BLOOMFIELD HILLS, Mich. -

Gross profits per used unit were down, but Penske Automotive Group retailed close to 15 percent more used vehicles last year, capping 2013 with a 17.8-percent increase in used sales for the fourth quarter.  

This was part of a record-breaking overall year for Penske, whose leadership called it the “most successful” the retailer has ever had.

Diving into the used-car side, Penske sold a grand total of 166,419 retail used vehicles in 2013, up 14.7 percent from the 2012 total.

Its Q4 used retail sales were up to 41,112, compared to 34,912 used retail sales in the prior-year period.

Penske generated $1,869 in gross profits per used car retailed in 2013, down 4.2 percent from the 2012 figure. In Q4, gross profit per used retail sale was at $1,742, down 6.3 percent year-over-year.

When looking at company-wide overall results, Penske achieved all-time bests for fourth-quarter and full-year income from continuing operations and related earnings per share.

Income from continuing operations attributable to common shareholders for Q4 was at $61.7 million, a 19.3-percent year-over-year increase. Related earnings per share for Q4 were also up 19.3 percent at $0.68 per share.

Against adjusted figures from 2012, full-year income from continuing operations totaled $249.6 million, a 20.5-percent hike, while related earnings per share climbed 20.5 percent, as well, coming in at $2.76 per share.

“Our business produced another outstanding quarter, completing the most successful year in the history of our company,” said chairman Roger Penske. “During the fourth quarter, same-store retail revenue increased 12.4 percent, with each area of our automotive dealership business posting solid year-over-year growth.

“Further, we continued to demonstrate expense leverage as the ratio of selling, general and administrative expenses as a percentage of gross profit improved by 40 basis points,” he continued. “Going forward, with a strong balance sheet and a positive outlook across our automotive dealership, car rental and commercial vehicle businesses, we remain confident in our ability to continue growing our business.”