PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Q4 Revenue Increases 6% to $7.7 Billion, a Quarterly Record Q4 Same-Store Retail Automotive Service and Parts Revenue up 7% and Related Gross Profit up 9% Q4 Selling, General, and Administrative Expenses as a Percent of Gross Profit Decreases 70 bps to 70.3% Q4 Earnings Before Taxes Increases 23% to $315.2 Million; Earnings Per Share Increases 25% to $3.54 Q4 Earnings Before Taxes Increases 6% to $315.2 Million When Compared to Q4 Adjusted Earnings Before Taxes of $296.5 Million in Prior Year Period Q4 Earnings Per Share Increases 3% to $3.54 When Compared to Q4 Adjusted Earnings Per Share of $3.45 in Prior Year Period Board of Directors Declares the 17th Consecutive Increase in the Quarterly Dividend to $1.22 Per Share , /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced fourth quarter and twelve-month 2024 results. For the fourth quarter, net income attributable to common stockholders was $236.4 million compared to $190.7 million in the prior year period, and related earnings per share was $3.54 compared to $2.84 in the prior year period. Fourth quarter 2023 results include a goodwill impairment charge of $40.7 million (before and after tax), representing $0.61 per share. Excluding the goodwill impairment charge, adjusted net income attributable to common stockholders during the fourth quarter of 2023 was $231.4 million and related adjusted earnings per share was $3.45. For the fourth quarter of 2024, net income attributable to common shareholders increased 2% and related earnings per share increased 3% when compared to the adjusted numbers in the prior year period. Foreign currency exchange positively impacted revenue by $57.0 million, net income attributable to common stockholders by $1.0 million, and earnings per share by $0.01. Fourth Quarter 2024 Operating Highlights Compared to Fourth Quarter 2023 New and Used Retail Automotive Units Delivered – increased 3% Total Revenue – increased 6% to $7.7 billion, a quarterly record Retail Automotive Same-Store Revenue – increased 5% New Vehicle +7%; Used Vehicle +1%; Finance & Insurance -3%; Service & Parts +7% Retail Automotive Service and Parts Gross Margin – increased 30 bps SG&A as a Percentage of Gross Profit – 70.3%; down 70 bps compared to fourth quarter of 2023 and down 90 bps sequentially from third quarter of 2024 Commenting on the Company's fourth quarter financial results, Chair Roger Penske said, "I am pleased with our financial performance during the fourth quarter. Revenue increased 6% to $7.7 billion, a quarterly record. 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% and 9%, respectively. In addition, 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." Full Year 2024 Operating Highlights Compared to Full Year 2023 New and Used Retail Automotive Units Delivered – increased 1% Total Revenue – increased 3% to $30.5 billion Retail Automotive Service and Parts Revenue – increased 11% to over $3 billion, an all-time record Retail Automotive Same-Store Revenue – flat New Vehicle +2%; Used Vehicle -5%; Finance & Insurance -4%; Service & Parts +6% For the twelve months ended December 31, 2024, revenue increased 3% to $30.5 billion. Net income attributable to common stockholders was $918.9 million compared to $1.05 billion in the prior year period, and related earnings per share was $13.74 compared to $15.50 in the prior year period. Excluding the goodwill impairment charge in 2023 referenced above, adjusted net income attributable to common stockholders in 2023 was $1.09 billion and related earnings per share was $16.10. 