|
|
| Exhibit 99.1 Press Release |
| Penske Automotive Group, Inc., 2555 Telegraph Rd. Bloomfield Hills, MI 48302-0954 |
PENSKE AUTOMOTIVE SUSPENDS QUARTERLY DIVIDEND
BLOOMFIELD HILLS, MI, May 13, 2020 – Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced that its Board of Directors has suspended its cash dividend. The company previously paid a quarterly dividend of $0.42 per share to shareholders on March 3, 2020. The company estimates that the suspension of the dividend will preserve approximately $34 million in cash during the second quarter. Commenting on the announcement, Chair Roger Penske said, “The decision to suspend the quarterly dividend is consistent with the other measures the company has implemented to mitigate the impact of Covid-19, including a hiring freeze, the deferral of approximately $150 million in capital expenditures, and the furloughing of 57% of its worldwide workforce, among others.”
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website at www.penskeautomotive.com.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/penskecars
Follow Penske Automotive on Twitter: https://twitter.com/penskecars
Follow Penske Automotive on Instagram: https://www.instagram.com/penskecars/
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
|
|
J. D. Carlson Chief Financial Officer Penske Automotive Group, Inc.
| Anthony R. Pordon Penske Automotive Group, Inc. |
# # #