Penske Automotive Reports Record Earnings

Penske Automotive said its first-quarter income and earnings per share were the highest in its history, while Penske Logistics announced it won a bid to manage a BMW distribution center in Pennsylvania.

Penske Automotive’s net income rose to $57 million, or 63 cents a share, from $50 million, or 55 cents, a year ago. Revenue rose 7.7% to $3.4 billion.

Penske Truck Leasing, which partially owned by Penske Automotive, announced its logistics division won a bid to manage a parts distribution center for BMW of North America in Nazareth, Pa.

Penske Logistics said it will provide trained labor and management for the 875,000 square-foot warehousing and fulfillment center starting July 1.

Penske Logistics is ranked No. 25 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.