Penske Automotive Group Announces Redemption of 3.5% Senior Subordinated Convertible Notes Due 2026

Penske Automotive Group, Inc., (NYSE: PAG), an international automotive retailer, today announced that it has given notice to holders of the $63,324,000 outstanding principal amount of its 3.5% Senior Subordinated Convertible Notes due 2026 (the "Notes") that the Company is redeeming (the “Redemption”) all of the Notes at a redemption price of 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding June 25, 2012 (the “Redemption Date”).

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