Penske Automotive Group, Inc. (PAG): Business Model Canvas [Jan-2025 Mis à jour]

Penske Automotive Group, Inc. (PAG) est une puissance dynamique dans le paysage de la vente au détail automobile, naviguant stratégiquement à l'intersection complexe des ventes, du service et de l'expérience client. Avec un modèle commercial innovant qui couvre plusieurs marques, régions et segments de clients, PAG a transformé la vente au détail automobile traditionnelle en tirant parti des partenariats stratégiques, des plateformes numériques de pointe et une approche complète des solutions de mobilité. Des amateurs de véhicules de luxe aux opérateurs de flotte commerciale, la toile commerciale complexe de la société révèle un écosystème sophistiqué conçu pour offrir une valeur exceptionnelle, des interactions client transparentes et des sources de revenus robustes à travers divers segments de marché.

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les principaux constructeurs automobiles

Penske Automotive Group entretient des partenariats stratégiques avec les fabricants suivants:

Fabricant	Nombre de concessionnaires	Régions géographiques
Mercedes-Benz	47	États-Unis, Royaume-Uni
BMW	39	États-Unis, Royaume-Uni
Porsche	22	États-Unis

Accords de concessionnaires de franchise

Penske Automotive Group exploite des concessionnaires de franchise sur plusieurs marques:

• Compte total de concessionnaires: 313 franchises automobiles au détail
• Marques représentées: Mercedes-Benz, BMW, Porsche, Audi, Jaguar, Land Rover
• Couverture géographique: États-Unis, Royaume-Uni, Allemagne

Financement automobile et partenariats d'assurance

Partenaire financier	Type de collaboration	Volume annuel
Chase Auto Finance	Financement des véhicules	2,3 milliards de dollars
Wells Fargo	Services de prêt et de location	1,8 milliard de dollars

Partenariats de la technologie et des solutions de service automobile

• CDK Global: logiciel de gestion des concessionnaires
• Reynolds et Reynolds: technologie de vente au détail automobile
• Gubagoo: plateformes de communication numérique

Pièces automobiles et fournisseurs de services

Fournisseur	Catégorie de produits	Valeur de l'offre annuelle
LKQ Corporation	Pièces de rechange	175 millions de dollars
Société de pièces authentiques	Composants automobiles	220 millions de dollars

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: Activités clés

Ventes de détail automobile de véhicules nouveaux et d'occasion

En 2022, Penske Automotive Group a déclaré un chiffre d'affaires total de 28,3 milliards de dollars, les nouveaux ventes de véhicules représentant une partie importante de leur entreprise. La société exploite 315 franchises automobiles de détail aux États-Unis et à l'étranger.

Segment des ventes de véhicules	2022 Performance
Nouvelles unités de véhicules vendus	252 100 unités
Unités de véhicules d'occasion vendues	217 800 unités

Opérations de service et d'entretien des véhicules

Penske Automotive Group fournit un service et une maintenance complets sur son réseau de concessionnaires.

• Revenus de service en 2022: 3,1 milliards de dollars
• Nombre de baies de service: environ 2 500
• Revenus de service moyen par concessionnaire: 9,8 millions de dollars

Distribution des pièces et accessoires automobiles

La société maintient un réseau de distribution de pièces et d'accessoires robuste sur plusieurs marques et emplacements.

Métriques de distribution de pièces	2022 données
Revenus du département des pièces	1,2 milliard de dollars
Centres de distribution de pièces	47 emplacements

Gestion de la flotte et ventes de véhicules commerciaux

Penske Automotive Group possède un segment de gestion commerciale et de flotte commerciale importante.

• Ventes de véhicules commerciaux: 38 500 unités en 2022
• Services de gestion de la flotte dans plusieurs secteurs industriels
• Revenus de véhicules commerciaux: 2,5 milliards de dollars

Plateformes de vente numérique et d'expérience client

La société a investi massivement dans la transformation numérique et les canaux de vente en ligne.

