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Penske Automotive Group Announces Management Changes

March 3, 2008

BLOOMFIELD HILLS, Mich. — Penske Automotive Group Inc. announced that its president, Roger S. Penske, Jr., is stepping down from his position, effective March 31, 2008. Penske, Jr. will be relocating to California where he will acquire four dealerships from privately held Penske Motor Group.

The company’s board of directors appointed Robert H. Kurnick, Jr. as the company’s president, effective March 31, 2008. Kurnick has served in various capacities with the company since 1999 and most recently as the company’s vice chairman of the board.

Penske Automotive Group also promoted Bernie Wolfe to the position of executive vice president of Penske Automotive Group’s Eastern Region, effective March 31, 2008. Wolfe has served in various capacities with Penske Automotive Group since 1999 after a 25 year career with Toyota Motors USA. He most recently served as the area vice president responsible for the company’s Southern California businesses. Wolfe will relocate to the Bloomfield Hills, Mich. office.

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