FOR IMMEDIATE RELEASE

PENSKE AUTOMOTIVE REPORTS RECORD FIRST QUARTER RESULTS

BLOOMFIELD HILLS, MI, April 25, 2012 – Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, announced today the most profitable first quarter in Company history. First quarter 2012 income from continuing operations attributable to common shareholders increased 37.3% to $50.0 million and related earnings per share increased 41.0% to $0.55 per share. This compares to income from continuing operations attributable to common shareholders of $36.4 million, or $0.39 per share in the same period last year.

First quarter revenue increased by 17.9% to $3.2 billion, driven by an improvement in total retail unit sales of 18.1% and growth in the Company’s used-to-new ratio to .89 to 1 from .78 to 1 in the same period last year. Same-store new and used retail unit sales increased 9.5% and total same-store retail revenue increased 7.5% with each area of the business generating growth.

Total gross profit improved 15.3% to $506.6 million. The Company’s selling, general and administrative expenses as a percentage of gross profit leveraged 220 basis points in the first quarter to 78.7% contributing to a 31.3% improvement in operating income to $94.6 million. Operating income as a percent of revenue was 2.9%, representing an improvement of 30 basis points.

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Chairman Roger Penske said, “I am extremely pleased with our team’s performance. Our results continue to demonstrate the strength and diversity of our business in both the U.S. and international markets. We produced another outstanding quarter of profitability while generating same-store revenue increases in each area of our business, including same-store retail revenue growth of 7.5%. New and used vehicle margins were strong, and our service and parts operations gross margin added 60 basis points to 57.7%.”

Penske added, “In light of perceptions surrounding our international markets, I am particularly pleased with the performance of these businesses. During the first quarter, our international-based same-store retail revenue increased 5.9%.”

Securities Repurchase Activity

During the first quarter the Company acquired 350,000 shares of its common stock for an aggregate purchase price of $8.5 million, or an average price of $24.35 per share. The Company currently has remaining authorization from its Board of Directors to repurchase up to $98.3 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 first quarter of 2012 on April 25, 2012, at 2:30 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 335 retail automotive franchises, representing 40 different brands and 29 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 168 franchises in 17 states and Puerto Rico and 167 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 16,000 employees.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as 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 and outlook. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited 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, 2011, 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.

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Inquiries should contact:

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Reconciliation of 2012 and 2011 net income to EBITDA:

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