— Revenues Increase 17.9% to $3.2 Billion

–Same-store Retail Revenue Increases 7.5%

–Income from Continuing Operations Increases 37.3% to $50.0 Million

–EPS from Continuing Operations Increases 41.0% to $0.55

Penske Automotive Group, Inc., an international automotive retailer, announced today the most profitable first quarter in Company history. First quarter 2012 income from continuing operations attributable to common shareholders increased 37.3% to $50.0 million and related earnings per share increased 41.0% to $0.55 per share. This compares to income from continuing operations attributable to common shareholders of $36.4 million, or $0.39 per share in the same period last year.

First quarter revenue increased by 17.9% to $3.2 billion, driven by an improvement in total retail unit sales of 18.1% and growth in the Company’s used-to-new ratio to .89 to 1 from .78 to 1 in the same period last year. Same-store new and used retail unit sales increased 9.5% and total same-store retail revenue increased 7.5% with each area of the business generating growth.

Total gross profit improved 15.3% to $506.6 million. The Company’s selling, general and administrative expenses as a percentage of gross profit leveraged 220 basis points in the first quarter to 78.7% contributing to a 31.3% improvement in operating income to $94.6 million. Operating income as a percent of revenue was 2.9%, representing an improvement of 30 basis points.

Highlights of the First Quarter

— Total retail unit sales increased 18.1% to 81,472 — +12.3% in the United States; +30.7% internationally

— New unit retail sales +11.5%

— Used unit retail sales +26.6%

— Same-store retail revenue increased 7.5% — New +5.1%; Used +14.0%; Finance & Insurance +14.2%; Service and Parts +0.7%

— +8.5% in the United States; +5.9% Internationally

— Average Gross Profit Per Unit — New $3,064; Gross Margin 8.4%, up 50 basis points

— Used $2,043; Gross Margin 8.1%, down 10 basis points

— Finance & Insurance $981

Chairman Roger Penske said, “I am extremely pleased with our team’s performance. Our results continue to demonstrate the strength and diversity of our business in both the U.S. and international markets. We produced another outstanding quarter of profitability while generating same-store revenue increases in each area of our business, including same-store retail revenue growth of 7.5%. New and used vehicle margins were strong, and our service and parts operations gross margin added 60 basis points to 57.7%.”

Penske added, “In light of perceptions surrounding our international markets, I am particularly pleased with the performance of these businesses. During the first quarter, our international-based same-store retail revenue increased 5.9%.”


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