0000950123-11-071707.txt : 20110802 0000950123-11-071707.hdr.sgml : 20110802 20110802171554 ACCESSION NUMBER: 0000950123-11-071707 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110802 DATE AS OF CHANGE: 20110802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENSKE AUTOMOTIVE GROUP, INC. CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 111004430 BUSINESS ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 BUSINESS PHONE: 248-648-2500 MAIL ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 FORMER COMPANY: FORMER CONFORMED NAME: UNITED AUTO GROUP INC DATE OF NAME CHANGE: 19960726 10-Q 1 c19782e10vq.htm FORM 10-Q Form 10-Q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
     
þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2011
or
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-12297
Penske Automotive Group, Inc.
(Exact name of registrant as specified in its charter)
     
Delaware
(State or other jurisdiction of
incorporation or organization)
  22-3086739
(I.R.S. Employer
Identification No.)
     
2555 Telegraph Road,   48302-0954
Bloomfield Hills, Michigan   (Zip Code)
(Address of principal executive offices)    
Registrant’s telephone number, including area code:
(248) 648-2500
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act (Check one):
             
Large accelerated filer þ   Accelerated filer o  Non-accelerated filer o  Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
As of July 20, 2011, there were 92,062,166 shares of voting common stock outstanding.
 
 

 

 


 

TABLE OF CONTENTS
         
    Page  
 
PART I — FINANCIAL INFORMATION
       
 
       
Item 1. Financial Statements
       
 
       
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    44  
 
       
    44  
 
       
    45  
 
       
 Exhibit 10.1
 Exhibit 10.2
 Exhibit 12
 Exhibit 31.1
 Exhibit 31.2
 Exhibit 32
 EX-101 INSTANCE DOCUMENT
 EX-101 SCHEMA DOCUMENT
 EX-101 CALCULATION LINKBASE DOCUMENT
 EX-101 LABELS LINKBASE DOCUMENT
 EX-101 PRESENTATION LINKBASE DOCUMENT
 EX-101 DEFINITION LINKBASE DOCUMENT

 

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PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
                 
    June 30,     December 31,  
    2011     2010  
    (Unaudited)  
    (In thousands, except  
    per share amounts)  
ASSETS
               
Cash and cash equivalents
  $ 3,346     $ 17,868  
Accounts receivable, net of allowance for doubtful accounts of $2,180 and $1,902
    365,794       383,675  
Inventories
    1,456,409       1,453,546  
Other current assets
    91,772       68,457  
Assets held for sale
    56,826       110,485  
 
           
Total current assets
    1,974,147       2,034,031  
Property and equipment, net
    776,386       720,834  
Goodwill
    826,969       808,488  
Franchise value
    205,945       203,401  
Equity method investments
    288,028       288,406  
Other long-term assets
    15,404       14,672  
 
           
Total assets
  $ 4,086,879     $ 4,069,832  
 
           
 
               
LIABILITIES AND EQUITY
               
Floor plan notes payable
  $ 854,224     $ 922,295  
Floor plan notes payable — non-trade
    562,906       492,595  
Accounts payable
    215,923       253,424  
Accrued expenses
    232,431       202,644  
Current portion of long-term debt
    10,285       10,593  
Liabilities held for sale
    52,480       79,455  
 
           
Total current liabilities
    1,928,249       1,961,006  
Long-term debt
    706,522       769,285  
Deferred tax liabilities
    169,993       178,406  
Other long-term liabilities
    161,884       115,282  
 
           
Total liabilities
    2,966,648       3,023,979  
Commitments and contingent liabilities
               
Equity
               
Penske Automotive Group stockholders’ equity:
               
Preferred Stock, $0.0001 par value; 100 shares authorized; none issued and outstanding
           
Common Stock, $0.0001 par value, 240,000 shares authorized; 92,062 shares issued and outstanding at June 30, 2011; 92,100 shares issued and outstanding at December 31, 2010
    9       9  
Non-voting Common Stock, $0.0001 par value, 7,125 shares authorized; none issued and outstanding
           
Class C Common Stock, $0.0001 par value, 20,000 shares authorized; none issued and outstanding
           
Additional paid-in-capital
    731,397       738,728  
Retained earnings
    371,480       304,486  
Accumulated other comprehensive income (loss)
    13,372       (1,673 )
 
           
Total Penske Automotive Group stockholders’ equity
    1,116,258       1,041,550  
Non-controlling interest
    3,973       4,303  
 
           
Total equity
    1,120,231       1,045,853  
 
           
Total liabilities and equity
  $ 4,086,879     $ 4,069,832  
 
           
See Notes to Consolidated Condensed Financial Statements

 

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PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
    (Unaudited)  
    (In thousands, except per share amounts)  
Revenue:
                               
New vehicle
  $ 1,422,267     $ 1,314,904     $ 2,823,614     $ 2,516,795  
Used vehicle
    879,907       736,336       1,692,501       1,421,466  
Finance and insurance, net
    69,202       61,666       135,676       119,550  
Service and parts
    348,018       323,824       696,209       649,606  
Fleet and wholesale vehicle
    169,026       177,872       335,907       331,372  
 
                       
Total revenues
    2,888,420       2,614,602       5,683,907       5,038,789  
 
                       
Cost of sales:
                               
New vehicle
    1,301,352       1,206,216       2,591,388       2,308,806  
Used vehicle
    807,425       677,382       1,554,114       1,306,620  
Service and parts
    149,040       138,558       299,014       281,113  
Fleet and wholesale
    166,963       175,640       330,674       325,392  
 
                       
Total cost of sales
    2,424,780       2,197,796       4,775,190       4,221,931  
 
                       
Gross profit
    463,640       416,806       908,717       816,858  
Selling, general and administrative expenses
    380,350       339,676       738,462       666,039  
Depreciation
    12,093       11,516       24,031       23,374  
 
                       
Operating income
    71,197       65,614       146,224       127,445  
Floor plan interest expense
    (7,113 )     (7,983 )     (14,131 )     (16,125 )
Other interest expense
    (10,575 )     (12,542 )     (21,976 )     (25,262 )
Debt discount amortization
          (2,428 )     (1,718 )     (5,343 )
Equity in earnings of affiliates
    7,882       4,784       7,904       4,355  
Gain on debt repurchase
          422             1,027  
 
                       
Income from continuing operations before income taxes
    61,391       47,867       116,303       86,097  
Income taxes
    (20,996 )     (16,628 )     (37,784 )     (30,878 )
 
                       
Income from continuing operations
    40,395       31,239       78,519       55,219  
Loss from discontinued operations, net of tax
    (336 )     (1,555 )     (4,463 )     (5,203 )
 
                       
Net income
    40,059       29,684       74,056       50,016  
Less: Income attributable to non-controlling interests
    499       243       569       221  
 
                       
Net income attributable to Penske Automotive Group common stockholders
  $ 39,560     $ 29,441     $ 73,487     $ 49,795  
 
                       
Basic earnings per share attributable to Penske Automotive Group common stockholders:
                               
Continuing operations
  $ 0.43     $ 0.34     $ 0.84     $ 0.60  
Discontinued operations
    (0.00 )     (0.02 )     (0.05 )     (0.06 )
Net income attributable to Penske Automotive Group common stockholders
  $ 0.43     $ 0.32     $ 0.79     $ 0.54  
Shares used in determining basic earnings per share
    92,514       92,142       92,444       92,016  
Diluted earnings per share attributable to Penske Automotive Group common stockholders:
                               
Continuing operations
  $ 0.43     $ 0.34     $ 0.84     $ 0.60  
Discontinued operations
    (0.00 )     (0.02 )     (0.05 )     (0.06 )
Net income attributable to Penske Automotive Group common stockholders
  $ 0.43     $ 0.32     $ 0.79     $ 0.54  
Shares used in determining diluted earnings per share
    92,570       92,206       92,514       92,086  
Amounts attributable to Penske Automotive Group common stockholders:
                               
Income from continuing operations
  $ 40,395     $ 31,239     $ 78,519     $ 55,219  
Less: Income attributable to non-controlling interests
    499       243       569       221  
 
                       
Income from continuing operations, net of tax
    39,896       30,996       77,950       54,998  
Loss from discontinued operations, net of tax
    (336 )     (1,555 )     (4,463 )     (5,203 )
 
                       
Net income attributable to Penske Automotive Group common stockholders
  $ 39,560     $ 29,441     $ 73,487     $ 49,795  
Cash dividends per share
  $ 0.07     $     $ 0.07     $  
See Notes to Consolidated Condensed Financial Statements

 

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PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                 
    Six Months Ended  
    June 30,  
    2011     2010  
    (Unaudited)  
    (In thousands)  
Operating Activities:
               
Net income
  $ 74,056     $ 50,016  
Adjustments to reconcile net income to net cash from continuing operating activities:
               
Depreciation
    24,031       23,374  
Debt discount amortization
    1,718       5,343  
Earnings of equity method investments
    (7,904 )     (4,355 )
Loss from discontinued operations, net of tax
    4,463       5,203  
Deferred income taxes
    12,888       11,398  
Gain on debt repurchase
          (1,027 )
Changes in operating assets and liabilities:
               
Accounts receivable
    20,290       (25,757 )
Inventories
    5,060       (47,111 )
Floor plan notes payable
    (68,071 )     20,438  
Accounts payable and accrued expenses
    (10,691 )     16,876  
Other
    (11,850 )     3,128  
 
           
Net cash from continuing operating activities
    43,990       57,526  
 
           
Investing Activities:
               
Purchase of equipment and improvements
    (51,784 )     (35,989 )
Dealership acquisitions, net, including repayment of sellers’ floor plan notes payable of $5,862 and $5,683, respectively
    (14,011 )     (9,362 )
Other
    2,865        
 
           
Net cash from continuing investing activities
    (62,930 )     (45,351 )
 
           
Financing Activities:
               
Proceeds from borrowings under U.S. credit agreement revolving credit line
    156,000       320,600  
Repayments under U.S. credit agreement revolving credit line
    (156,000 )     (292,600 )
Repurchase of 3.5% senior subordinated convertible notes
    (87,278 )     (113,604 )
Net borrowings (repayments) of other long-term debt
    15,372       (9,497 )
Net borrowings of floor plan notes payable — non-trade
    70,311       73,592  
Proceeds from exercises of options, including excess tax benefit
    2,698       211  
Repurchases of common stock
    (12,413 )      
Dividends
    (6,493 )      
 
           
Net cash from continuing financing activities
    (17,803 )     (21,298 )
 
           
Discontinued operations:
               
Net cash from discontinued operating activities
    (20,466 )     5,627  
Net cash from discontinued investing activities
    47,915       4,796  
Net cash from discontinued financing activities
    (5,228 )     2,294  
 
           
Net cash from discontinued operations
    22,221       12,717  
 
           
Net change in cash and cash equivalents
    (14,522 )     3,594  
Cash and cash equivalents, beginning of period
    17,868       14,584  
 
           
Cash and cash equivalents, end of period
  $ 3,346     $ 18,178  
 
           
 
               
Supplemental disclosures of cash flow information:
               
Cash paid for:
               
Interest
  $ 37,752     $ 43,876  
Income taxes
    23,442       14,121  
Seller financed/assumed debt
    4,865        
See Notes to Consolidated Condensed Financial Statements

 

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PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENT OF EQUITY
                                                                 
                                    Accumulated     Total              
    Common Stock     Additional             Other     Stockholders’ Equity              
    Issued             Paid-in     Retained     Comprehensive     Attributable to Penske     Non-controlling     Total  
    Shares     Amount     Capital     Earnings     Income (Loss)     Automotive Group     Interest     Equity  
    (Unaudited)  
    (Dollars in thousands)  
Balance, January 1, 2011
    92,099,552     $ 9     $ 738,728     $ 304,486     $ (1,673 )   $ 1,041,550     $ 4,303     $ 1,045,853  
Equity compensation
    389,155             3,012                   3,012             3,012  
Repurchases of common stock
    (618,209 )           (12,413 )                 (12,413 )           (12,413 )
Dividends
                      (6,493 )           (6,493 )           (6,493 )
Exercise of options, including tax benefit of $856
    191,668             2,698                   2,698             2,698  
Distributions to non-controlling interests
                                        (1,059 )     (1,059 )
Purchase of subsidiary shares from non-controlling interest
                (853 )                 (853 )     3       (850 )
Sale of subsidiary shares to non-controlling interest
                225                   225       157       382  
Foreign currency translation
                            19,734       19,734             19,734  
Other
                            (4,689 )     (4,689 )           (4,689 )
Net income
                      73,487             73,487       569       74,056  
 
                                               
Balance, June 30, 2011
    92,062,166     $ 9     $ 731,397     $ 371,480     $ 13,372     $ 1,116,258     $ 3,973     $ 1,120,231  
 
                                               
See Notes to Consolidated Condensed Financial Statements

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except per share amounts)
1. Interim Financial Statements
Business Overview
Penske Automotive Group, Inc. (the “Company”) is the second largest automotive retailer headquartered in the U.S. as measured by total revenue. As of June 30, 2011, the Company operated 323 retail franchises, of which 168 franchises are located in the U.S. and 155 franchises are located outside of the U.S. The franchises outside the U.S. are located primarily in the U.K. Each of the Company’s dealerships offers a wide selection of new and used vehicles for sale. In addition to selling new and used vehicles, the Company generates higher-margin revenue at each of its dealerships through maintenance and repair services and the sale and placement of higher-margin products, such as third-party finance and insurance products, third-party extended service contracts and replacement and aftermarket automotive products. The Company also holds a 9.0% limited partnership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading global transportation services provider.
During the six months ended June 30, 2011, the Company was awarded four franchises, acquired three franchises, and disposed of seven franchises.
On June 30, 2011, smart USA Distributor, LLC, the Company’s wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (“DVI”), a wholly owned subsidiary of Mercedes-Benz USA. The aggregate cash purchase price for the assets, which included certain vehicles, parts, signage and other items valued at fair market value, was $44,462, of which $688 is to be paid in the third quarter of 2011 subject to a final reconciliation of the assets delivered at closing. This amount also includes reimbursement of certain operating and wind-down costs of smart USA. As a result, smart USA has been treated as a discontinued operation for all periods presented in the accompanying financial statements.
Basis of Presentation
The unaudited consolidated condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the SEC rules and regulations. The information presented as of June 30, 2011 and December 31, 2010 and for the three and six month periods ended June 30, 2011 and 2010 is unaudited, but includes all adjustments which the management of the Company believes to be necessary for the fair presentation of results for the periods presented. The consolidated condensed financial statements for prior periods have been revised for entities which have been treated as discontinued operations through June 30, 2011, and the results for interim periods are not necessarily indicative of results to be expected for the year. These consolidated condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2010, which are included as part of the Company’s Annual Report on Form 10-K.
Results for three and six months ended June 30, 2010 include a $422 and $1,027 pre-tax gain relating to the repurchase of $41,548 and $112,658 aggregate principal amount of the Company’s 3.5% senior subordinated convertible notes (“Convertible Notes”).
Discontinued Operations
The Company accounts for dispositions in its retail operations as discontinued operations when it is evident that the operations and cash flows of a franchise being disposed of will be eliminated from on-going operations and that the Company will not have any significant continuing involvement in its operations. As noted above, the Company has accounted for the disposition of its smart USA distribution operation as a discontinued operation.
In evaluating whether the cash flows of a dealership in its Retail reportable segment will be eliminated from ongoing operations, the Company considers whether it is likely that customers will migrate to similar franchises that it owns in the same geographic market. The Company’s consideration includes an evaluation of the brands sold at other dealerships it operates in the market and their proximity to the disposed dealership. When the Company disposes of franchises, it typically does not have continuing brand representation in that market. If the franchise being disposed of is located in a complex of Company owned dealerships, the Company does not treat the disposition as a discontinued operation if it believes that the cash flows previously generated by the disposed franchise will be replaced by expanded operations of the remaining or replacement franchises.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The distribution segment has been presented as a discontinued operation due to the transition of the distribution rights of the smart fortwo from smart USA to DVI that was completed in June 2011. The Company does not have any continuing role in the distribution of the smart fortwo, and as a result, no longer has any significant operations or cash flows relating to distribution activities.
Combined financial information regarding entities accounted for as discontinued operations follows:
                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2011     2010     2011     2010  
Revenues
  $ 73,943     $ 97,824     $ 158,954     $ 171,411  
Pre-tax (loss) income
    (1,153 )     (2,138 )     (9,061 )     (7,831 )
Gain (loss) on disposal
    695       (235 )     1,765       (261 )
                 
    June 30,     December 31,  
    2011     2010  
Inventories
  $ 28,515     $ 70,680  
Other assets
    28,311       39,805  
 
           
Total assets
  $ 56,826     $ 110,485  
 
           
 
               
Floor plan notes payable (including non-trade)
  $ 26,519     $ 63,825  
Other liabilities
    25,961       15,630  
 
           
Total liabilities
  $ 52,480     $ 79,455  
 
           
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets and certain reserves.
Fair Value of Financial Instruments
Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, floor plan notes payable, and interest rate swaps used to hedge future cash flows. Other than our subordinated notes, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. A summary of the fair value of the subordinated notes, based on quoted, level one market data, follows:
                 
    June 30, 2011  
    Carrying Value     Fair Value  
7.75% senior subordinated notes due 2016
  $ 375,000     $ 382,969  
3.5% senior subordinated convertible notes due 2026
    63,324       64,970  

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
2. Inventories
Inventories consisted of the following:
                 
    June 30,     December 31,  
    2011     2010  
New vehicles
  $ 954,077     $ 1,011,299  
Used vehicles
    426,751       367,350  
Parts, accessories and other
    75,581       74,897  
 
           
 
               
Total inventories
  $ 1,456,409     $ 1,453,546  
 
           
The Company receives non-refundable credits from certain vehicle manufacturers that reduce cost of sales when the vehicles are sold. Such credits amounted to $16,267 and $12,108 during the six months ended June 30, 2011 and 2010, respectively.
3. Business Combinations
The Company acquired three franchises during both the six months ended June 30, 2011 and 2010 in its retail operations (not including the German operations noted below). The Company’s financial statements include the results of operations of the acquired dealerships from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in the Company’s consolidated condensed financial statements, and may be subject to adjustment pending completion of the final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the six months ended June 30, 2011 and 2010 follows:
                 
    June 30,  
    2011     2010  
Accounts receivable
  $ 953     $  
Inventory
    7,923       6,336  
Other current assets
          17  
Property and equipment
    1,671        
Goodwill
    7,038       3,014  
Other assets
    628        
Current liabilities
    (2,491 )     (5 )
 
           
Total consideration
    15,722       9,362  
Seller financed/assumed debt
    (1,711 )      
 
           
Cash used in dealership acquisitions
  $ 14,011     $ 9,362  
 
           
In the first quarter of 2010, the Company exited one of its German joint ventures by exchanging its 50% interest in the joint venture for 100% ownership in three BMW franchises previously held by the joint venture. The Company recorded $13,331 of intangible assets in connection with this transaction.
Subsequent to June 30, 2011, the Company acquired four franchises, including BMW and MINI in Santa Ana, California, and Mercedes-Benz and Maybach in Greenwich, Connecticut, for an aggregate of $170,000, which includes goodwill, net assets, and real estate. The Company subsequently entered into $28,240 in mortgages with respect to the real estate at its newly acquired Santa Ana, California properties. The Company is still in the process of completing final purchase accounting which is estimated to be completed during the third quarter of 2011.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
4. Intangible Assets
Following is a summary of the changes in the carrying amount of goodwill and franchise value during the six months ended June 30, 2011:
                 
            Franchise  
    Goodwill     Value  
Balance, January 1, 2011
  $ 808,488     $ 203,401  
Additions
    7,120        
Foreign currency translation
    11,361       2,544  
 
           
Balance, June 30, 2011
  $ 826,969     $ 205,945  
 
           
5. Floor Plan Notes Payable — Trade and Non-trade
The Company finances substantially all of its new and a portion of its used vehicle inventories under revolving floor plan arrangements with various lenders, including the captive finance companies associated with automotive manufacturers. In the U.S., substantially all of our floor plan arrangements are due on demand; however, the Company has not historically been required to repay floor plan advances prior to the sale of the vehicles that have been financed. The Company typically makes monthly interest payments on the amount financed. Outside of the U.S., substantially all of the floor plan arrangements are payable on demand or have an original maturity of 90 days or less and the Company is generally required to repay floor plan advances at the earlier of the sale of the vehicles that have been financed or the stated maturity.
The floor plan agreements grant a security interest in substantially all of the assets of the Company’s dealership subsidiaries, and in the U.S. are guaranteed by the Company. Interest rates under the floor plan arrangements are variable and increase or decrease based on changes in the prime rate, defined London Interbank Offered Rate (“LIBOR”), the Finance House Bank Rate, or the Euro Interbank Offer Rate. The Company classifies floor plan notes payable to a party other than the manufacturer of a particular new vehicle, and all floor plan notes payable relating to pre-owned vehicles, as floor plan notes payable — non-trade on its consolidated condensed balance sheets and classifies related cash flows as a financing activity on its consolidated condensed statements of cash flows.
6. Earnings Per Share
Basic earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, including outstanding unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive effect of stock options. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010 follows:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Weighted average number of common shares outstanding
    92,514       92,142       92,444       92,016  
Effect of non-participatory equity compensation
    56       64       70       70  
 
                       
Weighted average number of common shares outstanding, including effect of dilutive securities
    92,570       92,206       92,514       92,086  
 
                       
There were no anti-dilutive stock options outstanding during the three and six months ended June 30, 2011 or 2010. In addition, the Company has senior subordinated convertible notes outstanding which, under certain circumstances discussed in Note 7, may be converted to voting common stock. As of June 30, 2011 and 2010, no shares related to the senior subordinated convertible notes were included in the calculation of diluted earnings per share because the effect of such securities was anti-dilutive.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
7. Long-Term Debt
Long-term debt consisted of the following:
                 
    June 30,     December 31,  
    2011     2010  
U.S. credit agreement — revolving credit line
  $     $  
U.S. credit agreement — term loan
    134,000       134,000  
U.K. credit agreement — revolving credit line
    77,050       54,597  
U.K. credit agreement — term loan
          5,505  
U.K. credit agreement — overdraft line of credit
    6,421       7,116  
7.75% senior subordinated notes due 2016
    375,000       375,000  
3.5% senior subordinated convertible notes due 2026, net of debt discount
    63,324       148,884  
Mortgage facilities
    50,249       46,052  
Other
    10,763       8,724  
 
           
Total long-term debt
    716,807       779,878  
Less: current portion
    (10,285 )     (10,593 )
 
