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All six of America’s big publicly traded dealership groups enjoyed year-over-year gains in F&I profit per vehicle retailed in Q3, led by record highs at AutoNation and Sonic Automotive.
The nation’s six largest publicly traded dealer groups all increased F&I profit per vehicle retailed in the second quarter, led by AutoNation’s $1,926 per copy and Lithia Motors’ segment-leading 11% improvement.
Penske said today it intends to integrate electronic document management to improve workflow and efficiency and install the Reynolds docuPAD system in F&I departments across more than 120 Penske dealerships.
Penske's Premier Truck Group subsidiary has completed its acquisition of Harper Truck Centres' five commercial truck dealerships in Toronto. The acquired stores are expected to generate approximately $130 million in annualized revenue for Penske Automotive.
Saundra Stewart assumed her new role on Jan. 4. The former finance director for Penske Automotive most recently served as executive vice president of sales for Topline Strategies.
This week, Penske Automotive’s chairman said that Honda Financial Corp’s new markup cap will still allow dealers to be fairly compensated. He also noted that the dealer group has had markup caps in place for years.
Penske Automotive has announced that J.D. Carlson, the company's senior vice president and corporate controller, was named executive vice president and CFO, effective immediately.
Penske Automotive Group realized a 16% increase in revenue and a 14% bump in adjusted income from continuing operations in 2014’s fourth quarter. The dealer group’s CEO also discussed its plan to pilot the NADA’s fair credit compliance program at four stores.
Despite its Northeast and Central Midwest dealerships losing approximately 280 selling days due to harsh weather, Penske Automotive reported last week that it achieved a 15.4% increase in income from continuing operations.
The dealer group not only endorses the association’s fair lending plan, it plans to implement the program in the next several months, officials confirm.