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Company Update Third Quarter 2017 Financial Results

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Company Update Third Quarter 2017 Financial Results Company Update Third Quarter 2017 Financial Results Statements in this presentation may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s financial results, liquidity, and future sales. 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, such as the recent hurricanes, 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, 2016, and its other filings with the Securities and Exchange Commission (“SEC”). This presentation speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein. Refer to the company’s latest earnings press release dated October 25, 2017. Company Overview • International transportation services company • Operates automotive and commercial truck dealerships principally in the U.S., Canada and Western Europe • Distributor of commercial vehicles, engines, power systems and related spare parts and services principally in Australia and New Zealand • Operations across four continents and nine countries • #142 on Fortune 500 • World-class brands • Over 26,000 employees Paramus Jaguar Land Rover, Paramus NJ 3 Strategy • Focus on diversification • U.S. automotive retail • $7 billion revenue international automotive business in UK/Western Europe • $1 billion revenue North American heavy-duty truck business • Expanding used car superstores in both the U.S. and U.K. • 28.9% ownership interest in Penske Truck Leasing which provides substantial earnings and cash flow • Strong balance sheet which provides flexibility to be opportunistic with capital allocation • Sector leading dividend 4 Geographic Diversification Canada Germany UnitedUnited StatesStates United Kingdom Puerto Rico Australia Italy Spain New Japan Zealand 5 Revenue & EBT by Segment 9M 2017 Revenue Revenue Earnings Before Tax $16.0 Billion $16.0 Billion $421 Million 59% 93% 76% 34% 5% 7% 2% 17% 7% Retail Retail North America Commercial Other* Automotive United Kingdom Truck Other *Includes Equity Income from joint venture investments, including Penske Truck Leasing 6 2017 Acquisitions ($ in Millions) $1.2 Billion in Estimated Annual Revenue Revenue U.S. - CarSense $350 U.K. - CarShop $340 Jaguar Land Rover – New Jersey $215 Schumacher European - Arizona $250 BMW MINI Swansea – U.K. $50 7 Q3 2017 HIGHLIGHTS Q3 2017 Highlights • Record third quarter retail unit sales, revenue, income from continuing operations and earnings per share • Retailed 130,257 new and used units, +9.9% • Revenue +7.2% to $5.5 billion; +6.9% excl. foreign exchange • Income from continuing operations +7.9% to $94.3 million • Excluding foreign exchange +7.6% to $94.0 million • Earnings per share +6.8% to $1.10 9 Q3 Performance Summary ($ Millions, excl. per share) Q3 ’17 Q3 ’16 Change Retail Automotive Dealership Units: New Units Retailed 64,365 65,986 -2.5% Used Units Retailed 65,892 52,536 +25.4% Total Units Retailed 130,257 118,522 +9.9% Revenue $5,524.4 $5,152.0 +7.2% Operating Income $152.2 $141.5 +7.6% Income from Cont. Ops. $94.3 $87.4 +7.9% EPS from Cont. Ops. $1.10 $1.03 +6.8% EBITDA1 $191.0 $176.7 +8.1% 1 See non-GAAP reconciliations in this presentation and press release dated October 25, 2017. 10 AUTOMOTIVE RETAIL Best in Class Brand Mix (% of Total Automotive Dealership Revenue) 9M 2017 6% 1% 14% 3% 3% 23% 10% 4% 3% 1% 1% 7% 10% 8% 3% • Premium – 70% • Volume Non-U.S. – 23% • U.S. Big 3 – 3% • Stand-Alone Used – 4% 12 Retail Automotive Dealership Metrics (Retail Auto Only) 9M 2017 Used 13% Used 33% New 25% New 48% S&P 41% S&P 10% F&I 20% Revenue Gross Profit Mix Contribution Service & Parts Drives Profitability 13 Same-Store Retail Automotive Revenue Q3 2017 vs. Excl. Foreign Q3 2016 Exchange New Vehicles -3.5% -3.6% Used Vehicles +1.7% +1.6% Finance & Insurance +5.0% +5.0% Service & Parts +1.5% +1.3% -1.0% -1.2% 14 Same-Store Gross Profit Per Unit Reported Ex. Foreign Exchange Q3 ’17 Q3 ’16 Chg. Q3 ’17 Q3 ’16 Chg. New Vehicle $2,841 $2,691 +$150 $2,829 $2,691 +$138 Used Vehicle $1,482 $1,592 -$110 $1,480 $1,592 -$112 Finance & Insurance $1,178 $1,089 +$89 $1,177 $1,089 +$88 Total Variable Gross Profit per Unit $3,391 $3,293 +$98 $3,383 $3,293 +$90 15 Retail Automotive Gross Margin Total Same-Store Q3 ’17 Q3 ’16 Q3 ’17 Q3 ’16 New Vehicles 7.5% 7.3% 7.4% 7.3% Used Vehicles 5.7% 5.8% 5.4% 5.8% Service & Parts 59.1% 57.1% 58.8% 57.1% 16 Retail Automotive Same-Store Service & Parts ($ in Millions) Excl. Q3 ’17 Q3 ’16 Change Foreign Ex. Revenue: Customer Pay $330.1 $332.9 -0.8% -1.1% Warranty 130.4 120.3 +8.4% +8.2% Vehicle Prep/B-Shop 38.3 38.1 +0.5% +0.2% Total Revenue $498.8 $491.3 +1.5% +1.3% Gross Profit $293.1 $280.4 +4.5% +4.4% Margin 58.8% 57.1% +170 bps 17 USED VEHICLE OPPORTUNITY Used Vehicle Opportunity Used Vehicle Market Presents Growth Opportunity 2.5x The Size Of The New Car Market [VALUE].0 40.5 40.6 38.8 38.8 39.4 36.9 29% 37% 34% 16.5 17.5 17.5 14.5 15.6 11.6 12.8 Franchised Dealers 2010 2011 2012 2013 2014 2015 2016 Independent Dealers New Used Private Party Note: U.S. Market Source: ADESA Pulse 2016 Source: ADESA Pulse 2010-2016 19 Used Vehicles Highlights (Units Millions) • Used vehicle segment is counter-cyclical • Used vehicles represent 33% of total retail revenue and 13% of total retail gross profit for nine months 2017 YTD • Used unit to new units sold ratio was 1.04 to 1 for nine months YTD Off-lease Vehicles Expected to Increase 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e 20 Source: BAML 2017 Auto Dealer Manual Stand-Alone Used Vehicle Performance Q3 2017 2017 YTD Total Total* Used Units Retailed 11,626 30,952 Revenue (in millions) $199.8 $535.7 Avg. Transaction Price $14,196 $14,296 Gross Per Unit Retailed $1,152 $1,222 F&I Per Unit Retailed $1,188 $1,182 Total Variable Gross Per Unit $2,340 $2,404 * Reflects results since acquisition 21 Stand-Alone Used Revenue & Gross (Retail Auto Only) YTD 2017 since acquisition Revenue Gross Used 42% Used 83% F&I 40% WH 8% S&P 17% Revenue Gross Profit Mix Contribution 22 RETAIL COMMERCIAL TRUCKS & COMMERCIAL VEHICLES Premier Truck Group Truck Sales Service Parts Body Shop • $1.0B of operating revenue • 3rd largest Dealership Group for Daimler Trucks N.A. • Heavy and medium duty truck dealership group • New and used retail sales; service and parts operations similar to auto dealerships • 20 locations in Georgia, Oklahoma, Tennessee, Texas and Canada 24 N.A. Commercial Truck Market • Overall Class 8 market is forecasted to be much stronger this year than initially expected • ACT research is forecasting a build plan for Class 8 of just under 250,000 units • Up from original forecast of 202,000 at the beginning of 2017 • Truck utilization is gaining strength • Excess capacity continues to come down • Used truck pricing has stabilized 25 Retail Commercial Truck Dealerships (Retail Commercial Truck Only) Q3 2017 Service & Parts Drives Profitability Revenue & Gross Profit Mix: Revenue Gross Profit New Trucks 61.5% 17.8% Used Trucks 10.0% 5.9% Finance & Insurance 0.7% 4.7% Service & Parts 27.8% 71.6% 26 Commercial Vehicles, Engines & Power Systems • A distributor of commercial vehicles, diesel/gas engines, power systems and related spare parts and services • World-class brands such as: ― Western Star ― MTU ― Dennis Eagle ― Allison Transmission ― Detroit Diesel ― MTU On-site Energy ― Mercedes-Benz Industrial ― MAN Truck & Bus • PCV – 72 dealerships, 10 company owned • PPS – Dealers strategically located throughout Australia, New Zealand, and the Pacific • Operate parts distribution warehouses • Operate across transportation, mining, defense and industrial markets 27 APPENDIX – SUPPLEMENTAL INFORMATION U.S. Retail Automotive Revenue ($ in Millions) TOTAL Q3 ’17 Q3 ’16 Change New Retail $1,546.0 $1,539.2 +0.4% Used Retail 835.1 760.3 +9.8% Service & Parts 352.8 344.6 +2.4% Finance & Ins. 89.9 82.8 +8.6% Total Retail $2,823.8 $2,726.9 +3.6% SAME-STORE New Retail $1,491.7 $1,536.5 -2.9% Used Retail 739.9 758.8 -2.5% Service & Parts 340.6 343.8 -0.9% Finance & Ins. 83.2 82.7 +0.6% Total Retail $2,655.4 $2,721.8 -2.4% 29 U.K. Retail Automotive Revenue (£ and $ in Millions) In Sterling In U.S. Dollars TOTAL Q3 ’17 Q3 ’16 Change Q3 ’17 Q3 ’16 Change New Retail £624.2 £617.9 +1.0% $822.2 $811.9 +1.3% Used Retail 570.0 458.2 +24.4% 746.2 601.8 +24.0% Service & Parts 99.4 89.2 +11.4% 130.2 117.2 +11.1% Finance & Ins.
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