 3.7 | 5.2 | (28.8) | % | 10.5 | 13.6 | (22.8) | % | ||||||||
| Service and Parts | 227.0 | 231.6 | (2.0) | % | 651.1 | 663.3 | (1.8) | % | ||||||||
| Wholesale and Other | 6.4 | 9.9 | (35.4) | % | 16.4 | 20.9 | (21.5) | % | ||||||||
| Total Revenue | $ | 918.6 | $ | 1,062.1 | (13.5) | % | $ | 2,509.7 | $ | 2,692.1 | (6.8) | % | ||||
| Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) | ||||||||||||||||
| New Vehicles | $ | 34.7 | $ | 46.0 | (24.6) | % | $ | 95.2 | $ | 116.0 | (17.9) | % | ||||
| Used Vehicles | 2.7 | 4.8 | (43.8) | % | 14.5 | 11.6 | 25.0 | % | ||||||||
| Finance and Insurance, Net | 3.7 | 5.2 | (28.8) | % | 10.5 | 13.6 | (22.8) | % | ||||||||
| Service and Parts | 92.1 | 97.4 | (5.4) | % | 268.6 | 284.4 | (5.6) | % | ||||||||
| Wholesale and Other | 2.9 | 2.9 | — | % | 8.8 | 9.4 | (6.4) | % | ||||||||
| Total Gross Profit | $ | 136.1 | $ | 156.3 | (12.9) | % | $ | 397.6 | $ | 435.0 | (8.6) | % | ||||
| Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles | $ | 144,435 | $ | 139,746 | 3.4 | % | $ | 141,105 | $ | 139,019 | 1.5 | % | ||||
| Used Vehicles | 74,937 | 64,856 | 15.5 | % | 71,473 | 62,465 | 14.4 | % | ||||||||
| Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: | ||||||||||||||||
| New Vehicles | $ | 8,075 | $ | 8,503 | (5.0) | % | $ | 8,102 | $ | 8,839 | (8.3) | % | ||||
| Used Vehicles | 3,354 | 5,237 | (36.0) | % | 5,983 | 4,244 | 41.0 | % | ||||||||
| Finance and Insurance | 732 | 828 | (11.6) | % | 739 | 861 | (14.2) | % | ||||||||
| Retail Commercial Truck Same-Store Gross Margin: | ||||||||||||||||
| New Vehicles | 5.6 | % | 6.1 | % | (50)bps | 5.7 | % | 6.4 | % | (70)bps | ||||||
| Used Vehicles | 4.4 | % | 8.0 | % | (360)bps | 8.4 | % | 6.8 | % | +160bps | ||||||
| Service and Parts | 40.6 | % | 42.1 | % | (150)bps | 41.3 | % | 42.9 | % | (160)bps | ||||||
| Wholesale and Other | 45.3 | % | 29.3 | % | +1,600bps | 53.7 | % | 45.0 | % | +870bps | ||||||
| Total Gross Margin | 14.8 | % | 14.7 | % | +10bps | 15.8 | % | 16.2 | % | (40)bps | ||||||
| Retail Commercial Truck Same-Store Revenue Mix Percentages: | ||||||||||||||||
| New Vehicles | 67.6 | % | 71.1 | % | (350)bps | 66.1 | % | 67.7 | % | (160)bps | ||||||
| Used Vehicles | 6.6 | % | 5.7 | % | +90bps | 6.9 | % | 6.3 | % | +60bps | ||||||
| Finance and Insurance, Net | 0.4 | % | 0.5 | % | (10)bps | 0.4 | % | 0.5 | % | (10)bps | ||||||
| Service and Parts | 24.7 | % | 21.8 | % | +290bps | 25.9 | % | 24.6 | % | +130bps | ||||||
| Wholesale and Other | 0.7 | % | 0.9 | % | (20)bps | 0.7 | % | 0.9 | % | (20)bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
| Retail Commercial Truck Same-Store Gross Profit Mix Percentages: | ||||||||||||||||
| New Vehicles | 25.5 | % | 29.4 | % | (390)bps | 23.9 | % | 26.7 | % | (280)bps | ||||||
| Used Vehicles | 2.0 | % | 3.1 | % | (110)bps | 3.6 | % | 2.7 | % | +90bps | ||||||
| Finance and Insurance, Net | 2.7 | % | 3.3 | % | (60)bps | 2.6 | % | 3.1 | % | (50)bps | ||||||
| Service and Parts | 67.7 | % | 62.3 | % | +540bps | 67.6 | % | 65.4 | % | +220bps | ||||||
| Wholesale and Other | 2.1 | % | 1.9 | % | +20bps | 2.3 | % | 2.1 | % | +20bps | ||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
PENSKE AUTOMOTIVE GROUP, INC.
