Exhibit 99.1

		Press Release Penske Automotive Group, Inc., 2555 Telegraph Road Bloomfield Hills, MI 48302-0954

FOR IMMEDIATE RELEASE

PENSKE AUTOMOTIVE REPORTS RECORD RESULTS

Total Revenue Increases 10.5% to $3.0 Billion

Revenue for All Categories Increases Compared to Third Quarter Last Year

Income From Continuing Operations of $56.7 Million, Related EPS of $0.62, Representing
Increases of 63%

SG&A to Gross Profit Improves by 70 Basis Points

Acquires 1.8 Million Shares of Common Stock

BLOOMFIELD HILLS, MI, November 2, 2011 — Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today reported record third quarter results including the highest quarterly profit in company history. For the third quarter of 2011, income from continuing operations attributable to common shareholders was $56.7 million, or $0.62 per share, which compares to income from continuing operations attributable to common shareholders of $34.8 million, or $0.38 per share for the third quarter last year. During the quarter, the Company recognized a net income tax benefit of $11.0 million, or $0.12 per share, reflecting a positive adjustment from the resolution of certain tax items in the U.K. of $17.0 million, or $0.19 per share, partially offset by a reduction in deferred tax assets of $6.0 million, or $0.07 per share. After adjusting for these items, adjusted income from continuing operations attributable to common shareholders was a record $45.7 million, or $0.50 per share, representing an increase of 31.3% compared to the third quarter last year.

Total revenue increased by 10.5%, to $3.0 billion as total retail unit sales increased 6.2%. The increase in retail unit sales was highlighted by a 16.0% increase in used retail unit sales, which drove the Company’s-used-to-new ratio to 0.88 to 1. During the quarter, higher average transaction prices on both new and used vehicles also contributed to the revenue increase, including an 8.8% increase in same-store retail revenue from the Company’s premium/luxury brands. The parts and service business remained strong, increasing 8.6% in the quarter and 4.1% on a same-store basis.

Highlights of the Third Quarter

•

Total retail unit sales increased 6.2% to 72,204

•

+5.9% in the United States; +6.8% Internationally

•

New unit retail sales (1.2%)

•

Used unit retail sales +16.0%

•

Same-store retail revenue increased 6.4%

•

New +2.2%; Used +15.0%; Finance & Insurance +9.3%; Service and Parts +4.1%

•

+5.1% in the United States; +8.7% Internationally

•

Average Transaction Price Per Unit

•

New $38,236, +8.4%

•

Used $26,404, +2.2%

•

Average Gross Profit Per Unit

•

New $3,238/unit, +14.8%; Gross Margin 8.5% +50 bps

•

Used $1,978/unit, +2.8%; Gross Margin 7.5% +10 bps

•

Inventory Days’ Supply

•

New 43 days; Used 47 days

Commenting on the Company’s performance in the third quarter, Chairman Roger Penske said, “Our business produced another outstanding quarter of results in both the United States and internationally. Although we faced a challenging new vehicle inventory situation throughout the quarter as a result of the earthquake and tsunami that struck Japan, the Company generated same-store retail revenue increases in each area of the business and leveraged our cost structure by 70 basis points, improving operating income by 17.6%. Going forward, we believe the inventory supply of new vehicles for the affected brands is improving and should normalize in the first quarter of 2012.”

Penske added, “Our U.K. business performed well in the third quarter. We continue to realize the benefit from the premium/luxury brand mix of our business in that market and generated a 3.3% increase in same-store new retail unit sales, outperforming the overall U.K. market, which declined nearly 1% in the third quarter. Further, same-store used retail unit sales increased 8.2% in the U.K. during the quarter.”

Total revenue for the nine months ended September 30, 2011, increased 12.0% to $8.6 billion and income from continuing operations attributable to common shareholders was $134.9 million, or $1.46 per share, which compares to $90.1 million, or $0.98 per share in the same period last year. Excluding the impact of the net tax benefit noted above, adjusted income from continuing operations attributable to common shareholders increased 37.5%, to $123.9 million or $1.34 per share.