           
Net long-term debt
  $ 706,522     $ 769,285  
 
           
U.S. Credit Agreement
The Company is party to a credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation, as amended (the “U.S. Credit Agreement”), which provides for up to $300,000 in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, a non-amortizing term loan with a remaining balance of $134,000, and for an additional $10,000 of availability for letters of credit, through September 30, 2013. The revolving loans bear interest at a defined LIBOR plus 2.75%, subject to an incremental 0.75% for uncollateralized borrowings in excess of a defined borrowing base. The term loan, which bears interest at defined LIBOR plus 2.50%, may be prepaid at any time, but then may not be re-borrowed.
The U.S. Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by the Company’s domestic subsidiaries and contains a number of significant covenants that, among other things, restrict the Company’s ability to dispose of assets, incur additional indebtedness, repay other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. The Company is also required to comply with defined financial and other tests and ratios, including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders’ equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. As of June 30, 2011, the Company was in compliance with all covenants under the U.S. Credit Agreement.
The U.S. Credit Agreement also contains typical events of default, including change of control, non-payment of obligations and cross-defaults to the Company’s other material indebtedness. Substantially all of the Company’s domestic assets are subject to security interests granted to lenders under the U.S. Credit Agreement. As of June 30, 2011, $134,000 of term loans and $1,250 of letters of credit were outstanding under the U.S. Credit Agreement.
U.K. Credit Agreement
The Company’s subsidiaries in the U.K. (the “U.K. Subsidiaries”) are party to an agreement with the Royal Bank of Scotland plc, as agent for National Westminster Bank plc, which provides for a funded term loan, a revolving credit agreement and a demand overdraft line of credit (collectively, the “U.K. Credit Agreement”) to be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes. The U.K. Credit Agreement provides for (1) up to £92,000 in revolving loans through August 31, 2013, which bear interest between a defined LIBOR plus 1.1% and defined LIBOR plus 3.0%, and (2) a demand overdraft line of credit for up to £10,000 that bears interest at the Bank of England Base Rate plus 1.75%. A term loan component to the credit agreement which bore interest between 6.39% and 8.29% and was payable ratably in quarterly intervals was fully repaid on June 30, 2011.
The U.K. Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by the U.K. Subsidiaries, and contains a number of significant covenants that, among other things, restrict the ability of the U.K. Subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. In addition, the U.K. Subsidiaries are required to comply with defined ratios and tests, including: a ratio of earnings before interest, taxes, amortization, and rental payments (“EBITAR”) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio. A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. As of June 30, 2011, the U.K. Subsidiaries were in compliance with all covenants under the U.K. Credit Agreement.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The U.K. Credit Agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of the U.K. Subsidiaries. Substantially all of the U.K. Subsidiaries’ assets are subject to security interests granted to lenders under the U.K. Credit Agreement. As of June 30, 2011, outstanding loans under the U.K. Credit Agreement amounted to £52,000 ($83,471).
7.75% Senior Subordinated Notes
In December 2006, the Company issued $375,000 aggregate principal amount of 7.75% senior subordinated notes (the “7.75% Notes”) due 2016. The 7.75% Notes are unsecured senior subordinated notes and are subordinate to all existing and future senior debt, including debt under the Company’s credit agreements, mortgages and floor plan indebtedness. The 7.75% Notes are guaranteed by substantially all of the Company’s wholly-owned domestic subsidiaries on an unsecured senior subordinated basis. Those guarantees are full and unconditional and joint and several. The Company can redeem all or some of the 7.75% Notes at its option beginning in December 2011 at specified redemption prices, or prior to December 2011 at 100% of the principal amount of the notes plus a defined “make-whole” premium. Upon certain sales of assets or specific kinds of changes of control the Company is required to make an offer to purchase the 7.75% Notes. The 7.75% Notes also contain customary negative covenants and events of default. As of June 30, 2011, the Company was in compliance with all negative covenants and there were no events of default.
Senior Subordinated Convertible Notes
Holders of the Convertible Notes had the right to require the Company to purchase their Convertible Notes on April 1, 2011. Of the Convertible Notes outstanding on April 1, 2011, $87,278 were validly tendered to the Company. As a result, $63,324 of the Convertible Notes remained outstanding as of June 30, 2011. Remaining holders of the Convertible Notes may require the Company to purchase all or a portion of their Convertible Notes for cash on each of April 1, 2016 or April 1, 2021 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to the applicable purchase date.
The remaining Convertible Notes mature on April 1, 2026, unless earlier converted, redeemed or purchased by the Company, as discussed below. The Convertible Notes are unsecured senior subordinated obligations and are subordinate to all future and existing debt under the Company’s credit agreements, mortgages and floor plan indebtedness. The Convertible Notes are guaranteed on an unsecured senior subordinated basis by substantially all of the Company’s wholly-owned domestic subsidiaries. The guarantees are full and unconditional and joint and several. The Convertible Notes also contain customary negative covenants and events of default. As of June 30, 2011, the Company was in compliance with all negative covenants and there were no events of default.
Holders of the Convertible Notes may convert them based on a conversion rate of 42.7796 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes (which is equal to a conversion price of approximately $23.38 per share), subject to adjustment, only under the following circumstances: (1) in any quarterly period, if the closing price of our common stock for twenty of the last thirty trading days in the prior quarter exceeds $28.05 (subject to adjustment), (2) for specified periods, if the trading price of the Convertible Notes falls below specific thresholds, (3) if the Convertible Notes are called for redemption, (4) if specified distributions to holders of our common stock are made or specified corporate transactions occur, (5) if a fundamental change (as defined) occurs, or (6) during the ten trading days prior to, but excluding, the maturity date.
Upon conversion of the Convertible Notes, for each $1,000 principal amount of the Convertible Notes, a holder will receive an amount in cash, equal to the lesser of (i) $1,000 or (ii) the conversion value, determined in the manner set forth in the indenture covering the Convertible Notes, of the number of shares of common stock equal to the conversion rate. If the conversion value exceeds $1,000, the Company will also deliver, at its election, cash, common stock or a combination of cash and common stock with respect to the remaining value deliverable upon conversion. The Company will pay additional cash interest commencing with six-month periods beginning on April 1, 2011, if the average trading price of a Convertible Note for certain periods in the prior six-month period equals 120% or more of the principal amount of the Convertible Notes.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The Company may redeem the Convertible Notes, in whole at any time or in part from time to time, for cash at a redemption price of 100% of the principal amount of the Convertible Notes to be redeemed, plus any accrued and unpaid interest to the applicable redemption date, plus any applicable conversion premium.
On issuance of the Convertible Notes, the Company recorded a debt discount which was amortized as additional interest expense through March 31, 2011. The annual effective interest rate on the liability component was 8.25% through March 31, 2011. Beginning April 1, 2011, the annual effective interest rate was 3.5%.
Mortgage Facilities
The Company is party to several mortgages which bear interest at defined rates and require monthly principal and interest payments. These mortgage facilities also contain typical events of default, including non-payment of obligations, cross-defaults to the Company’s other material indebtedness, certain change of control events, and the loss or sale of certain franchises operated at the properties. Substantially all of the buildings and improvements on the properties financed pursuant to the mortgage facilities are subject to security interests granted to the lender. As of June 30, 2011, we owed $50,249 of principal under our mortgage facilities.
8. Interest Rate Swaps
The Company periodically uses interest rate swaps to manage interest rate risk associated with the Company’s variable rate floor plan debt. The Company is party to forward-starting interest rate swap agreements beginning January 2012 and maturing December 2014 pursuant to which the LIBOR portion of $300,000 of the Company’s floating rate floor plan debt is fixed at a rate of 2.135% and $100,000 of the Company’s floating rate floor plan debt is fixed at a rate of 1.55%. The Company may terminate these agreements at any time, subject to the settlement of the then current fair value of the swap arrangements.
The Company used Level 2 inputs to estimate the fair value of the interest rate swap agreements. As of June 30, 2011, the fair value of the swaps designated as hedging instruments was estimated to be a net liability of $6,259.
During 2010 and through January 2011, the Company was party to interest rate swap agreements pursuant to which the LIBOR portion of $300,000 of the Company’s floating rate floor plan debt was fixed at 3.67%. During the six months ended June 30, 2011, there was no hedge ineffectiveness recorded in the Company’s income statement and the impact of the swaps on the weighted average interest rate of the Company’s floor plan borrowings was insignificant. During the six months ended June 30, 2010, the Company recognized a net gain in accumulated other comprehensive income (loss) of $1,328 related to the effective portion of the interest rate swap agreements designated as hedging instruments, and reclassified $2,207 of the existing derivative losses from accumulated other comprehensive income (loss) into floor plan interest expense. Additionally, during the six months ended June 30, 2010, the swaps increased the weighted average interest rate on the Company’s floor plan borrowings by approximately 0.4%.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
9. Commitments and Contingent Liabilities
The Company is involved in litigation which may relate to claims brought by governmental authorities, issues with customers, and employment related matters, including class action claims and purported class action claims. As of June 30, 2011, the Company is not party to any legal proceedings, including class action lawsuits, that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on the Company’s results of operations, financial condition or cash flows.
The Company has historically structured its operations so as to minimize ownership of real property. As a result, the Company leases or subleases substantially all of its facilities. These leases are generally for a period between five and 20 years, and are typically structured to include renewal options at the Company’s election. Pursuant to the leases for some of the Company’s larger facilities, the Company is required to comply with defined financial ratios, including a “rent coverage” ratio and a debt to EBITDA ratio. For these leases, non-compliance with the ratios may require the Company to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. As of June 30, 2011, the Company was in compliance with all covenants under these leases.
The Company has sold a number of dealerships to third parties and, as a condition to certain of those sales, remains liable for the lease payments relating to the properties on which those businesses operate in the event of non-payment by the buyer. The Company is also party to lease agreements on properties that it no longer uses in its retail operations that it has sublet to third parties. The Company relies on subtenants to pay the rent and maintain the property at these locations. In the event the subtenant does not perform as expected, the Company may not be able to recover amounts owed to it and the Company could be required to fulfill these obligations.
The Company has $20,066 of letters of credit outstanding as of June 30, 2011, and has posted $14,263 of surety bonds in the ordinary course of business.
10. Equity
Comprehensive income (loss)
Other comprehensive income (loss) includes foreign currency translation gains and losses, as well as changes relating to other individually immaterial items, including certain defined benefit plans in the U.K. and changes in the fair value of interest rate swap agreements, each of which has been excluded from net income and reflected in equity. Total comprehensive income (loss) is summarized as follows:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Attributable to Penske Automotive Group:
                               
Net income
  $ 39,560     $ 29,441     $ 73,487     $ 49,795  
Other comprehensive income (loss):
                               
Foreign currency translation
    2,883       (15,123 )     19,734       (42,831 )
Other
    (4,359 )     4,029       (4,689 )     7,215  
 
                       
 
                               
Total attributable to Penske Automotive Group
    38,084       18,347       88,532       14,179  
 
                               
Attributable to the non-controlling interest:
                               
Income
    499       243       569       221  
 
                       
 
                               
Total comprehensive income
  $ 38,583     $ 18,590     $ 89,101     $ 14,400  
 
                       
During the second quarter of 2011, the Company acquired 618 shares at an average price of $20.08 for a total of $12,413.

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
11. Segment Information
The Company’s operations are organized by management into operating segments by line of business and geography. The Company has determined it has two reportable segments as defined in generally accepted accounting principles for segment reporting, including: (i) Retail, consisting of our automotive retail operations and (ii) PAG Investments, consisting of our investments in businesses other than automotive retail operations. The Retail reportable segment includes all automotive dealerships and all departments relevant to the operation of the dealerships and the retail automotive joint ventures. The individual dealership operations included in the Retail reportable segment have been grouped into four geographic operating segments, which have been aggregated into one reportable segment as their operations (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and used vehicles, service, parts and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals) and (D) have similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). The Company previously presented its smart USA distribution operation as a third reportable segment. That operation was transitioned to DVI on June 30, 2011 and is presented in discontinued operations.
The following table summarizes revenues and income from continuing operations before certain items and income taxes, which is the measure by which management allocates resources to its segments, and which we refer to as adjusted segment income, for each of our reportable segments. Adjusted segment income excludes the item in the table below in order to enhance the comparability of segment income from period to period.
Three Months Ended June 30
                         
            PAG        
    Retail     Investments     Total  
Revenues
                       
2011
  $ 2,888,420     $     $ 2,888,420  
2010
    2,614,602             2,614,602  
Adjusted segment income
                       
2011
    55,123       6,268       61,391  
2010
    43,343       4,102       47,445  
Six Months Ended June 30
                         
            PAG        
    Retail     Investments     Total  
Revenues
                       
2011
  $ 5,683,907     $     $ 5,683,907  
2010
    5,038,789             5,038,789  
Adjusted segment income
                       
2011
    108,911       7,392       116,303  
2010
    81,473       3,597       85,070  
The following table reconciles total adjusted segment income to consolidated income from continuing operations before income taxes.
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Adjusted segment income
  $ 61,391     $ 47,445     $ 116,303     $ 85,070  
Gain on debt repurchase
          422             1,027  
 
                       
 
                               
Income from continuing operations before income taxes
  $ 61,391     $ 47,867     $ 116,303     $ 86,097  
 
                       

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
12. Consolidating Condensed Financial Information
The following tables include condensed consolidating financial information as of June 30, 2011 and December 31, 2010 and for the three and six month periods ended June 30, 2011 and 2010 for Penske Automotive Group, Inc. (as the issuer of the Convertible Notes and the 7.75% Notes), guarantor subsidiaries and non-guarantor subsidiaries (primarily representing foreign entities). The condensed consolidating financial information includes certain allocations of balance sheet, income statement and cash flow items which are not necessarily indicative of the financial position, results of operations and cash flows of these entities on a stand-alone basis.
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Cash and cash equivalents
  $ 3,346     $     $     $ 1,455     $ 1,891  
Accounts receivable, net
    365,794       (287,636 )     287,635       191,091       174,704  
Inventories
    1,456,409                   784,818       671,591  
Other current assets
    91,772             3,529       40,711       47,532  
Assets held for sale
    56,826                   56,826        
 
                             
 
                                       
Total current assets
    1,974,147       (287,636 )     291,164       1,074,901       895,718  
Property and equipment, net
    776,386             4,941       475,265       296,180  
Intangible assets
    1,032,914                   578,196       454,718  
Equity method investments
    288,028             232,836             55,192  
Other long-term assets
    15,404       (1,206,290 )     1,214,041       6,024       1,629  
 
                             
 
                                       
Total assets
  $ 4,086,879     $ (1,493,926 )   $ 1,742,982     $ 2,134,386     $ 1,703,437  
 
                             
 
                                       
Floor plan notes payable
  $ 854,224     $     $     $ 428,753     $ 425,471  
Floor plan notes payable — non-trade
    562,906             45,200       265,768       251,938  
Accounts payable
    215,923             2,440       76,059       137,424  
Accrued expenses
    232,431       (287,636 )     2,787       134,202       383,078  
Current portion of long-term debt
    10,285                   4,366       5,919  
Liabilities held for sale
    52,480                   52,480        
 
                             
 
                                       
Total current liabilities
    1,928,249       (287,636 )     50,427       961,628       1,203,830  
Long-term debt
    706,522       (40,311 )     572,324       53,016       121,493  
Deferred tax liabilities
    169,993                   156,787       13,206  
Other long-term liabilities
    161,884                   115,452       46,432  
 
                             
 
                                       
Total liabilities
    2,966,648       (327,947 )     622,751       1,286,883       1,384,961  
Total equity
    1,120,231       (1,165,979 )     1,120,231       847,503       318,476  
 
                             
 
                                       
Total liabilities and equity
  $ 4,086,879     $ (1,493,926 )   $ 1,742,982     $ 2,134,386     $ 1,703,437  
 
                             

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Cash and cash equivalents
  $ 17,868     $     $     $ 15,497     $ 2,371  
Accounts receivable, net
    383,675       (269,021 )     269,021       228,274       155,401  
Inventories
    1,453,546                   878,571       574,975  
Other current assets
    68,457             1,127       32,371       34,959  
Assets held for sale
    110,485                   110,485        
 
                             
 
                                       
Total current assets
    2,034,031       (269,021 )     270,148       1,265,198       767,706  
Property and equipment, net
    720,834             4,957       448,116       267,761  
Intangible assets
    1,011,889                   489,301       522,588  
Equity method investments
    288,406             234,214             54,192  
Other long-term assets
    14,672       (1,212,538 )     1,222,168       3,088       1,954  
 
                             
 
                                       
Total assets
  $ 4,069,832     $ (1,481,559 )   $ 1,731,487     $ 2,205,703     $ 1,614,201  
 
                             
 
                                       
Floor plan notes payable
  $ 922,295     $     $     $ 570,282     $ 352,013  
Floor plan notes payable — non-trade
    492,595             25,000       288,274       179,321  
Accounts payable
    253,424             2,186       85,926       165,312  
Accrued expenses
    202,644       (269,021 )     564       95,970       375,131  
Current portion of long-term debt
    10,593                   1,264       9,329  
Liabilities held for sale
    79,455                   79,455        
 
                             
 
                                       
Total current liabilities
    1,961,006       (269,021 )     27,750       1,121,171       1,081,106  
Long-term debt
    769,285       (77,593 )     657,884       49,689       139,305  
Deferred tax liabilities
    178,406                   165,666       12,740  
Other long-term liabilities
    115,282                   99,238       16,044  
 
                             
 
                                       
Total liabilities
    3,023,979       (346,614 )     685,634       1,435,764       1,249,195  
Total equity
    1,045,853       (1,134,945 )     1,045,853       769,939       365,006  
 
                             
 
                                       
Total liabilities and equity
  $ 4,069,832     $ (1,481,559 )   $ 1,731,487     $ 2,205,703     $ 1,614,201  
 
                             

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 2,888,420     $     $     $ 1,659,489     $ 1,228,931  
Cost of sales
    2,424,780                   1,372,419       1,052,361  
 
                             
 
                                       
Gross profit
    463,640                   287,070       176,570  
Selling, general and administrative expenses
    380,350             4,790       232,097       143,463  
Depreciation
    12,093             257       6,538       5,298  
 
                             
 
                                       
Operating income (loss)
    71,197             (5,047 )     48,435       27,809  
Floor plan interest expense
    (7,113 )           (329 )     (3,458 )     (3,326 )
Other interest expense
    (10,575 )           (5,818 )     (638 )     (4,119 )
Debt discount amortization
                             
Equity in earnings of affiliates
    7,882             6,121             1,761  
Equity in earnings of subsidiaries
          (65,965 )     65,965              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    61,391       (65,965 )     60,892       44,339       22,125  
 
                                       
Income taxes
    (20,996 )     22,745       (20,996 )     (16,296 )     (6,449 )
 
                             
 
                                       
Income (loss) from continuing operations
    40,395       (43,220 )     39,896       28,043       15,676  
 
                                       
(Loss) income from discontinued operations, net of tax
    (336 )     336       (336 )     (336 )      
 
                             
 
                                       
Net income (loss)
    40,059       (42,884 )     39,560       27,707       15,676  
Less: Income attributable to non- controlling interests
    499                         499  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 39,560     $ (42,884 )   $ 39,560     $ 27,707     $ 15,177  
 
                             

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 2,614,602     $     $     $ 1,529,401     $ 1,085,201  
Cost of sales
    2,197,796                   1,272,432       925,364  
 
                             
 
                                       
Gross profit
    416,806                   256,969       159,837  
Selling, general and administrative expenses
    339,676             3,497       209,910       126,269  
Depreciation
    11,516             300       6,446       4,770  
 
                             
 
                                       
Operating income (loss)
    65,614             (3,797 )     40,613       28,798  
Floor plan interest expense
    (7,983 )                 (5,829 )     (2,154 )
Other interest expense
    (12,542 )           (8,343 )     (33 )     (4,166 )
Debt discount amortization
    (2,428 )           (2,428 )            
Equity in earnings of affiliates
    4,784             3,937             847  
Gain on debt repurchase
    422             422              
Equity in earnings of subsidiaries
          (57,833 )     57,833              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    47,867       (57,833 )     47,624       34,751       23,325  
Income taxes
    (16,628 )     20,192       (16,628 )     (13,554 )     (6,638 )
 
                             
 
                                       
Income (loss) from continuing operations
    31,239       (37,641 )     30,996       21,197       16,687  
 
                                       
(Loss) income from discontinued operations, net of tax
    (1,555 )     1,555       (1,555 )     (1,555 )      
 
                             
 
                                       
Net income (loss)
    29,684       (36,086 )     29,441       19,642       16,687  
Less: Income attributable to non- controlling interests
    243                         243  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 29,441     $ (36,086 )   $ 29,441     $ 19,642     $ 16,444  
 
                             

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 5,683,907     $     $     $ 3,227,865     $ 2,456,042  
Cost of sales
    4,775,190                   2,678,525       2,096,665  
 
                             
 
                                       
Gross profit
    908,717                   549,340       359,377  
Selling, general and administrative expenses
    738,462             9,739       446,030       282,693  
Depreciation
    24,031             542       12,893       10,596  
 
                             
 
                                       
Operating income (loss)
    146,224             (10,281 )     90,417       66,088  
Floor plan interest expense
    (14,131 )           (462 )     (7,370 )     (6,299 )
Other interest expense
    (21,976 )           (12,234 )     (1,249 )     (8,493 )
Debt discount amortization
    (1,718 )           (1,718 )            
Equity in earnings of affiliates
    7,904             7,352             552  
Equity in earnings of subsidiaries
          (133,077 )     133,077              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    116,303       (133,077 )     115,734       81,798       51,848  
Income taxes
    (37,784 )     43,446       (37,784 )     (28,714 )     (14,732 )
 
                             
 
                                       
Income (loss) from continuing operations
    78,519       (89,631 )     77,950       53,084       37,116  
 
                                       
(Loss) income from discontinued operations, net of tax
    (4,463 )     4,463       (4,463 )     (4,463 )      
 
                             
 
                                       
Net income (loss)
    74,056       (85,168 )     73,487       48,621       37,116  
Less: Income attributable to non- controlling interests
    569                         569  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 73,487     $ (85,168 )   $ 73,487     $ 48,621     $ 36,547  
 
                             

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 5,038,789     $     $     $ 2,856,374     $ 2,182,415  
Cost of sales
    4,221,931                   2,367,531       1,854,400  
 
                             
 
                                       
Gross profit
    816,858                   488,843       328,015  
Selling, general and administrative expenses
    666,039             8,075       403,466       254,498  
Depreciation
    23,374             590       12,890       9,894  
 
                             
 
                                       
Operating income (loss)
    127,445             (8,665 )     72,487       63,623  
Floor plan interest expense
    (16,125 )                 (11,511 )     (4,614 )
Other interest expense
    (25,262 )           (16,390 )     (589 )     (8,283 )
Debt discount amortization
    (5,343 )           (5,343 )            
Equity in earnings of affiliates
    4,355             4,283             72  
Gain on debt repurchase
    1,027             1,027              
Equity in earnings of subsidiaries
          (110,964 )     110,964              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    86,097       (110,964 )     85,876       60,387       50,798  
Income taxes
    (30,878 )     39,899       (30,878 )     (25,754 )     (14,145 )
 
                             
 
                                       
Income (loss) from continuing operations
    55,219       (71,065 )     54,998       34,633       36,653  
 
                                       
(Loss) income from discontinued operations, net of tax
    (5,203 )     5,203       (5,203 )     (5,203 )      
 
                             
 
                                       
Net income (loss)
    50,016       (65,862 )     49,795       29,430       36,653  
Less: Income attributable to non- controlling interests
    221                         221  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 49,795     $ (65,862 )   $ 49,795     $ 29,430     $ 36,432  
 
                             

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2011
                                 
            Penske              
    Total     Automotive     Guarantor     Non-Guarantor  
    Company     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                               
Net cash from continuing operating activities
  $ 43,990     $ 84,594     $ 5,591     $ (46,195 )
 
                       
 
                               
Investing activities:
                               
Purchase of equipment and improvements
    (51,784 )     (1,308 )     (27,754 )     (22,722 )
Dealership acquisitions, net
    (14,011 )           (12,331 )     (1,680 )
Other
    2,865                   2,865  
 
                       
 
                               
Net cash from continuing investing activities
    (62,930 )     (1,308 )     (40,085 )     (21,537 )
 
                       
 
                               
Financing activities:
                               
Repurchase of 3.5% senior subordinated convertible notes
    (87,278 )     (87,278 )            
Net borrowings (repayments) of other long-term debt
    15,372             23,215       (7,843 )
Net borrowings (repayments) of floor plan notes payable — non-trade
    70,311       20,200       (30,056 )     80,167  
Proceeds from exercises of options, including excess tax benefit
    2,698       2,698              
Repurchases of common stock
    (12,413 )     (12,413 )            
Dividends
    (6,493 )     (6,493 )            
Distributions from (to) parent
                4,245       (4,245 )
 
                       
 
                               
Net cash from continuing financing activities
    (17,803 )     (83,286 )     (2,596 )     68,079  
 
                               
Net cash from discontinued operations
    22,221             22,221        
 
                       
 
                               
Net change in cash and cash equivalents
    (14,522 )           (14,869 )     347  
Cash and cash equivalents, beginning of period
    17,868             16,324       1,544  
 
                       
 
                               
Cash and cash equivalents, end of period
  $ 3,346     $     $ 1,455     $ 1,891  
 
                       

 

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PENSKE AUTOMOTIVE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2010
                                 
            Penske              
    Total     Automotive     Guarantor     Non-Guarantor  
    Company     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                               
Net cash from continuing operating activities
  $ 57,526     $ 55,493     $ (35,703 )   $ 37,736  
 
                       
 
                               
Investing activities:
                               
Purchase of equipment and improvements
    (35,989 )           (26,176 )     (9,813 )
Dealership acquisitions, net
    (9,362 )           (9,362 )      
Other
                83       (83 )
 
                       
 
                               
Net cash from continuing investing activities
    (45,351 )           (35,455 )     (9,896 )
 
                       
 
                               
Financing activities:
                               
Repurchase of 3.5% senior subordinated convertible notes
    (113,604 )     (113,604 )            
Net borrowings (repayments) of other long-term debt
    18,503       28,000       7,739       (17,236 )
Net borrowings (repayments) of floor plan notes payable — non-trade
    73,592       29,900       51,354       (7,662 )
Proceeds from exercises of options, including excess tax benefit
    211       211              
Distributions from (to) parent
                473       (473 )
 
                       
 
                               
Net cash from continuing financing activities
    (21,298 )     (55,493 )     59,566       (25,371 )
 
                               
Net cash from discontinued operations
    12,717             12,717        
 
                       
 
                               
Net change in cash and cash equivalents
    3,594             1,125       2,469  
Cash and cash equivalents, beginning of period
    14,584             12,929       1,655  
 
                       
 
                               
Cash and cash equivalents, end of period
  $ 18,178     $     $ 14,054     $ 4,124  
 
                       

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those discussed in “Forward Looking Statements.” We have acquired and initiated a number of businesses during the periods presented and addressed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Our financial statements include the results of operations of those businesses from the date acquired or when they commenced operations. This Management’s Discussion and Analysis of Financial Condition and Results of Operations has also been updated to reflect the revision of our financial statements for entities which have been treated as discontinued operations through June 30, 2011.
Overview
We are the second largest automotive retailer headquartered in the U.S. as measured by total revenue. As of June 30, 2011, we operated 323 retail automotive franchises, of which 168 franchises are located in the U.S. and 155 franchises are located outside of the U.S. The franchises outside the U.S. are located primarily in the U.K. We are diversified geographically, with 61% of our total revenues in 2011 generated in the U.S. and Puerto Rico and 39% generated outside the U.S. We offer a full range of vehicle brands with 95% of our total retail revenue for the six months ended June 30, 2011 generated from brands of non-U.S. based manufacturers, and 68% generated from premium brands, such as Audi, BMW, Cadillac, Mercedes-Benz and Porsche. Each of our dealerships offers a wide selection of new and used vehicles for sale. In addition to selling new and used vehicles, we generate higher-margin revenue at each of our dealerships through maintenance and repair services and the sale and placement of higher-margin products, such as third-party finance and insurance products, third-party extended service contracts and replacement and aftermarket automotive products.
We also hold a 9.0% limited partnership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading global transportation services provider. PTL operates and maintains more than 200,000 vehicles and serves customers in North America, South America, Europe and Asia. Product lines include full-service leasing, contract maintenance, commercial and consumer truck rental and logistics services, including, transportation and distribution center management and supply chain management. The general partner of PTL is Penske Truck Leasing Corporation, a wholly-owned subsidiary of Penske Corporation, which, together with other wholly-owned subsidiaries of Penske Corporation, owns 41.1% of PTL. The remaining 49.9% of PTL is owned by General Electric Capital Corporation.
On June 30, 2011, smart USA Distributor, LLC, our wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (“DVI”), a wholly owned subsidiary of Mercedes-Benz USA. The aggregate cash purchase price for the assets, which included certain vehicles, parts, signage and other items valued at fair market value was $44.5 million, of which $0.7 million is to be paid in the third quarter of 2011 subject to a final reconciliation of the assets delivered at closing. This amount also includes reimbursement of certain operating and wind-down costs of smart USA. As a result, smart USA has been treated as a discontinued operation for all periods presented in the accompanying financial statements.
Outlook
The level of new automotive unit sales in our markets impacts our results. While the new vehicle market began to improve and the amount of customer traffic visiting our dealerships improved during 2010 and in the first half of 2011, the level of automotive sales in the U.S. remains at a low level compared to the last 10 years. There are market expectations for continued improvement in the automotive market in the U.S. over the next several years, although the level of such improvement is uncertain. The relatively low level of new retail automotive sales in the U.S. since 2009 has led to a decline in the number of 2009 and 2010 vehicles in operation, which may adversely impact availability and pricing in our used vehicle operations and may also negatively impact demand in our parts and service operations.
During the six months ended June 30, 2011, the U.S. automotive market sold 6.3 million cars and light trucks representing a 13% improvement over the 5.6 million cars and light trucks sold during the same period last year. We believe the U.S. automotive market will continue to recover based upon industry forecasts from companies such as JD Power, coupled with an improving economy and the easing of credit conditions that contributed to the rapid decline in automotive sales which occurred beginning in the fourth quarter of 2008. While we believe a general recovery is underway within the automotive market, the worldwide production of vehicles was impacted by the earthquake and tsunami that struck Japan in March 2011. As a result, we believe U.S. vehicle sales were negatively impacted in the three month period ended June 30, 2011 and may continue to be impacted during the second half of 2011.
Vehicle registrations declined 7.1% in the U.K. from 1.1 million in the first six months of 2010 to 1.0 million in the same period this year. We believe that registrations of premium/luxury vehicles have been more resilient than the market as a whole. However, the availability of vehicles may be impacted by the earthquake and tsunami that struck Japan earlier this year.

