BLOOMFIELD HILLS, MI, October 25, 2023 – Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the third quarter of 2023. For the quarter, revenue increased 8% to $7.4 billion. Net income attributable to common stockholders decreased 23% to $263.4 million from $340.1 million, and related earnings per share decreased 15% to $3.92 from $4.61 when compared to the same period last year. As previously announced, third quarter 2023 results include approximately $6.2 million of costs, including insurance deductibles relating to approximately 750 hail-damaged vehicles, or $27 million in inventory value, and property, and business disruption which occurred from the severe storms that impacted our operations. The Company’s results for the third quarter of 2023 were driven by strong performance from its North American automotive and commercial truck operations which was partially offset by lower earnings from its U.K. automotive operations, higher interest expense, and lower equity earnings from its investment in Penske Transportation Solutions. Foreign currency exchange positively impacted revenue by $172.4 million, net income attributable to common stockholders by $1.3 million, and earnings per share by $0.02.

•Retail Automotive Same-Store Revenue – increased 9%

•New Vehicle +15%; Used Vehicle +4%; Finance & Insurance - flat; Service & Parts +9%

•Retail Automotive Same-Store Gross Profit – increased 0.4%

•New Vehicle -1%; Used Vehicle -22%; Finance & Insurance - flat; Service & Parts +10%

•Retail Commercial Truck Same-Store Revenue – decreased 9%

•New Vehicle -12%; Used Vehicle -9%; Finance & Insurance - flat; Service & Parts +1%

•Retail Commercial Truck Same-Store Gross Profit – increased 6%

•New Vehicle +3%; Used Vehicle +209%; Finance & Insurance - flat; Service & Parts +1%

Commenting on the Company's financial results, Chair and CEO Roger Penske said, "Our diversified business produced another solid quarter of profitability. The new vehicle market remains solid while used vehicle supply and affordability remains challenging. I am particularly pleased with the 9% increase in same-store service and parts revenue. Additionally, our equity income from Penske Transportation Solutions improved sequentially as long-term contract sales remain strong."

For the nine months ended September 30, 2023, revenue increased 7% to $22.3 billion. When compared to the same period last year, net income attributable to common stockholders decreased 20% to $0.9 billion from $1.1 billion, and related earnings

per share decreased 12% to $12.64. Foreign currency exchange negatively impacted revenue by $149.5 million, net income attributable to common stockholders by $7.1 million, and earnings per share by $0.11.

For the three months ended September 30, 2023, total new and used units delivered increased 12% to nearly 122,800, and total retail automotive revenue increased 10% to $6.3 billion. Same-store new and used units delivered increased 10% to nearly 120,000, and same-store revenue increased 9%, including a 9% increase in service and parts revenue. Total retail automotive gross profit increased 2% to $1.0 billion, including a 0.4% increase on a same-store basis. Same-store service and parts gross profit increased 10%.

Beginning in the first quarter of 2023, we transitioned certain brands in the U.K. to an agency model for new vehicle sales under which these dealerships receive a fee for facilitating the sale of a new vehicle by the manufacturer. We do not record revenue for the price of the vehicle. As shown in the following schedules, the units facilitated under the agency model are shown separately as agency units while the fee we received to facilitate the sale is included in new vehicle revenue and gross profit.

As of September 30, 2023, Premier Truck Group operated 44 North American retail commercial truck locations. For the three months ended September 30, 2023, earnings before taxes increased 16% to an all-time quarterly record of $61.1 million when compared to the same period in 2022 while retail unit sales decreased 8% primarily due to production timing and delivery delays which impacted both periods. Revenue decreased 5% to $964.7 million while same-store revenue decreased 9%, including a 1% increase in service and parts revenue when compared to the same period last year. For the nine months ended September 30, 2023, revenue increased 8% to $2.8 billion while same-store revenue increased 5%, including a 5% increase in service and parts revenue when compared to the same period last year. Earnings before taxes increased 6% to $173.7 million when compared to the same period last year.

Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 442,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and nine months ended September 30, 2023, the Company recorded $84.1 million and $238.3 million in earnings compared to $135.5 million and $390.6 million for the same periods in 2022. The year-over-year declines are due to higher interest costs of $64 million for the three months and $154 million for the nine months ended September 30, 2023, higher maintenance expenses of $40 million for the three months and $170 million for the nine months ended September 30, 2023, a decrease in commercial and consumer rental utilization, and a decrease in the gain on sales of vehicles.

