Penske Automotive Group Inc (PAG)

Total asset 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
Total assets	US$ in thousands	15,671,500	14,114,600	13,464,600	13,247,200	13,942,700
Total asset turnover		1.88	1.97	1.90	1.54	1.66

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $29,451,800K ÷ $15,671,500K
= 1.88

Total asset turnover measures how efficiently a company generates revenue from its assets. Penske Automotive Group Inc's total asset turnover has fluctuated over the past five years, ranging from 1.54 in 2020 to 1.97 in 2022. The ratio peaked in 2022 and then decreased slightly in 2023 to 1.88. This indicates that in 2023, the company generated $1.88 in revenue for every dollar of assets it had. Overall, Penske Automotive Group Inc has shown relatively consistent efficiency in utilizing its assets to generate revenue, with some fluctuations in recent years.