 

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Operating Overview
New and used vehicle revenues include sales to retail customers and to leasing companies providing consumer automobile leasing. We generate finance and insurance revenues from sales of third-party extended service contracts, sales of third-party insurance policies, commissions relating to the sale of finance and lease contracts to third parties and the sales of certain other products. Service and parts revenues include fees paid for repair, maintenance and collision services, and the sale of replacement parts and other aftermarket accessories.
Our gross profit tends to vary with the mix of revenues we derive from the sale of new vehicles, used vehicles, finance and insurance products, and service and parts transactions. Our gross profit varies across product lines, with vehicle sales usually resulting in lower gross profit margins and our other revenues resulting in higher gross profit margins. Factors such as inventory and vehicle availability, customer demand, consumer confidence, unemployment, general economic conditions, seasonality, weather, credit availability, fuel prices and manufacturers’ advertising and incentives also impact the mix of our revenues, and therefore influence our gross profit margin. Aggregate gross profit increased $46.8 million, or 11.2%, and $91.9 million, or 11.2%, during the three and six months ended June 30, 2011 compared to the same periods in prior year. The increase in gross profit is largely attributable to same-store retail revenue increases of 9.8% for the three months and 10.4% for the six months ended June 30, 2011. The same store revenue increases are attributable to a 4.6% increase for the three months and a 6.9% increase for the six months ended June 30, 2011 in same-store retail unit volume. Our retail gross margin percentage remained consistent at 17.0% during the three months ended June 30, 2011 as compared to the same period in 2010, and declined from 17.2% during the six months ended June 30, 2010 to 16.9% during the six months ended June 30, 2011 due primarily to an increase in the percentage of our revenues generated by used vehicle sales, which carry a lower gross margin than other parts of our business.
Our selling expenses consist of advertising and compensation for sales personnel, including commissions and related bonuses. General and administrative expenses include compensation for administration, finance, legal and general management personnel, rent, insurance, utilities, and other expenses. As the majority of our selling expenses are variable and we believe a significant portion of our general and administrative expenses are subject to our control, we believe our expenses can be adjusted over time to reflect economic trends.
Floor plan interest expense relates to financing incurred in connection with the acquisition of new and used vehicle inventories that is secured by those vehicles. Other interest expense consists of interest charges on all of our interest-bearing debt, other than interest relating to floor plan financing. The cost of our variable rate indebtedness is based on the prime rate, defined London Interbank Offered Rate (“LIBOR”), the Bank of England Base Rate, the Finance House Base Rate, or the Euro Interbank Offered Rate. Our floor plan interest expense has decreased during the three and six months ended June 30, 2011 as a result of lower applicable interest rates, including the impact of interest rate swap transactions. Our other interest expense has decreased during the three and six months ended June 30, 2011 due to term loan repayments and repurchases of our 3.5% senior subordinated convertible notes due 2026 (the “Convertible Notes”).
Equity in earnings of affiliates represents our share of the earnings from our investments in joint ventures and other non-consolidated investments, including PTL. It is our expectation that operating conditions as outlined above in the Outlook section will similarly impact these businesses throughout 2011. However, because PTL is engaged in different businesses than we are, its operating performance may vary significantly from ours.
The future success of our business is dependent upon, among other things, general economic and industry conditions, our ability to consummate and integrate acquisitions, the level of vehicle sales in the markets where we operate, our ability to increase sales of higher margin products, especially service and parts services, our ability to realize returns on our significant capital investment in new and upgraded dealership facilities, and the return realized from our investments in various joint ventures and other non-consolidated investments. See “Forward-Looking Statements.”
Critical Accounting Policies and Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the application of accounting policies that often involve making estimates and employing judgments. Such judgments influence the assets, liabilities, revenues and expenses recognized in our financial statements. Management, on an ongoing basis, reviews these estimates and assumptions. Management may determine that modifications in assumptions and estimates are required, which may result in a material change in our results of operations or financial position.

 

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The following are the accounting policies applied in the preparation of our financial statements that management believes are most dependent upon the use of estimates and assumptions.
Revenue Recognition
Vehicle, Parts and Service Sales
We record revenue when vehicles are delivered and title has passed to the customer, when vehicle service or repair work is completed and when parts are delivered to our customers. Sales promotions that we offer to customers are accounted for as a reduction of revenues at the time of sale. Rebates and other incentives offered directly to us by manufacturers are recognized as a reduction of cost of sales. Reimbursements of qualified advertising expenses are treated as a reduction of selling, general and administrative expenses. The amounts received under certain manufacturer rebate and incentive programs are based on the attainment of program objectives, and such earnings are recognized either upon the sale of the vehicle for which the award was received, or upon attainment of the particular program goals if not associated with individual vehicles. During the six months ended June 30, 2011 and 2010, we earned $205.5 million and $166.7 million, respectively, of rebates, incentives and reimbursements from manufacturers, of which $200.7 million and $162.7 million was recorded as a reduction of cost of sales.
Finance and Insurance Sales
Subsequent to the sale of a vehicle to a customer, we sell installment sale contracts to various financial institutions on a non-recourse basis (with specified exceptions) to mitigate the risk of default. We receive a commission from the lender equal to either the difference between the interest rate charged to the customer and the interest rate set by the financing institution or a flat fee. We also receive commissions for facilitating the sale of various third-party insurance products to customers, including credit and life insurance policies and extended service contracts. These commissions are recorded as revenue at the time the customer enters into the contract.
Impairment Testing
Franchise value impairment is assessed as of October 1 every year and upon the occurrence of an indicator of impairment through a comparison of its carrying amount and estimated fair value. An indicator of impairment exists if the carrying value of a franchise exceeds its estimated fair value and an impairment loss may be recognized up to that excess. The fair value of franchise value is determined using a discounted cash flow approach, which includes assumptions about revenue and profitability growth, franchise profit margins, and our cost of capital. We also evaluate our franchise agreements in connection with the annual impairment testing to determine whether events and circumstances continue to support our assessment that the franchise agreements have an indefinite life.
Goodwill impairment is assessed at the reporting unit level as of October 1 every year and upon the occurrence of an indicator of impairment. The Company’s operations are organized by management into operating segments by line of business and geography. The Company has determined it has two reportable segments as defined in generally accepted accounting principles for segment reporting, including: (i) Retail, consisting of our automotive retail operations and (ii) PAG Investments, consisting of our investments in businesses other than automotive retail operations. We have determined that the dealerships in each of our operating segments within the Retail reportable segment are components that are aggregated into four geographical reporting units for the purpose of goodwill impairment testing, as they (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and used vehicles, service, parts and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals) and (D) have similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). There is no goodwill recorded in our PAG Investments reportable segment. An indicator of goodwill impairment exists if the carrying amount of the reporting unit, including goodwill, is determined to exceed its estimated fair value. The fair value of goodwill is determined using a discounted cash flow approach, which includes assumptions about revenue and profitability growth, franchise profit margins, and our cost of capital. If an indication of goodwill impairment exists, an analysis reflecting the allocation of the estimated fair value of the reporting unit to all assets and liabilities, including previously unrecognized intangible assets, is performed. The impairment is measured by comparing the implied fair value of the reporting unit goodwill with its carrying amount and an impairment loss may be recognized up to any excess of the carrying value over the implied fair value.
Investments
We account for each of our investments under the equity method, pursuant to which we record our proportionate share of the investee’s income each period. The net book value of our investments was $288.0 million and $288.4 million as of June 30, 2011 and December 31, 2010, respectively. Investments for which there is not a liquid, actively traded market are reviewed periodically by management for indicators of impairment. If an indicator of impairment is identified, management estimates the fair value of the investment using a discounted cash flow approach, which includes assumptions relating to revenue and profitability growth, profit margins, and our cost of capital. Declines in investment values that are deemed to be other than temporary may result in an impairment charge reducing the investments’ carrying value to fair value.

 

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Self-Insurance
We retain risk relating to certain of our general liability insurance, workers’ compensation insurance, auto physical damage insurance, property insurance, employment practices liability insurance, directors and officers insurance and employee medical benefits in the U.S. As a result, we are likely to be responsible for a significant portion of the claims and losses incurred under these programs. The amount of risk we retain varies by program, and, for certain exposures, we have pre-determined maximum loss limits for certain individual claims and/or insurance periods. Losses, if any, above any such pre-determined loss limits are paid by third-party insurance carriers. Our estimate of future losses is prepared by management using our historical loss experience and industry-based development factors. Aggregate reserves relating to retained risk were $28.7 million and $22.8 million as of June 30, 2011 and December 31, 2010, respectively. Changes in the reserve estimate during 2011 relate primarily to our general liability and workers compensation programs.
Income Taxes
Tax regulations may require items to be included in our tax returns at different times than the items are reflected in our financial statements. Some of these differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax returns in future years which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax returns that have not yet been recognized as expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is not likely to allow for the use of the deduction or credit.
Classification in Continuing and Discontinued Operations
We classify the results of our operations in our consolidated financial statements based on generally accepted accounting principles relating to discontinued operations, which requires judgments, including whether a business will be divested, the period required to complete the divestiture, and the likelihood of changes to the divestiture plans. If we determine that a business should be either reclassified from continuing operations to discontinued operations or from discontinued operations to continuing operations, our consolidated financial statements for prior periods are revised to reflect such reclassification.
Results of Operations
The following tables present comparative financial data relating to our operating performance in the aggregate and on a “same-store” basis. Dealership results are included in same-store comparisons when we have consolidated the acquired entity during the entirety of both periods being compared. As an example, if a dealership was acquired on January 15, 2009, the results of the acquired entity would be included in annual same store comparisons beginning with the year ended December 31, 2011 and in quarterly same store comparisons beginning with the quarter ended June 30, 2010.
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010
Our results for the three months ended June 30, 2010 include a gain of $0.4 million ($0.3 million after-tax) relating to the repurchase of $41.5 million aggregate principal amount of our Convertible Notes.
New Vehicle Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
New retail unit sales
    37,830       38,238       (408 )     -1.1 %
Same store new retail unit sales
    37,231       38,238       (1,007 )     -2.6 %
New retail sales revenue
  $ 1,422.3     $ 1,314.9       107.4       8.2 %
Same store new retail sales revenue
  $ 1,396.8     $ 1,314.9       81.9       6.2 %
New retail sales revenue per unit
  $ 37,596     $ 34,387       3,209       9.3 %
Same store new retail sales revenue per unit
  $ 37,517     $ 34,387       3,130       9.1 %
Gross profit — new
  $ 120.9     $ 108.7       12.2       11.2 %
Same store gross profit — new
  $ 118.8     $ 108.7       10.1       9.3 %
Average gross profit per new vehicle retailed
  $ 3,196     $ 2,842       354       12.5 %
Same store average gross profit per new vehicle retailed
  $ 3,191     $ 2,842       349       12.3 %
Gross margin % — new
    8.5 %     8.3 %     0.2 %     2.4 %
Same store gross margin % — new
    8.5 %     8.3 %     0.2 %     2.4 %

 

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Units
Retail unit sales of new vehicles decreased 408 units, or 1.1%, from 2010 to 2011. The decrease is due to a 1,007 unit, or 2.6%, decrease in same store retail unit sales during the period, offset by a 599 unit increase from net dealership acquisitions. The same store decrease was due primarily to unit sales decreases in our volume foreign brand stores in the U.S. somewhat offset by increased sales at our premium brand stores in the U.S. and international locations.
Revenues
New vehicle retail sales revenue increased $107.4 million, or 8.2%, from 2010 to 2011. The increase is due to an $81.9 million, or 6.2%, increase in same store revenues, coupled with a $25.5 million increase from net dealership acquisitions. The same store revenue increase is due primarily to the $3,130, or 9.1%, increase in average selling prices per unit which increased revenue by $116.5 million, offset by a 2.6% decrease in retail unit sales, which decreased revenue by $34.6 million.
Gross Profit
Retail gross profit from new vehicle sales increased $12.2 million, or 11.2%, from 2010 to 2011. The increase is due to a $10.1 million, or 9.3%, increase in same store gross profit, coupled with a $2.1 million increase from net dealership acquisitions. The same store increase is due primarily to a $349, or 12.3%, increase in the average gross profit per new vehicle retailed, which increased gross profit by $13.0 million, offset by the 2.6% decrease in retail unit sales, which decreased gross profit by $2.9 million.
Used Vehicle Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
Used retail unit sales
    33,043       28,466       4,577       16.1 %
Same store used retail unit sales
    32,524       28,466       4,058       14.3 %
Used retail sales revenue
  $ 879.9     $ 736.3       143.6       19.5 %
Same store used retail sales revenue
  $ 866.2     $ 736.3       129.9       17.6 %
Used retail sales revenue per unit
  $ 26,629     $ 25,867       762       2.9 %
Same store used retail sales revenue per unit
  $ 26,632     $ 25,867       765       3.0 %
Gross profit — used
  $ 72.5     $ 58.9       13.6       23.1 %
Same store gross profit — used
  $ 71.3     $ 58.9       12.4       21.1 %
Average gross profit per used vehicle retailed
  $ 2,194     $ 2,070       124       6.0 %
Same store average gross profit per used vehicle retailed
  $ 2,193     $ 2,070       123       5.9 %
Gross margin % — used
    8.2 %     8.0 %     0.2 %     2.5 %
Same store gross margin % — used
    8.2 %     8.0 %     0.2 %     2.5 %
Units
Retail unit sales of used vehicles increased 4,577 units, or 16.1%, from 2010 to 2011. The increase is due to a 4,058 unit, or 14.3%, increase in same store retail unit sales, coupled with a 519 unit increase from net dealership acquisitions. The same store increase was due primarily to unit sales increases in premium and volume foreign brand stores in the U.S.
Revenues
Used vehicle retail sales revenue increased $143.6 million, or 19.5%, from 2010 to 2011. The increase is due to a $129.9 million, or 17.6%, increase in same store revenues, coupled with a $13.7 million increase from net dealership acquisitions. The same store revenue increase is primarily due to the 14.3% increase in same store retail unit sales which increased revenue by $108.1 million, coupled with a $765, or 3.0%, increase in comparative average selling price per unit, which increased revenue by $21.8 million.
Gross Profit
Retail gross profit from used vehicle sales increased $13.6 million, or 23.1%, from 2010 to 2011. The increase is due to a $12.4 million, or 21.1%, increase in same store gross profit, coupled with a $1.2 million increase from net dealership acquisitions. The increase in same store gross profit is due to the 14.3% increase in used retail unit sales, which increased gross profit by $8.9 million, coupled with a $123, or 5.9%, increase in average gross profit per used vehicle retailed, which increased retail gross profit by $3.5 million.

 

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Finance and Insurance Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
Finance and insurance revenue
  $ 69.2     $ 61.7     $ 7.5       12.2 %
Same store finance and insurance revenue
  $ 68.3     $ 61.7     $ 6.6       10.7 %
Finance and insurance revenue per unit
  $ 976     $ 924     $ 52       5.6 %
Same store finance and insurance revenue per unit
  $ 980     $ 924     $ 56       6.1 %
Finance and insurance revenue increased $7.5 million, or 12.2%, from 2010 to 2011. The increase is due to a $6.6 million, or 10.7%, increase in same store revenues during the period, coupled with a $0.9 million increase from net dealership acquisitions. The same store revenue increase is due to a $52, or 5.6%, increase in comparative average finance and insurance revenue per unit which increased revenue by $3.7 million, coupled with a 4.6% increase in total retail unit sales, which increased revenue by $2.9 million.
Service and Parts Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
Service and parts revenue
  $ 348.0     $ 323.8       24.2       7.5 %
Same store service and parts revenue
  $ 343.3     $ 323.8       19.5       6.0 %
Gross profit
  $ 199.0     $ 185.3       13.7       7.4 %
Same store gross profit
  $ 196.4     $ 185.3       11.1       6.0 %
Gross margin
    57.2 %     57.2 %     0.0 %     0.0 %
Same store gross margin
    57.2 %     57.2 %     0.0 %     0.0 %
Revenues
Service and parts revenue increased $24.2 million, or 7.5%, from 2010 to 2011. The increase is due to a $19.5 million, or 6.0%, increase in same store revenues during the period, coupled with a $4.7 million increase from net dealership acquisitions. We experienced same store increases in both the U.S. and international markets. We believe the year over year increase is primarily due to increased consumer demand as a result of improving economic conditions.
Gross Profit
Service and parts gross profit increased $13.7 million, or 7.4%, from 2010 to 2011. The increase is due to an $11.1 million, or 6.0%, increase in same store gross profit during the period, coupled with a $2.6 million increase from net dealership acquisitions. The same store gross profit increase is due to the $19.5 million, or 6.0%, increase in same store revenues.
Selling, General and Administrative
Selling, general and administrative expenses (“SG&A”) increased $40.7 million, or 12.0%, from $339.7 million to $380.4 million. The aggregate increase is due to a $35.6 million, or 10.5%, increase in same store SG&A, coupled with a $5.1 million increase from net dealership acquisitions. The increase in same store SG&A is due to a net increase in variable selling expenses, including increases in variable compensation, as a result of the 9.7% increase in same store retail gross profit versus the prior year. SG&A expenses increased as a percentage of gross profit from 81.5% to 82.0%.
Floor Plan Interest Expense
Floor plan interest expense, including the impact of swap transactions, decreased $0.9 million, or 10.9%, from $8.0 million to $7.1 million due to a decrease in same store floor plan interest expense. The same store decrease is due primarily to decreases in applicable interest rates.

 

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Other Interest Expense
Other interest expense decreased $1.9 million, or 15.7%, from $12.5 million to $10.6 million. The decrease is due primarily to repayments under our non-amortizing U.S. term loan and repurchases of our Convertible Notes.
Debt Discount Amortization
We recorded $2.4 million of debt discount amortization expense during the second quarter of 2010. As the debt discount was fully amortized as of March 31, 2011, there is no corresponding amortization expense recorded in the second quarter of 2011.
Equity in Earnings of Affiliates
Equity in earnings of affiliates increased $3.1 million, from $4.8 million to $7.9 million. The increase is due primarily to improved operating performance by PTL compared to the same period a year ago.
Gain on Debt Repurchase
During the three months ended June 30, 2010, we repurchased $41.5 million principal amount of our outstanding Convertible Notes, which had a book value, net of debt discount, of $40.0 million for $41.9 million. We allocated $2.4 million of the total consideration to the reacquisition of the equity component of the Convertible Notes. In connection with the transactions, we wrote off $0.2 million of unamortized deferred financing costs. As a result, we recorded a $0.4 million pre-tax gain in connection with the repurchases.
Income Taxes
Income taxes increased $4.4 million, or 26.5%, from $16.6 million to $21.0 million. The increase from 2010 to 2011 is due to an increase in our pre-tax income versus the prior year, somewhat offset by a decrease in our estimated effective income tax rate due to a reduction in the various corporate tax rates.
Discontinued Operations
Amounts reported as discontinued operations consist primarily of the operations of smart USA. During the three months ended June 30, 2011, smart USA wholesale unit sales decreased 883 units, or 43.3%, from 2,040 in 2010 to 1,157 in 2011. smart USA revenue decreased $12.9 million, or 41.0%, to $18.7 million in 2011 due largely to the decrease in wholesale unit sales. smart USA gross profit decreased $0.9 million to $2.2 million in 2011.

 

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Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010
Our results for the six months ended June 30, 2010 include a gain of $1.0 million ($0.7 million after-tax) relating to the repurchase of $112.7 million aggregate principal amount of our Convertible Notes.
New Vehicle Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
New retail unit sales
    76,703       73,307       3,396       4.6 %
Same store new retail unit sales
    73,543       72,200       1,343       1.9 %
New retail sales revenue
  $ 2,823.6     $ 2,516.8       306.8       12.2 %
Same store new retail sales revenue
  $ 2,701.0     $ 2,479.7       221.3       8.9 %
New retail sales revenue per unit
  $ 36,812     $ 34,332       2,480       7.2 %
Same store new retail sales revenue per unit
  $ 36,727     $ 34,345       2,382       6.9 %
Gross profit — new
  $ 232.2     $ 208.0       24.2       11.6 %
Same store gross profit — new
  $ 222.4     $ 204.6       17.8       8.7 %
Average gross profit per new vehicle retailed
  $ 3,028     $ 2,837       191       6.7 %
Same store average gross profit per new vehicle retailed
  $ 3,024     $ 2,834       190       6.7 %
Gross margin % — new
    8.2 %     8.3 %     -0.1 %     -1.2 %
Same store gross margin % — new
    8.2 %     8.3 %     -0.1 %     -1.2 %
Units
Retail unit sales of new vehicles increased 3,396 units, or 4.6%, from 2010 to 2011. The increase is due to a 2,053 unit increase from net dealership acquisitions, coupled with a 1,343 unit, or 1.9%, increase in same store retail unit sales during the period. The same store increase was due primarily to unit sales increases in our premium brand stores in the U.S. and U.K.
Revenues
New vehicle retail sales revenue increased $306.8 million, or 12.2%, from 2010 to 2011. The increase is due to a $221.3 million, or 8.9%, increase in same store revenues, coupled with an $85.5 million increase from net dealership acquisitions. The same store revenue increase is due primarily to a $2,382, or 6.9%, increase in average selling prices per unit which increased revenue by $49.3 million, coupled with the 1.9% increase in retail unit sales, which increased revenue by $172.0 million.
Gross Profit
Retail gross profit from new vehicle sales increased $24.2 million, or 11.6%, from 2010 to 2011. The increase is due to a $17.8 million, or 8.7%, increase in same store gross profit, coupled with a $6.4 million increase from net dealership acquisitions. The same store increase is due primarily to a $190, or 6.7%, increase in the average gross profit per new vehicle retailed, which increased gross profit by $13.7 million, coupled with a 1.9% increase in retail unit sales, which increased gross profit by $4.1 million.

 

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Used Vehicle Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
Used retail unit sales
    63,954       54,569       9,385       17.2 %
Same store used retail unit sales
    61,131       53,825       7,306       13.6 %
Used retail sales revenue
  $ 1,692.5     $ 1,421.5       271.0       19.1 %
Same store used retail sales revenue
  $ 1,624.4     $ 1,405.0       219.4       15.6 %
Used retail sales revenue per unit
  $ 26,464     $ 26,049       415       1.6 %
Same store used retail sales revenue per unit
  $ 26,573     $ 26,103       470       1.8 %
Gross profit — used
  $ 138.4     $ 114.8       23.6       20.6 %
Same store gross profit — used
  $ 134.2     $ 114.3       19.9       17.4 %
Average gross profit per used vehicle retailed
  $ 2,164     $ 2,104       60       2.9 %
Same store average gross profit per used vehicle retailed
  $ 2,195     $ 2,124       71       3.3 %
Gross margin % — used
    8.2 %     8.1 %     0.1 %     1.2 %
Same store gross margin % — used
    8.3 %     8.1 %     0.2 %     2.5 %
Units
Retail unit sales of used vehicles increased 9,385 units, or 17.2%, from 2010 to 2011. The increase is due to a 7,306 unit, or 13.6%, increase in same store retail unit sales, coupled with a 2,079 unit increase from net dealership acquisitions. The same store increase was due primarily to unit sales increases in premium and volume foreign brand stores in the U.S.
Revenues
Used vehicle retail sales revenue increased $271.0 million, or 19.1%, from 2010 to 2011. The increase is due to a $219.4 million, or 15.6%, increase in same store revenues, coupled with a $51.6 million increase from net dealership acquisitions. The same store revenue increase is due to the 13.6% increase in same store retail unit sales which increased revenue by $194.1 million, coupled with a $470, or 1.8%, increase in comparative average selling prices per unit, which increased revenue by $25.3 million.
Gross Profit
Retail gross profit from used vehicle sales increased $23.6 million, or 20.6%, from 2010 to 2011. The increase is due to a $19.9 million, or 17.4%, increase in same store gross profit, coupled with a $3.7 million increase from net dealership acquisitions. The increase in same store gross profit is due to the 13.6% increase in used retail unit sales, which increased gross profit by $16.0 million, coupled with a $71, or 3.3%, increase in average gross profit per used vehicle retailed, which increased retail gross profit by $3.9 million.
Finance and Insurance Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
Finance and insurance revenue
  $ 135.7     $ 119.6     $ 16.1       13.5 %
Same store finance and insurance revenue
  $ 132.0     $ 118.4     $ 13.6       11.5 %
Finance and insurance revenue per unit
  $ 965     $ 935     $ 30       3.2 %
Same store finance and insurance revenue per unit
  $ 980     $ 940     $ 40       4.3 %
Finance and insurance revenue increased $16.1 million, or 13.5%, from 2010 to 2011. The increase is due to a $13.6 million, or 11.5%, increase in same store revenues during the period, coupled with a $2.5 million increase from net dealership acquisitions. The same store revenue increase is due to a 6.9% increase in total retail unit sales, which increased revenue by $8.5 million, coupled with a $40, or 4.3%, increase in comparative average finance and insurance revenue per unit which increased revenue by $5.1 million.