Based on the Company's strong earnings and cash flow, the Board of Directors has increased the quarterly dividend four times in 2023 from $0.57 per share to $0.79 per share, representing an increase of 39%. During the nine months ended September 30, 2023, we repurchased 2.5 million shares of common stock for approximately $341.1 million under our securities repurchase program and also acquired 168,103 shares of our common stock for $23.4 million from employees in connection with a net share settlement feature of employee equity awards. As of September 30, 2023, $233.1 million remained available under the company's existing repurchase authority.

During the second quarter of 2023, the company acquired Transolutions Truck Centres (“TSTC”), a retailer of medium and heavy-duty commercial trucks and buses, located in the greater Winnipeg, Manitoba market. The acquisition is expected to generate approximately $180 million in annualized revenue. Additionally, during the third quarter of 2023, the Company acquired a BMW dealership and a Porsche dealership in Wilmington, North Carolina, which are expected to generate approximately $140 million in annualized revenue.

Penske Automotive Group will host a conference call discussing financial results relating to the third quarter of 2023 on Wednesday, October 25, 2023, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (844) 291-5491 [International, please dial (409) 207-6989] using access code 8430835. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the third quarter 2023 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com.

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,000 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 44,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 442,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, including the Company's 2022 ESG Report highlighting its ESG strategies, activities, and certain metrics, visit the Company's website at www.penskeautomotive.com.

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA") and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on new and used vehicle sales, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, personal discretionary

spending levels, interest rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, the shortage of vehicle components, the war in Ukraine, challenges in sourcing labor, or labor strikes or work stoppages, or other disruptions; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, potential decreases in the resale value of used vehicles which may affect PTS' ability to sell its used vehicles after the expiration of its customers' leases or at the end of its holding period for rental vehicles, which may affect PTS' profitability and regulatory risks and related compliance costs; our ability to realize returns on our significant investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to automotive and commercial truck dealerships and vehicles sales, including those related to the sales process or emissions standards, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; 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 Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2022, its Form 10-Q for the quarterly periods ended March 31, 2023, and June 30, 2023, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

# # #

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)

			Three Months Ended																		Nine Months Ended
			September 30,																		September 30,
			2023						2022						Change						2023						2022						Change
Revenue			$	7,447.8					$	6,920.7					7.6		%				$	22,255.3					$	20,803.0					7.0		%
Cost of Sales			6,227.4						5,733.8						8.6		%				18,509.6						17,147.4						7.9		%
Gross Profit			$	1,220.4					$	1,186.9					2.8		%				$	3,745.7					$	3,655.6					2.5		%
SG&A Expenses			853.5						792.7						7.7		%				2,556.5						2,408.2						6.2		%
Depreciation			35.4						31.5						12.4		%				103.4						95.1						8.7		%
Operating Income			$	331.5					$	362.7					(8.6)		%				$	1,085.8					$	1,152.3					(5.8)		%
Floor Plan Interest Expense			(35.5)						(13.8)						157.2		%				(94.2)						(30.3)						210.9		%
Other Interest Expense			(24.5)						(17.9)						36.9		%				(69.5)						(51.4)						35.2		%
Equity in Earnings of Affiliates			85.0						136.2						(37.6)		%				241.6						393.8						(38.6)		%
Income Before Income Taxes			$	356.5					$	467.2					(23.7)		%				$	1,163.7					$	1,464.4					(20.5)		%
Income Taxes			(92.1)						(125.7)						(26.7)		%				(297.1)						(377.5)						(21.3)		%
Net Income			$	264.4					$	341.5					(22.6)		%				$	866.6					$	1,086.9					(20.3)		%
Less: Income Attributable to Non-Controlling Interests			1.0						1.4						(28.6)		%				4.1						4.9						(16.3)		%
Net Income Attributable to Common Stockholders			$	263.4					$	340.1					(22.6)		%				$	862.5					$	1,082.0					(20.3)		%
Amounts Attributable to Common Stockholders:
Net Income			$	264.4					$	341.5					(22.6)		%				$	866.6					$	1,086.9					(20.3)		%
Less: Income Attributable to Non-Controlling Interests			1.0						1.4						(28.6)		%				4.1						4.9						(16.3)		%
Net Income Attributable to Common Stockholders			$	263.4					$	340.1					(22.6)		%				$	862.5					$	1,082.0					(20.3)		%
Income Per Share			$	3.92					$	4.61					(15.0)		%				$	12.64					$	14.31					(11.7)		%
Weighted Average Shares Outstanding			67.3						73.8						(8.8)		%				68.2						75.6						(9.8)		%

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)

Consolidated Operations

Selected Data

(Unaudited)

Retail Automotive Operations

(Unaudited)

