Penske Automotive Group, Inc. (PAG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Penske Automotive Group, Inc. (PAG) se erige como una potencia dinámica en el panorama minorista automotriz, navegando estratégicamente la compleja intersección de las ventas de vehículos, el servicio y la experiencia del cliente. Con un modelo de negocio innovador que abarca múltiples marcas, regiones y segmentos de clientes, PAG ha transformado el comercio minorista automotriz tradicional al aprovechar las asociaciones estratégicas, las plataformas digitales de vanguardia y un enfoque integral para las soluciones de movilidad. Desde los entusiastas de los vehículos de lujo hasta los operadores de flotas comerciales, el intrincado lienzo comercial de la compañía revela un ecosistema sofisticado diseñado para ofrecer un valor excepcional, interacciones sin interrupciones y flujos de ingresos sólidos en diversos segmentos de mercado.

Penske Automotive Group, Inc. (PAG) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con los principales fabricantes de automóviles

Penske Automotive Group mantiene asociaciones estratégicas con los siguientes fabricantes:

Fabricante	Número de concesionarios	Regiones geográficas
Mercedes-Benz	47	Estados Unidos, Reino Unido
BMW	39	Estados Unidos, Reino Unido
Porsche	22	Estados Unidos

Acuerdos de concesionario de franquicias

Penske Automotive Group opera concesionarios de franquicias en múltiples marcas:

• Conteo total del concesionario: 313 franquicias automotrices minoristas
• Marcas representadas: Mercedes-Benz, BMW, Porsche, Audi, Jaguar, Land Rover
• Cobertura geográfica: Estados Unidos, Reino Unido, Alemania

Financiamiento automotriz y asociaciones de seguros

Socio financiero	Tipo de colaboración	Volumen anual
Chase Auto Finance	Financiación de vehículos	$ 2.3 mil millones
Wells Fargo	Servicios de préstamo y arrendamiento	$ 1.8 mil millones

Asociaciones de solución de tecnología y servicio automotriz

• CDK Global: software de gestión de concesionarios
• Reynolds y Reynolds: tecnología minorista automotriz
• Gubagoo: plataformas de comunicación digital

Proveedores de piezas y servicios automotrices

Proveedor	Categoría de productos	Valor de suministro anual
Corporación LKQ	Piezas de repuesto	$ 175 millones
Compañía de partes genuinas	Componentes automotrices	$ 220 millones

Penske Automotive Group, Inc. (PAG) - Modelo de negocio: actividades clave

Ventas minoristas automotrices de vehículos nuevos y usados

En 2022, Penske Automotive Group reportó ingresos totales de $ 28.3 mil millones, con nuevas ventas de vehículos que representan una parte significativa de su negocio. La compañía opera 315 franquicias automotrices minoristas en los Estados Unidos e internacionalmente.

Segmento de ventas de vehículos	Rendimiento 2022
Unidades de vehículos nuevas vendidas	252,100 unidades
Unidades de vehículos usados ​​vendidos	217,800 unidades

Operaciones de servicio y mantenimiento de vehículos

Penske Automotive Group proporciona un servicio y mantenimiento integrales en su red de concesionario.

• Ingresos de servicio en 2022: $ 3.1 mil millones
• Número de bahías de servicio: aproximadamente 2,500
• Ingresos de servicio promedio por concesionario: $ 9.8 millones

Distribución de piezas y accesorios automotrices

La compañía mantiene una red robusta de distribución de piezas y accesorios en múltiples marcas y ubicaciones.

Métricas de distribución de piezas	Datos 2022
Ingresos del departamento de piezas	$ 1.2 mil millones
Centros de distribución de piezas	47 ubicaciones

Gestión de la flota y ventas de vehículos comerciales

Penske Automotive Group tiene un importante segmento de gestión de vehículos y flotas de vehículos y flotas.

• Ventas de vehículos comerciales: 38,500 unidades en 2022
• Servicios de gestión de flotas en múltiples sectores de la industria
• Ingresos de vehículos comerciales: $ 2.5 mil millones

Plataformas de ventas digitales y experiencia del cliente

La compañía ha invertido mucho en transformación digital y canales de ventas en línea.

