<SEC-DOCUMENT>0001019849-19-000030.txt : 20191219
<SEC-HEADER>0001019849-19-000030.hdr.sgml : 20191219
<ACCEPTANCE-DATETIME>20191219161613
ACCESSION NUMBER:		0001019849-19-000030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20191218
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191219
DATE AS OF CHANGE:		20191219

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:		191295987

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pag-20191218x8k.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='UTF-8'?>

      <!-- iXBRL document created with: Toppan Merrill Bridge iXBRL 9.5.7269.28134 -->
      <!-- Based on: iXBRL 1.1 -->
      <!-- Created on: 12/19/2019 8:56:49 PM -->
      <!-- iXBRL Library version: 1.0.7269.28141 -->
      <!-- iXBRL Service Job ID: ebf84278-c140-4007-9e63-15df1b451339 -->

  <html xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns="http://www.w3.org/1999/xhtml" xmlns:pag="http://www.penskeautomotive.com/20191218" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrli="http://www.xbrl.org/2003/instance"><head><meta http-equiv="content-type" content="text/html" /><title></title></head><body><div style="margin-top:30pt;"></div><div style="display:none;"><ix:header><ix:hidden><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityCentralIndexKey" id="Tc_SE9sNKMIU0a_M7Yoa43mRg_2_1">0001019849</ix:nonNumeric><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:AmendmentFlag" id="Tc_fCcpPneQBEq05VjtQx0Xcw_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="pag-20191218.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001019849</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2019-12-18</xbrli:startDate><xbrli:endDate>2019-12-18</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:10.35pt;"><div style="padding-top:1.0px;border-top:3.0pt solid #000000;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-top:1pt;text-align:center;border-top:1.0pt solid #000000;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><a id="_91663273_c9df_443e_8104_93f5d44a7516"></a></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:12pt;">UNITED STATES<br />SECURITIES AND EXCHANGE COMMISSION </span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">WASHINGTON, D.C. 20549</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:16pt;line-height:1.19;text-align:center;margin:0pt;">FORM&#160;<ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:DocumentType" id="Narr_Q481q8W0b0Kf7yBePUsYDg">8-K</ix:nonNumeric></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:11pt;">CURRENT REPORT</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Pursuant to Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of 1934</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><a id="_e50435ec_a19a_46d9_8661_daac12ae2349"></a><a id="Tc_oHCo0BrKuEms-PVtipw6MQ_1_0"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Date of Report (Date of Earliest Event Reported):</p></td><td style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 82.8pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="Tc_rWuV2FWe8EyZUKTQwTbkEg_1_1"><span style="font-size:9pt;">December 18, 2019</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:22pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityRegistrantName" id="Narr_ga46WlmoskulExa9yqgmkg">Penske Automotive Group, Inc.</ix:nonNumeric></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;text-decoration:underline;visibility:hidden;">&#8203;</span></p><div style="font-family:'Times New Roman';font-size:9.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#010101;color:#010101;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto;"></div></div><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Exact name of registrant as specified in its charter)</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><a id="_abdbca2a_9a36_4bee_aafd_bd317a552694"></a><a id="Tc_UscyZ7d6TEad7jcfCibI6w_2_0"></a><a id="Tc_ukAW88TcRUatVf-5Sxm3Og_2_2"></a><a id="Tc_44X8mTAyiEGKfVCFS06YEQ_2_4"></a><a id="Tc_PhQ1BQ6NA0GQEZKOOGT2ZA_3_0"></a><a id="Tc_HNPW1DEO0E2X8AgMHR6ptw_3_2"></a><a id="Tc_fjpLqKxWNE6R6Xd_OOMG1g_3_4"></a><a id="Tc_2RfgfEVTK0-MhLiiyUiuGA_5_0"></a><a id="Tc_eQNh279eQkemyXI47moXuA_6_0"></a><a id="Tc_YkRh599SD0WeTRh3M5eI5w_6_4"></a><a id="Tc_5v7HKfLuxE-A7z4xOgpgeg_8_0"></a><a id="Tc_hjxE1LK3eU2pTuRYaIRCYw_8_4"></a><a id="Tc_AT_ZrymjbEq89_M5NdmZpw_10_2"></a><a id="Tc_HvVA3Gwa2kCViHa3g2YSHA_11_0"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:36.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:36.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="Tc_8Pp19t4J80mHmjcKl8EXEg_1_0"><span style="font-size:9pt;">Delaware</span></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:2.78%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:26.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityFileNumber" id="Tc_rSz8SlWBlkC9JteuhQ9PoQ_1_2"><span style="font-size:9pt;">1-12297</span></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:2.67%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:31.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityTaxIdentificationNumber" id="Tc_sI6YERmZiUSkB98M2Kn9Og_1_4"><span style="font-size:9pt;">22-3086739</span></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:36.66%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(State or other jurisdiction</p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Commission</p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(I.R.S. Employer</p></td></tr><tr><td style="vertical-align:top;width:36.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">of incorporation)</p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">File Number)</p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Identification No.)</p></td></tr><tr><td style="vertical-align:top;width:36.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:36.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityAddressAddressLine1" id="Narr_Lt2sl_5fG0yN-zqZ7Wha0w"><span style="font-size:9pt;">2555 Telegraph Road</span></ix:nonNumeric><span style="font-size:9pt;">, </span><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityAddressCityOrTown" id="Narr_LQiU6EmIWUatUO72YRw6Zw"><span style="font-size:9pt;">Bloomfield Hills</span></ix:nonNumeric><span style="font-size:9pt;">,<br /></span><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="Narr_8FYENkxfnkexbXvdXZY4kA"><span style="font-size:9pt;">Michigan</span></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:2.78%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:31.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:EntityAddressPostalZipCode" id="Tc__exjx3czIUyqnl_81RqLpw_5_4"><span style="font-size:9pt;">48302</span></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:36.66%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Address of principal executive offices)</p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">(Zip Code)</p></td></tr><tr><td style="vertical-align:top;width:36.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:65.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Registrant&#8217;s telephone number, including area code:</p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:CityAreaCode" id="Narr_9mnVOKgXYka92yzYG300CQ"><span style="font-size:9pt;">248</span></ix:nonNumeric><span style="font-size:9pt;">-</span><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:LocalPhoneNumber" id="Narr_NwHn-gMCvk-P139BtcC7qQ"><span style="font-size:9pt;">648-2500</span></ix:nonNumeric></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:65.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:36.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">Not Applicable</p></td><td style="vertical-align:bottom;width:2.67%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td colspan="5" style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-align:center;margin:0pt 0pt 0pt 43.2pt;">Former name or former address, if changed since last report</p></td></tr><tr><td style="vertical-align:top;width:36.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;margin:6pt 0pt 6pt 0pt;">Securities registered pursuant to Section 12(b) of the Act:</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><a id="_9816569d_ee84_44a8_90cb_5b470105a2d5"></a><div style="margin-left:0pt;"><a id="Tc_LvgkKAhYk0uTMZEsMkbnYg_1_0"></a><a id="Tc_nRo2dlRO-Em3X0sBiVkogg_1_1"></a><a id="Tc_NB2zTCww4ECNiEUsqItzUQ_1_2"></a><table style="border-collapse:collapse;font-size:16pt;width:96.34%;"><tr style="height:1pt;"><td style="vertical-align:top;width:37.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:25.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:37.48%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:37.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;">Title of each class</p></td><td style="vertical-align:top;width:25.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;">Trading Symbol(s)</p></td><td style="vertical-align:top;width:37.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;">Name of each exchange on which registered</p></td></tr><tr><td style="vertical-align:top;width:37.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:Security12bTitle" id="Tc_vF5t1QeO7EqakKybm5jiWg_2_0"><span style="font-size:7pt;">Voting Common Stock, par value $0.0001 per share</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:25.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" name="dei:TradingSymbol" id="Tc_UHPRmWDZk0WravI-I9Ubng_2_1"><span style="font-size:7pt;">PAG</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:37.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_mbIndoZQ5UuamOKdCQw-rg_2_2"><span style="font-size:7pt;">New York Stock Exchange</span></ix:nonNumeric></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;margin:0pt;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="Narr_HL47DqMVAECv0QNTNJbokw"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric><span style="font-size:9pt;">&#160;&#160;Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="Narr_k7kIILKtKkODbCBU_behiA"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric><span style="font-size:9pt;">&#160;&#160;Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="Narr_1pl4mbRDBkatD10CLA5Z0w"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric><span style="font-size:9pt;">&#160;&#160;Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="Narr_qemYIUu5-UyCygsghTndYg"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric><span style="font-size:9pt;">&#160;&#160;Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;">Emerging growth company </span><ix:nonNumeric contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_l7bA_zGk_E2pYdLl-vpt5A"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act<span style="font-size:10pt;">. </span><span style="font-family:'Segoe UI Symbol';font-size:10pt;">&#9744;</span></p><div style="padding-bottom:1.0px;border-bottom:3.0pt solid #000000;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-bottom:1pt;border-bottom:1.0pt solid #000000;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><p style="display:none;font-family:'Times New Roman';font-size:10pt;line-height:0pt;margin:0pt 0pt 10pt 0pt;"><span style="font-size:0pt;line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p><a id="_d3e594d1_d35b_458f_9dff_ffa3e092d593"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Item 1.01 Entry into a Material Definitive Agreement.