BLOOMFIELD HILLS—The board of directors of Penske Automotive Group Inc. (NYSE:PAG) has voted to reinstate the company’s dividend. The dividend of 42 cents a share will be paid Dec. 1 to shareholders of record as of Nov. 10.
“The actions we took to mitigate the impact of Covid-19, coupled with the improvement in business conditions in the third quarter, were instrumental in our ability to preserve liquidity and repay $300 million in Senior Subordinated Notes in August, at their maturity,” said company chair Roger Penske. “I am confident in the strength of our financial position and our ability to reinstate the dividend at this time.”
Penske Automotive Group operates automotive and commercial truck dealerships, principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services, principally in Australia and New Zealand. More at www.penskeautomotive.com.