Penske Automotive Boosts Dividend 7%

(RTTNews) - Automotive retailer Penske Automotive Group, Inc. (PAG) said Wednesday that its Board of Directors has approved a cash dividend of $0.16 per share for the second quarter of 2013.

The dividend is payable on September 3 to shareholders of record on August 12.

"We are pleased to offer our shareholders a 7% increase in the quarterly dividend," said Penske Automotive Group President Robert Kurnick, Jr. "Based upon the strength in our financial performance, cash flow generation, and the strong automotive retail environment in our U.S. and U.K. markets, we remain confident in our ability to continue growing our business."