<SEC-DOCUMENT>0001019849-20-000026.txt : 20200716
<SEC-HEADER>0001019849-20-000026.hdr.sgml : 20200716
<ACCEPTANCE-DATETIME>20200716092555
ACCESSION NUMBER:		0001019849-20-000026
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20200716
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200716
DATE AS OF CHANGE:		20200716

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:		201030862

	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-20200716x8k.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='UTF-8'?>

      <!-- iXBRL document created with: Toppan Merrill Bridge iXBRL 9.6.7401.38943 -->
      <!-- Based on: iXBRL 1.1 -->
      <!-- Created on: 7/16/2020 1:24:50 PM -->
      <!-- iXBRL Library version: 1.0.7401.38955 -->
      <!-- iXBRL Service Job ID: 490c8a27-c125-4fed-95d4-3d16cc4ae748 -->

  <html xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns="http://www.w3.org/1999/xhtml" xmlns:pag="http://www.penskeautomotive.com/20200716" 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_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityCentralIndexKey" id="Tc_7g5g94oxgE6oBx8iiiP3ZA_2_1">0001019849</ix:nonNumeric><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:AmendmentFlag" id="Tc_sDZBl3i50U6uscz4EgXp_g_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="pag-20200716.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001019849</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2020-07-16</xbrli:startDate><xbrli:endDate>2020-07-16</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','Times','serif';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="_dc737476_efac_4375_b5d5_a2379de1ab9d"></a></div><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;">WASHINGTON, D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:16pt;line-height:1.19;text-align:center;margin:0pt;">FORM&#160;<ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:DocumentType" id="Narr_D8FqgthcXkiSCkI1v26_Yg">8-K</ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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_ZXb9CZwI8EO5Ap8i9_2Kpg_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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 82.8pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="Tc_93YvA9CsA0yhitXmzwKzVA_1_1"><span style="font-size:9pt;">July 16, 2020</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:22pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityRegistrantName" id="Narr_EcolAyAfJEWtnvq8cd0j2Q">Penske Automotive Group, Inc.</ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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_-QLK4YmFOkCSvuvawwgh7A_2_0"></a><a id="Tc_JJgmfX7JoEeNAlXGzCsmDA_2_2"></a><a id="Tc_FLY6r4f_y0WkIDjHTfB0SQ_2_4"></a><a id="Tc_12hGEbtdBUy7LD-3yKJzDQ_3_0"></a><a id="Tc_Jc3D53aq8UyBbxq86vhXUw_3_2"></a><a id="Tc_gH2v3BqGy06JA0X3DCV1pg_3_4"></a><a id="Tc_OhbfmEHuGEa2laZHqF2jcw_5_0"></a><a id="Tc_FGi7kYiF5kCty_7u5tlUFg_6_0"></a><a id="Tc_JspbxDnUyUqXQpPPXg-XNA_6_4"></a><a id="Tc_v-FW1cvBukyysdp_b-hfxQ_8_0"></a><a id="Tc_b8Jp0DvimECI_76dl8M6iQ_8_4"></a><a id="Tc_vLweqd0E0k2cG7NQRuU50g_10_2"></a><a id="Tc_HoGlkY92KUGyGvJdmpCqWg_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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="Tc_SM4BCVkf5k-Hf75Eigu1lQ_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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityFileNumber" id="Tc_1p_qtAZvzUKKSH9aCcyIpg_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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityTaxIdentificationNumber" id="Tc_mWrjLzzD1kS4rgVADrbFnQ_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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityAddressAddressLine1" id="Narr_5wX7qq5H5kyEyT8hcp9iqA"><span style="font-size:9pt;">2555 Telegraph Road</span></ix:nonNumeric><span style="font-size:9pt;">, </span><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityAddressCityOrTown" id="Narr_hwuLMNk9rE-xU75b8pmJBQ"><span style="font-size:9pt;">Bloomfield Hills</span></ix:nonNumeric><span style="font-size:9pt;">,<br /></span><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="Narr_ILzJtEjFuUm3Pxlp-UIUPA"><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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:EntityAddressPostalZipCode" id="Tc_8_5B_7M_X06Uy37rLA7DHg_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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:CityAreaCode" id="Narr_PDlStOZA3kq4iOMJZSwbIA"><span style="font-size:9pt;">248</span></ix:nonNumeric><span style="font-size:9pt;">-</span><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:LocalPhoneNumber" id="Narr_5F7U-J6RE0Oq60OE87UeQw"><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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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_TJXJY0jWiUKzgT3H31kZOw_1_0"></a><a id="Tc_Allcl5fe6UCy1UthqIdIJg_1_1"></a><a