BFA Law is investigating the announced $212.00 per share merger in which Roger Penske and Mistui & Co., Ltd. are set to acquire Penske Automotive Group, Inc.; current shareholders are notified to contact the firm.
New York, New York--(Newsfile Corp. - October 24, 2026) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Penske Automotive Group, Inc. (NYSE: PAG) is being taken private by its controlling stockholders, Roger Penske and Mitsui & Co., Ltd. Penske is incorporated in Delaware.
If you are a current shareholder of Penske, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/penske-investigation.
Key Details of the Penske ($PAG) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Roger Penske and Mitsui will acquire the public stock of Penske for $212.00 per shareAction: Contact BFA Law to discuss your rightsWhy is the Penske Transaction being Investigated?
Penske Automotive Group, Inc. ("Penske") is a company that is controlled by two majority stockholders—Roger Penske (via "Penske Corporation") and Mitsui & Co., Ltd. ("Mitsui"). Those two stockholders alone control 72.3% of the company's voting power.
Penske's initial disclosures have reported that the company utilized a special committee to evaluate the merger and that the merger is conditioned on the approval of the public stockholders at an upcoming stockholder vote. Penske has not yet disclosed the full details of the process that resulted in the merger, and key questions about whether those protective mechanisms were effective remain unanswered.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether the $212.00 per share price is a fair price for the public stockholders' shares of Penske stock.
Click here for more information:
https://www.bfalaw.com/cases/penske-investigation
What Can You Do?
If you are a current holder of Penske stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases/penske-investigation
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff's securities litigation law firm, with clients noting: "[t]here is no better service provider in the practice area," "[t]he interest of the client is always front and center," and "[t]here isn't a better firm in this space." One testimonial described the firm as "nimble and entrepreneurial," with a "relentless focus on adding value for clients."
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases/penske-investigation
Attorney advertising. Past results do not guarantee future outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320508
Source: Bleichmar Fonti & Auld
Ready to Announce with Confidence?
Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
NEW YORK, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Penske Automotive Group, Inc. (NYSE: PAG) is being taken private by its controlling stockholders, Roger Penske and Mitsui & Co., Ltd. Penske is incorporated in Delaware.
If you are a current shareholder of Penske, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/penske-investigation.
Key Details of the Penske ($PAG) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Roger Penske and Mitsui will acquire the public stock of Penske for $212.00 per shareAction: Contact BFA Law to discuss your rights Why is the Penske Transaction being Investigated?
Penske Automotive Group, Inc. (“Penske”) is a company that is controlled by two majority stockholders—Roger Penske (via “Penske Corporation”) and Mitsui & Co., Ltd. (“Mitsui”). Those two stockholders alone control 72.3% of the company’s voting power.
Penske’s initial disclosures have reported that the company utilized a special committee to evaluate the merger and that the merger is conditioned on the approval of the public stockholders at an upcoming stockholder vote. Penske has not yet disclosed the full details of the process that resulted in the merger, and key questions about whether those protective mechanisms were effective remain unanswered.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether the $212.00 per share price is a fair price for the public stockholders’ shares of Penske stock.
Click here for more information:
https://www.bfalaw.com/cases/penske-investigation
What Can You Do?
If you are a current holder of Penske stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases/penske-investigation
Or contact:
Adam McCall
[email protected]
212.789.3619
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases/penske-investigation
Attorney advertising. Past results do not guarantee future outcomes.
BFA Law is investigating the announced $212.00 per share merger in which Roger Penske and Mistui & Co., Ltd. are set to acquire Penske Automotive Group, Inc.; current shareholders are notified to contact the firm.
Three companies just raised their dividends, but the one with the biggest increase is also carrying the thinnest cash cushion. Knowing which raise is actually the safest requires looking past the headline numbers.
Three dividend raises came out within a few weeks of each other, but they aren’t equally safe. Phillips 66 (NYSE:PSX | PSX Price Prediction) posted the biggest increase, lifting its quarterly payout to $1.33 from $1.27. Penske Automotive Group (NYSE:PAG) added another step to a long run of quarterly increases. Avient (NYSE:AVNT) made its once-a-year raise. For income investors, the size of a raise matters less than whether cash flow can keep paying it, and below, the three payouts are ranked by how well free cash flow covers them, from strongest to weakest.
Avient Delivers the Best-Covered Raise in the Group Avient raised its quarterly dividend to $0.2825 from $0.275, a 2.7% increase. The new annualized rate is $1.13. At Tuesday’s close of $40.35, that works out to a forward yield of 2.80%, the highest of the three.
Dividend safety: Avient generated $301.6 million in operating cash flow last year against $106.6 million in capital spending. That left about $195 million of free cash flow to cover $98.8 million in dividends, a free-cash-flow payout of roughly 51%. It ranks lowest in this group. Operating cash flow has also increased each year, from $201.6 million to $256.8 million. On GAAP earnings, the picture looks closer: trailing dividends of $1.095 against EPS of $1.85 is a payout of about 59%. Measured against the low end of management’s adjusted EPS guidance of $3.10 to $3.25, the new annual dividend falls to about 36%. Its balance sheet is also getting stronger. Avient held $425.6 million in cash, paid down $50 million of debt in the second quarter, and plans to repay $100 million to $150 million for the full year.
Track record: The company called this its sixteenth consecutive annual dividend increase. The payment history supports the recent part of that run, with the quarterly rate climbing each year from $0.2125 in 2021 to the new level.
Bull case: Its business is growing. Second-quarter adjusted EPS came in at $0.96, up 20% from a year earlier, and adjusted EBITDA margin hit a record 18.3%. Shares trade at about 12 times forward earnings, compared with 22 times trailing earnings, so the market is already pricing in that earnings recovery. Avient also just named Mike Frank chief executive, giving a new leader the chance to continue the deleveraging.
Risk: Operating cash flow was negative in both the first quarter (-$34.5 million) and the second quarter (-$42.5 million). Avient paid $25.2 million in dividends each quarter. Early-year cash outflows are normal for this company, but the second half has to make up the gap. Management has said visibility for that period is “less certain”.
Penske Automotive Group Pays a Well-Covered Raise With a Clock Running Penske raised its quarterly payout to $1.46 from $1.44, a 1.4% increase. The annualized dividend is now $5.84, a forward yield of 2.75% at the latest price of $212.25.
Dividend safety: Last year Penske produced $975.1 million in operating cash flow and spent $324.6 million on capital projects. That left about $650.5 million in free cash flow against $343.8 million in dividends, for a free-cash-flow payout of about 53%. The trailing earnings payout ratio is 41%. Operating cash flow was positive in every reported quarter from the start of 2024 through the most recent quarter. Penske’s weak point is cash: it held only $69.5 million, and interest expense rose 53.2% year over year.
Track record: The previous $1.44 payment was Penske’s 23rd consecutive quarterly dividend increase. The payment history shows a higher amount in every listed quarter, from $0.43 in early 2021 to the new $1.46 rate.
Bull case: Penske makes money from several sources, which steadies the cash that funds the dividend. Second-quarter adjusted EPS of $3.62 beat the $3.39 estimate, and revenue rose 11.1% to $8.51 billion. The company’s 28.9% stake in Penske Transportation Solutions contributed $57.4 million in equity earnings, up 7%. Recent Toyota and Lexus acquisitions add roughly $2 billion in annualized revenue.
Risk: It announced the raise on the same day. Penske also announced an agreement to be taken private by Penske Corporation and Mitsui & Co. in an all-cash deal. If the deal closes, public shareholders get the buyout price and the dividend stream ends, while the raise is well covered, but income investors may only receive it for a short time.
Phillips 66 Posts the Biggest Raise With the Thinnest Cash Cushion Phillips 66 increased its quarterly dividend to $1.33, a 4.7% raise and the largest of the three. The annualized rate of $5.32 yields 1.83% at the latest close of $291.03. The yield is low mainly because the stock has rallied: shares traded at $206.90 when the second-quarter results were filed.
Dividend safety: On earnings, the payout is easy to cover. Trailing dividends of $4.94 against EPS of $17.50 is a payout of about 28%. Cash flow is closer. Last year Phillips 66 generated $4.962 billion in operating cash flow, versus $2.233 billion in capital spending. That left about $2.729 billion in free cash flow to cover $1.922 billion in dividends, a free-cash-flow payout of roughly 70%, before $1.207 billion in buybacks. Leverage has also increased: total debt reached $27.1 billion, and debt-to-capital rose to 48% from 39% at year-end after the Lindsey Oil Refinery acquisition.
Track record: The quarterly dividend has grown from $0.20 in 2012 to the new rate. The rate held at $0.90 through 2020 and early 2021, so the long-term trend is up, but the company hasn’t raised it every year.
Bull case: When refining margins are strong, Phillips 66 brings in a lot of cash. Second-quarter adjusted EPS of $9.41 beat the $8.09 estimate, and operating cash flow reached $7.259 billion against just $508 million in dividends. Shares trade at about 10 times forward earnings, compared with 17 times trailing. Analysts’ average price target of $283.05 is already below the current price, however, so much of that good news looks priced in.
Risk: Refining margins can move quickly. They were $10.11 per barrel in the first quarter, up to $24.08 in the second. During that weak first quarter, operating cash flow was -$2.264 billion while the company still paid $509 million in dividends.
Avient Takes the Safest-Raise Crown Ranked by free-cash-flow coverage, Avient comes first at about 51%, Penske second at 53%, and Phillips 66 last at 70%. With the best coverage, the highest forward yield, and falling debt, Avient’s raise is the safest of the three. Penske’s increase is nearly as well funded, but the take-private deal limits how long public holders will receive it. Phillips 66 offers the biggest raise, but income investors who own it are relying on refining margins staying strong. Coverage ratios like these are also the first place to look for the warning signs that a payout is heading the other way (we listed all seven of them in a free dividend trap guide).
Contact [email protected] for any questions or corrections.
PAG shareholders will vote on a $212.00 per share cash buyout by PAG's largest shareholders, Penske Corporation and Mitsui & Co., Ltd.
NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Amparo Law Firm PLLC, through its Amparo Investor Rights practice, is investigating whether the sale process for Penske Automotive Group, Inc. (NYSE: PAG) was fair to public shareholders and whether they will receive complete and accurate information before they vote.
On October 15, 2026, PAG announced a merger agreement to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co., Ltd. Shareholders outside the investor group will receive $212.00 per share in cash, which PAG says represents an enterprise value of approximately $16.3 billion and an 8.84% premium to its October 14, 2026 close. A special committee of independent directors recommended the transaction. Closing, expected in the first quarter of 2027, requires approval by a majority of the outstanding shares and of the votes cast by unaffiliated stockholders.
When a company's largest shareholders are also the buyers, public shareholders depend on the sale process and the proxy statement to judge the price. Our investigation focuses on how the special committee ran the process, potential conflicts arising from the buyers' existing ownership, the financial advisors' work, and whether shareholders will have complete information before they vote.
The practice is led by Bob Amirian, Esq., Founding Partner, a former law clerk to Chief Judge Sharon Prost of the U.S. Court of Appeals for the Federal Circuit. He is admitted before the U.S. District Courts for the Southern and Eastern Districts of New York and the Northern, Central and Southern Districts of California.
If you own PAG shares, you can learn more at https://amparoinvestorrights.com/actions/penske-automotive-group-inc/?utm_source=globenewswire&utm_medium=pr&utm_campaign=pag or (888) 577-7817. There is no cost to speak with us. We speak English, Spanish and Farsi.
Amparo Investor Rights handles shareholder matters on a contingency basis. You pay no fees or costs unless there is a recovery.
Attorney Advertising. Prior results do not guarantee a similar outcome. Contacting the firm does not create an attorney-client relationship. Responsible attorney: Bob Amirian, Esq., Amparo Law Firm PLLC, 40 Wall Street, 28th Floor, New York, NY 10005, (888) 577-7817.
NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Penske Automotive Group, Inc. (NYSE: PAG) is being taken private by its controlling stockholders, Roger Penske and Mitsui & Co., Ltd. Penske is incorporated in Delaware.
If you are a current shareholder of Penske, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/penske-investigation.
Key Details of the Penske ($PAG) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Roger Penske and Mitsui will acquire the public stock of Penske for $212.00 per shareAction: Contact BFA Law to discuss your rights Why is the Penske Transaction being Investigated?
Penske Automotive Group, Inc. (“Penske”) is a company that is controlled by two majority stockholders—Roger Penske (via “Penske Corporation”) and Mitsui & Co., Ltd. (“Mitsui”). Those two stockholders alone control 72.3% of the company’s voting power.
Penske’s initial disclosures have reported that the company utilized a special committee to evaluate the merger and that the merger is conditioned on the approval of the public stockholders at an upcoming stockholder vote. Penske has not yet disclosed the full details of the process that resulted in the merger, and key questions about whether those protective mechanisms were effective remain unanswered.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether the $212.00 per share price is a fair price for the public stockholders’ shares of Penske stock.
Click here for more information:
https://www.bfalaw.com/cases/penske-investigation
What Can You Do?