Métriques de vente numérique	2022 Performance
Demandes de véhicules en ligne	1,4 million
Taux de conversion des ventes numériques	22%
Téléchargements d'applications mobiles	350,000

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: Ressources clés

Réseau étendu de concessionnaires automobiles

En 2023, le groupe automobile Penske fonctionne 315 franchises automobiles au détail à travers les États-Unis et le Royaume-Uni.

Région géographique	Nombre de concessionnaires
États-Unis	242
Royaume-Uni	73

Relations de marque

PAG entretient des relations avec 25 constructeurs automobiles premium, y compris:

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

Technologies numériques

L'investissement technologique en 2023 a totalisé 87,4 millions de dollars Pour les plates-formes de vente numérique et de gestion des clients.

Ressources humaines

Penske Automotive Group utilise 23 700 professionnels à travers ses opérations mondiales.

Catégorie des employés	Pourcentage
Professionnels des ventes	45%
Techniciens de service	35%
Personnel administratif	20%

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actif total: 6,8 milliards de dollars
• Présentation des actionnaires: 2,3 milliards de dollars
• Equivalents en espèces et en espèces: 412 millions de dollars

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: propositions de valeur

Solutions complètes de vente au détail et de service automobile

En 2023, Penske Automotive Group a exploité 315 franchises automobiles de détail et 43 centres de réparation de collision à travers les États-Unis et le Royaume-Uni. Le chiffre d'affaires total pour 2022 était de 24,5 milliards de dollars.

Catégorie de service	Nombre d'emplacements	Volume de services annuel
Franchises automobiles au détail	315	1,2 million de véhicules vendus
Centres de réparation de collision	43	85 000 réparations par an

Large gamme de marques et de modèles de véhicules

PAG représente 55 marques automobiles dans les segments de luxe, de prime et de volume.

• Marques de luxe: BMW, Mercedes-Benz, Porsche
• Marques premium: Audi, Jaguar, Land Rover
• Marques de volume: Chevrolet, Ford, Toyota

Service client et support de haute qualité

Les cotes de satisfaction des clients étaient en moyenne de 4,7 sur 5 en 2022, avec un taux de rétention de la clientèle à 92%.

Expériences d'achat multicanaux pratiques

Canal d'achat	Pourcentage de ventes
En désaccord	65%
Plate-forme en ligne	25%
Application mobile	10%

Options de financement intégré et d'entretien des véhicules

Les services financiers de PAG ont généré 215 millions de dollars de revenus en 2022, avec 48% des achats de véhicules impliquant un financement interne.

• Couverture de garantie prolongée
• Options de location et d'achat flexibles
• Plans de maintenance complètes

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: relations avec les clients

Interactions de vente et de service personnalisées

Penske Automotive Group entretient 314 franchises automobiles de détail et 146 franchises indépendantes à travers les États-Unis en 2023. Évaluation moyenne de satisfaction du client de 4,3 / 5 sur la base des métriques de performance du réseau de concessionnaires.

Canal d'interaction client	Volume d'interaction annuel
Consultations de concessionnaires en personne	1 245 000 interactions
Consultations en ligne	687 000 interactions
Support téléphonique	532 000 interactions

Plates-formes de fiançailles clients numériques

Métriques d'engagement de la plate-forme numérique pour 2023:

• Trafic de site Web: 22,6 millions de visiteurs uniques
• Téléchargements d'applications mobiles: 1,3 million
• Interactions de configuration du véhicule en ligne: 3,4 millions

Programmes de fidélité et incitations aux clients répétés

Statistiques du programme Penske Rewards:

Métrique du programme	2023 données
Total des membres du programme	487,000
Tarif client répété	37.2%
Remise de fidélité moyenne	425 $ par transaction

Support complet après-vente

Métriques de performance du service des services:

• Visites du centre de service annuel: 2,1 millions
• Temps de réponse moyen du service: 45 minutes
• Taux d'achèvement du service de garantie: 96,7%

Services de tarification et de consultation transparentes

Initiatives de transparence des prix:

Fonctionnement de transparence des prix	Taux d'adoption des clients
Outils de comparaison de prix en ligne	68.3%
Système de devis instantané en ligne	52.7%
Modèle de tarification sans foyer	41.5%

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: canaux

Lieux de concessionnaires physiques

Penske Automotive Group exploite 315 franchises automobiles de détail et 33 centres de réparation de collision à travers les États-Unis et le Royaume-Uni à partir de 2023. Leur réseau de concessionnaires couvre 18 États aux États-Unis et dans plusieurs régions au Royaume-Uni.