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. Retail Automotive Dealerships For the three months ended December 31, 2024, total new units delivered increased 11% and used units delivered decreased 6%. Gross profit per new vehicle retailed improved $74 sequentially from the third quarter of 2024. During 2024, the Company transitioned its U.K. based CarShop locations to Sytner Select dealerships to be more closely aligned with existing franchised dealerships and focus on retailing premium branded vehicles to better leverage inventory and cost and improve gross margins, among other benefits. As a result, the Sytner Select dealerships sell fewer units per location, which contributed to the 6% decline in used vehicles retailed during the fourth quarter. However, excluding the performance of the U.K. Sytner Select dealerships in both periods, used vehicles retailed increased 8%. Same-store used retail units decreased 6% but increased 3% when excluding the U.K. Sytner Select dealerships. Total retail automotive revenue increased 9% to $6.7 billion and increased 5% on a same-store basis. Service and parts revenue increased 13% to a fourth quarter record of $770.5 million and increased 7% on a same-store basis. Total retail automotive gross profit increased 7% to $1.1 billion. Retail Commercial Truck Dealerships As of December 31, 2024, Premier Truck Group operated 45 North American retail commercial truck locations. For the three months ended December 31, 2024, retail unit sales were 4,432, revenue was $773.7 million and earnings before taxes was $44.8 million which compares to unit sales of 5,409, revenue of $904.8 million and earnings before taxes of $51.3 million in the prior year period. For the twelve months ended December 31, 2024, revenue was $3.5 billion compared to $3.7 billion in the same period last year. Earnings before taxes was $203.6 million compared to $225.0 million in the same period in 2023. Penske Transportation Solutions Investment Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 435,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and twelve months ended December 31, 2024, the Company recorded $52.3 million and $198.0 million in earnings from PTS compared to $51.2 million and $289.5 million for the prior year periods. Corporate Development, Dividend, Liquidity, and Leverage During the fourth quarter, we completed the acquisition of our third Porsche dealership in Melbourne, Australia representing approximately $130 million in estimated annualized revenue. For the twelve months ended December 31, 2024, Penske Automotive Group completed acquisitions representing approximately $2.1 billion in estimated annualized revenue and completed strategic divestitures representing approximately $650 million in estimated annualized revenue. During the twelve months ended December 31, 2024, the Company repurchased 0.4 million shares of common stock for approximately $58.7 million under our securities repurchase program and also acquired 0.1 million shares of our common stock for $18.8 million from employees in connection with a net share settlement feature of employee equity awards. The average price of shares of common stock repurchased during 2024 was $149.69. As of December 31, 2024, $156.8 million remained available under the Company's existing repurchase authority. During 2024, the Company returned $351.9 million to shareholders through dividends and share repurchases. The Company's Board of Directors has approved a quarterly dividend of $1.22 per share, representing an increase of 2.5%, or $0.03 per share. This represents the Company's 17th consecutive quarterly increase. The dividend is payable March 6, 2025, to shareholders of record as of February 24, 2025. As of December 31, 2024, the Company had approximately $1.9 billion in liquidity, including $72 million in cash and $1.8 billion of availability under its U.S. and international credit agreements. The Company's leverage ratio at December 31, 2024 was 1.2x. Conference Call Penske Automotive Group will host a conference call discussing financial results relating to the fourth quarter of 2024 on Thursday, February 13, 2025, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using conference ID 9658297. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter and full year 2024 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com. About Penske Automotive Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,900 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 44,500 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 435,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com. Non-GAAP Financial Measures This release contains certain non-GAAP financial measures as defined under SEC rules such as adjusted net income, adjusted earnings per share, adjusted income before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. 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 financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions (PTS) and Premier Truck Group (PTG) and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, any shortages of vehicle components, international conflicts, challenges in sourcing labor or labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber attacks, the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; changes or increases in tariffs or trade disputes; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various government mandates concerning the electrification of its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards or electrification, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; 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, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2023, its Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein. Inquiries should contact: Shelley Hulgrave Anthony Pordon Executive Vice President and Executive Vice President Investor Relations Chief Financial Officer and Corporate Development Penske Automotive Group, Inc. Penske Automotive Group, Inc. 248-648-2812 248-648-2540 [email protected] [email protected] PENSKE AUTOMOTIVE GROUP, INC.Consolidated Condensed Statements of Income(Amounts In Millions, Except Per Share Data)(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 Change 2024 2023 Change Revenue $ 7,719.9 $ 7,272.1 6.2 % $ 30,455.2 $ 29,527.4 3.1 % Cost of Sales 6,459.1 6,084.0 6.2 % 25,441.9 24,593.6 3.4 % Gross Profit $ 1,260.8 $ 1,188.1 6.1 % $ 5,013.3 $ 4,933.8 1.6 % SG&A Expenses 886.0 844.1 5.0 % 3,538.5 3,400.6 4.1 % Goodwill Impairment Charges — 40.7 nm — 40.7 nm Depreciation 41.0 37.6 9.0 % 158.0 141.0 12.1 % Operating Income $ 333.8 $ 265.7 25.6 % $ 1,316.8 $ 1,351.5 (2.6) % Floor Plan Interest Expense (47.6) (38.9) 22.4 % (189.8) (133.1) 42.6 % Other Interest Expense (23.7) (23.1) 2.6 % (87.8) (92.6) (5.2) % Equity in Earnings of Affiliates 52.7 52.1 1.2 % 200.7 293.7 (31.7) % Income Before Income Taxes $ 315.2 $ 255.8 23.2 % $ 1,239.9 $ 1,419.5 (12.7) % Income Taxes (77.9) (63.8) 22.1 % (316.5) (360.9) (12.3) % Net Income $ 237.3 $ 192.0 23.6 % $ 923.4 $ 1,058.6 (12.8) % Less: Income Attributable to Non-Controlling Interests 0.9 1.3 (30.8) % 4.5 5.4 (16.7) % Net Income Attributable to Common Stockholders $ 236.4 $ 190.7 24.0 % $ 918.9 $ 1,053.2 (12.8) % Amounts Attributable to Common Stockholders: Net Income $ 237.3 $ 192.0 23.6 % $ 923.4 $ 1,058.6 (12.8) % Less: Income Attributable to Non-Controlling Interests 0.9 1.3 (30.8) % 4.5 5.4 (16.7) % Net Income Attributable to Common Stockholders $ 236.4 $ 190.7 24.0 % $ 918.9 $ 1,053.2 (12.8) % Income Per Share $ 3.54 $ 2.84 24.6 % $ 13.74 $ 15.50 (11.4) % Weighted Average Shares Outstanding 66.8 67.2 (0.6) % 