10/26/07

Penske Automotive Group Profits up 29%

Penske Automotive Group Inc., operating car dealerships in 19 US states, recently announced 3rd quarter profits increased 29 percent. Higher sales of the company's top brands, BMW, Toyota/Lexus, Honda/Acura and Mercedes-Benz, were the main driver.

Penske net income was $43.4 million, an increase from $33.7 million the previous year.

Sales were up 15 percent to $3.4 billion.

Roger Penske's business model, focusing on quality import and luxury brands, is starting to pay off.