BLOOMFIELD HILLS, Mich. -

Continuing Auto Remarketing’s coverage of Q1 results from used-car dealer groups across the country, Penske Automotive revealed Monday a series of record results.

During the first quarter of 2013, the company experienced the highest income and earnings per share in company history, officials reported.

For Q1, income from continuing operations attributable to common shareholders increased 13.9 percent to $56.9 million, and related earnings per share increased 14.5 percent to $0.63 per share.

As for used retail sales, the company enjoyed a double-digit increase, with sales rising by 10.2 percent.

Overall, the company’s total retail unit sales increased by 9.9 percent, coming in at 85,821 for the first quarter of 2013.

Same-store retail revenue for the used-car department also increased — 11.5 percent in the U.S and 1.2 percent internationally.

First quarter 2013 revenue came in at $3.4 billion, compared to $3.2 billion in the same period last year, an increase of 7.7 percent.

On a same-store basis, retail revenue increased 7.4 percent.

“The revenue growth was driven by strong performance across each business area including a 9.9 percent increase in total retail unit sales and 6.8 percent on a same-store basis,” officials added. 

And how much were dealers getting for their used sales?

The average transaction price per used unit came in at $25,076, which marked a 2.6 percent decrease.

Commenting on the results, chairman Roger Penske said, “Penske Automotive Group delivered strong operating results and record profitability in the first quarter, including double-digit growth in operating income, income from continuing operations and earnings per share. I was pleased to see our gross margin improve to 15.7 percent on the strength of a 3.1 percent increase in same-store service and parts revenue and a 60 basis-point increase in service and parts gross margin to 58.4 percent.

“Additionally, SG&A as a percent of gross profit improved 80 basis points year-over-year to 77.5 percent and 200 basis-points sequentially, helping drive an increase in our operating margin to 3.1 percent,” he concluded.

Editor’s Note: For a more in-depth look at Penske’s performance this first quarter, stay tuned to Auto Remarketing Today and tomorrow morning's User Car Manager Weekly.

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