Penske Automotive (PAG) 8-K Results of Operations and Financial Condition

Exhibit 99.5

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 

	Year Ended December 31,
	2005		2004		2003		2002		2001
Income from continuing operations      before taxes and minority interests	$	193.0	$	182.1	$	132.8	$	88.8	$	54.9
Less undistributed earnings of equity      method investments	$	(4.1)	$	(1.7)	$	(0.4)	$	(1.4)	$	(2.4)
Plus distributed earnings of equity      method investments	$	- -	$	- -	$	- -	$	2.6	$	1.4
Plus amortization of capitalized interest	$	0.3	$	0.2	$	0.1	$	0.1	$	- -
	$	189.2	$	180.6	$	132.5	$	90.1	$	53.9
Plus:
Fixed charges:
Other Interest expense (includes amortization of deferred financing costs)	$	49.0	$	42.6	$	42.4	$	38.0	$	34.7
Floorplan interest expense	$	50.9	$	43.7	$	37.7	$	29.2	$	29.4
Capitalized interest	$	4.1	$	2.9	$	2.3	$	2.2	$	1.7
Interest factor in rental expense	$	37.8	$	29.7	$	23.7	$	17.4	$	11.6
Preferred stock dividends	$	- -	$	- -	$	- -	$	10.5	$	14.7
Total fixed charges	$	141.8	$	118.9	$	106.1	$	97.3	$	92.1
Less:
Capitalized interest	$	4.1	$	2.9	$	2.3	$	2.2	$	1.7
Preferred dividends	$	- -	$	- -	$	- -	$	10.5	$	14.7
Earnings	$	326.9	$	296.6	$	236.3	$	174.7	$	129.6
Ratio of earnings to fixed charges		2.3		2.5		2.2		1.8		1.4