The Penske Automotive Group reported $586.20 million in retail automotive dealership service and parts revenue for the first quarter of 2022 — an increase of 16.5% year over year with same-store revenue up 12.9% to $567.30 million (up 14.4% in constant currency). U.S. service and parts revenue grew 17.2%.
Management attributed the increase in same-store revenue to a $64.80 million (or 18.3%) rise in customer-pay revenue and a $4.30 million (or 14.1%) increase in vehicle preparation and body shop revenue, partially offset by a $4.30 million (or 3.7%) decrease in warranty revenue.
Retail automotive dealership service and parts gross profit rose 14.8% to $350.50 million with same-store gross profit up 11.5% to $340.00 million (up 13.0% in constant currency).
Management attributed the rise in same-store gross profit to a $30.70 million (or 17.6%) increase in customer-pay gross profit and a $6.70 million (or 10.0%) increase in vehicle preparation and body shop gross profit, partially offset by a $2.20 million (or 3.4%) decrease in warranty gross profit.
Retail automotive dealership service and parts gross margin declined 90 basis points to 59.8%, and same-store retail automotive dealership service and parts gross margin decreased 80 basis points to 59.9%.
Penske is a diversified international transportation services company and one of the world’s largest automotive and commercial truck retailers. It operates dealerships principally in the United States, the United Kingdom, Canada, Germany, Italy and Japan. As of March 31, 2022, Penske operated 147 retail automotive franchised dealerships in the United States.
