Penske backs sales goal for CarShop used car stores

During the first week of May, Penske closed two of its small UK CarShop Express locations, Penske spokesman Anthony Pordon said last week. Express locations, included in the overall store count, are downtown outlets where customers can order and receive vehicles.

The shuttered express sites had increased costs and not added incremental UK CarShop sales, Pordon said.

Some locations under construction may have delayed openings. penske has four Complete CarShops, complete with service departments and reconditioning centers, being built in the US and UK.

“We’re going to monitor the market before we open them up,” Penske said. “We will open at the right time.”

CarShop sold 63,403 vehicles last year, up 19 percent from 2020. It generated $1.48 billion in annual revenue in 2021.

The business continued to grow in the first quarter of 2022, as revenue more than doubled to $515.8 million on sales of 19,523 vehicles, up 71% from the first quarter of 2021. Average CarShop Transaction Price rose 23% to $21,700, while its average gross profit per vehicle sold fell 2% to $2,155.

The CarShop business is running at a sales rate that would produce sales of 80,000 to 90,000 vehicles in 2022, Penske said.

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