If you are a current holder of Penske stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases/penske-investigation
Or contact:
Adam McCall
[email protected]
212.789.3619
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases/penske-investigation
Attorney advertising. Past results do not guarantee future outcomes.
BFA Law is investigating the announced $212.00 per share merger in which Roger Penske and Mistui & Co., Ltd. are set to acquire Penske Automotive Group, Inc.; current shareholders are notified to contact the firm.
, /PRNewswire/ -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Penske Automotive Group, Inc. (NYSE: PAG) is being taken private by its controlling stockholders, Roger Penske and Mitsui & Co., Ltd. Penske is incorporated in Delaware.
If you are a current shareholder of Penske, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/penske-investigation.
Key Details of the Penske ($PAG) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Roger Penske and Mitsui will acquire the public stock of Penske for $212.00 per share Action: Contact BFA Law to discuss your rights Why is the Penske Transaction being Investigated?
Penske Automotive Group, Inc. ("Penske") is a company that is controlled by two majority stockholders—Roger Penske (via "Penske Corporation") and Mitsui & Co., Ltd. ("Mitsui"). Those two stockholders alone control 72.3% of the company's voting power.
Penske's initial disclosures have reported that the company utilized a special committee to evaluate the merger and that the merger is conditioned on the approval of the public stockholders at an upcoming stockholder vote. Penske has not yet disclosed the full details of the process that resulted in the merger, and key questions about whether those protective mechanisms were effective remain unanswered.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether the $212.00 per share price is a fair price for the public stockholders' shares of Penske stock.
Click here for more information:
https://www.bfalaw.com/cases/penske-investigation
What Can You Do?
If you are a current holder of Penske stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases/penske-investigation
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff's securities litigation law firm, with clients noting: "[t]here is no better service provider in the practice area," "[t]he interest of the client is always front and center," and "[t]here isn't a better firm in this space." One testimonial described the firm as "nimble and entrepreneurial," with a "relentless focus on adding value for clients."
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases/penske-investigation
Attorney advertising. Past results do not guarantee future outcomes.
Penske Automotive Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Penske Automotive Group, Inc. - PAG
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Penske Automotive Group, Inc. (NYSE: PAG) to Penske Corporation and Mitsui & Co., Ltd. Under the terms of the proposed transaction, shareholders of Penske Automotive will receive $212.00 in cash for each share of Penske Automotive that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at (833) 538-3612, or visit https://www.ksfcounsel.com/cases/nyse-pag/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261019670465/en/
Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Penske Automotive Group, Inc. (NYSE: PAG) to Penske Corporation and Mitsui & Co., Ltd. Under the terms of the proposed transaction, shareholders of Penske Automotive will receive $212.00 in cash for each share of Penske Automotive that they own. KSF is seeking to determine whether this considera.
NEW YORK, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Penske Automotive Group, Inc. (NYSE: PAG) is being taken private by its controlling stockholders, Roger Penske and Mitsui & Co., Ltd. Penske is incorporated in Delaware.
If you are a current shareholder of Penske, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/penske-investigation.
Key Details of the Penske ($PAG) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Roger Penske and Mitsui will acquire the public stock of Penske for $212.00 per shareAction: Contact BFA Law to discuss your rights Why is the Penske Transaction being Investigated?
Penske Automotive Group, Inc. (“Penske”) is a company that is controlled by two majority stockholders—Roger Penske (via “Penske Corporation”) and Mitsui & Co., Ltd. (“Mitsui”). Those two stockholders alone control 72.3% of the company’s voting power.
Penske’s initial disclosures have reported that the company utilized a special committee to evaluate the merger and that the merger is conditioned on the approval of the public stockholders at an upcoming stockholder vote. Penske has not yet disclosed the full details of the process that resulted in the merger, and key questions about whether those protective mechanisms were effective remain unanswered.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether the $212.00 per share price is a fair price for the public stockholders’ shares of Penske stock.
Click here for more information:
https://www.bfalaw.com/cases/penske-investigation
What Can You Do?
If you are a current holder of Penske stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases/penske-investigation
Attorney advertising. Past results do not guarantee future outcomes.
NEW YORK, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Penske Automotive Group, Inc. (NYSE: PAG) is being taken private by its controlling stockholders, Roger Penske and Mitsui & Co., Ltd. Penske is incorporated in Delaware.
If you are a current shareholder of Penske, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/penske-investigation.
Key Details of the Penske ($PAG) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger under which Roger Penske and Mitsui will acquire the public stock of Penske for $212.00 per shareAction: Contact BFA Law to discuss your rights Why is the Penske Transaction being Investigated?
Penske Automotive Group, Inc. (“Penske”) is a company that is controlled by two majority stockholders—Roger Penske (via “Penske Corporation”) and Mitsui & Co., Ltd. (“Mitsui”). Those two stockholders alone control 72.3% of the company’s voting power.
Penske’s initial disclosures have reported that the company utilized a special committee to evaluate the merger and that the merger is conditioned on the approval of the public stockholders at an upcoming stockholder vote. Penske has not yet disclosed the full details of the process that resulted in the merger, and key questions about whether those protective mechanisms were effective remain unanswered.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether the $212.00 per share price is a fair price for the public stockholders’ shares of Penske stock.
Click here for more information:
https://www.bfalaw.com/cases/penske-investigation
What Can You Do?
If you are a current holder of Penske stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases/penske-investigation
Attorney advertising. Past results do not guarantee future outcomes.
PAG shareholders will receive just $212.00 per share in an all-cash transaction valuing Penske at approximately $16.3 billion in enterprise value; Ademi LLP is investigating the deal price, benefits to company insiders, and restrictions on competing offers
CLICK HERE TO JOIN
, /PRNewswire/ -- Ademi LLP is investigating whether the proposed acquisition of Penske (NYSE: PAG) by Penske Corporation and Mitsui & Co., Ltd., provides fair value to Penske's public shareholders and whether Penske's Board adequately protected shareholder interests in negotiating and approving the transaction.
Are You a PAG Shareholder?
If you own Penske shares, Ademi LLP would like to hear from you about the proposed acquisition and your rights as a shareholder.
You may also contact Guri Ademi at [email protected] or toll-free at 866-264-3995.
There is no cost or obligation to you.
What Is Ademi LLP Investigating?
The exchange ratio and whether it adequately reflects Penske's value and future prospects;
Substantial change-of-control benefits available to Penske insiders in connection with the transaction;
Restrictions on competing transactions, including a significant termination penalty that may discourage another potential buyer from making a superior proposal; and
The conduct of Penske's Board of Directors in negotiating and approving the transaction and whether the Board fulfilled its duties to public shareholders.
What Should PAG Shareholders Do?
Contact Ademi LLP to discuss your rights and our investigation. There is no cost or obligation to you.
Penske (PAG) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the sale of Penske Automotive Group, Inc. (NYSE: PAG) to Penske Corporation and Mitsui & Co., Ltd. for $212.00 per share in cash.Halper Sadeh encourages Penske shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected] investigation concerns whether Penske and.
NEW YORK--(BUSINESS WIRE)---- $PAG #BFA--Penske Automotive Group, Inc. is being Investigated after the $212.00 per share Merger Deal Announced – Investors are Alerted to Contact BFA Law.
Penske Automotive Group Inc (NYSE:PAG) agreed to be taken private by Penske Corporation and Mitsui & Co in a deal valuing the automotive and commercial truck retailer at about $16.3 billion including debt, the company said on Thursday.
Shareholders outside the buyer group will receive $212 per share in cash, an 8.84% premium to Wednesday’s close.
Shares of Penske were up more than 8% on Thursday.
Penske Corporation will hold about 64% of the company after the deal closes, with Mitsui holding the remaining 36%.
The offer is also an 8.6% premium to the July 21 close, the last trading day before Penske and Mitsui submitted an unsolicited, preliminary and non-binding proposal for the shares they do not already own. It represents premiums of about 20% and 26% to the 60-day and 90-day volume-weighted average prices through that date.
A special committee of independent directors unanimously recommended the transaction, and the board approved it.
“The Special Committee thoroughly reviewed the proposal and considered the benefits of the transaction as compared to continuing as a public company, and determined that this transaction provided the greatest value for the Company’s minority shareholders,” said David Hoogendoorn, the committee’s chair.
“Mitsui has been a shareholder for 25 years, and we have had a productive relationship over the past quarter-century,” said Roger Penske, chair and chief executive.
The deal is expected to close in the first quarter of 2027. It requires regulatory approvals, the vote of a majority of outstanding shares, and the approval of a majority of votes cast by unaffiliated stockholders. It is not subject to a financing condition.
Penske shares will no longer be listed on the New York Stock Exchange after closing. The company expects to keep paying regular quarterly dividends through closing, in amounts no more than $0.02 per share above the last quarterly dividend.
Penske will report third-quarter results on October 28.
No Investment Advice
Proactive Investors is a publisher of financial news and information. No content in this record, or published on the Proactive Investors website (the "Site"), constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. No content is tailored to any specific person's needs, objectives, or financial situation.
Proactive Investors is not a registered investment adviser or broker-dealer and does not provide personalized investment advice. Nothing in this record constitutes investment advice or a recommendation to buy, hold, or sell any security. None of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value, or suitability of any particular security, portfolio, transaction, or investment strategy. Any decision to buy, sell, or hold a security should be made only after consulting an appropriately qualified, licensed financial adviser and reading all relevant offering documentation.
This record, and any record we publish by or on behalf of our clients, should not be construed as an offer or solicitation to buy or sell any product or security. Our content is independent financial journalism, produced in a neutral, objective style with full source attribution.
In accordance with the Federal Trade Commission's guidelines on material connections, Proactive Investors discloses the following: we may receive cash or, in some cases, equity compensation from companies whose news is distributed through our platform. This compensation is for news distribution and media services, not for editorial content or coverage decisions. Where Proactive Investors has a commercial relationship with a company covered in this record, that relationship is disclosed within the article. Any such relationship does not determine, influence, or shape the editorial content produced. Where we receive equity compensation, such securities are held independently by a third-party broker and sold at the broker's discretion.
The Site may contain opinions from time to time regarding securities mentioned in other products, including company-related products, and those opinions may differ from those obtained through another Proactive Investors product. Opinions and commentary reflect the views of the named author at the time of writing and are subject to change without notice.
Price and other data is supplied by sources believed to be reliable. Any calculations are made using such data. Neither the data nor the calculations are guaranteed by those sources, by Proactive Investors, by the information providers, or by any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to previously published articles or opinions. Such references may be selective, may reference only a portion of an article, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
NEW YORK, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Julie & Holleman LLP, a law firm dedicated to stockholder representation, is investigating the proposed sale of Penske Automotive Group, Inc. (NYSE: PAG) for $212 per share to a group comprising the company’s largest and controlling stockholders.
Penske Corporation, Mitsui, and their affiliates already collectively own approximately 72.6% of Penske Automotive’s outstanding shares. The transaction would permit these existing controlling stockholders to acquire the remaining public shares and take the company private. Julie & Holleman is examining whether the transaction provides fair value to unaffiliated shareholders and whether potential conflicts affected the negotiation and approval process.
Penske Automotive stockholders interested in discussing the transaction may contact partner Scott Holleman at (929) 415-1020 or [email protected], or visit https://www.julieholleman.com/penske-automotive-group/. Consultations are confidential, free, and without obligation.
FIRM INFORMATION
Julie & Holleman is a boutique law firm that focuses on shareholder litigation, including derivative actions, mergers and acquisitions cases, securities fraud class actions, and corporate investigations. The firm’s attorneys litigate in state and federal courts across the nation and have secured hundreds of millions of dollars for shareholders. For more information about the firm, please visit www.julieholleman.com. This notice may constitute attorney advertising.
Julie & Holleman LLP
W. Scott Holleman, Esq.
157 East 86th Street
4th Floor
New York, NY 10028
(929) 415-1020
www.julieholleman.com
, /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 declared a quarterly cash dividend of $1.46 per share. The dividend represents an increase of $0.02 per share (+1.4%), bringing the annualized dividend to $5.84 per share. The dividend is payable December 1, 2026, to shareholders of record on November 13, 2026.
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 in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia 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. PAG employs over 28,900 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 373,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. 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, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; 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, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and June 30, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Penske Automotive Group Shareholders to Receive $212.00 Per Share in Cash
, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG) (the "Company" or "PAG"), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that it has entered into a merger agreement to be taken private by Motown Acquisition Corp. ("Buyer"), an entity owned by Penske Corporation ("Penske") and Mitsui & Co., Ltd. ("Mitsui"). Under the terms of the merger agreement, holders of Penske Automotive Group common stock, other than Penske Corporation, Mitsui and the other members of the investor group, will receive $212.00 per share in cash, valuing the Company at an enterprise value of approximately $16.3 billion. Upon completion of the transaction, the Company will become a privately held company, with approximately 64% of the Company's ownership to be held by Penske and 36% to be held by Mitsui.