66.9 68.0 (1.6) % nm – not meaningful PENSKE AUTOMOTIVE GROUP, INC.Consolidated Condensed Balance Sheets(Amounts In Millions)(Unaudited) December 31, December 31, 2024 2023 Assets: Cash and Cash Equivalents $ 72.4 $ 96.4 Accounts Receivable, Net 1,002.1 1,114.6 Inventories 4,640.2 4,293.1 Other Current Assets 213.1 175.6 Total Current Assets 5,927.8 5,679.7 Property and Equipment, Net 3,006.2 2,765.2 Operating Lease Right-of-Use Assets 2,467.2 2,405.5 Intangibles 3,382.9 2,983.1 Other Long-Term Assets 1,936.8 1,838.0 Total Assets $ 16,720.9 $ 15,671.5 Liabilities and Equity: Floor Plan Notes Payable $ 2,535.8 $ 2,255.6 Floor Plan Notes Payable – Non-Trade 1,488.2 1,515.9 Accounts Payable 851.7 866.9 Accrued Expenses and Other Current Liabilities 889.0 809.8 Current Portion Long-Term Debt 721.2 209.7 Total Current Liabilities 6,485.9 5,657.9 Long-Term Debt 1,130.8 1,419.5 Long-Term Operating Lease Liabilities 2,392.6 2,336.0 Other Long-Term Liabilities 1,484.3 1,502.5 Total Liabilities 11,493.6 10,915.9 Equity 5,227.3 4,755.6 Total Liabilities and Equity $ 16,720.9 $ 15,671.5 PENSKE AUTOMOTIVE GROUP, INC.Consolidated OperationsSelected Data(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Geographic Revenue Mix: North America 62.7 % 62.6 % 60.1 % 60.4 % U.K. 27.3 % 28.3 % 30.6 % 31.3 % Other International 10.0 % 9.1 % 9.3 % 8.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % Revenue: (Amounts in Millions) Retail Automotive $ 6,722.1 $ 6,177.9 $ 26,156.2 $ 25,209.1 Retail Commercial Truck 773.7 904.8 3,521.1 3,684.3 Commercial Vehicle Distribution and Other 224.1 189.4 777.9 634.0 Total $ 7,719.9 $ 7,272.1 $ 30,455.2 $ 29,527.4 Gross Profit: (Amounts in Millions) Retail Automotive $ 1,076.9 $ 1,002.4 $ 4,250.6 $ 4,176.2 Retail Commercial Truck 138.1 143.2 584.5 592.4 Commercial Vehicle Distribution and Other 45.8 42.5 178.2 165.2 Total $ 1,260.8 $ 1,188.1 $ 5,013.3 $ 4,933.8 Gross Margin: Retail Automotive 16.0 % 16.2 % 16.3 % 16.6 % Retail Commercial Truck 17.8 % 15.8 % 16.6 % 16.1 % Commercial Vehicle Distribution and Other 20.4 % 22.4 % 22.9 % 26.1 % Total 16.3 % 16.3 % 16.5 % 16.7 % Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Operating Items as a Percentage of Revenue: Gross Profit 16.3 % 16.3 % 16.5 % 16.7 % Selling, General and Administrative Expenses 11.5 % 11.6 % 11.6 % 11.5 % Operating Income 4.3 % 3.7 % 4.3 % 4.6 % Income Before Income Taxes 4.1 % 3.5 % 4.1 % 4.8 % Operating Items as a Percentage of Total Gross Profit: Selling, General and Administrative Expenses 70.3 % 71.0 % 70.6 % 68.9 % Operating Income 26.5 % 22.4 % 26.3 % 27.4 % Three Months Ended Twelve Months Ended December 31, December 31, (Amounts in Millions) 2024 2023 2024 2023 EBITDA(1) $ 379.9 $ 316.5 $ 1,485.7 $ 1,653.1 Floor Plan Credits $ 15.7 $ 12.5 $ 53.0 $ 45.2 Rent Expense $ 66.6 $ 62.4 $ 263.1 $ 247.9 _______________________ (1) See the following Non-GAAP reconciliation table. PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 Change 2024 2023 Change Retail Automotive Units: New Retail 55,391 51,786 7.0 % 204,442 197,070 3.7 % Used Retail 54,034 57,490 (6.0) % 246,608 256,721 (3.9) % Total Retail 109,425 109,276 0.1 % 451,050 453,791 (0.6) % New Agency 11,105 8,113 36.9 % 40,548 32,672 24.1 % Total Retail and Agency 120,530 117,389 2.7 % 491,598 486,463 1.1 % Retail Automotive Revenue: (Amounts in Millions) New Vehicles $ 3,367.3 $ 2,989.2 12.6 % $ 12,055.9 $ 11,273.3 6.9 % Used Vehicles 2,034.8 1,970.0 3.3 % 8,770.7 8,919.5 (1.7) % Finance and Insurance, Net 203.3 207.6 (2.1) % 811.1 838.6 (3.3) % Service and Parts 770.5 680.9 13.2 % 3,047.4 2,734.3 11.5 % Fleet and Wholesale 346.2 330.2 4.8 % 1,471.1 1,443.4 1.9 % Total Revenue $ 6,722.1 $ 6,177.9 8.8 % $ 26,156.2 $ 25,209.1 3.8 % Retail Automotive