</b></p><p style="font-family:'Times New Roman';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="white-space:pre-wrap;">Our U.S. credit agreement (the &#8220;U.S. credit agreement&#8221;) with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation provides for up to $700.0 million in revolving loans for working capital, acquisitions, capital expenditures, letters of credit, investments and other general corporate purposes, which includes $250.0 million in revolving loans solely for acquisitions. The U.S. credit agreement provides for a maximum of $150.0 million of  borrowings for foreign acquisitions and expires on September 30, 2022.  On December 18, 2019, we amended the U.S. credit agreement, effective January 1, 2020, </span><span style="white-space:pre-wrap;">to lower the interest rate on revolving loans to LIBOR plus 1.75%, subject to an incremental 1.25% for uncollateralized borrowings in excess of a defined borrowing base.  </span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:10.8pt;margin:0pt;">&#160; </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">The U.S. credit agreement is fully and unconditionally guaranteed on a joint and several basis by substantially all of our U.S. subsidiaries and contains a number of significant covenants that, among other things, restrict our ability to dispose of assets, incur additional indebtedness, repay certain other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. We are also required to comply with specified financial and other tests and ratios, each as defined in the U.S. credit agreement including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders&#8217; equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:10.8pt;margin:0pt;">&#160; </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="white-space:pre-wrap;">The U.S. credit agreement also contains typical events of default, including change of control, non-payment of obligations and cross-defaults to our other material indebtedness. Substantially all of our U.S. assets are subject to security interests granted to the lenders under the U.S. credit agreement.  </span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="white-space:pre-wrap;">We purchase motor vehicles from Daimler AG and Toyota Motor Credit Corporation, affiliates of the respective lenders under the U.S. credit agreement, for sale at certain of our dealerships.  The lenders also provide certain of our dealerships with mortgage, &#8220;floor-plan&#8221; and consumer financing. </span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><span style="white-space:pre-wrap;">Our subsidiaries in the U.K. (the &#8220;U.K. subsidiaries&#8221;) are party to a &#163;150.0 million revolving credit agreement with the National Westminster Bank plc and BMW Financial Services (GB) Limited and an additional demand overdraft line of credit (collectively, the &#8220;U.K. credit agreement&#8221;) to be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes.  The U.K. credit agreement expires on December 12, 2023.  The revolving loans bear interest between defined LIBOR plus 1.10% and defined LIBOR plus 2.10%.  The U.K. credit agreement also includes a &#163;100.0 million &#8220;accordion&#8221; feature which allows the U.K. subsidiaries to request up to an additional &#163;100.0 million of facility capacity.  The lenders may agree to provide the additional capacity, and, if not, the U.K. subsidiaries may add an additional lender, if available, to the facility to provide such additional capacity.  On December 18, 2019, we amended the U.K. credit agreement to provide additional covenant flexibility for 2019 capital expenditures.</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><span style="white-space:pre-wrap;">The U.K. credit agreement is fully and unconditionally guaranteed on a joint and several basis by our U.K. subsidiaries, and contains a number of significant covenants that, among other things, restrict the ability of our U.K. subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations.  In addition, our U.K. subsidiaries are required to comply with defined ratios and tests, including:  a ratio of earnings before interest, taxes, amortization, and rental payments (&#8220;EBITAR&#8221;) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio.  A breach of these requirements would give rise to certain remedies under the U.K. credit agreement, the most severe of which is the termination of the agreement and acceleration of any amounts owed.  </span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><span style="white-space:pre-wrap;">The U.K. credit agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of our U.K. subsidiaries.  Substantially all of our U.K. subsidiaries&#8217; assets are subject to security interests granted to the lenders under the U.K. credit agreement.</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><span style="white-space:pre-wrap;">We purchase motor vehicles from subsidiaries of BMW Group, the parent company and affiliate of BMW Financial, a lender under the U.K. credit agreement, for sale at certain of our dealerships.  BMW Group subsidiaries also provide certain of our dealerships with &#8220;floor-plan,&#8221; mortgage and consumer financing.</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">The foregoing descriptions of the amendments are qualified in their entirety by references to the amendments, which are filed as Exhibits and incorporated by reference herein. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Item 9.01 Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">Exhibit 4.1 Fifth Amendment to Fifth Amended and Restated Credit Agreement dated December 18, 2019 among us, Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation.</p><a id="part_1_2_2"></a><a id="item_1_47_1"></a><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><span style="white-space:pre-wrap;">Exhibit 4.2 Consent and Amendment Letter dated December 18, 2019, by and between Sytner Group Limited and The Royal Bank of Scotland plc, as Agent.  </span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:14pt 0pt 10pt 0pt;"><span style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Exhibit&#160;Index</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:7.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:90.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:8.6pt;"><td style="vertical-align:bottom;width:7.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:bottom;width:1.92%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:90.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:7.68%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">4.1</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:90.38%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><a href="pag-20191218ex41cf5c9d3.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.26;text-align:left;">Fifth Amendment to Fifth Amended and Restated Credit Agreement dated December 18, 2019 among us, Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation.</span></a></p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:7.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">4.2</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:90.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><a href="pag-20191218ex4276d6102.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.26;text-align:left;">Consent and Amendment Letter dated December 18, 2019, by and between Sytner Group Limited and The Royal Bank of Scotland plc, as Agent.</span></a><span style="white-space:pre-wrap;">  </span></p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:7.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">104</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:90.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">Cover Page Interactive Data File (formatted as inline XBRL).</p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">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.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:18.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:33.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:42.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:18.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:33.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">Penske Automotive Group, Inc.</p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:18.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;width:33.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:42.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:18.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><i style="font-style:italic;">December 19, 2019</i></p></td><td style="vertical-align:bottom;width:33.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><i style="font-style:italic;">By:</i></p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:42.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><i style="font-style:italic;">/s/ Shane M. Spradlin</i></p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:18.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:33.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:42.22%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><i style="font-style:italic;">Name: Shane M. Spradlin</i></p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:18.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:33.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:42.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.26;margin:0pt;"><i style="font-style:italic;">Title: Executive Vice President</i></p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border:0;"></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>pag-20191218ex41cf5c9d3.htm
<DESCRIPTION>EX-4.1
<TEXT>
<!--HTML document created with Toppan Merrill Bridge  9.5.0.72-->
<!--Created on: 12/19/2019 3:56:32 PM-->
<html>
	<head>
		<title>
			8k_Exhbit_4-1
		</title>
	</head>