The purchase price represents a premium of approximately 8.6% to the closing price of the Company's common stock on July 21, 2026 and a premium of approximately 20.09% and 26.17% to the 60-day and 90-day volume weighted average prices, respectively, for the period ended July 21, 2026, the last trading day prior to the submission of the unsolicited, preliminary and non-binding proposal from Penske and Mitsui to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own, and an 8.84% premium to the closing price of the Company's common stock on October 14, 2026, the trading date immediately preceding the date on which the definitive agreement was announced. The Company expects to continue paying regular quarterly cash dividends through the closing of the transaction, in each case, in an amount not to exceed $0.02 per share above the per share amount of the last quarterly dividend declared and paid by the Company in the immediately preceding quarter, as well as a pro-rated dividend for any partial quarter prior to the closing.
A special committee of independent and disinterested directors of the Board of Directors (the "Board") of the Company (the "Special Committee") unanimously recommended that the Board approve the proposed transaction. The Special Committee was formed to evaluate and consider the proposal and was advised by independent legal and financial advisors. The Board approved the proposed transaction following the unanimous recommendation of the Special Committee.
"We are pleased to have reached this agreement with Penske and Mitsui, our largest shareholders," said David Hoogendoorn, Penske Automotive Group Board Member and the Special Committee Chair. "The Special Committee thoroughly reviewed the proposal and considered the benefits of the transaction as compared to continuing as a public company, and determined that this transaction provided the greatest value for the Company's minority shareholders."
"I want to thank the Special Committee for its thoughtful and diligent evaluation of the transaction," said Roger Penske, Chair and CEO of the Company. "This transaction marks an important next chapter for PAG. Mitsui has been a shareholder for 25 years, and we have had a productive relationship over the past quarter-century. Together with Mitsui, we will build on PAG's operational excellence and draw on our combined capabilities and networks to drive innovation and expand PAG's business through new opportunities and collaborative projects."
Approvals and Timing
The transaction is expected to close in the first quarter of 2027, subject to the satisfaction or waiver of closing conditions, including receipt of regulatory approvals and the affirmative vote of the holders of a majority of the outstanding shares of the Company's common stock that are entitled to vote on the transaction, as well as the approval by holders of a majority of the votes cast by unaffiliated stockholders (as defined in the merger agreement). The transaction is not subject to a financing condition.
Following the closing of the transaction, the Company's shares of common stock will no longer be traded or listed on the New York Stock Exchange.
Third Quarter 2026 Financial Results
Penske Automotive Group's third quarter 2026 financial results will be issued on October 28, 2026, prior to market opening. In light of the announced transaction, the Company will not host an earnings conference call. The Company's third quarter 2026 earnings press release and investor presentation will be available on its investor relations website at www.penskeautomotive.com.
Advisors
Moelis & Company LLC is acting as exclusive financial advisor to the Special Committee and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as its legal counsel. The Company is being represented by Freshfields LLP. Jones Day is acting as legal counsel to Penske and BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as its financial advisors. Debevoise & Plimpton LLP is acting as legal counsel to Mitsui & Co., Ltd.
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. The Company operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. The Company also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. The Company employs over 28,900 people worldwide. Additionally, the Company owns 28.9% of Penske Transportation Solutions, a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 373,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. The Company is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Additional Information Regarding the Transaction and Where to Find It
This communication relates to the proposed transaction (the "proposed transaction") involving the Company and Buyer contemplated by the agreement and plan of merger (the "agreement and plan of merger") by and between the Company and Buyer. In connection with the proposed transaction, the Company intends to file a preliminary proxy statement on Schedule 14A (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC") relating to a special meeting of shareholders to approve the proposed transaction. The definitive proxy statement (if and when available) will be mailed to the Company's stockholders seeking their approval of the proposed transaction and other related matters. The Company, Buyer and certain of their affiliates also intend to jointly file a transaction statement on Schedule 13E-3 (the "Schedule 13E-3") relating to the proposed transaction. The Company may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Proxy Statement, Schedule 13E-3, or any other document the Company, Buyer, Penske or Mitsui may file with the SEC in connection with the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company or any other person or the solicitation of any vote or approval.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO OR INCORPORATED BY REFERENCE THEREIN), THE SCHEDULE 13E-3 (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO OR INCORPORATED BY REFERENCE THEREIN), AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders may obtain free copies of these documents, including the Proxy Statement, Schedule 13E-3 and any other documents containing important information about the Company and the proposed transaction, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. In addition, shareholders of the Company may obtain free copies of such documents by accessing the Investor Relations portion of the Company's website at https://investors.penskeautomotive.com/financials/sec-filings.
Participants in the Solicitation
The Company and certain of its directors, executive officers and other employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of the Company is set forth in the Company's definitive proxy statement on Schedule 14A for the 2026 annual meeting of the stockholders of the Company, filed with the SEC on March 20, 2026 (the "Annual Meeting Proxy Statement"), under the sections "Proposal 1 – Election of Directors," "Executive Officers," "Executive Compensation," "Director Compensation" and "Security Ownership of Certain Beneficial Owners and Management," and other documents subsequently filed by the Company with the SEC. Transactions with related persons (as defined in Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended) are disclosed under the heading titled "Related Party Transactions" in the Annual Meeting Proxy Statement. To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information set forth in the Annual Meeting Proxy Statement, such information has been or will be reflected on the Company's Statements of Beneficial Ownership on Forms 3 and 4 filed with the SEC. Updated information regarding the identity of participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Proxy Statement regarding the approval of the proposed transaction and other relevant documents to be filed with the SEC, including the Schedule 13E-3, if and when they become available. These documents will be available free of charge as described above.
This communication may include statements that are not statements of historical fact, or "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the proposed transaction. In many cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are difficult to predict and are generally outside the Company's and Buyer's control, that could cause actual performance or results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. Such forward-looking statements include, but are not limited to: the ability of Buyer and the Company to complete the transactions contemplated by the agreement and plan of merger, including the parties' ability to satisfy the conditions set forth in the agreement and plan of merger; statements about the expected timetable for completing the transaction, Buyer's and the Company's beliefs and expectations and statements about the benefits sought to be achieved in Buyer's proposed acquisition of the Company, the potential effects of the acquisition on each of Buyer and the Company; as well as the possibility of any termination of the agreement and plan of merger. These statements are based upon the current beliefs and expectations of Buyer's and the Company's management and are subject to significant risks and uncertainties. There can be no guarantees that the conditions to the closing of the proposed transaction will be satisfied on the expected timetable or at all. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Risks and uncertainties include, but are not limited to, uncertainties as to the timing of the proposed transaction; the possibility that Buyer's committed debt financing will not be available; uncertainties as to how many of the Company's shareholders will vote in favor of the proposed transaction; the possibility that various conditions to the consummation of the proposed transaction may not be satisfied or waived; the ability to obtain necessary regulatory approvals or to obtain them on acceptable terms or within expected timing; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company's common stock, credit ratings or operating results; the effects of disruption from the transactions contemplated by the agreement and plan of merger and the impact of the announcement and pendency of the transactions on the Company's business, including the ability of the Company to attract, retain and hire key personnel and to maintain relationships with customers, suppliers and others with whom the Company does business, employee departures, diversion of management's time and attention from ordinary course business operations, or certain restrictions during the pendency of the proposed transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the risk that shareholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the risk that there may be unexpected costs, charges or expenses resulting from the proposed transaction; general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; and the impact of tariffs. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and its other filings made with the SEC. These and other filings made by the Company with the SEC are available at www.sec.gov.
The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.
Penske Automotive Group has agreed to be taken private by its biggest investors in a deal that gives the transportation-services company an enterprise value of about $16.3 billion.
Partnership Builds on DiamondLake's Recent Work, as Demand for Authentic Live Experiences Accelerates
, /PRNewswire/ -- Diamond Lake Minerals, Inc. (OTC: DLMI) ("DiamondLake"), a multi-strategy operating company focused on real-world asset investment infrastructure, digital assets and tokenized securities, today announced that its wholly owned subsidiary, DLMI Media, LLC, has entered into a strategic partnership with Production Alliance Group (PAG), a full-service live-event and technical production company. The partnership creates a collaborative platform focused on business development, client relationships and new opportunities within the corporate events and live-production marketplace.
Through the partnership, DLMI Media will work closely with PAG to identify new opportunities, develop relationships and introduce PAG's production capabilities to new clients and organizations. Together, the two companies will pursue long-term client relationships, new business opportunities and expanded reach across the live-events and entertainment landscape.
The announcement reflects DiamondLake's broader conviction that live venues and experiences are entering a period of significant growth, as audiences increasingly seek out authentic, in-person connection. That momentum reinforces DiamondLake's commitment to supporting the best experiences, acts and production capabilities available to fans.
"We are thrilled about this partnership with Production Alliance Group," said Brian J. Esposito, Chief Executive Officer of DiamondLake. "We believe strongly that live venues and experiences are on the upswing as people continue to crave and demand more human connections through in real life experiences and shows, and we want DiamondLake and our DLMI Media subsidiary right there supporting the best acts, concerts, comedians, and equipment available for fans. Pairing that vision with PAG's decades of production expertise positions us to help shape what live entertainment looks like in the years ahead."
"We are extremely excited about our partnership with DiamondLake," said Dale Sahlin, Owner of Production Alliance Group. "The foundation of our business has always been relationships, and DiamondLake shares that same philosophy. This partnership isn't simply about introducing one company to another but about bringing together relationships, experience and capabilities to create opportunities that can continue growing for years to come. DiamondLake brings an incredible network of relationships and business-development experience to the table, while Production Alliance Group brings decades of experience executing complex live events and corporate productions. Together, I believe we have an opportunity to build something very special."
"The timing couldn't be better," Sahlin continued. "After many years of operating in Los Angeles and Southern California, Production Alliance Group is making a major investment in our future by expanding and relocating its headquarters to Weatherford, Texas. There is tremendous momentum in Texas right now — businesses, investment and talent continue to move into the state, and the Dallas–Fort Worth region has become one of the most important business markets in the country. We want PAG to be right in the middle of that growth. Our move to Texas and our partnership with DiamondLake represent the beginning of the next chapter for Production Alliance Group. We're excited about where we're going, the relationships we're building, and what our two organizations can accomplish together."
About DiamondLake
Diamond Lake Minerals, Inc. (OTC: DLMI) (www.diamondlake.com) was incorporated in Utah on January 5, 1954. DLMI is a multi-strategy operating company focused on real-world asset investment infrastructure, digital assets and tokenized securities, together with its medical division, Solutions Naturopathic & SoftWave Acupuncture Clinics, and its wholly owned subsidiary, DLMI Media, LLC. The Company's approach to tokenization is designed to operate within existing U.S. securities laws, including offerings conducted under applicable exemptions or registration provisions. DLMI is exempt from SEC registration and reports under the OTC Markets Alternative Reporting Standard.
About Production Alliance Group
Production Alliance Group (www.productionalliancegroup.com) is a full-service live event, technical production and experiential production company providing comprehensive production solutions for corporate meetings, conferences, live events, entertainment productions and special events. Built on decades of hands-on production experience, PAG brings together technical expertise, creative problem-solving and a client-first approach to execute events from initial concept through show day. The company's capabilities encompass audio, lighting, video, staging, technical direction, production management and the coordination of the people, equipment and resources required to deliver complex live productions. At the heart of Production Alliance Group is a simple philosophy: successful events are built on relationships, trust and execution. PAG works as an extension of its clients' teams, bringing together experienced production professionals and trusted industry partners to create seamless, memorable experiences.
Forward-Looking Statements
This release contains forward-looking statements. Statements that are not historical are essentially forward-looking and can be identified by words such as "expects," "plans," "may," "anticipates," "believes," "should," "intends," and "estimates." These statements are subject to risks and uncertainties that cannot be predicted or quantified, and actual results may differ materially from those expressed or implied. Diamond Lake Minerals, Inc. does not undertake any obligation to publicly update any forward-looking statement. Investors should not place undue reliance on these statements.
For investor relations enquiries, please contact:
Investor Relations
Diamond Lake Minerals, Inc.
[email protected]
https://diamondlakeminerals.com/investors
Sam Amsterdam
Communications Counsel
DiamondLake
[email protected]
This release was issued through WebWire®. For more information, visit http://www.webwire.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/diamondlake-and-production-alliance-group-announce-strategic-partnership-to-power-the-next-era-of-live-events-and-experiences-302899975.html
The Zacks Auto Retail and Wholesale industry is navigating a mixed landscape with demand holding up, but rising affordability and financing pressures could temper sales momentum. Tightening inventory, particularly in affordable segments, is supporting dealer pricing power but may eventually limit consumer choices and delay purchases.
At the same time, new and used vehicle prices remain elevated, while rising borrowing costs could offset improving credit availability. The EV market faces additional uncertainty as the removal of federal incentives, constrained supply and automakers’ pullback from new models weigh on sales. Overall, resilient demand supports the industry, but affordability, tight inventory and EV headwinds warrant a cautious outlook.
That said, a few retailers like Penske Automotive Group (PAG - Free Report) and Lithia Motors (LAD - Free Report) are better positioned to weather the cycle, backed by strategic acquisitions, ongoing digitization efforts and shareholder-friendly capital allocation.
