US based Penske Automotive Group, which operates dealerships world wide, boosted adjusted operating income 18.9% year on year to US$295.7m or $3.27 a share in 2014.
Revenue rose 18.9% to $17.2bn as retail unit sales rose 11.0%. Same dealer revenue growth was 11.7%.
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During the year, the company acquired over $1bn in annualised revenues adding retail dealers ($225m), commercial outlets ($600m to $700m) and commercial vehicle distribution operations ($200m to $225m).
Of the final quarter, chairman Roger Penske said: “Strong results across the retail automotive dealership business and our US based commercial vehicle dealership business were partially offset by our Australian operations which were impacted by challenging economic conditions and post-acquisition restructuring costs within the power systems business.”
In the first quarter of 2015, the acquired two commercial vehicle dealerships, Freightliner of Knoxville and Freightliner of Chattanooga, which are expected to contribute estimated annualised revenues of approximately $200m.
It also bought a Land Rover retail automotive dealership in Darien, Connecticut with estimated revenues of about $50m.
