In its financial results report on Wednesday, Penske Automotive Group, Inc. said it had reached record high numbers for the first quarter. The transportation services and auto retailer firm said its earnings before taxes totaled $497.6 million, a 101% increase from Q1 2021, and earnings per share reached $4.76, which was a 111% increase year-over-year (YoY).
Penske’s total revenue for Q1 reached $7.0 billion, 21% higher than last year. Retail automotive same-store revenue reportedly increased 11% YoY, only seeing a slight decrease in the new vehicle metric. The retail automotive same-store gross profit was up 27 percent.
For commercial trucks, same-store revenue was up 47%, with a notable increase from finance and insurance, and same-store gross profit increased 45 percent. Penske’s CarShop used vehicle retailers also posted a 71% increase in sales and a 113% increase in revenue YoY.
The positive financial results were also heavily influenced by a 790-point decrease in selling, general, and administrative expenses.
Penske’s Chief Executive Officer, Roger Penske, said, “In addition to the strong financial performance, so far this year [Penske] repurchased $184.1 million of common stock and added approximately $665 million in annualized revenue through acquisitions and a new open point year-to-date.” He also cited “strong performance” across the board, explicitly noting the positive financial results from retail automotive, commercial truck retail, and Penske’s investment in Penske Transportation Solutions.
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