Penske Sees Used Sales Go Up and Profits Decline

- April 29, 2015

Penske Auto­mo­tive Group says that it had high­er used-car sales in the first quar­ter of this year, but low­er gross mar­gins. Year-over-year, used vehi­cle sales through its fran­chise deal­er chain increased by 6.7% to 48,057 vehi­cles sold; and same-store used retail rev­enue increased by 5.56%. The aver­age gross prof­it per used unit declined to $1,758 from $1,922 in the first quar­ter of 2014.

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