Friday, Oct. 28, 2022, 10:40 AM
Penske Automotive Group had a rough third quarter where used vehicles were concerned, with sales falling 7.0% to 65,523 units compared to the same quarter in 2021. Used-vehicle revenue fell 4.1% and gross profit was down 32% to $131.3 million.
On the earnings call, chairman and CEO Roger Penske dissected the environment. On the premium side of the business, the number of leases has dropped, and people are buying out their cars rather than returning them, he said. “We aren’t getting the trade; that has had a significant impact,” said Penske.
That has contributed to the age of the used vehicles it can source dropping to …