27 Aug Penske Automotive Opens Its 15th Used Vehicle Supercenter
BLOOMFIELD HILLS, Mich., Aug. 27, 2019 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced the opening of its fifteenth (15th) used vehicle supercenter as CarSense Glen Mills, located in Glen Mills, New Jersey. CarSense now has six locations operating in the Pennsylvania and New Jersey areas driving scale and operational efficiencies.
Commenting on the opening of the new location, Chair and CEO Roger Penske said, “We are delighted to open the new CarSense location in Glen Mills, PA, delivering on our growth plan. The Glen Mills area represents strong demographics which will help us scale the new location quickly while providing the opportunity to grow units in operation and services revenue and gross profit.”
CarSense offers customers a one-price, no haggle environment; free home delivery; certified vehicles that look and feel new; a 6-months, 6,000 mile bumper to bumper warranty; and a 5-day money back guarantee. The company’s used supercenter operations consist of 15 locations, six of which are located in the U.S. and nine of which are located in the U.K. For the six months ended June 30, 2019, the used supercenters retailed 35,815 used units and generated $626.5 million in revenue compared to retail unit sales of 37,505 and revenue of $677.8 million in the same period last year.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s, used vehicle supercenter operations. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom’s potential departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to WLTP, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group’s business, markets, conditions and other uncertainties, which could affect Penske Automotive Group’s future performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10‑K for the year ended December 31, 2018, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 27,000 people worldwide and is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website at www.penskeautomotive.com.
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