	<body><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p style="margin:0pt;line-height:100%;text-align:right;border-bottom:1pt none #D9D9D9 ;text-decoration:none;font-weight:bold;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;text-decoration:none;">Exhibit 4.1</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;text-decoration:none;text-align:center;font-weight:bold;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;text-decoration:none;">Fifth AMENDMENT TO <br>FIFTH AMENDED AND RESTATED CREDIT AGREEMENT</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">This FIFTH AMENDMENT&nbsp;(this &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Amendment</font><font style="display:inline;font-size:11pt;">&#x201D;), &nbsp;dated as of December 18, 2019 and made effective as of January 1, 2020 (the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Effective Date</font><font style="display:inline;font-size:11pt;">&#x201D;), is to the Fifth Amended and Restated Credit Agreement (as heretofore amended, the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Credit Agreement</font><font style="display:inline;font-size:11pt;">&#x201D;), dated as of May 1, 2015 among PENSKE AUTOMOTIVE GROUP, INC., a Delaware corporation (the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Company</font><font style="display:inline;font-size:11pt;">&#x201D;), various financial institutions party thereto (the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Lenders</font><font style="display:inline;font-size:11pt;">&#x201D;) and MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as agent for the Lenders (the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Agent</font><font style="display:inline;font-size:11pt;">&#x201D;).&nbsp;&nbsp;Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as defined in the Credit Agreement (including as amended hereby).</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects as set forth herein.</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:uppercase;font-size:11pt;text-decoration:none;line-height:100%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 13pt 0pt 0pt;"> SECTION 1</font>
			<font style="display:inline;font-weight:bold;font-size:11pt;text-decoration:underline;">AMENDMENTS</font><font style="display:inline;font-weight:bold;font-size:11pt;">.</font><font style="display:inline;font-size:11pt;"> &nbsp; &nbsp;Subject to the terms and conditions hereof and subject to the satisfaction of the conditions precedent set forth in </font><font style="display:inline;font-size:11pt;text-decoration:underline;">Section 3</font><font style="display:inline;font-size:11pt;"> of this Amendment, the Credit Agreement is hereby amended as follows:</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 1.1</font>
			<font style="display:inline;font-size:11pt;">The definition of &#x201C;Interest Rate&#x201D; set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-indent:36pt;vertical-align:baseline;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;&#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Interest Rate</font><font style="display:inline;font-size:11pt;"> means, for each day, a rate per annum equal to the sum of (a)&nbsp;(i)&nbsp;in the case of any day from and including the first day of each calendar month through and including the 15th day of such calendar month, the LIBO Rate for the first day of such calendar month and (ii)&nbsp;in the case of any day from and including the 16th day of each calendar month through and including the last day of such calendar month, the LIBO Rate for the 16th day of such calendar month (the rate set forth in this </font><font style="display:inline;font-size:11pt;text-decoration:underline;">clause (a)</font><font style="display:inline;font-size:11pt;"> being the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Base LIBO Rate</font><font style="display:inline;font-size:11pt;">&#x201D;) plus (b) (x)&nbsp;if the Total Outstandings are less than or equal to the Borrowing Base, a margin of one and three-quarters percent (1.75%) per annum, and (y)&nbsp;if the Total Outstandings exceed the Borrowing Base, then (A)&nbsp;a margin of three percent (3.00%) per annum shall apply to the portion of the Loans equal to the amount by which the Total Outstandings exceed the Borrowing Base and (B)&nbsp;a margin of one and three-quarters percent (1.75%) per annum shall apply to the portion of Loans not described in the foregoing </font><font style="display:inline;font-size:11pt;text-decoration:underline;">clause (A)</font><font style="display:inline;font-size:11pt;"> (with each determination of the Borrowing Base in this </font><font style="display:inline;font-size:11pt;text-decoration:underline;">clause (b)</font><font style="display:inline;font-size:11pt;"> to be effective as of the first day of the calendar month during which the applicable Borrowing Base Certificate is delivered).&nbsp;&nbsp;Notwithstanding the foregoing, at any time an Event of Default exists, the applicable margin shall be increased by two percent (2.00%) per annum.&nbsp;&nbsp;For purposes of this definition, &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">LIBO Rate</font><font style="display:inline;font-size:11pt;">&#x201D; means, for each date of calculation, (1)&nbsp;the rate of interest (rounded upwards, if necessary, to the next 1/16th of 1%) published in </font><font style="display:inline;font-size:11pt;text-decoration:underline;">The Wall Street Journal</font><font style="display:inline;font-size:11pt;"> on such day (or the immediately preceding Business Day, if such date is not a Business Day) in its &#x201C;Money Rates&#x201D; column as the one-month London Interbank Offered Rate for Dollar-denominated deposits (if </font><font style="display:inline;font-size:11pt;text-decoration:underline;">The Wall Street Journal</font><font style="display:inline;font-size:11pt;"> ceases to publish such a rate or substantially changes the methodology used to determine such rate, then the rate shall be the rate of interest (rounded upwards, if necessary, to the next 1/16th of 1%) published by Reuters Monitor Rates Service on such day (or the immediately preceding Business Day, if such date is not a Business Day) as the one-month London Interbank Offered Rate for Dollar-denominated deposits) or (2)&nbsp;if such rate is not published or available, such rate as shall be otherwise independently determined by the Agent on a basis substantially similar to the methodology used by </font><font style="display:inline;font-size:11pt;text-decoration:underline;">The Wall Street Journal</font><font style="display:inline;font-size:11pt;"> on the date of this Agreement.&#x201D;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:left;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;">735722920.3 16509377</font>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:uppercase;font-size:11pt;text-decoration:none;line-height:100%;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 13pt 0pt 0pt;"> SECTION 2</font>
			<font style="display:inline;font-weight:bold;font-size:11pt;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES</font><font style="display:inline;font-weight:bold;font-size:11pt;">.</font><font style="display:inline;font-size:11pt;"> The Company represents and warrants to the Agent and the Lenders that:&nbsp;&nbsp;(a) the representations and warranties made in </font><font style="display:inline;font-size:11pt;text-decoration:underline;">Section 8</font><font style="display:inline;font-size:11pt;"> of the Credit Agreement are true and correct on and as of the date hereof with the same effect as if made on and as of the date hereof (except to the extent relating solely to an earlier date, in which case they were true and correct as of such earlier date); (b) no Event of Default or Unmatured Event of Default exists or will result from the execution of this Amendment; (c) no event or circumstance has occurred since the Effective Date that has resulted, or would reasonably be expected to result, in a Material Adverse Effect; (d) the execution and delivery by the Company of this Amendment and the performance by the Company of its obligations under the Credit Agreement as amended hereby (as so amended, the &#x201C;</font><font style="display:inline;font-size:11pt;text-decoration:underline;">Amended Credit Agreement</font><font style="display:inline;font-size:11pt;">&#x201D;) (i) are within the corporate powers of the Company, (ii) have been duly authorized by all necessary corporate action, (iii) have received all necessary approval from any governmental authority and (iv) do not and will not contravene or conflict with any provision of any law, rule or regulation or any order, decree, judgment or award which is binding on the Company or any of its Subsidiaries or of any provision of the certificate of incorporation or bylaws or other organizational documents of the Company or of any agreement, indenture, instrument or other document which is binding on the Company or any of its Subsidiaries; and (e) the Amended Credit Agreement is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors&#x2019; rights generally or by equitable principles relating to enforceability. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:uppercase;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 13pt 0pt 0pt;"> SECTION 3</font>
			<font style="display:inline;font-weight:bold;font-size:11pt;text-decoration:underline;">EFFECTIVENESS</font><font style="display:inline;font-weight:bold;font-size:11pt;">.</font><font style="display:inline;font-size:11pt;"> &nbsp;This Amendment shall become effective as of the Effective Date&nbsp;upon the receipt of this Amendment by Agent duly executed by the Company and each of the Lenders.&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:uppercase;font-size:11pt;text-decoration:none;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 13pt 0pt 0pt;"> SECTION 4</font>
			<font style="font-weight:bold;text-decoration:underline;display:inline;font-size:11pt;">MISCELLANEOUS</font><font style="display:inline;font-weight:bold;font-size:11pt;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.1</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Continuing Effectiveness, etc</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;As hereby amended, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects.&nbsp;&nbsp;All references in the Credit Agreement, the Notes, each other Loan Document and any similar document to the &#x201C;Credit Agreement&#x201D; or similar terms shall refer to the Credit Agreement as amended hereby. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.2</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Counterparts</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original but all such counterparts shall together constitute one and the same Amendment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.3</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Expenses</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;The Company agrees to pay the reasonable costs and expenses of the Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.4</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Severability of Provisions</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;In the event that any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.5</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Section Headings</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Credit Agreement or any provision hereof or thereof.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.6</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Governing Law</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;This Amendment shall be a contract made under and governed by the laws of the State of New York applicable to contracts made and to be wholly performed within the State of New York.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.7</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Successors and Assigns</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;This Amendment shall be binding upon the Company, the </font></p></td></tr></table></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">

