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Penske Automotive Group

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Penske Automotive Group, Inc.
Company typePublic company
IndustryAutomotive, Vehicle Dealerships, Auto Parts, Transportation Services, Commercial Trucks, Commercial Truck Dealerships, Truck Components & Maintenance
Founded1990; 36 years ago (1990)
FounderMarshall Cogan, originally as United Auto Group
HeadquartersBloomfield Hills, Michigan, U.S.
Area served
United States, Germany, United Kingdom, Ireland Australia, New Zealand, Spain, Italy
Key people
Roger Penske (Chairman & CEO)
ProductsTransportation Services
ServicesFinancial services, Vehicle Repair
RevenueIncrease Template:US$ (2024)
Decrease US$1.32 billion (2024)
Decrease US$919 million (2024)
Total assetsIncrease US$16.7 billion (2024)
Total equityIncrease US$5.21 billion (2024)
Number of employees
28,900 (2024)
ParentPenske Corporation
DivisionsSytner Group; Premier Truck Group; Penske Commercial Vehicles; Penske Power Systems; CarShop
Websitepenskeautomotive.com
Footnotes / references
[1]

Penske Automotive Group, Inc. (PAG) is a U.S.-based transportation services enterprise with headquarters located in Bloomfield Hills, Michigan. The company operates dealerships for automobiles and commercial trucks primarily across the United States, Canada, and Western Europe. It also supplies commercial vehicles, engines, power systems, and associated parts and services mainly in Australia and New Zealand. Furthermore, PAG holds a 28.9% stake in Penske Transportation Solutions, which manages a fleet exceeding 400,000 trucks, tractors, and trailers. The firm is listed among the Fortune 500 as well as the Russell 1000 and Russell 3000 indices.[2]

History

Originally established in 1990 under the name United Automotive Group by Marshall Cogan,[3] the company came under the ownership of Penske Corporation and Roger Penske in May 1999. On July 2, 2007, United Automotive Group officially changed its corporate identity to Penske Automotive Group, Inc., along with updating its NYSE ticker symbol to PAG.[4]

In early 2009, as part of restructuring efforts contingent on securing additional government bailout funds, General Motors announced plans to discontinue or sell off the Saturn Corporation brand to investors or dealers.[5] By June of that year, it was publicly announced that Penske Automotive Group intended to acquire Saturn along with its assets from General Motors.[6][7][8][9] However, less than four months later on September 30, the transaction was terminated[10] when Penske decided to end the agreement,[11][12] citing uncertainties related to production of certain models as the main reason.[13]

External links

Template:Finance links

See also

References

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