id="Tc_rdndpfPdq0uW5wKmt-wdYA_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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:Security12bTitle" id="Tc_BEjeFykucUac9tv-H9pgtQ_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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" name="dei:TradingSymbol" id="Tc_4OSaYBbGZE-u5hW1zl7Spw_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','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_MbvIccr2ak6368omWJ4uuw_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','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="Narr_TETV-bAc-UC6_K7ejZPy4A"><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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="Narr_t3oWfeGRpEqijKyvk_CtpA"><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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="Narr_MvW51eccx0awfvuFWqsb2A"><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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="Narr_sUmQbPqf5kSvXoEKqqC5XA"><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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;">Emerging growth company </span><ix:nonNumeric contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr__djpeuHTR0OegnyWkJCv1g"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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="font-family:'Times New Roman','Times','serif';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><a id="_91f71f4d_89de_433d_bcd7_dd159a048dbd"></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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Item 8.01 Other Events.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">On July 16, 2020, we issued a press release discussing our preliminary estimates for certain second quarter 2020 financial results and other information. A copy of the press release is filed as Exhibit 99.1 and incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:18pt;text-indent:-18pt;margin:0pt;">Exhibit 99.1&#160;&#160;&#160;&#160;&#160;Press Release.</p><p style="font-family:'Times New Roman','Times','serif';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;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','Times','serif';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','Times','serif';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:7.69%;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:90.37%;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:7.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:90.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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:7.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.26;margin:0pt;">99.1</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.26;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:90.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.26;margin:0pt;"><a href="pag-20200716ex9916bf947.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.26;text-align:left;">Press Release</span></a>.</p></td></tr><tr style="height:10.3pt;"><td style="vertical-align:top;width:7.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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:90.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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;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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.24%;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','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="font-size:1pt;line-height:1.19;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:2.96%;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','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="font-size:1pt;line-height:1.19;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:4.07%;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','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="font-size:1pt;line-height:1.19;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:43.7%;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','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="font-size:1pt;line-height:1.19;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:top;width:47.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;">Penske Automotive Group,&#160;Inc.</p></td></tr><tr><td style="vertical-align:top;width:49.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:47.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><i style="font-style:italic;">July 16, 2020</i></p></td><td style="vertical-align:top;width:2.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><span style="line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:4.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><i style="font-style:italic;">By:</i> </p></td><td style="vertical-align:top;width:43.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><i style="font-style:italic;">/s/ Shane M. Spradlin</i></p></td></tr><tr><td style="vertical-align:top;width:49.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><span style="font-style:italic;line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><span style="font-style:italic;line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:4.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><span style="font-style:italic;line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:43.7%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><i style="font-style:italic;">Name: Shane M. Spradlin</i></p></td></tr><tr><td style="vertical-align:top;width:49.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><span style="font-style:italic;line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><span style="font-style:italic;line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:4.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><span style="font-style:italic;line-height:1.19;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:43.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:2pt 0pt 0pt 0pt;"><i style="font-style:italic;">Title: Executive Vice President</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';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;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','Times','serif';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-99.1
