<SEC-DOCUMENT>0001299933-16-002439.txt : 20160511
<SEC-HEADER>0001299933-16-002439.hdr.sgml : 20160511
<ACCEPTANCE-DATETIME>20160511091602
ACCESSION NUMBER:		0001299933-16-002439
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160511
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160511
DATE AS OF CHANGE:		20160511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		161638232

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>htm_53497.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Penske Automotive Group, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	May 11, 2016
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	Penske Automotive Group, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	1-12297
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	22-3086739
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_____________________<BR>
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	of incorporation)
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	File Number)
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	Identification No.)
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	2555 Telegraph Road, Bloomfield Hills, Michigan
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	48302
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_________________________________<BR>
	(Address of principal executive offices)
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___________<BR>
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	248-648-2500
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>Item&nbsp;8.01 Other Events.</B>
</FONT>

<P align="left" style="font-size: 11pt"><B>Offering Announcement</B>


<P align="left" style="font-size: 11pt">On May&nbsp;11, 2016, we announced that we intend to offer $500&nbsp;million aggregate principal amount of
fixed rate senior subordinated notes due 2026 for sale pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission. The press release relating to this
offering is attached as Exhibit&nbsp;99.1 hereto and is incorporated herein by reference.


<P align="left" style="font-size: 11pt">The preliminary prospectus supplement for the Offering discloses our recent additional investment
in our Premier Truck Group subsidiary. In November&nbsp;2014, we acquired a controlling interest (91%)
in a heavy and medium duty truck dealership group located primarily in Texas and Oklahoma, which we
renamed Premier Truck Group (&#147;PTG&#148;). Prior to the November&nbsp;2014 transaction, we held a 32% interest
in PTG and accounted for this investment under the equity method. During 2015, we acquired an
additional 5% of PTG bringing our total ownership interest to 96%. We recently acquired the
remaining 4% of PTG, which is now a wholly owned subsidiary. As of March&nbsp;31, 2016, PTG operates
fourteen locations, including ten full-service dealerships offering primarily Freightliner and
Western Star branded trucks.


<P align="left" style="font-size: 11pt">The preliminary prospectus supplement also updated our disclosure related to Penske Truck Leasing
Co., L.P., a leading provider of transportation and supply chain services (&#147;PTL&#148;). We currently
hold a 9.0% ownership interest in PTL. PTL operates and maintains more than 220,000 vehicles and
serves customers in North America, South America, Europe, Australia and Asia and is one of the
largest purchasers of commercial trucks in North America. Product lines include full-service truck
leasing, contract maintenance, commercial and consumer truck rentals, used truck sales,
transportation and warehousing management and supply chain management solutions. In March&nbsp;2015,
Mitsui & Co. (&#147;Mitsui&#148;) purchased a 20.0% ownership interest in PTL from GE Capital. PTL is
currently owned 41.1% by Penske Corporation, 9.0% by us, 29.9% by GE Capital and 20.0% by Mitsui.
We account for our investment in PTL under the equity method, and we therefore record our share of
PTL&#146;s earnings on our statements of income under the caption &#147;Equity in earnings of affiliates,&#148;
which also includes the results of our other investments.


<P align="left" style="font-size: 11pt">Consistent with our business strategy, we from time to time engage in discussions with potential
sellers regarding the possible purchase by us of assets that are strategic and complementary to our
existing operations. Our management has at times discussed with GE Capital the possibility that we
may purchase GE Capital&#146;s remaining 29.9% limited partnership interest in PTL. While we continue to
consider such an acquisition, there is no assurance that an agreement will be reached or that a
closing will occur.&nbsp; Entering into any such agreement would be subject to approval by our Board of
Directors, market conditions, financing, agreement among the partners of PTL, and other customary
conditions.


<P align="left" style="font-size: 11pt">Based on previous discussions, we estimate the transaction value for the purchase of GE Capital&#146;s
remaining interest in PTL could be approximately $1.0&nbsp;billion. The terms of any transaction, if it
occurred, could be different.&nbsp; In order to fund any such acquisition we would consider financing
that would include some combination of debt and equity. The availability and composition of any
financings is uncertain and subject to approval by our Board of Directors, market conditions, and
other customary conditions.


<P align="left" style="font-size: 11pt">As of and for the year ended December&nbsp;31, 2015, PTL maintained a fleet of $8.2&nbsp;billion of revenue
earning vehicles and generated $6.1&nbsp;billion of revenue and $2.1&nbsp;billion of earnings before
interest, taxes, depreciation and amortization. During 2015, we recorded $32.2&nbsp;million as our
equity in the earnings of PTL and received $13.8&nbsp;million in cash distributions. For a description
of PTL, see Item&nbsp;1. Business &#150; Penske Truck Leasing in our Form 10-K for the year ended December
31, 2015.


