Home / news / “WXYZ” : Penske Automotive to lay off more than 160 employees

“WXYZ” : Penske Automotive to lay off more than 160 employees

as informed in

(WXYZ) – Penske Automotive will soon be letting go of more than 160 employees.
The layoffs affect employees at Penske vehicle service locations including Detroit, Pontiac, Milford, Warren and Lansing, according to a release the company sent into the state’s WARN site.
That could result in the permanent layoff of more than 165 employees at locations across southeast Michigan.
Penske says this morning that due to the loss of a contract with General Motors, they’ll no longer be providing certain fleet and or transportation services for the automaker.
In addition to the cities mentioned earlier, the company’s location in Grand Blanc will close, too.

as mentioned in

Penske Automotive Q4 net jumps 16%, as revenue slips

Penske Automotive Q4 net jumps 16%, as revenue slips

New-vehicle retail sales rose 6.9 percent to 249,695, while used retail sales rose 4.6 percent to 207,556.
Automotive resultsTotal retail new-vehicle automotive sales, excluding its commercial-truck operations, rose 4 percent to 62,786 units, while used retail sales eased 0.8 percent to 49,343.
On a same-store basis, new-vehicle sales rose 1 percent to 229,401, while used-vehicle retail sales softened 0.4 percent to 191,234.
Editor’s note: Penske Vehicle Services is planning to lay off 165 workers in the Detroit area.
Retail automotive operations posted revenue of $4.55 billion, or 93 percent of all revenue in the fourth quarter, and gross profit of $663.1 million, or 91 percent of total gross profit.

as mentioned in

Foreign Exchange Headwinds Continue to Blow Against Penske Automotive

Foreign Exchange Headwinds Continue to Blow Against Penske Automotive

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collected by :Molly Tony

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