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Penske board approves dividend increase

BLOOMFIELD HILLS, Mich. (AP) -- Penske Automotive Group Inc. said Tuesday that its board approved an increase in the company's quarterly cash dividend to 14 cents per share.

The new dividend represents a 1 cent, or 7.7 percent, increase over the Bloomfield Hills, Mich.-based automotive retailer's previous dividend.

The dividend will be paid on March 1 to shareholders of record as of Feb. 11.

Penske shares fell 16 cents to $32.41 in afternoon trading.