| Penske Automotive Group, Inc. | |
| Type: | Public company |
| Industry: | Automotive, Auto Dealerships, Vehicle Parts, Transportation Services, Commercial Vehicles, Commercial Vehicle Dealerships, Truck Parts & Services |
| Founder: | Marshall Cogan, as United Auto Group |
| Area Served: | United States, Germany, United Kingdom, Ireland Australia, New Zealand, Spain, Italy |
| Key People: | Roger Penske (Chairman of the Board) & (CEO)J.D. Carlson (CFO) |
| Products: | Transportation Services |
| Services: | Financial services, Repair |
| Revenue: | (2019) |
| Operating Income: | US$664.9 million (2019) |
| Net Income: | US$470.3 million (2019) |
| Assets: | US$10.904 billion (2019) |
| Equity: | US$2.634 billion (2019) |
| Parent: | Penske Corporation |
| Divisions: | Sytner Group
|
Penske Automotive Group (PAG) is a transportation services company headquartered in Bloomfield Hills, Michigan. It operates automotive and commercial truck dealers principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, engines, power systems, and related parts and services principally in Australia and New Zealand. Additionally, PAG owns 28.9% of Penske Transportation Solutions, a business that manages a fleet of over 400,000 trucks, tractors, and trailers. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.[1]
Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan[2] and later came under the control of Penske Corporation and Roger Penske in May 1999. Several years later, 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.[3]
In February 2009, General Motors declared its intent to part with the Saturn brand by closing or selling the division, either to investors or to dealers, as part of restructuring plans dependent upon the receipt of a second round of government loans ("bailout" funding).[4] In June 2009, it was announced with much fanfare that Penske Automotive Group would purchase Saturn and its assets from General Motors.[5] [6] [7] [8] Less than four months later, on September 30, the deal collapsed[9] as Penske announced it would terminate[10] [11] the deal with GM blaming manufacturing uncertainties with certain models.[12]