 

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Service and Parts Data
                                 
                    2011 vs. 2010  
Dollars in millions, except per unit amounts   2011     2010     Change     % Change  
Service and parts revenue
  $ 696.2     $ 649.6       46.6       7.2 %
Same store service and parts revenue
  $ 670.3     $ 642.7       27.6       4.3 %
Gross profit
  $ 397.2     $ 368.5       28.7       7.8 %
Same store gross profit
  $ 382.7     $ 364.6       18.1       5.0 %
Gross margin
    57.1 %     56.7 %     0.4 %     0.7 %
Same store gross margin
    57.1 %     56.7 %     0.4 %     0.7 %
Revenues
Service and parts revenue increased $46.6 million, or 7.2%, from 2010 to 2011. The increase is due to a $27.6 million, or 4.3%, increase in same store revenues during the period, coupled with a $19.0 million increase from net dealership acquisitions. The same store increase relates primarily to our U.S. operations. We believe the year over year increase is primarily due to increased consumer demand as a result of improving economic conditions.
Gross Profit
Service and parts gross profit increased $28.7 million, or 7.8%, from 2010 to 2011. The increase is due to an $18.1 million, or 5.0%, increase in same store gross profit during the period, coupled with a $10.6 million increase from net dealership acquisitions. The same store gross profit increase is due to the $27.6 million, or 4.3%, increase in same store revenues, which increased gross profit by $15.8 million, coupled with a 0.4% increase in gross margin, which increased gross profit by $2.3 million.
Selling, General and Administrative
Selling, general and administrative expenses (“SG&A”) increased $72.5 million, or 10.9%, from $666.0 million to $738.5 million. The aggregate increase is due to a $54.5 million, or 8.3%, increase in same store SG&A, coupled with an $18.0 million increase from net dealership acquisitions. The increase in same store SG&A is due to a net increase in variable selling expenses, including increases in variable compensation, as a result of the 8.6% increase in same store retail gross profit versus the prior year. SG&A expenses decreased as a percentage of gross profit from 81.5% to 81.3%.
Floor Plan Interest Expense
Floor plan interest expense, including the impact of swap transactions, decreased $2.0 million, or 12.4%, from $16.1 million to $14.1 million due to a decrease in same store floor plan interest expense. The same store decrease is due primarily to decreases in applicable interest rates.
Other Interest Expense
Other interest expense decreased $3.3 million, or 13.0%, from $25.3 million to $22.0 million. The decrease is due primarily to repayments under our non-amortizing U.S. term loan and repurchases of our Convertible Notes.
Debt Discount Amortization
Debt discount amortization decreased $3.6 million, from $5.3 million to $1.7 million, due to the repurchase of a portion of our outstanding Convertible Notes and the completion of the debt discount amortization at March 31, 2011.
Equity in Earnings of Affiliates
Equity in earnings of affiliates increased $3.5 million, or 81.5%, from a $4.4 million to $7.9 million, due primarily to improved operating performance by PTL compared to the same period a year ago.

 

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Gain on Debt Repurchase
During the six months ended June 30, 2010, we repurchased $112.7 million principal amount of our outstanding Convertible Notes, which had a book value, net of debt discount, of $107.5 million for $113.6 million. We allocated $7.7 million of the total consideration to the reacquisition of the equity component of the Convertible Notes. In connection with the transactions, we wrote off $0.6 million of unamortized deferred financing costs. As a result, we recorded a $1.0 million pre-tax gain in connection with the repurchases.
Income Taxes
Income taxes increased $6.9 million, or 22.4%, from $30.9 million to $37.8 million. The increase from 2010 to 2011 is due to an increase in our pre-tax income versus the prior year, offset by a decrease in our estimated effective income tax rate due to a reduction in the U.K. corporate tax rate and a benefit relating to expected realization of deferred tax assets, due in large part to our anticipated exit from the distribution business.
Discontinued Operations
Amounts reported as discontinued operations consist primarily of the operations of smart USA. For the six months ended June 30, 2011, smart USA wholesale unit sales decreased 208 units, or 6.9%, from 2,996 in 2010 to 2,788 in 2011. smart USA revenue increased $2.7 million, or 6.0%, to $48.4 million in 2011 due largely to the decrease in sales incentives during the six months ended June 30, 2011 as compared to the same period in prior year which are recognized as a reduction of cost of sales, slightly offset by the decrease in wholesale unit sales. As a result, smart USA gross profit increased $1.7 million to $5.2 million in 2011.
Liquidity and Capital Resources
Our cash requirements are primarily for working capital, inventory financing, the acquisition of new businesses, the improvement and expansion of existing facilities, the construction of new facilities, debt service and repayments, and potentially for dividends and repurchases of our outstanding securities under the program discussed below. Historically, these cash requirements have been met through cash flow from operations, borrowings under our credit agreements and floor plan arrangements, the issuance of debt securities, sale-leaseback transactions, mortgages, dividends from joint venture investments, or the issuance of equity securities.
We have historically expanded our retail automotive operations through organic growth and the acquisition of retail automotive dealerships. We believe that cash flow from operations, dividends from our joint venture investments and our existing capital resources, including the liquidity provided by our credit agreements and floor plan financing arrangements, will be sufficient to fund our operations and commitments for at least the next twelve months. In the event we pursue significant acquisitions, other expansion opportunities, significant repurchases of our outstanding securities; or refinance or repay existing debt, we may need to raise additional capital either through the public or private issuance of equity or debt securities or through additional borrowings, which sources of funds may not necessarily be available on terms acceptable to us, if at all. In addition, our liquidity could be negatively impacted in the event we fail to comply with the covenants under our various financing and operating agreements or in the event our floor plan financing is withdrawn.
As of June 30, 2011, we had working capital of $45.9 million, including $3.3 million of cash, available to fund our operations and capital commitments. In addition, we had $300.0 million and £51.3 million ($82.4 million) available for borrowing under our U.S. credit agreement and our U.K. credit agreement, respectively.
Securities Repurchases
From time to time, our Board of Directors has authorized securities repurchase programs pursuant to which we may, as market conditions warrant, purchase our outstanding common stock, debt or convertible debt on the open market, in privately negotiated transactions, via a tender offer, or through a pre-arranged trading plan. We have historically funded any such repurchases using cash flow from operations and borrowings under our U.S. credit facility. The decision to make repurchases will be based on factors such as the market price of the relevant security versus our view of its intrinsic value, the potential impact of such repurchases on our capital structure, and our consideration of any alternative uses of our capital, such as for strategic investments in our current businesses, in addition to any then-existing limits imposed by our finance agreements and securities trading policy.
In the second quarter of 2011 we repurchased 618,209 shares of our common stock, including 568,742 shares on the open market for a total of $11.4 million. As of June 30, 2011, we have $138.6 million in authorization under the existing securities repurchase program. The remaining 49,467 shares of common stock were repurchased for $1.0 million from employees using a net share settlement feature of employee restricted stock awards.

 

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Dividends
We paid a common stock dividend of $0.07 per share on June 3, 2011 and have announced a common stock dividend of $0.08 per share payable on September 1, 2011 to shareholders of record on August 10, 2011. Future quarterly or other cash dividends will depend upon a variety of factors considered relevant by our Board of Directors which may include our earnings, capital requirements, restrictions relating to any then existing indebtedness, financial condition, and other factors.
Inventory Financing
We finance substantially all of our new and a portion of our used vehicle inventories under revolving floor plan arrangements with various lenders, including a majority through captive finance companies associated with automotive manufacturers. In the U.S., the floor plan arrangements are due on demand; however, we have not historically been required to repay floor plan advances prior to the sale of the vehicles that have been financed. We typically make monthly interest payments on the amount financed. Outside of the U.S., substantially all of our floor plan arrangements are payable on demand or have an original maturity of 90 days or less and we are generally required to repay floor plan advances at the earlier of the sale of the vehicles that have been financed or the stated maturity. The floor plan agreements typically grant a security interest in substantially all of the assets of our dealership subsidiaries, and in the U.S. are guaranteed by us. Interest rates under the floor plan arrangements are variable and increase or decrease based on changes in the prime rate, defined LIBOR, Finance House Base Rate, or Euro Interbank Offered Rate. To date, we have not experienced any material limitation with respect to the amount or availability of financing from any institution providing us vehicle financing.
We also receive non-refundable credits from certain of our vehicle manufacturers, which are treated as a reduction of cost of sales as vehicles are sold.
U.S. Credit Agreement
We are party to a credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation, as amended (the “U.S. credit agreement”), which provides for up to $300.0 million in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, a non-amortizing term loan with a balance of $134.0 million, and for an additional $10.0 million of availability for letters of credit, through September 30, 2013. The revolving loans bear interest at a defined LIBOR plus 2.75%, subject to an incremental 0.75% for uncollateralized borrowings in excess of a defined borrowing base. The term loan, which bears interest at defined LIBOR plus 2.50%, may be prepaid at any time, but then may not be re-borrowed.
The U.S. credit agreement is fully and unconditionally guaranteed on a joint and several basis by our domestic subsidiaries and contains a number of significant covenants that, among other things, restrict our ability to dispose of assets, incur additional indebtedness, repay other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. We are also required to comply with defined financial and other tests and ratios, including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders’ equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of any amounts owed. As of June 30, 2011, we were in compliance with all covenants under the U.S. credit agreement, and we believe we will remain in compliance with such covenants for the next twelve months. In making such determination, we considered the current margin of compliance with the covenants and our expected future results of operations, working capital requirements, acquisitions, capital expenditures and investments. See “Forward Looking Statements.”
The U.S. credit agreement also contains typical events of default, including change of control, non-payment of obligations and cross-defaults to our other material indebtedness. Substantially all of our domestic assets are subject to security interests granted to lenders under the U.S. credit agreement. As of June 30, 2011, $134.0 million of term loans and $1.3 million of letters of credit were outstanding under the U.S. credit agreement.
U.K. Credit Agreement
Our subsidiaries in the U.K. (the “U.K. subsidiaries”) are party to an agreement with the Royal Bank of Scotland plc, as agent for National Westminster Bank plc, which provides for a funded term loan, a revolving credit agreement, and a demand overdraft line of credit (collectively, the “U.K. credit agreement”) to be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes. The U.K. credit agreement provides for (1) up to £92.0 million in revolving loans through August 31, 2013, which bear interest between a defined LIBOR plus 1.1% and defined LIBOR plus 3.0%, and (2) a demand overdraft line of credit for up to £10.0 million that bears interest at the Bank of England Base Rate plus 1.75%. A term loan component to the credit agreement which bore interest between 6.39% and 8.29% and was payable ratably in quarterly intervals was fully repaid on June 30, 2011.

 

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The U.K. credit agreement is fully and unconditionally guaranteed on a joint and several basis by our U.K. subsidiaries, and contains a number of significant covenants that, among other things, restrict the ability of our U.K. subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. In addition, our U.K. subsidiaries are required to comply with defined ratios and tests, including: a ratio of earnings before interest, taxes, amortization, and rental payments (“EBITAR”) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio. A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of any amounts owed. As of June 30, 2011, our U.K. subsidiaries were in compliance with all covenants under the U.K. credit agreement and we believe they will remain in compliance with such covenants for the next twelve months. In making such determination, we considered the current margin of compliance with the covenants and our expected future results of operations, working capital requirements, acquisitions, capital expenditures and investments in the U.K. See “Forward Looking Statements”.
The U.K. credit agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of our U.K. subsidiaries. Substantially all of our U.K. subsidiaries’ assets are subject to security interests granted to lenders under the U.K. credit agreement. As of June 30, 2011, outstanding loans under the U.K. credit agreement amounted to £52.0 million ($83.5 million).
7.75% Senior Subordinated Notes
In December 2006, we issued $375.0 million aggregate principal amount of 7.75% senior subordinated notes due 2016 (the “7.75% Notes”). The 7.75% Notes are unsecured senior subordinated notes and are subordinate to all existing and future senior debt, including debt under our credit agreements, mortgages and floor plan indebtedness. The 7.75% Notes are guaranteed by substantially all of our wholly-owned domestic subsidiaries on an unsecured senior subordinated basis. Those guarantees are full and unconditional and joint and several. We can redeem all or some of the 7.75% Notes at our option beginning in December 2011 at specified redemption prices, or prior to December 2011 at 100% of the principal amount of the notes plus a defined “make-whole” premium. Upon certain sales of assets or specific kinds of changes of control, we are required to make an offer to purchase the 7.75% Notes. The 7.75% Notes also contain customary negative covenants and events of default. As of June 30, 2011, we were in compliance with all negative covenants and there were no events of default. We expect to remain in compliance during the next twelve months.
Senior Subordinated Convertible Notes
Holders of the Convertible Notes had the right to require us to purchase their Convertible Notes on April 1, 2011. Of the Convertible Notes outstanding on April 1, 2011, $87.3 million were validly tendered to us. As a result, $63.3 million of the Convertible Notes remained outstanding as of June 30, 2011. Remaining holders of the Convertible Notes may require us to purchase all or a portion of their Convertible Notes for cash on each of April 1, 2016 or April 1, 2021 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to the applicable purchase date.
The remaining Convertible Notes mature on April 1, 2026, unless earlier converted, redeemed or purchased by us, as discussed below. The Convertible Notes are unsecured senior subordinated obligations and are subordinate to all future and existing debt under our credit agreements, mortgages and floor plan indebtedness. The Convertible Notes are guaranteed on an unsecured senior subordinated basis by substantially all of our wholly-owned domestic subsidiaries. The guarantees are full and unconditional and joint and several. The Convertible Notes also contain customary negative covenants and events of default. As of June 30, 2011, we were in compliance with all negative covenants and there were no events of default. We expect to remain in compliance during the next twelve months.
Holders of the Convertible Notes may convert them based on a conversion rate of 42.7796 shares of our common stock per $1,000 principal amount of the Convertible Notes (which is equal to a conversion price of approximately $23.38 per share), subject to adjustment, only under the following circumstances: (1) in any quarterly period, if the closing price of our common stock for twenty of the last thirty trading days in the prior quarter exceeds $28.05 (subject to adjustment), (2) for specified periods, if the trading price of the Convertible Notes falls below specific thresholds, (3) if the Convertible Notes are called for redemption, (4) if specified distributions to holders of our common stock are made or specified corporate transactions occur, (5) if a fundamental change (as defined) occurs, or (6) during the ten trading days prior to, but excluding, the maturity date.
Upon conversion of the Convertible Notes, for each $1,000 principal amount of the Convertible Notes, a holder will receive an amount in cash, equal to the lesser of (i) $1,000 or (ii) the conversion value, determined in the manner set forth in the indenture covering the Convertible Notes, of the number of shares of common stock equal to the conversion rate. If the conversion value exceeds $1,000, we will also deliver, at our election, cash, common stock or a combination of cash and common stock with respect to the remaining value deliverable upon conversion. We will pay additional cash interest commencing with six-month periods beginning on April 1, 2011, if the average trading price of a Convertible Note for certain periods in the prior six-month period equals 120% or more of the principal amount of the Convertible Notes.

 

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We may redeem the Convertible Notes, in whole at any time or in part from time to time, for cash at a redemption price of 100% of the principal amount of the Convertible Notes to be redeemed, plus any accrued and unpaid interest to the applicable redemption date. The decision to redeem any of the notes will be based on factors such as the market price of the notes and our common stock, the potential impact of any redemptions on our capital structure, and consideration of alternate uses of capital, such as for strategic investments in our current business, in addition to any then-existing limits imposed by our finance agreements.
Mortgage Facilities
We are party to several mortgages, which bear interest at defined rates and require monthly principal and interest payments. These mortgage facilities also contain typical events of default, including non-payment of obligations, cross-defaults to our other material indebtedness, certain change of control events, and the loss or sale of certain franchises operated at the properties. Substantially all of the buildings and improvements on the properties financed pursuant to the mortgage facilities are subject to security interests granted to the lender. As of June 30, 2011, we owed $50.2 million of principal under our mortgage facilities.
Short-term Borrowings
We have three principal sources of short-term borrowing: the revolving portion of the U.S. credit agreement, the revolving portion of the U.K. credit agreement, and the floor plan agreements in place that we utilize to finance our vehicle inventories. All of the cash generated in our operations is initially used to pay down our floor plan indebtedness. Over time, we are able to access availability under the floor plan agreements to fund our cash needs, including payments made relating to our higher interest rate revolving credit agreements.
During the second quarter of 2011, outstanding revolving commitments varied between no balance and $60.5 million under the U.S. credit agreement and between £29.0 million and £60.0 million under the U.K. credit agreement’s revolving credit line (excluding the overdraft facility), and the amounts outstanding under our floor plan agreements varied based on the timing of the receipt and expenditure of cash in our operations, driven principally by the levels of our vehicle inventories.
Interest Rate Swaps
We periodically use interest rate swaps to manage interest rate risk associated with our variable rate floor plan debt. We are party to forward starting interest rate swap agreements beginning January 2012 and maturing December 2014 pursuant to which the LIBOR portion of $400.0 million of our floating rate floor plan debt is fixed at a blended rate of 1.99%. We may terminate these agreements at any time, subject to the settlement of the then current fair value of the swap arrangements.
PTL Dividends
We own a 9.0% limited partnership interest in Penske Truck Leasing. During the six months ended June 30, 2011 and 2010, respectively, we received $7.8 million and $8.8 million of pro rata cash dividends relating to this investment. We currently expect to continue to receive future dividends from PTL subject in amount and timing on its performance.
Operating Leases
We have historically structured our operations so as to minimize our ownership of real property. As a result, we lease or sublease substantially all of our facilities. These leases are generally for a period between five and 20 years, and are typically structured to include renewal options at our election. Pursuant to the leases for some of our larger facilities, we are required to comply with defined financial ratios, including a “rent coverage” ratio and a debt to EBITDA ratio. For these leases, non-compliance with the ratios may require us to post collateral in the form of a letter of credit. A breach of our other lease covenants give rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. As of June 30, 2011, we were in compliance with all covenants under these leases, and we believe we will remain in compliance with such covenants for the next twelve months.
Sale/Leaseback Arrangements
We have in the past and may in the future enter into sale-leaseback transactions to finance certain property acquisitions and capital expenditures, pursuant to which we sell property and/or leasehold improvements to third parties and agree to lease those assets back for a certain period of time. Such sales generate proceeds which vary from period to period.
Off-Balance Sheet Arrangements
We have sold a number of dealerships to third parties and, as a condition to certain of those sales, remain liable for the lease payments relating to the properties on which those businesses operate in the event of non-payment by the buyer. We are also party to lease agreements on properties that we no longer use in our retail operations that we have sublet to third parties. We rely on subtenants to pay the rent and maintain the property at these locations. In the event a subtenant does not perform as expected, we may not be able to recover amounts owed to us and we could be required to fulfill these obligations.

 

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Cash Flows
Cash and cash equivalents decreased by $14.5 million and increased by $3.6 million during the six months ended June 30, 2011 and 2010, respectively. The major components of these changes are discussed below.
Cash Flows from Continuing Operating Activities
Cash provided by continuing operating activities was $44.0 million and $57.5 million during the six months ended June 30, 2011 and 2010, respectively. Cash flows from continuing operating activities includes net income, as adjusted for non-cash items and the effects of changes in working capital.
We finance substantially all of our new and a portion of our used vehicle inventories under revolving floor plan notes payable with various lenders. We retain the right to select which, if any, financing source to utilize in connection with the procurement of vehicle inventories. Many vehicle manufacturers provide vehicle financing for the dealers representing their brands, however, it is not a requirement that we utilize this financing. Historically, our floor plan finance source has been based on aggregate pricing considerations.
In accordance with generally accepted accounting principles relating to the statement of cash flows, we report all cash flows arising in connection with floor plan notes payable with the manufacturer of a particular new vehicle as an operating activity in our statement of cash flows, and all cash flows arising in connection with floor plan notes payable to a party other than the manufacturer of a particular new vehicle and all floor plan notes payable relating to pre-owned vehicles as a financing activity in our statement of cash flows. Currently, the majority of our non-trade vehicle financing is with other manufacturer captive lenders. To date, we have not experienced any material limitation with respect to the amount or availability of financing from any institution providing us vehicle financing.
We believe that changes in aggregate floor plan liabilities are typically linked to changes in vehicle inventory and, therefore, are an integral part of understanding changes in our working capital and operating cash flow. As a result, we prepare the following reconciliation to highlight our operating cash flows with all changes in vehicle floor plan being classified as an operating activity for informational purposes:
                 
    Six Months Ended June 30,  
Dollars in millions   2011     2010  
Net cash from continuing operating activities as reported
  $ 44.0     $ 57.5  
Floor plan notes payable — non-trade as reported
    70.3       73.6  
 
           
Net cash from continuing operating activities including all floor plan notes payable
  $ 114.3     $ 131.1  
 
           
Cash Flows from Continuing Investing Activities
Cash used in continuing investing activities was $62.9 million and $45.4 million during the six months ended June 30, 2011 and 2010, respectively. Cash flows from continuing investing activities consist primarily of cash used for capital expenditures and net expenditures for acquisitions and other investments. Capital expenditures were $51.8 million and $36.0 million during the six months ended June 30, 2011 and 2010, respectively. Capital expenditures relate primarily to improvements to our existing dealership facilities and the construction of new facilities. As of June 30, 2011, we do not have material commitments related to our planned or ongoing capital projects. We currently expect to finance our capital expenditures with operating cash flows or borrowings under our U.S. or U.K. credit facilities. Cash used in acquisitions and other investments, net of cash acquired, was $14.0 million and $9.4 million during the six months ended June 30, 2011 and 2010, respectively, and included cash used to repay sellers floor plan liabilities in such business acquisitions of $5.9 million and $5.7 million, respectively. Additionally, proceeds from other investing activities during the six months ended June 30, 2011 were $2.9 million.
Cash Flows from Continuing Financing Activities
Cash used in continuing financing activities was $17.8 million and $21.3 million during the six months ended June 30, 2011 and 2010, respectively. Cash flows from continuing financing activities include net borrowings or repayments of long-term debt, repurchases of securities, net borrowings or repayments of floor plan notes payable non-trade, proceeds from the issuance of common stock and the exercise of stock options, and dividends. We had net borrowings of long-term debt of $15.4 million and $18.5 million during the six months ended June 30, 2011 and 2010, respectively. We repurchased $87.3 million aggregate principal amount of our Convertible Notes during the six months ended June 30, 2011 and we used $113.6 million to repurchase $112.7 million aggregate principal amount of our Convertible Notes during the six months ended June 30, 2010. We had net borrowings of floor plan notes payable non-trade of $70.3 million and $73.6 million during the six months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011, we acquired 618,209 shares of common stock for $12.4 million, and also paid cash dividends to our stockholders of $6.5 million.

 

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Cash Flows from Discontinued Operations
As previously mentioned, we received proceeds of $44.5 million during the second quarter of 2011 relating to the disposal of the smart USA distribution operation. The majority of these funds were utilized to repay floor plan amounts related to that business or termination payments to dealers. Any other cash flows relating to discontinued operations are not currently considered to be, nor are they expected to be, material to our liquidity or our capital resources. Additionally, we do not believe that the net impact of upcoming cash transactions relating to discontinued operations will be material.
Related Party Transactions
Stockholders Agreement
Several of our directors and officers are affiliated with Penske Corporation or related entities. Roger S. Penske, our Chairman of the Board and Chief Executive Officer, is also Chairman of the Board and Chief Executive Officer of Penske Corporation, and through entities affiliated with Penske Corporation, our largest stockholder owning approximately 35% of our outstanding common stock. Mitsui & Co., Ltd. and Mitsui & Co. (USA), Inc. (collectively, “Mitsui”) own approximately 17% of our outstanding common stock. Mitsui, Penske Corporation and certain other affiliates of Penske Corporation are parties to a stockholders agreement pursuant to which the Penske affiliated companies agreed to vote their shares for one director who is a representative of Mitsui. In turn, Mitsui agreed to vote their shares for up to fourteen directors voted for by the Penske affiliated companies. This agreement terminates in March 2014, upon the mutual consent of the parties, or when either party no longer owns any of our common stock.
Other Related Party Interests and Transactions
Roger S. Penske is also a managing member of Transportation Resource Partners, an organization that invests in transportation-related industries. Richard J. Peters, one of our directors, is a managing director of Transportation Resource Partners and is a director of Penske Corporation. Robert H. Kurnick, Jr., our President and a director, is also the President and a director of Penske Corporation.
We sometimes pay to and/or receive fees from Penske Corporation, its subsidiaries, and its affiliates for services rendered in the ordinary course of business, or to reimburse payments made to third parties on each other’s behalf. These transactions are reviewed periodically by our Audit Committee and reflect the provider’s cost or an amount mutually agreed upon by both parties.
As discussed above, we are a 9.0% limited partner of PTL, a leading global transportation services provider. The general partner of PTL is Penske Truck Leasing Corporation, a wholly-owned subsidiary of Penske Corporation, which together with other wholly-owned subsidiaries of Penske Corporation, owns 41.1% of PTL. The remaining 49.9% of PTL is owned by General Electric Capital Corporation. Among other things, the partnership agreement provides us with specified partner distribution and governance rights and restricts our ability to transfer our interests.

 

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We have also entered into other joint ventures with certain related parties as more fully discussed below.
Joint Venture Relationships
We are party to a number of joint ventures pursuant to which we own and operate automotive dealerships together with other investors. We may provide these dealerships with working capital and other debt financing at costs that are based on our incremental borrowing rate. As of June 30, 2011, our automotive retail joint venture relationships included:
             
        Ownership  
Location   Dealerships   Interest  
Fairfield, Connecticut
  Audi, Mercedes-Benz, Porsche, smart     86.56% (A ) (B)
Las Vegas, Nevada
  Ferrari, Maserati     50.00% (C)
Frankfurt, Germany
  Lexus, Toyota     50.00% (C)
Aachen, Germany
  Audi, Lexus, Skoda, Toyota, Volkswagen, Citroën     50.00% (C)
     
(A)  
An entity controlled by one of our directors, Lucio A. Noto (the “Investor”), owns a 13.44% interest in this joint venture which entitles the Investor to 20% of the joint venture’s operating profits. In addition, the Investor has an option to purchase up to a 20% interest in the joint venture for specified amounts.
 
