Penske Automotive Group Inc. reported a 14 percent gain in second-quarter net income, crediting increased business in used-vehicle sales, service and parts and finance and insurance. But, like Asbury Automotive Group Inc., Penske also saw its gross profit margins per vehicle squeezed in both new and used vehicle sales. The nation's second-largest dealership group said net income rose to $106.2 million in the quarter as revenue jumped 2.5 percent to $5.38 billion.
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