Gross Profit: (Amounts in Millions) New Vehicles $ 310.9 $ 301.9 3.0 % $ 1,148.4 $ 1,238.5 (7.3) % Used Vehicles 97.1 83.3 16.6 % 455.1 432.4 5.2 % Finance and Insurance, Net 203.3 207.6 (2.1) % 811.1 838.6 (3.3) % Service and Parts 449.6 395.9 13.6 % 1,771.4 1,605.7 10.3 % Fleet and Wholesale 16.0 13.7 16.8 % 64.6 61.0 5.9 % Total Gross Profit $ 1,076.9 $ 1,002.4 7.4 % $ 4,250.6 $ 4,176.2 1.8 % Retail Automotive Revenue Per Vehicle Retailed: New Vehicles (excluding agency) $ 60,288 $ 57,364 5.1 % $ 58,503 $ 56,857 2.9 % Used Vehicles 37,657 34,266 9.9 % 35,565 34,744 2.4 % Retail Automotive Gross Profit Per Vehicle Retailed: New Vehicles (excluding agency) $ 5,146 $ 5,531 (7.0) % $ 5,187 $ 5,967 (13.1) % Used Vehicles 1,797 1,448 24.1 % 1,845 1,685 9.5 % Finance and Insurance (excluding agency) 1,826 1,876 (2.7) % 1,767 1,825 (3.2) % Agency 2,639 2,232 18.2 % 2,516 2,233 12.7 % Retail Automotive Gross Margin: New Vehicles 9.2 % 10.1 % (90)bps 9.5 % 11.0 % (150)bps Used Vehicles 4.8 % 4.2 % +60bps 5.2 % 4.8 % +40bps Service and Parts 58.4 % 58.1 % +30bps 58.1 % 58.7 % (60)bps Fleet and Wholesale 4.6 % 4.1 % +50bps 4.4 % 4.2 % +20bps Total Gross Margin 16.0 % 16.2 % (20)bps 16.3 % 16.6 % (30)bps Retail Automotive Revenue Mix Percentages: New Vehicles 50.1 % 48.4 % +170bps 46.1 % 44.7 % +140bps Used Vehicles 30.3 % 31.9 % (160)bps 33.5 % 35.4 % (190)bps Finance and Insurance, Net 3.0 % 3.4 % (40)bps 3.1 % 3.3 % (20)bps Service and Parts 11.5 % 11.0 % +50bps 11.7 % 10.8 % +90bps Fleet and Wholesale 5.1 % 5.3 % (20)bps 5.6 % 5.8 % (20)bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Automotive Gross Profit Mix Percentages: New Vehicles 28.9 % 30.1 % (120)bps 27.0 % 29.7 % (270)bps Used Vehicles 9.0 % 8.3 % +70bps 10.7 % 10.4 % +30bps Finance and Insurance, Net 18.9 % 20.7 % (180)bps 19.1 % 20.1 % (100)bps Service and Parts 41.7 % 39.5 % +220bps 41.7 % 38.4 % +330bps Fleet and Wholesale 1.5 % 1.4 % +10bps 1.5 % 1.4 % +10bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations Same-Store(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 Change 2024 2023 Change Retail Automotive Same-Store Units: New Retail 52,037 51,122 1.8 % 191,816 193,937 (1.1) % Used Retail 50,505 53,508 (5.6) % 224,759 236,152 (4.8) % Total Retail 102,542 104,630 (2.0) % 416,575 430,089 (3.1) % New Agency 9,637 7,159 34.6 % 34,740 29,645 17.2 % Total Retail and Agency 112,179 111,789 0.3 % 451,315 459,734 (1.8) % Retail Automotive Same-Store Revenue: (Amounts in Millions) New Vehicles $ 3,163.2 $ 2,951.2 7.2 % $ 11,284.6 $ 11,099.7 1.7 % Used Vehicles 1,896.1 1,878.8 0.9 % 8,039.3 8,428.7 (4.6) % Finance and Insurance, Net 196.7 201.9 (2.6) % 772.8 808.2 (4.4) % Service and Parts 723.9 673.4 7.5 % 2,856.8 2,691.0 6.2 % Fleet and Wholesale 326.1 320.1 1.9 % 1,364.1 1,380.3 (1.2) % Total Revenue $ 6,306.0 $ 6,025.4 4.7 % $ 24,317.6 $ 24,407.9 (0.4) % Retail Automotive Same-Store Gross Profit: (Amounts in Millions) New Vehicles $ 288.3 $ 297.1 (3.0) % $ 1,066.1 $ 1,217.8 (12.5) % Used Vehicles 90.1 81.0 11.2 % 418.7 417.7 0.2 % Finance and Insurance, Net 196.7 201.9 (2.6) % 772.8 808.2 (4.4) % Service and Parts 425.7 391.0 8.9 % 1,674.4 1,577.6 6.1 % Fleet and Wholesale 15.6 13.9 12.2 % 63.1 60.5 4.3 % Total Gross Profit $ 1,016.4 $ 984.9 3.2 % $ 3,995.1 $ 4,081.8 (2.1) % Retail Automotive Same-Store Revenue Per Vehicle Retailed: New Vehicles (excluding agency) $ 60,340 $ 57,392 5.1 % $ 58,397 $ 56,903 2.6 % Used Vehicles 37,542 35,112 6.9 % 35,769 35,692 0.2 % Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: New Vehicles (excluding agency) $ 5,132 $ 5,534 (7.3) % $ 5,164 $ 5,979 (13.6) % Used Vehicles 1,785 1,513 18.0 % 1,863 1,769 5.3 % Finance and Insurance (excluding agency) 1,902 1,923 (1.1) % 1,845 1,878 (1.8) % Agency 