Penske Automotive authorizes $250M in repurchase authority

Feb. 17, 2023 7:08 AM ETPenske Automotive Group, Inc. (PAG)By: Khyathi Dalal, SA News Editor
  • Penske Automotive (NYSE:PAG) board announced $250M in authority to repurchase the company's outstanding securities; authority has no expiration.
  • This is besides the earlier announced repurchase authority, of which $3.6M remained outstanding as of Feb. 7, 2023.
  • In 2022, the company repurchased 8.2M shares (10.6% of its shares outstanding at the beginning of 2022), for purchase price of $886.5M;  from Jan. 1, 2023, through Feb. 7, 2023, the company repurchased 0.6M shares for $70.7M.

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