The fourth quarter of 2014 wrapped up what was Penske Automotive Group’s most profitable year ever.

The company announced Wednesday, revenue in 2014 increased by 18.9 percent to a total of $17.2 billion, $4.4 billion of which was made in Q4.  And in 2014, Penske retailed a grand total of 398,356 new and used vehicles.

And its automotive retail sales in the fourth quarter played a large role in the company’s success, including a 10.5 percent increase in total retail unit sales and a 6.8 percent jump on a same-store basis.

Total retail sales came in at 98,251 for the quarter, and sales, in the U.S. specifically, were up 8 percent.

The company’s used sales during Q4 were up 9.2 percent, coming in at 44,083 total sales for the quarter. The company’s annual used sales for 2014 were up to 181,894, spiking 11.4 percent from 2013 rates.

New sales were up by double digits, as well. Penske sold a total of 216,462 new vehicles in 2014, up 10.7 percent from 2013.

Dealers were also making a bit more on these new and used units as 2014 wrapped up. The average transaction price of a used vehicle at a Penske dealership came in at $27,035 in Q4, marking a 1.5 percent increase.

The average new-car sales price as 2014 closed out for the company was $40,642, up 0.8 percent.

With this increase in sales came a spike in retail revenue, as well, Penske reported.

There was a 8 percent spike in same-store used retail revenue during Q4, while the F&I office played a role, as well, with dealers making 10.1 percent more in this branch of the business.

And with the influx of recalls in 2014, service and parts same-store retail revenue was up 6.2 percent during Q4.

"Our retail automotive dealership business produced another strong quarter across both the U.S. and the U.K.," said Penske Automotive Group chairman Roger S. Penske. "Same-store retail revenue increased 8.3 percent, and we had a 90-basis-point increase in our service and parts gross margin to 59.7 percent, which helped drive another record quarter for our business.  Strong results across the retail automotive dealership business and our U.S.-based commercial vehicle dealership business were partially offset by our Australian operations which were impacted by challenging economic conditions and post-acquisition restructuring costs within the Power Systems business."

Part of the company’s success in 2014 was also due to its acquisitions. For retail automotive, specifically, the company acquired $225 million in annualized revenues last year, including the purchase of BMW of Greenwich, Conn., which revenue of $200 million annually.

And so far in 2015, the company has already bought a Land Rover dealership in Darien, Conn., with estimated annualized revenues of approximately $50 million.

Looking back at 2014, Penske announced it was a record-breaking year for Penske Automotive.

"We completed the most profitable year in the history of our company, generated another year of strong cash flow and solidified our balance sheet. The retail automotive and commercial truck markets remain robust and we remain optimistic about the future growth and profitability opportunities for our company,” he concluded.

Editor’s Note: Stay tuned to Friday’s Week In Review for a more in-depth look at Penske’s Q4 and full-year 2014 results.