About the Industry The auto retail and wholesale industry plays a key role in how cars, trucks and auto parts reach consumers. Companies in this space operate through dealership networks and retail chains, selling both new and used vehicles, offering repair and maintenance services, and helping customers with financing. Since this is a consumer-driven industry, its performance often depends on how strong the economy is. When people have more disposable income, they're more likely to spend on vehicles. But during tougher times, like economic slowdowns, big purchases are often put on hold. The industry has also undergone meaningful structural change in recent years, with dealers increasingly investing in digital tools and e-commerce capabilities, a shift that continues to reshape how vehicles are bought and sold.
Key Investing Themes Resilient Demand Is Tightening Vehicle Inventory: New-vehicle demand remained resilient in August, with the sales pace rising 3.3% from July and edging higher year over year, per Cox Automotive. This strength is steadily absorbing dealer inventory. Inventory fell 1.6% month over month to 2.68 million units, marking the third consecutive monthly decline. As a result, industry days’ supply reached its lowest level since spring 2025. The pressure is particularly evident in more affordable vehicle segments, where supply is becoming increasingly constrained. For franchised dealers, tighter inventory also means less need to discount aggressively. If supply continues to shrink while prices remain elevated, consumers may delay purchases rather than stretch their budgets.
High Vehicle Prices Creating Affordability Pressures: Vehicle affordability remains a key challenge even as consumers continue to buy. Per Kelley Blue Book, the average transaction price for a new vehicle climbed above $50,000 in August for the first time in 2026. That can be attributed to stronger sales of midsize SUVs and price increases in popular segments such as subcompact SUVs and compact cars. At the same time, households facing financial pressure are increasingly gravitating toward lower-priced vehicles. Even used cars are becoming more expensive, with the average listing price reaching $27,239 in August, up 7% year over year and the highest since December 2022. Rising prices could increasingly limit demand among budget-conscious buyers.
Better Credit Access Faces Rising Borrowing Costs: Per Cox Automotive, auto credit availability improved for the fourth straight month in August, its strongest level since November 2015. However, easier access to financing does not necessarily mean more affordable financing. Longer-term borrowing costs are rising as Treasury yields climb amid concerns around inflation, oil prices, government debt and the fiscal outlook. The 10-year Treasury yield recently moved above 4.9% per CNBC, its highest level since November 2023, putting upward pressure on consumer auto-loan rates. This creates a mixed environment for retailers. More consumers may qualify for financing, but higher monthly payments could discourage purchases.
EV Market Reshaped by Policy and Supply Constraints: EV sales are facing a difficult reset after the expiration of the federal EV tax credit. Per Electrek, around 140,000 EVs were sold in North America in August, down 33% from a year earlier, although the comparison is distorted by unusually strong purchases in August and September 2025 before the credit expired. The weakness is not purely demand-driven. Limited vehicle availability is also weighing on sales, particularly as automakers scale back EV plans amid an unfavorable policy environment. Canceled models and constrained imports are reducing consumer choice, leaving the EV retail market caught between softer incentives, uncertain demand and inadequate supply.
Zacks Industry Rank Indicates Dim Prospects The Zacks Auto Retail & Wholesale industry is part of the broader Zacks Auto-Tires-Trucks sector. The industry currently carries a Zacks Industry Rank #202, which places it in the bottom 18% of nearly 245 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates weak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s position in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are losing confidence about this group’s earnings growth potential. Over the past year, the industry's earnings estimate for 2026 has declined 6.4%.
Despite the weak backdrop, we will present a couple of stocks that you might consider adding to your watchlist. But before that, let’s discuss the industry’s recent stock market performance and valuation picture.
Industry Lags S&P 500, Tops Sector Over the past year, the Zacks Auto Retail & Whole Sales industry has inched up 0.5%, underperforming the Zacks S&P 500’s gain of more than 16%. Meanwhile, the Auto, Tires and Truck sector fell 3.6% during the same timeframe.
One-Year Price Performance
Industry's Current Valuation Since automotive companies are debt-laden, it makes sense to value them based on the enterprise value/earnings before interest, tax, depreciation and amortization (EV/EBITDA) ratio.
On the basis of the trailing 12-month EV/EBITDA, the industry is currently trading at 12.12X compared with the S&P 500’s 17.75X and the sector’s trailing 12-month EV/EBITDA of 25.76X.
Over the past five years, the industry has traded as high as 13.47X, as low as 5.67X and at a median of 8.65X, as the chart below shows.
EV/EBITDA Ratio (Past 5 Years)
2 Stocks Worth Considering Penske Automotive: The company engages in the operation of automotive and commercial truck dealerships. Penske Automotive benefits from resilient service and parts operations, with higher same-store revenues, gross profit and margins. Its expanding dealership portfolio, strong liquidity and consistent capital returns provide additional support, while rising Penske Transportation Solutions equity income adds diversification. Premier Truck Group also offers upside from a strong industry backlog and expected second-half deliveries.
As of June 30, 2026, PAG had about $1.4 billion of liquidity. During the first six months, it repurchased 265,104 shares for $42.5 million and had $221.2 million remaining under the authorization. Penske Automotive raised its quarterly dividend by 1.4% to $1.44 per share in July, marking the 23rd straight quarterly hike.
PAG currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for 2026 and 2027 sales implies year-over-year growth of 6% and 3%, respectively. The consensus mark for the company’s current and next year EPS has moved north by 5 cents and 1 cent, respectively, over the past 30 days.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price & Consensus: PAG
Lithia Motors: The company is one of the leading automotive retailers of new and used vehicles, and related services in the United States. Lithia Motors’ diversified model supports earnings through vehicle sales, aftersales, financing and digital channels. Aftersales remains the largest gross profit contributor, while Driveway Finance Corporation is building a recurring income stream as penetration and receivables expand. The company’s portfolio optimization efforts bode well. In the first half of 2026, it acquired $765 million of annualized revenues and divested $120 million of underperforming revenues.
The company bought back $242 million of stock in the second quarter of 2026 at an average price of $284 and reduced its share count by 17% year over year. Its five-year annualized dividend growth rate is 11%. Lithia recently raised its quarterly dividend by 23% to 70 cents.
Lithia Motors currently carries a Zacks Rank #3. The Zacks Consensus Estimate for 2026 and 2027 earnings implies year-over-year growth of 8% and 15%, respectively. The consensus mark for the company’s current and next year EPS has moved north by $1.81 and $1.33, respectively, over the past 60 days.
BlackRock Inc. purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG – Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,333,144 shares of the company’s stock, valued at approximately $417,516,000. BlackRock Inc. owned 3.55% of Penske Automotive Group at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC grew its holdings in Penske Automotive Group by 15.1% during the 1st quarter. Parallel Advisors LLC now owns 441 shares of the company’s stock valued at $66,000 after buying an additional 58 shares during the last quarter. Bessemer Group Inc. increased its position in Penske Automotive Group by 8.5% during the first quarter. Bessemer Group Inc. now owns 830 shares of the company’s stock worth $124,000 after purchasing an additional 65 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Penske Automotive Group by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock worth $3,167,000 after buying an additional 65 shares during the period. Rothschild Investment LLC lifted its stake in shares of Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after purchasing an additional 66 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC lifted its position in Penske Automotive Group by 2.7% during the fourth quarter. Focus Partners Advisor Solutions LLC now owns 2,630 shares of the company’s stock valued at $416,000 after buying an additional 70 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades Several research analysts have recently weighed in on PAG shares. JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Stephens boosted their price target on Penske Automotive Group from $166.00 to $210.00 and gave the company an “equal weight” rating in a report on Monday, August 3rd. Morgan Stanley reaffirmed an “overweight” rating and set a $190.00 price objective on shares of Penske Automotive Group in a research report on Thursday, May 7th. Benchmark cut Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Bank of America raised their price target on shares of Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Penske Automotive Group has an average rating of “Moderate Buy” and an average price target of $208.50.
Read Our Latest Stock Analysis on PAG Penske Automotive Group Price Performance PAG opened at $219.59 on Wednesday. The firm has a market capitalization of $14.42 billion, a P/E ratio of 16.17, a PEG ratio of 2.90 and a beta of 0.84. The stock has a fifty day moving average of $201.67 and a 200-day moving average of $175.59. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.36. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00.
Penske Automotive Group (NYSE:PAG – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The business had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. During the same period in the prior year, the firm earned $3.78 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Equities analysts forecast that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.
Penske Automotive Group Increases Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $1.44 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date is Friday, August 14th. This represents a $5.76 annualized dividend and a dividend yield of 2.6%. Penske Automotive Group’s dividend payout ratio is currently 42.42%.
Insider Activity at Penske Automotive Group In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. This represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 52.90% of the company’s stock.
(Free Report)
Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
Featured Articles Five stocks we like better than Penske Automotive Group Pathward’s Credit Scare Tests Its Comeback Story Wiring the AI Boom: Rumble’s $13.7B Pivot StoneX: Too Far Too Fast? DICK’s Sporting Goods Faces Pain Now for a Bigger Prize Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAG – Free Report).
Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.
A month has gone by since the last earnings report for Penske Automotive (PAG - Free Report) . Shares have lost about 1.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Penske due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Penske Q2 Earnings Top ExpectationsPenske reported second-quarter 2026 adjusted earnings of $3.62 per share, beating the Zacks Consensus Estimate of $3.38 by 7.1%. Adjusted earnings declined 4.2% from the comparable $3.78 per share a year ago.
Revenues rose 6% year over year to $8.51 billion and topped the Zacks Consensus Estimate of $7.93 billion by 7.4%. Retail automotive same-store new and used units increased 5%, while same-store service and parts gross margin improved 80 basis points to 59.5%.
Retail Automotive Sales RiseRetail automotive revenues increased 6% year over year to $7.3 billion. New vehicle revenues rose 5.9% to $3.38 billion, used vehicle revenues advanced 9.4% to $2.47 billion and finance and insurance revenues increased 1.3% to $211 million. Service and parts revenues rose 1.6% to $867.1 million, while fleet and wholesale revenues declined 0.8% to $375.6 million. Same-store revenues grew 5.7% to $7.12 billion.
Retail automotive gross profit slipped 0.7% to $1.16 billion, with gross margin contracting to 15.8% from 16.9%. New vehicle gross profit per retail unit fell 10.4% to $4,782, while used vehicle gross profit per unit declined 8.8% to $2,095. Service and parts gross profit increased 3.1% to $517 million.
Truck Market ImprovementRetail commercial truck revenues declined 1.7% year over year to $927.8 million. Total new and used truck units retailed increased 1.7% to 5,431, as a 64.8% jump in used units offset a 7.8% decline in new units. Retail commercial truck gross profit slipped 0.6% to $142.8 million, while gross margin improved 20 basis points to 15.4%.
Class 8 market orders increased 170% in the second quarter. Premier Truck Group's backlog was about 10,400 units, with the majority expected to convert into retail sales in the second half of 2026. Used truck demand also strengthened as freight conditions improved.
Distribution Business Delivers GrowthCommercial Vehicle Distribution and Other revenues jumped 41.1% year over year to $283.9 million. Gross profit rose 30.5% to $57.7 million, although gross margin declined to 20.3% from 22%.
Australia's off-highway business was a key contributor, with revenues increasing 63% in the quarter. The company secured more than $300 million of orders during the period, bringing its 2026 secured order book to nearly $660 million, supported by energy solutions, mining and defense demand.
PAG Gets Lift From PTSPenske Transportation Solutions contributed $57.4 million in earnings to PAG, up 7% year over year. The improvement reflected growth in full-service leasing, better fleet utilization, lower operating expenses and lower interest costs.
PTS managed more than 379,200 trucks, tractors and trailers. Continued weakness in the rental market and a lower gain on used-truck sales partly offset the benefits from improved freight conditions and fleet-rightsizing actions.
Profitability Faces Margin PressureConsolidated gross profit edged up 0.4% to $1.36 billion, but gross margin narrowed to 15.9% from 16.8%. Selling, general and administrative expenses increased 3.2% to $974 million, and operating income declined 7.6% to $337.6 million.
Operating margin fell to 4% from 4.5%. Adjusted EBITDA was $401.8 million, up 0.3%, while other interest expense rose 53.2% to $33.1 million, reflecting higher borrowing costs associated with acquisitions.
Balance Sheet and Capital ReturnsFor the first six months of 2026, cash flow from operations totaled $418 million and capital expenditures were $134.9 million. As of June 30, liquidity was about $1.4 billion, including $69.5 million in cash.
PAG repurchased 265,104 shares for $42.5 million in the first half, leaving $221.2 million available under its repurchase authorization. The board also raised the quarterly dividend 1.4% to $1.44 per share, marking the company's 23rd consecutive quarterly increase.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.