<SEQUENCE>2
<FILENAME>pag-20200716ex9916bf947.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 7/16/2020 01:24:44 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title>Attention:</title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:9.41%;padding-right:9.41%;position:relative;"><div style="margin-top:23.75pt;min-height:12.25pt;width:100%;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:67.09%;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%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> <font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:32.9%;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%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:67.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><img src="pag-20200716ex9916bf947001.jpg" alt="Penske Auto Logo_Grad" style="display:inline-block;height:80.45pt;left:0%;padding-bottom:0.55pt;position:relative;top:0pt;width:156.7pt;"> </p></td><td style="vertical-align:top;width:32.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">Exhibit 99.1</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:24pt;white-space:pre-wrap;">Press Release  </font></p></td></tr><tr><td style="vertical-align:top;width:67.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">Penske Automotive Group, Inc.,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">2555 Telegraph Rd.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;">Bloomfield Hills, MI  48302</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;width:100%;"><tr><td style="vertical-align:top;width:52.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><a name="OLE_LINK1"></a><a name="OLE_LINK2"></a><a name="OLE_LINK3"></a><font style="font-size:12pt;font-weight:bold;line-height:14pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">FOR IMMEDIATE RELEASE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="font-size:12pt;font-weight:bold;line-height:14pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:47.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><font style="line-height:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><img src="pag-20200716ex9916bf947002.jpg" alt="Graphic" style="display:inline-block;height:23.58pt;left:0%;padding-bottom:0.45pt;position:relative;top:0pt;width:23.04pt;">  <img src="pag-20200716ex9916bf947003.jpg" alt="Graphic" style="display:inline-block;height:23.04pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:22.24pt;">  <img src="pag-20200716ex9916bf947004.jpg" alt="Graphic" style="display:inline-block;height:23.04pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:22.24pt;">  <img src="pag-20200716ex9916bf947005.jpg" alt="Graphic" style="display:inline-block;height:23.04pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:23.83pt;">  <img src="pag-20200716ex9916bf947006.jpg" alt="Graphic" style="display:inline-block;height:23.04pt;width:21.71pt;"></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-weight:bold;">PENSKE AUTOMOTIVE PROVIDES OPERATIONAL UPDATE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-weight:bold;">Profitability Significantly Improves in June</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-weight:bold;">Expects Second Quarter 2020 Earnings Per Share from Continuing Operations of $0.52 to $0.57</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:4pt 0pt 0pt 0pt;"><font style="font-size:12pt;font-weight:bold;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-weight:bold;">BLOOMFIELD HILLS, MI,</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;"> July 16, 2020 &#8211; Penske Automotive Group, Inc., (NYSE:PAG) a diversified international transportation services company, today provided an operational update on its business for the second quarter of 2020.  Based on the performance of its U.S. and U.K. retail automotive dealerships and its used vehicle supercenter operations in June, coupled with continued expense management across all of our business lines, the Company expects to report earnings per share from continuing operations of $0.52 to $0.57 for the three months ended June 30, 2020. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;">&#8220;I am encouraged by the significant improvement in our operations during the month of June,&#8221; said Roger S. Penske, CEO.  &#8220;Our performance in June is the result of a strong operational focus to control costs, manage vehicle inventory, and maximize gross profit.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;">In the U.S., all retail automotive dealerships are open.  