Penske Automotive Suspends Quarterly Dividend

BLOOMFIELD HILLS, Mich. February 2, 2009: Penske Automotive Group, Inc. , an international automotive retailer, today announced that its Board of Directors has decided to suspend the Company’s quarterly dividend.

Commenting on the announcement, Chairman Roger Penske said, “Our decision to suspend the quarterly dividend is consistent with our ongoing cost curtailment and cash management initiatives, which include reductions in our worldwide workforce, reductions in executive and director pay, and the suspension of the Company’s U.S. 401(k) match. We continue to challenge our cost structure to find efficiencies, and will evaluate reinstating a dividend in future quarters.”

Previously, the company paid a quarterly dividend of $0.09 per share.