Penske Auto quarterly earnings slip

Newswire

DETROIT, July 30 (Reuters) - Car dealership group Penske Automotive Group Inc posted slightly lower quarterly earnings on Wednesday as a sharp downturn in U.S. sales of new vehicles more than offaset solid used car sales. Net income slipped to $39.9 million, or 42 cents per share, in the second quarter from $40.4 million, or 43 cents per share, a year earlier. Revenue declined to $3.36 billion from $3.37 billion. (Reporting by Soyoung Kim; editing by John Wallace)

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