Métricas de ventas digitales	Rendimiento 2022
Consultas de vehículos en línea	1.4 millones
Tasa de conversión de ventas digitales	22%
Descargas de aplicaciones móviles	350,000

Penske Automotive Group, Inc. (PAG) - Modelo de negocio: recursos clave

Extensa red de concesionarios automotrices

A partir de 2023, Penske Automotive Group opera 315 franquicias automotrices minoristas en todo Estados Unidos y Reino Unido.

Región geográfica	Número de concesionarios
Estados Unidos	242
Reino Unido	73

Relaciones de marca

Pag mantiene las relaciones con 25 fabricantes de automóviles premium, incluido:

• BMW
• Mercedes-Benz
• Porsche
• Audi
• Volkswagen

Tecnologías digitales

La inversión tecnológica en 2023 totalizó $ 87.4 millones para ventas digitales y plataformas de gestión de clientes.

Recursos humanos

Penske Automotive Group emplea 23,700 profesionales en sus operaciones globales.

Categoría de empleado	Porcentaje
Profesionales de ventas	45%
Técnicos de servicio	35%
Personal administrativo	20%

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 6.8 mil millones
• Equidad de los accionistas: $ 2.3 mil millones
• Efectivo y equivalentes de efectivo: $ 412 millones

Penske Automotive Group, Inc. (PAG) - Modelo de negocio: propuestas de valor

Soluciones de servicio y venta minorista automotriz y de servicio

En 2023, Penske Automotive Group operó 315 franquicias automotrices minoristas y 43 centros de reparación de colisiones en los Estados Unidos y el Reino Unido. Los ingresos totales para 2022 fueron de $ 24.5 mil millones.

Categoría de servicio	Número de ubicaciones	Volumen de servicio anual
Franquicias automotrices minoristas	315	1.2 millones de vehículos vendidos
Centros de reparación de colisiones	43	85,000 reparaciones anualmente

Amplia gama de marcas y modelos de vehículos

PAG representa 55 marcas automotrices en segmentos de lujo, premium y volumen.

• Marcas de lujo: BMW, Mercedes-Benz, Porsche
• Marcas premium: Audi, Jaguar, Land Rover
• Marcas de volumen: Chevrolet, Ford, Toyota

Servicio y soporte al cliente de alta calidad

Las calificaciones de satisfacción del cliente promediaron 4.7 de 5 en 2022, con una tasa de retención de clientes del 92%.

Experiaciones de compra multicanal convenientes

Canal de compra	Porcentaje de ventas
En la trastorno	65%
Plataforma en línea	25%
Aplicación móvil	10%

Opciones integradas de financiamiento y mantenimiento de vehículos

Los servicios financieros de PAG generaron $ 215 millones en ingresos en 2022, con el 48% de las compras de vehículos que involucran financiamiento interno.

• Cobertura de garantía extendida
• Opciones flexibles de arrendamiento y compra
• Planes de mantenimiento integrales

Penske Automotive Group, Inc. (PAG) - Modelo de negocios: relaciones con los clientes

Interacciones personalizadas de ventas y servicios

Penske Automotive Group mantiene 314 franquicias automotrices minoristas y 146 franquicias independientes en los Estados Unidos a partir de 2023. Clasificación promedio de satisfacción del cliente de 4.3/5 basada en métricas de rendimiento de la red de distribuidores.

Canal de interacción del cliente	Volumen de interacción anual
Consultas de concesionario en persona	1,245,000 interacciones
Consultas de ventas en línea	687,000 interacciones
Soporte telefónico	532,000 interacciones

Plataformas de participación de clientes digitales

Métricas de participación de la plataforma digital para 2023:

• Tráfico del sitio web: 22.6 millones de visitantes únicos
• Descargas de aplicaciones móviles: 1.3 millones
• Interacciones de configuración del vehículo en línea: 3.4 millones

Programas de fidelización e incentivos de clientes repetidos

Estadísticas del programa Penske Rewards:

Métrico de programa	2023 datos
Total de los miembros del programa	487,000
Tarifa de cliente repetida	37.2%
Descuento promedio de lealtad	$ 425 por transacción

Apoyo postventa integral

Métricas de rendimiento del departamento de servicio:

• Visitas anuales del centro de servicio: 2.1 millones
• Tiempo promedio de respuesta del servicio: 45 minutos
• Tasa de finalización del servicio de garantía: 96.7%

Servicios de precios y consulta transparentes

Iniciativas de transparencia de precios:

Función de transparencia de precios	Tasa de adopción del cliente
Herramientas de comparación de precios en línea	68.3%
Sistema instantáneo de cotizaciones en línea	52.7%
Modelo de precios sin haggle	41.5%

Penske Automotive Group, Inc. (PAG) - Modelo de negocio: canales

Ubicaciones de concesionario físico

Penske Automotive Group opera 315 franquicias automotrices minoristas y 33 centros de reparación de colisiones en los Estados Unidos y el Reino Unido a partir de 2023. Su red de concesionarios cubre 18 estados en los EE. UU. Y múltiples regiones en el Reino Unido.

Región	Número de concesionarios	Marcas automotrices representadas
Estados Unidos	285	BMW, Mercedes-Benz, Porsche, Audi
Reino Unido	30	Volkswagen, BMW, Mercedes-Benz

Plataformas de ventas en línea

Los canales de ventas digitales de Penske Automotive Group generados $ 1.2 mil millones en ingresos por ventas de vehículos en línea en 2022, que representa el 15.3% de los ingresos automotrices minoristas totales.

• Integración de plataforma digital con sitios web de fabricantes
• Búsqueda de inventario de vehículos en tiempo real
• Precalificación de financiamiento en línea
• Consultas de vehículos virtuales

Aplicación móvil para navegación de vehículos

La aplicación móvil de la compañía admite 285 ubicaciones de concesionario con Más de 250,000 usuarios mensuales activos.

Función de la aplicación móvil	Métrica de participación del usuario
Búsqueda de vehículos	78% de tasa de interacción del usuario
Servicio de programación	62% usuarios activos mensuales

Ventas por teléfono y soporte

Penske Automotive Group mantiene 24 centros de atención al cliente centralizados Manejo de aproximadamente 1,2 millones de interacciones de clientes anualmente.

Mercados automotrices de terceros

La compañía aprovecha las asociaciones con plataformas en línea como Cargurus, Autotrader y Cars.com, generando $ 185 millones en ingresos por ventas indirectas en 2022.

Plataforma de mercado	Generación de leads anual	Tasa de conversión
Carguero	87,500 cables	12.4%
Autotradante	65,300 cables	9.7%

Penske Automotive Group, Inc. (PAG) - Modelo de negocio: segmentos de clientes

Consumidores de vehículos individuales

En 2023, Penske Automotive Group atendió aproximadamente 1,3 millones de consumidores de vehículos individuales en múltiples marcas automotrices. La compañía opera 315 franquicias automotrices minoristas que representan 54 marcas diferentes en los Estados Unidos y el Reino Unido.

Características del segmento de clientes	Penetración del mercado
Rango de edad 25-54	62% de los consumidores individuales
Ingresos familiares promedio	$85,000 - $125,000
Compras anuales de vehículos	Aproximadamente 380,000 unidades

Operadores de flota comercial

Penske Automotive Group genera $ 2.4 mil millones en ventas de flotas comerciales anualmente. La compañía atiende diversos segmentos comerciales que incluyen:

• Compañías de transporte
• Proveedores de logística
• Empresas de servicios
• Empresas de construcción

Segmento de flota	Volumen de ventas anual
Flotas de pequeñas empresas	$ 750 millones
Flotas de empresas medianas	$ 1.2 mil millones
Grandes flotas corporativas	$ 450 millones

Entusiastas de los vehículos de lujo

El segmento de vehículos de lujo representa el 35% del total de ventas automotrices de Penske, con marcas como Mercedes-Benz, BMW y Porsche. Precio promedio de transacción de vehículos de lujo: $ 78,500.

Marca de lujo	Volumen de ventas anual
Mercedes-Benz	52,400 unidades
BMW	47,600 unidades
Porsche	15,200 unidades

Dueños de negocios pequeños a medianos

El segmento de negocios pequeños a medianos genera $ 1.8 mil millones en ventas anuales de vehículos automotrices y comerciales.