Région	Nombre de concessionnaires	Marques automobiles représentées
États-Unis	285	BMW, Mercedes-Benz, Porsche, Audi
Royaume-Uni	30	Volkswagen, BMW, Mercedes-Benz

Plateformes de vente en ligne

Les canaux de vente numériques de Penske Automotive Group générés 1,2 milliard de dollars de revenus de ventes de véhicules en ligne en 2022, représentant 15,3% du total des revenus automobiles au détail.

• Intégration de la plate-forme numérique avec les sites Web du fabricant
• Recherche d'inventaire des véhicules en temps réel
• Financement en ligne pré-qualification
• Consultations de véhicules virtuels

Application mobile pour la navigation de véhicule

L'application mobile de la société prend en charge 285 lieux de concession Plus de 250 000 utilisateurs mensuels actifs.

Fonctionnalité d'application mobile	Métrique de l'engagement de l'utilisateur
Recherche de véhicules	Taux d'interaction de 78%
Service de planification	62% utilisateurs actifs mensuels

Ventes téléphoniques et assistance

Penske Automotive Group maintient 24 centres de support client centralisé gérer environ 1,2 million d'interactions client par an.

Marchés automobiles tiers

L'entreprise tire parti des partenariats avec des plateformes en ligne comme Cargurus, Autotrader et Cars.com, générant 185 millions de dollars de revenus de ventes indirects en 2022.

Plateforme de marché	Génération de leads annuelle	Taux de conversion
Cargurus	87 500 pistes	12.4%
Autotrade	65 300 pistes	9.7%

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: segments de clientèle

Consommateurs de véhicules individuels

En 2023, Penske Automotive Group a servi environ 1,3 million de consommateurs de véhicules individuels sur plusieurs marques automobiles. La société exploite 315 franchises automobiles de détail représentant 54 marques différentes aux États-Unis et au Royaume-Uni.

Caractéristiques du segment de la clientèle	Pénétration du marché
Tranche d'âge de 25 à 54 ans	62% des consommateurs individuels
Revenu médian des ménages	$85,000 - $125,000
Achats annuels des véhicules	Environ 380 000 unités

Opérateurs de flotte commerciale

Penske Automotive Group génère 2,4 milliards de dollars de ventes de flotte commerciale par an. La société sert divers segments commerciaux, notamment:

• Sociétés de transport
• Fournisseurs de logistique
• Entreprises de services
• Sociétés de construction

Segment de la flotte	Volume des ventes annuelles
Flottes de petites entreprises	750 millions de dollars
Flavages moyens d'entreprise	1,2 milliard de dollars
Grandes flottes d'entreprise	450 millions de dollars

Antariens de véhicules de luxe

Le segment des véhicules de luxe représente 35% des ventes automobiles totales de Penske, avec des marques comme Mercedes-Benz, BMW et Porsche. Prix ​​de transaction de véhicule de luxe moyen: 78 500 $.

Marque de luxe	Volume des ventes annuelles
Mercedes-Benz	52 400 unités
BMW	47 600 unités
Porsche	15 200 unités

Propriétaires d'entreprises petites et moyennes

Le segment des petites et moyennes entreprises génère 1,8 milliard de dollars de ventes annuelles de véhicules automobiles et commerciaux.

• Achat moyen du véhicule: 42 000 $
• Industries primaires servies: construction, services, métiers
• Taux de remplacement annuel du véhicule: 22%

Acheteurs de flotte d'entreprise et de gouvernement

Les ventes de flotte d'entreprise et de gouvernement ont totalisé 680 millions de dollars en 2023, avec 28 500 véhicules livrés.

Type de flotte	Volume des ventes annuelles
Flottes d'entreprise	480 millions de dollars
Flottes du gouvernement	200 millions de dollars

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: Structure des coûts

Acquisition et gestion des stocks

Pour l'exercice 2022, Penske Automotive Group a déclaré des coûts d'inventaire total de 4,87 milliards de dollars. L'acquisition des stocks de véhicules représente une partie importante des dépenses opérationnelles de la société.

