10:47 am, October 27, 2022
Sytner parent company Penske Automotive Group saw revenue for the third quarter increase by seven per cent to a record $6.9bn (£6bn), it said today.
For the three months ended September 30, total automotive revenue at its dealerships increased by two per cent to $5.8bn (£5bn), including a three per cent decrease on a same-store basis versus the same period last year.
However, its total retail automotive gross profit slipped by 0.4 per cent to $1bn (£863.3m).
Gross margin fell by 40 basis points to 17.5 per cent as variable gross profit per unit sold rose by one per cent to $5,785 (£5m).
Penske shifted a total of 109,969 vehicles (44,446 new and 65,523 used) – down 4.2 per cent on the corresponding quarter in 2021 (114,823, comprising 44,373 new and 70,450 used).
Foreign currency exchange rates had a negative effect on revenue to the tune of $349.4m (£302m), it added.
The UK made up 28.9 per cent of the entire geographic revenue mix.
As of September 30, it had 21 CarShop used vehicle sites, and for the three months leading up to that date, retail unit sales fell by five per cent to 17,567 while total revenue was down seven per cent to $406.4m (£351m), including a revenue drop of 12 per cent on a same-store basis.
So far this year, Penske said it had added some $1.3bn (£1.1bn) in annualised revenue via acquisitions and open points, including about $550m (£475.3m) in annualised revenues expected through 2022 relating to the recently completed acquisition of Mercedes-Benz dealerships in the UK.
Chairman and CEO Roger Penske said: ‘I am pleased to report a strong third quarter as our performance continues to demonstrate the benefits of the company’s diversification.
‘Demand for new vehicles remains strong in both automotive and truck retail operations.
‘In addition, same-store service and parts revenue increased 10 per cent from retail automotive operations, excluding changes in foreign currency exchange, and increased 23 per cent from commercial truck operations.
‘Further, the contribution to earnings from our Penske Transportation Solutions investment increased 15 per cent.’
Penske, which is headquartered in Bloomfield Hills, Michigan, acquired Sytner in 2002.
