The Penske Automotive Group in Bloomfield Township, an international transportation services company and an automotive and commercial truck retailer, today reported a 3 percent increase in total revenue in 2024 to $30.5 billion.
The company, headed by legendary race team owner Roger Penske, also reported a 6 percent increase in fourth-quarter revenue to $7.7 billion, a quarterly record. Retail automotive service and parts revenue increased 11 percent to more than $3 billion during Q4, another all-time record.
“I am pleased with our financial performance during the fourth quarter,” Penske says. “New and used automotive gross profit per unit retailed remained strong, including a $74 per unit sequential increase in new vehicle gross profit per unit retailed when compared to the third quarter of 2024, and same-store service and parts revenue and gross profit increased 7 percent and 9 percent, respectively.”
Other year-end posts by the Penske Automotive Group include:
- Net income attributable to common stockholders was $918.9 million compared to $1.05 billion in the prior year period.
- Related earnings per share was $13.74 compared to $15.50 in the prior year period.
- Foreign currency exchange positively impacted revenue by $223.2 million, net income attributable to common stockholders by $3.7 million, and earnings per share by $0.06.
For the 12 months ended Dec. 31, 2024, revenue from Penske’s retail commercial truck dealerships was $3.5 billion compared to $3.7 billion in the same period last year. Earnings before taxes was $203.6 million compared to $225 million in the same period in 2023.
Other fourth-quarter highlights, compared to 2023, include:
- New and used retail automotive units delivered increased 3 percent.
- Retail automotive same-store revenue increased 5 percent.
- New vehicle revenue up 7 percent, used vehicle revenue up 1 percent; finance and insurance revenue down 3 percent; and service and parts revenue up 7 percent.
- Retail automotive service and parts gross margin increased 30 basis points.
“I am particularly pleased with our continued effort to control costs as selling, general, and administrative expenses as a percentage of gross profit decreased 70 basis points when compared to the fourth quarter last year and 90 basis points sequentially when compared to the third quarter of 2024,” Penske says.
