Penske, Asbury report record earnings, navigate challenges

Penske Automotive Group chair and chief executive officer Roger Penske summed up his company’s second quarter 2022 earnings report by noting good news along with challenges.

“Despite the supply constraints that continue to impact new vehicle inventory and availability, demand remains strong, and our pipeline of vehicles remains forward sold,” Penske said during the company’s second quarter 2022 earnings call that took place on July 27. The company reported all-time record quarterly earnings.

Asbury Automotive president and chief executive officer David Hult shared similar sentiment during that company’s second quarter earnings call on July 28, reporting that