• Compra promedio del vehículo: $ 42,000
• Industrias primarias atendidas: construcción, servicios, operaciones
• Tasa de reemplazo anual de vehículos: 22%

Compradores de flota corporativa y gubernamental

Las ventas de flota corporativa y gubernamental totalizaron $ 680 millones en 2023, con 28,500 vehículos entregados.

Tipo de flota	Volumen de ventas anual
Flotas corporativas	$ 480 millones
Flotas gubernamentales	$ 200 millones

Penske Automotive Group, Inc. (PAG) - Modelo de negocio: Estructura de costos

Adquisición y gestión de inventario

Para el año fiscal 2022, Penske Automotive Group informó costos totales de inventario de $ 4.87 mil millones. La adquisición de inventario de vehículos representa una parte significativa de los gastos operativos de la compañía.

Categoría de inventario	Costo anual (2022)	Porcentaje de costos de inventario total
Inventario nuevo de vehículos	$ 2.63 mil millones	54%
Inventario de vehículos usados	$ 1.54 mil millones	31.6%
Piezas y accesorios	$ 700 millones	14.4%

Gastos operativos del concesionario

En 2022, los gastos operativos totales de concesionario de PAG fueron de aproximadamente $ 1.2 mil millones, lo que incluye:

• Mantenimiento y alquiler de la instalación: $ 340 millones
• Utilidades: $ 87 millones
• Costos de seguro: $ 65 millones
• Suministros operativos: $ 42 millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con los empleados para 2022 fueron de $ 1.56 mil millones, desglosados ​​de la siguiente manera:

Categoría de gastos de los empleados	Costo anual
Salarios base	$ 1.24 mil millones
Capacitación y desarrollo	$ 52 millones
Beneficios y compensación	$ 264 millones

Marketing y publicidad

Los gastos de marketing para Penske Automotive Group en 2022 totalizaron $ 187 millones, distribuidos en varios canales:

• Marketing digital: $ 76 millones
• Publicidad de medios tradicional: $ 58 millones
• Marketing de eventos: $ 33 millones
• Marketing en relación con el cliente: $ 20 millones

Tecnología e inversiones en infraestructura digital

Las inversiones tecnológicas para 2022 ascendieron a $ 94 millones, que incluyen:

Categoría de inversión tecnológica	Gasto anual
Desarrollo de plataforma digital	$ 42 millones
Infraestructura de ciberseguridad	$ 22 millones
Sistemas de gestión de clientes	$ 18 millones
Herramientas de análisis de datos	$ 12 millones

Penske Automotive Group, Inc. (PAG) - Modelo de negocios: flujos de ingresos

Venta de vehículos nuevos

En 2022, Penske Automotive Group reportó nuevos ingresos por vehículos de $ 23.5 mil millones. La compañía vende vehículos en múltiples marcas, incluidas Mercedes-Benz, BMW, Porsche y otros fabricantes de automóviles de lujo y premium.

Categoría de vehículos	Ingresos (2022)	Cuota de mercado
Vehículos de lujo	$ 16.2 mil millones	68.9%
Vehículos premium	$ 7.3 mil millones	31.1%

Venta de vehículos usados

Las ventas de vehículos usados ​​generaron $ 8.7 mil millones en ingresos para Penske Automotive Group en 2022, lo que representa una porción significativa de las ventas automotrices totales.

Categoría de vehículos usados	Ingresos (2022)	Precio medio
Certificado de propiedad de propiedad	$ 4.5 mil millones	$35,600
Vehículos usados ​​estándar	$ 4.2 mil millones	$22,500

Ingresos de servicio y mantenimiento

Los ingresos por servicio y mantenimiento alcanzaron los $ 3.9 mil millones en 2022, con un ingreso de servicio promedio por vehículo de $ 620.

• Servicio de garantía: $ 1.4 mil millones
• Mantenimiento programado: $ 1.2 mil millones
• Servicios de reparación: $ 1.3 mil millones

Ventas de piezas y accesorios

Las ventas de piezas y accesorios totalizaron $ 2.1 mil millones en 2022.

Categoría de piezas	Ingresos (2022)
Piezas del fabricante de equipos originales (OEM)	$ 1.6 mil millones
Piezas del mercado de accesorios	$ 500 millones

Comisiones de financiamiento y seguros

Las comisiones de financiamiento y seguros generaron $ 675 millones en ingresos para Penske Automotive Group en 2022.

