Penske Automotive Group Inc (PAG)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	29,451,800	29,195,100	28,674,800	28,137,700	27,795,800	27,098,900	26,694,800	26,777,500	25,577,100	25,052,000	24,527,000	21,190,400	20,425,800	20,532,600	20,522,100	22,620,300	23,169,200	22,727,100	22,418,100	22,602,600
Total assets	US$ in thousands	15,671,500	14,810,000	14,796,900	14,395,800	14,114,600	13,588,100	13,504,100	13,665,900	13,464,600	12,719,300	13,306,800	13,222,000	13,247,200	13,009,700	12,876,100	13,816,800	13,942,700	13,689,500	13,361,100	13,574,900
Total asset turnover		1.88	1.97	1.94	1.95	1.97	1.99	1.98	1.96	1.90	1.97	1.84	1.60	1.54	1.58	1.59	1.64	1.66	1.66	1.68	1.67

December 31, 2023 calculation

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

Penske Automotive Group Inc's total asset turnover has shown relatively consistent performance over the past eight quarters, ranging from 1.88 to 1.99. This metric indicates the company's efficiency in generating revenue from its assets. A higher total asset turnover ratio typically suggests that the company is effectively utilizing its assets to generate sales.

Although the ratio fluctuated slightly quarter to quarter, it remained consistently above 1.9, indicating that Penske Automotive Group Inc has been efficient in converting its assets into revenue. This suggests that the company is effectively managing its assets to drive sales and ultimately improve its financial performance.

Overall, the trend in total asset turnover for Penske Automotive Group Inc reflects a strong utilization of assets to generate revenue, which is a positive indicator of the company's operational efficiency and effective management of its resources.