			Three Months Ended																								Nine Months Ended
			September 30,																								September 30,
			2023									2022									Change						2023									2022									Change
Retail Automotive Units:
New Retail						48,060									44,446						8.1		%							145,284									135,489						7.2		%
Used Retail						66,009									65,523						0.7		%							199,231									203,748						(2.2)		%
Total Retail						114,069									109,969						3.7		%							344,515									339,237						1.6		%
New Agency						8,695									—						nm									24,559									—						nm
Total Retail and Agency						122,764									109,969						11.6		%							369,074									339,237						8.8		%
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles			$			2,742.7						$			2,395.2						14.5		%				$			8,284.1						$			7,286.7						13.7		%
Used Vehicles						2,322.1									2,208.8						5.1		%							6,949.5									7,019.5						(1.0)		%
Finance and Insurance, Net						210.1									208.1						1.0		%							631.0									646.8						(2.4)		%
Service and Parts						685.2									609.8						12.4		%							2,053.4									1,793.0						14.5		%
Fleet and Wholesale						365.3									335.9						8.8		%							1,113.2									1,038.3						7.2		%
Total Revenue			$			6,325.4						$			5,757.8						9.9		%				$			19,031.2						$			17,784.3						7.0		%
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles			$			296.0						$			296.8						(0.3)		%				$			936.6						$			920.5						1.7		%
Used Vehicles						103.2									131.3						(21.4)		%							349.1									442.3						(21.1)		%
Finance and Insurance, Net						210.1									208.1						1.0		%							631.0									646.8						(2.4)		%
Service and Parts						404.4									359.4						12.5		%							1,209.8									1,069.1						13.2		%
Fleet and Wholesale						11.6									11.3						2.7		%							47.3									38.9						21.6		%
Total Gross Profit			$			1,025.3						$			1,006.9						1.8		%				$			3,173.8						$			3,117.6						1.8		%
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)			$			56,653						$			53,890						5.1		%				$			56,676						$			53,780						5.4		%
Used Vehicles						35,179									33,711						4.4		%							34,882									34,452						1.2		%
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)			$			5,790						$			6,678						(13.3)		%				$			6,122						$			6,793						(9.9)		%
Used Vehicles						1,564									2,004						(22.0)		%							1,753									2,171						(19.3)		%
Finance and Insurance (excluding agency)						1,815									1,892						(4.1)		%							1,809									1,907						(5.1)		%
Agency						2,400									—						nm									2,234									—						nm
Retail Automotive Gross Margin:
New Vehicles						10.8		%							12.4		%				(160)bps									11.3		%							12.6		%				(130)bps
Used Vehicles						4.4		%							5.9		%				(150)bps									5.0		%							6.3		%				(130)bps
Service and Parts						59.0		%							58.9		%				+10bps									58.9		%							59.6		%				(70)bps
Fleet and Wholesale						3.2		%							3.4		%				(20)bps									4.2		%							3.7		%				+50bps
Total Gross Margin						16.2		%							17.5		%				(130)bps									16.7		%							17.5		%				(80)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles						43.4		%							41.6		%				+180bps									43.5		%							41.0		%				+250bps
Used Vehicles						36.7		%							38.4		%				(170)bps									36.5		%							39.5		%				(300)bps
Finance and Insurance, Net						3.3		%							3.6		%				(30)bps									3.3		%							3.6		%				(30)bps
Service and Parts						10.8		%							10.6		%				+20bps									10.8		%							10.1		%				+70bps
Fleet and Wholesale						5.8		%							5.8		%				—bps									5.9		%							5.8		%				+10bps
Total						100.0		%							100.0		%													100.0		%							100.0		%
Retail Automotive Gross Profit Mix Percentages:
New Vehicles						28.9		%							29.5		%				(60)bps									29.5		%							29.5		%				—bps
Used Vehicles						10.1		%							13.0		%				(290)bps									11.0		%							14.2		%				(320)bps
Finance and Insurance, Net						20.5		%							20.7		%				(20)bps									19.9		%							20.7		%				(80)bps
Service and Parts						39.4		%							35.7		%				+370bps									38.1		%							34.3		%				+380bps
Fleet and Wholesale						1.1		%							1.1		%				—bps									1.5		%							1.3		%				+20bps
Total						100.0		%							100.0		%													100.0		%							100.0		%
nm – not meaningful

Retail Automotive Operations Same-Store

(Unaudited)

