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.
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.