New and used unit sales improved sequentially from May to June and our focus on maximizing vehicle gross profit and managing selling, general and administrative expenses drove the performance in the month.  In the U.K., all dealerships closed on March 24</font><sup style="font-family:'Arial','Helvetica','sans-serif';font-size:9pt;vertical-align:top;">th</sup><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;"> in accordance with government order.  Service and parts operations resumed during the middle of May, while most of our dealership showrooms re-opened on June 1, 2020.  Since re-opening, sales of new and used vehicles, vehicle grosses and service operations have been strong, with new vehicle unit sales for our business significantly outperforming the overall market in June.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;">The U.S. and U.K. used vehicle supercenters also reopened in June.  Sales of used units were strong with combined U.S. and U.K. operations generating profit from operations that more than doubled when compared to June of last year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;">The Company ended June 2020 with a strong liquidity position of nearly $1.2 billion of cash and availability under its credit facilities.  The Company will repay the $300 million in senior subordinated notes, maturing August 15, 2020, with availability under its U.S. credit agreement, which was undrawn at June 30, 2020.  Further, assuming this $300 million were </font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:9.41%;margin-right:9.41%;margin-top:30pt;page-break-after:always;width:81.18%;border-width:0;"><div style="max-width:100%;padding-left:9.41%;padding-right:9.41%;position:relative;"><div style="margin-top:23.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;width:216pt;"></font><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">to remain outstanding under our credit agreement, the Company would realize a benefit of approximately $6 million in annual interest expense savings.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><a name="_Hlk45709792"></a><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;white-space:pre-wrap;">In May 2020, the Company announced the suspension of its cash dividend.  The suspension of the cash dividend will continue and be reevaluated in the future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">Penske Automotive Group expects to release its financial results for the three and six months ended June 30, 2020 and 2019, before the market opens on July 29, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">About Penske Automotive</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune&#160;500 and Russell&#160;1000 indexes and is ranked among the World&#8217;s Most Admired Companies by Fortune Magazine. For additional information, visit the company&#8217;s website at www.penskeautomotive.com. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:4pt 0pt 6pt 0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Caution Concerning Forward Looking Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.&#8217;s, preliminary estimates of its financial results, its liquidity and assessment of business conditions in light of the COVID-19 pandemic. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: our financial closing procedures for the three months ended June 30, 2020, which may cause final results upon </font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">completion of our closing procedures to vary from the preliminary estimates, which were prepared by the Company&#39;s management, based upon a number of assumptions and additional items that could require material adjustments to the preliminary financial information; the d</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">uration, severity and resolution of the COVID-19 pandemic, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom&#8217;s departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, WLTP and RDE, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group&#8217;s business, markets, conditions and other uncertainties, which could affect Penske Automotive Group&#8217;s future performance. These risks and uncertainties are addressed in Penske Automotive Group&#8217;s Form 10-K for the year ended December 31, 2019 and its other filings </font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:9.41%;margin-right:9.41%;margin-top:30pt;page-break-after:always;width:81.18%;border-width:0;"><div style="max-width:100%;padding-left:9.41%;padding-right:9.41%;position:relative;"><div style="margin-top:23.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;width:216pt;"></font><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">with the Securities and Exchange Commission (&#8220;SEC&#8221;). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.49;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Find a vehicle</i><font style="font-size:12pt;white-space:pre-wrap;">:  http://www.penskecars.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.49;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Engage Penske Automotive</i><font style="font-size:12pt;white-space:pre-wrap;">:  http://www.penskesocial.