(B)  
Entity is consolidated in our financial statements.
 
(C)  
Entity is accounted for using the equity method of accounting.
In April 2011, we repurchased the remaining 30.0% interest in one of our joint ventures which is now a 100% owned subsidiary. Additionally, during 2010, we exited one of our German joint ventures by exchanging our 50% interest in the joint venture for 100% ownership in three BMW franchises previously held by the joint venture.
Cyclicality
Unit sales of motor vehicles, particularly new vehicles, have been cyclical historically, fluctuating with general economic cycles. During economic downturns, the automotive retailing industry tends to experience periods of decline and recession similar to those experienced by the general economy. We believe that the industry is influenced by general economic conditions and particularly by consumer confidence, the level of personal discretionary spending, fuel prices, interest rates and credit availability.
Seasonality
Our business is modestly seasonal overall. Our U.S. operations generally experience higher volumes of vehicle sales in the second and third quarters of each year due in part to consumer buying trends and the introduction of new vehicle models. Also, vehicle demand, and to a lesser extent demand for service and parts, is generally lower during the winter months than in other seasons, particularly in regions of the U.S. where dealerships may be subject to severe winters. Our U.K. operations generally experience higher volumes of vehicle sales in the first and third quarters of each year, due primarily to vehicle registration practices in the U.K.
Effects of Inflation
We believe that inflation rates over the last few years have not had a significant impact on revenues or profitability. We do not expect inflation to have any near-term material effects on the sale of our products and services; however, we cannot be sure there will be no such effect in the future. We finance substantially all of our inventory through various revolving floor plan arrangements with interest rates that vary based on various benchmarks. Such rates have historically increased during periods of increasing inflation.

 

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Forward Looking Statements
This quarterly report on Form 10-Q contains “forward-looking statements” which generally can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “estimate,” “predict,” “potential,” “forecast,” “continue” or variations of such terms, or the use of these terms in the negative. Forward-looking statements include statements regarding our current plans, forecasts, estimates, beliefs or expectations, including, without limitation, statements with respect to:
   
our future financial and operating performance;
 
   
future acquisitions and dispositions;
 
   
future potential capital expenditures and securities repurchases;
 
   
our ability to realize cost savings and synergies;
 
   
our ability to respond to economic cycles;
 
   
trends in the automotive retail industry and in the general economy in the various countries in which we operate;
 
   
our ability to access the remaining availability under our credit agreements;
 
   
our liquidity;
 
   
performance of joint ventures, including PTL;
 
   
future foreign exchange rates;
 
   
the outcome of various legal proceedings;
 
   
trends affecting our future financial condition or results of operations; and
 
   
our business strategy.
Forward-looking statements involve known and unknown risks and uncertainties and are not assurances of future performance. Actual results may differ materially from anticipated results due to a variety of factors, including the factors identified in our 2010 annual report on Form 10-K filed February 25, 2011 and our quarterly report on Form 10-Q filed May 3, 2011. Important factors that could cause actual results to differ materially from our expectations include the following:
   
our business and the automotive retail industry in general are susceptible to adverse economic conditions, including changes in interest rates, foreign exchange rates, consumer demand, consumer confidence, fuel prices, unemployment rates and credit availability;
 
   
the number of new and used vehicles sold in our markets;
 
   
automobile manufacturers exercise significant control over our operations, and we depend on them in order to operate our business;
 
   
we depend on the success and popularity of the brands we sell, and adverse conditions affecting one or more automobile manufacturers, such as the impact on the vehicle and parts supply chain due to the earthquake and tsunami that struck Japan in March 2011, may negatively impact our revenues and profitability;
 
   
a restructuring of any significant automotive manufacturers or automotive suppliers;
 
   
our dealership operations may be affected by severe weather or other periodic business interruptions;
 
   
we may not be able to satisfy our capital requirements for acquisitions, dealership renovation projects, financing the purchase of our inventory, or refinancing of our debt when it becomes due;
 
   
our level of indebtedness may limit our ability to obtain financing generally and may require that a significant portion of our cash flow be used for debt service;
 
   
non-compliance with the financial ratios and other covenants under our credit agreements and operating leases;

 

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our operations outside of the U.S. subject our profitability to fluctuations relating to changes in foreign currency valuations;
 
   
import product restrictions and foreign trade risks that may impair our ability to sell foreign vehicles profitably;
 
   
with respect to PTL, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTL’s asset utilization rates and industry competition which could impact distributions to us;
 
   
we are dependent on continued availability of our information technology systems;
 
   
if we lose key personnel, especially our Chief Executive Officer, or are unable to attract additional qualified personnel;
 
   
new or enhanced regulations relating to automobile dealerships;
 
   
changes in tax, financial or regulatory rules or requirements;
 
   
we are subject to numerous legal and administrative proceedings which, if the outcomes are adverse to us, could have a material adverse effect on our business;
 
   
if state dealer laws in the U.S. are repealed or weakened, our automotive dealerships may be subject to increased competition and may be more susceptible to termination, non-renewal or renegotiation of their franchise agreements; and
 
   
some of our directors and officers may have conflicts of interest with respect to certain related party transactions and other business interests.
In addition:
   
the price of our common stock is subject to substantial fluctuation, which may be unrelated to our performance; and
 
   
shares eligible for future sale, or issuable under the terms of our convertible notes, may cause the market price of our common stock to drop significantly, even if our business is doing well.
We urge you to carefully consider these risk factors in evaluating all forward-looking statements regarding our business. Readers of this report are cautioned not to place undue reliance on the forward-looking statements contained in this report. All forward-looking statements attributable to us are qualified in their entirety by this cautionary statement. Except to the extent required by federal securities laws and the Securities and Exchange Commission’s rules and regulations, we have no intention or obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rates. We are exposed to market risk from changes in interest rates on a significant portion of our debt. Outstanding revolving balances under our credit agreements bear interest at variable rates based on a margin over defined LIBOR or the Bank of England Base Rate. Based on the amount outstanding under these facilities as of June 30, 2011, a 100 basis point change in interest rates would result in an approximate $2.2 million change to our annual other interest expense. Similarly, amounts outstanding under floor plan financing arrangements bear interest at a variable rate based on a margin over the prime rate, defined LIBOR, the Finance House Base Rate, or the Euro Interbank Offered Rate.
We evaluate our exposure to interest rate fluctuations and follow established policies and procedures to implement strategies designed to manage the amount of variable rate indebtedness outstanding at any point in time in an effort to mitigate the effect of interest rate fluctuations on our earnings and cash flows. These policies include:
   
the maintenance of our overall debt portfolio with targeted fixed and variable rate components;
 
   
the use of authorized derivative instruments;
 
   
the prohibition of using derivatives for trading or other speculative purposes; and
 
   
the prohibition of highly leveraged derivatives or derivatives which we are unable to reliably value, or for which we are unable to obtain a market quotation.
Interest rate fluctuations affect the fair market value of our fixed rate debt, including our swaps, mortgages, the 7.75% Notes, the Convertible Notes, and certain seller financed promissory notes, but, with respect to such fixed rate debt instruments, do not impact our earnings or cash flows.
Foreign Currency Exchange Rates. As of June 30, 2011, we had dealership operations in the U.K. and Germany. In each of these markets, the local currency is the functional currency. Due to our intent to remain permanently invested in these foreign markets, we do not hedge against foreign currency fluctuations. In the event we change our intent with respect to the investment in any of our international operations, we would expect to implement strategies designed to manage those risks in an effort to mitigate the effect of foreign currency fluctuations on our earnings and cash flows. A ten percent change in average exchange rates versus the U.S. Dollar would have resulted in an approximate $192.8 million change to our revenues for the six months ended June 30, 2011.
In common with other automotive retailers, we purchase certain of our new vehicle and parts inventories from foreign manufacturers. Although we purchase the majority of our inventories in the local functional currency, our business is subject to certain risks, including, but not limited to, differing economic conditions, changes in political climate, differing tax structures, other regulations and restrictions, and foreign exchange rate volatility which may influence such manufacturers’ ability to provide their products at competitive prices in the local jurisdictions. Our future results could be materially and adversely impacted by changes in these or other factors.
Item 4. Controls and Procedures
Under the supervision and with the participation of our management, including the principal executive and financial officers, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our principal executive and financial officers, to allow timely discussions regarding required disclosure.
Based upon this evaluation, the Company’s principal executive and financial officers concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, we maintain internal controls designed to provide us with the information required for accounting and financial reporting purposes. There were no changes in our internal control over financial reporting that occurred during the most recent quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II — OTHER INFORMATION
Item 1. Legal Proceedings
We are involved in litigation which may relate to claims brought by governmental authorities, customers, vendors, or employees, including class action claims and purported class action claims. We are not a party to any legal proceedings, including class action lawsuits, that individually or in the aggregate, are reasonably expected to have a material adverse effect on us. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In February 2010, our Board of Directors authorized the repurchase of up to $150.0 million of our outstanding common stock, debt or convertible debt on the open market, in privately negotiated transactions, via a tender offer, or through a pre-arranged trading plan. The program has an indefinite duration. During the second quarter of 2011, we repurchased 568,742 shares of common stock under this program for a total of $11.4 million. As of June 30, 2011, our remaining authorization under the program was $138.6 million.
During the second quarter of 2011, we also acquired 49,467 shares of our common stock for $1.0 million from employees in connection with a net share settlement feature of employee restricted stock awards.
                                 
                    Total Number of     Approximate Dollar  
                    Shares Purchased as     Value of Shares  
                    Part of Publicly     that May Yet be  
    Total Number of     Average Price Paid     Announced Plans     Purchased Under  
Period   Shares Purchased (1)     per Share     or Programs     the Plans or Program  
April 1 to April 30, 2011
        $           $ 150,000,000  
May 1 to May 31, 2011
                      150,000,000  
June 1 to June 30, 2011
    618,209       20.08       568,742       138,580,578  
 
                         
 
    618,209     $ 20.08       568,742          
 
                         
     
(1)  
Includes shares withheld from employees to satisfy employee withholding taxes in connection with the vesting of restricted stock.
Item 5. Other Information
On June 30, 2011, smart USA Distributor, LLC, our wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (“DVI”), a wholly owned subsidiary of Mercedes-Benz USA. The aggregate cash purchase price for the assets, which included certain vehicles, parts, signage and other items valued at fair market value was $44.5 million, of which $0.7 million is to be paid in the third quarter of 2011 subject to a final reconciliation of the assets delivered at closing. This amount also includes reimbursement of certain operating and wind-down costs of smart USA.
In connection with the transaction, smart USA’s existing agreement with Daimler AG to distribute smart fortwo vehicles was terminated as of June 30, 2011. This terminated agreement previously governed all aspects of our distribution rights, including sales and service activities, service and warranty terms, use of intellectual property, promotion and advertising provisions, pricing and payment terms, and indemnification requirements relating to product liability and other claims.
On May 3, 2011, David K. Jones was promoted to the position of Executive Vice President and Chief Financial Officer. On August 1, 2011, we entered into a relocation agreement with Mr. Jones which provides him a lump sum of $400,000 in regards to relocation benefits in connection with his move to our corporate office in Bloomfield Hills, Michigan. If Mr. Jones departs from our company under certain terms as outlined in the agreement during the next three years, he is required to repay the relocation amount to us according to the following schedule: 100% in the first year; 66% in the second year and 33% in the third year.

 

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Item 6. Exhibits
         
  10.1    
Asset Purchase Agreement dated June 16, 2011 between smart USA Distributor LLC and Daimler Vehicle Innovations USA LLC.
  10.2    
Relocation Agreement with respect to David K. Jones dated August 1, 2011.
  12    
Computation of Ratio of Earnings to Fixed Charges
  31.1    
Rule 13(a)-14(a)/15(d)-14(a) Certification.
  31.2    
Rule 13(a)-14(a)/15(d)-14(a) Certification.
  32    
Section 1350 Certification.
101.INS    
XBRL Instance Document.
101.SCH    
XBRL Taxonomy Extension Schema Document.
101.CAL    
XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB    
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE    
XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF    
XBRL Taxonomy Extension Definition Linkbase Document.

 

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  PENSKE AUTOMOTIVE GROUP, INC.
 
 
Date: August 2, 2011  By:   /s/ Roger S. Penske    
    Roger S. Penske   
    Chief Executive Officer   
         
Date: August 2, 2011  By:   /s/ David K. Jones    
    David K. Jones   
    Chief Financial Officer   

 

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EXHIBIT INDEX
         
Exhibit    
No.   Description
       
 
  10.1    
Asset Purchase Agreement dated June 16, 2011 between smart USA Distributor LLC and Daimler Vehicle Innovations USA LLC.
  10.2    
Relocation Agreement with respect to David K. Jones dated August 1, 2011.
  12    
Computation of Ratio of Earnings to Fixed Charges.
  31.1    
Rule 13(a)-14(a)/15(d)-14(a) Certification.
  31.2    
Rule 13(a)-14(a)/15(d)-14(a) Certification.
  32    
Section 1350 Certification.
101.INS    
XBRL Instance Document.
101.SCH    
XBRL Taxonomy Extension Schema Document.
101.CAL    
XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB    
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE    
XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF    
XBRL Taxonomy Extension Definition Linkbase Document.

 

EX-10.1 2 c19782exv10w1.htm EXHIBIT 10.1 Exhibit 10.1
Exhibit 10.1
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is dated as of June 16, 2011 between smart USA Distributor LLC, a Delaware limited liability company (“smart USA”), and Daimler Vehicle Innovations USA LLC, a Delaware limited liability company (“DVIUSA”).
RECITALS
A.  
smart USA currently holds the exclusive distribution rights for new smart fortwo vehicles, parts and accessories within the United States and Puerto Rico (the “Distribution Rights”) pursuant to a Distributor Agreement dated October 31, 2006 and related documents between smart USA and Daimler AG (“Daimler”) as successor to smart GmbH (the “Distributor Agreement”);
B.  
The parties wish to enter into this Agreement which will govern the terms and conditions of the sale of certain smart USA assets and the assumption of certain liabilities by DVIUSA which relate to smart USA.
NOW, THEREFORE, the parties agree as follows:
1. Sale and Transfer of Assets. At the Closing (as defined in Section 5 below), smart USA shall sell, convey and transfer to DVIUSA, and DVIUSA shall purchase from smart USA, the following assets owned by smart USA (collectively, the “Acquired Assets”). The Acquired Assets shall be listed on an asset list, described in sufficient detail to be reasonably identified, which list shall govern the transfer of and payment of the Acquired Assets (the “Asset List”).
1.1 New Vehicles. All new, undamaged, and untitled smart fortwo combustion and electric vehicles (“New Vehicles”) owned by smart USA including New Vehicles at port, in transit, within the control of smart USA or previously the property of any Non-continuing smart Dealers (as defined in Section 10.7(b) below).
1.2 Press Vehicles. All press and marketing smart fortwo vehicles within the control of smart USA (“Press Vehicles”).
1.3 Pre-Owned Vehicles. All pre-owned or demonstrator smart fortwo vehicles required to be repurchased by smart USA from a Non-continuing smart Dealer or any other vehicles mutually agreed to be purchased (“Pre-owned Vehicles,” and, together with the New Vehicles and Press Vehicles, “Vehicles”).
1.4 Parts. All smart parts, accessories and merchandise purchased from Daimler or other authorized manufacturers which are new, undamaged, unsold and in the original packaging (the “Parts”), including Parts at smart’s distribution warehouse, within the control of smart USA, including in transit, or previously the property of any Non-continuing smart Dealers.
1.5 Signage and Special Tools. The smart brand signs, special tools and electric vehicle special tools (the “Special Tools”) owned by smart USA or previously the property of any Non-continuing smart Dealers.

 

 


 

1.6 Fixed Assets. Tridion cells, auto show displays, and other fixed assets of smart USA that are identified on Section 1.6 of the Asset List (“Fixed Assets”), including Fixed Assets previously the property of any Non-continuing smart Dealers.
1.7 Parts, Sales and Service Information. All of the following information of smart USA: (i) parts and sales history and parts inventory stocking level information (“Parts Information”); (ii) vehicle sales related documents (“Sales Information”); (iii) service history information (including, but not limited to, repair orders, warranty records and other relevant smart USA files) relating to mechanical repairs performed (“Service Information”); and customer lists and customer call center records.
1.8 Records and Materials. All promotional and advertising materials, training materials, brochures, catalogs, operating records, warranty manuals, shop manuals, sales manuals, sales materials, invoices, forms, parts records, user, repair and warranty records, inventory records, sales records, all governmental reporting records, and any other information that has been reduced to writing or electronically stored for use in connection with smart USA’s operations (“Records and Materials”).
1.9 Assumed Contracts. All of smart USA’s right, title, interest and benefits in, to and under licenses (to the extent transferable), contracts, purchase orders, agreements and leases described on Section 1.9(a) of the Asset List, which shall include the agreements with smart USA and Mercedes Benz Financial and/or Daimler AG relating to vehicle leasing (collectively, the “Assumed Contracts”). In the event third party consents are required to transfer any Assumed Contracts, the parties shall mutually work to obtain such consents. Any and all contracts, purchase orders, agreements and leases (along with all attendant obligations, liabilities, and benefits, if any) not specifically listed on Section 1.9(a) of the Asset List shall be deemed to have been retained by smart USA.
1.10 Prepaid Assets. All right, title and interest in and to any of smart USA’s prepaid assets (the “Prepaid Assets”) and intellectual property rights as listed on Section 1.10 of the Asset List, including but not limited to the costs of the vehicle development project previously pursued by smart USA, in each case upon reasonable documentation of such costs.
1.11 Miscellaneous Assets. Any other assets that do not fall under the definitions set forth in Section 1.1 — 1.10 and which smart USA agrees to sell and DVIUSA agrees to purchase, and which are listed on Section 1.12 of the Asset List. (“Miscellaneous Assets”).
1.12 The Asset List shall be prepared 15 days prior to Closing by smart USA and updated at Closing and the Subsequent Closing to reflect any items mutually agreed between the parties. The Acquired Assets shall include any Vehicles, Parts, Fixed Assets, Signs, and Special Tools owned by smart USA that have been purchased from any Non-continuing smart Dealers.

 

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2. Excluded Assets. The Acquired Assets shall not include, and smart USA shall not be obligated to sell, convey, transfer, assign or deliver to DVIUSA, and DVIUSA shall not acquire or be obligated to purchase any asset not specifically defined as an Acquired Asset including, without limitation, the following (collectively, the “Excluded Assets”):
2.1 Cash and Securities. Cash, marketable securities, commercial paper, certificates of deposit and other bank deposits, treasury bills and other cash equivalents owned by smart USA.
2.2 Accounts Receivable. Accounts receivable, including, without limitation, warranty reimbursement and other amounts owed to smart USA by Daimler under the Distributor Agreement and payments, bonuses or allowances received or to be received by smart USA from any third party, except to the extent that the payment are pursuant to an Assumed Contract and accrued after the date of Closing.
2.3 Retained Books and Records. General ledger, financial journals, general books of account and corporate books, including minutes of smart USA.
2.4 Refunds/Rebates. Tax refunds, insurance premium, any other rebate due to smart USA, 401(k) plans, and other health and welfare plans of smart USA.
3. Assumption of Liabilities. DVIUSA shall assume and be responsible and liable for the following debts, liabilities and obligations (collectively, the “Assumed Liabilities”) which relate to:
3.1 Assumed Contracts. Except as otherwise specifically provided herein, all of the liabilities and obligations arising from or relating to the Assumed Contracts, to be performed on or after the date of Closing. Expressly excluded from Assumed Liabilities are any claims or allegations arising from smart USA’s conduct or failure to act under the terms of any contract, whether an Assumed Contract or not, including any Dealer Agreement, or under any statute, regulation or common law prior to the Closing Date. Except with regard to termination costs as provided in paragraph 4.2 herein, expressly excluded are any liabilities for Dealer compensation including bonuses, holdbacks or escrows.
3.2 Warranty Costs. All costs, expenses and liabilities arising from warranty repairs performed on or after the Closing regardless of whether such claims relate to warranty repairs on smart vehicles sold after or prior to the Closing including, without limitation, costs not charged to a retail customer and incurred for goodwill purposes on or after the date of Closing for services or repairs and costs incurred in conducting any service campaigns on or after the date of Closing to cover repair and replacement costs relating to the campaign (collectively, the “Warranty Costs”). smart USA shall remain responsible for all Warranty Costs for repairs performed prior to Closing.
Shipping and Transport. All costs of shipping, transport, and delivery of the listed Acquired Assets (including Vehicles, Parts, Signage and Special Tools) shall be born by DVIUSA whether prior to, on or after the date of Closing to move the Acquired Assets into the possession of DVIUSA or its designee. To remove all doubt, DVIUSA shall bear the cost of shipping, transport, and delivery for the purpose of aggregating the Acquired Assets into one location, (e.g. parts to Tulsa distribution) and DVIUSA shall pay all costs of shipping, transport, and delivery of the aggregated Acquired Assets to their final destination.

 

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3.3 Risk of Loss. The risk of loss for all Acquired Assets listed on the Asset List shall transfer to DVIUSA at the time of Closing or, if earlier, the time such assets are delivered to DVIUSA. Prior to such time, smart USA shall bear the risk of loss for all Acquired Assets. For any additional Acquired Assets added to the Asset List after the Closing but on or before the Second Closing, the risk of loss shall transfer at the time of the Second Closing or, if earlier, the time such assets are delivered to DVIUSA.
3.4 Third Party Claims. All costs, expenses and liabilities which arise prior to, on or after the Closing associated with lemon law, products liability, or other claims, demands or causes of action arising from the smart product or smart parts made or filed by a third party against smart USA or any smart Dealer and required to be indemnified by smart USA under the smart USA Dealer Agreement or applicable law, which arise from or relate to smart fortwo vehicles, parts, accessories or merchandise sold by smart USA, including those claims relating to the Open Litigation and Subsequent Litigation (each as defined in Section 10.8 below). Expressly excepted from this paragraph 3.5 are any future third party claims for the gross negligence or intentional misconduct of smart USA, its employees, affiliates, and parent in each case which are unrelated to the smart products, or smart parts or and all claims which are not alleged to relate to the smart product, or smart parts.
4. Purchase Price.
4.1 Purchase Price. In accordance with Section 4.2 below, DVIUSA shall pay to smart USA in United States Dollars the sum of the following for the Acquired Assets (the “Purchase Price”):
(a) For the Parts Information, Sales Information, Service Information, and the Records and Materials, the amount of One Dollar ($1.00).
(b) For New Vehicles, an amount equal to smart USA’s actual cost for each New Vehicle.
(c) For Press Vehicles, an amount equal to the net book value, less an amount for damage to the Vehicles in excess of wear and tear, per vehicle set forth on the Asset List.
(d) An amount equal to smart USA’s net book value of the Pre-Owned Vehicles, Signs, Special Tools, Parts, Supplies, Prepaid Assets, Fixed Assets and Miscellaneous Assets set forth on the Asset List.
4.2 Additional Payment. To the extent not previously reimbursed in the Purchase Price in Section 4.1 above, at the Closing, DVIUSA shall reimburse smart USA for (i) the Employee costs specified in Section 10.6, (ii) the dealer related costs specified in Section 10.7 and an amount equal to the costs of the vehicle development project previously pursued by smart USA, in each case upon reasonable documentation of such costs. (collectively, the “Other Payments”).

 

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4.3 Payment. DVIUSA shall pay the Purchase Price and Other Payments to smart USA in cash by wiring such funds to an account designated by smart USA as follows:
  (a)  
At the Closing, DVIUSA shall pay to smart USA an amount equal to the sum of the following: (i) the purchase price of the New Vehicles calculated in accordance with Section 4.1(b) and the costs noted in Section 4.1(e); (ii) the Other Payments; and (iii) Ninety Percent (90%) of the purchase price for the assets noted in Sections 4.1(a), (c), and (d).
 
  (b)  
Within 90 days of the Closing, the parties shall have a final reconciliation of any amounts owed pursuant to this Agreement. DVIUSA shall pay to smart USA an amount equal to the remaining Ten Percent (10%) of the purchase price for the assets noted in Sections 4.1(a), (c), and (d) (the “Subsequent Closing”). To the extent the parties identify additional or missing Acquired Assets or unreimbursed amounts owing in relation to the Other Payments or otherwise hereunder, such amounts shall be credited or paid at the Subsequent Closing. The parties shall make reasonable efforts to have a final reconciliation of such amounts at such time.
 
  (c)  
Unless otherwise agreed to by the Parties in writing, all obligations of DVIUSA to purchase any assets pursuant to this Asset Purchase Agreement shall cease after the conclusion of the Subsequent Closing.
5. Closing.
5.1 Subject to the conditions set forth in this Agreement, the purchase and sale of the Acquired Assets pursuant to this Agreement (the “Closing”) shall take place on June 30, 2011 at a location mutually agreed upon by the parties provided that the parties may mutually agree to extend the Closing Date in the event the closing conditions in Section 8 or 9 have not been satisfied. In no event shall the Closing occur later that July 30, 2011. The date on which the Closing occurs is referred to as the “Closing Date”. Upon the completion of the Closing, the transactions described herein shall be deemed to have occurred as of the opening of business on the Closing Date.
5.2 DVIUSA Deliveries. At the Closing, DVIUSA shall deliver to smart USA:
(a) The Purchase Price and Other Payments by wire transfer of immediately available funds to an account or accounts designated by smart USA in writing, in the amounts described in Section 4.
(b) The certificate required under Section 7.1 of this Agreement.
(c) A good standing certificate for DVIUSA from the Secretary of State for the state in which DVIUSA is incorporated.
(d) All consents and approvals (including, without limitation, a certified copy of resolutions of DVIUSA board of directors) required for DVIUSA to execute and deliver this Agreement and all other agreements related to this transaction.
(e) A tax resale certificate.
(f) Such other documents as smart USA may reasonably request.

