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Penske Auto floorplan interest expense jumps 242% YoY

Retailer had $3.2B in floorplan outstandings

Joey Pizzolato

Penske Automotive logged an increase in floorplan interest expense in line with other publicly traded automotive retailers in the second quarter as inventory improves and interest rates continue to rise. Floorplan interest expense clocked in at $30.8 million, up 242.2% year over year from $9 million, according to the retailer’s earnings supplement. Penske had $3.2 […]

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