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.49;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Like Penske Automotive on Facebook</i><font style="font-size:12pt;white-space:pre-wrap;">:  https://facebook.com/penskecars</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.49;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Follow Penske Automotive on Twitter</i><font style="font-size:12pt;white-space:pre-wrap;">:  https://twitter.com/penskecars</font><font style="display:inline-block;width:25.06pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.49;margin:0pt 0pt 6pt 0pt;"><i style="font-size:12pt;font-style:italic;">Visit Penske Automotive on YouTube</i><font style="font-size:12pt;white-space:pre-wrap;">:  http://www.youtube.com/penskecars</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Inquiries should contact:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="font-size:12pt;line-height:14pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:0.4pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:53.17%;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','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br></font><font style="font-size:12pt;">248-648-2810<br></font><font style="font-size:12pt;text-decoration:none;">jcarlson@penskeautomotive.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:46.82%;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','Times','serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-size:12pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br></font><font style="font-size:12pt;">248-648-2540<br></font><font style="font-size:12pt;text-decoration:none;">tpordon@penskeautomotive.com</font><font style="font-size:12pt;"> </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr><th style="font-weight:normal;text-align:left;vertical-align:top;width:53.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">J. D. Carlson<br>Executive Vice President and </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Chief Financial Officer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">248-648-2810<br>jcarlson@penskeautomotive.com<br></font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:46.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-size:12pt;">Anthony R. Pordon<br>Executive Vice President Investor Relations and Corporate Development</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><font style="font-size:12pt;">248-648-2540<br>tpordon@penskeautomotive.com<br></font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></th></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"># # #</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:9.41%;margin-right:9.41%;margin-top:30pt;page-break-after:avoid;width:81.18%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pag-20200716ex9916bf947001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pag-20200716ex9916bf947001.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "A 3H# 2(  A$! Q$!_\0
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MHV-_=/Y5]#_V7!_S[Q_]\"C^RX/^?>/_ +X%%@N?/&QO[I_*C8W]T_E7T/\
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MCC=(W<?0#]*\>)))).2>IHJ5I0274,OR;#8N4ZB;]FG:/=]WL>P_\+$\._\
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MC(P<\?E4TZ$DFV=68YY1K2IQI/W5).6G9GSW17JG_"KM*_Y_[O\ \=_PI?\
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M;UT?R/*UP&&[)&><5Z?8_%+3]/L8;2#2)A%"@11YH[?A4O\ PJ[2O^?^\_\
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M "BBB@ HHHH *JZCJ%KI5A-?7LRPV\*EG=C@ 4Z^OK;3+*6\O)DAMXE+.[G
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MUI-P]17@&E>'O'GQ,C;5+W67L-/<D1@LP5A_LHN,CW)K)\:?#6]\#:8FJ?\
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M'14!^9_QKO/B?K]OX,\%0>'],(CGN(O)0+P4B P3^/2G?!GP=_8NAG6;N/\
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M]+UG5K70]'N=2O'"0P(6)/?T ]Z\"\$:5=?$CXAW&N:BI-E!)YK@YQ_LH.:
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M^-?&UEX5T,*;.T<6\2I]PM_$WT 'Z5[SX?T2V\.Z%::7:#$<"!2<<L>Y/U-
M'DG[06I_+HNDJPY+W,B]QT5?YO4M[XSB^'WPUT?0]/8/K4UJ'*X_U._+$M[_
M #8 KBOC+J1O_B-<HK K:1) N/8;C^K&NR^%_P .KB^ND\5>)5>21SOMH9N2
MQ[.W]!0!8^&W@ V,;^+_ !3DW)!GC2?DH.N]L]Z\]URXUGXH^-K@Z7;O<! 1
M!'D )&.Y)X&?ZU[;\7'OD^'E^MBCL7*K+Y8R1'GYOP]:\=^&OQ TOP1#>?:M
M,GN)[@C][$R\*.W- &O;^'?C!9VT=O;SW<4,:[41;J,!1^=5KKP)\1_$UW;0
M:W))/ KCYI;I&\L=S@&M?Q#\:I]>TZ32_#VDW,=S<C9YC$,P!_NA<\UU?PG\
M$WV@64FJ:PTGV^Y&$B=B3$GO[F@#O=&TJVT/2+;3;1 L,"!![^I_&KU%% @H
MHHH **** ,CQ+_R I_PK \%?\?MQ_N?UHHH [:BBB@#SS7_^1ED_WUKN;G_D
M&R?]<S_*BB@#YQD_Y&H_]=/ZUZAK7^NM/^N*T44 >@V?_'E#_N#^5>'?%7_D
M9S]!110!Z3\.?^18B^M;VO?\@2[_ .N9_E110!\T77_(6/\ O?UKW[P'_P B
M]#110,3QO_Q[6O\ OM_*M3PS_P @&W_'^=%% BIXR_Y!*?\ 704[P=_R!#_U
MU;^0HHH F\5_\@"7_>7^=4_!?_(.F_WZ** )?&G_ "+=S]*^>+;_ )"H_P!Z
MBB@$?1WA;_D!6_\ N"M:X_X]I/\ =-%% 'S7>_\ (VM_UV_K7T9IG_(+@_ZY
MC^5%% '%>&/^1C3Z-7H-%% 'F6M?\A^[_P"NQKTJ'_41_P"Z*** ";_4O]#7
ES5XM_P"0_/\ [Y_G110!Z3\+O]3)]*]/HHH **** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pag-20200716ex9916bf947002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pag-20200716ex9916bf947002.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  P "\# 2(  A$! Q$!_\0
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M:\(^-%\3W%WI]S93:9K-ECS[24YX/<>HK9MO%NA7EPEO!J,+2N<*N>IKD=*
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(?P@>G%,@_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>pag-20200716ex9916bf947003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pag-20200716ex9916bf947003.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  O "T# 2(  A$! Q$!_\0