			<tr>

				<td valign="top" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">

					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 8pt;">

						&nbsp;</p>

				</td>

				<td valign="top" style="width:15.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">

					<p style="margin:0pt;text-align:center;line-height:normal;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

						<font style="display:inline;font-size:11pt;">2</font></p>

				</td>

				<td valign="top" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">

					<p style="margin:0pt;text-align:right;line-height:normal;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;">

						&nbsp;</p>

				</td>

			</tr>

		</table></div>

		<p style="margin:0pt;line-height:100%;text-align:left;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;">735722920.3 16509377</font>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td valign="top" align="left" style="width: 100%;"><p style="margin:0pt 0pt 12pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;;"><font style="display:inline;font-size:11pt;">Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Agent and the successors and assigns of the Lenders and the Agent.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-style:normal;text-transform:none;color:#000000;font-size:11pt;text-decoration:none;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;;padding:0pt 22pt 0pt 0pt;"> 4.8</font>
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Loan Document</font><font style="display:inline;font-size:11pt;">.&nbsp;&nbsp;This Amendment is a Loan Document.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-indent:0pt;text-align:center;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;">[Signatures Immediately Follow]</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			&nbsp;
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">

			<tr>

				<td valign="top" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">

					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 8pt;">

						&nbsp;</p>

				</td>

				<td valign="top" style="width:15.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">

					<p style="margin:0pt;text-align:center;line-height:normal;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

						<font style="display:inline;font-size:11pt;">3</font></p>

				</td>

				<td valign="top" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">

					<p style="margin:0pt;text-align:right;line-height:normal;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;">

						&nbsp;</p>

				</td>

			</tr>

		</table></div>

		<p style="margin:0pt;line-height:100%;text-align:left;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;">735722920.3 16509377</font>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Delivered as of the day and year first above written.</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;"></font><font style="display:inline;font-weight:bold;color:#000000;font-size:11pt;">PENSKE AUTOMOTIVE GROUP, INC.</font><font style="display:inline;color:#000000;font-size:11pt;">, as Company</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">By:</font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;">/s/ Aaron Michael<font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Name: &nbsp; &nbsp;Aaron Michael</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Title: &nbsp; &nbsp;Senior Vice President &amp; Treasurer</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:11pt;">MERCEDES-BENZ FINANCIAL SERVICES USA LLC</font><font style="display:inline;color:#000000;font-size:11pt;">, as Agent and as a Lender</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">By:</font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;">/s/ Michele Nowak<font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Name:&nbsp;&nbsp;Michele Nowak</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Title: <font style="display:inline;color:#000000;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Credit Director, National Accounts</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;text-align:left;color:#000000;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:11pt;">TOYOTA MOTOR CREDIT CORPORATION</font><font style="display:inline;color:#000000;font-size:11pt;">,<br>as a Lender</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">By:</font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;">/s/ Steve Estes<font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;color:#000000;font-size:11pt;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Name: &nbsp;Steve Estes</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;line-height:100%;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Title: &nbsp;National Accounts Manager</font>
		</p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<font style="display:inline;font-style:italic;font-size:11pt;">Signature Page to Fifth Amendment</font>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:left;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;">735722920.3 16509377</font>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:avoid;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div>
	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>pag-20191218ex4276d6102.htm
<DESCRIPTION>EX-4.2
<TEXT>
<!--HTML document created with Toppan Merrill Bridge  9.5.0.72-->
<!--Created on: 12/19/2019 3:56:41 PM-->
<html>
	<head>
		<title>
			8k_Exhibit_4-2
		</title>
	</head>
	<body><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmLegallyPrivileged"></a>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmStrictlyPrivateLine"></a>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:center;vertical-align:baseline;border-bottom:1pt none #D9D9D9 ;line-height:100%;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<a name="bmRecipientFullAddress"></a><font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:center;vertical-align:baseline;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:right;vertical-align:baseline;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;">EXHIBIT 4.2</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;">THE ROYAL BANK OF SCOTLAND PLC </font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">as Agent under the Facility Agreement (as defined below)</font>
		</p>
		<p style="margin:0pt;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">2 St Philips Place</font>
		</p>
		<p style="margin:0pt;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Birmingham</font>
		</p>
		<p style="margin:0pt;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">B3 2RB</font>
		</p>
		<p style="margin:0pt;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;">Attention:</font><font style="display:inline;">&nbsp;Jamie Miller</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:right;punctuation-wrap:hanging;line-height:150%;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Date: 18 December 2019</font>
		</p>
		<p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Dear Sirs</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;line-height:100%;font-weight:bold;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<a name="bmRegarding"></a><font style="display:inline;text-transform:none;">&#xA3;150,000,000 REVOLVING FACILITY AGREEMENT - CONSENT &amp; AMENDMENT LETTER</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;line-height:100%;font-weight:bold;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Background</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.1</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">We refer to the &#xA3;150,000,000 revolving facility agreement dated 16 December 2011 and&nbsp;&nbsp;made between, amongst others (1) PAG International Limited as Parent, (2) Sytner Group Limited as Company and Original Borrower (the </font><font style="display:inline;color:#000000;">"Company"</font><font style="display:inline;font-weight:normal;">), (3) the companies listed in part 1 of schedule 1 therein as Original Guarantors, (4) The Royal Bank of Scotland plc and BMW Financial Services (GB) Limited as Mandated Lead Arrangers, (5) the financial institutions listed in parts 2 and 3 of the schedule 1 therein as Original Lenders, (6) The Royal Bank of Scotland plc as Agent and (7) NatWest Markets Plc as Security Agent (the </font><font style="display:inline;color:#000000;">"Facility Agreement" </font><font style="display:inline;font-weight:normal;">and such expression shall include the Facility Agreement as amended and/or amended and restated from time to time including, but not limited to, on 10 January 2012, 19 December 2014, 2 April 2015, 28 September 2016 and 12 December 2018).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.2</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">We write to you to request certain amendments to the Facility Agreement. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.3</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">Following discussions between the Company, the Agent and the Lenders, the Majority Lenders have agreed to make certain amendments to the Facility Agreement to&nbsp;reflect an increase in the Group's annual capex covenant.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.4</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">This letter reflects the commercial agreement between the parties to the Facility Agreement to such amendments.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.5</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">The Company hereby requests that the Lenders approve the various matters detailed in this letter and that by countersigning this letter, this letter constitutes an amendment as contemplated by clause 38 (</font><font style="display:inline;font-weight:normal;font-style:italic;">Amendments and Waivers</font><font style="display:inline;font-weight:normal;">) of the Facility Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.6</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">This letter is supplemental to and amends the Facility Agreement. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.7</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">This letter is entered into by Sytner Group Limited as the Company and as Obligors' Agent.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">definitions and interpretation</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.1</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Definitions</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">In this letter terms defined in, or construed for the purposes of, the Facility Agreement have the same meanings when used in this letter (unless the same are otherwise defined in this letter).</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;border-top:1pt solid #000000 ;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<a name="bmCompoundReference"></a><font style="text-indent:0pt;margin-left:0pt; padding-right:323.5pt;"><font style="display:inline;font-size:8pt;">MCF/MCF/UKM/100537141.2</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"></font><font style="display:inline;"></font><font style="font-size:11pt;display:inline;">1</font></font>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmLegallyPrivileged"></a>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmStrictlyPrivateLine"></a>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Continuing obligations</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">Subject to the provisions of this letter:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2.1</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">the Facility Agreement (other than as amended in accordance with the terms of this letter) and all other Finance Documents shall remain in full force and effect;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2.2</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">the Company on behalf of each Obligor confirms its knowledge and acceptance of this letter; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2.3</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">the Facility Agreement shall be read and construed as one document with this letter;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2.4</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">the Company on behalf of each Obligor confirms that with effect from the Effective Date (as defined below), each Obligor shall be bound by the terms of the Facility Agreement as amended by the terms of this letter;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2.5</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">the Company on behalf of each Obligor confirms that the guarantee and indemnity given by each Obligor pursuant to Clause 20 (</font><font style="display:inline;font-style:italic;">Guarantee and indemnity</font><font style="display:inline;color:#000000;">) of the Facility Agreement and all Security given by each Obligor pursuant to the Facility Agreement shall continue in full force and effect notwithstanding the amendment of the Facility Agreement in accordance with the terms of this letter; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.2.6</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">except as expressly provided in paragraph </font><font style="display:inline;">&#x200E;</font><font style="display:inline;color:#000000;">4 &nbsp;(</font><font style="display:inline;font-style:italic;">Amendments to Facility Agreement</font><font style="display:inline;color:#000000;">) nothing in this letter shall constitute or be construed as an amendment, waiver, consent or release of any provisions of, or any right or remedy of the Finance Parties under, the Finance Documents, nor otherwise prejudice any right or remedy of a Finance Party under the Facility Agreement or any other Finance Document.