EX-99.1

PENSKE AUTOMOTIVE REPORTS FIRST QUARTER RESULTS
____________________________________________________________

Earnings Per Share From Continuing Operations Increases 50% to $0.39 Per Share

$87.3 Million of Convertible Notes Repurchased April 1, 2011
___________________________________________________________

BLOOMFIELD HILLS, MI, April 28, 2011 – Penske Automotive Group, Inc. (NYSE: PAG), an international automotive retailer, today reported a 51.7% increase in first quarter income from continuing operations attributable to common shareholders to $36.4 million, which compares to income from continuing operations attributable to common shareholders of $24.0 million in the first quarter last year. Earnings per share from continuing operations attributable to common shareholders increased 50.0% to $0.39 per share from $0.26 per share in the first quarter last year. Total revenue in the first quarter increased 15.3% to $2.9 billion, including an 11.6% increase in same-store retail revenues, due in large part to increases in new and used retail vehicle unit sales.

“Our first quarter results exceeded my expectations” said Penske Automotive Group Chairman Roger Penske. “I am particularly pleased with the same-store retail revenue growth generated in all lines of our business. Our operating results are highlighted by an improvement in our used-to-new ratio to 0.79:1; a 13.5% increase in same-store used vehicle retail unit sales; and improving trends in our service and parts operations, including 3.4% growth in same-store revenues and a 63 basis-point increase in margin.” Penske continued, “Our U.K. business generated another quarter of outstanding operating results, highlighted by new vehicle unit sales that outperformed the overall U.K. market and a 4.1% increase in same-store used vehicle retail unit sales.”

Commenting on the impact of the earthquake and tsunami in Japan, Penske added, “We extend our deepest sympathies to the people of Japan, including our colleagues at our partner companies, OEMs, suppliers, and their families, that have been impacted by this disaster. While our OEM partners are working tirelessly to minimize the disruption to the automotive supply chain, we expect the recently announced production cuts will impact the availability of new vehicles of certain brands later this year. However, we believe that the diversification of the retail automotive business model, including our recurring fixed operations, which generate approximately 45% of our gross profit and our ability to offer a full range of used vehicles, will enable us to manage through any reduction in the availability of new vehicles caused by these unfortunate events.”

On April 1, 2011, the Company repurchased $87.3 million of its 3.5% Senior Subordinated Convertible Notes due 2026 (the “Convertible Notes”) at par value pursuant to an investor put right under the indenture governing the Convertible Notes. The repurchase was funded using existing working capital and borrowings under the Company’s U.S. revolving credit facility. After the repurchase, $63.3 million of the Convertible Notes remain outstanding, which are redeemable by the Company at any time at par value. As of April 28, 2011, the Company has repaid all of the borrowings incurred under the U.S. revolving credit facility in connection with the repurchase of the Convertible Notes, and currently has $300 million of availability under the U.S. revolving credit facility.

The Company also has authorization to repurchase up to $150.0 million of its outstanding common stock, debt or convertible debt. Securities may be acquired from time to time either through open market purchases, negotiated transactions or other means.

During the first quarter, the Company acquired three franchises, including an Audi franchise in Willoughby, Ohio, and a BMW and MINI franchise in the U.K. These franchises are expected to generate approximately $100 million of revenue on an annualized basis. The Company was also awarded the rights to Nissan and Infiniti franchises in downtown San Francisco, California. These franchises are expected to open in the third quarter of 2011.

As previously announced, the Company is in discussions with Mercedes-Benz USA to transition distribution of the smart fortwo to Mercedes-Benz USA. The Company currently expects the transition to be complete in the second quarter of this year. As a result, smart USA has been treated as a discontinued operation for all periods presented in the accompanying financial statements and selected data.

Penske Automotive will host a conference call discussing financial results relating to the first quarter of 2011 on April 28, 2011, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1092 [International, please dial (612) 332-0107]. The call will also be simultaneously broadcast over the Internet through the Penske Automotive Group website at www.penskeautomotive.com.

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 326 retail automotive franchises, representing 39 different brands and 26 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 172 franchises in 17 states and Puerto Rico and 154 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 1000 and has approximately 14,500 employees. smart and fortwo are registered trademarks of Daimler AG.

This release contains certain non-GAAP financial measures as defined under SEC rules, such as EBITDA. The Company has reconciled this measure to the most directly comparable GAAP measure in the release. The Company believes that this widely accepted measure of operating profitability improves the transparency of the Company’s disclosures. This non-GAAP financial measure is not a substitute for GAAP financial results, and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP.

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales potential. Actual results may vary materially because of risks and uncertainties, including the results of our efforts to transition the smart USA business to Mercedes-Benz USA, as well as external factors such as consumer credit conditions; adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to the earthquake in Japan in March 2011; macro-economic factors; interest rate fluctuations; changes in consumer spending; and other factors over which management has no 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, 2010, 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.