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M6_\ 8#VZ2&7#& \XK8\!Y.F3%B2=R\GZ5Y)%&! < #YC_.O7? @QIDW^\O\
M*ML32]G1Y;W(I2YIW.'\7QLNJ2RL"$6X=6/]TGIFL10/45[7XD\%G5+I[NRE
M2.248FBD&4?W^M<X/AK=K_!:55#&TE!*3L*I0FY:' 6ZC[1#R/OK_.O>[YXS
MX:F3S$S]G/\ $/2N'7X<W@_Y9VE/;P#JC#'FQ8]-YQ48FMAZSB^>UO(JE"I"
M^FYY8@!A"CEF<@ =2<UZYX'A<:?.NPY5E!^N*JV_PZO8Y@R-:P_[:KDCZ5WF
>CZ1!HVGI:PY;'+.W5CZU&-Q=.I&T-1T*,HN[/__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>pag-20200716ex9916bf947004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pag-20200716ex9916bf947004.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  O "T# 2(  A$! Q$!_\0
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MS>W%/T/58[%)+:Z4O:2_> _A/K73ZQH3WD_VJTD6.8C:ZL,JX]ZR!X<O@?\
M46WYUE#$4G349G15P6(C7=2GJ3BTTJ4;HM44(>@(Y%+]BTQ/F?55*CD@#K40
M\/7@ZVML?^!4'P]>'_EUMO\ OJCVT/YW]W_ ']5J_P#/I?>_\S(UZ_CU*\4P
M@^5&NQ/4U>TJ%Q$Z[3E< U87PYJ!?Y4MHS_>ZXKH],TN+3K7R\^8['<[MW-3
05Q%/D4(%X;!5G6=6KH?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>pag-20200716ex9916bf947005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pag-20200716ex9916bf947005.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  O # # 2(  A$! Q$!_\0
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BT>@( J6-'=Q)(  /NJ.U;TX<D;'DXO$?6*O.E9:+[C__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>pag-20200716ex9916bf947006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pag-20200716ex9916bf947006.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  O "P# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#T;QMXV?1)
MTTO3$$NI28))7<(P>@QW8^E847A'QKJS"XOM3,#,N1YDQR/;"]*/""+K?Q-U
M74K@9> NT:M\V#G8.?85Z;>7EOI]I)=74JQ0QC<SL>!7>ZOU>T*:UZLJ=*S4
M>IYQ_P *[\2?]!]/^_DE-?X>>)@I(UU&..!YL@S5J_\ BO"D^W3].::,'EYG
MV9^@ /ZUKZ9XUM?$EI/:6A:TU)HV\J.0C!..,-T-'UK$;O\ )'2L+7IQYG'0
MY9-0\8>"9(FU+==:?D [FWJ/8-U!KT[3-1M]5TZ&]MF+12KD9ZCV-<+H6A:R
M/#NKP:^7,+H3&DK;V##JPZXK$\*:]=Z?HYMX@A02L1NSZ#WJ:D553:M==NIM
M+#^U3Y+77;9E_P"'*D>,M;./X7_]&5:^)$]S?:EINB0/M65@S \ DG"Y^G-/
M\"0^7XIU9L=0W_H=7/'>GS)=V6L0+S 0&;T(.5_6N"IB4TZJZ&ZC&.-2\M/6
MVAT6E>'M.TBQ2U@M8SM'S.R LY]237$?$#0K?27MM<T]1;RB8!U3@$]0P'KQ
M7:Z?XETV]M$E:ZBA?'SQR-M*FN*\<ZTFOS6VBZ9^_P#WH+.HR"W0 4X5XMW3
MW,\%"O\ 6??O;K?MU.V6[-_X5^UD8,UJ7(]]M>1:%_QXM_UT/\A7KQM!8>&#
M: Y\FV*9^BUY'H?_ !XM_P!=#_(5TTI63.C+DG&I;:Z_4[S1(AI/B^]A?A92
MP#-[G<*[*6*.>)HI45XV&&5AD$5GZGI"7KK,F%F48SZBH4DU&WPK,#@=\&O%
MC4EAFX3BW'HS@JOV[4T_>MK\C-O/ =A/)N@GD@!_AP&'X9K2T?PQIVC/YL$9
M><C'FR')_#TILE_J*CY5C_(?XUE7VLZXD;")8@>QVC(_6E"OAH2O&+OZ&R6*
MK1Y'/3U-OQ'?PZ=H-W/,P \LJH)ZDC@5YYX2\.76H:+]I1PBM*V 4)STJ[_P
MCGB+Q3<QOJUULLU(/WAR/91W]S7HEC90:=916ELFR*)=JBO4IU+QNBG46#I>
)SA*\F];;(__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>9
<FILENAME>pag-20200716.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 7/16/2020 1:24:53 PM-->
<!--Modified on: 7/16/2020 1:24:53 PM-->
<xsd:schema targetNamespace="http://www.penskeautomotive.com/20200716" 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/20200716">
  <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-20200716_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-20200716_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>10
<FILENAME>pag-20200716_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 7/16/2020 1:24:53 PM-->
<!--Modified on: 7/16/2020 1:24:53 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-20200716.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>11
<FILENAME>pag-20200716_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 7/16/2020 1:24:53 PM-->
<!--Modified on: 7/16/2020 1:24:53 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-20200716.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-20200716.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_637305026934208781" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentType_637305026934208781" 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_637305026934208781" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentPeriodEndDate_637305026934208781" 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_637305026934208781" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityFileNumber_637305026934208781" 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_637305026934208781" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityRegistrantName_637305026934208781" 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_637305026934208781" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityIncorporationStateCountryCode_637305026934208781" 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_637305026934208781" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityTaxIdentificationNumber_637305026934208781" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressAddressLine1_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressCityOrTown_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressStateOrProvince_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressPostalZipCode_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_CityAreaCode_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_LocalPhoneNumber_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_WrittenCommunications_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_SolicitingMaterial_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_PreCommencementTenderOffer_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer_637305026934218779" 