 

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5.3 smart USA Deliveries. At Closing, smart USA shall deliver to DVIUSA:
(a) A duly executed bill of sale for the Acquired Assets
(b) Manufacturer’s statements of origin for the New Vehicles duly endorsed by smart USA and all title documents for the Pre-Owned Vehicles.
(c) Lien releases, duly executed by secured parties, if any, to release and terminate any liens, security interests and encumbrances on the Acquired Assets.
(d) All consents and approvals (including, without limitation, a certified copy of resolutions of smart USA’s board of directors) required for smart USA to execute this Agreement and all other agreements related to this transaction.
(e) The Acquired Assets.
(f) The certificate required under Section 6.1 of this Agreement.
(g) A good standing certificate for smart USA from the Secretary of State for the state in which smart USA is incorporated.
(h) Such other documents as DVIUSA may reasonably request.
5.4 Mutual Deliveries. The parties shall mutually agree to the contents of the Asset List.
6. Representations and Warranties by smart USA. smart USA hereby represents and warrants (as of the date of this Agreement and as of the Closing Date) to DVIUSA as follows:
6.1 Authority. smart USA is a limited liability company validly existing under the laws of the State of Delaware and has the corporate power and corporate authority to own the Acquired Assets. smart USA is qualified to do business and is in good standing in all states necessary to conduct its operations. smart USA has full power, authority and legal right to enter into this Agreement and each other document to be executed and delivered by smart USA pursuant to this Agreement and to perform all of its obligations hereunder or thereunder. This Agreement has been duly executed and delivered by smart USA and constitutes a valid and binding obligation of smart USA.
6.2 Consents and Approvals; No Violations. Except as otherwise set forth herein, neither the execution, delivery or performance of this Agreement by smart USA nor the consummation by smart USA of the transactions contemplated hereby nor compliance by smart USA with any of the provisions hereof will (a) conflict with or result in any breach of any provision of the articles of incorporation or related documents of smart USA, (b) require any filing with, or permit, authorization, consent or approval of, any governmental entity, (c) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, lease, license, contract, agreement or other instrument or obligation to which smart USA is a party or by which it or any of its properties or assets may be bound other than as set forth on Schedule 6.2 hereof, or (d) violate any order, writ, injunction, decree, statute, rule or regulation applicable to smart USA, or any of its respective properties or assets.

 

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6.3 Acquired Assets. smart USA has and will convey to DVIUSA at Closing good and marketable title to the Acquired Assets, free and clear of all claims, liens, security interests, encumbrances and restrictions of any nature whatsoever.
6.4 Compliance with Laws. The Acquired Assets and smart USA’s use, ownership and operation of the Acquired Assets are in material compliance with all applicable laws, statutes, ordinances, codes, regulations, rules, judgments, orders, decrees, treaties or other requirements having the force of law (“Law”) of any court or other law-making, regulation-making or rule-making entity, agency or commission, or any other governmental entity, authority or instrumentality, whether federal, state, municipal, local or foreign (“Governmental Authority”). smart USA has not received any written notice from any Governmental Authority claiming any material non-compliance with any Law and/or failure to have any permit required by Law.
7. Representations and Warranties by the DVIUSA. DVIUSA hereby represents and warrants (as of the date of this Agreement and as of the Closing Date) to smart USA as follows:
7.1 Authority. DVIUSA is a limited liability company validly existing under the laws of the State of Delaware. DVIUSA has full power, authority and legal right to enter into this Agreement and each other document to be executed and delivered by DVIUSA pursuant to this Agreement and to perform all of its obligations hereunder or thereunder. This Agreement has been duly executed and delivered by DVIUSA and constitutes a valid and binding obligation of DVIUSA enforceable against DVIUSA in accordance with its terms.
7.2 Consents and Approvals; No Violations. Except as set forth herein, neither the execution, delivery or performance of this Agreement by DVIUSA nor the consummation by DVIUSA of the transactions contemplated hereby nor compliance by DVIUSA with any of the provisions hereof will (a) require any consent or approval of any governmental entity other than state regulatory authorities, (b) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, lease, license, contract, agreement or other instrument or obligation to which DVIUSA is a party or by which it or any of its properties or assets may be bound, or (c) violate any order, writ, injunction, decree, statute, rule or regulation applicable to DVIUSA or any of its properties or assets.

 

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8. Conditions Precedent to DVIUSA’s Obligations. The obligations of DVIUSA at the Closing shall be subject to the satisfaction of the following conditions precedent any of which may be waived by DVIUSA:
8.1 Representations. All representations and warranties of smart USA contained herein shall be true and correct in all material respects on the Closing Date as if made on such date and all covenants and agreements of smart USA contained in this Agreement shall have been complied with in all respects. At the Closing, DVIUSA shall have received a certificate, dated as of the Closing Date and duly executed by smart USA to the effect that the conditions set forth in the preceding sentence have been satisfied and smart USA shall have made all required Closing deliveries to DVIUSA as set forth in this Agreement.
8.2 Conveyance Documents. DVIUSA shall have received from smart USA such bills of sale, assignments, and other good and sufficient instruments of conveyance and transfer as are effective to transfer to DVIUSA title to the Acquired Assets.
8.3 Distribution Agreement and Licenses. DVIUSA shall have received a General Distributor Agreement with Daimler, all corporate formation and capitalization approvals from Daimler, and shall have acquired state Vehicle Distributor Licenses sufficient to proceed with the Closing. Closing shall be delayed in ten (10) day increments until this condition is satisfied.
9. Conditions Precedent to smart USA’s Obligations. The obligations of smart USA at the Closing shall be subject to the satisfaction of the following conditions precedent any of which may be waived by smart USA:
9.1 Representations/Deliveries. All of DVIUSA’s representations and warranties contained herein shall be true and correct on the Closing Date as if made on such date and all covenants and agreements of DVIUSA contained herein shall have been complied with in all respects. At the Closing, smart USA shall have received a certificate, dated as of the Closing Date and duly executed by DVIUSA to the effect that the conditions set forth in the preceding sentence have been satisfied and DVIUSA shall have made all required Closing deliveries to smart USA as set forth in the Agreement.
9.2 Assignment of Distributor Agreement. Daimler and smart USA shall have terminated its respective obligations pursuant to the Distributor Agreement between them upon terms and conditions reasonably acceptable to them, effective as of the Closing Date It is contemplated that smart USA and Daimler will execute a settlement agreement on or before the Closing Date.
10. Further Agreements and Covenants.
10.1 Further Assurances. smart USA and DVIUSA each agree that it will, upon the request of the other at any time after the Closing Date and without further consideration, execute and deliver such other documents and instruments and take such other actions as may be reasonably necessary to carry out the purpose and intent of this Agreement.
10.2 Post Closing Date Assistance. In order to facilitate a smooth transition of the Distribution Rights to DVIUSA, smart USA agrees to reasonably assist DVIUSA in its distribution business for a period of up to 120 days after the Closing Date.

 

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10.3 DVIUSA Retention of Parts, Sales and Service Information. Upon reasonable request (including, but not limited to an audit of or litigation or threatened litigation against smart USA), DVIUSA shall permit smart USA access to the Parts, Sales and Service Information and related books and records (collectively, the “Information”) and permit smart USA to make copies of such Information at smart USA’s expense.
10.4 Parts and Tools All existing smart Parts and Special Tools to be acquired by DVIUSA and all Parts and Special Tools of Non-continuing smart Dealers (the “Part Assets”) shall be shipped to smart USA’s Parts Distribution Center in Tulsa, Oklahoma either before or by a mutually agreeable date, not to exceed 30 day after Closing, at DVIUSA’s expense. DVIUSA and smart USA shall cooperate to inventory the Parts Assets and, DVIUSA shall arrange for shipment of the Parts Assets, at DVIUSA’s expense at a mutually agreeable date(s), not to extend beyond the date of the Subsequent Closing. DVIUSA will not be charged any storage charges for Parts and Special Tools during the interim period between Closing Date and the Subsequent Closing.
Furnishing Information. smart USA, on the one hand, and DVIUSA, on the other hand, will, as soon as practicable after reasonable request therefore, furnish to the other all the information concerning smart USA or DVIUSA, respectively, required for inclusion in any statement or application made by smart USA or DVIUSA to, any governmental or regulatory body or in connection with obtaining any third party consent in connection with the transactions contemplated by this Agreement. DVIUSA agrees to diligently pursue the issuance of all required licenses from the applicable state Governmental Authority necessary to operate as the distributor of smart fortwo vehicles, parts and accessories in the United States as of the Closing Date (the “Distributor Licenses”).
10.5 Pro-rations/Taxes. All expenses, sales taxes, personal property taxes and assessments which are past due or have become due and payable relating to any of the Acquired Assets that arise in connection with the smart USA’s operations before the Closing Date will be paid by smart USA, together with any penalty or interest thereon. All expenses, sales taxes, personal property taxes, and assessments which become due and payable relating to of the Acquired Assets which arise in connection with the Closing or the operation of the DVIUSA’s business on or after the Closing Date shall be paid by DVIUSA together with any penalty or interest thereon. Current personal property taxes on the Fixed Assets will be prorated and adjusted between DVIUSA and smart USA as of the Closing Date in a manner that is customary in the jurisdiction where the Acquired Assets are located. If current tax bills are unavailable at the Closing Date, the most recent tax bills will be used for proration purposes and taxes will be re-prorated between DVIUSA and smart USA when the current year’s tax bills are received. Any amounts owed by DVIUSA or smart USA with respect to such re-proration will be paid to the other within thirty (30) days of the determination of such re-proration. Any sales conveyance or transfer taxes imposed as a result of this transaction shall be paid by DVIUSA.
10.6 smart USA Employees. A list of current smart USA employees has previously been provided to DVIUSA (the “Employees”). DVIUSA shall reimburse smart USA for the payroll costs of Employees from February 14, 2011 to the Closing Date, such amount to be paid at Closing. DVIUSA shall have the right to interview and offer employment to any of the Employees who are not being retained by an affiliate of smart USA. If any Employees are not offered or do not accept offers of employment by DVIUSA or a smart affiliated company, then smart USA shall offer such employees a reasonable severance package (including the cost of company contributions towards monthly medical plan costs during the severance period) in the amounts previously approved by DVIUSA. DVIUSA shall reimburse smart USA such severance amounts and for any stay on bonuses made by smart USA to an Employee. smart USA shall be responsible for all other employee benefit obligations resulting from the severance of an Employee from smart USA such as payment of unused sick time and vacation days.

 

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10.7 Dealer Network. DVIUSA shall not assume any of the smart USA Passenger Car Dealer Agreements (the “smart Dealer Agreements”) which shall terminate pursuant to the terms of those agreements.
10.7(a) Continuing smart Dealers. DVIUSA shall offer a new or replacement dealer agreement (an “DVIUSA Dealer Agreement”) to certain current smart dealers (the “Continuing smart Dealers”). If a Continuing smart Dealer accepts the DVIUSA Dealer Agreement then DVIUSA and the Continuing smart Dealer shall duly execute the DVIUSA Dealer Agreement upon the Closing Date, provided that the Continuing smart Dealer shall have previously executed a termination agreement with smart USA terminating the smart Dealer Agreement and releasing smart USA from all obligations under the smart Dealer Agreement and applicable law. If a Continuing smart Dealer refuses to sign the DVIUSA Dealer Agreement then it shall be considered a Non-continuing smart Dealer as defined in sub-section (b) below.
10.7(b) Non-continuing smart Dealers. DVIUSA does not intend to offer a DVIUSA Dealer Agreement to certain smart dealers (the “Non-continuing smart Dealers”). On or prior to the Closing Date, smart USA shall present an offer to repurchase certain dealer owned assets which may be required and/or make a negotiated settlement payment to the dealer (collectively, the “Dealer Payments”) which a Non-continuing smart Dealer would receive in exchange for terminating the smart Dealer Agreement and releasing smart USA and DVIUSA from all obligations under the smart Dealer Agreement and applicable law. DVIUSA shall reimburse smart USA for all reasonably required costs of terminating the Non-continuing smart Dealers including, without limitation, reimbursement of the Dealer Payments.
10.7(c) Dealer Protest. If any smart Non-continuing Dealer files a protest, objection, petition or claim with a court, department of motor vehicles board, administrative agency or other similar entity having jurisdiction over the matter (a “Protest”) then smart USA shall assume and undertake the control of the defense of the Protest including the engagement of outside counsel reasonably acceptable to DVIUSA. smart USA shall discuss and keep DVIUSA apprised of the status of the Protest and DVIUSA shall provide input regarding strategic decisions, document filings and settlement offers. DVIUSA shall reimburse smart USA for payments made to any Non-continuing Dealer associated with the termination of the Non-continuing Dealer, including settlement payments and judgments and reasonable outside counsel costs.
10.7(d) Interim smart USA Dealers. smart USA shall offer the smart USA dealer agreement to certain new dealers (the “smart USA Interim Dealers”) with the intention that such dealer agreements shall terminate at Closing as set forth in Section 10.7(a) above. DVIUSA agrees to indemnify, defend and hold harmless smart USA from any Costs arising out of the appointment of any smart USA Interim Dealer, including the termination of the smart USA Interim Dealer agreements, whether or not this Agreement is terminated prior to or after Closing, excluding ordinary course liabilities incurred in the day-to-day business operations of the smart USA Interim Dealers.

 

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10.8 Litigation. A list of the claims, causes of action and suits filed or alleged against smart USA in a court, arbitration forum or similar venue has previously been provided to DVIUSA and shall be updated as of the Closing Date (the “Open Litigation”). Prior to the Closing Date, smart USA shall provide copies of its files, documents and pleadings relating to the Open Litigation and on the Closing Date, DVIUSA shall assume and undertake the defense of the Open Litigation with counsel of its choice. DVIUSA shall be liable for all costs, fees and expenses relating to the Open Litigation and litigation subsequently filed against smart USA (the “Subsequent Litigation”), including any costs of outside counsel and settlement payments or judgment payments against smart USA. DVIUSA shall control all aspects of the defense of the Open Litigation and Subsequent Litigation and make all strategic and settlement decisions, provided that DVIUSA shall make no decision which will result in an adverse impact either financially or to the reputation of smart USA without the prior written consent of smart USA. Notwithstanding anything to the contrary herein, smart USA shall be responsible for all costs incurred prior to the Closing Date relating to the Open Litigation.
10.9 Government Agencies/Recalls. From and after the Closing Date, DVIUSA shall be the responsible party for periodic reporting requirements and any request for data or information and any allegations or inquires from the National Highway Traffic Safety Administration, the Environmental Protection Agency or any other federal, state or local government or government agency concerning suspected or alleged safety defects or noncompliance with any governmental safety standard or regulation or governmental emissions control or fuel economy standard or regulation or other applicable law regarding any smart fortwo vehicle regardless of whether the vehicle was distributed by DVIUSA or smart USA. DVIUSA shall make all filings and notifications required to notify such agencies that it is the responsible party for any smart vehicle related matters. In the event of a finding by any governmental agency of any safety defect or noncompliance with any governmental safety standard or regulation or governmental emissions control or fuel economy standard or regulation or other applicable law relating to any smart fortwo vehicles, (i) negotiations with that governmental agency about the amount of civil penalties, fines or other monetary assessment, or a recall or notification campaign, and (ii) a decision on whether to challenge the findings of such, shall be conducted or made solely by DVIUSA and DVIUSA shall be responsible for any penalties fines or assessments levied by the government agency. In the event that it is determined by DVIUSA or the applicable governmental agency, that a recall campaign is required with respect to any smart fortwo vehicle (“Recall”), DVIUSA shall be responsible for (w) conducting and coordinating all aspects of the Recall, (x) reimbursement to dealers for performing Recalls, (y) fines or penalties assessed by the applicable governmental agency and (z) all other associated Recall costs.
On or before Closing, smart USA shall provide to DVIUSA all prior governmental reporting and hereby represents and certifies that prior to Closing, it complied with all reporting requirements and any inquiries from any governmental agency other than failures unknown to smart USA potentially resulting from misreporting of information from Daimler to smart USA (if any). smart USA hereby indemnifies and holds harmless DVIUSA from any loss caused by a breach of this representation caused by the negligence of smart USA.

 

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10.10 Confidentiality. DVIUSA and smart USA agree that the terms of this Agreement are strictly confidential and shall not, except as set forth herein, be disclosed to any third party whomsoever via a press release or other form of communication without the prior written consent of the other party, except (1) to their respective officers, directors and professional representatives, (2) as may be required by law (including federal or state securities laws or regulation of the New York Stock Exchange) or (3) in response to any subpoena or other legal process, provided that before making any disclosure pursuant to (2) or (3) above, the disclosing party shall give the non-disclosing party as much prior notice as practical to enable the non-disclosing party to seek, at its sole discretion, an appropriate order preventing such disclosure or to comment on the proposed disclosure.
10.11 Privacy. Notwithstanding anything herein to the contrary, with respect to all Personal Information (as defined below) owned by smart USA that is transferred to DVIUSA in connection with this transaction, DVIUSA shall, and shall cause its affiliates and any other third party who has access to such Personal Information, to at all times comply with the applicable law and DVIUSA’s privacy policy, including with respect to using, accessing, storing, handling, processing, transmitting and disposing of such Personal Information. DVIUSA’s privacy policy shall provide protection and security of the Personal Information that is equal to or greater than the protection and security provided by the current smart USA privacy policy. “Personal Information” means any information relating to an identified or identifiable living individual, including (i) first initial or first name and last name; (ii) home address or other physical address, including street name and name of city or town; (iii) e-mail address or other online contact information; (iv) telephone number; (v) social security number or other government-issued personal identifier such as a tax identification number or driver’s license number; (vi) date of birth; and (vii) any other information that is combined with any of the above.
11. Indemnification.
11.1 smart USA will indemnify, defend and hold harmless DVIUSA from and against any and all post-Closing liabilities, losses, costs, damages, expenses, claims, fees or other disbursements (collectively, “Costs”) arising from or related to: (i) any misrepresentation or breach of any covenant, warranty or agreement made by smart USA in this Agreement; or (ii) any liabilities of smart USA’s business prior to the Closing which are not Assumed Liabilities or otherwise expressly assumed by DVIUSA hereunder.
11.2 DVIUSA will indemnify, defend and hold harmless smart USA from and against any and all Costs arising from or related to (i) any misrepresentation or breach of any covenant, warranty or agreement made by DVIUSA in this Agreement; (ii) the use or ownership of the Acquired Assets and the operation of the smart distribution business after the Closing Date; (iii) the DVIUSA Dealer Agreement; (iv) any unfulfilled obligations of Daimler under the Distributor Agreement which continue post-Closing; and (v) the Assumed Liabilities.

 

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11.3 Any claim for indemnity under this Section 11 shall be made by written notice to the indemnifying party specifying in reasonable detail the basis of the claim. The indemnified party will give prompt written notice to the indemnifying party of any claim by a third party against the indemnified party which might give rise to a claim against the indemnifying party under this Section 11, stating the nature and basis of such claim, and if ascertainable, the amount thereof. In connection with any such third-party claim, the indemnifying party may, at its election and expense, assume the defense of such third-party claim, provided that the indemnifying party shall have acknowledged in writing its obligation to indemnify in respect of such third-party claim. Even if the indemnifying party assumes the defense of a third party claim, the indemnified party may elect to participate in the defense of the claim at its own expense.
11.4 The respective representations, warranties, covenants, indemnities and agreements of each of the parties to this Agreement except covenants and agreements which are expressly required to be performed and are performed in full on or before the Closing Date or as otherwise expressly stated herein, shall survive following the Closing Date and the consummation of the transactions contemplated by this Agreement. In the event of a breach of any such representations, warranties or covenants, the party to whom such representations, warranties or covenants have been made shall have all rights and remedies for such breach available to it under the provisions of this Agreement or otherwise, whether at law or in equity, regardless of any disclosure to, or investigation made by or on behalf of, such party on or before the Closing Date.
12. Notices. All notices or other communications required or permitted under this Agreement shall be given in writing and shall be deemed sufficient if delivered by hand, recognized overnight delivery service for next business day delivery or facsimile transmission (with original to follow by mail) or mailed by registered or certified mail, postage prepaid (return, receipt requested), as follows:
If to DVIUSA:
Mercedes-Benz USA, LLC
One Mercedes Drive
Montvale, New Jersey 07645
Attn: Tracey Matura
With a copy to:
Mercedes-Benz USA, LLC
One Mercedes Drive
Montvale, New Jersey 07645
Attn: General Counsel
If to smart USA :
smart USA Distributor LLC
2555 Telegraph Road
Bloomfield Hills, MI 48302
Attn: Walt Czarnecki, Jr.

 

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13. Termination. This Agreement may be terminated as follows:
13.1 By DVIUSA. Upon notice to smart USA if any of DVIUSA’s conditions precedent have not been satisfied as of the Closing Date or a reasonable time thereafter. Upon such termination, this Agreement shall have no further force and effect and neither party shall have any further obligation to the other except that the agreements and covenants in Sections 3 (in its entirety), 4.2, 4.3, 10 (in its entirety), 11 (in its entirety), 12 (in its entirety) and 14 (in its entirety) shall survive.
13.2 By smart USA. Upon notice to DVIUSA if any of smart USA’s conditions precedent have not been satisfied as of the Closing Date or a reasonable time thereafter. Upon such termination, and provided that DVIUSA is not in default, this Agreement shall have no further force and effect and neither party shall have any further obligation to the other except that the agreements and covenants in Sections 3 (in its entirety), 4.2, 4.3, 10 (in its entirety), 11 (in its entirety), 12 (in its entirety) and 14 (in its entirety) shall survive.
13.3 Breach. A party shall not be entitled to terminate this Agreement as set forth in this Section 13 if such party’s breach of this Agreement has prevented the Closing from occurring.
13.4 Remedies for Breach. In the event that either party breaches this Agreement by failing to close this transaction pursuant to the terms of this Agreement, the non-breaching party shall be entitled to pursue any and all available additional legal and equitable remedies including, but not limited to, the remedy of specific performance.
14. Miscellaneous.
14.1 Cost and Expenses. Except where expressly stated to the contrary, each party agrees that it shall pay its own costs and expenses in connection with the transactions contemplated by this Agreement, including without limitation any legal and accounting fees.
14.2 Brokers. Each party represents and warrants to the other that it has not dealt with any third party in such a manner as to cause any such party to be entitled to any brokers’ or finders’ commissions in connection with this transaction.
14.3 Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral. This Agreement may not be amended or modified except by a written instrument executed by all parties hereto.
14.4 Governing Law. The provisions of this Agreement shall be governed by and construed in accordance with the laws of the State of Michigan, without giving effect to rules governing conflicts of laws.
14.5. Invalidity. The invalidity or partial invalidity of any provision of this Agreement shall affect only such provision or part thereof and the balance of this Agreement shall remain in full force and effect.

 

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14.6. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and part of one and the same Agreement. Telefaxed signatures shall be deemed originals.
14.7 Assignment. This Agreement and all rights and obligations hereunder shall inure to the benefit of the parties hereto and their respective permitted successors and assigns. This Agreement and the rights hereunder shall not be assigned by smart USA or DVIUSA without the prior written consent of the other party.
14.8 Severability. If any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected thereby and no provision shall be deemed dependent on any other provision unless so expressed in this Agreement. To the extent permitted by applicable law, each party waives any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect.
IN WITNESS WHEREOF, the parties hereto have set forth their hands and seals as of the day and year first above written.
             
smart USA Distributor LLC
      Daimler Vehicle Innovations USA LLC    
 
           
/s/ Jill Lajdziak
 
By: Jill Lajdziak
      /s/ Herbert Werner
 
By: Herbert Werner
   
Its: President
      Its:    
Date: 6/16/11
      Date: 6/16/11    
 
           
 
      /s/ Charles Shady
 
By: Charles Shady
   
 
      Its: General Counsel    
 
      Date: 6/16/11    
 
           
 
      /s/ Ernst H. Lieb
 
By: Ernst H. Lieb
   
 
      Its: President & CEO    
 
      Date: 6/16/11    

 

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EX-10.2 3 c19782exv10w2.htm EXHIBIT 10.2 Exhibit 10.2
Exhibit 10.2
(PENSKE AUTOMOTIVE LOGO)
RELOCATION AGREEMENT
In accepting relocation benefits from Penske Automotive Group (PAG) to relocate, I affirm that it is my intention to remain with my employer for three years after the move. Accordingly, I acknowledge and agree that:
 
I understand that the relocation benefits that have been and/or are extended by my employer to me are conditional upon my continued employment with my employer for a minimum of three (3) years from the date hereof (“the transfer date”). Relocation benefits shall consist of a lump sum payment of four hundred thousand dollars ($400,000). Employee shall be responsible for any and all taxes associated with the relocation benefits. This sum shall constitute full and total reimbursement for costs associated with my relocation from New Jersey to Michigan.
 
 
I understand that in the event that I voluntarily terminate my employment, or if my employment is terminated “for cause”, within this three year period from my effective transfer date, I hereby promise to reimburse PAG for the relocation benefits distributed to me or on my behalf for my relocation within 30 days after termination of my employment, according to the following schedule:
 
 
If I terminate my employment, or if my employment is terminated “for cause”, prior to twelve (12) months from my effective transfer date, I promise to reimburse PAG for 100% of the full amount of financial assistance provided.
 
 
If I terminate my employment, or if my employment is terminated “for cause”, between twelve (12) months and prior to two (2) years from my effective transfer date, I promise to repay PAG for 66% of the financial assistance provided.
 
 
If I terminate my employment, or if my employment is terminated “for cause”, between twenty-four (24) months and prior to three (3) years of my transfer date, I promise to repay PAG for 33% of the financial assistance provided.
“For cause” shall mean:
  (a)  
My conviction of, plea of guilty or nolo contendere to, or confession of any crime (whether or not involving my employer) involving an act of moral turpitude or which constitutes a felony in the jurisdiction involved.
 
  (b)  
Any act of theft, fraud, misappropriation of funds or embezzlement by me in connection with my work with my employer or its affiliate, or any other act or acts of dishonesty or other conduct on my part resulting, or intended, or tending to result, directly or indirectly in substantial financial loss to my employer.
 
  (c)  
My failure to comply with the PAG Code of Conduct.

 

 


 

  (d)  
My refusal or failure to follow directions of my employer’s Chief Executive Officer or designee or failure to devote my “best efforts” to my assigned duties. For purposes of this Agreement, “best efforts” means that I shall contribute my best professional skills and services on a full-time basis for the business and benefit of PAG.
 
  (e)  
Any other act or event that state statutory or common law has recognized as good cause for terminating employment.
I understand that all relocation benefits extended me by PAG are gratuitous; and neither the extension of relocation benefits nor this agreement shall be construed to obligate my employer to retain me in its employ for any specified period of time. My employer may, at any time, terminate the employment relationship with or without cause and with or without notice. Should such termination occur, the employee would not be held responsible for repayment of relocation funds.
         
Employee Name: (Please Print): Signature:
  David K. Jones
 
/s/ David K. Jones
   
 
       
Date:
  August 1, 2011    
 
       
 
     
Management Signature:
  /s/ Randall W. Johnson    
 
       
Date:
  August 1, 2011    
Relocation benefits will not be processed without a signed Employee Relocation Agreement.

 

 

EX-12 4 c19782exv12.htm EXHIBIT 12 Exhibit 12
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                                         
    Three Months Ended     Six Months Ended        
    June 30,     June 30,     Year Ended December 31,  
    2011     2010     2011     2010     2010     2009     2008     2007     2006  
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes
  $ 61.4       47.9       116.3       86.1       194.9       128.6       (553.8 )     177.8       184.9  
Less undistributed earnings of equity method investments
  $ (7.9 )     (4.8 )     (7.9 )     (4.4 )     (20.6 )     (13.8 )     (16.5 )     (4.1 )     (8.2 )
Plus distributed earnings of equity method investments
  $ 0.3       0.5       8.5       9.4       9.9       21.3       3.5       6.2       0.3  
Plus amortization of capitalized interest
  $ 0.2       0.2       0.4       0.4       0.8       0.8       0.8       0.6       0.5  
 
                                                     
 
                                                                       
 
  $ 54.0       43.8       117.3       91.5       185.0       136.9       (566.0 )     180.5       177.5  
 
                                                     
 
                                                                       
Plus:
                                                                       
Fixed charges:
                                                                       
Other interest expense (includes amortization of deferred financing costs)
  $ 10.6       12.5       22.0       25.3       49.3       55.2       54.5       55.3       48.4  
Debt discount amortization
  $       2.4       1.7       5.3       8.6       13.0       14.0       13.0       11.1  
Floor plan interest expense
  $ 7.1       8.0       14.1       16.1       33.8       34.2       61.9       70.7       56.4    
Capitalized interest
  $ 0.1       0.1       0.2       0.2       0.5       0.9       4.8       5.5       7.1  
Interest factor in rental expense
  $ 14.2       13.2       28.2       26.4       54.1       52.1       51.2       48.4       42.0  
 
                                                     
 
                                                                       
Total fixed charges
  $ 32.0       36.2       66.2       73.3       146.3       155.4       186.4       192.9       165.0  
 
                                                     
 
                                                                       
Less:
                                                                       
Capitalized interest
  $ 0.2       0.1       0.2       0.2       0.5       0.9       4.8       5.5       7.1  
 
                                                     
 
                                                                       
Earnings
  $ 85.8       79.9       183.3       164.6       330.8       291.4       (384.4 )     367.9       335.4  
 
                                                     
 
                                                                       
Ratio of earnings to fixed charges (a)
    2.7       2.2       2.8       2.2       2.3       1.9             1.9       2.0  
 
                                                     
     
(a)  
In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $534.2 million due to a non-cash impairment charge of $643.5 million.

 

EX-31.1 5 c19782exv31w1.htm EXHIBIT 31.1 Exhibit 31.1
Exhibit 31.1
CERTIFICATION
I, Roger S. Penske, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Penske Automotive Group, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
         
  /s/ Roger S. Penske    
  Roger S. Penske   
  Chief Executive Officer   
 
   
August 2, 2011

 

EX-31.2 6 c19782exv31w2.htm EXHIBIT 31.2 Exhibit 31.2
Exhibit 31.2
CERTIFICATION
I, David K. Jones, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Penske Automotive Group, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
         
  /s/ David K. Jones    
  David K. Jones   
  Chief Financial Officer   
 
August 2, 2011

 

EX-32 7 c19782exv32.htm EXHIBIT 32 Exhibit 32
Exhibit 32
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Penske Automotive Group, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Roger S. Penske and David K. Jones, Principal Executive Officer and Principal Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
         
  /s/ Roger S. Penske    
  Roger S. Penske   
  Chief Executive Officer   
August 2, 2011
         
  /s/ David K. Jones    
  David K. Jones   
  Chief Financial Officer   
August 2, 2011
A signed original of this written statement required by Section 906 has been provided to Penske Automotive Group, Inc. and will be retained by Penske Automotive Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

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Interim Financial Statements</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>Business Overview</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Penske Automotive Group, Inc. (the &#8220;Company&#8221;) is the second largest automotive retailer headquartered in the U.S. as measured by total revenue. As of June&#160;30, 2011, the Company operated 323 retail franchises, of which 168 franchises are located in the U.S. and 155 franchises are located outside of the U.S. The franchises outside the U.S. are located primarily in the U.K. Each of the Company&#8217;s dealerships offers a wide selection of new and used vehicles for sale. In addition to selling new and used vehicles, the Company generates higher-margin revenue at each of its dealerships through maintenance and repair services and the sale and placement of higher-margin products, such as third-party finance and insurance products, third-party extended service contracts and replacement and aftermarket automotive products. The Company also holds a 9.0% limited partnership interest in Penske Truck Leasing Co., L.P. (&#8220;PTL&#8221;), a leading global transportation services provider. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the six months ended June&#160;30, 2011, the Company was awarded four franchises, acquired three franchises, and disposed of seven franchises. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&#160;30, 2011, smart USA Distributor, LLC, the Company&#8217;s wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (&#8220;DVI&#8221;), a wholly owned subsidiary of Mercedes-Benz USA. The aggregate cash purchase price for the assets, which included certain vehicles, parts, signage and other items valued at fair market value, was $44,462, of which $688 is to be paid in the third quarter of 2011 subject to a final reconciliation of the assets delivered at closing. This amount also includes reimbursement of certain operating and wind-down costs of smart USA. As a result, smart USA has been treated as a discontinued operation for all periods presented in the accompanying financial statements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>Basis of Presentation</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The unaudited consolidated condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). Certain information and disclosures normally included in the Company&#8217;s annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the SEC rules and regulations. The information presented as of June&#160;30, 2011 and December&#160;31, 2010 and for the three and six month periods ended June&#160;30, 2011 and 2010 is unaudited, but includes all adjustments which the management of the Company believes to be necessary for the fair presentation of results for the periods presented. The consolidated condensed financial statements for prior periods have been revised for entities which have been treated as discontinued operations through June&#160;30, 2011, and the results for interim periods are not necessarily indicative of results to be expected for the year. These consolidated condensed financial statements should be read in conjunction with the Company&#8217;s audited financial statements for the year ended December&#160;31, 2010, which are included as part of the Company&#8217;s Annual Report on Form 10-K. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Results for three and six months ended June&#160;30, 2010 include a $422 and $1,027 pre-tax gain relating to the repurchase of $41,548 and $112,658 aggregate principal amount of the Company&#8217;s 3.5% senior subordinated convertible notes (&#8220;Convertible Notes&#8221;). </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>Discontinued Operations</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company accounts for dispositions in its retail operations as discontinued operations when it is evident that the operations and cash flows of a franchise being disposed of will be eliminated from on-going operations and that the Company will not have any significant continuing involvement in its operations. As noted above, the Company has accounted for the disposition of its smart USA distribution operation as a discontinued operation. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In evaluating whether the cash flows of a dealership in its Retail reportable segment will be eliminated from ongoing operations, the Company considers whether it is likely that customers will migrate to similar franchises that it owns in the same geographic market. The Company&#8217;s consideration includes an evaluation of the brands sold at other dealerships it operates in the market and their proximity to the disposed dealership. When the Company disposes of franchises, it typically does not have continuing brand representation in that market. 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margin-top: 10pt; text-indent: 4%"><b><i>U.S. Credit Agreement</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is party to a credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation, as amended (the &#8220;U.S. Credit Agreement&#8221;), which provides for up to $300,000 in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, a non-amortizing term loan with a remaining balance of $134,000, and for an additional $10,000 of availability for letters of credit, through September&#160;30, 2013. The revolving loans bear interest at a defined LIBOR plus 2.75%, subject to an incremental 0.75% for uncollateralized borrowings in excess of a defined borrowing base. The term loan, which bears interest at defined LIBOR plus 2.50%, may be prepaid at any time, but then may not be re-borrowed. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S. Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by the Company&#8217;s domestic subsidiaries and contains a number of significant covenants that, among other things, restrict the Company&#8217;s ability to dispose of assets, incur additional indebtedness, repay other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. The Company is also required to comply with defined financial and other tests and ratios, including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders&#8217; equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. As of June&#160;30, 2011, the Company was in compliance with all covenants under the U.S. Credit Agreement. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S. Credit Agreement also contains typical events of default, including change of control, non-payment of obligations and cross-defaults to the Company&#8217;s other material indebtedness. Substantially all of the Company&#8217;s domestic assets are subject to security interests granted to lenders under the U.S. Credit Agreement. As of June&#160;30, 2011, $134,000 of term loans and $1,250 of letters of credit were outstanding under the U.S. Credit Agreement. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>U.K. Credit Agreement</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company&#8217;s subsidiaries in the U.K. (the &#8220;U.K. Subsidiaries&#8221;) are party to an agreement with the Royal Bank of Scotland plc, as agent for National Westminster Bank plc, which provides for a funded term loan, a revolving credit agreement and a demand overdraft line of credit (collectively, the &#8220;U.K. Credit Agreement&#8221;) to be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes. The U.K. Credit Agreement provides for (1)&#160;up to &#163;92,000 in revolving loans through August&#160;31, 2013, which bear interest between a defined LIBOR plus 1.1% and defined LIBOR plus 3.0%, and (2)&#160;a demand overdraft line of credit for up to &#163;10,000 that bears interest at the Bank of England Base Rate plus 1.75%. A term loan component to the credit agreement which bore interest between 6.39% and 8.29% and was payable ratably in quarterly intervals was fully repaid on June&#160;30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.K. Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by the U.K. Subsidiaries, and contains a number of significant covenants that, among other things, restrict the ability of the U.K. Subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. In addition, the U.K. Subsidiaries are required to comply with defined ratios and tests, including: a ratio of earnings before interest, taxes, amortization, and rental payments (&#8220;EBITAR&#8221;) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio. A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. As of June&#160;30, 2011, the U.K. Subsidiaries were in compliance with all covenants under the U.K. Credit Agreement. </div> <!-- Folio --> <!-- /Folio --> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.K. Credit Agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of the U.K. Subsidiaries. Substantially all of the U.K. Subsidiaries&#8217; assets are subject to security interests granted to lenders under the U.K. Credit Agreement. As of June&#160;30, 2011, outstanding loans under the U.K. Credit Agreement amounted to &#163;52,000 ($83,471). </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>7.75% Senior Subordinated Notes</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&#160;2006, the Company issued $375,000 aggregate principal amount of 7.75% senior subordinated notes (the &#8220;7.75% Notes&#8221;) due 2016. The 7.75% Notes are unsecured senior subordinated notes and are subordinate to all existing and future senior debt, including debt under the Company&#8217;s credit agreements, mortgages and floor plan indebtedness. The 7.75% Notes are guaranteed by substantially all of the Company&#8217;s wholly-owned domestic subsidiaries on an unsecured senior subordinated basis. Those guarantees are full and unconditional and joint and several. The Company can redeem all or some of the 7.75% Notes at its option beginning in December&#160;2011 at specified redemption prices, or prior to December&#160;2011 at 100% of the principal amount of the notes plus a defined &#8220;make-whole&#8221; premium. Upon certain sales of assets or specific kinds of changes of control the Company is required to make an offer to purchase the 7.75% Notes. The 7.75% Notes also contain customary negative covenants and events of default. As of June&#160;30, 2011, the Company was in compliance with all negative covenants and there were no events of default. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>Senior Subordinated Convertible Notes</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Holders of the Convertible Notes had the right to require the Company to purchase their Convertible Notes on April&#160;1, 2011. Of the Convertible Notes outstanding on April 1, 2011, $87,278 were validly tendered to the Company. As a result, $63,324 of the Convertible Notes remained outstanding as of June&#160;30, 2011. Remaining holders of the Convertible Notes may require the Company to purchase all or a portion of their Convertible Notes for cash on each of April&#160;1, 2016 or April&#160;1, 2021 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to the applicable purchase date. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The remaining Convertible Notes mature on April&#160;1, 2026, unless earlier converted, redeemed or purchased by the Company, as discussed below. The Convertible Notes are unsecured senior subordinated obligations and are subordinate to all future and existing debt under the Company&#8217;s credit agreements, mortgages and floor plan indebtedness. The Convertible Notes are guaranteed on an unsecured senior subordinated basis by substantially all of the Company&#8217;s wholly-owned domestic subsidiaries. The guarantees are full and unconditional and joint and several. The Convertible Notes also contain customary negative covenants and events of default. As of June&#160;30, 2011, the Company was in compliance with all negative covenants and there were no events of default. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Holders of the Convertible Notes may convert them based on a conversion rate of 42.7796 shares of the Company&#8217;s common stock per $1,000 principal amount of the Convertible Notes (which is equal to a conversion price of approximately $23.38 per share), subject to adjustment, only under the following circumstances: (1)&#160;in any quarterly period, if the closing price of our common stock for twenty of the last thirty trading days in the prior quarter exceeds $28.05 (subject to adjustment), (2)&#160;for specified periods, if the trading price of the Convertible Notes falls below specific thresholds, (3)&#160;if the Convertible Notes are called for redemption, (4)&#160;if specified distributions to holders of our common stock are made or specified corporate transactions occur, (5)&#160;if a fundamental change (as defined) occurs, or (6)&#160;during the ten trading days prior to, but excluding, the maturity date. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon conversion of the Convertible Notes, for each $1,000 principal amount of the Convertible Notes, a holder will receive an amount in cash, equal to the lesser of (i) $1,000 or (ii)&#160;the conversion value, determined in the manner set forth in the indenture covering the Convertible Notes, of the number of shares of common stock equal to the conversion rate. If the conversion value exceeds $1,000, the Company will also deliver, at its election, cash, common stock or a combination of cash and common stock with respect to the remaining value deliverable upon conversion. The Company will pay additional cash interest commencing with six-month periods beginning on April&#160;1, 2011, if the average trading price of a Convertible Note for certain periods in the prior six-month period equals 120% or more of the principal amount of the Convertible Notes. </div> <!-- Folio --> <!-- /Folio --> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company may redeem the Convertible Notes, in whole at any time or in part from time to time, for cash at a redemption price of 100% of the principal amount of the Convertible Notes to be redeemed, plus any accrued and unpaid interest to the applicable redemption date, plus any applicable conversion premium. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On issuance of the Convertible Notes, the Company recorded a debt discount which was amortized as additional interest expense through March&#160;31, 2011. The annual effective interest rate on the liability component was 8.25% through March&#160;31, 2011. Beginning April&#160;1, 2011, the annual effective interest rate was 3.5%. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>Mortgage Facilities</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is party to several mortgages which bear interest at defined rates and require monthly principal and interest payments. These mortgage facilities also contain typical events of default, including non-payment of obligations, cross-defaults to the Company&#8217;s other material indebtedness, certain change of control events, and the loss or sale of certain franchises operated at the properties. Substantially all of the buildings and improvements on the properties financed pursuant to the mortgage facilities are subject to security interests granted to the lender. As of June&#160;30, 2011, we owed $50,249 of principal under our mortgage facilities. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 8 - us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock--> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>8. Interest Rate Swaps</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company periodically uses interest rate swaps to manage interest rate risk associated with the Company&#8217;s variable rate floor plan debt. The Company is party to forward-starting interest rate swap agreements beginning January&#160;2012 and maturing December 2014 pursuant to which the LIBOR portion of $300,000 of the Company&#8217;s floating rate floor plan debt is fixed at a rate of 2.135% and $100,000 of the Company&#8217;s floating rate floor plan debt is fixed at a rate of 1.55%. The Company may terminate these agreements at any time, subject to the settlement of the then current fair value of the swap arrangements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company used Level 2 inputs to estimate the fair value of the interest rate swap agreements. As of June&#160;30, 2011, the fair value of the swaps designated as hedging instruments was estimated to be a net liability of $6,259. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2010 and through January&#160;2011, the Company was party to interest rate swap agreements pursuant to which the LIBOR portion of $300,000 of the Company&#8217;s floating rate floor plan debt was fixed at 3.67%. During the six months ended June 30, 2011, there was no hedge ineffectiveness recorded in the Company&#8217;s income statement and the impact of the swaps on the weighted average interest rate of the Company&#8217;s floor plan borrowings was insignificant. During the six months ended June&#160;30, 2010, the Company recognized a net gain in accumulated other comprehensive income (loss)&#160;of $1,328 related to the effective portion of the interest rate swap agreements designated as hedging instruments, and reclassified $2,207 of the existing derivative losses from accumulated other comprehensive income (loss)&#160;into floor plan interest expense. Additionally, during the six months ended June&#160;30, 2010, the swaps increased the weighted average interest rate on the Company&#8217;s floor plan borrowings by approximately 0.4%. </div> <!-- Folio --> <!-- /Folio --> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 9 - pag:CommitmentsAndContingentLiabilitiesTextBlock--> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>9. Commitments and Contingent Liabilities</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is involved in litigation which may relate to claims brought by governmental authorities, issues with customers, and employment related matters, including class action claims and purported class action claims. As of June&#160;30, 2011, the Company is not party to any legal proceedings, including class action lawsuits, that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company&#8217;s results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on the Company&#8217;s results of operations, financial condition or cash flows. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has historically structured its operations so as to minimize ownership of real property. As a result, the Company leases or subleases substantially all of its facilities. These leases are generally for a period between five and 20&#160;years, and are typically structured to include renewal options at the Company&#8217;s election. Pursuant to the leases for some of the Company&#8217;s larger facilities, the Company is required to comply with defined financial ratios, including a &#8220;rent coverage&#8221; ratio and a debt to EBITDA ratio. For these leases, non-compliance with the ratios may require the Company to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. As of June&#160;30, 2011, the Company was in compliance with all covenants under these leases. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has sold a number of dealerships to third parties and, as a condition to certain of those sales, remains liable for the lease payments relating to the properties on which those businesses operate in the event of non-payment by the buyer. The Company is also party to lease agreements on properties that it no longer uses in its retail operations that it has sublet to third parties. The Company relies on subtenants to pay the rent and maintain the property at these locations. In the event the subtenant does not perform as expected, the Company may not be able to recover amounts owed to it and the Company could be required to fulfill these obligations. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has $20,066 of letters of credit outstanding as of June&#160;30, 2011, and has posted $14,263 of surety bonds in the ordinary course of business. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 10 - us-gaap:ComprehensiveIncomeNoteTextBlock--> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>10. Equity</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b><i>Comprehensive income (loss)</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other comprehensive income (loss)&#160;includes foreign currency translation gains and losses, as well as changes relating to other individually immaterial items, including certain defined benefit plans in the U.K. and changes in the fair value of interest rate swap agreements, each of which has been excluded from net income and reflected in equity. 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Segment Information</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company&#8217;s operations are organized by management into operating segments by line of business and geography. The Company has determined it has two reportable segments as defined in generally accepted accounting principles for segment reporting, including: (i)&#160;Retail, consisting of our automotive retail operations and (ii)&#160;PAG Investments, consisting of our investments in businesses other than automotive retail operations. The Retail reportable segment includes all automotive dealerships and all departments relevant to the operation of the dealerships and the retail automotive joint ventures. 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(&#8220;PTL&#8221;), a leading global transportation services provider. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the six months ended June&#160;30, 2011, the Company was awarded four franchises, acquired three franchises, and disposed of seven franchises. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&#160;30, 2011, smart USA Distributor, LLC, the Company&#8217;s wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (&#8220;DVI&#8221;), a wholly owned subsidiary of Mercedes-Benz USA. 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Consolidating Condensed Financial Information (Details 1) (USD $)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
CONSOLIDATING CONDENSED STATEMENT OF INCOME        
Revenues $ 2,888,420 $ 2,614,602 $ 5,683,907 $ 5,038,789
Cost of sales 2,424,780 2,197,796 4,775,190 4,221,931
Gross profit 463,640 416,806 908,717 816,858
Selling, general and administrative expenses 380,350 339,676 738,462 666,039
Depreciation 12,093 11,516 24,031 23,374
Operating income 71,197 65,614 146,224 127,445
Floor plan interest expense (7,113) (7,983) (14,131) (16,125)
Other interest expense (10,575) (12,542) (21,976) (25,262)
Debt discount amortization   (2,428) (1,718) (5,343)
Equity in earnings of affiliates 7,882 4,784 7,904 4,355
Gain on debt repurchase   422   1,027
Income (loss) from continuing operations before income taxes 61,391 47,867 116,303 86,097
Income taxes (20,996) (16,628) (37,784) (30,878)
Income (loss) from continuing operations 40,395 31,239 78,519 55,219
(Loss) income from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income (loss) 40,059 29,684 74,056 50,016
Less: Income attributable to non-controlling interests 499 243 569 221
Net income attributable to Penske Automotive Group common stockholders 39,560 29,441 73,487 49,795
Penske Automotive Group [Member]
       
CONSOLIDATING CONDENSED STATEMENT OF INCOME        
Selling, general and administrative expenses 4,790 3,497 9,739 8,075
Depreciation 257 300 542 590
Operating income (5,047) (3,797) (10,281) (8,665)
Floor plan interest expense (329)   (462)  
Other interest expense (5,818) (8,343) (12,234) (16,390)
Debt discount amortization   (2,428) (1,718) (5,343)
Equity in earnings of affiliates 6,121 3,937 7,352 4,283
Gain on debt repurchase   422   1,027
Equity in earnings of subsidiaries 65,965 57,833 133,077 110,964
Income (loss) from continuing operations before income taxes 60,892 47,624 115,734 85,876
Income taxes (20,996) (16,628) (37,784) (30,878)
Income (loss) from continuing operations 39,896 30,996 77,950 54,998
(Loss) income from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income (loss) 39,560 29,441 73,487 49,795
Net income attributable to Penske Automotive Group common stockholders 39,560 29,441 73,487 49,795
Eliminations [Member]
       
CONSOLIDATING CONDENSED STATEMENT OF INCOME        
Equity in earnings of subsidiaries (65,965) (57,833) (133,077) (110,964)
Income (loss) from continuing operations before income taxes (65,965) (57,833) (133,077) (110,964)
Income taxes 22,745 20,192 43,446 39,899
Income (loss) from continuing operations (43,220) (37,641) (89,631) (71,065)
(Loss) income from discontinued operations, net of tax 336 1,555 4,463 5,203
Net income (loss) (42,884) (36,086) (85,168) (65,862)
Net income attributable to Penske Automotive Group common stockholders (42,884) (36,086) (85,168) (65,862)
Guarantor Subsidiaries [Member]
       
CONSOLIDATING CONDENSED STATEMENT OF INCOME        
Revenues 1,659,489 1,529,401 3,227,865 2,856,374
Cost of sales 1,372,419 1,272,432 2,678,525 2,367,531
Gross profit 287,070 256,969 549,340 488,843
Selling, general and administrative expenses 232,097 209,910 446,030 403,466
Depreciation 6,538 6,446 12,893 12,890
Operating income 48,435 40,613 90,417 72,487
Floor plan interest expense (3,458) (5,829) (7,370) (11,511)
Other interest expense (638) (33) (1,249) (589)
Income (loss) from continuing operations before income taxes 44,339 34,751 81,798 60,387
Income taxes (16,296) (13,554) (28,714) (25,754)
Income (loss) from continuing operations 28,043 21,197 53,084 34,633
(Loss) income from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income (loss) 27,707 19,642 48,621 29,430
Net income attributable to Penske Automotive Group common stockholders 27,707 19,642 48,621 29,430
Non-Guarantor Subsidiaries [Member]
       
CONSOLIDATING CONDENSED STATEMENT OF INCOME        
Revenues 1,228,931 1,085,201 2,456,042 2,182,415
Cost of sales 1,052,361 925,364 2,096,665 1,854,400
Gross profit 176,570 159,837 359,377 328,015
Selling, general and administrative expenses 143,463 126,269 282,693 254,498
Depreciation 5,298 4,770 10,596 9,894
Operating income 27,809 28,798 66,088 63,623
Floor plan interest expense (3,326) (2,154) (6,299) (4,614)
Other interest expense (4,119) (4,166) (8,493) (8,283)
Equity in earnings of affiliates 1,761 847 552 72
Income (loss) from continuing operations before income taxes 22,125 23,325 51,848 50,798
Income taxes (6,449) (6,638) (14,732) (14,145)
Income (loss) from continuing operations 15,676 16,687 37,116 36,653
Net income (loss) 15,676 16,687 37,116 36,653
Less: Income attributable to non-controlling interests 499 243 569 221
Net income attributable to Penske Automotive Group common stockholders $ 15,177 $ 16,444 $ 36,547 $ 36,432
XML 16 R3.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $)
In Thousands, except Per Share data
Jun. 30, 2011
Dec. 31, 2010
ASSETS    
Allowance for doubtful accounts $ 2,180 $ 1,902
Penske Automotive Group stockholders' equity:    
Preferred Stock, par value $ 0.0001 $ 0.0001
Preferred Stock, shares authorized 100 100
Preferred Stock, shares issued 0 0
Preferred Stock, shares outstanding 0 0
Common Stock, par value $ 0.0001 $ 0.0001
Common Stock, shares authorized 240,000 240,000
Common Stock, shares issued 92,062 92,100
Common Stock, shares outstanding 92,062 92,100
Non-voting Common Stock, $0.0001 par value, 7,125 shares authorized; none issued and outstanding
   
