Penske Automotive 2007 sales grew 16.5 percent

Penske Automotive Group today said its 2007 sales and earnings grew despite a softer market for new vehicle sales.

For the full year, sales grew 16.5 percent to $13 billion from $11.1 billion a year ago. Net income for 2007 was $127.7 million, up from $124.7 million in 2006.

The Bloomfield Hills-based auto retailing chain said its sales for the period ended Dec. 31 rose to $3 billion from $2.86 billion in the fourth quarter of 2006. Penske Automotive’ fourth-quarter income was $29 million, compared with $30 million for the same period a year ago.

Chairman Roger Penske in a statement called the U.S. new vehicle market "challenging" but said that was offset by growth in used car sales as well as service and parts revenue.

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