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.
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.
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