			Three Months Ended																								Nine Months Ended
			September 30,																								September 30,
			2023									2022									Change						2023									2022									Change
Retail Automotive Same-Store Units:
New Retail						47,914									43,958						9.0		%							141,122									131,801						7.1		%
Used Retail						64,592									64,742						(0.2)		%							192,122									199,142						(3.5)		%
Total Retail						112,506									108,700						3.5		%							333,244									330,943						0.7		%
New Agency						7,415									—						nm									20,843									—						nm
Total Retail and Agency						119,921									108,700						10.3		%							354,087									330,943						7.0		%
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles			$			2,726.5						$			2,373.1						14.9		%				$			8,059.5						$			7,116.2						13.3		%
Used Vehicles						2,263.4									2,182.7						3.7		%							6,690.7									6,872.3						(2.6)		%
Finance and Insurance, Net						206.1									206.5						(0.2)		%							612.1									635.6						(3.7)		%
Service and Parts						658.2									601.2						9.5		%							1,932.9									1,755.5						10.1		%
Fleet and Wholesale						357.7									333.7						7.2		%							1,081.8									1,019.0						6.2		%
Total Revenue			$			6,211.9						$			5,697.2						9.0		%				$			18,377.0						$			17,398.6						5.6		%
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles			$			290.6						$			294.8						(1.4)		%				$			909.8						$			904.7						0.6		%
Used Vehicles						101.1									130.0						(22.2)		%							339.0									435.7						(22.2)		%
Finance and Insurance, Net						206.1									206.5						(0.2)		%							612.1									635.6						(3.7)		%
Service and Parts						391.8									355.1						10.3		%							1,149.9									1,048.1						9.7		%
Fleet and Wholesale						11.6									11.3						2.7		%							47.3									38.9						21.6		%
Total Gross Profit			$			1,001.2						$			997.7						0.4		%				$			3,058.1						$			3,063.0						(0.2)		%
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)			$			56,570						$			53,985						4.8		%				$			56,822						$			53,992						5.2		%
Used Vehicles						35,041									33,714						3.9		%							34,825									34,509						0.9		%
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)			$			5,775						$			6,707						(13.9)		%				$			6,180						$			6,864						(10.0)		%
Used Vehicles						1,566									2,008						(22.0)		%							1,764									2,188						(19.4)		%
Finance and Insurance (excluding agency)						1,821									1,900						(4.2)		%							1,833									1,921						(4.6)		%
Agency						2,019									—						nm									1,861									—						nm
Retail Automotive Same-Store Gross Margin:
New Vehicles						10.7		%							12.4		%				(170)bps									11.3		%							12.7		%				(140)bps
Used Vehicles						4.5		%							6.0		%				(150)bps									5.1		%							6.3		%				(120)bps
Service and Parts						59.5		%							59.1		%				+40bps									59.5		%							59.7		%				(20)bps
Fleet and Wholesale						3.2		%							3.4		%				(20)bps									4.4		%							3.8		%				+60bps
Total Gross Margin						16.1		%							17.5		%				(140)bps									16.6		%							17.6		%				(100)bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles						43.9		%							41.7		%				+220bps									43.9		%							40.9		%				+300bps
Used Vehicles						36.4		%							38.3		%				(190)bps									36.4		%							39.5		%				(310)bps
Finance and Insurance, Net						3.3		%							3.6		%				(30)bps									3.3		%							3.7		%				(40)bps
Service and Parts						10.6		%							10.6		%				—bps									10.5		%							10.1		%				+40bps
Fleet and Wholesale						5.8		%							5.8		%				—bps									5.9		%							5.8		%				+10bps
Total						100.0		%							100.0		%													100.0		%							100.0		%
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles						29.0		%							29.5		%				(50)bps									29.8		%							29.5		%				+30bps
Used Vehicles						10.1		%							13.0		%				(290)bps									11.1		%							14.2		%				(310)bps
Finance and Insurance, Net						20.6		%							20.7		%				(10)bps									20.0		%							20.8		%				(80)bps
Service and Parts						39.1		%							35.6		%				+350bps									37.6		%							34.2		%				+340bps
Fleet and Wholesale						1.2		%							1.2		%				—bps									1.5		%							1.3		%				+20bps
Total						100.0		%							100.0		%													100.0		%							100.0		%
nm – not meaningful

Retail Commercial Truck Operations

(Unaudited)

Retail Commercial Truck Operations Same-Store

(Unaudited)

Supplemental Data

(Unaudited)

Consolidated Non-GAAP Reconciliations

(Unaudited)

The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and nine months ended September 30, 2023 and 2022:

The following table reconciles the leverage ratio as of September 30, 2023, and December 31, 2022: