October 16, 2017 11:15 AM, EDT

Penske Automotive Group Raises Quarterly Dividend

Penske Automotive Group Inc. announced an increase in its cash dividend to 33 cents per share for the third quarter.

The third quarter this year was the 26th consecutive quarter that the company has increased its dividend, Penske Automotive Group President Robert Kurnick said in a statement. “This increase continues to demonstrate the confidence we have in our diversified transportation services business model,” he said.

Penske Logistics ranks No. 12 on the Transport Topics Top 50 list of the largest logistics companies in the U.S. and Canada.

The dividend is payable on Dec. 1 to shareholders of record on Nov. 10.

Penske Automotive Group is a transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand.