The American parent company of the Sytner Group and CarShop says the reopening of the UK market has helped it towards a record second quarter with pre-tax profit expected to exceed $450m – circa £326m.
The preliminary estimate tops by a massive amount the Michigan-headquartered Penske Automotive Group’s first-quarter results of $247m (£177m), which at the time were its best.
Meanwhile, its income from continuing operations for the three months to June 30 is put at more than $325m (£236m) and related earnings per share is more than $4 (£2.90).
Each one is equivalent to a year-on-year increase of more than 600 per cent, it says, and compared with the pre-pandemic 2019 it’s still a rise of more than 175 per cent.
Penske chief executive and chairman Roger Penske – the motorsports team owner and former award-winning racing driver – said: ‘Our business produced a record second quarter driven by strength across all areas of our business.
‘Strong volume and vehicle margins, a reopening of the UK market, a growing Class 8 commercial truck market, record performance at Penske Transportation Solutions and continuing cost controls all contributed to the record performance.
‘Despite the ongoing disruption to new vehicle supply, our performance in the quarter demonstrates the strength of the auto and commercial truck retail model and the benefit from our diversification.’
The latest estimated results have been issued with the caveat that they are based on preliminary information and could change after the quarter-end review process is completed plus other developments between now and July 28, when the finalised second-quarter results will be announced.
Last December, we met the team behind CarShop’s latest new flagship dealership in Nottingham and chatted to CEO Nigel Hurley about what made the group different, how it prepared its cars and why it wasn’t making its business completely digital just yet.
You can watch our interview and tour of the multi-million-pound site above.