Penske Automotive Increases 401(k) Matching Contributions
BLOOMFIELD HILLS, Mich., Jan. 31, 2018 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today that it has enhanced the company’s U.S. 401(k) savings plan by increasing company matching contributions from 1.5% to 2.5% of eligible contributions, representing an increase of 67%. The increase will provide a recurring, annual benefit to our employees.
«The recently enacted tax reform positively impacts our business, presenting us with even greater opportunities to pursue our strategic initiatives, invest in our employees and improve shareholder value,» said Penske Automotive Group Chairman Roger S. Penske.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide, is a member of the Fortune 500, Russell 2000, and was named as one of the World’s Most Admired Companies by Fortune. For additional information visit the company’s website at www.penskeautomotive.com.
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Inquiries should contact:
Executive Vice President and
Chief Financial Officer
Anthony R. Pordon
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SOURCE Penske Automotive Group, Inc.