Supplemental Data
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Retail Automotive Revenue Mix: | ||||||||
| Premium: | ||||||||
| BMW / MINI | 26 | % | 25 | % | 27 | % | 26 | % |
| Audi | 10 | % | 11 | % | 10 | % | 10 | % |
| Porsche | 10 | % | 9 | % | 10 | % | 9 | % |
| Mercedes-Benz | 8 | % | 8 | % | 8 | % | 8 | % |
| Land Rover / Jaguar | 7 | % | 9 | % | 7 | % | 9 | % |
| Ferrari / Maserati | 3 | % | 3 | % | 3 | % | 3 | % |
| Lexus | 3 | % | 3 | % | 3 | % | 3 | % |
| Acura | 1 | % | 1 | % | 1 | % | 1 | % |
| Bentley | 1 | % | 1 | % | 1 | % | 1 | % |
| Others | 3 | % | 2 | % | 3 | % | 2 | % |
| Total Premium | 72 | % | 72 | % | 73 | % | 72 | % |
| Volume Non-U.S.: | ||||||||
| Toyota | 10 | % | 11 | % | 10 | % | 11 | % |
| Honda | 6 | % | 6 | % | 6 | % | 5 | % |
| Volkswagen | 2 | % | 2 | % | 2 | % | 2 | % |
| Hyundai | 2 | % | 1 | % | 1 | % | 1 | % |
| Others | 1 | % | 1 | % | 1 | % | 1 | % |
| Total Volume Non-U.S. | 21 | % | 21 | % | 20 | % | 20 | % |
| U.S.: | ||||||||
| General Motors / Stellantis / Ford | 3 | % | 2 | % | 3 | % | 2 | % |
| Used Vehicle Dealerships | 4 | % | 5 | % | 4 | % | 6 | % |
| Total | 100 | % | 100 | % | 100 | % | 100 | % |
| Nine Months Ended | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| September 30, | ||||||||
| Capital Expenditures / Stock Repurchases: | 2024 | 2025 | 2024 | |||||
| ( Amounts in Millions) | ||||||||
| Capital expenditures | 79.1 | $ | 80.9 | $ | 226.5 | $ | 282.6 | |
| Cash paid for acquisitions | 21.5 | $ | 196.6 | $ | 21.5 | $ | 637.4 | |
| Stock repurchases: | ||||||||
| Aggregate purchase price | 8.3 | $ | 0.1 | $ | 141.6 | $ | 76.5 | |
| Shares repurchased | 48,850 | 476 | 934,122 | 511,073 |
All values are in US Dollars.
| Balance Sheet and Other Highlights: | September 30, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| (Amounts in Millions) | ||||
| Cash and Cash Equivalents | $ | 80.3 | $ | 72.4 |
| Inventories | $ | 4,705.1 | $ | 4,640.2 |
| Total Floor Plan Notes Payable | $ | 3,968.6 | $ | 4,024.0 |
| Total Long-Term Debt | $ | 1,571.0 | $ | 1,852.0 |
| Equity | $ | 5,725.3 | $ | 5,227.3 |
| Debt to Total Capitalization Ratio | 21.5% | 26.2% | ||
| Leverage Ratio (1) | 1.0x | 1.2x | ||
| New vehicle days' supply | 51 days | 49 days | ||
| Used vehicle days' supply | 43 days | 47 days | ||
| __________________________ | ||||
| (1)See the following Non-GAAP reconciliation table |
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)
The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the nine months ended September 30, 2025, and 2024:
| Nine Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Amounts in Millions) | September 30, | ||||||||||||
| 2025 | 2024 | % Change | |||||||||||
| Net Income Attributable to Common Stockholders | $ | 707.3 | $ | 682.5 | 3.6 | % | |||||||
| Less: Gain on Sale of Dealership | (38.9) | — | nm | ||||||||||
| Add: Impairments and Other Charges | 20.9 | — | nm | ||||||||||
| Adjusted Net Income Attributable to Common Stockholders | $ | 689.3 | $ | 682.5 | 1.0 | % | Nine Months Ended | ||||||
| --- | --- | --- | --- | ||||||||||
| September 30, | |||||||||||||
| 2025 | 2024 | % Change | |||||||||||
| Earnings Per Share | $ | 10.66 | $ | 10.20 | 4.5 | % | |||||||
| Less: Gain on Sale of Dealership | (0.58) | — | nm | ||||||||||
| Add: Impairments and Other Charges | 0.31 | — | nm | ||||||||||
| Adjusted Earnings Per Share | $ | 10.39 | $ | 10.20 | 1.9 | % |
The following table reconciles reported selling, general, and administrative expenses ("SG&A") and SG&A to gross profit to adjusted SG&A and adjusted SG&A to gross profit for the nine months ending September 30, 2025, and 2024:
| Nine Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | 2025 vs. 2024 | ||||||||||
| (Amounts in Millions) | 2025 | 2024 | Change | % Change | |||||||
| Selling, General, & Administrative Expenses | $ | 2,727.4 | $ | 2,652.5 | $ | 74.9 | 2.8 | % | |||
| Less: Impairments and Other Charges | (25.2) | — | (25.2) | nm | |||||||
| Adjusted Selling, General, & Administrative Expenses | $ | 2,702.2 | $ | 2,652.5 | $ | 49.7 | 1.9 | % | |||
| Selling, General, and Administrative Expenses to Gross Profit | 71.5 | % | 70.7 | % | 80 | bps | nm | ||||
| Adjusted Selling, General, and Administrative Expenses to Gross Profit | 70.8 | % | 70.7 | % | 10 | bps | nm |
The following table reconciles net income before taxes to adjusted net income before taxes for the nine months ending September 30, 2025, and 2024:
| Nine Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Amounts in Millions) | September 30, | |||||||
| 2025 | 2024 | % Change | ||||||
| Net Income Before Taxes | $ | 966.2 | $ | 924.7 | 4.5 | % | ||
| Less: Gain on Sale of Dealership | (52.3) | — | nm | |||||
| Add: Impairments and Other Charges | 25.2 | — | nm | |||||
| Adjusted Net Income Before Taxes | $ | 939.1 | $ | 924.7 | 1.6 | % |
nm – not meaningful
The following tables reconcile reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| September 30, | 2025 vs. 2024 | |||||||
| (Amounts in Millions) | 2025 | 2024 | Change | % Change | ||||
| Net Income | $ | 213.5 | $ | 227.0 | $ | (13.5) | (5.9) | % |
| Add: Depreciation | 42.9 | 40.6 | 2.3 | 5.7 | % | |||
| Other Interest Expense | 22.0 | 22.9 | (0.9) | (3.9) | % | |||
| Income Taxes | 78.7 | 77.4 | 1.3 | 1.7 | % | |||
| EBITDA | $ | 357.1 | $ | 367.9 | $ | (10.8) | (2.9) | % |
| Nine Months Ended | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | 2025 vs. 2024 | |||||||
| (Amounts in Millions) | 2025 | 2024 | Change | % Change | ||||
| Net Income | $ | 709.4 | $ | 686.1 | $ | 23.3 | 3.4 | % |
| Add: Depreciation | 124.9 | 117.0 | 7.9 | 6.8 | % | |||
| Other Interest Expense | 66.1 | 64.1 | 2.0 | 3.1 | % | |||
| Income Taxes | 256.8 | 238.6 | 18.2 | 7.6 | % | |||
| EBITDA | $ | 1,157.2 | $ | 1,105.8 | $ | 51.4 | 4.6 | % |
| Less: Gain on Sale of Dealership | (52.3) | — | (52.3) | nm | ||||
| Add: Impairments and Other Charges | 25.2 | — | 25.2 | nm | ||||
| Adjusted EBITDA | $ | 1,130.1 | $ | 1,105.8 | $ | 24.3 | 2.2 | % |
nm – not meaningful
The following table reconciles the leverage ratio as of September 30, 2025, and December 31, 2024:
| Three | Nine | Trailing Twelve | Twelve | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Months Ended | Months Ended | Months Ended | Months Ended | |||||||||
| (Amounts in Millions) | December 31, 2024 | September 30, 2025 | September 30, 2025 | December 31, 2024 | ||||||||
| Net Income | $ | 237.3 | $ | 709.4 | $ | 946.7 | $ | 923.4 | ||||
| Add: Depreciation | 41.0 | 124.9 | 165.9 | 158.0 | ||||||||
| Other Interest Expense | 23.7 | 66.1 | 89.8 | 87.8 | ||||||||
| Income Taxes | 77.9 | 256.8 | 334.7 | 316.5 | ||||||||
| EBITDA | $ | 379.9 | $ | 1,157.2 | $ | 1,537.1 | $ | 1,485.7 | ||||
| Less: Gain on Sale of Dealership | — | (52.3) | (52.3) | — | ||||||||
| Add: Impairments and Other Charges | — | 25.2 | 25.2 | — | ||||||||
| Adjusted EBITDA | $ | 379.9 | $ | 1,130.1 | $ | 1,510.0 | $ | 1,485.7 | ||||
| Total Non-Vehicle Long-Term Debt | $ | 1,571.0 | $ | 1,852.0 | ||||||||
| Leverage Ratio | 1.0x | 1.2x |
# # # # #
| 15 |
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