THIRD QUARTER 2023 FINANCIAL RESULTS

October 2023

FORWARD-LOOKING STATEMENT DISCLAIMER

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.

PENSKE AUTOMOTIVE GROUP / 2

COMPANY OVERVIEW

A Diversified Transportation

Services Company

Headquartered in

Bloomfield Hills, MI USA

As of September 30, 2023:

28,000+

$22.3B

Employees worldwide

9M YTD

revenue

336

4

9

Retail automotive

Continents

Countries

franchised dealerships

PENSKE AUTOMOTIVE GROUP / 3

Markets in

North America

147 7 44

Automotive CarShop Commercial

franchised used vehicle truck

dealerships locations locations

Markets Outside of North America

189 13

Automotive CarShop franchised used vehicle dealerships locations

RETAIL AUTOMOTIVE BRAND MIX

71%

20%

1%

8%

Premium

Volume Non-U.S.

U.S.

CarShop

25%

(YTD as of September 30, 2023)

(% of Total Worldwide Automotive Dealership Revenue)

11%

10%

9%

8%

8%

8%

7%

4%

3%

3%

2%

1%

1%

Other

PENSKE AUTOMOTIVE GROUP / 4

CAPITAL ALLOCATION HISTORY

2018

2019

2020

2021

2022

(In Millions)

Dividends

$121

$131

$68

$143

$154

Cap Ex

$306

$245

$186

$249

$283

Share Repurchases

$75

$174

$35

$294

$887

Acquisitions

$309

$327

---

$432

$393

PENSKE AUTOMOTIVE GROUP / 5

SHARES OUTSTANDING

(Outstanding shares as of 12/31 each year) (In Thousands)

84,546

8,214

80,000

81,084

80,392

60,000

77,574

3,987

69,681

40,000

67,217

3,262

20,000

2,691

1,587

1,026

0

2018

2019

2020

2021

2022

Sept. 2023

Outstanding

Repurchased

PENSKE AUTOMOTIVE GROUP / 6

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

HISTORICAL LONG-TERM DEBT AND LEVERAGE

(USD in Millions)

$2,500

$2,360

$2,000

2.9x

$1,690

$1,474

$1,622

$1,707

$1,500

$1,000

1.8x

$500

1.0x

0.8x

0.8x

$-

2019

2020

2021

2022

Sept '23

Debt

Leverage*

*Refer to non-gaap reconciliation schedules on pages 36-38

PENSKE AUTOMOTIVE GROUP / 7

3.5

3

2.5

2

1.5

1

0.5

0

Q3 2023 &

9M 2023 REVIEW

PAG Q3 and 9M YTD PERFORMANCE SUMMARY

Q3 Total Revenue ($ in Billions)

Q3 Income ($ in Millions)

Q3 EPS

$6.5 $6.9

$7.4

$355 $340

$263

$4.46 $4.61

$3.92

Q3 '21

Q3 '22

Q3 '23

9M Total Revenue ($ in Billions)

Q3 '21

Q3 '22

Q3 '23

9M Income ($ in Millions)

Q3 '21

Q3 '22

Q3 '23

9M EPS

$19.3

$20.8

$22.3

$1,082

$877$863

$10.91 $14.31 $12.64

9M '21

9M '22

9M '23

9M '21

9M '22

9M '23

9M '21

9M '22

9M '23

PENSKE AUTOMOTIVE GROUP / 9

Capital Allocation
Increased dividend 9.7% in October 2023 to $0.79
Acquired BMW & Porsche dealerships in Wilmington, NC representing expected annualized revenue of $140 million
For the nine months ended September 30, 2023, 2.7 million shares repurchased for $365 million
Penske Transportation Solutions
Generated $84 million in equity earnings in Q3 2023 and $238 million for the nine months ended September 30, 2023
Year-to-date,PAG received $127 million in cash distributions from PTS
Retailed 5,556 new & used trucks, -8%; same-storeunits -11% Same-storeservice & parts revenue +1%
Fixed cost absorption of 132% EBT $61 million; +16%
(Q3 '23 vs Q3 '22)
Retail Commercial Trucks

Q3 KEY HIGHLIGHTS

Retail Automotive (Q3'23 vs Q3 '22)

  • Total same-store units delivered (including Agency) increased 10% to 119,921
  • Same-storeretail automotive revenue performance

Reported

New Vehicle

+15%

Used Vehicle

+4%

F & I

--

Service/Parts

+9%

Fleet/Wholesale

+7%

Total

+9%

  • Same-storevariable vehicle gross profit (excl. agency) of $5,180 down $628/unit, or 11%

Note: Refer to page 39 for an overview of the Agency model

PENSKE AUTOMOTIVE GROUP / 10

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Penske Automotive Group Inc. published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 19:02:44 UTC.