BLOOMFIELD HILLS, Mich. –

Penske Automotive Group revealed this week that its board of directors increased its quarterly dividend 14 percent from the previous quarter.

The cash dividend Penske intends to pay is 8 cents per share, up from 7 cents per share.

The company noted the dividend is payable on Sept. 1 to shareholders of record on Aug. 10.

Commenting on the dividend, chairman Roger Penske declared, “We believe providing shareholders with an increase in the quarterly dividend demonstrates the confidence we have in our strong operating performance and the resiliency of our business model while allowing the company to maintain financial flexibility to continue to invest in the business.”