2,376 2,079 14.3 % 2,301 1,986 15.9 % Retail Automotive Same-Store Gross Margin: New Vehicles 9.1 % 10.1 % (100)bps 9.4 % 11.0 % (160)bps Used Vehicles 4.8 % 4.3 % +50bps 5.2 % 5.0 % +20bps Service and Parts 58.8 % 58.1 % +70bps 58.6 % 58.6 % —bps Fleet and Wholesale 4.8 % 4.3 % +50bps 4.6 % 4.4 % +20bps Total Gross Margin 16.1 % 16.3 % (20)bps 16.4 % 16.7 % (30)bps Retail Automotive Same-Store Revenue Mix Percentages: New Vehicles 50.2 % 49.0 % +120bps 46.4 % 45.5 % +90bps Used Vehicles 30.1 % 31.2 % (110)bps 33.1 % 34.5 % (140)bps Finance and Insurance, Net 3.1 % 3.4 % (30)bps 3.2 % 3.3 % (10)bps Service and Parts 11.5 % 11.2 % +30bps 11.7 % 11.0 % +70bps Fleet and Wholesale 5.1 % 5.2 % (10)bps 5.6 % 5.7 % (10)bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Automotive Same-Store Gross Profit Mix Percentages: New Vehicles 28.4 % 30.2 % (180)bps 26.7 % 29.8 % (310)bps Used Vehicles 8.9 % 8.2 % +70bps 10.5 % 10.2 % +30bps Finance and Insurance, Net 19.4 % 20.5 % (110)bps 19.3 % 19.8 % (50)bps Service and Parts 41.9 % 39.7 % +220bps 41.9 % 38.6 % +330bps Fleet and Wholesale 1.4 % 1.4 % —bps 1.6 % 1.6 % —bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 Change 2024 2023 Change Retail Commercial Truck Units: New Retail 3,544 4,513 (21.5) % 16,923 18,242 (7.2) % Used Retail 888 896 (0.9) % 3,628 3,138 15.6 % Total 4,432 5,409 (18.1) % 20,551 21,380 (3.9) % Retail Commercial Truck Revenue: (Amounts in Millions) New Vehicles $ 494.6 $ 619.2 (20.1) % $ 2,359.5 $ 2,480.2 (4.9) % Used Vehicles 55.8 59.6 (6.4) % 227.0 229.9 (1.3) % Finance and Insurance, Net 4.1 6.0 (31.7) % 18.8 21.9 (14.2) % Service and Parts 210.7 212.2 (0.7) % 886.3 907.3 (2.3) % Wholesale and Other 8.5 7.8 9.0 % 29.5 45.0 (34.4) % Total Revenue $ 773.7 $ 904.8 (14.5) % $ 3,521.1 $ 3,684.3 (4.4) % Retail Commercial Truck Gross Profit: (Amounts in Millions) New Vehicles $ 36.0 $ 38.0 (5.3) % $ 155.9 $ 148.2 5.2 % Used Vehicles 5.2 5.5 (5.5) % 16.7 19.6 (14.8) % Finance and Insurance, Net 4.1 6.0 (31.7) % 18.8 21.9 (14.2) % Service and Parts 90.1 90.3 (0.2) % 380.3 383.6 (0.9) % Wholesale and Other 2.7 3.4 (20.6) % 12.8 19.1 (33.0) % Total Gross Profit $ 138.1 $ 143.2 (3.6) % $ 584.5 $ 592.4 (1.3) % Retail Commercial Truck Revenue Per Vehicle Retailed: New Vehicles $ 139,570 $ 137,197 1.7 % $ 139,428 $ 135,959 2.6 % Used Vehicles 62,891 66,464 (5.4) % 62,580 73,263 (14.6) % Retail Commercial Truck Gross Profit Per Vehicle Retailed: New Vehicles $ 10,183 $ 8,412 21.1 % $ 9,214 $ 8,126 13.4 % Used Vehicles 5,739 6,104 (6.0) % 4,612 6,251 (26.2) % Finance and Insurance 930 1,102 (15.6) % 917 1,022 (10.3) % Retail Commercial Truck Gross Margin: New Vehicles 7.3 % 6.1 % +120bps 6.6 % 6.0 % +60bps Used Vehicles 9.3 % 9.2 % +10bps 7.4 % 8.5 % (110)bps Service and Parts 42.8 % 42.6 % +20bps 42.9 % 42.3 % +60bps Wholesale and Other 31.8 % 43.6 % (1,180)bps 43.4 % 42.4 % +100bps Total Gross Margin 17.8 % 15.8 % +200bps 16.6 % 16.1 % +50bps Retail Commercial Truck Revenue Mix Percentages: New Vehicles 63.9 % 68.4 % (450)bps 67.0 % 67.3 % (30)bps Used Vehicles 7.2 % 6.6 % +60bps 6.4 % 6.2 % +20bps Finance and Insurance, Net 0.5 % 0.7 % (20)bps 0.5 % 0.6 % (10)bps Service and Parts 27.2 % 23.5 % +370bps 25.2 % 24.6 % +60bps Wholesale and Other 1.2 % 0.8 % +40bps 0.9 % 1.3 % (40)bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Commercial Truck Gross Profit Mix Percentages: New Vehicles 26.1 % 26.5 % (40)bps 26.7 % 25.0 % +170bps Used Vehicles 3.8 % 3.8 % —bps 2.9 % 3.3 % (40)bps Finance and Insurance, Net 3.0 % 4.2 % (120)bps 3.2 % 3.7 % (50)bps Service and Parts 65.2 % 63.1 % +210bps 65.1 % 64.8 % +30bps Wholesale and Other 1.9 % 2.4 % (50)bps 2.1 % 3.2 % (110)bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations