Penske Net Income Down 28%, despite sales increase
Feels like deja vu, right?
Last month we covered how CarMax reported a 25% decrease in net income, despite an increase in sales. Penske Automotive reported near identical results in their latest earnings - 28% decrease in net income despite a 1% increase in sales.
As customers opt for new cars, used inventory is aging longer than ever – all while racking up holding costs and depreciating like a rock.

Penske and CarMax have shown us that sales growth is not enough to outpace depreciation and holding costs, increasing your used car turn is a must. Start working with your Carmigo DSR today so your dealership doesn’t fall prey to these new market conditions.
Updates from Carmigo
Extravapalooza is a wrap– and was a major success
Our dealers really did the name justice this year
Cars Sold
0 +
in Total Prizes Awarded
$ 0 K
Participating Dealers
0 +
Average Sale Price
Product Team Quickfire

A quick look at how our product team has been improving Carmigo

Real-time market data in partnership with VINCUE
Average retail sale price now available when browsing
View past retail transactions in your market
In-app notifications are here
– View current and past notifications in the brand new notification center

– Get real time updates on listings relevant to you while logged in

– Overhauled email and SMS notifications based on your feedback
These are just a few of the many improvements the team has made this month. If you have feedback on how to improve the Carmigo experience, share it with your Carmigo Dealers Sales Rep and they can share it with the product team. We love hearing feedback from our users.