VGM ScoresAt this time, Penske has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock has a score of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Penske has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
PHILADELPHIA--(BUSINESS WIRE)---- $pag #penske--Kaskela Law LLC is investigating Penske Automotive Group, Inc. (NYSE: PAG) (“Penske Automotive”) on behalf of the company's stockholders. On July 22, 2026, Penske Automotive reported that it had received a proposal from Penske Corp. and Mitsui & Co., Ltd., who collectively own over 72% of the company's stock, to acquire the remaining shares of Penske Automotive stock that they do not currently own for $210.00 per share in cash. The firm's investigation will de.
Key Takeaways Penske Automotive's Q2 revenues rose 6% to $8.51 billion, while adjusted EPS beat estimates at $3.62.Retail auto revenues climbed 6%, with used vehicle sales up 9.4% and service gross profit rising 3.1%.Class 8 orders surged 170%, while Penske Automotive's 2026 secured order book reached nearly $660 million. Penske Automotive Group, Inc. (PAG - Free Report) reported second-quarter 2026 adjusted earnings of $3.62 per share, beating the Zacks Consensus Estimate of $3.38 by 7.1%. Adjusted earnings declined 4.2% from the comparable $3.78 per share a year ago.
Revenues rose 6% year over year to $8.51 billion and topped the Zacks Consensus Estimate of $7.93 billion by 7.4%. Retail automotive same-store new and used units increased 5%, while same-store service and parts gross margin improved 80 basis points to 59.5%.
Penske currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PAG's Retail Automotive Sales RiseRetail automotive revenues increased 6% year over year to $7.3 billion. New vehicle revenues rose 5.9% to $3.38 billion, used vehicle revenues advanced 9.4% to $2.47 billion and finance and insurance revenues increased 1.3% to $211 million. Service and parts revenues rose 1.6% to $867.1 million, while fleet and wholesale revenues declined 0.8% to $375.6 million. Same-store revenues grew 5.7% to $7.12 billion.
Retail automotive gross profit slipped 0.7% to $1.16 billion, with gross margin contracting to 15.8% from 16.9%. New vehicle gross profit per retail unit fell 10.4% to $4,782, while used vehicle gross profit per unit declined 8.8% to $2,095. Service and parts gross profit increased 3.1% to $517 million.
Penske Automotive Sees Truck Market ImprovementRetail commercial truck revenues declined 1.7% year over year to $927.8 million. Total new and used truck units retailed increased 1.7% to 5,431, as a 64.8% jump in used units offset a 7.8% decline in new units. Retail commercial truck gross profit slipped 0.6% to $142.8 million, while gross margin improved 20 basis points to 15.4%.
Class 8 market orders increased 170% in the second quarter. Premier Truck Group's backlog was about 10,400 units, with the majority expected to convert into retail sales in the second half of 2026. Used truck demand also strengthened as freight conditions improved.
PAG's Distribution Business Delivers GrowthCommercial Vehicle Distribution and Other revenues jumped 41.1% year over year to $283.9 million. Gross profit rose 30.5% to $57.7 million, although gross margin declined to 20.3% from 22%.
Australia's off-highway business was a key contributor, with revenues increasing 63% in the quarter. The company secured more than $300 million of orders during the period, bringing its 2026 secured order book to nearly $660 million, supported by energy solutions, mining and defense demand.
Penske Automotive Gets Lift From PTSPenske Transportation Solutions contributed $57.4 million in earnings to PAG, up 7% year over year. The improvement reflected growth in full-service leasing, better fleet utilization, lower operating expenses and lower interest costs.
PTS managed more than 379,200 trucks, tractors and trailers. Continued weakness in the rental market and a lower gain on used-truck sales partly offset the benefits from improved freight conditions and fleet-rightsizing actions.
PAG's Profitability Faces Margin PressureConsolidated gross profit edged up 0.4% to $1.36 billion, but gross margin narrowed to 15.9% from 16.8%. Selling, general and administrative expenses increased 3.2% to $974 million, and operating income declined 7.6% to $337.6 million.
Operating margin fell to 4% from 4.5%. Adjusted EBITDA was $401.8 million, up 0.3%, while other interest expense rose 53.2% to $33.1 million, reflecting higher borrowing costs associated with acquisitions.
PAG’s Balance Sheet and Capital ReturnsFor the first six months of 2026, cash flow from operations totaled $418 million and capital expenditures were $134.9 million. As of June 30, liquidity was about $1.4 billion, including $69.5 million in cash.
PAG repurchased 265,104 shares for $42.5 million in the first half, leaving $221.2 million available under its repurchase authorization. The board also raised the quarterly dividend 1.4% to $1.44 per share, marking the company's 23rd consecutive quarterly increase.
Peer ReleasesSonic Automotive, Inc. (SAH - Free Report) reported second-quarter 2026 adjusted earnings of $1.82 per share, which fell 17% year over year but beat the Zacks Consensus Estimate of $1.75 by 4%. Revenues rose 8% to $3.93 billion and topped the consensus mark of $3.78 billion by 4%. Sonic ended the quarter with about $294 million of cash and floor plan deposits and roughly $676 million of total available liquidity. The company raised full-year new-vehicle gross profit per unit guidance to $2,850-$3,000 from $2,700-$3,000. Sonic’s EchoPark unit is still expected to deliver 12%-15% retail used-unit growth this year.
Lithia Motors (LAD - Free Report) posted second-quarter 2026 adjusted earnings of $10.03 per share, which increased 9% from $9.20 a year ago. The bottom line beat the Zacks Consensus Estimate of $8.67 by 15.7%. Quarterly revenues increased 2.2% year over year to $9.79 billion and topped the consensus estimate of $9.64 billion by 1.6%. As of June 30, 2026, Lithia had cash, restricted cash and cash equivalents of $363.9 million, up from $341.8 million as of Dec. 31, 2025.During the quarter, Lithia repurchased roughly 854,000 shares at a weighted average price of $284, representing $242 million of share repurchases.
AutoNation, Inc. (AN - Free Report) reported second-quarter 2026 adjusted earnings of $5.56 per share, up 1.8% from $5.46 a year ago. Earnings beat the Zacks Consensus Estimate of $5.43 by 2.4%. Revenues of $6.93 billion declined 0.6% year over year and missed the consensus estimate of $6.97 billion by 0.6%. Parts and service revenues increased 3.4% year over year to $1.26 billion. Gross profit rose 1.4% to a record $607.1 million, making After-Sales the largest contributor to AutoNation's gross profit. As of June 30, 2026, AutoNation had cash and cash equivalents of $53.3 million. Non-vehicle debt was $4.43 billion.
, /PRNewswire/ -- Penske Automotive Group, Inc. (the "Company" or "PAG") (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that the special committee of independent and disinterested directors (the "Special Committee") of the Company's Board of Directors (the "Board") has retained Moelis & Company LLC to act as its independent financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to act as its independent legal counsel.
As previously announced, the Board established the Special Committee to review and consider the unsolicited, preliminary and non-binding proposal received by the Board on July 22, 2026 from Penske Corporation and Mitsui & Co., Ltd. to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own for cash consideration of $210 per share (the "Proposal").
There can be no assurance as to whether an agreement relating to the Proposal or any proposed transaction will be reached or as to the terms thereof if an agreement is reached. The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company's shareholders do not need to take any action at this time.
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 in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia 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. PAG employs over 28,600 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 379,200 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. 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, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, whether and on what terms any transaction will be consummated, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; 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, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the potential sale of Penske Automotive Group, Inc. (NYSE: PAG) to Penske Corporation and Mitsui & Co., Ltd.
On July 22, 2026, Penske Automotive reported that it had received an unsolicited, preliminary, and non-binding proposal from Penske Corporation and Mitsui & Co., Ltd.—which together with their affiliates own approximately 72.6% of the company’s stock—to acquire the remaining shares of Penske Automotive that they do not own for $210.00 per share in cash. The investigation concerns whether this consideration undervalues the company and whether the process leading to it is fair and adequate.
Penske Automotive shareholders are encouraged to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Penske Automotive Group, Inc. (NYSE: PAG) to Penske Corporation and Mitsui & Co., Ltd. Under the terms of the proposed transaction, shareholders of Penske Automotive will receive $210.00 in cash for each share of Penske Automotive that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at (833) 538-3612, or visit https://www.ksfcounsel.com/cases/nyse-pag/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
LOS ANGELES--(BUSINESS WIRE)--Schall, Brown & Schwartz LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors Penske Automotive Group, Inc. (“Penske” or “the Company”) (NYSE: PAG) for potential breaches of fiduciary duty on the part of its directors and management.
INVESTIGATION DETAILS: The investigation focuses on determining if the Penske board breached its fiduciary duties to shareholders.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected]
WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
Penske Automotive Group, Inc. (NYSE:PAG – Get Free Report) has received an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $202.25.
Several equities analysts recently commented on the stock. Benchmark cut shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Stephens increased their target price on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Monday. Barclays raised their price target on shares of Penske Automotive Group from $190.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 10th. Finally, UBS Group set a $190.00 price target on shares of Penske Automotive Group in a report on Friday, July 10th.
View Our Latest Report on PAG
Insider Activity In other Penske Automotive Group news, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their position. The SEC filing for this sale provides additional information. 52.90% of the stock is owned by insiders.
Institutional Inflows and Outflows Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its stake in Penske Automotive Group by 15.1% in the first quarter. Parallel Advisors LLC now owns 441 shares of the company’s stock worth $66,000 after buying an additional 58 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Penske Automotive Group by 0.4% during the second quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock worth $3,167,000 after acquiring an additional 65 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Penske Automotive Group by 8.5% in the 1st quarter. Bessemer Group Inc. now owns 830 shares of the company’s stock worth $124,000 after acquiring an additional 65 shares during the last quarter. Rothschild Investment LLC lifted its holdings in shares of Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after acquiring an additional 66 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its stake in shares of Penske Automotive Group by 2.7% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 2,630 shares of the company’s stock valued at $416,000 after purchasing an additional 70 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.
Penske Automotive Group Stock Up 0.0% Shares of NYSE PAG opened at $217.35 on Tuesday. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.36. The company has a market cap of $14.29 billion, a P/E ratio of 16.01, a P/E/G ratio of 2.92 and a beta of 0.84. Penske Automotive Group has a 52 week low of $140.12 and a 52 week high of $227.00. The business has a 50-day simple moving average of $187.70 and a two-hundred day simple moving average of $169.26.
Penske Automotive Group (NYSE:PAG – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The firm had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same period in the prior year, the business posted $3.78 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. Research analysts anticipate that Penske Automotive Group will post 13.48 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $1.44 per share. The ex-dividend date is Friday, August 14th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a yield of 2.7%. Penske Automotive Group’s dividend payout ratio (DPR) is presently 41.83%.
About Penske Automotive Group (Get Free Report)
Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
Further Reading Five stocks we like better than Penske Automotive Group SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Why Rare Earth Processing Could Be the Real 2027 Opportunity The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks?
Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEAnalyzing Global Water Resources (NASDAQ:GWRS) and VIPR (OTCMKTS:VIPV)
NEXT HEADLINE »Head to Head Survey: Cohu (NASDAQ:COHU) versus POET Technologies (OTCMKTS:POETF)
, /PRNewswire/ -- Kaskela Law LLC announces that it has launched an investigation on behalf of Penske Automotive Group, Inc. (NYSE: PAG) ("Penske Automotive") stockholders.
On July 22, 2026, Penske Automtive reported that it had received a proposal from Penske Corp. and Mitsui & Co., Ltd., who collectively own over 72% of the company's stock, to acquire the remaining shares of Penske Automotive stock that they do not currently own for $210.00 per share in cash.
The investigation seeks to determine whether the proposed $210.00 per share in cash represents sufficient monetary consideration for Penske Automotive shares, or if the offer undervalues the company's shares and potentially shortchanges PAG investors.
Penske Automotive shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email at [email protected] for additional information about their legal rights and options. Investors may also request additional information about this investigation and their options by clicking on the following link (or by copying and pasting the link into your browser):
https://kaskelalaw.com/case/penske/
ABOUT KASKELA LAW:
Kaskela Law exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis (i.e., the firm's clients are never responsible for any out-of-pocket costs for legal representation). Since 2020, the firm has helped to recover over $500 million for investors. For additional information about Kaskela Law, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 - 0750
www.kaskelalaw.com
This communication may constitute attorney advertising in certain jurisdictions.
3 Stocks Generating a Ridiculous Amount of CashPenske Automotive Group NYSE: PAG reported second-quarter 2026 revenue of $8.5 billion, up 6% from a year earlier, as the dealership group cited growth in retail automotive, commercial trucks and international operations. The company also disclosed that its board has formed a special committee of independent directors to evaluate an unsolicited proposal from Penske Corporation and Mitsui & Co. to acquire the shares they do not already own for $210 per share in cash.
Anthony Pordon, executive vice president of investor relations and corporate development, said the proposal is preliminary and non-binding. The special committee is authorized to hire its own legal and financial advisers. The company said it would not provide further comment or take questions on the matter during the earnings call.
Get PAG alerts:
Why Analysts Love These 2 Car Sales Platforms, And Avoid DealersFor the quarter, Penske Automotive reported earnings before taxes of $354 million, net income of $260 million and earnings per share of $3.96. Results included about $30 million from gains on dealership sales. Excluding that gain, adjusted income before taxes was $323 million, adjusted net income was $238 million and adjusted earnings per share was $3.62.