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 3.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<a name="_Ref361761292"></a><a name="_Ref497831425"></a><a name="_Ref358799305"></a><font style="display:inline;color:#000000;">EFFECTIVE DATE</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;">The amendments in paragraph 4 shall be effective on the date (the </font><font style="display:inline;color:#000000;">"Effective Date"</font><font style="display:inline;font-weight:normal;">) upon which the Agent gives written confirmation to the Company that it has received: </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 3.2.1</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">an original of this letter countersigned by the Company by which the Company (on behalf of itself and each of the Obligors) acknowledges and agrees to the terms of this letter; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 3.2.2</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">a copy of the resolutions of the directors of the Company authorising it to agree to the terms of this letter and perform its obligations under it, in form and substance satisfactory to the Agent. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 4.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<a name="_Ref499287843"></a><font style="display:inline;color:#000000;">AMENDMENTS to facility agreement</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;vertical-align:baseline;punctuation-wrap:hanging;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">With effect from the Effective Date, the Facility Agreement shall be amended as follows:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 4.1</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;">clause 23.2.3 (</font><font style="display:inline;font-weight:normal;font-style:italic;">Financial condition</font><font style="display:inline;font-weight:normal;">) shall be deleted and replaced with the following: </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 108pt;text-indent: -72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;">"</font><font style="display:inline;font-weight:normal;font-style:italic;">23.2.3 <font style="display:inline;font-weight:normal;font-style:italic;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 65.7pt 0pt 0pt;"></font>Capital Expenditure: </font>
		</p>
		<p style="margin:0pt 0pt 12pt 144pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;">(a)<font style="display:inline;font-weight:normal;font-style:italic;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font>The aggregate Capital Expenditure of the Group in respect of each Financial Year up to and including the Financial Year ending 31 December 2018 shall not exceed &#xA3;80,000,000.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;border-top:1pt solid #000000 ;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<a name="bmCompoundReference"></a><font style="text-indent:0pt;margin-left:0pt; padding-right:323.5pt;"><font style="display:inline;font-size:8pt;">MCF/MCF/UKM/100537141.2</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"></font><font style="display:inline;"></font><font style="font-size:11pt;display:inline;">2</font></font>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmLegallyPrivileged"></a>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmStrictlyPrivateLine"></a>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt 144pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;">(b)<font style="display:inline;font-weight:normal;font-style:italic;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font>The aggregate Capital Expenditure of the Group in respect of the Financial Year ending 31 December 2019 shall not exceed &#xA3;100,000,000.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 144pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;">(c)<font style="display:inline;font-weight:normal;font-style:italic;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.7pt 0pt 0pt;"></font>The aggregate Capital Expenditure of the Group in respect of the Financial Year ending 31 December 2020 and each Financial Year thereafter shall not exceed &#xA3;80,000,000.</font><font style="display:inline;font-weight:normal;">".</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 5.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<a name="_Ref361747794"></a><font style="display:inline;color:#000000;">Representations and reliance</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 5.1</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Representations</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">The Company makes the Repeating Representations to each Finance Party at the date of this letter, on the date this letter is countersigned by the Agent and on the Effective Date by reference to the facts and circumstances existing at such dates respectively but as if references to the "</font><font style="display:inline;font-style:italic;">Facility Agreement</font><font style="display:inline;color:#000000;">" include this letter and the Facility Agreement as amended by the terms of this letter.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 5.2</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Reliance</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">The Company on behalf of each Obligor acknowledges that the Agent has entered into this letter in full reliance on the representations and warranties made by it in the terms stated in this paragraph </font><font style="display:inline;">&#x200E;</font><font style="display:inline;color:#000000;">5.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 6.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Further assurance</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">The Company shall, at the request of the Agent and at its own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this letter.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 7.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Miscellaneous</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 7.1</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Incorporation of terms</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;">The provisions of clauses 38 (</font><font style="display:inline;font-weight:normal;font-style:italic;">Amendments and waivers</font><font style="display:inline;font-weight:normal;">) and 34 (</font><font style="display:inline;font-weight:normal;font-style:italic;">Notices</font><font style="display:inline;font-weight:normal;">) of the Facility Agreement shall apply to this letter as if set out in full in this letter and as if references in those clauses to "</font><font style="display:inline;font-weight:normal;font-style:italic;">this Agreement</font><font style="display:inline;font-weight:normal;">" or "</font><font style="display:inline;font-weight:normal;font-style:italic;">the Finance Documents</font><font style="display:inline;font-weight:normal;">" are references to this letter.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 7.2</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Counterparts</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">This letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this letter. Delivery of a counterpart of this letter by e-mail attachment or telecopy shall be an effective mode of delivery.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 7.3</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Third party rights</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">Unless expressly provided to the contrary in a Finance Document a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this letter.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 7.4</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Finance Document</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">The Agent and the Company designate this letter a Finance Document.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;border-top:1pt solid #000000 ;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<a name="bmCompoundReference"></a><font style="text-indent:0pt;margin-left:0pt; padding-right:323.5pt;"><font style="display:inline;font-size:8pt;">MCF/MCF/UKM/100537141.2</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"></font><font style="display:inline;"></font><font style="font-size:11pt;display:inline;">3</font></font>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmLegallyPrivileged"></a>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmStrictlyPrivateLine"></a>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><p style="margin:0pt 0pt 12pt;punctuation-wrap:hanging;line-height:150%;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 8.</font>
			</p>
		</td><td style="width:16pt;"><p style="width:16pt;width:16pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">GOVERNING LAW/ENFORCEMENT</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 8.1</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Governing law</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;;padding:0pt 34pt 0pt 0pt;"> </font>
			<font style="display:inline;color:#000000;">This letter and any non-contractual obligations arising out of or in connection with it shall be governed by English law.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 8.2</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<a name="_Ref289260796"></a><font style="display:inline;color:#000000;">Jurisdiction of English courts</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 8.2.1</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter (including a dispute relating to the existence, validity or termination of this letter or any non-contractual obligation arising out of or in connection with this letter) (a </font><font style="display:inline;font-weight:bold;">"Dispute"</font><font style="display:inline;color:#000000;">).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 32.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;text-transform:none;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 8.2.2</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">The parties to this letter agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party to this Letter will argue to the contrary.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Please confirm your agreement to the above by signing and returning the enclosed copy of this letter.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:normal;text-transform:none;">Yours faithfully</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">/s/ Adam Collinson</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;">For and on behalf of <br>SYTNER GROUP LIMITED</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;">as Company and Obligors' Agent</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;"></font></p></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;border-top:1pt solid #000000 ;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<a name="bmCompoundReference"></a><font style="text-indent:0pt;margin-left:0pt; padding-right:323.5pt;"><font style="display:inline;font-size:8pt;">MCF/MCF/UKM/100537141.2</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"></font><font style="display:inline;"></font><font style="font-size:11pt;display:inline;">4</font></font>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmLegallyPrivileged"></a>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;punctuation-wrap:hanging;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;<a name="bmStrictlyPrivateLine"></a>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;"><p style="margin:0pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;font-style:italic;">ON COPY</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;">To:<font style="display:inline;font-weight:bold;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Sytner Group Limited</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">We acknowledge, agree and accept the terms of the above letter.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Signed by </font><font style="display:inline;text-decoration:underline;">/s/ Jamie Miller<font style="display:inline;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;text-decoration:underline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">For and on behalf of </font><font style="display:inline;font-weight:bold;">THE ROYAL BANK OF SCOTLAND PLC as Agent </font><font style="display:inline;">on behalf of the Lenders (acting on the instruction of the Majority Lenders)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;punctuation-wrap:hanging;line-height:150%;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Dated: <font style="display:inline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>18 December 2019</font>
		</p>

