Penske Automotive Group Announces Management Changes

BLOOMFIELD HILLS, Mich.--Penske Automotive Group, Inc. , an international automotive retailer, announced today that its President, Roger S. Penske, Jr., is stepping down from his position, effective March 31, 2008. Mr. Penske, Jr. will be relocating to California where he will acquire four dealerships from privately held Penske Motor Group.

Further, the company’s Board of Directors today appointed Robert H. Kurnick, Jr. as the company’s President, effective March 31, 2008. Mr. Kurnick has served in various capacities with the company since 1999 and most recently as the company’s Vice Chairman of the Board.

Finally, Penske Automotive Group is pleased to announce that Bernie Wolfe is promoted to the position of Executive Vice President of Penske Automotive Group’s Eastern Region, effective March 31, 2008. Mr. Wolfe has served in various capacities with Penske Automotive Group since 1999 after a 25 year career with Toyota Motors USA. He most recently served as the Area Vice President responsible for the company’s Southern California businesses. Mr. Wolfe will relocate to the Bloomfield Hills, Michigan office.

About Penske Automotive

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 315 retail automotive franchises, representing 40 different brands, and 27 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 170 franchises in 18 states and Puerto Rico and 145 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 1000 and has approximately 16,000 employees.