Catégorie d'inventaire	Coût annuel (2022)	Pourcentage du total des coûts d'inventaire
Nouvel inventaire de véhicules	2,63 milliards de dollars	54%
Inventaire des véhicules d'occasion	1,54 milliard de dollars	31.6%
Pièces et accessoires	700 millions de dollars	14.4%

Dépenses opérationnelles de concession

En 2022, les dépenses opérationnelles du concessionnaire total de PAG étaient d'environ 1,2 milliard de dollars, ce qui comprend:

• Entretien et loyer des installations: 340 millions de dollars
• Services publics: 87 millions de dollars
• Coûts d'assurance: 65 millions de dollars
• Fournitures opérationnelles: 42 millions de dollars

Salaires et formation des employés

Les dépenses totales liées aux employés pour 2022 étaient de 1,56 milliard de dollars, ventilées comme suit:

Catégorie de dépenses des employés	Coût annuel
Salaires de base	1,24 milliard de dollars
Formation et développement	52 millions de dollars
Avantages et compensation	264 millions de dollars

Marketing et publicité

Les dépenses de marketing pour Penske Automotive Group en 2022 ont totalisé 187 millions de dollars, distribué sur divers canaux:

• Marketing numérique: 76 millions de dollars
• Publicité médiatique traditionnelle: 58 millions de dollars
• Marketing d'événements: 33 millions de dollars
• Marketing de la relation client: 20 millions de dollars

Investissements technologiques et infrastructures numériques

Les investissements technologiques pour 2022 s'élevaient à 94 millions de dollars, notamment:

Catégorie d'investissement technologique	Dépenses annuelles
Développement de plate-forme numérique	42 millions de dollars
Infrastructure de cybersécurité	22 millions de dollars
Systèmes de gestion des clients	18 millions de dollars
Outils d'analyse de données	12 millions de dollars

Penske Automotive Group, Inc. (PAG) - Modèle d'entreprise: Strots de revenus

Ventes de véhicules neufs

En 2022, Penske Automotive Group a enregistré un nouveau chiffre d'affaires de véhicules de 23,5 milliards de dollars. L'entreprise vend des véhicules sur plusieurs marques, notamment Mercedes-Benz, BMW, Porsche et d'autres constructeurs automobiles de luxe et premium.

Catégorie de véhicules	Revenus (2022)	Part de marché
Véhicules de luxe	16,2 milliards de dollars	68.9%
Véhicules premium	7,3 milliards de dollars	31.1%

Ventes de véhicules d'occasion

Les ventes de véhicules d'occasion ont généré 8,7 milliards de dollars de revenus pour Penske Automotive Group en 2022, ce qui représente une partie importante des ventes automobiles totales.

Catégorie de véhicule d'occasion	Revenus (2022)	Prix ​​moyen
D'occasion certifiée	4,5 milliards de dollars	$35,600
Véhicules d'occasion standard	4,2 milliards de dollars	$22,500

Revenus de service et de maintenance

Les revenus de service et d'entretien ont atteint 3,9 milliards de dollars en 2022, avec un chiffre d'affaires moyen par véhicule de 620 $.

• Service de garantie: 1,4 milliard de dollars
• Maintenance planifiée: 1,2 milliard de dollars
• Services de réparation: 1,3 milliard de dollars

Ventes de pièces et d'accessoires

Les ventes de pièces et d'accessoires ont totalisé 2,1 milliards de dollars en 2022.

Catégorie de pièces	Revenus (2022)
Pièces du fabricant d'équipement d'origine (OEM)	1,6 milliard de dollars
Pièces de rechange	500 millions de dollars

Financement et commissions d'assurance

Les commissions de financement et d'assurance ont généré 675 millions de dollars de revenus pour Penske Automotive Group en 2022.

• Commissions de financement des véhicules: 425 millions de dollars
• Commissions de garantie prolongée: 180 millions de dollars
• Commissions de produits d'assurance: 70 millions de dollars

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.