Retail Automotive Results Chairman and CEO Roger Penske said the company delivered 125,000 new and used vehicles during the quarter, along with more than 5,400 new and used commercial trucks. Same-store retail new and used vehicle units increased 5% overall.
Gross profit per new vehicle retailed was $4,782, down $1 sequentially, while used-vehicle gross profit per unit was $2,095, up $19 from the first quarter. Same-store service and parts revenue increased 2%, with related gross profit rising 3%. Service and parts gross margin expanded 60 basis points from the prior year and 80 basis points sequentially.
In the U.S., same-store new and used retail automotive units rose 3%, according to Rich Shearing, chief operating officer of North American operations. About 24% of new units sold during the quarter were sold at manufacturer’s suggested retail price, unchanged from the first quarter. U.S. same-store service and parts revenue and gross profit each increased 2.5%, supported by nearly 4% growth in customer-pay work.
Shearing said the company’s U.S. technician count was 2% higher than at the end of June 2025, while service-bay utilization was approximately 84%.
Commercial Truck Demand Improves Premier Truck Group retailed 5,431 new and used trucks in the second quarter. Same-store new-truck units declined 8%, while used-truck units rose 65%. However, new-truck deliveries increased sequentially to 4,276 from 2,786 in the first quarter.
Premier Truck Group generated $928 million in revenue and $143 million in gross profit, with gross margin improving 20 basis points. Used-truck gross profit per unit rose by more than $2,000 sequentially and nearly $1,900 from the prior-year quarter, which management attributed to improved freight-market conditions and stronger spot rates.
Management said North American Class 8 truck orders increased 170% in the second quarter, while the industry backlog rose 105% to 186,000 units. Shearing said Premier Truck Group’s own backlog was about 10,400 units and that most orders taken in the first half are expected to convert to retail sales in the second half of 2026. He estimated the company delivered about 6,000 trucks in the first half and expects roughly 10,000 deliveries during the second half.
“The recovery in the commercial truck market is underway,” Roger Penske said, adding that improving freight conditions should benefit both the dealership business and Penske Transportation Solutions.
Penske Transportation Solutions, in which Penske Automotive records equity income, produced $57 million of equity income in the quarter, up 7% from $54 million a year earlier. Operating revenue was flat, as a 1% increase in lease revenue was offset by a 12% decline in rental revenue and a 2% decline in logistics revenue.
The unit sold 9,170 vehicles during the quarter and ended June with a fleet of just under 380,000 vehicles, compared with 414,000 a year earlier. Management said fleet reductions lowered operating and interest costs and improved utilization, but reduced gains on sales of used trucks by $13 million.
International Growth and Australia Energy Orders International revenue increased 10% to $3.2 billion. Same-store new units rose 8%, used units increased 7%, and same-store gross profit grew 6%.
In the United Kingdom, new vehicle deliveries climbed 14%, roughly in line with the overall market’s 13% increase. Randall Seymore, chief operating officer of international operations, said the market remains challenging because of higher taxes, affordability pressures, reduced Motability programs and government electrification requirements. He also noted that Chinese brands have increased their U.K. market share, although Penske’s operations remain predominantly focused on premium and luxury brands.
In Australia, Penske’s off-highway commercial vehicle and power systems revenue increased 63%. The company secured more than $300 million in orders during the quarter, bringing its secured 2026 order book to nearly $660 million. Seymore said demand was supported by energy solutions, mining and defense, and that the company sees a path to reaching AUD 1 billion in data-center revenue by 2030.
Capital Allocation and Balance Sheet For the first six months of 2026, Penske Automotive generated $418 million in operating cash flow and $829 million of EBITDA. It invested $134 million in capital expenditures and acquired two Lexus dealerships with estimated annualized revenue of $450 million.
The company increased its quarterly dividend to $1.44 per share, its 23rd consecutive quarterly increase, and repurchased 265,000 shares for $43 million. Since the start of 2023, it has returned approximately $1.6 billion to shareholders through dividends and buybacks.
At the end of June, non-vehicle long-term debt was $2.5 billion and leverage was 1.7 times. The company reduced long-term debt by $141 million during the quarter. Total inventory stood at $5.1 billion, including a 51-day supply of new vehicles and a 44-day supply of used vehicles. Liquidity was approximately $1.4 billion.
About Penske Automotive Group (NYSE:PAG)Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Penske Automotive Group Right Now?Before you consider Penske Automotive Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Penske Automotive Group wasn't on the list.
While Penske Automotive Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
For the quarter ended June 2026, Penske Automotive (PAG - Free Report) reported revenue of $8.51 billion, up 11.1% over the same period last year. EPS came in at $3.62, compared to $3.78 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $7.93 billion, representing a surprise of +7.4%. The company delivered an EPS surprise of +7.1%, with the consensus EPS estimate being $3.38.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Penske performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Retail Automotive Revenue Per Vehicle Retailed - Used Vehicles: $41,847.00 compared to the $41,512.34 average estimate based on three analysts.Retail Commercial Truck Revenue Per Vehicle Retailed - Used Vehicles: $74,991.00 versus the three-analyst average estimate of $70,596.84.Retail Commercial Truck Revenue Per Vehicle Retailed - New Vehicles: $138,979.00 versus $143,825.20 estimated by three analysts on average.Retail Commercial Truck Units - Total: 5,431 compared to the 5,071 average estimate based on three analysts.Revenue- Retail Automotive: $7.3 billion compared to the $6.81 billion average estimate based on four analysts. The reported number represents a change of +12% year over year.Revenue- Commercial Vehicle Distribution and Other: $283.9 million compared to the $220.01 million average estimate based on four analysts. The reported number represents a change of +41.1% year over year.Revenue- Retail Automotive- Service and Parts: $867.1 million versus $889.96 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +6.2% change.Revenue- Retail Automotive- Finance and Insurance, Net: $211 million versus the four-analyst average estimate of $197.61 million. The reported number represents a year-over-year change of +5.2%.Revenue- Retail Automotive- Fleet and Wholesale: $375.6 million versus $379.49 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +4.9% change.Revenue- Retail Automotive- New Vehicles: $3.38 billion compared to the $3.02 billion average estimate based on four analysts. The reported number represents a change of +14.7% year over year.Revenue- Retail Commercial Truck: $927.8 million compared to the $922.42 million average estimate based on four analysts. The reported number represents a change of -1.7% year over year.Revenue- Retail Automotive- Used Vehicles: $2.47 billion versus $2.3 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +12.3% change.View all Key Company Metrics for Penske here>>>
Shares of Penske have returned +22.9% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Penske Automotive (PAG - Free Report) came out with quarterly earnings of $3.62 per share, beating the Zacks Consensus Estimate of $3.38 per share. This compares to earnings of $3.78 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.10%. A quarter ago, it was expected that this auto dealership chain would post earnings of $2.91 per share when it actually produced earnings of $3.05, delivering a surprise of +4.81%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Penske, which belongs to the Zacks Automotive - Retail and Whole Sales industry, posted revenues of $8.51 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.40%. This compares to year-ago revenues of $7.66 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Penske shares have added about 39% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Penske?While Penske has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Penske was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.51 on $8.08 billion in revenues for the coming quarter and $13.45 on $32.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Retail and Whole Sales is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Titan Machinery (TITN - Free Report) , is yet to report results for the quarter ended July 2026.
This agriculture and construction equipment seller is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of -26.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Titan Machinery's revenues are expected to be $489.03 million, down 10.5% from the year-ago quarter.
New and Used Automotive Units Delivered Increase 5% to Over 125,000
Quarterly Revenue Increases 6% to $8.5 Billion
Income Before Taxes of $354 Million; Net Income of $260 Million; Earnings Per Share of $3.96
Adjusted Income Before Taxes of $323 Million; Adjusted Net Income of $238 Million; Adjusted Earnings Per Share of $3.62
, /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 financial results for the second quarter of 2026. For the quarter, revenue increased 6% to $8.5 billion when compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $260.4 million compared to $266.6 million for the same period in 2025, and related earnings per share was $3.96 compared to $4.03 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, as well as the full quarterly results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships, as reconciled in the attached schedules, adjusted income before taxes was $323.3 million, adjusted net income was $237.7 million, and adjusted earnings per share was $3.62. Foreign currency exchange positively impacted revenue by $47.2 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.02.
Commenting on the Company's results, Chair Roger Penske said, "In the second quarter of 2026, our diversified business delivered over 125,000 retail automotive units and more than 5,400 commercial truck units. Retail automotive same-store revenue increased 6%. Retail automotive new and used vehicle gross profit per unit remained strong and consistent when compared to the first quarter of 2026, and service and parts gross margin increased by 80 basis points. Additionally, I am encouraged with the trends we are experiencing across the commercial truck market from an improved freight environment, driving strong orders of Class 8 trucks."
For the six months ended June 30, 2026, revenue was $16.4 billion compared to $16.0 billion for the same period in 2025. Net income attributable to common stockholders was $494.9 million compared to $524.3 million for the same period in 2025, and related earnings per share was $7.52 compared to $7.89 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, certain disposals and other charges, as well as the full results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships and certain disposals and other charges, as reconciled in the attached schedules, adjusted income before taxes was $599.6 million, adjusted net income was $438.3 million, and adjusted earnings per share was $6.66. Foreign currency exchange positively impacted revenue by $274.8 million, net income attributable to common stockholders by $5.1 million, and earnings per share by $0.07.
Retail Automotive Dealerships
For the three months ended June 30, 2026, total new units delivered increased 5% and used units delivered increased 4%. The increase in new units is attributed to resilient consumer demand, coupled with improved new vehicle availability from certain manufacturers. Total retail automotive revenue increased 6% to $7.3 billion and increased 6% on a same-store basis. On a sequential basis when compared to the first quarter of 2026, new vehicle gross profit per unit decreased $1 and used vehicle gross profit per unit increased $19. When compared to the prior year period, same-store retail automotive service and parts revenue increased 2%, gross profit increased 3%, and gross margin improved 80 basis points to 59.5%.
For the six months ended June 30, 2026, total new units delivered remained flat and used units delivered increased 2%. Total retail automotive revenue increased 3% to $14.3 billion and increased 3% on a same-store basis. When compared to the prior year period, same-store retail automotive service and parts revenue increased 3%, gross profit increased 5%, and gross margin improved 60 basis points to 59.2%.
Retail Commercial Truck Dealerships
For the three months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 5,431 new and used units and generated $927.8 million in revenue and $47.2 million in income before taxes. This compares to 5,339 new and used units, $943.6 million of revenue, and $54.2 million in income before taxes during the same period in the prior year as lower order intake related to the weak freight environment in the third and fourth quarters of 2025 impacted truck deliveries during the second quarter of 2026. The Class 8 market order activity began to increase in late 2025 as the freight recession started to show signs of improvement. For the six months ended June 30, 2026, North American Class 8 commercial truck orders increased 118% when compared to the same period in the prior year according to industry sources. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter. For the six months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 9,014 new and used units and generated $1.6 billion in revenue and $83.5 million in income before taxes. This compares to 10,053 new and used units, $1.8 billion in revenue, and $99.3 million in income before taxes during the same period in the prior year.
Penske Transportation Solutions Investment
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 379,200 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2026, PTS' results reflect the improved freight environment, and the Company recorded a 7% increase in earnings to $57.4 million and a 14% increase in earnings to $98.5 million, respectively, driven by growth in full-service leasing, improved fleet utilization, lower operating expenses, and lower interest costs, partially offset by continued challenges in the rental market and by a lower gain on the sale of used trucks.
Corporate Development, Capital Allocation, Liquidity, and Leverage
The Company's strong balance sheet, cash flow generation, and best-in-class leverage continue to support our flexible capital allocation approach. In February 2026, the Company announced that it completed the acquisition of Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in estimated annualized revenue. Coupled with the acquisitions in November 2025, the Company has acquired two Toyota and four Lexus dealerships in the last nine months, which are expected to generate approximately $2 billion in estimated annualized revenue.
During the six months ended June 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of June 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2026, the Company had approximately $1.4 billion in liquidity, including $70 million in cash and $1.3 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at June 30, 2026 was 1.7x. During July 2026, the Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.44 per share, representing a forward dividend yield of 2.7%. The increase represents the Company's 23rd consecutive quarterly increase. On a trailing twelve month basis, the dividend payout ratio is 41%. The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2026 on Wednesday, July 29, 2026, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (833) 461-5787 [International, please dial (585) 542-9983] using access code 895612473. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2026 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com.
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 in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia 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. PAG employs over 28,600 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 379,200 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted income before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.
