1423 ET - Penske Automotive Group turned in a strong 4Q report as same-store sales of new vehicles jumped 7%. Gross profit on those new vehicles increased from the prior quarter, while it decreased for used vehicles. Across the industry, gross profit per vehicle is still normalizing, but the metric has stabilized for Penske thanks to its focus on premium vehicles, Benchmark analyst Michael Albanese says in a research note. The analyst also points out that a 4Q inflection in the earnings for Penske's truck rental segment suggests a potential bottom for that business. Shares rise 8.5%. (dean.seal@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 14:23 ET (19:23 GMT)
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