Dividend Increased by $0.03 per share, or 6%, to $0.53
BLOOMFIELD HILLS, Mich., July 21,
2022 /PRNewswire/ -- Penske Automotive Group, Inc.
(NYSE: PAG), a diversified international transportation services
company and one of the world's premier automotive and commercial
truck retailers, today announced that its Board of Directors has
increased the Company's dividend by $0.03 per share, or 6%, to $0.53 per share. "Based on our continued
strong cash flow and the strength of the Company's diversified
business model, we are delighted to provide our shareholders with a
three cent increase in the cash
dividend," said Penske Automotive Group President, Robert Kurnick, Jr. The dividend is
payable September 1, 2022, to
shareholders of record on August 10,
2022.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in
Bloomfield Hills, Michigan, is a
diversified international transportation services company and one
of the world's premier automotive and commercial truck
retailers. PAG operates dealerships principally in
the United States, the
United Kingdom, Germany, Italy, and Japan and is one of the largest retailers of
commercial trucks in North America
for Freightliner. PAG also distributes and retails commercial
vehicles, diesel and gas 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
387,000 vehicles providing innovative transportation, supply chain
and technology solutions to North American fleets. PAG is a
member of the Fortune 500, Russell 1000, and Russell 3000
indexes, and is ranked among the World's Most Admired Companies by
Fortune Magazine. For additional information, visit the Company's
website at www.penskeautomotive.com.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking
statements, including forward-looking statements regarding Penske
Automotive Group, Inc.'s financial performance, acquisitions, and
growth plans. Actual results may vary materially because of risks
and uncertainties that are difficult to predict. These risks and
uncertainties include, among others, the duration, severity, and
resolution of the COVID-19 pandemic, government mandated
restrictions on our business in light of COVID-19 or otherwise,
macro-economic and geo-political conditions generally, conditions
in the credit markets, inflation, changes in interest rates and
foreign currency exchange rates, changes in tariff rates, changes
in the distribution model in our international operations via
agency or other means, new or enhanced regulations that may impact
the sale of certain vehicles through our dealerships, adverse
conditions affecting a particular manufacturer, including the
adverse impact to the vehicle and parts supply chain due to limited
vehicle availability as a result of the COVID-19 pandemic, the war
in Ukraine, the shortage of
automotive semiconductor chips or other components, natural
disasters, recall initiatives or other disruptions that interrupt
the supply of vehicles or parts to us, changes in consumer credit
availability, the outcome of legal and administrative matters, and
other factors over which management has limited control. These
forward-looking statements should be evaluated together with
additional information about Penske Automotive Group's business,
markets, conditions, and other uncertainties, which could affect
Penske Automotive Group's future performance. These risks and
uncertainties are addressed in Penske Automotive Group's Form 10-K
for the year ended December 31, 2021,
Form 10-Q for the quarterly period ended March 31, 2022, and its other filings with the
Securities and Exchange Commission ("SEC"). This press release
speaks only as of its date, and Penske Automotive Group disclaims
any duty to update the information herein.
Inquiries should contact:
|
|
Shelley
Hulgrave
|
Anthony
Pordon
|
Executive Vice
President and
|
Executive Vice
President Investor Relations
|
Chief Financial
Officer
|
and Corporate
Development
|
Penske Automotive
Group, Inc.
|
Penske Automotive
Group, Inc.
|
248-648-2812
|
248-648-2540
|
shulgrave@penskeautomotive.com
|
tpordon@penskeautomotive.com
|
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SOURCE Penske Automotive Group, Inc.