</div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">

</div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;border-top:1pt solid #000000 ;line-height:100%;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<a name="bmCompoundReference"></a><font style="text-indent:0pt;margin-left:0pt; padding-right:323.5pt;"><font style="display:inline;font-size:8pt;">MCF/MCF/UKM/100537141.2</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"></font><font style="display:inline;"></font><font style="font-size:11pt;display:inline;">5</font></font>

		</p>

</div></div><div style="margin-left:12.1008403361345%;margin-right:12.1008403361345%;page-break-after:avoid;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div>
	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>4
<FILENAME>pag-20191218.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.5.7269.28134 -->
<!--Based on XBRL 2.1-->
<!--Created on: 12/19/2019 8:56:49 PM-->
<!--Modified on: 12/19/2019 8:56:49 PM-->
<xsd:schema targetNamespace="http://www.penskeautomotive.com/20191218" attributeFormDefault="unqualified" elementFormDefault="qualified" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2019-01-31" xmlns:srt-types="http://fasb.org/srt-types/2019-01-31" xmlns:us-roles="http://fasb.org/us-roles/2019-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:currency="http://xbrl.sec.gov/currency/2017-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:naics="http://xbrl.sec.gov/naics/2017-01-31" xmlns:srt-roles="http://fasb.org/srt-roles/2019-01-31" xmlns:country="http://xbrl.sec.gov/country/2017-01-31" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:srt="http://fasb.org/srt/2019-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:exch="http://xbrl.sec.gov/exch/2019-01-31" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:us-types="http://fasb.org/us-types/2019-01-31" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:stpr="http://xbrl.sec.gov/stpr/2018-01-31" xmlns:attributeFormDefault="unqualified" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:pag="http://www.penskeautomotive.com/20191218">
  <xsd:annotation>
    <xsd:appinfo>
      <link:roleType roleURI="http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation" id="DocumentDocumentAndEntityInformation">
        <link:definition>00090 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:href="pag-20191218_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="pag-20191218_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2019-01-31" schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="pag_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>pag-20191218_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.5.7269.28134 -->
<!--Based on XBRL 2.1-->
<!--Created on: 12/19/2019 8:56:49 PM-->
<!--Modified on: 12/19/2019 8:56:49 PM-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="pag-20191218.xsd#pag_DocumentAndEntityInformationAbstract" xlink:label="pag_DocumentAndEntityInformationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="pag_DocumentAndEntityInformationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pag_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document and Entity Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Type</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Period End Date</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity File Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Incorporation, State or Country Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Tax Identification Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, Address Line One</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, City or Town</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, State or Province</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, Postal Zip Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">City Area Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Local Phone Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Written Communications</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Soliciting Material</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pre-commencement Tender Offer</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pre-commencement Issuer Tender Offer</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Title of 12(b) Security</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trading Symbol</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Security Exchange Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Emerging Growth Company</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amendment Flag</label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>pag-20191218_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.5.7269.28134 -->
<!--Based on XBRL 2.1-->
<!--Created on: 12/19/2019 8:56:49 PM-->
<!--Modified on: 12/19/2019 8:56:49 PM-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink">
  <roleRef xlink:type="simple" xlink:href="pag-20191218.xsd#DocumentDocumentAndEntityInformation" roleURI="http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation" xmlns="http://www.xbrl.org/2003/linkbase" />
  <presentationLink xlink:role="http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation" xlink:type="extended" xlink:title="00090 - Document - Document and Entity Information" xmlns="http://www.xbrl.org/2003/linkbase">
    <loc xlink:type="locator" xlink:href="pag-20191218.xsd#pag_DocumentAndEntityInformationAbstract" xlink:label="pag_DocumentAndEntityInformationAbstract" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType_637123858090471319" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentType_637123858090471319" order="1" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentPeriodEndDate_637123858090481272" order="2" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityFileNumber_637123858090481272" order="3" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityRegistrantName_637123858090481272" order="4" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityIncorporationStateCountryCode_637123858090481272" order="5" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityTaxIdentificationNumber_637123858090481272" order="6" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressAddressLine1_637123858090481272" order="7" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressCityOrTown_637123858090481272" order="8" use="optional" priority="1" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressStateOrProvince_637123858090481272" order="9" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressPostalZipCode_637123858090481272" order="10" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_CityAreaCode_637123858090481272" order="11" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber_637123858090481272" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_LocalPhoneNumber_637123858090481272" order="12" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_WrittenCommunications_637123858090491291" order="13" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_SolicitingMaterial_637123858090491291" order="14" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_PreCommencementTenderOffer_637123858090491291" order="15" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer_637123858090491291" order="16" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_Security12bTitle_637123858090491291" order="17" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_TradingSymbol_637123858090491291" order="18" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_SecurityExchangeName_637123858090491291" order="19" use="optional" priority="1" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany_637123858090491291" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityEmergingGrowthCompany_637123858090491291" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey_637123858090501292" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCentralIndexKey_637123858090501292" order="21" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag_637123858090501292" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentFlag_637123858090501292" order="22" use="optional" />
