Penske Automotive Group Inc (PAG)

Receivables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	29,451,800	27,762,300	25,577,100	20,425,800	23,169,200
Receivables	US$ in thousands	1,114,600	906,700	734,000	806,900	960,300
Receivables turnover		26.42	30.62	34.85	25.31	24.13

December 31, 2023 calculation

Receivables turnover = Revenue ÷ Receivables
= $29,451,800K ÷ $1,114,600K
= 26.42

The receivables turnover ratio for Penske Automotive Group Inc has demonstrated a decreasing trend over the last five years. The ratio decreased from 24.14 in 2019 to 26.49 in 2023. This indicates that the company's accounts receivable turnover has slowed down, suggesting a longer time for the company to collect outstanding payments from customers in recent years. It is important for the company to monitor and manage its accounts receivable effectively to ensure timely collection of payments and efficient working capital management.