During the first three months of the year, Penske bought a medium- and heavy-duty commercial truck business in Ontario, Canada. Penske in January said it had opened a new Honda dealership in Leander, Texas. Penske this month acquired a BMW-Mini dealership and a collision center in Southern California and announced it had purchased three BMW-Mini stores and a collision center in the U.K.
Penske’s CarShop standalone used-vehicle business continued to grow as revenue more than doubled to $515.8 million on sales of 19,523 vehicles, up 71 percent. Penske operated 23 CarShop outlets during the quarter and plans to have 40 CarShop stores in the U.S. and U.K. by the end of 2023.
Q1 revenue: $6.98 billion, up 21 percent from a year earlier
Q1 net income: $369.5 million, up 102 percent
Q1 vehicle sales: 113,759 combined new- and used-vehicle sales, up 2.6 percent. On a same-store basis, Penske sold 109,218 new and used vehicles, down 1.3 percent. Penske didn’t specify U.S. vehicle counts but reported that the number of new vehicles sold at U.S. dealerships fell 13 percent on a same-store basis while the number of used vehicles dropped 9 percent on a same-store basis.
Records: All-time pretax earnings, income from continuing operations and earnings per share for any quarter.
Ranking: Penske, of Bloomfield Hills, Mich., ranks No. 3 on Automotive News‘ list of the top 150 dealership groups based in the U.S., with retail sales of 195,384 new vehicles in 2021.
