Alpha Gen Capital
Tue, Jun. 7, 3:56 PM
- The Manheim Used Vehicle Value Index rose 0.6% Y/Y and 1.4% M/M in May to help give a boost today to auto retailer stocks.
- The index rose for the first time on a year-over-year comparison since last December (per Bloomberg).
- Sandler O'Neill analyst Crispin Love calls the used car price reading "surprisingly strong" and says the firm will look for confirmation in other data.
- Related stocks: AutoNation (AN +2.5%), CarMax (KMX +2%), Group 1 Automotive (GPI +1%), Penske Automotive (PAG +1.6%), AutoZone (AZO +0.6%), O'Reilly Automotive (ORLY +0.6%), Monro Muffler Brake (MNRO +0.8%).
Tue, Apr. 26, 12:55 PM
- Penske Automotive Group (PAG +8.8%) is higher after beating on both lines of its Q1 report.
- Same-store retail revenue increased 2.5% during the quarter, +4.7% on a constant currency basis.
- Unit sales were up 9.9% to 111,494 with gains from the new and used business both close to 10%.
- The average transaction price per unit was -3.8% to $38,607 for new vehicles and +0.4% to $26,780 for used.
- The company says the acquisition of Harper Truck Centres will add about $130M to annualized revenue.
- Previously: Penske Automotive beats by $0.02, beats on revenue (April 26)
Tue, Mar. 15, 10:53 AM
- There's sharp losses in the auto dealer sector today. The negative stance from investors could be a reaction to increasing concerns on subprime auto loans.
- Decliners: Penske Automotive (PAG -4.4%), Sonic Automotive (SAH -4%), Asbury Automotive (ABG -2.8%), CarMax (KMX -3.3%), Lithia Motors (LAD -3.6%), AutoNation (AN -3.7%), Group 1 Automotive (GPI -2.3%), Rush Enterprises (RUSHA -1.9%).
- Previously: Shades of subprime flash warning for auto sales (Mar. 14 2016)
- Previously: Subprime auto worry hits lenders (Mar. 15 2016)
Tue, Feb. 23, 9:55 AM
- Auto retailer stocks are flying in early trading even with the broad market dragging its feet.
- Positive news in the sector includes Sonic Automotive (SAH +8.3%) topping EPS estimates with its Q4 report, Buckingham Research upgrading Penske Automotive Group (PAG +5.1%) to a Buy rating, and a new $250M share repurchase plan for AutoNation (AN +5%).
- Other strong movers include Asbury Automotive (ABG +8.8%), Group 1 Automotive (GPI +1.4%), and Lithia Motors (LAD +2%).
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