Penske Automotive

Rank#1581

Market Cap13.66B

CountryUnited States

Summary

Penske Automotive Group, Inc., a diversified transportation services company, operates automotive and commercial truck dealerships. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors. The company engages in the sale of new and used motor vehicles, and related products and services comprise vehicle and collision repair services, as well as placement of finance and lease contracts, third-party insurance products, and other aftermarket products; and wholesale of parts. It also operates a heavy and medium duty truck dealership, which offers Freightliner and Western Star branded trucks, as well as a range of used trucks, and maintenance and repair services. In addition, it imports and distributes Western Star heavy-duty trucks, MAN heavy and medium duty trucks, buses, and Dennis Eagle refuse collection vehicles with associated parts in Australia, New Zealand, and portions of the Pacific. Further, the company distributes diesel and gas engines, and power systems. The company operates 320 retail automotive franchises, including 146 franchises located in the United States and 174 franchises located outside of the United States; 23 CarShop used vehicle dealerships in the United States and the United Kingdom; and 37 commercial truck dealerships in Texas, Oklahoma, Tennessee, Georgia, Utah, Idaho, Kansas, Missouri, and Oregon, as well as Canada. Penske Automotive Group, Inc. was incorporated in 1990 and is headquartered in Bloomfield Hills, Michigan.

History

Penske Automotive was founded as United Automotive Group in 1990 and was acquired by Penske Corporation and Roger Penske in May 1999. On July 2, 2007, United Automotive Group changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG.

On June 5, 2009, it was announced that Penske Automotive would purchase the Saturn brand and its assets from the bankrupt General Motors. Less than four months later, on September 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.

Mission

Our objective is to be the most profitable, growth-oriented automotive retailer in each of the markets in which we operate. To achieve this objective, we intend to expand our existing business platform and continue to grow our higher-margin businesses, expand through targeted acquisitions, implement “best practices” and emphasize customer service.

Vision

At Penske Automotive Group, we will strive to be the premier provider of mobility solutions in the markets we serve.

References

https://en.wikipedia.org/wiki/Penske_Automotive_Group

https://in.investing.com/equities/penske-automotive-group-inc

https://finance.yahoo.com/quote/PAG/profile?p=PAG

https://www.comparably.com/companies/penske-automotive-group/mission

https://www.crunchbase.com/organization/penske-automotive-group

https://sec.report/CIK/0001019849

https://companiesmarketcap.com/

https://www.penskeautomotive.com

Leadership team