Acquisition Activity

As previously announced, the Company has acquired seven franchises in 2011, which are expected to generate approximately $525 million of annual revenue. Additionally, the Company has either sold, or is in the process of disposing dealerships, which represent approximately $300 million in annualized revenue.

U.S. Credit Agreement

During the third quarter, the Company amended its credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation (the “U.S. Credit Agreement”) to increase the revolving loan availability by $75 million, from $300 million to $375 million. Additionally, the term of the U.S. Credit Agreement was extended by one year through September 30, 2014, pursuant to its evergreen provision.

Securities Repurchase Activity

During the third quarter of 2011, the Company acquired 1,831,559 shares of its common stock for an aggregate purchase price of $31.9 million, or an average price of $17.39 per share. For the nine months ended September 30, 2011, the Company acquired 2,449,768 shares of its common stock for an aggregate purchase price of $44.3 million, or an average price of $18.07 per share. The Company currently has remaining authorization from its Board of Directors to repurchase up to $106.8 million of its outstanding common stock, debt or convertible debt. Securities may be acquired from time to time either through open market purchases, negotiated transactions or other means.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the third quarter of 2011 on November 2, 2011, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 [International, please dial (612) 234-9960]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website at www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 325 retail automotive franchises, representing 42 different brands and 28 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 170 franchises in 17 states and Puerto Rico and 155 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 15,000 employees.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted income from continuing operations, adjusted income from continuing operations per share and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company’s disclosures. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales potential. Actual results may vary materially because of risks and uncertainties as well as external factors such as consumer credit conditions; adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters such as the earthquake and tsunami that struck Japan in March 2011; macro-economic factors; interest rate fluctuations; changes in consumer spending; and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties, which could affect Penske Automotive’s future performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2010, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:

David K. Jones		Anthony R. Pordon
Executive Vice President and		Executive Vice President Investor Relations
Chief Financial Officer		and Corporate Development
Penske Automotive Group, Inc.		Penske Automotive Group, Inc.
248-648-2800		248-648-2540
dave.jones@penskeautomotive.com		tpordon@penskeautomotive.com

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PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Revenues:
New Vehicle		$	1,471,606			$	1,373,240			$	4,288,746			$	3,882,945
Used Vehicle			890,251				750,720				2,580,261				2,170,006
Finance and Insurance, Net			73,289				65,185				208,765				184,577
Service and Parts			354,616				326,494				1,049,467				974,913
Fleet and Wholesale Vehicle			161,284				154,134				496,471				485,329
Total Revenues			2,951,046				2,669,773				8,623,710				7,697,770
Cost of Sales:
New Vehicle			1,346,995				1,263,386				3,932,360				3,565,684
Used Vehicle			823,562				694,806				2,375,508				1,999,446
Service and Parts			153,153				139,906				451,600				420,552
Fleet and Wholesale Vehicle			160,229				153,506				490,170				478,712
Total Cost of Sales			2,483,939				2,251,604				7,249,638				6,464,394
Gross Profit			467,107				418,169				1,374,072				1,233,376
SG&A Expenses			375,432				339,120				1,111,812				1,003,151
Depreciation			12,590				11,820				36,578				35,123
Operating Income			79,085				67,229				225,682				195,102
Floor Plan Interest Expense			(7,020	)			(8,805	)			(21,131	)			(24,907	)
Other Interest Expense			(11,288	)			(12,229	)			(33,264	)			(37,491	)
Debt Discount Amortization			—				(1,647	)			(1,718	)			(6,990	)
Equity in Earnings of Affiliates			9,623				7,370				17,527				11,725
Gain on Debt Repurchase			—				607				—				1,634
Income from Continuing Operations Before Income Taxes			70,400				52,525				187,096				139,073
Income Taxes			(13,355	)			(17,428	)			(51,293	)			(48,485	)
Income from Continuing Operations			57,045				35,097				135,803				90,588
Loss from Discontinued Operations, Net of Tax			(1,000	)			(4,837	)			(5,702	)			(10,312	)
Net Income			56,045				30,260				130,101				80,276
Income Attributable to Non-Controlling Interests			(338	)			(283	)			(907	)			(504	)
Net Income Attributable to Common Shareholders		$	55,707			$	29,977			$	129,194			$	79,772
Income from Continuing Operations Per Share		$	0.62			$	0.38			$	1.46			$	0.98
Income Per Share		$	0.61			$	0.33			$	1.40			$	0.87
Weighted Average Shares Outstanding			91,431				92,141				92,169				92,171
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations		$	57,045			$	35,097			$	135,803			$	90,588
Income Attributable to Non-Controlling Interests			(338	)			(283	)			(907	)			(504	)
Income from Continuing Operations, net of tax			56,707				34,814				134,896				90,084
Loss from Discontinued Operations, net of tax			(1,000	)			(4,837	)			(5,702	)			(10,312	)
Net Income		$	55,707			$	29,977			$	129,194			$	79,772

