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Penske Automotive’s Q2 net income falls 12%

Penske Automotive Group Inc.’s second-quarter income fell as weak market conditions in the United Kingdom hurt new-vehicle sales and used-vehicle profits in that market.

Net income for the nation’s second-largest dealership group dropped 12 percent to $118.5 million. Revenue dipped 3.1 percent to $5.76 billion, and Penske’s gross profit fell 2.5 percent to $867.8 million. In the company’s retail automotive unit, revenue and gross profit dropped in both the new- and used-vehicle businesses but rose in service and parts and finance and insurance.

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