  </presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>8
<FILENAME>0001019849-19-000030-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001019849-19-000030-xbrl.zip
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M;C%RVB@*M5RCI8CI:]P7K;4;2+M-H*[<IY&[XDC^>V]V*NM]\S]02P,$%
M  @ !H*33[P/#ZJ<!   1BD  !0   !P86<M,C Q.3$R,3A?<')E+GAM;-V:
M88^B.!C'WU]RWZ''O@8LCJ.8<3>..WLQ.^Z8&2^WN3>;"E6;A9:T==1O?RV"
MJP**EXL$WXP,_??A^?<'I3SP\&D=!N =<T$8[1G0:A@ 4X_YA,Y[QE*82'B$
M&)\^_O[;PQ^F^?WQ]1GXS%N&F$K@<8PD]L&*R 68L"A"%(PPYR0(P",G_AP#
MX%HMJ^W<NY;3@<T[8)I)I$<D5$]&01S2L>"N99!$9;0+H&-#UW8:T 6=;NN^
M>^>"\6BG'*DT9^2\-"#T9U?_F:J# F68BNY:D)ZQD#+JVO9JM;)638OQN>K?
M@/;WT?.;M\ A,@D5$E$/&T#INR+>^<P\)./1VNN^GO(@#="T=\<J5.C_S%1F
MZETF=,PFM-;"-Y(4=7.)@Z1RW4I.Z/>\;/69^,D80-=U[;C54*,'P -G 7[%
M,Q#OZ\I-A'N&(&$4Z%CQO@7'LYX1H;FI 4 '=K21#Y^3,R7][5/_B4HB-T,Z
M8SR,A]$ .OQ?K\.#5"),Q4^,EI*%3))W;'DLM+70+A<SMEAJ\.RMQXACH:+%
MW9]58V),'_+_36QO#/%:8NIC?[>72'VT1J/A-H )TD#[FXCZ8!L5_#>_L5OE
M-V#>02Z!/JL9/P-4[?AQRE]_*B1'GDS#!&B*@SA.R6[V1?EINT+YC;T*[%ES
M]F[[F,33@-Z(LS<;,+FR/JA=NT0F*NY1GL?-/^Z;;>@T.ZV.(G+7ADWH[J6X
M?\KT^6&ZB'MI;+69.8L.X20*.T)<Q3.]!0EVY\2,L_"2 4R28"7-,.YCKN9]
M RR%2I%%.AH*K@IBC#EARI/_6<W[)X@<Z [==*#3=NJ)YKRKA)%3!:.MG2\D
MP-^6X13S'#S'DMJ3*64H@=*L#LHKGA-M@,IO*,R[;O)D-P*GA*D$T%UU@(9J
M'<TCQF,_;VI4\8 MJ>2; ?.+>9WL=2/X+O>8T&Q51W."UD-?N55/'-OU_YD)
ML4!_(P0O<9>PNZ^.7=_WU<"*Y$<M[S$LY):CO1%F99TEO-J5\QJHS1<^82MZ
MCM8OY6VQ.N,K(=7)D(K4FI*KOO'*_MK8X@G]A8\Y>R?;>L-)=D?RVP)8QEQ"
MT:W\>ALS(5'P#XE.+E#RQ+<%[;RU]+&Y404S/2GT.48%E/:;:\_EK)F41"45
M#%T*#L8+1HN?CH\EM2=2RE!*I9*:Q=_JSB<Q'; P7-)D>2IRT.3J#NVXT'%A
MO?B4=Y5"RM8P?BT?G*L0>V,!\8@D=#Y2MTM.= X97%E1[5F5M)2"RM8RK@UJ
MS+$^L;!:RL1E9?WZ@K_,9KE37[&X]N NM)8"S)8O*@8X%&*)^448,UUN#68Y
M@RG2;%7CZI,G]I;Z>-"93O0+Q+RI\TA2>V2E#*6(*BED3#C2WU"\;<(IR[N;
M';37GL=Y-RF,;*WBBI?(T]I;(#K'!2],\F2U1U/:5$HH6X>HIIKT%&(^5R?5
MGYRMY$+-T!&BF\*J1*ZZ]O N]9:^*JZD+K%-=J L<A0,U>US_147 SO2'=AI
M-92=FCT7EW>50JJD9-%7OGSM[4N YCEP#MIK#^6\FQ1&4:7BP3[^,DQ_46AO
MAXUL/ZKZ^"]02P,$%     @ !H*33R8OHZ?-$P  :J\  !L   !P86<M,C Q
M.3$R,3AE>#0Q8V8U8SED,RYH=&WM77MSXD82_WM3E>\PYU12=A7&!J_W@1U7
ML5A.G+/!!>RF[JZNK@9I@,D*23<:F>4^_77/C%X&;,!@8Z^2;!:0YM&OWW3W
M]$BG?]O?_[U[?44<WXY&S)/$%HQ*YI QET/2]8. >N2:"<%=EWP2W!DP0CZ6
MC\N'Y??5_?VS'W\XA2X:II'OU4BE>E#Y>% ]K'PD1[7C=[6C*KFYUG<.Y<B%
MO]^<#AEU\,.;4\FER]3'-Q^^_L?Z-NQQ^9^W^Q5U\2"Y>GH0-SGM^<[D[-3A
MMR24$Y?]NC.B8L"]?9?U9:U2*;]_]_;]X?&'#]6CX^K'GT_,5<$'PUF7=\Y.
M#Z"O=7:HIA[D.ZL=!O+$Y1[;'S+=\/#PYQ/)OLE]ZO*!5U/=G?1\X3"QW_.E
M]$>U2B")YWN,_'3^$?\ENH'#;%]0R8'9>/6D[WMR?ZR[[?FNH^_Z*PHE[T]J
MW)/0(W>8/Q T&)[<,B&Y35TS;H^&#.>E>^G3$7<GM2X?L9 TV9BT_1'U2NI[
M*62"]_5](?\? TG#! V];T[Q]YAFAX>!2W'LM&O51+682<3.&<B>@_#)VW+E
M] ";:$8>!$LPU/!/^L&BS,N(P&;(JM?"S@O>!P.N7UO-<_C3)=T6.>V)LXO+
MB^[O^F?KG-2;YZ1M=;KU+GQIM*WSRRZI_]:V+&SR6"G<K\7<<X#?M:-W,0F:
M@8;/V\[TG;-?O%X8G&Q&4[\+!G:'/"09=425TTS=E7CIEY^^P2+2B%G\"(N(
M@%-"W;AS5H=%SL&%;OEN0>9J2N<G>R6B9^JH58^&Q.^3<V:S48\)4OE0(FKY
MHYY#1M1AA/7[S);\EIE;_Z!>1,6$5/#&ZB$!@MF&Z+62H<]AKH\D&J0B?8*3
M->B"S$0& *%M%DK%#? %'(#Q^D PICR*72!ZR 23?M\7P +=J$0V1_3=*3R2
M[*R4KZD16^48*/&] ;FQFIV_6Z3^N=NZ;G4OOUCDMW;K\TV)7#8;Y1*AH!@N
M'5.@'.8:F.EN4N0-?P1.V^211-]2P?TH)'WN4<_FU"7< S"1$8X7DH *.4$1
MHEPW2<T5:HL('T6-4M!KJ]VPSJW._B>K^4\ GF:]V;BL7Y&.U?YRV; ZY'.G
M3JZN&B64-!V@YH*^*BTU<]@DF?7!8_6TK"%)__^SY[(0%!8%-.8A(PX#08(6
MH\"X!\;'Q"A,?N6>HG/*=%%KHS!IAIQYJ,DN]VPW<CA8!O+1( 2V[TWVRL5Z
M63@<S\7 /W^WVE:]HQ<>Q"_.XH4)M#KDH.OP26GL;-4&E;>!#@I_"Q8&L*Z&
MJ.,A4T@!ZZ&VDD+)"R5_-@8V6W^62!<U_:+5MDI*9V&]ADD:QP-\&*7_@HU@
M70C5THCKG%HJR,#WM3MW2]V(]EQVI[5: 05XNAS8A_>%4;_/;<X\>X)=CX?<
M'JIE0R,^H?97SQ^[S!DP9V^FZ5&T+[2CON^Z_CBL;3#Z?^G2G6\>F?35F#MR
MJ#BR<W8JE1"GKISL )2Y;D =7*E_W3G4W\. VN8[-!7PQ\FW?:NFD8HC_36=
MZZ&^!V9V>B =U<>MXMFO.R":'6(^8WIM)]\/2;-B64G%G$I&O2^1]BRRS&BE
MF6Q>KIGK2PV134/I,;&_FN>+$74UB5)0+P0#'M6B(&#"!E(6RA!MC(<G)T:K
MD%Q2.8+_'>H_P!OPMAO=RU:39'-\#]O -!\6<ZKCO$)G4<_ZGH%VSLJK^.<F
M4V#^ZD2]O\!OB,-H[84CC@+,@K.A0BO$18!2C:ZYVT,@,>Q3.PODF88! C.:
M3<8E ?Q?;Z#287KXHY68H2;-0Y*D84IS7*TP64#B',/4 I$BS %"U8&".I/.
MG[=HQ*I(%+"LEKDLUHSEUHS#F6O&X7.O&8_W%;_W!4>M([;O^J+VTZ'Z9[65
MYQY)/""(#2U:U6I^T:J4EUNN\FENDWSA,6K'":1+G!L+)6E3R>(T3AZZ8["%
M"<1XOPA4PLHAXG0L],(A3H4[(<#%E)T/U^@3X>F463[LHK\:=)W'K4IU(4[-
M(VY9)CT],S:3(,U9RTJ^QX@!<)54L,LH1*D.G6!Z'L:"F!1B7^IYT8BP_T;4
M31PN^ 'L;I?NF9TI;CZ8["=ZVT3Y:A/LCO2%/U+FER9!\;8^%S!QO 'N56.#
M8,%6J2 CF.80;A)^-!C.:%HYEL.X91A-M=3NT]7EIY;B2Y*QSHTXHYT::9>O
M1D[E73JGY:AQZ;VSFD=-=L!9Q.BL!+;(H:?R-->KA;9+(^ 1*,1**MAC,2<V
M8R2?4( )_QZW9Q*X44AV>WMD]UNL)7H%ZOH2+*0525AA/!1MJ!(^:L-!#BFL
M<2)O19]\(?PQ4H[S0YO3D(CBQ 6 JH0KK&?[T$I(W&G!2%;M)E3*[X]_WDOM
MLZ0U=_+@E-@WFS%GYOCPFT=VZZ:+[&S4+-+!C\H S9G!23BDKDMH$+B3F+@
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MGK6(_GD+Y=^N7"A__P,M/(@\(@P^DD4>M]PAF)+V*AY&KJZH?K=^?LZ1).V
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M-6"_G%J6!XQ.$S J&/(TLF>EQJM3T:S8DW#@<-L$(["5"42ET(CY+*!EZ'H
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MIXK!(NA"$ZO:AD$=CY6B?TPKL##&X,X+QJ[1@\!SX4\2#@XB(NG=X).8KP+
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MRKDKP[2]7M^H#FEQ=-<Q>^!]G_/4,2F/<\?DT+7[SC:I66IZ/?UR_J7&5#M
M6JEO@;N!_3^5WC$K\&0%A[F"R$%1;!^PQ0&-)T-@5LR<8W>2]B0VN$+57@>P
M;6GH+-ENZ0_,7 GB;O)7S/K-=LZ-5CH' P?#2-DTC!.X8$%F-D(KX1[55M)V
MO(JF_P0,!TXS\BHJ>'?,HX1ZQ'.8BKDYC>@6T7V/@)L-^M[]O![,]CSGFBJ:
MHE*)MHHTDVO)"F,M2MM:2]$R8IYFLU*N*$\[UY>>.KK-:[EFE6KYGVJ[HBNU
MW* EC9WK<<M^KWQ5*#35^B7U?[13V<;0S)QA.EN:;BG+UP6S61[IU<.C]H_*
MMX:0NZE>0,N9T<^[%^+^1>ZT+!Q>5&^/SLX.F])MN969'?W[Z?F5>% ]$ZK2
M=:'<.?E>!R<>,]0SH[=_.L=W1\.KTVJNGKO66F=G)X=B!UK.C"[5VYUV]4?S
M2$B==(]U?72I]P_+K>SLZ.SBM"OEB^RBQ\S1=4W.F_9UO]S*S;:\Z=6[V6*Q
M<2!<L6:]FSG)LEIV "UG1L_>Y[\?M8_[PVJJG/\E#\\Z3H=U6H79/KL_AU7Q
M^"C#+B6GV:_?T%J]<C. EC-]EINM6W=D_E2J=X5BZR1[JIFWSJ E"K-H^G[_
MHYPY'%"I5_FA?Z>9CG33^%YNB1\KK,KDTKG<QL]?>5@5&*7("J3SA3?$><Q
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MP_W/Y%@W=11HKN>MN*.B,9.;=+ 9FDO;:&<M-@ESR"=T> ,F,T:!E8E/>6'
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M86<M,C Q.3$R,3@N>'-D4$L! A0#%     @ !H*33S92I*",!0  TSP  !0
M             ( !Y@,  '!A9RTR,#$Y,3(Q.%]L86(N>&UL4$L! A0#%
M  @ !H*33[P/#ZJ<!   1BD  !0              ( !I D  '!A9RTR,#$Y
M,3(Q.%]P<F4N>&UL4$L! A0#%     @ !H*33R8OHZ?-$P  :J\  !L
M         ( !<@X  '!A9RTR,#$Y,3(Q.&5X-#%C9C5C.60S+FAT;5!+ 0(4
M Q0    (  :"DT^8;WA-C!8  ,!& 0 ;              "  7@B  !P86<M
M,C Q.3$R,3AE>#0R-S9D-C$P,BYH=&U02P$"% ,4    "  &@I-/Z0F7!]\<
M  ")U@  $P              @ $].0  <&%G+3(P,3DQ,C$X>#AK+FAT;5!+
4!08     !@ & )4!  !-5@     !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>9
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "pag-20191218x8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "inline": {
     "local": [
      "pag-20191218x8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "pag-20191218_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "pag-20191218_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "pag-20191218.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd"
     ]
    }
   },
   "elementCount": 23,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2019-01-31": 2,
    "total": 2
   },
   "keyCustom": 0,
   "keyStandard": 97,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "pag",
