Form 8-K PENSKE AUTOMOTIVE GROUP, For: Oct 29

Total revenue increased 17.5% to $4.4�billion. The revenue increase was driven by a 10.2% increase in total retail unit sales, including a 5.3% increase on a same-store basis. Gross profit improved 15.3% to $658.7�million while operating income increased 17.1% to $128.0�million.

Commenting on the company�s record results, Penske Automotive Group Chairman

Roger S. Penske said, �Our business delivered another strong quarter, including an 11.2% increase in same-store retail revenue. Our results in the quarter were highlighted by another outstanding performance from our U.K. operations as our international diversification continues to complement our U.S. operations.�

For the nine months ended September�30, 2014, total revenue increased 19.9% to $12.9�billion. The revenue increase was driven by an 11.2% increase in total retail unit sales, including 6.7% on a same-store basis. Same-store retail revenue growth was 12.8%. Income from continuing operations attributable to common shareholders increased 19.5% to $222.8�million and related earnings per share increased 19.4% to $2.46 per share when compared to the same period last year.

Acquisitions

The Company has signed agreements to acquire a majority ownership interest in The Around The Clock Freightliner Group (�ATC�), a heavy-duty retail truck dealership group located in Texas, Oklahoma and New Mexico. Upon completion of the transactions, Penske Automotive Group�s ownership interest would increase from 27% to approximately 86% and would become a fully consolidated entity. Upon completion of the transactions, ATC is expected to contribute an estimated $600 � $700 million in incremental revenue and incremental earnings per share of $0.12 to $0.14 on an annualized basis.

ATC currently operates fourteen locations, including eight full-service dealerships, offering Freightliner, Western Star, and Sprinter-branded trucks. The company also offers a full range of used trucks available for sale and service and parts departments that are open 24 hours a day, 7 days a week. Commenting on the acquisition, Penske Automotive Group Chairman Roger S. Penske said, �We are thrilled with the opportunity to acquire a majority ownership interest in ATC and to represent these world-class Daimler brands. ATC has a long and distinguished history as one of North America�s premier full service heavy-duty truck dealerships, and provides an ideal framework for our company to begin building scale within the highly-fragmented commercial truck dealership industry.�

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the third quarter of 2014 on October�29, 2014, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (877)�260-8896 [International, please dial (612)�332-0530]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the third quarter 2014 financial results has been posted to the company�s website. To access the presentation or to listen to the company�s webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 20,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company�s website at www.penskeautomotive.com.

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 and provide a meaningful presentation of the company�s results from its core business operations excluding the impact of items not related to the company�s ongoing core business operations, and improve the period-to-period comparability of the company�s results from its core business operations. 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 potential earnings outlook and ability to complete the transactions noted above. 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, 2013, 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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Reconciliation of reported net income to earnings before interest, taxes, depreciation and amortization (�EBITDA�) for the three months and nine months ended September�30, 2014 and 2013:

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