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_637305026934218779" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_Security12bTitle_637305026934218779" 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_637305026934228763" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_TradingSymbol_637305026934228763" 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_637305026934228763" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_SecurityExchangeName_637305026934228763" 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_637305026934228763" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityEmergingGrowthCompany_637305026934228763" 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_637305026934228763" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCentralIndexKey_637305026934228763" 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_637305026934228763" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pag_DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentFlag_637305026934228763" order="22" use="optional" />
  </presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>pag-20200716x8k_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-20200716.xsd" xlink:type="simple"/>
    <context id="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001019849</identifier>
        </entity>
        <period>
            <startDate>2020-07-16</startDate>
            <endDate>2020-07-16</endDate>
        </period>
    </context>
    <dei:EntityCentralIndexKey
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_7g5g94oxgE6oBx8iiiP3ZA_2_1">0001019849</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_sDZBl3i50U6uscz4EgXp_g_3_1">false</dei:AmendmentFlag>
    <dei:DocumentType
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_D8FqgthcXkiSCkI1v26_Yg">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_93YvA9CsA0yhitXmzwKzVA_1_1">2020-07-16</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_EcolAyAfJEWtnvq8cd0j2Q">Penske Automotive Group, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_SM4BCVkf5k-Hf75Eigu1lQ_1_0">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_1p_qtAZvzUKKSH9aCcyIpg_1_2">1-12297</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_mWrjLzzD1kS4rgVADrbFnQ_1_4">22-3086739</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_5wX7qq5H5kyEyT8hcp9iqA">2555 Telegraph Road</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_hwuLMNk9rE-xU75b8pmJBQ">Bloomfield Hills</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_ILzJtEjFuUm3Pxlp-UIUPA">MI</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_8_5B_7M_X06Uy37rLA7DHg_5_4">48302</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_PDlStOZA3kq4iOMJZSwbIA">248</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_5F7U-J6RE0Oq60OE87UeQw">648-2500</dei:LocalPhoneNumber>
    <dei:Security12bTitle
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_BEjeFykucUac9tv-H9pgtQ_2_0">Voting Common Stock, par value $0.0001 per share</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_4OSaYBbGZE-u5hW1zl7Spw_2_1">PAG</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Tc_MbvIccr2ak6368omWJ4uuw_2_2">NYSE</dei:SecurityExchangeName>
    <dei:WrittenCommunications
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_TETV-bAc-UC6_K7ejZPy4A">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_t3oWfeGRpEqijKyvk_CtpA">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_MvW51eccx0awfvuFWqsb2A">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr_sUmQbPqf5kSvXoEKqqC5XA">false</dei:PreCommencementIssuerTenderOffer>
    <dei:EntityEmergingGrowthCompany
      contextRef="Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ"
      id="Narr__djpeuHTR0OegnyWkJCv1g">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<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;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139749135491672">
<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>Jul. 16, 2020</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">Jul. 16,  2020<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>EXCEL
<SEQUENCE>14
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
M4$L#!!0    ( #M+\% '04UB@0   +$    0    9&]C4')O<',O87!P+GAM
M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG
M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGD<Z,STA)8*O4'J@)I9GF
M3?X.CD:?<@X>K7A.YNJQ<&4GPZ4A!0W_<FW>J=0U[R;UEA_6\#MI7E!+ P04
M    "  [2_!0ZY-"S>\    K @  $0   &1O8U!R;W!S+V-O<F4N>&ULS9)1
M2\,P$,>_BN2]O;1E$T/7%\4G!<&!XEM(;EM8DX;DI-VW-XU;A^@'\#%W__SN
M=W"M\D(- 5_"X#&0P7@SV=Y%H?R&'8B\ (CJ@%;&,B5<:NZ&8"6E9]B#E^HH
M]P@UYVNP2%)+DC #"[\06==J)51 24,XX[5:\/XS]!FF%6"/%AU%J,H*6#=/
M]*>I;^$*F&&$P<;O NJ%F*M_8G,'V#DY1;.DQG$LQR;GT@X5O#\_O>9U"^,B
M2:<P_8I&T,GCAETFOS7W#]M'UM6\Y@6_+:KUEM^)>B56S<?L^L/O*FP';7;F
M'QM?!+L6?MU%]P502P,$%     @ .TOP4)E<G",0!@  G"<  !,   !X;"]T
M:&5M92]T:&5M93$N>&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M
M3A^%$5B-;'EDD81_OT<V$,N6#>V23;J;/ 0LZ?O.14?GZ#AY\^XN8NB&B)3R
M>&#9+]O6N[<OWN!7,B0103 9IZ_PP JE3%ZU6FD PSA]R1,2P]R"BPA+>!3+
MUES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!
