Penske Automotive Group saw its revenue increase 3.9 percent to $5.2 billion in the third quarter — one the company said was again marked by record results.

“Our business continued to perform well in the third quarter, producing another quarter of record results despite the translation effects from foreign currency headwinds,” chairman Roger Penske said in a news release.

Excluding foreign exchange, revenue grew by 9.7 percent.

During a conference call Tuesday, Penske outlined the company’s Q3 results on the used side.

Looking at U.S., U.K., Germany and Italy operations, Penske sold 52,536 retail used vehicles, a 3-percent increase year-over-year.

Gross profit per used vehicle was $1,592 for the quarter, down from $1,652 a year ago.

Penske said that in the U.S., however, he was “particularly pleased” to see gross profit per used unit increase by $179 — $52 for new units. 

Gross margin was 5.8 percent, down 20 basis points.

Q3 used-retail revenue was $1.440 million, up from $1.394 million a year ago. Retail used gross profit was $83.7 million, a decrease from $84.3 million a year ago.

Used inventory in the U.S. was at a 41 days’ supply as of Sept. 30.

As far as stop-sale inventory in the U.S., Penske said it was about 1,600 units representing roughly $41 million. A minimal amount of inventory is on stop sales internationally, Penske said.

Year to date, Penske has sold 158,213 used vehicles globally, a 6.4-percent increase.

Gross profit per used vehicle was $1,629, down from $1,732 for the nine-month period a year ago.

Used retail revenue year to date is $4.331 million, up from $4,060 million. Retail used gross profit was $257.8 million, nearly even with a year ago.

Return to Auto Remarketing for a look at how Penske sees itself benefitting from lease returns.