Incentive spending and discounts needed for some vehicles, they say.
Revenue also up for year. Q4 profit, meanwhile, falls due to market shifts.
Napleton Auto Group topped the ranking, followed by Penske Automotive Group in the second spot, and Berkshire Hathaway Automotive in the third.
Penske Automotive Group reported a 10% rise in income to $375.9 million in the second quarter, its most profitable quarter ever.
Penske Automotive Group first quarter net income sored from $183.1 million year over year to $369.5 million.
All six of America’s big publicly traded dealership groups enjoyed year-over-year gains in F&I profit per vehicle retailed in Q3, led by record highs at AutoNation and Sonic Automotive.
The nation’s six largest publicly traded dealer groups all increased F&I profit per vehicle retailed in the second quarter, led by AutoNation’s $1,926 per copy and Lithia Motors’ segment-leading 11% improvement.
Penske said today it intends to integrate electronic document management to improve workflow and efficiency and install the Reynolds docuPAD system in F&I departments across more than 120 Penske dealerships.
Penske's Premier Truck Group subsidiary has completed its acquisition of Harper Truck Centres' five commercial truck dealerships in Toronto. The acquired stores are expected to generate approximately $130 million in annualized revenue for Penske Automotive.
Saundra Stewart assumed her new role on Jan. 4. The former finance director for Penske Automotive most recently served as executive vice president of sales for Topline Strategies.
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