Penske Automotive Group Inc.'s fourth-quarter net income dipped as the auto retailer faced lower average gross profits for each new and used vehicle sold and hits by foreign currency exchange, though higher new vehicle sales helped it reach record fourth-quarter revenue.
Penske reported Wednesday that net income declined 4.3 percent to $299.3 million, while revenue for the quarter climbed 11 percent to $7 billion.
The company noted foreign currency exchange reduced net income by $6 million and revenue by $380.9 million in the quarter.
Penske CEO Roger Penske said in a statement that the fourth quarter was "driven by demand for new vehicles in both our automotive and commercial truck dealerships coupled with continued service and parts revenue growth and expense control."
Revenue for Penske's stand-alone used-vehicle CarShop division fell 15 percent to $336 million on sales of 14,028 vehicles in the fourth quarter, down 5 percent. For the full-year…