Penske Automotive Group Names New Executive Vice President, Chief Financial Officer

EL MONTE, Calif.--Sept. 10, 2003--Penske Automotive Group, Inc. (PAG) announced today that Gregory J. Houfley, CPA, has been appointed Executive Vice President, Chief Financial Officer effective September 15, 2003.

Houfley joined Penske Corporation in September 1994 as Corporate Tax Director and was promoted to Vice President, Finance in October 2000. Prior to joining Penske Corporation, he was Senior Manager, Tax Services at Deloitte & Touche in Detroit. Houfley, who is 42 years old, received his BA degree from Western Michigan University in 1983. He and his wife will be relocating to the Los Angeles area.

Penske Automotive Group, Inc. (PAG), based in El Monte, California is a subsidiary of Penske Corporation. The Group sells more than 44,000 vehicles annually and includes Longo Toyota in El Monte, CA, its flagship store and the #1 retail automotive dealership in the world; Longo Lexus in El Monte, CA; Penske Motorcars (Mercedes-Benz) and Penske Jaguar and Aston Martin, both in West Covina, CA; Penske Honda in Ontario, CA; and Lexus Stevens Creek in San Jose, CA. The Group will open its seventh store, Toyota of Rancho Santa Margarita, in the spring of 2004.