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)


	First Quarter
		2011			2010
Revenues:
New Vehicle		$	1,435,133		$	1,232,070
Used Vehicle			823,924			696,463
Finance and Insurance, Net			68,008			59,415
Service and Parts			356,591			333,941
Fleet and Wholesale Vehicle			173,546			155,294

Total Revenues			2,857,202			2,477,183

Cost of Sales:
New Vehicle			1,321,847			1,130,588
Used Vehicle			757,116			639,775
Service and Parts			153,429			145,748
Fleet and Wholesale Vehicle			170,531			151,538

Total Cost of Sales			2,402,923			2,067,649

Gross Profit			454,279			409,534
SG&A Expenses			369,519			335,328
Depreciation			12,265			12,190

Operating Income			72,495			62,016
Floor Plan Interest Expense			(7,163	)		(8,288	)
Other Interest Expense			(11,401	)		(12,720	)
Debt Discount Amortization			(1,718	)		(2,915	)
Equity in Earnings (Losses) of Affiliates			22			(429	)
Gain on Debt Repurchase			—			605

Income from Continuing Operations Before Income Taxes			52,235			38,269
Income Taxes			(15,728	)		(14,265	)

Income from Continuing Operations			36,507			24,004
Loss from Discontinued Operations, Net of Tax			(2,510	)		(3,672	)

Net Income			33,997			20,332
(Income) Loss Attributable to Non-Controlling Interests			(70	)		22

Net Income Attributable to Common Shareholders		$	33,927		$	20,354

Income from Continuing Operations Per Share		$	0.39		$	0.26

Income Per Share		$	0.37		$	0.22

Weighted Average Shares Outstanding			92,554			91,961

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations		$	36,507		$	24,004
Income Attributable to Non-Controlling Interests			(70	)		22

Income from Continuing Operations, Net of Tax			36,437			24,026
Loss from Discontinued Operations, Net of Tax			(2,510	)		(3,672	)

Net Income		$	33,927		$	20,354

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Thousands)
(Unaudited)


	3/31/11		12/31/10
Assets
Cash and Cash Equivalents	$	35,229	$	17,544
Accounts Receivable, Net		424,263		394,352
Inventories		1,536,379		1,489,169
Other Current Assets		84,367		69,116
Assets Held for Sale		37,342		49,544

Total Current Assets		2,117,580		2,019,725
Property and Equipment, Net		765,967		729,144
Intangibles		1,037,875		1,017,737
Other Long-Term Assets		298,414		303,226

Total Assets	$	4,219,836	$	4,069,832

Liabilities and Equity
Floor Plan Notes Payable	$	981,992	$	949,129
Floor Plan Notes Payable – Non-Trade		532,700		503,018
Accounts Payable		235,469		256,834
Accrued Expenses		231,824		205,006
Current Portion Long-Term Debt		11,903		10,593
Liabilities Held for Sale		27,321		35,638

Total Current Liabilities		2,021,209		1,960,218
Long-Term Debt		784,271		769,285
Other Long-Term Liabilities		315,319		294,476

Total Liabilities		3,120,799		3,023,979
Equity		1,099,037		1,045,853

Total Liabilities and Equity	$	4,219,836	$	4,069,832


	Three Months
	2011			2010
Total Retail Units:
New Retail		40,030			36,132
Used Retail		31,597			26,751

Total		71,627			62,883

Same-Store Retail Units:
New Same-Store Retail		38,609			35,980
Used Same-Store Retail		30,319			26,722

Total		68,928			62,702

Same-Store Retail Revenue:
New Vehicles	$	1,382,055		$	1,228,619
Used Vehicles		793,883			696,028
Finance and Insurance, Net		66,482			59,253
Service and Parts		345,015			333,615

Total	$	2,587,435		$	2,317,515

Same-Store Retail Revenue Growth:
New Vehicles		12.5	%		24.7	%
Used Vehicles		14.1	%		11.1	%
Finance and Insurance, Net		12.2	%		20.7	%
Service and Parts		3.4	%		1.4	%
Total		11.6	%		16.4	%
Revenue Mix:
New Vehicles		50.2	%		49.7	%
Used Vehicles		28.8	%		28.1	%
Finance and Insurance, Net		2.4	%		2.4	%
Service and Parts		12.5	%		13.5	%
Fleet and Wholesale		6.1	%		6.3	%
Average Retail Selling Price:
New Vehicles	$	35,851		$	34,099
Used Vehicles		26,076			26,035
Gross Margin		15.9	%		16.5	%
Retail Gross Margin – by Product:
New Vehicles		7.9	%		8.2	%
Used Vehicles		8.1	%		8.1	%
Service and Parts		57.0	%		56.4	%


			Three Months
			2011			2010
Gross Profit per Retail Transaction:
New Vehicles			$	2,830		$	2,809
Used Vehicles				2,114			2,119
Finance and Insurance				949			945
Brand Mix:
BMW / MINI				23	%		20	%
Toyota / Lexus				17	%		18	%
Honda / Acura				13	%		14	%
Audi				12	%		11	%
Mercedes Benz / smart				10	%		10	%
Land Rover				5	%		5	%
Porsche				4	%		4	%
Ferrari / Maserati				3	%		2	%
Other				13	%		16	%

				100	%		100	%
Premium				67	%		66	%
Foreign				29	%		30	%
Domestic Big 3	—	—		4	%		4	%

				100	%		100	%
Revenue Mix:
U.S.				62	%		61	%
International				38	%		39	%

				100	%		100	%
Rent Expense			$	43,741		$	41,057
EBITDA*			$	77,619		$	66,094
* See the following Non-GAAP reconciliation tables


Contacts:		Bob O’Shaughnessy Chief Financial Officer 248-648-2800 boshaughnessy@penskeautomotive.com

		or
		Anthony R. Pordon Senior Vice President 248-648-2540 tpordon@penskeautomotive.com