Penske Automotive Group, Inc.
Company typePublic company
IndustryAutomotive, Auto Dealerships, Vehicle Parts, Transportation Services, Commercial Vehicles, Commercial Vehicle Dealerships, Truck Parts & Services
Founded1990; 34 years ago (1990)
FounderMarshall Cogan, as United Auto Group
HeadquartersBloomfield Hills, Michigan, U.S.
Area served
United States, Germany, United Kingdom, Ireland Australia, New Zealand, Spain, Italy
Key people
Roger Penske
(Chairman of the Board) & (CEO) J.D. Carlson (CFO)
ProductsTransportation Services
ServicesFinancial services, Repair
RevenueIncrease US$22.8 billion (2019)
Increase US$664.9 million (2019)
Increase US$470.3 million (2019)
Total assetsIncrease US$10.904 billion (2019)
Total equityIncrease US$2.634 billion (2019)
ParentPenske Corporation
DivisionsSytner Group; Premier Truck Group; Penske Commercial Vehicles; Penske Power Systems; CarShop
Websitepenskeautomotive.com

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, is a transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, engines, power systems and related parts and services principally in Australia and New Zealand. Additionally, PAG owns 28.9% of Penske Transportation Solutions, a business that manages a fleet of over 400,000 trucks, tractors, and trailers. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.[1]

History

Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan[2] and later came under the control of Penske Corporation and Roger Penske in May 1999. Several years later, on July 2, 2007, United Automotive Group changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG.[3]

In February 2009, General Motors declared its intent to part with the Saturn brand by closing or selling the division, either to investors or to dealers, as part of restructuring plans dependent upon the receipt of a second round of government loans ("bailout" funding).[4] In June 2009, it was announced with much fanfare that Penske Automotive Group would purchase Saturn and its assets from General Motors.[5][6][7][8] Less than four months later, on September 30, the deal collapsed[9] as Penske announced it would terminate[10][11] the deal with GM blaming manufacturing uncertainties with certain models.[12]

External links

See also

References

  1. ^ "Penske Automotive Group, Inc. - Investors". www.penskeautomotive.com. Retrieved 2023-05-19.
  2. ^ "History of United Auto Group, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2023-02-06.
  3. ^ "UnitedAuto takes Penske name". Automotive News. 2007-06-29. Retrieved 2023-05-19.
  4. ^ "GM seeks up to $30B in aid, will cut 47,000 jobs". 2009-05-01. Archived from the original on 2009-05-01. Retrieved 2023-05-19.
  5. ^ Maynard, Micheline (2009-06-05). "G.M. in Deal to Sell Saturn to Penske". The New York Times. ISSN 0362-4331. Retrieved 2023-05-19.
  6. ^ "Penske to buy Saturn; GM will make cars for brand for 2 years". ABC News. Retrieved 2023-05-19.
  7. ^ "GM to sell Saturn brand to Penske". NBC News. 2009-06-05. Retrieved 2023-05-19.
  8. ^ "Saturn to be Purchased by Penske Automotive". Car and Driver. 2009-06-05. Retrieved 2023-05-19.
  9. ^ "GM to close Saturn as sale to Penske collapses". Reuters. 2009-10-01. Retrieved 2023-05-19.
  10. ^ AP (2009-09-30). "GM to Shut Down Saturn After Penske Walks Away". CNBC. Retrieved 2023-05-19.
  11. ^ "Penske terminates deal to acquire Saturn from GM". plasticstoday.com. 2009-09-30. Retrieved 2023-05-19.
  12. ^ Johnson, Kimberly (September 30, 2009). "Penske Saturn Deal Falls Apart: GM To Shut Down Brand". The Huffington Post. Retrieved October 3, 2013.


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