Penske Automotive Group reported record fourth-quarter revenue on the strength of increased new-vehicle demand as its profit fell due to foreign currency exchange and diminished retail gross profit per vehicle.

Revenue rose 11% to $7 billion in the quarter. For the full year, it increased 9% to $27.8 billion, the transportation services and car and commercial truck retailer said.

"Our international diversified transportation services company produced record results in 2022,” said Chairman and CEO Roger Penske in a statement. “We retailed more than 447,000 new and used vehicles through our retail automotive operations and over 20,000 new and used commercial trucks through our commercial truck dealerships while our investment in Penske Transportation Solutions continues to benefit from the growth in its vehicle fleet."

The group’s profit fell 4.3% to 299.3 million, it reported.

Foreign currency exchange shaved profits by $6 million, the company said.

Penske’s retail automotive and retail commercial truck businesses grew revenue for the quarter, up 8% and 40%, respectively.