   "nsuri": "http://www.penskeautomotive.com/20191218",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "pag-20191218x8k.htm",
      "contextRef": "Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00090 - Document - Document and Entity Information",
     "role": "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation",
     "shortName": "Document and Entity Information",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "pag-20191218x8k.htm",
      "contextRef": "Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "pag_DocumentAndEntityInformationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "label": "Document and Entity Information [Abstract]"
       }
      }
     },
     "localname": "DocumentAndEntityInformationAbstract",
     "nsuri": "http://www.penskeautomotive.com/20191218",
     "xbrltype": "stringItemType"
    }
   },
   "unitCount": 0
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r6": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.3.a.u2</span><table class="report" border="0" cellspacing="2" id="idp6621535392">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 18, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pag_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 18,  2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12297<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Penske Automotive Group, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">22-3086739<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2555 Telegraph Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Bloomfield Hills<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48302<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">248<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">648-2500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Voting Common Stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PAG<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001019849<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pag_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pag_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pag_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.19.3.a.u2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>97</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="pag-20191218x8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00090 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.penskeautomotive.com/role/DocumentDocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="pag-20191218x8k.htm">pag-20191218x8k.htm</File>
    <File>pag-20191218.xsd</File>
    <File>pag-20191218_lab.xml</File>
    <File>pag-20191218_pre.xml</File>
    <File>pag-20191218ex41cf5c9d3.htm</File>
    <File>pag-20191218ex4276d6102.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2019-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>13
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/
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M?_A=A5TP=F__L?%%4';PZU_(+U!+ P04    "  &@I-/F5R<(Q &  "<)P
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M%YH6F1[4D\*>5&;0F-,39476&+TC=S0"/I4K(!<N<_K(I2B=F'.Y$G**<!J
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MU_J!L7?[ZE32CQKCQRU_ %!+ P04    "  &@I-/_\ F"+T   "% @  &@
M 'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QSK9)!"H,P$ "_(GE 5VWIH:BG
M7KRV_4#0U8B:A.R6ZN^;>E%!H0<O"6'#S$"2/+"3W!A-JK$4#'VG*16*V=X
MJ%#82SH9B]I/*N-ZR?[H:K"R:&6-$(?A%=R2(;)DR0SR,A4N+R,1O*2KD5,!
M0P<?XUI2B$PP;=')"_R5T>(_>E-538%W4[Q[U+Q1,0L$; ?%<Q IZ;!\LFMT
M34>'K.![,>=%#(\='E\Q4??TEUG/7H(PK8>_R43]-<#JUV5?4$L#!!0    (
M  :"DT\+C]@#(0$  %<$   3    6T-O;G1E;G1?5'EP97-=+GAM;+5434_#
M, S]*U.O:,W@P %MNP!7F 1_("1N&S5?LKW1_7O<;D-B*F)HVR6)\^SW7A(K
M\_=M!IITP4=:% US?E"*3 -!4YDR1$&JA$&SA%BKK$VK:U!WL]F],BDR1)YR
MSU$LYT]0Z;7GR>-NOZ=>%#IG[XQFEZ+:1'M$.MT3E@A^R*'&9;J1A&+RW D+
MR=ZB$)0*=8+"<6$?2]WK!A"=A7]92U7E#-ADUD%*2LH(VE(#P,&7U&@$^\;H
M8KWWN]+(+SH(L>J\^I%07L\';SV,&QB02RJSM 6,20W ;KP]2_#0#28A3#,*
MBNQ&CB>65H*2ZA,O>43H6\>"/4E<J*_WL)\)VV$]=N'?(*EA.N_6_VATF<N@
M7?S-R$=*[4%?#?_)\@M02P$"% ,4    "  &@I-/'R// \     3 @  "P
M            @ $     7W)E;',O+G)E;'-02P$"% ,4    "  &@I-/)^B'
M#H(   "Q    $               @ 'I    9&]C4')O<',O87!P+GAM;%!+
M 0(4 Q0    (  :"DT^_2-'Z[@   "L"   1              "  9D!  !D
M;V-0<F]P<R]C;W)E+GAM;%!+ 0(4 Q0    (  :"DT^97)PC$ 8  )PG   3
M              "  ;8"  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%
M  @ !H*33U2/I$>@ @  F L  !@              ( !]P@  'AL+W=O<FMS
M:&5E=',O<VAE970Q+GAM;%!+ 0(4 Q0    (  :"DT^<'B>_8 (  "X&   4
M              "  <T+  !X;"]S:&%R9613=')I;F=S+GAM;%!+ 0(4 Q0
M   (  :"DT^ZH3F*UP$  #(&   -              "  5\.  !X;"]S='EL
M97,N>&UL4$L! A0#%     @ !H*33Q9M(W]# 0  / (   \
M ( !81   'AL+W=O<FMB;V]K+GAM;%!+ 0(4 Q0    (  :"DT__P"8(O0
M (4"   :              "  =$1  !X;"]?<F5L<R]W;W)K8F]O:RYX;6PN
M<F5L<U!+ 0(4 Q0    (  :"DT\+C]@#(0$  %<$   3              "
M <82  !;0V]N=&5N=%]4>7!E<UTN>&UL4$L%!@     *  H @ (  !@4
!  $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>pag-20191218x8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="pag-20191218.xsd" xlink:type="simple"/>
    <context id="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001019849</identifier>
        </entity>
        <period>
            <startDate>2019-12-18</startDate>
            <endDate>2019-12-18</endDate>
        </period>
    </context>
    <dei:EntityCentralIndexKey
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_SE9sNKMIU0a_M7Yoa43mRg_2_1">0001019849</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_fCcpPneQBEq05VjtQx0Xcw_3_1">false</dei:AmendmentFlag>
    <dei:DocumentType
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_Q481q8W0b0Kf7yBePUsYDg">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_rWuV2FWe8EyZUKTQwTbkEg_1_1">2019-12-18</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_ga46WlmoskulExa9yqgmkg">Penske Automotive Group, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_8Pp19t4J80mHmjcKl8EXEg_1_0">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_rSz8SlWBlkC9JteuhQ9PoQ_1_2">1-12297</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_sI6YERmZiUSkB98M2Kn9Og_1_4">22-3086739</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_Lt2sl_5fG0yN-zqZ7Wha0w">2555 Telegraph Road</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_LQiU6EmIWUatUO72YRw6Zw">Bloomfield Hills</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_8FYENkxfnkexbXvdXZY4kA">MI</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc__exjx3czIUyqnl_81RqLpw_5_4">48302</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_9mnVOKgXYka92yzYG300CQ">248</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_NwHn-gMCvk-P139BtcC7qQ">648-2500</dei:LocalPhoneNumber>
    <dei:Security12bTitle
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_vF5t1QeO7EqakKybm5jiWg_2_0">Voting Common Stock, par value $0.0001 per share</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_UHPRmWDZk0WravI-I9Ubng_2_1">PAG</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Tc_mbIndoZQ5UuamOKdCQw-rg_2_2">NYSE</dei:SecurityExchangeName>
    <dei:WrittenCommunications
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_HL47DqMVAECv0QNTNJbokw">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_k7kIILKtKkODbCBU_behiA">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_1pl4mbRDBkatD10CLA5Z0w">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_qemYIUu5-UyCygsghTndYg">false</dei:PreCommencementIssuerTenderOffer>
    <dei:EntityEmergingGrowthCompany
      contextRef="Duration_12_18_2019_To_12_18_2019_gREBgInsbU-5JRPhT-8UwA"
      id="Narr_l7bA_zGk_E2pYdLl-vpt5A">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
