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logoMorningstarJune 14, 2021

Penske Automotive Group, Inc.: Penske's First Quarter Is a Record Despite the Pandemic Keeping U.K. Dealerships Closed

Symbols
PAG
Sector(s)
Consumer Cyclical
Rating
Current Price
$81.45
Fair Value
Economic Moat
Stewardship
Summary

Penske Automotive Group operates in 21 U.S. states and overseas. It has 142 U.S. light-vehicle franchises in Puerto Rico as well as 162 franchises overseas, primarily in the United Kingdom. The company is the second-largest U.S.-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with 93% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm's Premier Truck Group owns nearly 30 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 17 CarShop used-vehicle stores in the U.S. and U.K. The company is based in Michigan and was called United Auto Group before changing its name in 2007.

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Analyst Profile

David Whiston

Sector Strategist
David Whiston, CFA, CPA, CFE, is an industrials strategist for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers the automotive industry, including dealerships, parts manufacturers, and automakers. He has covered the automotive industry since joining Morningstar in 2007.Before Morningstar, Whiston spent four years in PricewaterhouseCoopers’ New York real estate audit practice and one year in its Chicago office working on real estate acquisition due diligence.Whiston holds a bachelor’s degree in business administration with a concentration in accounting from the University of Richmond. He also holds a master’s degree in business administration with concentrations in finance, economics, and organizational behavior from the University of Chicago Booth School of Business. He holds the Chartered Financial Analyst® designation, and he is a Certified Public Accountant and a Certified Fraud Examiner. In 2012, he ranked first in the specialty retailers and services industry in The Wall Street Journal’s annual “Best on the Street” analysts survey. He ranked first in the same industry in 2011.