Penske Automotive Group (NYSE: PAG) reported Q1 EPS of $1.19, $0.04 worse than the analyst estimate of $1.23. Revenue for the quarter came in at $5.56 billion versus the consensus estimate of $5.75 billion.

Chairman Roger Penske said, "I am pleased with our first quarter performance and optimistic about the remainder of the year. We repurchased 1.5%, or 1.3 million, of our outstanding shares while holding long-term debt flat with December last year. Further, I am particularly pleased to see the 5.6% increase in same-store service and parts revenue when excluding the impact of foreign exchange and the increase in our used to new ratio. As I look forward, the product availability issues created by WLTP have improved, and I am encouraged by the strong order book in the U.K., the continued strength in our retail truck operations, and the resilience shown by our dealership operations."

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