Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, is a transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, engines, power systems and related parts and services principally in Australia and New Zealand. Additionally, PAG owns 28.9% of Penske Transportation Solutions, a business that manages a fleet of over 400,000 trucks, tractors, and trailers. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.[1]
Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan[2] and later came under the control of Penske Corporation and Roger Penske in May 1999. Several years later, on July 2, 2007, United Automotive Group changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG.[3]
In February 2009, General Motors declared its intent to part with the Saturn brand by closing or selling the division, either to investors or to dealers, as part of restructuring plans dependent upon the receipt of a second round of government loans ("bailout" funding).[4] In June 2009, it was announced with much fanfare that Penske Automotive Group would purchase Saturn and its assets from General Motors.[5][6][7][8] Less than four months later, on September 30, the deal collapsed[9] as Penske announced it would terminate[10][11] the deal with GM blaming manufacturing uncertainties with certain models.[12]
penske, automotive, group, headquartered, bloomfield, hills, michigan, transportation, services, company, that, operates, automotive, commercial, truck, dealerships, principally, united, states, canada, western, europe, distributes, commercial, vehicles, engin. Penske Automotive Group Inc headquartered in Bloomfield Hills Michigan is a transportation services company that operates automotive and commercial truck dealerships principally in the United States Canada and Western Europe and distributes commercial vehicles engines power systems and related parts and services principally in Australia and New Zealand Additionally PAG owns 28 9 of Penske Transportation Solutions a business that manages a fleet of over 400 000 trucks tractors and trailers PAG is a member of the Fortune 500 Russell 1000 and Russell 3000 indexes 1 Penske Automotive Group Inc Company typePublic companyTraded asNYSE PAGS amp P 400 componentIndustryAutomotive Auto Dealerships Vehicle Parts Transportation Services Commercial Vehicles Commercial Vehicle Dealerships Truck Parts amp ServicesFounded1990 34 years ago 1990 FounderMarshall Cogan as United Auto GroupHeadquartersBloomfield Hills Michigan U S Area servedUnited States Germany United Kingdom Ireland Australia New Zealand Spain ItalyKey peopleRoger Penske Chairman of the Board amp CEO J D Carlson CFO ProductsTransportation ServicesServicesFinancial services RepairRevenueUS 22 8 billion 2019 Operating incomeUS 664 9 million 2019 Net incomeUS 470 3 million 2019 Total assetsUS 10 904 billion 2019 Total equityUS 2 634 billion 2019 ParentPenske CorporationDivisionsSytner Group Premier Truck Group Penske Commercial Vehicles Penske Power Systems CarShopWebsitepenskeautomotive wbr com Contents 1 History 2 External links 3 See also 4 ReferencesHistory editPenske Automotive was founded as United Automotive Group in 1990 by Marshall S Cogan 2 and later came under the control of Penske Corporation and Roger Penske in May 1999 Several years later on July 2 2007 United Automotive Group changed its corporate name to Penske Automotive Group Inc and changed its ticker symbol on the NYSE to PAG 3 In February 2009 General Motors declared its intent to part with the Saturn brand by closing or selling the division either to investors or to dealers as part of restructuring plans dependent upon the receipt of a second round of government loans bailout funding 4 In June 2009 it was announced with much fanfare that Penske Automotive Group would purchase Saturn and its assets from General Motors 5 6 7 8 Less than four months later on September 30 the deal collapsed 9 as Penske announced it would terminate 10 11 the deal with GM blaming manufacturing uncertainties with certain models 12 External links editBusiness data for Penske Automotive Group Inc BloombergGoogleReutersSEC filingsYahoo See also editSytner Group Penske CorporationReferences edit Penske Automotive Group Inc Investors www penskeautomotive com Retrieved 2023 05 19 History of United Auto Group Inc FundingUniverse www fundinguniverse com Retrieved 2023 02 06 UnitedAuto takes Penske name Automotive News 2007 06 29 Retrieved 2023 05 19 GM seeks up to 30B in aid will cut 47 000 jobs 2009 05 01 Archived from the original on 2009 05 01 Retrieved 2023 05 19 Maynard Micheline 2009 06 05 G M in Deal to Sell Saturn to Penske The New York Times ISSN 0362 4331 Retrieved 2023 05 19 Penske to buy Saturn GM will make cars for brand for 2 years ABC News Retrieved 2023 05 19 GM to sell Saturn brand to Penske NBC News 2009 06 05 Retrieved 2023 05 19 Saturn to be Purchased by Penske Automotive Car and Driver 2009 06 05 Retrieved 2023 05 19 GM to close Saturn as sale to Penske collapses Reuters 2009 10 01 Retrieved 2023 05 19 AP 2009 09 30 GM to Shut Down Saturn After Penske Walks Away CNBC Retrieved 2023 05 19 Penske terminates deal to acquire Saturn from GM plasticstoday com 2009 09 30 Retrieved 2023 05 19 Johnson Kimberly September 30 2009 Penske Saturn Deal Falls Apart GM To Shut Down Brand The Huffington Post Retrieved October 3 2013 nbsp This corporation or company article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Penske Automotive Group amp oldid 1212228382, wikipedia, wiki, book, books, library,