Same-Store(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 Change 2024 2023 Change Retail Commercial Truck Same-Store Units: New Retail 3,261 4,513 (27.7) % 15,856 17,876 (11.3) % Used Retail 863 896 (3.7) % 3,498 3,109 12.5 % Total 4,124 5,409 (23.8) % 19,354 20,985 (7.8) % Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) New Vehicles $ 451.0 $ 619.2 (27.2) % $ 2,196.6 $ 2,424.0 (9.4) % Used Vehicles 54.0 59.6 (9.4) % 217.8 228.3 (4.6) % Finance and Insurance, Net 3.5 6.0 (41.7) % 16.4 21.0 (21.9) % Service and Parts 202.6 211.4 (4.2) % 826.1 881.3 (6.3) % Wholesale and Other 8.1 7.8 3.8 % 27.2 45.0 (39.6) % Total Revenue $ 719.2 $ 904.0 (20.4) % $ 3,284.1 $ 3,599.6 (8.8) % Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) New Vehicles $ 32.9 $ 38.0 (13.4) % $ 142.5 $ 142.9 (0.3) % Used Vehicles 4.9 5.5 (10.9) % 17.1 19.7 (13.2) % Finance and Insurance, Net 3.5 6.0 (41.7) % 16.4 21.0 (21.9) % Service and Parts 86.2 89.9 (4.1) % 355.2 373.1 (4.8) % Wholesale and Other 2.2 3.2 (31.3) % 10.9 18.3 (40.4) % Total Gross Profit $ 129.7 $ 142.6 (9.0) % $ 542.1 $ 575.0 (5.7) % Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: New Vehicles $ 138,296 $ 137,197 0.8 % $ 138,537 $ 135,603 2.2 % Used Vehicles 62,614 66,464 (5.8) % 62,277 73,428 (15.2) % Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: New Vehicles $ 10,075 $ 8,412 19.8 % $ 8,985 $ 7,996 12.4 % Used Vehicles 5,669 6,104 (7.1) % 4,885 6,331 (22.8) % Finance and Insurance 856 1,102 (22.3) % 845 1,003 (15.8) % Retail Commercial Truck Same-Store Gross Margin: New Vehicles 7.3 % 6.1 % +120bps 6.5 % 5.9 % +60bps Used Vehicles 9.1 % 9.2 % (10)bps 7.9 % 8.6 % (70)bps Service and Parts 42.5 % 42.5 % —bps 43.0 % 42.3 % +70bps Wholesale and Other 27.2 % 41.0 % (1,380)bps 40.1 % 40.7 % (60)bps Total Gross Margin 18.0 % 15.8 % +220bps 16.5 % 16.0 % +50bps Retail Commercial Truck Same-Store Revenue Mix Percentages: New Vehicles 62.7 % 68.5 % (580)bps 66.9 % 67.3 % (40)bps Used Vehicles 7.5 % 6.6 % +90bps 6.6 % 6.3 % +30bps Finance and Insurance, Net 0.5 % 0.7 % (20)bps 0.5 % 0.6 % (10)bps Service and Parts 28.2 % 23.4 % +480bps 25.2 % 24.5 % +70bps Wholesale and Other 1.1 % 0.8 % +30bps 0.8 % 1.3 % (50)bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Commercial Truck Same-Store Gross Profit Mix Percentages: New Vehicles 25.4 % 26.6 % (120)bps 26.3 % 24.9 % +140bps Used Vehicles 3.8 % 3.9 % (10)bps 3.2 % 3.4 % (20)bps Finance and Insurance, Net 2.7 % 4.2 % (150)bps 3.0 % 3.7 % (70)bps Service and Parts 66.5 % 63.0 % +350bps 65.5 % 64.9 % +60bps Wholesale and Other 1.6 % 2.3 % (70)bps 2.0 % 3.1 % (110)bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC.Supplemental Data(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Retail Automotive Revenue Mix: Premium: BMW / MINI 28 % 27 % 26 % 26 % Audi 10 % 10 % 10 % 11 % Mercedes-Benz 9 % 9 % 9 % 9 % Land Rover / Jaguar 7 % 7 % 8 % 7 % Porsche 10 % 9 % 9 % 8 % Ferrari / Maserati 3 % 2 % 3 % 3 % Lexus 3 % 3 % 3 % 3 % Acura 1 % 1 % 1 % 1 % Bentley 1 % 1 % 1 % 1 % Others 2 % 3 % 2 % 2 % Total Premium 74 % 72 % 72 % 71 % Volume Non-U.S.: Toyota 10 % 11 % 11 % 10 % Honda 5 % 6 % 6 % 6 % Volkswagen 2 % 2 % 2 % 2 % Hyundai 2 % 1 % 1 % 1 % Others 2 % 1 % 1 % 2 % Total Volume Non-U.S. 21 % 21 % 21 % 21 % U.S.: General Motors / Stellantis / Ford 2 % 1 % 2 % 1 % Used Vehicle Dealerships 3 % 6 % 5 % 7 % Total 100 % 100 % 100 % 100 % Three Months Ended Twelve Months Ended December 31, December 31, Capital Expenditures / Stock Repurchases: 2024 2023 2024 2023 ($ Amounts in Millions) Capital expenditures $ 86.1 $ 103.2 $ 368.7 $ 375.3 Cash paid for acquisitions $ 148.8 $ 3.6 $ 786.2 $ 214.9 Stock repurchases: Aggregate purchase price $ 1.0 $ 17.6 $ 77.5 $ 382.2 Shares repurchased 6,172 117,875 517,245 2,808,616 Balance Sheet