Thu, Jan. 7, 5:26 PM
- Penske Automotive Group (PAG -3.6%) has taken a 49% stake in Japan's Nicole Group, a luxury dealership group operating in Kanagawa and Tokyo.
- Nicole Group has been named the best BMW dealership in Japan seven times; it operates four BMW (and three Mini) dealerships, along with a Rolls-Royce dealership, a Ferrari dealership, two stand-alone service centers and two pre-owned showrooms.
- Penske plans to treat its stake as an equity investment, putting its pro rata share of income reported as equity in earnings of affiliates.
- Shares are flat in after-hours action.
May 15, 2015, 3:38 PM
- Penske Automotive (PAG +1.5%) is exploring a sale of its Truck-Lite unit in a deal that could approach $1B, and has hired Robert W. Baird to run an auction, Reuters reports.
- Truck-Lite manufactures lighting and safety accessories for the heavy-duty truck, trailer and commercial vehicle industries, and has annual EBITDA of ~$100M.
Feb. 11, 2015, 1:37 PM
- Penske Automotive Group ((NYSE:PAG) -6.6%) trades lower after the company reports Q4 earnings.
- Retail sales were up 8% in the U.S. and 16.9% globally during the quarter.
- Average transaction price: New cars +0.8% to $40,642, Used cars +1.5% to $27,035.
- Restructuring costs and softness in the Australian business chipped away at profit.
Oct. 3, 2014, 5:36 PM
Oct. 2, 2014, 9:40 AM
- There's more than passing interest in the auto retailer/dealership group over Warren Buffett's acquisition of Van Tuyl Group.
- Analysts have already tapped the sector as ripe for M&A opportunities before Buffett skipped into the fray.
- AutoNation (AN +2.2%), CarMax (KMX +1.5%), Sonic Automotive (SAH +3.5%), Lithia Motors (LAD +7.1%), Penske Automotive (PAG +3.4%), Group 1 Automotive (GPI +3.5%), Asbury Automotive (ABG +5.5%), Rush Enterprises (RUSHA) are all higher in early action.
- Related: Strong comps at AutoNation.
Apr. 3, 2012, 12:32 PMBuckingham Research hikes its ratings to Buy on auto retailers Group 1 (GPI +4.4%), Asbury (ABG +3.7%) and Penske (PAG +4.3%) as the best way to play a recovery in U.S. light vehicle sales. "Auto retailers tend to experience strong stock performance during the second quarter, with auto retailer stocks increasing 20% on average during the 2002-2011 period." | Apr. 3, 2012, 12:32 PM
Apr. 3, 2012, 10:59 AM
Mar. 14, 2012, 4:19 PM
Feb. 16, 2012, 11:56 AM
Gabelli says Penske Automotive (PAG +1.2%) is still undervalued even at these lofty levels, and should be bought on weakness. Despite flat same-store new unit sales, the firm notes that net profit was up 67% Y/Y on higher overall sales and better pricing, and maintains a Buy rating on the stock.| Feb. 16, 2012, 11:56 AM
Jan. 12, 2012, 2:41 PM
Penske Automotive (PAG +1.9%) expands its U.K. presence with the acquisition a number of dealerships in Belfast from the Isaac Agnew Group. Terms were not disclosed, but the company says the dealerships are expected to contribute approximately $500M in annualized revenue.| Jan. 12, 2012, 2:41 PM
Nov. 2, 2011, 1:26 PM
Shares of Penske Automotive Group (PAG) shoot up 9.6% after the automotive retailer shows better-than-expected Q3 profits led by a 16% Y/Y gain in used unit retail sales. CEO Roger Penske says the firm should fully recover to normal production in Q1 after the Japan natural disaster disrupted the supply chain since March.| Nov. 2, 2011, 1:26 PM