UPDATE 1-Penske profit jumps on improving auto sales

Newswire

* Revenue up 17 pct to $2.7 bln; new car rev up 24 pct * Avg profit per new vehicle up to $2,802 * Q2 EPS $0.32 vs Wall St view $0.29 DETROIT, July 29 (Reuters) - Penske Automotive Group said on Thursday that second-quarter earnings more than doubled as new and used car sales rose and consumers bought higher-priced models. The No. 2 U.S.-based auto dealership group posted net income of $29.4 million, or 32 cents per share, up from $14.1 million, or 15 cents per share, a year earlier. ...

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