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Thousands)
(Unaudited)

		September 30,				December 31,
		2011				2010
Assets
Cash and Cash Equivalents		$	7,735			$	17,808
Accounts Receivable, Net			385,137				383,379
Inventories			1,481,629				1,449,157
Other Current Assets			88,676				68,355
Assets Held for Sale			54,168				117,018
Total Current Assets			2,017,345				2,035,717
Property and Equipment, Net			821,421				719,762
Intangibles			1,148,247				1,011,275
Other Long-Term Assets			308,456				303,078
Total Assets		$	4,295,469			$	4,069,832
Liabilities and Equity
Floor Plan Notes Payable		$	902,163			$	918,628
Floor Plan Notes Payable — Non-Trade			597,982				491,889
Accounts Payable			226,709				253,277
Accrued Expenses			247,185				202,480
Current Portion Long-Term Debt			9,642				10,593
Liabilities Held for Sale			34,464				84,139
Total Current Liabilities			2,018,145				1,961,006
Long-Term Debt			841,927				769,285
Other Long-Term Liabilities			322,979				293,688
Total Liabilities			3,183,051				3,023,979
Equity			1,112,418				1,045,853
Total Liabilities and Equity		$	4,295,469			$	4,069,832

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
(Unaudited)

		Three Months Ended												Nine Months Ended
		September 30,								%				September 30,								%
		2011				2010				Change				2011				2010				Change
Total Retail Units:
New Retail			38,487				38,936				-1.2	%			114,943				111,961				2.7	%
Used Retail			33,717				29,058				16.0	%			97,494				83,460				16.8	%
Total Retail			72,204				67,994				6.2	%			212,437				195,421				8.7	%
Fleet			848				840				1.0	%			3,846				4,500				-14.5	%
Wholesale			15,238				15,765				-3.3	%			44,113				45,740				-3.6	%
Total			16,086				16,605				-3.1	%			47,959				50,240				-4.5	%
Same-Store Retail Units:
New Same-Store Retail			36,990				38,697				-4.4	%			109,084				109,498				-0.4	%
Used Same-Store Retail			32,698				28,952				12.9	%			92,548				81,760				13.2	%
Total Same-Store Retail			69,688				67,649				3.0	%			201,632				191,258				5.4	%
Same-Store Retail Revenue: (Amounts in thousands)
New Vehicles		$	1,397,916			$	1,368,179				2.2	%		$	4,047,261			$	3,802,541				6.4	%
Used Vehicles			861,576				749,261				15.0	%			2,458,124				2,134,916				15.1	%
Finance and Insurance, Net			70,932				64,870				9.3	%			201,211				181,843				10.7	%
Service and Parts			339,119				325,799				4.1	%			997,742				958,795				4.1	%
Total Same-Store Retail		$	2,669,543			$	2,508,109				6.4	%		$	7,704,338			$	7,078,095				8.8	%
Revenue Mix:
New Vehicles			49.9	%			51.4	%							49.7	%			50.4	%
Used Vehicles			30.2	%			28.2	%							29.9	%			28.2	%
Finance and Insurance, Net			2.5	%			2.4	%							2.4	%			2.4	%
Service and Parts			12.0	%			12.2	%							12.2	%			12.7	%
Fleet and Wholesale			5.4	%			5.8	%							5.8	%			6.3	%
Average Revenue per Vehicle Retailed:
New Vehicles		$	38,236			$	35,269				8.4	%		$	37,312			$	34,681				7.6	%
Used Vehicles			26,404				25,835				2.2	%			26,466				26,001				1.8	%
Gross Profit per Vehicle Retailed:
New Vehicles		$	3,238			$	2,821				14.8	%		$	3,101			$	2,834				9.4	%
Used Vehicles			1,978				1,924				2.8	%			2,100				2,043				2.8	%
Finance and Insurance			1,015				959				5.9	%			983				945				4.0	%
Operating items as a percentage of revenue:
New Vehicle Gross Profit			8.5	%			8.0	%							8.3	%			8.2	%
Used Vehicle Gross Profit			7.5	%			7.4	%							7.9	%			7.9	%
Service and Parts Gross Profit			56.8	%			57.1	%							57.0	%			56.9	%
Total Gross Profit			15.8	%			15.7	%							15.9	%			16.0	%
Selling, general and administrative expenses			12.7	%			12.7	%							12.9	%			13.0	%
Operating income			2.7	%			2.5	%							2.6	%			2.5	%
Inc. from Cont. Ops. Before Inc. Taxes			2.4	%			2.0	%							2.2	%			1.8	%
Operating items as a percentage of total gross profit:
Selling, general and administrative expenses			80.4	%			81.1	%							80.9	%			81.3	%
Operating income			16.9	%			16.1	%							16.4	%			15.8	%