• Comisiones de financiamiento de vehículos: $ 425 millones
• Comisiones de garantía extendida: $ 180 millones
• Comisiones de productos de seguro: $ 70 millones

Penske Automotive Group, Inc. (PAG) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Penske Automotive Group, Inc. (PAG) over the competition as of late 2025. It's about convenience, brand access, and the sticky, high-margin service business.

One-stop-shop convenience for sales, service, and financing is a key draw, evidenced by the diversified gross profit streams. For the nine months ended September 30, 2025, total retail automotive gross profit was $3.3 billion, up 3% year-over-year. This profit base comes from several areas working together.

The service and parts segment is definitely a financial anchor, showing strong customer loyalty. Retail Automotive Service and Parts revenue hit a quarterly record of $818.3 million in the third quarter of 2025. For that same quarter, same-store Service and Parts revenue increased 5%, and same-store related Gross Profit was up 7%. This recurring revenue stream helps stabilize results when unit sales fluctuate.

Access to a diverse mix of premium and luxury automotive brands is a major differentiator. Penske Automotive Group, Inc. operates dealerships for over 40 brands, including luxury names like BMW, Audi, Porsche, and Ferrari. The company completed the acquisition of a Ferrari dealership in Italy in July 2025, which is expected to add annualized revenue.

Here's a look at how the gross profit is diversified across the automotive retail operations for the three months ended September 30, 2025, compared to the same period in 2024:

Gross Profit Segment	Q3 2025 (vs Q3 2024)
New Vehicle Same-Store Gross Profit	Decreased 4%
Used Vehicle Same-Store Gross Profit	Increased 8%
Finance & Insurance Same-Store Gross Profit	Decreased 2%
Service & Parts Same-Store Gross Profit	Increased 9%

High-quality, reliable aftermarket service driving customer retention is clearly supported by the numbers. The focus on service gross profit growth, up 9% same-store in Q3 2025, shows customers are returning for maintenance and repairs, which is a strong indicator of satisfaction with the aftermarket offering. This contrasts with new vehicle same-store gross profit, which decreased 4% in the same period.

Geographic diversification across the US, UK, Europe, and Australia provides a cushion against regional market softness. For the twelve months ended December 31, 2024, the geographic revenue mix for retail automotive dealerships was:

• North America: 60.1%
• U.K.: 30.6%
• Other International: 9.3%

By the second quarter of 2025, the geographic revenue mix shifted slightly, with North America at 61.8% and the U.K. at 27.2% of revenue.

The focus on newer used vehicles (1-4 years old) for enhanced margins is part of a strategic refinement, especially internationally. In the second quarter of 2025, used units delivered decreased 3% in the U.S. but dropped 27% internationally. This international drop was largely due to the realignment of U.K. used-only dealerships to Sytner Select, which focuses on retailing fewer units at better margin and lower costs.

Penske Automotive Group, Inc. (PAG) - Canvas Business Model: Customer Relationships

High-touch, personalized service model at physical dealerships

Retail automotive service and parts revenue reached a quarterly record of $818.3 million for the third quarter of 2025. Same-store retail automotive revenue increased 5% for the third quarter of 2025. For the first quarter of 2025, same-store retail automotive service and parts revenue increased 4%. The company grew same-store retail automotive new units delivered by 4% in Q3 2025.

The focus on aftersales is clear in the growth figures:

• Retail Automotive Same-Store Service and Parts Revenue increased 5% in Q3 2025.
• Retail Automotive Same-Store Service and Parts Gross Profit increased 8% in Q3 2025.
• For the six months ended June 30, 2025, same-store service & parts revenue increased 7%.
• For the six months ended June 30, 2025, same-store service & parts gross profit increased 9%.

