Summary
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]
 | |
| Company type | Public company |
|---|---|
| Industry | Automotive, Auto Dealerships, Vehicle Parts, Transportation Services, Commercial Vehicles, Commercial Vehicle Dealerships, Truck Parts & Services |
| Founded | 1990 |
| Founder | Marshall Cogan, as United Auto Group |
| Headquarters | Bloomfield 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) |
| Products | Transportation Services |
| Services | Financial services, Repair |
| Revenue |  US$22.8 billion (2019) |
| US$664.9 million (2019) | |
| US$470.3 million (2019) | |
| Total assets | US$10.904 billion (2019) |
| Total equity | US$2.634 billion (2019) |
| Parent | Penske Corporation |
| Divisions | Sytner Group; Premier Truck Group; Penske Commercial Vehicles; Penske Power Systems; CarShop |
| Website | penskeautomotive |
History edit
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 edit
- Business data for Penske Automotive Group, Inc.:
- Bloomberg
- Reuters
- SEC filings
- Yahoo!
See also edit
References edit
- ^ "Penske Automotive Group, Inc. - Investors". www.penskeautomotive.com. Retrieved 2023-05-19.
- ^ "History of United Auto Group, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2023-02-06.
- ^ "UnitedAuto takes Penske name". Automotive News. 2007-06-29. Retrieved 2023-05-19.
- ^ "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.
- ^ 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.
- ^ "Penske to buy Saturn; GM will make cars for brand for 2 years". ABC News. Retrieved 2023-05-19.
- ^ "GM to sell Saturn brand to Penske". NBC News. 2009-06-05. Retrieved 2023-05-19.
- ^ "Saturn to be Purchased by Penske Automotive". Car and Driver. 2009-06-05. Retrieved 2023-05-19.
- ^ "GM to close Saturn as sale to Penske collapses". Reuters. 2009-10-01. Retrieved 2023-05-19.
- ^ AP (2009-09-30). "GM to Shut Down Saturn After Penske Walks Away". CNBC. Retrieved 2023-05-19.
- ^ "Penske terminates deal to acquire Saturn from GM". plasticstoday.com. 2009-09-30. Retrieved 2023-05-19.
- ^ Johnson, Kimberly (September 30, 2009). "Penske Saturn Deal Falls Apart: GM To Shut Down Brand". The Huffington Post. Retrieved October 3, 2013.