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Continued)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Brand Mix:
Premium:
BMW			25	%			22	%			24	%			21	%
Audi			12	%			11	%			12	%			11	%
Mercedes-Benz			11	%			10	%			10	%			10	%
Lexus			5	%			5	%			5	%			5	%
Land Rover			4	%			4	%			4	%			5	%
Porsche			4	%			5	%			4	%			4	%
Ferrari / Maserati			3	%			3	%			3	%			3	%
Acura			2	%			2	%			2	%			2	%
Other			4	%			5	%			5	%			5	%
Total Premium			70	%			67	%			69	%			66	%
Foreign:
Toyota			10	%			11	%			10	%			11	%
Honda			10	%			12	%			11	%			12	%
Nissan			2	%			2	%			2	%			2	%
Volkswagen			2	%			1	%			2	%			2	%
Other			1	%			2	%			1	%			2	%
Total Foreign			25	%			28	%			26	%			29	%
Domestic Big 3
General Motors / Chrysler / Ford			5	%			5	%			5	%			5	%
Revenue Mix:
U.S.			62	%			62	%			62	%			62	%
International			38	%			38	%			38	%			38	%
Other (Amounts in thousands):
EBITDA *		$	94,278			$	78,221			$	258,656			$	218,677
Rent Expense		$	43,051			$	40,678			$	128,310			$	120,451
Floorplan Credits		$	4,940			$	5,209			$	15,466			$	14,983

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Concluded)
(Unaudited)

Reconciliation of 2011 and 2010 net income to EBITDA:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(Amounts in thousands)		2011				2010				2011				2010
Net income		$	56,045			$	30,260			$	130,101			$	80,276
Depreciation			12,590				11,820				36,578				35,123
Other interest expense			11,288				12,229				33,264				37,491
Debt discount amortization			—				1,647				1,718				6,990
Income taxes			13,355				17,428				51,293				48,485
Loss from discontinued operations, net of tax			1,000				4,837				5,702				10,312
EBITDA		$	94,278			$	78,221			$	258,656			$	218,677

Reconciliation of three and nine months ended September 30, 2011 income from continuing operations attributable to common shareholders and related earnings per share to adjusted income from continuing operations attributable to common shareholders and related earnings per share:

		Three Months Ended								Nine Months Ended
(Amounts in thousands,		September 30, 2011								September 30, 2011
except per share amounts)		Income				EPS				Income				EPS
Income from continuing operations attributable to common shareholders		$	56,707			$	0.62			$	134,896			$	1.46
Net tax benefit			(11,046	)		$	(0.12	)			(11,046	)		$	(0.12	)
Adjusted income from continuing operations attributable to common shareholders		$	45,661			$	0.50			$	123,850			$	1.34

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