<P align="left" style="font-size: 11pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 11pt">99.1 Press Release.



<P align="center" style="font-size: 10pt; display: none">




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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Penske Automotive Group, Inc.
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	May 11, 2016
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	By:
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	/s/ Shane M. Spradlin
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	Name: Shane M. Spradlin
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	Title: Executive Vice President
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	Exhibit&nbsp;Index
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	Exhibit No.
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	99.1
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Press Release.
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><U><B>FOR IMMEDIATE RELEASE</B></U>
</FONT>

<P align="center" style="font-size: 12pt"><B>PENSKE AUTOMOTIVE GROUP ANNOUNCES<BR>
$500.0 MILLION SENIOR SUBORDINATED NOTES OFFERING</B>



<P align="left" style="font-size: 12pt; text-indent: 4%"><B>BLOOMFIELD HILLS, MI</B>, May&nbsp;11, 2016 &#150; Penske Automotive Group, Inc. (NYSE: PAG), an
international transportation services company, today announced that it intends to offer $500.0
million aggregate principal amount of fixed rate Senior Subordinated Notes due 2026 (the &#147;2026
Notes&#148;), subject to market and other customary closing conditions, pursuant to an effective shelf
registration statement filed with the Securities and Exchange Commission (the &#147;SEC&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">The company intends to use the net proceeds of this offering to repay amounts currently
outstanding under the company&#146;s U.S. credit agreement and floor plan debt and for general working
capital purposes.


<P align="left" style="font-size: 12pt; text-indent: 4%">This offering is being made solely by means of a prospectus supplement and accompanying
prospectus, which has been filed with the SEC. A copy of the prospectus for the offering may be
obtained on the SEC&#146;s website, www.sec.gov. Alternatively, you may request it by contacting
Merrill Lynch, Pierce, Fenner & Smith Incorporated at dg.prospectus&#151;requests@baml.com or calling
toll-free 1-800-294-1322, J.P. Morgan Securities LLC at c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NJ 11717 or call 866-803-9204 or Wells Fargo Securities, LLC, at
Attn: Client Support, 608 2nd Avenue, South Minneapolis, MN 55402, calling toll free at (800)
645-3751, Option 5, or by emailing wfscustomerservice@wellsfargo.com.


<P align="left" style="font-size: 12pt; text-indent: 4%">This press release does not constitute an offer to sell or a solicitation of an offer to buy
the securities described herein, and shall not constitute an offer, solicitation or sale in any
state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.


<P align="left" style="font-size: 12pt"><U><B>Safe Harbor Statement</B></U>


<P align="left" style="font-size: 12pt; text-indent: 4%">This press release contains forward-looking statements regarding the company&#146;s proposed
offering of the 2026 Notes. The forward-looking statements in this release are based on information
available at the time the statements are made and/or management&#146;s belief as of that time with
respect to future events and involve risks and uncertainties that could cause actual results and
outcomes to be materially different. These factors include, but are not limited to, successful
negotiation of definitive documentation for the financing arrangement and satisfaction or waiver of
all conditions to closing. The consummation of the transaction may also be impacted by the other
risks and uncertainties detailed in the company&#146;s filings with the SEC. While the company may elect
to update forward-looking statements in the future, it specifically disclaims any obligation to do
so, and therefore, you should not rely on these forward-looking statements as representing our
views as of any date subsequent to today.


<P align="left" style="font-size: 12pt"><U><B>About Penske Automotive</B></U>


<P align="left" style="font-size: 12pt; text-indent: 5%">Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an
international transportation services company that operates automotive and commercial truck
dealerships principally in the United States, Canada and Western Europe, and distributes commercial
vehicles, diesel engines, gas engines, power systems and related parts and services principally in
Australia and New Zealand. PAG employs more than 22,000 people worldwide and is a member of the
Fortune 500 and Russell 2000. &nbsp;


<P align="left" style="font-size: 12pt">Inquiries should contact:

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. D. Carlson<BR>
Executive Vice President and<BR>
Chief Financial Officer<BR>
Penske Automotive Group, Inc.<BR>
248-648-2810<BR>
<FONT style="font-size: 10pt">jcarlson@penskeautomotive.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt">Anthony R. Pordon<BR>
Executive Vice President Investor<BR>
Relations and Corporate Development<BR>
Penske Automotive Group, Inc.<BR>
248-648-2540<BR></FONT>
<FONT style="font-size: 10pt">tpordon@penskeautomotive.com</FONT></TD>
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<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt"># # #</FONT>




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