Penske Automotive Increases Dividend to $0.18 Per Share
BLOOMFIELD HILLS, Mich., Jan. 28, 2014 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced that its Board of Directors has approved a cash dividend of $0.18 per share for the fourth quarter of 2013. The dividend is payable on March 3, 2014, to shareholders of record on February 10, 2014.
Penske Automotive Group President Robert H. Kurnick, Jr., said, "Our Board of Directors is pleased to offer our shareholders a 5.9% increase in the quarterly dividend to $0.18. The increase in the dividend reflects the confidence we have in the strength of the automotive retail market and our ability to continue growing our overall business."
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company, operating retail automotive dealerships, Hertz car rental franchises and commercial vehicle distribution. The company currently operates principally in the United States, Western Europe, Australia and New Zealand, employs approximately 17,800 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.
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 future sales potential and outlook. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, 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's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2012, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
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