Success on the racetrack is not the only source of good news for US racing legend Roger Penske. Penske’s US based Auto sales and dealer network, has reported an impressive $29.4 million second quarter operating profit.

Penske Automotive Group Inc. is the United States’ second-largest dealer holding company, and it has seen a 16% rise in new and used vehicle sales during the period.

“The improving retail environment and our premium/luxury brand mix helped drive double-digit growth in units, revenue, income from continuing operations and earnings per share in the second quarter,” said Roger Penske.

He said that a rebound in the luxury vehicle market has also helped the company. According to Penske, BMW, Audi, Mercedes-Benz, Land Rover and Porsche accounted for nearly half of the company’s retail sales.

After a slow 2009, 2010 is clearly improving for “The Captain”. His team currently leads the Indy Racing League standings with Australian driver Will Power on top and Penske NASCAR driver Kurt Busch recently won the Brickyard 400 at Indianapolis.