Here's the quick math on the service and parts performance for the nine months ended September 30, 2025, compared to the same period in 2024:

Metric	Q3 2025 Performance	Nine Months Ended Sept 30, 2025 Performance
Same-Store Service & Parts Revenue Change	Up 5%	Not explicitly stated
Same-Store Service & Parts Gross Profit Change	Up 8%	Not explicitly stated
U.S. Retail Automotive Service & Parts Gross Margin Change	Increased 110 basis points	Not explicitly stated
Same-Store Retail Automotive Service & Parts Gross Margin	59.1%	Not explicitly stated

Building long-term loyalty through superior service and parts quality

The commitment to quality in the service and parts segment directly impacts profitability. For U.S. retail automotive operations in Q3 2025, the service and parts gross margin increased 110 basis points. The same-store retail automotive service and parts gross margin reached 59.1% in Q3 2025. This focus helped drive same-store retail automotive gross profit up 3% for the first quarter of 2025. The overall leverage ratio for Penske Automotive Group, Inc. improved to 1.0x as of October 24, 2025, down from 1.2x at March 31, 2025. The company also repurchased 1,086,560 shares of common stock through October 24, 2025.

Dedicated contract maintenance for commercial truck fleet customers

Penske Transportation Solutions (PTS), in which Penske Automotive Group has a 28.9% ownership interest, is a key provider here. As of the second quarter of 2025, PTS operated a managed fleet with over 414,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Earnings attributable to Penske Automotive Group from PTS for the third quarter of 2025 were $58.5 million. For the nine months ended September 30, 2025, the earnings from PTS were $145.1 million. Premier Truck Group operated 45 North American retail commercial truck locations as of June 30, 2025.

Digital tools for online inventory, service scheduling, and sales leads

Penske Truck Leasing highlights its digital experience with specific tools. These include the Fleet Insight${\text{TM}}$ and Penske Driver${\text{TM}}$ applications. The company is also deploying Catalyst AI${\text{TM}}$ technology to revolutionize fleet management and performance. For used vehicle sales, Penske Automotive Group utilizes a jointly developed platform powered by Cox Automotive's artificial intelligence retail technology, "Esntial" Commerce, which allows for personalized monthly payments based on a consumer's risk profile. This platform enables consumers to complete and sign deal paperwork online.

Penske Automotive Group, Inc. (PAG) - Canvas Business Model: Channels

You're looking at how Penske Automotive Group, Inc. (PAG) gets its products and services to customers across its global footprint. It's a mix of physical locations, specialized commercial truck centers, and digital touchpoints.

Physical retail automotive dealerships across multiple continents form the backbone. As of October 31, 2025, Penske Automotive Group, Inc. operated 202 retail automotive dealers in the United States alone. This physical network spans several countries, including the United States, the United Kingdom, Canada, Germany, Italy, and Japan. To give you a sense of the U.S. concentration, California had 34 of those locations as of that date.

Here's a snapshot of where the physical retail presence is concentrated, based on the latest available data:

Geographic Area	Channel Type	Latest Reported Count/Metric (2025)
United States	Retail Automotive Dealerships (as of Oct 31, 2025)	202 locations
United States	Premier Truck Group Locations (as of Sep 30, 2025)	45 North American retail commercial truck locations
International (UK, Germany, Italy, Japan, Canada, Australia)	Retail Automotive Dealerships	Operates across these regions

The Premier Truck Group's network for commercial vehicle sales and service is a distinct channel focusing on heavy-duty and medium-duty trucks. As of September 30, 2025, this group maintained 45 North American retail commercial truck locations. This segment serves as a critical channel for commercial fleet customers needing sales, parts, and service.

For the three months ending September 30, 2025, Premier Truck Group retailed 5,108 new and used trucks. That's a direct measure of volume moving through this specialized channel.

Online platforms for vehicle search and initial sales engagement are used to drive traffic to the physical locations. While the company operates digitally, specific 2025 financial data detailing the revenue or unit volume directly attributable to the initial online engagement channel isn't publicly itemized in the reports I have access to. Still, the digital front door is essential for modern lead generation.

Finally, the commercial vehicle distribution in Australia and New Zealand operates as a separate distribution channel for commercial vehicles, engines, power systems, and related parts. Penske Australia & New Zealand is a leading supplier in this region. The estimated annualized revenue for this specific distribution arm was reported around $549.6M, supported by over 1,300 employees across the two countries.

The company uses these channels to push its offerings:

• Distribute new and used vehicles through franchised dealerships.
• Provide full-service commercial truck sales, parts, and service via Premier Truck Group.
• Distribute heavy-duty trucks, engines, and power systems in Australia and New Zealand.

