Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.
The technology company extends its relationship with Penske, which was originally forged in 2004. Under the extended agreement, Reynolds will provide its ERA-IGNITE to more than 170 Penske retail franchises.
Penske will operate more than 20 Hertz locations in Indiana after acquiring the rights to become the operator of Hertz rental car locations in certain markets there.
Most of the major dealer groups posted big gains in the fourth quarter and for the full-year 2012. One group reached an all-time high of $1,215 in F&I gross profit per retail unit.
Sandra E. Pierce, former president and CEO of Charter One Bank Michigan, was appointed the dealer group’s board of directors.
Penske is extending its footprint into Wisconsin with the acquisition of two dealerships. Officials say the locations should contribute annualized revenues of approximately $130 million.
Penske Automotive Group estimates the business impact from superstorm Sandy to be hefty, with the dealer group saying that 36 of its stores along the East Coast were impacted and lost about three to four days of business.
Penske Automotive Group reports record second-quarter income from continuing operations and earnings per share.
Fueled by an 18.1 percent increase in total retail sales, Penske Automotive Group achieved it most profitable first quarter in company history.
Penske Automotive Group Inc. announced Monday that David K. Jones, the company’s vice president and CFO of its European operations, has been named executive vice president and chief financial officer, effective immediately.