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, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political, and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third-party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in the values of used trucks, which affect PTS' profitability on truck sales, and regulatory risks and related compliance costs; our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeline, or at all; 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, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. 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
[email protected]
[email protected]
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Millions, Except Per Share Data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Revenue
$ 8,512.7
$ 8,032.5
6.0 %
$ 16,376.3
$ 15,986.3
2.4 %
Cost of Sales
7,155.7
6,680.3
7.1 %
13,719.9
13,312.7
3.1 %
Gross Profit
$ 1,357.0
$ 1,352.2
0.4 %
$ 2,656.4
$ 2,673.6
(0.6) %
SG&A Expenses
974.0
943.8
3.2 %
1,939.6
1,895.2
2.3 %
Depreciation
45.4
43.1
5.3 %
90.2
83.7
7.8 %
Operating Income
$ 337.6
$ 365.3
(7.6) %
$ 626.6
$ 694.7
(9.8) %
Floor Plan Interest Expense
(38.5)
(43.8)
(12.1) %
(76.6)
(85.8)
(10.7) %
Other Interest Expense
(33.1)
(21.6)
53.2 %
(61.5)
(44.1)
39.5 %
Gain on Sale of Dealerships
30.5
—
nm
90.9
52.3
73.8 %
Equity in Earnings of Affiliates
57.3
53.6
6.9 %
98.1
86.9
12.9 %
Income Before Income Taxes
$ 353.8
$ 353.5
0.1 %
$ 677.5
$ 704.0
(3.8) %
Income Taxes
(92.6)
(86.0)
7.7 %
(181.4)
(178.1)
1.9 %
Net Income
$ 261.2
$ 267.5
(2.4) %
$ 496.1
$ 525.9
(5.7) %
Less: Income Attributable to Non-Controlling Interests
0.8
0.9
(11.1) %
1.2
1.6
(25.0) %
Net Income Attributable to Common Stockholders
$ 260.4
$ 266.6
(2.3) %
$ 494.9
$ 524.3
(5.6) %
Amounts Attributable to Common Stockholders:
Net Income
$ 261.2
$ 267.5
(2.4) %
$ 496.1
$ 525.9
(5.7) %
Less: Income Attributable to Non-Controlling Interests
0.8
0.9
(11.1) %
1.2
1.6
(25.0) %
Net Income Attributable to Common Stockholders
$ 260.4
$ 266.6
(2.3) %
$ 494.9
$ 524.3
(5.6) %
Earnings Per Share
$ 3.96
$ 4.03
(1.7) %
$ 7.52
$ 7.89
(4.7) %
Weighted Average Shares Outstanding
65.7
66.2
(0.8) %
65.8
66.5
(1.1) %
nm – not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
June 30,
December 31,
2026
2025
Assets:
Cash and Cash Equivalents
$ 69.5
$ 64.7
Accounts Receivable, Net
1,061.9
1,070.3
Inventories
5,109.7
4,814.7
Other Current Assets
269.9
242.9
Total Current Assets
6,511.0
6,192.6
Property and Equipment, Net
3,289.8
3,224.6
Operating Lease Right-of-Use Assets
2,493.2
2,543.8
Intangibles
4,107.9
3,599.9
Other Long-Term Assets
2,083.4
2,036.8
Total Assets
$ 18,485.3
$ 17,597.7
Liabilities and Equity:
Floor Plan Notes Payable
$ 2,700.7
$ 2,532.8
Floor Plan Notes Payable – Non-Trade
1,664.4
1,561.5
Accounts Payable
915.2
899.8
Accrued Expenses and Other Current Liabilities
1,017.3
930.0
Current Portion Long-Term Debt
377.3
355.0
Total Current Liabilities
6,674.9
6,279.1
Long-Term Debt
2,118.7
1,810.5
Long-Term Operating Lease Liabilities
2,389.8
2,461.5
Other Long-Term Liabilities
1,468.5
1,465.7
Total Liabilities
12,651.9
12,016.8
Equity
5,833.4
5,580.9
Total Liabilities and Equity
$ 18,485.3
$ 17,597.7
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Geographic Revenue Mix:
North America
62.2 %
63.6 %
60.3 %
62.4 %
U.K.
26.1 %
26.0 %
27.9 %
27.6 %
Other International
11.7 %
10.4 %
11.8 %
10.0 %
Total
100.0 %
100.0 %
100.0 %
100.0 %
Revenue: (Amounts in Millions)
Retail Automotive
$ 7,301.0
$ 6,887.7
$ 14,268.1
$ 13,806.3
Retail Commercial Truck
927.8
943.6
1,622.4
1,767.3
Commercial Vehicle Distribution and Other
283.9
201.2
485.8
412.7
Total
$ 8,512.7
$ 8,032.5
$ 16,376.3
$ 15,986.3
Gross Profit: (Amounts in Millions)
Retail Automotive
$ 1,156.5
$ 1,164.4
$ 2,281.5
$ 2,300.6
Retail Commercial Truck
142.8
143.6
271.0
284.6
Commercial Vehicle Distribution and Other
57.7
44.2
103.9
88.4
Total
$ 1,357.0
$ 1,352.2
$ 2,656.4
$ 2,673.6
Gross Margin:
Retail Automotive
15.8 %
16.9 %
16.0 %
16.7 %
Retail Commercial Truck
15.4 %
15.2 %
16.7 %
16.1 %
Commercial Vehicle Distribution and Other
20.3 %
22.0 %
21.4 %
21.4 %
Total
15.9 %
16.8 %
16.2 %
16.7 %
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Operating Items as a Percentage of Revenue:
Gross Profit
15.9 %
16.8 %
16.2 %
16.7 %
Selling, General, and Administrative Expenses
11.4 %
11.7 %
11.8 %
11.9 %
Operating Income
4.0 %
4.5 %
3.8 %
4.3 %
Income Before Income Taxes
4.2 %
4.4 %
4.1 %
4.4 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General, and Administrative Expenses
71.8 %
69.8 %
73.0 %
70.9 %
Adjusted Selling, General, and Administrative Expenses(1)
71.8 %
69.9 %
72.5 %
70.0 %
Operating Income
24.9 %
27.0 %
23.6 %
26.0 %
Three Months Ended
Six Months Ended
June 30,
June 30,
(Amounts in Millions)
2026
2025
2026
2025
EBITDA(1)
$ 432.3
$ 418.2
$ 829.2
$ 831.8
Adjusted EBITDA(1)
$ 401.8
$ 400.6
$ 751.3
$ 773.0
Floor Plan Credits
$ 17.7
$ 16.3
$ 32.8
$ 32.1
Property Rent Expense
$ 71.1
$ 70.3
$ 144.0
$ 139.9
(1)
See the following Non-GAAP reconciliation table.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Automotive Units:
New Retail
55,136
52,985
4.1 %
105,172
108,509
(3.1) %
New Agency
11,195
10,079
11.1 %
24,206
20,765
16.6 %
Total New Delivered
66,331
63,064
5.2 %
129,378
129,274
0.1 %
Used Retail
59,070
56,802
4.0 %
119,196
117,289
1.6 %
Total New and Used Delivered
125,401
119,866
4.6 %
248,574
246,563
0.8 %
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles
$
3,375.4
$
3,188.1
5.9 %
$
6,456.1
$
6,436.1
0.3 %
Used Vehicles
2,471.9
2,259.4
9.4 %
4,901.3
4,523.5
8.4 %
Finance and Insurance, Net
211.0
208.2
1.3 %
413.3
413.6
(0.1) %
Service and Parts
867.1
853.4
1.6 %
1,731.0
1,679.0
3.1 %
Fleet and Wholesale
375.6
378.6
(0.8) %
766.4
754.1
1.6 %
Total Revenue
$
7,301.0
$
6,887.7
6.0 %
$
14,268.1
$
13,806.3
3.3 %
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles
$
290.1
$
306.4
(5.3) %
$
560.4
$
608.9
(8.0) %
Used Vehicles
123.8
130.6
(5.2) %
248.6
258.7
(3.9) %
Finance and Insurance, Net
211.0
208.2
1.3 %
413.3
413.6
(0.1) %
Service and Parts
517.0
501.4
3.1 %
1,026.7
983.8
4.4 %
Fleet and Wholesale
14.6
17.8
(18.0) %
32.5
35.6
(8.7) %
Total Gross Profit
$
1,156.5
$
1,164.4
(0.7) %
$
2,281.5
$
2,300.6
(0.8) %
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)
$
60,701
$
59,691
1.7 %
$
60,798
$
58,836
3.3 %
Used Vehicles
41,847
39,776
5.2 %
41,120
38,567
6.6 %
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)
$
4,782
$
5,337
(10.4) %
$
4,782
$
5,172
(7.5) %
New Agency
2,772
2,701
2.6 %
2,790
2,659
4.9 %
Used Vehicles
2,095
2,298
(8.8) %
2,085
2,206
(5.5) %
Finance and Insurance (excluding agency)
1,807
1,863
(3.0) %
1,797
1,798
(0.1) %
Retail Automotive Gross Margin:
New Vehicles
8.6 %
9.6 %
(100)bps
8.7 %
9.5 %
(80)bps
Used Vehicles
5.0 %
5.8 %
(80)bps
5.1 %
5.7 %
(60)bps
Service and Parts
59.6 %
58.8 %
+80bps
59.3 %
58.6 %
+70bps
Fleet and Wholesale
3.9 %
4.7 %
(80)bps
4.2 %
4.7 %
(50)bps
Total Gross Margin
15.8 %
16.9 %
(110)bps
16.0 %
16.7 %
(70)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles
46.2 %
46.3 %
(10)bps
45.2 %
46.6 %
(140)bps
Used Vehicles
33.9 %
32.8 %
+110bps
34.4 %
32.8 %
+160bps
Finance and Insurance, Net
2.9 %
3.0 %
(10)bps
2.9 %
3.0 %
(10)bps
Service and Parts
11.9 %
12.4 %
(50)bps
12.1 %
12.2 %
(10)bps
Fleet and Wholesale
5.1 %
5.5 %
(40)bps
5.4 %
5.4 %
—bps
Total
100.0 %
100.0 %
100.0 %
100.0 %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles
25.1 %
26.3 %
(120)bps
24.6 %
26.5 %
(190)bps
Used Vehicles
10.7 %
11.2 %
(50)bps
10.9 %
11.2 %
(30)bps
Finance and Insurance, Net
18.2 %
17.9 %
+30bps
18.1 %
18.0 %
+10bps
Service and Parts
44.7 %
43.1 %
+160bps
45.0 %
42.8 %
+220bps
Fleet and Wholesale
1.3 %
1.5 %
(20)bps
1.4 %
1.5 %
(10)bps
Total
100.0 %
100.0 %
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Automotive Same-Store Units:
New Retail
53,774
51,847
3.7 %
102,305
105,889
(3.4) %
New Agency
11,195
10,079
11.1 %
24,206
20,765
16.6 %
Total New Delivered
64,969
61,926
4.9 %
126,511
126,654
(0.1) %
Used Retail
57,802
55,034
5.0 %
116,007
112,858
2.8 %
Total New and Used Delivered
122,771
116,960
5.0 %
242,518
239,512
1.3 %
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles
$
3,281.9
$
3,126.4
5.0 %
$
6,269.3
$
6,299.4
(0.5) %
Used Vehicles
2,422.6
2,204.3
9.9 %
4,792.5
4,392.7
9.1 %
Finance and Insurance, Net
207.1
203.9
1.6 %
404.7
403.4
0.3 %
Service and Parts
852.1
835.7
2.0 %
1,693.4
1,639.7
3.3 %
Fleet and Wholesale
356.2
367.0
(2.9) %
730.0
728.9
0.2 %
Total Revenue
$
7,119.9
$
6,737.3
5.7 %
$
13,889.9
$
13,464.1
3.2 %
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles
$
280.6
$
301.4
(6.9) %
$
542.1
$
598.2
(9.4) %
Used Vehicles
120.7
127.5
(5.3) %
242.4
252.3
(3.9) %
Finance and Insurance, Net
207.1
203.9
1.6 %
404.7
403.4
0.3 %
Service and Parts
507.3
490.8
3.4 %
1,003.3
960.4
4.5 %
Fleet and Wholesale
14.6
17.8
(18.0) %
32.5
35.7
(9.0) %
Total Gross Profit
$
1,130.3
$
1,141.4
(1.0) %
$
2,225.0
$
2,250.0
(1.1) %
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)
$
60,500
$
59,810
1.2 %
$
60,676
$
59,001
2.8 %
Used Vehicles
41,912
40,054
4.6 %
41,312
38,922
6.1 %
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
PENSKE AUTOMOTIVE GROUP, INC.
Supplemental Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Retail Automotive Revenue Mix:
Premium:
BMW / MINI
24 %
25 %
24 %
26 %
Porsche
10 %
10 %
10 %
9 %
Audi
8 %
9 %
9 %
9 %
Mercedes-Benz
8 %
8 %
8 %
8 %
Land Rover / Jaguar
7 %
7 %
7 %
7 %
Lexus
6 %
5 %
6 %
5 %
Ferrari / Maserati
4 %
3 %
3 %
3 %
Acura
1 %
1 %
1 %
1 %
Bentley
1 %
1 %
1 %
1 %
Others
1 %
2 %
2 %
2 %
Total Premium
70 %
71 %
71 %
71 %
Volume Non-U.S.:
Toyota
13 %
13 %
13 %
13 %
Honda
5 %
5 %
5 %
5 %
Volkswagen
2 %
2 %
2 %
2 %
Hyundai
1 %
2 %
1 %
2 %
Others
3 %
1 %
2 %
1 %
Total Volume Non-U.S.
24 %
23 %
23 %
23 %
U.S.:
General Motors / Stellantis / Ford
2 %
3 %
2 %
2 %
Used Vehicle Dealerships
4 %
3 %
4 %
4 %
Total
100 %
100 %
100 %
100 %
Three Months Ended
Six Months Ended
June 30,
June 30,
Cash Flow and Other Highlights:
2026
2025
2026
2025
($ Amounts in Millions)
Capital expenditures
$
72.3
$
72.9
$
134.9
$
157.6
Cash paid for acquisitions, including $115 million for property and floor plan
$
—
$
—
$
669.7
$
—
Proceeds from sale of dealerships
$
73.7
$
1.4
$
150.7
$
79.2
Dividends
$
93.6
$
83.6
$
186.2
$
165.4
Stock repurchases:
Aggregate purchase price
$
16.1
$
93.3
$
42.5
$
133.3
Shares repurchased
94,711
630,044
265,104
885,272
Balance Sheet and Other Highlights:
June 30, 2026
December 31, 2025
(Amounts in Millions)
Cash and Cash Equivalents
$
69.5
$
64.7
Inventories
$
5,109.7
$
4,814.7
Total Floor Plan Notes Payable
$
4,365.1
$
4,094.3
Total Long-Term Debt
$
2,496.0
$
2,165.5
Equity
$
5,833.4
$
5,580.9
Debt to Total Capitalization Ratio
30.0 %
28.0 %
Leverage Ratio (1)
1.7 x
1.5 x
New vehicle days' supply
51 days
49 days
Used vehicle days' supply
44 days
49 days
(1)
See the following Non-GAAP reconciliation table
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization
("EBITDA") and adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,
2026 vs. 2025
(Amounts in Millions)
2026
2025
Change
% Change
Net Income
$
261.2
$
267.5
$
(6.3)
(2.4) %
Add: Depreciation
45.4
43.1
2.3
5.3 %
Other Interest Expense
33.1
21.6
11.5
53.2 %
Income Taxes
92.6
86.0
6.6
7.7 %
EBITDA
$
432.3
$
418.2
$
14.1
3.4 %
Less: Gain on Sale of Dealerships
(30.5)
—
(30.5)
nm
Add: Disposals and Other Charges
—
—
—
nm
Less: Common Control
—
(17.6)
17.6
nm
Adjusted EBITDA
$
401.8
$
400.6
$
1.2
0.3 %
Six Months Ended
June 30,
2026 vs. 2025
(Amounts in Millions)
2026
2025
Change
% Change
Net Income
$
496.1
$
525.9
$
(29.8)
(5.7) %
Add: Depreciation
90.2
83.7
6.5
7.8 %
Other Interest Expense
61.5
44.1
17.4
39.5 %
Income Taxes
181.4
178.1
3.3
1.9 %
EBITDA
$
829.2
$
831.8
$
(2.6)
(0.3) %
Less: Gain on Sale of Dealerships
(90.9)
(52.3)
(38.6)
73.8 %
Add: Disposals and Other Charges
13.0
25.2
(12.2)
nm
Less: Common Control
—
(31.7)
31.7
nm
Adjusted EBITDA
$
751.3
$
773.0
$
(21.7)
(2.8) %
nm – not meaningful
The following table reconciles the leverage ratio as of June 30, 2026, and December 31, 2025:
Six
Six
Trailing Twelve
Twelve
Months Ended
Months Ended
Months Ended
Months Ended
(Amounts in Millions)
December 31, 2025
June 30, 2026
June 30, 2026
December 31, 2025
Net Income
$ 412.0
$ 496.1
$ 908.1
$ 937.9
Add: Depreciation
88.6
90.2
178.8
172.3
Other Interest Expense
47.5
61.5
109.0
91.6
Income Taxes
147.7
181.4
329.1
325.8
EBITDA
$ 695.8
$ 829.2
$ 1,525.0
$ 1,527.6
Less: Gain on Sale of Dealerships
—
(90.9)
(90.9)
(52.3)
Add: Disposals and Other Charges
7.3
13.0
20.3
32.5
Less: Common Control
(16.9)
—
(16.9)
(48.6)
Adjusted EBITDA
$ 686.2
$ 751.3
$ 1,437.5
$ 1,459.2
Total Non-Vehicle Long-Term Debt
$ 2,496.0
$ 2,165.5
Leverage Ratio
1.7 x
1.5 x
The following tables present key adjusted financial line items excluding the gain on the sale of dealerships and certain disposals and other charges. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods.
Three Months Ended June 30, 2026
($ Amounts in millions, except per share data)
As Reported
Gain on Sale
of Dealerships
Disposals and
Other
Charges
Adjusted
Revenue
$
8,512.7
$
—
$
—
$
8,512.7
Gross Profit
$
1,357.0
$
—
$
—
$
1,357.0
Selling, General, & Administrative Expenses
$
974.0
$
—
$
—
$
974.0
EBITDA
$
432.3
$
(30.5)
$
—
$
401.8
Income Before Taxes
$
353.8
$
(30.5)
$
—
$
323.3
Net Income Attributable to Common Stockholders
$
260.4
$
(22.7)
$
—
$
237.7
Earnings Per Share
$
3.96
$
(0.34)
$
—
$
3.62
SG&A to Gross Profit
71.8 %
71.8 %
Six Months Ended June 30, 2026
($ Amounts in millions, except per share data)
As Reported
Gain on Sale
of Dealerships
Disposals and
Other
Charges
Adjusted
Revenue
$
16,376.3
$
—
$
—
$
16,376.3
Gross Profit
$
2,656.4
$
—
$
—
$
2,656.4
Selling, General, & Administrative Expenses
$
1,939.6
$
—
$
(13.0)
$
1,926.6
EBITDA
$
829.2
$
(90.9)
$
13.0
$
751.3
Income Before Taxes
$
677.5
$
(90.9)
$
13.0
$
599.6
Net Income Attributable to Common Stockholders
$
494.9
$
(67.5)
$
10.9
$
438.3
Earnings Per Share
$
7.52
$
(1.03)
$
0.17
$
6.66
SG&A to Gross Profit
73.0 %
72.5 %
Our results include the impact of the gain on the sale of a dealership and certain disposals and other charges, as well as the full quarterly and year-to-date results of Penske Motor Group in all periods, which are required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding these items and present the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods.
Penske Automotive Group, Inc. (NYSE:PAG – Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $219.59 and last traded at $215.8480, with a volume of 499287 shares traded. The stock had previously closed at $217.35.
Analyst Upgrades and Downgrades Several equities analysts have recently issued reports on the company. Stephens boosted their target price on Penske Automotive Group from $155.00 to $160.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Weiss Ratings raised Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. UBS Group set a $190.00 price target on Penske Automotive Group in a research note on Friday, July 10th. Barclays lifted their price target on shares of Penske Automotive Group from $190.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Benchmark downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $196.00.
Read Our Latest Report on Penske Automotive Group
Penske Automotive Group Stock Down 0.7% The company’s fifty day simple moving average is $181.87 and its 200 day simple moving average is $167.31. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $14.19 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 2.81 and a beta of 0.87.
Penske Automotive Group (NYSE:PAG – Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.14. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The firm had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same quarter in the prior year, the business earned $3.66 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts anticipate that Penske Automotive Group, Inc. will post 13.43 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $1.44 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, August 14th. Penske Automotive Group’s dividend payout ratio is presently 42.39%.
Insider Buying and Selling at Penske Automotive Group In related news, CFO Michelle Hulgrave sold 1,500 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the sale, the chief financial officer directly owned 17,596 shares of the company’s stock, valued at $3,022,992.80. This represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Smith sold 1,488 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. 52.90% of the stock is owned by corporate insiders.
Institutional Trading of Penske Automotive Group Hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. increased its stake in shares of Penske Automotive Group by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after acquiring an additional 84,045 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Penske Automotive Group by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company’s stock worth $9,918,000 after acquiring an additional 3,100 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Penske Automotive Group in the first quarter worth about $42,000. EverSource Wealth Advisors LLC grew its holdings in Penske Automotive Group by 506.9% in the second quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company’s stock worth $151,000 after purchasing an additional 735 shares during the period. Finally, Brown Advisory Inc. increased its stake in shares of Penske Automotive Group by 47.0% during the second quarter. Brown Advisory Inc. now owns 3,108 shares of the company’s stock valued at $534,000 after purchasing an additional 994 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.
About Penske Automotive Group (Get Free Report)
Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
Featured Articles Five stocks we like better than Penske Automotive Group AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINETaylor Wimpey PLC Unsponsored ADR (OTCMKTS:TWODY) Sees Significant Growth in Short Interest
NEXT HEADLINE »UCB SA (OTCMKTS:UCBJY) Short Interest Down 60.4% in July
PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC announces that it has launched an investigation on behalf of Penske Automotive Group, Inc. (NYSE: PAG) (“Penske Automotive”) stockholders.On July 22, 2026, Penske Automotive reported that it had received a proposal from Penske Corp. and Mitsui & Co., Ltd., who collectively own over 72% of the company's stock, to acquire the remaining shares of Penske Automotive stock that they do not currently own for $210.00 per share in cash.The investigation.
Penske (PAG) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
, /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 approved a quarterly dividend of $1.44 per share, an increase of $0.02 per share (+1.4%), bringing the annualized dividend to $5.76 per share. This represents the Company's 23rd consecutive quarterly dividend increase.
The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026.
"Our continued dividend growth reflects the strength of our business and disciplined capital allocation strategy," said Robert H. Kurnick, Jr., President of Penske Automotive Group. "We remain committed to creating shareholder value through a balanced strategy that includes dividends, securities repurchases, and strategic acquisitions."
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 in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia 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. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. 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, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; 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, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
, /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, announced its Board of Directors ("Board") today received an unsolicited, preliminary and non-binding proposal ("Proposal") from Penske Corporation ("PC") and Mitsui & Co., Ltd. ("Mitsui") to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own for cash consideration of $210 per share. PC and Mitsui and their affiliates currently beneficially own collectively 72.6% of the Company's outstanding common stock. A copy of the Proposal is available as an exhibit to the Company's Current Report on Form 8-K which will be publicly filed today with the Securities and Exchange Commission.
The Board has established a special committee comprised of disinterested and independent directors to review and consider the Proposal. The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached. The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company's shareholders do not need to take any action at this time.
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 in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia 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. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. 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, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, whether and on what terms any transaction will be consummated, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; 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, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Penske Automotive (PAG - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis auto dealership chain is expected to post quarterly earnings of $3.38 per share in its upcoming report, which represents a year-over-year change of -10.6%.
Revenues are expected to be $7.93 billion, up 3.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.21% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Penske?For Penske, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.74%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Penske will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Penske would post earnings of $2.91 per share when it actually produced earnings of $3.05, delivering a surprise of +4.81%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Penske doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
, /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 it will release financial results for the three and six months ended June 30, 2026, on the morning of Wednesday, July 29, 2026.
An investor presentation and earnings press release will be accessible beginning the morning of July 29, 2026, in the Investors section of the Penske Automotive Group website at www.penskeautomotive.com.
A conference call and audio webcast to discuss these results will be held later that day as follows:
WHEN:
Wednesday, July 29, 2026
TIME:
2:00 PM Eastern Time
WEBCAST:
To access the live webcast of the conference call, please visit https://events.q4inc.com/attendee/895612473
Note: Listeners should access the webcast 10-15 minutes before the call begins
PHONE:
United States, please dial (833) 461-5787 (Conf. ID: 895612473)
Note: Callers should dial-in approximately 10-15 minutes before the call begins
REPLAY:
A webcast replay of the conference call will be available for 7 days beginning at approximately 5:00 PM on the day of the call. To access the webcast replay, please visit https://investors.penskeautomotive.com/events-and-presentations
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 in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia 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. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
I present an expanded Top 25 High-Yield dividend stock watchlist for April 2026, targeting quality, value, and long-term return potential. The selected stocks average a 3.86% dividend yield and a projected 19.07% future CAGR, with ~34% average undervaluation per dividend yield theory. Subsets highlight opportunities in high yield (e.g., Campbell's at 7%), fast dividend growth (Autoliv, 38.15%), and deep value (Nike, -63.81% undervalued).
BLOOMFIELD HILLS, Mich., April 13, 2026 /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 it will release financial results for the three months ended March 31, 2026, on the morning of Wednesday, April 29, 2026.
Gift brings all-time support to more than $12 million as PVA marks its 80 th year serving veterans with spinal cord injuries and diseases WASHINGTON, April 20, 2026 /PRNewswire/ -- Paralyzed Veterans of America today announced it received a donation of $1.08 million from long-time partner Penske Automotive Group through the company's annual Service Matters campaign. The amount includes donations from Penske Automotive Group's customers and employees, as well as matching contributions from the company.