Finance: draft the Q4 2025 channel efficiency report by end of January 2026.

Penske Automotive Group, Inc. (PAG) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Penske Automotive Group, Inc. (PAG) serves, which is key to understanding their revenue generation, especially given their global footprint across the U.S., U.K., Australia, Germany, Italy, and Japan.

Affluent consumers purchasing premium and luxury vehicles represent a significant portion of the retail automotive business. The company strategically focuses here, as over 90% of retail automotive revenue is derived from luxury and import names. This focus is reinforced by strategic moves, such as the July 2025 acquisition of a Ferrari dealership in Modena, Italy, which bolstered their luxury presence to a total of 29 Ferrari locations across Italy. For the nine months ended September 30, 2025, total revenue reached a record of $23.0 billion.

Commercial businesses and fleets requiring heavy-duty trucks and service are served primarily through Premier Truck Group and the equity investment in Penske Transportation Solutions (PTS). As of September 30, 2025, Premier Truck Group operated 45 North American retail commercial truck locations. While the freight market weakness impacted this segment, Q3 2025 retail unit sales for commercial trucks were 5,108 units, and the segment recorded earnings before taxes of $41.5 million for that quarter. PTS, in which Penske Automotive Group holds a 28.9% ownership interest, operates a managed fleet with over 405,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts.

Value-conscious buyers of certified pre-owned and used vehicles are a crucial segment, balancing the new vehicle market. For the third quarter of 2025, same-store used vehicle revenue grew by 8%, and same-store used vehicle gross profit increased by 6%, showing strong margin capture in this area. The company operates 16 used-vehicle stores, mostly in the U.S. The nine-month period ending September 30, 2025, saw total new units delivered increase by 1%, while used units delivered decreased by 5% for the same nine-month period.

Existing vehicle owners needing high-margin service and parts provide a stable, high-margin revenue stream that cushions against sales volatility. This segment showed strength across the first three quarters of 2025. For Q3 2025, same-store service and parts revenue grew by 5%, and the related gross profit grew by 8%. The same-store service and parts gross margin for Q3 2025 stood at 59.1%. For the first six months of 2025, same-store service & parts gross profit increased by 9%.

Here's a look at some key performance indicators across the automotive retail segments for the third quarter of 2025 compared to the prior year period:

Metric	New Vehicle Performance	Used Vehicle Performance	Service & Parts Performance
Same-Store Units Delivered	Increased 4%	Increased 8%	N/A (Revenue/Profit focus)
Same-Store Revenue Change	Increased 4%	Increased 8%	Increased 5%
Same-Store Gross Profit Change	Decreased 5%	Increased 6%	Increased 8%

The company's overall structure supports these varied customer needs through its extensive physical presence, which includes over 150 U.S. and Puerto Rico light-vehicle stores and 210 franchised dealerships overseas as of late 2025. The diversification of gross profit across new/used vehicles, service/parts, and finance/insurance is a deliberate strategy to serve these different customer groups effectively.

You can see the relative importance of the service and parts segment in the overall retail automotive gross profit structure:

• Retail Automotive Same-Store Service and Parts Gross Margin (Q3 2025): 59.1%
• Retail Automotive Same-Store Service and Parts Revenue Growth (Q2 2025): +7%
• Retail Automotive Same-Store Service and Parts Gross Profit Growth (Q3 2025): +8%

Finance: draft 13-week cash view by Friday.

Penske Automotive Group, Inc. (PAG) - Canvas Business Model: Cost Structure

The Cost Structure for Penske Automotive Group, Inc. is heavily weighted toward the direct costs of vehicle sales and the fixed/semi-fixed costs associated with maintaining a large physical footprint and significant inventory financing.

High cost of goods sold (vehicle inventory acquisition) represents the single largest cost component, as is typical for a retailer. While specific 2025 Cost of Sales data is not fully detailed across the required quarters, the fourth quarter of 2024 provides context, with Cost of Sales reported at $6,459.1 million for that quarter alone. This cost is directly tied to vehicle acquisition, whether through manufacturer purchases or used vehicle sourcing.

