Penske Automotive Group stated it's slashing government pay, furloughing workers, suspending $150 million in capital expenditures and taking a spread of different steps to "to assist mitigate the monetary and operational affect of COVID-19."

CEO Roger Penske and President Robert Kurnick will settle for no wage at some stage in the coronavirus outbreak, whereas executives and managers throughout the corporate are also taking pay cuts, Penske spokesman Anthony Pordon stated Monday. Pordon stated Penske was not disclosing what number of workers can be furloughed, nor what number of would see reductions in compensation, or how a lot. The corporate is also freezing hiring.

As well as, the board of administrators has waived its money compensation for six months, the second-largest U.S. dealership group stated in an announcement.

"The COVID-19 disaster is impacting our operations requiring us to take swift and decisive motion to deal with declining enterprise ranges," Penske stated within the assertion. "I'm assured the actions we're...