Penske Profits Plummet


In a sign of the eco­nom­ic times, the Penske Auto­mo­tive Group report­ed a loss from con­tin­u­ing oper­a­tion for the fourth quar­ter of 2008. A sig­nif­i­cant por­tion of the report­ed loss was for write downs on the Group’s deal­er­ships. Oth­er auto­mo­tive deal­er­ship groups are tak­ing sim­i­lar write downs. Penske report­ed that their liq­uid­i­ty remained strong despite finan­cial sec­tor prob­lems.