Selling, General, and Administrative (SG&A) expenses are managed as a variable cost relative to gross profit. For the second quarter of 2025, Penske Automotive Group reported that SG&A expenses were 69.9% of gross profit, which represented an improvement of 30 basis points year-over-year, showing cost discipline in that area. This ratio is a key metric for managing overhead relative to sales performance.

Personnel costs are a significant driver within SG&A, encompassing technician wages and benefits, which are crucial for the high-margin Service & Parts segment. As of late 2025, compensation data suggests significant investment in skilled labor. For example, the average hourly pay for a Penske Technician in Michigan was estimated around $23.56 per hour, with a typical range between $20.10 and $27.02 per hour. In Ohio, the average was slightly higher at $25.70 per hour.

Real estate operating lease costs are a substantial fixed overhead. For the first quarter of 2025, the reported Operating lease cost was $69.0 million. This figure is net of sublease income, which for Q1 2025 was $4.4 million.

Interest expense on floor plan financing for vehicle inventory fluctuates based on inventory levels and prevailing interest rates. This is a critical variable cost directly linked to the cost of carrying the high-value vehicle inventory. The actual expense varied across the first three quarters of 2025:

Period	Floor Plan Interest Expense (Millions USD)
Q1 2025	($41.5)
Q2 2025	($43.3)
Q3 2025	($42.9)

The company also incurs Other Interest Expense, which relates to non-floor plan debt. For Q2 2025, this was ($21.6) million, and for Q1 2025, it was ($22.5) million.

You can see how these major cost buckets interact:

• Cost of Sales (Vehicle Acquisition) is the largest absolute cost.
• SG&A is managed as a percentage of gross profit, aiming for improvement below the 69.9% mark seen in Q2 2025.
• Personnel costs are embedded within SG&A, with technician wages showing rates in the mid-twenties per hour.
• Real estate is a significant fixed cost, with Q1 2025 operating lease cost at $69.0 million.
• Floor plan interest expense is a direct financing cost, hovering around $41 million to $43 million per quarter in the first half of 2025.

Finance: draft 13-week cash view by Friday.

Penske Automotive Group, Inc. (PAG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Penske Automotive Group, Inc. (PAG) brings in money as of late 2025. It's a mix of high-volume vehicle sales and sticky, high-margin recurring services.

The primary engine remains the sale of new and used vehicles through its franchised dealer network. For the nine months ended September 30, 2025, this segment delivered a record total retail automotive revenue of $19.7 billion, marking a 1% increase over the prior year period, with same-store revenue up 2%.

Service and Parts is a critical component, providing a stable, high-margin offset to vehicle transaction volatility. For the third quarter of 2025, this stream hit a quarterly record, pulling in $818.3 million in revenue. This was supported by same-store service and parts revenue growth of 5% in Q3 2025.

The Commercial Truck segment, operating under Premier Truck Group, also contributes significantly, though it faced headwinds from the North American freight market weakness. For the nine months ended September 30, 2025, Retail Commercial Truck sales and service revenue was $2.69 billion, down 2% year-over-year.

Here's a quick look at the key revenue components for the first nine months of 2025 compared to the prior year period:

Revenue Stream	9M 2025 Amount	9M 2025 vs. 9M 2024 Change
Total Retail Automotive Revenue	$19.7 billion	+1%
Retail Commercial Truck Revenue	$2.69 billion	-2%
Total Company Revenue (All Segments)	$23.0 billion	+1%

Another important, though smaller, revenue stream comes from the equity method accounting for its stake in Penske Transportation Solutions (PTS). For the first half of 2025 (H1 2025), Penske Automotive Group recorded $86.7 million in equity earnings from PTS.

Finance and Insurance (F&I) product sales and commissions are embedded within the retail automotive revenue but represent a distinct, high-margin source. For Q3 2025, same-store F&I revenue saw a 4% increase.

You can see the diversification helps smooth out the results. The company is clearly leaning on its fixed operations:

• Same-store retail auto gross profit increased 3% in 9M 2025.
• Same-store service and parts gross profit increased 3% in 9M 2025.
• U.S. retail auto operations saw fixed cost absorption improve by 380 basis points in Q3 2025.

Finance: draft 13-week cash view by Friday.