BLOOMFIELD HILLS, Mich., Feb. 17, 2023 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors delegated to management $250 million in authority to repurchase the Company's outstanding securities. This repurchase authority is in addition to previously announced repurchase authority, of which $3.6 million remained outstanding as of February 7, 2023. The authority has no expiration. In 2022, the Company repurchased 8.2 million shares of its common stock, representing approximately 10.6% of the Company's shares outstanding at the beginning of 2022, for an aggregate purchase price of $886.5 million. From January 1, 2023, through February 7, 2023, the Company repurchased 0.6 million shares for an aggregate purchase price of $70.7 million.
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