1. January 2008

2. $13 Billion Revenue $13 Billion Revenue Our Business Strategy smart Distribution smart Distribution International Retail International Retail United States Retail

3. What is Penske Automotive? People Process Initiative People Process Initiative World Class Facilities World Class Facilities Geographic Diversity Geographic Diversity Best in Class Brand Mix Best in Class Brand Mix Customer & Employee Satisfaction Customer & Employee Satisfaction Create Shareholder Value

4. 2nd Largest Auto Retailer in the U.S. #205 on Fortune 500 315 Dealerships: U.S. – 170; 65 Locations International – 145; 86 Locations Operate in 18 States and 4 Countries 40 Vehicle Brands 26 Collision Repair Centers 16,000 Employees Overview

5. Retail Unit Volume (In Thousands) 39 97 136 51 117 168 69 149 218 62 135 197 Increasing Units in Operation +14% CAGR 75 167 242 105 195 300 89 183 272

6. YTD Worldwide Revenue Mix 5% 66% 29% Volume Foreign High Line Domestic (9M ’07)

7. U.S. Revenue Mix 7% 49% 44% Volume Foreign High Line Domestic United States 155 Franchises Puerto Rico 15 Franchises

8. Intl. Revenue Mix 4% 94% 2% U.K. 135 Franchises German y 10 Franchises 4 Joint Ventures Mexico 3 Franchises 1 Joint Venture Volume Foreign High Line Domestic

9. Highly Productive Dealerships (New Unit Sales Per Dealership) Toyota7881,8723,033 Honda6271,3462,492 Lexus5311,4891,791 BMW1458691,656 Nissan4878801,507 Mercedes-Benz1467421,052 General Motors242275973 Ford331343865 Industry 19912007 PAG* * 2007Same-Store

10. Service & Parts Drives Gross Profit S&P 11% F&I 2% Used 24% New 55% Revenue Mix S&P 41% F&I 15% Used 13% New 31% Gross Profit Contribution W&F 8% (9M ‘07)

11. INDUSTRY CHALLENGES

12. Industry Challenges Overall Economic Landscape Credit Issues Housing market Fuel Prices Changing CAFE Standards Balance OEM mandated Facility Requirement Costs Getting products to market on a timely basis

13. Vehicle Distribution It is as fair as an unfair system can be Has evolved from highly subjective to highly objective process Get the right car in the right quantity, in the right place at the right time OEMs today bear a remarkable similarity in their distribution process Still too much complexity and wasted time and effort UK Distribution

14. Positives Internet and web based OEM systems allow management of this asset 24/7 Math based allocation systems create a more level playing field Sophisticated market diagnostics add additional science to planning and managing vehicle inventories Today’s dealers typically have adequate supply of vehicles

15. What Can Be Improved Planning horizons far too long at retail Decision criteria still based on historical data and behavior Retail inventories are the result of product planning/production decisions Dealers must understand the system

16. smart USA Appointed Exclusive Distributor for the smart fortwo in the United States, including Hawaii; Alaska; and Puerto Rico Three Different Versions Pure – $11,590 Passion – $13,590 Cabriolet – $16,590 3.9 Million Website Visits Over 30,000 Reservations 100,000 smart Insiders smart1 Customer Care Center

17. smart Distribution True build to order system Collected $99 fully refundable reservations from 40,000 potential customers Each customer selected a model and color preference Reconfirmed reservations by providing each customer access to a configurator where they could build the car they wanted Kept option and color choices to a minimum Interior colors had four options Option packages limited Used configuration information to build car exactly to customer specification