M$U=!)KF(M/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9K
MQ]'22(""R7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2
MBW <!.!1NY["G?1LOZ1!";2C:=!DV/;:KI&FJHU33]/W?=_KFVB<"HU;3]-K
M=]W3CHG&K=!X#;[Q3X?#KHG&J]!TZVDF)_VN:Z3I%FA"1N/K>A(5M>5 TR
M6'!VULS2 Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D 4. #?$
MT4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7<K_WUE[O)I#-ZG7TZSFN4
M?VFK :?MNYO/D_QSZ.2?IY/734+.<+PL"?'[(UMAAR=N.Q-R.AQG0GS/]O:1
MI24RS^_Y"NM./&<?5I:P7<_/Y)Z,<B.[W?98??9/1VXCUZG LR+7E$8D19_(
M+;KD$3BU20TR$S\(G8:8:E < J0),9:AAOBTQJP1X!-]M[X(R-^-B/>K;YH]
M5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 9<8WS2J-2S%UGB5P/&M
MG#P=$Q+-E L&08:7)"82J3E^34@3_BNEVOZ<TT#PE"\D^DJ1CVFS(Z=T)LWH
M,QK!1J\;=8=HTCQZ_@7YG#4*')$;'0)G&[-&(81IN_ >KR2.FJW"$2M"/F(9
M-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+
MD!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T
M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+
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MU4#E/]O4#6CV#30<D05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04
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M +\OE;+[AOM:+?_9,/H/4$L#!!0    ( #M+\%"#J:4#U $  #(&   -
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MTZ(=I7\=Q_:0T^FO8R*T>EOH^7%H5 J.W&,EC'%BM/XU@LD/['X 4$L#!!0
M   ( #M+\% <.&7J/P$  #P"   /    >&PO=V]R:V)O;VLN>&ULC5'+;L)
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MPNZ_/[&\UDX:?^:+X3]>?P%02P$"% ,4    "  [2_!0!T%-8H$   "Q
M$               @ $     9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0    (
M #M+\%#KDT+-[P   "L"   1              "  :\   !D;V-0<F]P<R]C
M;W)E+GAM;%!+ 0(4 Q0    ( #M+\%"97)PC$ 8  )PG   3
M  "  <T!  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ .TOP4)P6
M=)]&!   >!   !@              ("!#@@  'AL+W=O<FMS:&5E=',O<VAE
M970Q+GAM;%!+ 0(4 Q0    ( #M+\%"#J:4#U $  #(&   -
M  "  8H,  !X;"]S='EL97,N>&UL4$L! A0#%     @ .TOP4)>*NQS
M$P(   L              ( !B0X  %]R96QS+RYR96QS4$L! A0#%     @
M.TOP4!PX9>H_ 0  / (   \              ( !<@\  'AL+W=O<FMB;V]K
M+GAM;%!+ 0(4 Q0    ( #M+\% D'INBK0   /@!   :              "
M =X0  !X;"]?<F5L<R]W;W)K8F]O:RYX;6PN<F5L<U!+ 0(4 Q0    ( #M+
M\%!ED'F2&0$  ,\#   3              "  <,1  !;0V]N=&5N=%]4>7!E
<<UTN>&UL4$L%!@     )  D /@(   T3      $!

end
</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>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<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>17
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.20.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>95</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="pag-20200716x8k.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-20200716x8k.htm">pag-20200716x8k.htm</File>
    <File>pag-20200716.xsd</File>
    <File>pag-20200716_lab.xml</File>
    <File>pag-20200716_pre.xml</File>
    <File>pag-20200716ex9916bf947.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>JSON
<SEQUENCE>19
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "pag-20200716x8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "inline": {
     "local": [
      "pag-20200716x8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "pag-20200716_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "pag-20200716_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "pag-20200716.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": 95,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "pag",
   "nsuri": "http://www.penskeautomotive.com/20200716",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "pag-20200716x8k.htm",
      "contextRef": "Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ",
      "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-20200716x8k.htm",
      "contextRef": "Duration_7_16_2020_To_7_16_2020_i5pa482YWkm_-GwW3tTmuQ",
      "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/20200716",
     "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>ZIP
<SEQUENCE>20
<FILENAME>0001019849-20-000026-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001019849-20-000026-xbrl.zip
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M.K-$\[JI7 /YLY5_=T ;I:%+OD&T&7170#CS1SK2UWH_09W?8((H>F#E8%F
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MYB$F9WT-K+A,D48J&@RN"F**&*;2D_=9SOIGB!SI;@9-N:N$D5T'HYV=+SA
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M^]/:^XLWU2V,L-+&XM6>M6 9"W1V:_[*;LT_U5/1]:O=2(Z9L=>Q^&EMQ/5
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MA_8T]!.QWK6WLUEP8M*')J<[J)L45I)OE&F2.#WD1$D"=Q;A%H!;&2XC2&=
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MH'8^P^&O;XB84OH-P_]/NA/UJ=M.8R6CNW:=:O[%P>Z=Q*_^!U!+ P04
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M]VP1RUQ#B0+S3JJT;CR]I8L4T":T S0#8VX:P82-D$_$-PIV=^C"+ 3Q0B)
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M_Q]02P$"% ,4    "  [2_!0?^6:[;D#  #G#   $               @ $
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M2P$"% ,4    "  [2_!0WYJY ](5  "+O@  $P              @ &<'P
I<&%G+3(P,C P-S$V>#AK+FAT;5!+!08     !0 % $P!  "?-0     !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
