BLOOMFIELD HILLS, Mich. -

Penske Automotive Group — which ranked third on Auto Remarketing’s list of the top 125 dealership groups in the U.S. based on 2011 used-vehicle sales —  revealed this week it completed the redemption of $63.3 million in outstanding 3.5 percent senior subordinated convertible notes due 2026.

The company said it settled the obligation in cash; therefore, no shares were issued in the settlement of the notes.

Commenting on the redemption, chief financial officer David Jones said, “The funding of the notes redemption was completed using available cash and availability under the company’s existing U.S. credit facility.

“We are pleased to settle the notes without diluting current shareholders, and we are confident that our current capital structure will allow for continued growth of our business,” Jones added.

According to data supplied by Automotive News, Penske moved a total of 188,245 used units through its retail and wholesale channels at 145 dealerships last year. This put the retailer in the No. 3 spot on The Top 125 Used-Car Dealer Groups list found in Auto Remarketing’s June 15 print edition.

The complete list can also be found at www.autoremarketing.com/top-125-used-car-dealers-groups.