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Posts Tagged ‘penske automotive group’

Penske Signs on as Fisker Dealer

A much-needed endorsement?

by on Jun.12, 2012

Fisker Automotive gets a big -- and much-needed -- endorsement from Roger Penske.

Fisker Automotive has garnered what could be taken as a significant endorsement from the legendary motorsports team owner and entrepreneur Roger Penske.  His Penske Automotive Group has signed on to sell and service the battery-car start-up’s plug-in hybrid vehicles in Arizona and the surrounding region through Fisker of Scottsdale.

The addition of the PAG outlet in Scottsdale means Fisker now has 48 outlets in North America alone, and will soon be distributed for the first time in China and the Middle East, after signing new retail agreements in both regions, Fisker officials said.

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“Penske Automotive Group is one of the most respected and successful auto retail companies in the world,” said Matthew Malfitano, Fisker’s director of North American operations.“Their support speaks volumes about Fisker’s market potential. Fisker is proud to be part of the Penske team and we look forward to a fruitful relationship.’


Smart Car’s New GM Has Tough Task

Tracey Matura takes over as Mercedes-Benz USA assumes control of U.S. distributor.

by on Mar.24, 2011

Smart's ForTwo represents the automaker's biggest problem. The 13-year-old design needs to be revamped to be competitive.

Mercedes-Benz USA has named one of its veteran retail strategists to take over the troubled Smart brand.

Tracey Matura, currently general manager of retail strategic development, was named to take over the brand a month after M-B announced it was canceling the Penske Automotive Group’s contract to distribute Smart cars in the U.S.

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Matura has a tough job. Initially given Smart distribution rights in 2008, Penske had good success the first year as the car’s novelty and tiny size made it a cult favorite. But once the early adopters got their Smart cars, keeping the sales momentum became tough.


Penske Profits From Clunkers

Entrepreneur’s auto group makes big Q3 gains.

by on Oct.30, 2009

On or off the track, Roger Penske has a reputation for turning things to his advantage.

On or off the track, Roger Penske has a reputation for turning things to his advantage.

Roger Penske has a way of turning things to his own advantage.  And the recently-concluded Cash-for-Clunkers program provided him yet another opportunity to work that corporate magic.

The Penske Automotive Group, run by the Detroit-based entrepreneur and motor sports legend, posted a solid 23% increase in third-quarter profits with the federally-funded program, designed to drive up domestic car sales, providing a significant boost.

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The group’s net income came to $27.4 million, or 30 cents per share, up from $22.2 million, or 24 cents per share, the year before.  Excluding one-time charges, earnings came to 34 cents a share, a bit ahead of analyst forecasts.  Revenues fell 13%, to $2.6 billion.


Saturn “Look See” Cost Penske Millions

Cutbacks at PAG more than offset the gambit.

by on Oct.30, 2009

Roger Penske’s ill-fated bid for General Motors Saturn brand cost the Penske Automotive Group Inc. $2 million, according to PAG’s latest quarterly financial report filed with the Securities and Exchange Commission.

Penske called off the bid for Saturn when he was unable to conclude a deal with the Renault-Nissan for future product. Penske’s bid to purchase vehicles from Renault’s South Korean subsidiary was vetoed by the Renault board at the last minute.

Overall, PAG reported it net income improved by 25% in the third quarter to $27.4 million or 30 cents per share per share, excluding the $1.9 million spent on the Saturn bid, PAG disclosed.

Penske Passes on Saturn Acquisition

Future vehicle supply is not adequate to move forward.

by on Sep.30, 2009

Another GM brand bites the dust.

Another GM brand bites the dust.

Penske Automotive Group, Inc. (NYSE: PAG) has just announced that it has terminated its discussions with General Motors Company to acquire the Saturn brand.

In a statement the Penske Group said concerns “directly related to the future supply of vehicles beyond the supply period it had negotiated with GM.”

GM had agreed to continue producing several products, including the Aura, Vue and Outlook models, for an unspecified time.  The company had earlier said it would phase out those products, before 2011.

As a result of Penske’s decision, GM said it will shut down the Saturn brand and dealership network, in accordance with the wind-down agreements that Saturn dealers recently signed with GM. GM said the terms of the shut down would be forthcoming.

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In a statement, GM President & CEO Fritz Henderson said, “Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality. PAG’s announcement explained that their decision was not based on interactions with GM or Saturn retailers; rather it was because of the inability to source new products beyond what it had asked GM to build on contract.”


GM Confirms Penske Saturn Acquisition

Deal would save brand.

by on Jun.05, 2009

GM has confirmed it will sell its Saturn brand - with court approval - to Penske Automotive Group, founded by motorsports legend and entrepreneur Roger Penske.

GM confirms it will sell its Saturn brand - with court approval - to Penske Automotive Group, founded by entrepreneur Roger Penske.

Confirming what earlier reported, General Motors has announced that it has concluded negotiations on a proposed sale of its Saturn brand to Penske Automotive Group.

The deal must still be finalized – a matter complicated by GM’s current bankruptcy status – but if approved, the ailing automaker said, in a statement, that it would “save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand.”

“Saturn has a passionate customer base and outstanding dealer network,” said Roger Penske, racing legend, mega-entrepreneur and chairman of Penske Automotive Group. “For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths.” (more…)