and Other Highlights: December 31, 2024 December 31, 2023 (Amounts in Millions) Cash and Cash Equivalents $ 72.4 $ 96.4 Inventories $ 4,640.2 $ 4,293.1 Total Floor Plan Notes Payable $ 4,024.0 $ 3,771.5 Total Long-Term Debt $ 1,852.0 $ 1,629.2 Equity $ 5,227.3 $ 4,755.6 Debt to Total Capitalization Ratio 26.2 % 25.5 % Leverage Ratio (1) 1.2x 1.0x New vehicle days' supply 49 days 39 days Used vehicle days' supply 47 days 48 days (1) See the following Non-GAAP reconciliation table PENSKE AUTOMOTIVE GROUP, INC.Consolidated Non-GAAP Reconciliations(Unaudited) The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the three and twelve months ended December 31, 2024, and 2023: Three Months Ended Twelve Months Ended (Amounts in Millions) December 31, December 31, 2024 2023 % Change 2024 2023 % Change Amounts Attributable to Common Stockholders: Net Income $ 236.4 $ 190.7 24.0 % $ 918.9 $ 1,053.2 (12.8) % Goodwill Impairment Charges (1) — 40.7 nm — 40.7 nm Adjusted Net Income $ 236.4 $ 231.4 2.2 % $ 918.9 $ 1,093.9 (16.0) % Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 % Change 2024 2023 % Change Amounts Attributable to Common Stockholders: Earnings Per Share $ 3.54 $ 2.84 24.6 % $ 13.74 $ 15.50 (11.4) % Goodwill Impairment Charges (1) — 0.61 nm — 0.60 nm Adjusted Earnings Per Share $ 3.54 $ 3.45 2.6 % $ 13.74 $ 16.10 (14.7) % The following table reconciles income before taxes to adjusted income before taxes for the three and twelve months ending December 31, 2024, and 2023: Three Months Ended Twelve Months Ended (Amounts in Millions) December 31, December 31, 2024 2023 % Change 2024 2023 % Change Income Before Taxes $ 315.2 $ 255.8 23.2 % $ 1,239.9 $ 1,419.5 (12.7) % Goodwill Impairment Charges (1) — 40.7 nm — 40.7 nm Adjusted Income Before Taxes $ 315.2 $ 296.5 6.3 % $ 1,239.9 $ 1,460.2 (15.1) % (1) Goodwill Impairment charges relate to our former Used Vehicle Dealerships International reporting unit nm – not meaningful PENSKE AUTOMOTIVE GROUP, INC.Consolidated Non-GAAP Reconciliations(Unaudited) The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the three and twelve months ended December 31, 2024, and 2023: Three Months Ended December 31, 2024 vs. 2023 (Amounts in Millions) 2024 2023 Change % Change Net Income $ 237.3 $ 192.0 $ 45.3 23.6 % Add: Depreciation 41.0 37.6 3.4 9.0 % Other Interest Expense 23.7 23.1 0.6 2.6 % Income Taxes 77.9 63.8 14.1 22.1 % EBITDA $ 379.9 $ 316.5 $ 63.4 20.0 % Add: Goodwill Impairment Charges (1) — 40.7 (40.7) nm Adjusted EBITDA $ 379.9 $ 357.2 $ 22.7 6.4 % Twelve Months Ended December 31, 2024 vs. 2023 (Amounts in Millions) 2024 2023 Change % Change Net Income $ 923.4 $ 1,058.6 $ (135.2) (12.8) % Add: Depreciation 158.0 141.0 17.0 12.1 % Other Interest Expense 87.8 92.6 (4.8) (5.2) % Income Taxes 316.5 360.9 (44.4) (12.3) % EBITDA $ 1,485.7 $ 1,653.1 $ (167.4) (10.1) % Add: Goodwill Impairment Charges (1) — 40.7 (40.7) nm Adjusted EBITDA $ 1,485.7 $ 1,693.8 $ (208.1) (12.3) % The following table reconciles the leverage ratio as of December 31, 2024, and December 31, 2023: Twelve Twelve Months Ended Months Ended (Amounts in Millions) December 31, 2024 December 31, 2023 Net Income $ 923.4 $ 1,058.6 Add: Depreciation 158.0 141.0 Other Interest Expense 87.8 92.6 Income Taxes 316.5 360.9 EBITDA $ 1,485.7 $ 1,653.1 Add: Goodwill Impairment Charges (1) — 40.7 Adjusted EBITDA $ 1,485.7 $ 1,693.8 Total Non-Vehicle Long-Term Debt $ 1,852.0 $ 1,629.2 Leverage Ratio 1.2x 1.0x (1) Goodwill impairment charges relate to our former Used Vehicle Dealerships International reporting unit SOURCE Penske Automotive Group, Inc. 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PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

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