Penske Automotive Group Inc. posted third-quarter F&I outcomes of $1,922, up 8.7 p.c.
CEO Roger Penske responded within the third-quarter earnings name in October to an analyst’s query on the Federal Commerce Fee’s proposed dealership compliance rule by saying he absolutely helps the elimination of unfair, misleading practices.
“Look, this isn’t the sort of enterprise we wish to be in,” Penske stated. “I believe any of my friends, additionally, would really feel the identical.
“About 40 p.c of our reserve comes from finance and 60 p.c comes from product,” Penske stated. “To me, with us being an enormous participant in leasing, we do not have lots to promote to a lease buyer as a result of sometimes these are two- or three-year leases.
“I believe we have got to scrub up the practices for positive. It solely makes our business higher,” he added.
Penske Automotive ranks No. 3 on the Automotive Information listing of the highest 150 dealership teams primarily based within the U.S. The Bloomfield Hills, Mich., firm’s retail gross sales of latest automobiles totaled 195,384 final yr.
John Huetter, Lindsay Van Hulle and Jack Wallsworth contributed to this report.