Penske Automotive Group stockholders' equity:    
Common Stock, par value $ 0.0001 $ 0.0001
Common Stock, shares authorized 7,125 7,125
Common Stock, shares issued 0 0
Common Stock, shares outstanding 0 0
Class C Common Stock, $0.0001 par value, 20,000 shares authorized; none issued and outstanding
   
Penske Automotive Group stockholders' equity:    
Common Stock, par value $ 0.0001 $ 0.0001
Common Stock, shares authorized 20,000 20,000
Common Stock, shares issued 0 0
Common Stock, shares outstanding 0 0
XML 17 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Condensed Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenue:        
Total revenues $ 2,888,420 $ 2,614,602 $ 5,683,907 $ 5,038,789
Cost of sales:        
Total cost of sales 2,424,780 2,197,796 4,775,190 4,221,931
Gross profit 463,640 416,806 908,717 816,858
Selling, general and administrative expenses 380,350 339,676 738,462 666,039
Depreciation 12,093 11,516 24,031 23,374
Operating income 71,197 65,614 146,224 127,445
Floor plan interest expense (7,113) (7,983) (14,131) (16,125)
Other interest expense (10,575) (12,542) (21,976) (25,262)
Debt discount amortization   (2,428) (1,718) (5,343)
Equity in earnings of affiliates 7,882 4,784 7,904 4,355
Gain on debt repurchase   422   1,027
Income from continuing operations before income taxes 61,391 47,867 116,303 86,097
Income taxes (20,996) (16,628) (37,784) (30,878)
Income from continuing operations 40,395 31,239 78,519 55,219
Loss from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income 40,059 29,684 74,056 50,016
Less: Income attributable to non-controlling interests 499 243 569 221
Net income attributable to Penske Automotive Group common stockholders 39,560 29,441 73,487 49,795
Basic earnings per share attributable to Penske Automotive Group common stockholders:        
Continuing operations $ 0.43 $ 0.34 $ 0.84 $ 0.60
Discontinued operations $ 0.00 $ (0.02) $ (0.05) $ (0.06)
Net income attributable to Penske Automotive Group common stockholders $ 0.43 $ 0.32 $ 0.79 $ 0.54
Shares used in determining basic earnings per share 92,514 92,142 92,444 92,016
Diluted earnings per share attributable to Penske Automotive Group common stockholders:        
Continuing operations $ 0.43 $ 0.34 $ 0.84 $ 0.60
Discontinued operations $ 0.00 $ (0.02) $ (0.05) $ (0.06)
Net income attributable to Penske Automotive Group common stockholders $ 0.43 $ 0.32 $ 0.79 $ 0.54
Shares used in determining diluted earnings per share 92,570 92,206 92,514 92,086
Amounts attributable to Penske Automotive Group common stockholders:        
Income from continuing operations 40,395 31,239 78,519 55,219
Less: Income attributable to non-controlling interests 499 243 569 221
Income from continuing operations, net of tax 39,896 30,996 77,950 54,998
Loss from discontinued operations, net of tax (336) (1,555) (4,463) (5,203)
Net income attributable to Penske Automotive Group common stockholders 39,560 29,441 73,487 49,795
Cash dividends per share $ 0.07   $ 0.07  
New vehicle
       
Revenue:        
Total revenues 1,422,267 1,314,904 2,823,614 2,516,795
Cost of sales:        
Total cost of sales 1,301,352 1,206,216 2,591,388 2,308,806
Used vehicle
       
Revenue:        
Total revenues 879,907 736,336 1,692,501 1,421,466
Cost of sales:        
Total cost of sales 807,425 677,382 1,554,114 1,306,620
Finance and insurance, net
       
Revenue:        
Total revenues 69,202 61,666 135,676 119,550
Service and parts
       
Revenue:        
Total revenues 348,018 323,824 696,209 649,606
Cost of sales:        
Total cost of sales 149,040 138,558 299,014 281,113
Fleet and wholesale vehicle
       
Revenue:        
Total revenues 169,026 177,872 335,907 331,372
Cost of sales:        
Total cost of sales $ 166,963 $ 175,640 $ 330,674 $ 325,392
XML 18 R23.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Inventories (Tables)
6 Months Ended
Jun. 30, 2011
Inventories (Tables) [Abstract]  
Inventories Net
                 
    June 30,     December 31,  
    2011     2010  
New vehicles
  $ 954,077     $ 1,011,299  
Used vehicles
    426,751       367,350  
Parts, accessories and other
    75,581       74,897  
 
           
 
               
Total inventories
  $ 1,456,409     $ 1,453,546  
 
           
XML 19 R1.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Document and Entity Information
6 Months Ended
Jun. 30, 2011
Jul. 20, 2011
Document and Entity Information [Abstract]    
Entity Registrant Name PENSKE AUTOMOTIVE GROUP, INC.  
Entity Central Index Key 0001019849  
Document Type 10-Q  
Document Period End Date Jun. 30, 2011
Amendment Flag false  
Document Fiscal Year Focus 2011  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   92,062,166
XML 20 R48.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segment Information (Details Textuals)
6 Months Ended
Jun. 30, 2011
Segment Information (Textuals)  
Number of reportable segments 2
Number of geographic operating segments 4
XML 21 R26.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2011
Earnings Per Share (Tables) [Abstract]  
Reconciliation of number of shares used in calculation of basic and diluted earnings per share
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Weighted average number of common shares outstanding
    92,514       92,142       92,444       92,016  
Effect of non-participatory equity compensation
    56       64       70       70  
 
                       
Weighted average number of common shares outstanding, including effect of dilutive securities
    92,570       92,206       92,514       92,086  
 
                       
XML 22 R47.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segment Information (Details 1) (USD $)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Reconciliation of total adjusted segment income to consolidated income from continuing operations before income taxes        
Adjusted segment income $ 61,391 $ 47,445 $ 116,303 $ 85,070
Gain on debt repurchase   422   1,027
Income from continuing operations before income taxes $ 61,391 $ 47,867 $ 116,303 $ 86,097
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XML 24 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Intangible Assets
6 Months Ended
Jun. 30, 2011
Intangible Assets [Abstract]  
Intangible Assets
4. Intangible Assets
Following is a summary of the changes in the carrying amount of goodwill and franchise value during the six months ended June 30, 2011:
                 
            Franchise  
    Goodwill     Value  
Balance, January 1, 2011
  $ 808,488     $ 203,401  
Additions
    7,120        
Foreign currency translation
    11,361       2,544  
 
           
Balance, June 30, 2011
  $ 826,969     $ 205,945  
 
           
XML 25 R27.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2011
Long Term Debt (Tables) [Abstract]  
Long Term Debt
                 
    June 30,     December 31,  
    2011     2010  
U.S. credit agreement — revolving credit line
  $     $  
U.S. credit agreement — term loan
    134,000       134,000  
U.K. credit agreement — revolving credit line
    77,050       54,597  
U.K. credit agreement — term loan
          5,505  
U.K. credit agreement — overdraft line of credit
    6,421       7,116  
7.75% senior subordinated notes due 2016
    375,000       375,000  
3.5% senior subordinated convertible notes due 2026, net of debt discount
    63,324       148,884  
Mortgage facilities
    50,249       46,052  
Other
    10,763       8,724  
 
           
Total long-term debt
    716,807       779,878  
Less: current portion
    (10,285 )     (10,593 )
 
           
Net long-term debt
  $ 706,522     $ 769,285  
 
           
XML 26 R43.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Interest Rate Swaps (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2010
Jun. 30, 2011
Trading Activity, Gains and Losses, Net [Line Items]    
Portion of floating rate floor plan debt fixed by swap agreements   $ 300,000
Interest Rate Swaps (Textuals) [Abstract]    
Interest rate swap, fixed   3.67%
Estimated liabilities of swaps designated as hedging instruments, fair value   6,259
Net gain recognized in accumulated other comprehensive income 1,328  
Losses reclassified from accumulated other comprehensive income into floor plan interest expense 2,207  
Increase in the weighted average interest rate on floor plan borrowings due to the swaps 0.40%  
Forward Starting Interest Rate Swap Agreements [Member]
   
Trading Activity, Gains and Losses, Net [Line Items]    
Portion of floating rate floor plan debt fixed by swap agreements   300,000
Derivative, Variable Interest Rate   2.135%
Floating Rate Floor Plan Debt [Member]
   
Trading Activity, Gains and Losses, Net [Line Items]    
Portion of floating rate floor plan debt fixed by swap agreements   $ 100,000
Derivative, Variable Interest Rate   1.55%
XML 27 R38.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Intangible Assets (Details) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Summary of the changes in the carrying amount of goodwill and franchise value  
Goodwill, Beginning Balance $ 808,488
Goodwill, additions 7,120
Goodwill, foreign currency translation 11,361
Goodwill, Ending Balance 826,969
Franchise value, Beginning Balance 203,401
Franchise value, additions 0
Franchise value, foreign currency translation 2,544
Franchise value, Ending Balance $ 205,945
XML 28 R25.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2011
Intangible Assets (Tables) [Abstract]  
Summary of the changes in the carrying amount of goodwill and franchise value
                 
            Franchise  
    Goodwill     Value  
Balance, January 1, 2011
  $ 808,488     $ 203,401  
Additions
    7,120        
Foreign currency translation
    11,361       2,544  
 
           
Balance, June 30, 2011
  $ 826,969     $ 205,945  
 
           
XML 29 R17.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Commitments and Contingent Liabilities
6 Months Ended
Jun. 30, 2011
Commitments and Contingent Liabilities [Abstract]  
Commitments and Contingent Liabilities
9. Commitments and Contingent Liabilities
The Company is involved in litigation which may relate to claims brought by governmental authorities, issues with customers, and employment related matters, including class action claims and purported class action claims. As of June 30, 2011, the Company is not party to any legal proceedings, including class action lawsuits, that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on the Company’s results of operations, financial condition or cash flows.
The Company has historically structured its operations so as to minimize ownership of real property. As a result, the Company leases or subleases substantially all of its facilities. These leases are generally for a period between five and 20 years, and are typically structured to include renewal options at the Company’s election. Pursuant to the leases for some of the Company’s larger facilities, the Company is required to comply with defined financial ratios, including a “rent coverage” ratio and a debt to EBITDA ratio. For these leases, non-compliance with the ratios may require the Company to post collateral in the form of a letter of credit. A breach of the other lease covenants gives rise to certain remedies by the landlord, the most severe of which include the termination of the applicable lease and acceleration of the total rent payments due under the lease. As of June 30, 2011, the Company was in compliance with all covenants under these leases.
The Company has sold a number of dealerships to third parties and, as a condition to certain of those sales, remains liable for the lease payments relating to the properties on which those businesses operate in the event of non-payment by the buyer. The Company is also party to lease agreements on properties that it no longer uses in its retail operations that it has sublet to third parties. The Company relies on subtenants to pay the rent and maintain the property at these locations. In the event the subtenant does not perform as expected, the Company may not be able to recover amounts owed to it and the Company could be required to fulfill these obligations.
The Company has $20,066 of letters of credit outstanding as of June 30, 2011, and has posted $14,263 of surety bonds in the ordinary course of business.
XML 30 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Condensed Statement of Equity (Unaudited) (Parenthetical) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Tax benefit, exercise of stock options $ 856
Total Stockholders' Equity Attributable to Penske Automotive Group
 
Tax benefit, exercise of stock options 856
Additional Paid-in Capital
 
Tax benefit, exercise of stock options $ 856
XML 31 R35.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Inventories (Details) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Inventories Net    
Total inventories $ 1,456,409 $ 1,453,546
New vehicle
   
Inventories Net    
Total inventories 954,077 1,011,299
Used vehicle
   
Inventories Net    
Total inventories 426,751 367,350
Parts accessories and other [Member]
   
Inventories Net    
Total inventories $ 75,581 $ 74,897
XML 32 R14.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Earnings Per Share
6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
6. Earnings Per Share
Basic earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, including outstanding unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive effect of stock options. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010 follows:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Weighted average number of common shares outstanding
    92,514       92,142       92,444       92,016  
Effect of non-participatory equity compensation
    56       64       70       70  
 
                       
Weighted average number of common shares outstanding, including effect of dilutive securities
    92,570       92,206       92,514       92,086  
 
                       
There were no anti-dilutive stock options outstanding during the three and six months ended June 30, 2011 or 2010. In addition, the Company has senior subordinated convertible notes outstanding which, under certain circumstances discussed in Note 7, may be converted to voting common stock. As of June 30, 2011 and 2010, no shares related to the senior subordinated convertible notes were included in the calculation of diluted earnings per share because the effect of such securities was anti-dilutive.
XML 33 R19.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segment Information
6 Months Ended
Jun. 30, 2011
Segment Information [Abstract]  
Segment Information
11. Segment Information
The Company’s operations are organized by management into operating segments by line of business and geography. The Company has determined it has two reportable segments as defined in generally accepted accounting principles for segment reporting, including: (i) Retail, consisting of our automotive retail operations and (ii) PAG Investments, consisting of our investments in businesses other than automotive retail operations. The Retail reportable segment includes all automotive dealerships and all departments relevant to the operation of the dealerships and the retail automotive joint ventures. The individual dealership operations included in the Retail reportable segment have been grouped into four geographic operating segments, which have been aggregated into one reportable segment as their operations (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and used vehicles, service, parts and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals) and (D) have similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). The Company previously presented its smart USA distribution operation as a third reportable segment. That operation was transitioned to DVI on June 30, 2011 and is presented in discontinued operations.
The following table summarizes revenues and income from continuing operations before certain items and income taxes, which is the measure by which management allocates resources to its segments, and which we refer to as adjusted segment income, for each of our reportable segments. Adjusted segment income excludes the item in the table below in order to enhance the comparability of segment income from period to period.
Three Months Ended June 30
                         
            PAG        
    Retail     Investments     Total  
Revenues
                       
2011
  $ 2,888,420     $     $ 2,888,420  
2010
    2,614,602             2,614,602  
Adjusted segment income
                       
2011
    55,123       6,268       61,391  
2010
    43,343       4,102       47,445  
Six Months Ended June 30
                         
            PAG        
    Retail     Investments     Total  
Revenues
                       
2011
  $ 5,683,907     $     $ 5,683,907  
2010
    5,038,789             5,038,789  
Adjusted segment income
                       
2011
    108,911       7,392       116,303  
2010
    81,473       3,597       85,070  
The following table reconciles total adjusted segment income to consolidated income from continuing operations before income taxes.
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Adjusted segment income
  $ 61,391     $ 47,445     $ 116,303     $ 85,070  
Gain on debt repurchase
          422             1,027  
 
                       
 
                               
Income from continuing operations before income taxes
  $ 61,391     $ 47,867     $ 116,303     $ 86,097  
 
                       
XML 34 R15.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Long-Term Debt
6 Months Ended
Jun. 30, 2011
Long-Term Debt [Abstract]  
Long-Term Debt
7. Long-Term Debt
Long-term debt consisted of the following:
                 
    June 30,     December 31,  
    2011     2010  
U.S. credit agreement — revolving credit line
  $     $  
U.S. credit agreement — term loan
    134,000       134,000  
U.K. credit agreement — revolving credit line
    77,050       54,597  
U.K. credit agreement — term loan
          5,505  
U.K. credit agreement — overdraft line of credit
    6,421       7,116  
7.75% senior subordinated notes due 2016
    375,000       375,000  
3.5% senior subordinated convertible notes due 2026, net of debt discount
    63,324       148,884  
Mortgage facilities
    50,249       46,052  
Other
    10,763       8,724  
 
           
Total long-term debt
    716,807       779,878  
Less: current portion
    (10,285 )     (10,593 )
 
           
Net long-term debt
  $ 706,522     $ 769,285  
 
           
U.S. Credit Agreement
The Company is party to a credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation, as amended (the “U.S. Credit Agreement”), which provides for up to $300,000 in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, a non-amortizing term loan with a remaining balance of $134,000, and for an additional $10,000 of availability for letters of credit, through September 30, 2013. The revolving loans bear interest at a defined LIBOR plus 2.75%, subject to an incremental 0.75% for uncollateralized borrowings in excess of a defined borrowing base. The term loan, which bears interest at defined LIBOR plus 2.50%, may be prepaid at any time, but then may not be re-borrowed.
The U.S. Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by the Company’s domestic subsidiaries and contains a number of significant covenants that, among other things, restrict the Company’s ability to dispose of assets, incur additional indebtedness, repay other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. The Company is also required to comply with defined financial and other tests and ratios, including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders’ equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. As of June 30, 2011, the Company was in compliance with all covenants under the U.S. Credit Agreement.
The U.S. Credit Agreement also contains typical events of default, including change of control, non-payment of obligations and cross-defaults to the Company’s other material indebtedness. Substantially all of the Company’s domestic assets are subject to security interests granted to lenders under the U.S. Credit Agreement. As of June 30, 2011, $134,000 of term loans and $1,250 of letters of credit were outstanding under the U.S. Credit Agreement.
U.K. Credit Agreement
The Company’s subsidiaries in the U.K. (the “U.K. Subsidiaries”) are party to an agreement with the Royal Bank of Scotland plc, as agent for National Westminster Bank plc, which provides for a funded term loan, a revolving credit agreement and a demand overdraft line of credit (collectively, the “U.K. Credit Agreement”) to be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes. The U.K. Credit Agreement provides for (1) up to £92,000 in revolving loans through August 31, 2013, which bear interest between a defined LIBOR plus 1.1% and defined LIBOR plus 3.0%, and (2) a demand overdraft line of credit for up to £10,000 that bears interest at the Bank of England Base Rate plus 1.75%. A term loan component to the credit agreement which bore interest between 6.39% and 8.29% and was payable ratably in quarterly intervals was fully repaid on June 30, 2011.
The U.K. Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by the U.K. Subsidiaries, and contains a number of significant covenants that, among other things, restrict the ability of the U.K. Subsidiaries to pay dividends, dispose of assets, incur additional indebtedness, repay other indebtedness, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. In addition, the U.K. Subsidiaries are required to comply with defined ratios and tests, including: a ratio of earnings before interest, taxes, amortization, and rental payments (“EBITAR”) to interest plus rental payments, a measurement of maximum capital expenditures, and a debt to EBITDA ratio. A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed. As of June 30, 2011, the U.K. Subsidiaries were in compliance with all covenants under the U.K. Credit Agreement.
The U.K. Credit Agreement also contains typical events of default, including change of control and non-payment of obligations and cross-defaults to other material indebtedness of the U.K. Subsidiaries. Substantially all of the U.K. Subsidiaries’ assets are subject to security interests granted to lenders under the U.K. Credit Agreement. As of June 30, 2011, outstanding loans under the U.K. Credit Agreement amounted to £52,000 ($83,471).
7.75% Senior Subordinated Notes
In December 2006, the Company issued $375,000 aggregate principal amount of 7.75% senior subordinated notes (the “7.75% Notes”) due 2016. The 7.75% Notes are unsecured senior subordinated notes and are subordinate to all existing and future senior debt, including debt under the Company’s credit agreements, mortgages and floor plan indebtedness. The 7.75% Notes are guaranteed by substantially all of the Company’s wholly-owned domestic subsidiaries on an unsecured senior subordinated basis. Those guarantees are full and unconditional and joint and several. The Company can redeem all or some of the 7.75% Notes at its option beginning in December 2011 at specified redemption prices, or prior to December 2011 at 100% of the principal amount of the notes plus a defined “make-whole” premium. Upon certain sales of assets or specific kinds of changes of control the Company is required to make an offer to purchase the 7.75% Notes. The 7.75% Notes also contain customary negative covenants and events of default. As of June 30, 2011, the Company was in compliance with all negative covenants and there were no events of default.
Senior Subordinated Convertible Notes
Holders of the Convertible Notes had the right to require the Company to purchase their Convertible Notes on April 1, 2011. Of the Convertible Notes outstanding on April 1, 2011, $87,278 were validly tendered to the Company. As a result, $63,324 of the Convertible Notes remained outstanding as of June 30, 2011. Remaining holders of the Convertible Notes may require the Company to purchase all or a portion of their Convertible Notes for cash on each of April 1, 2016 or April 1, 2021 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to the applicable purchase date.
The remaining Convertible Notes mature on April 1, 2026, unless earlier converted, redeemed or purchased by the Company, as discussed below. The Convertible Notes are unsecured senior subordinated obligations and are subordinate to all future and existing debt under the Company’s credit agreements, mortgages and floor plan indebtedness. The Convertible Notes are guaranteed on an unsecured senior subordinated basis by substantially all of the Company’s wholly-owned domestic subsidiaries. The guarantees are full and unconditional and joint and several. The Convertible Notes also contain customary negative covenants and events of default. As of June 30, 2011, the Company was in compliance with all negative covenants and there were no events of default.
Holders of the Convertible Notes may convert them based on a conversion rate of 42.7796 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes (which is equal to a conversion price of approximately $23.38 per share), subject to adjustment, only under the following circumstances: (1) in any quarterly period, if the closing price of our common stock for twenty of the last thirty trading days in the prior quarter exceeds $28.05 (subject to adjustment), (2) for specified periods, if the trading price of the Convertible Notes falls below specific thresholds, (3) if the Convertible Notes are called for redemption, (4) if specified distributions to holders of our common stock are made or specified corporate transactions occur, (5) if a fundamental change (as defined) occurs, or (6) during the ten trading days prior to, but excluding, the maturity date.
Upon conversion of the Convertible Notes, for each $1,000 principal amount of the Convertible Notes, a holder will receive an amount in cash, equal to the lesser of (i) $1,000 or (ii) the conversion value, determined in the manner set forth in the indenture covering the Convertible Notes, of the number of shares of common stock equal to the conversion rate. If the conversion value exceeds $1,000, the Company will also deliver, at its election, cash, common stock or a combination of cash and common stock with respect to the remaining value deliverable upon conversion. The Company will pay additional cash interest commencing with six-month periods beginning on April 1, 2011, if the average trading price of a Convertible Note for certain periods in the prior six-month period equals 120% or more of the principal amount of the Convertible Notes.
The Company may redeem the Convertible Notes, in whole at any time or in part from time to time, for cash at a redemption price of 100% of the principal amount of the Convertible Notes to be redeemed, plus any accrued and unpaid interest to the applicable redemption date, plus any applicable conversion premium.
On issuance of the Convertible Notes, the Company recorded a debt discount which was amortized as additional interest expense through March 31, 2011. The annual effective interest rate on the liability component was 8.25% through March 31, 2011. Beginning April 1, 2011, the annual effective interest rate was 3.5%.
Mortgage Facilities
The Company is party to several mortgages which bear interest at defined rates and require monthly principal and interest payments. These mortgage facilities also contain typical events of default, including non-payment of obligations, cross-defaults to the Company’s other material indebtedness, certain change of control events, and the loss or sale of certain franchises operated at the properties. Substantially all of the buildings and improvements on the properties financed pursuant to the mortgage facilities are subject to security interests granted to the lender. As of June 30, 2011, we owed $50,249 of principal under our mortgage facilities.
XML 35 R32.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Interim Financial Statements (Details 1) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Balance Sheet information regarding entities accounted for as discontinued operations    
Inventories $ 28,515 $ 70,680
Other assets 28,311 39,805
Total assets 56,826 110,485
Floor plan notes payable (including non-trade) 26,519 63,825
Other liabilities 25,961 15,630
Liabilities held for sale $ 52,480 $ 79,455
XML 36 R13.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Floor Plan Notes Payable - Trade and Non-trade
6 Months Ended
Jun. 30, 2011
Floor Plan Notes Payable - Trade and Non-trade [Abstract]  
Floor Plan Notes Payable - Trade and Non-trade
5. Floor Plan Notes Payable — Trade and Non-trade
The Company finances substantially all of its new and a portion of its used vehicle inventories under revolving floor plan arrangements with various lenders, including the captive finance companies associated with automotive manufacturers. In the U.S., substantially all of our floor plan arrangements are due on demand; however, the Company has not historically been required to repay floor plan advances prior to the sale of the vehicles that have been financed. The Company typically makes monthly interest payments on the amount financed. Outside of the U.S., substantially all of the floor plan arrangements are payable on demand or have an original maturity of 90 days or less and the Company is generally required to repay floor plan advances at the earlier of the sale of the vehicles that have been financed or the stated maturity.
The floor plan agreements grant a security interest in substantially all of the assets of the Company’s dealership subsidiaries, and in the U.S. are guaranteed by the Company. Interest rates under the floor plan arrangements are variable and increase or decrease based on changes in the prime rate, defined London Interbank Offered Rate (“LIBOR”), the Finance House Bank Rate, or the Euro Interbank Offer Rate. The Company classifies floor plan notes payable to a party other than the manufacturer of a particular new vehicle, and all floor plan notes payable relating to pre-owned vehicles, as floor plan notes payable — non-trade on its consolidated condensed balance sheets and classifies related cash flows as a financing activity on its consolidated condensed statements of cash flows.
XML 37 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Condensed Statements of Cash Flows (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Investing Activities:    
Repayment of sellers' floor plan notes payable, Dealership acquisitions $ 5,862 $ 5,683
Financing Activities:    
Senior subordinated convertible notes, Interest rate 3.50% 3.50%
XML 38 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Interim Financial Statements
6 Months Ended
Jun. 30, 2011
Interim Financial Statements [Abstract]  
Interim Financial Statements
1. Interim Financial Statements
Business Overview
Penske Automotive Group, Inc. (the “Company”) is the second largest automotive retailer headquartered in the U.S. as measured by total revenue. As of June 30, 2011, the Company operated 323 retail franchises, of which 168 franchises are located in the U.S. and 155 franchises are located outside of the U.S. The franchises outside the U.S. are located primarily in the U.K. Each of the Company’s dealerships offers a wide selection of new and used vehicles for sale. In addition to selling new and used vehicles, the Company generates higher-margin revenue at each of its dealerships through maintenance and repair services and the sale and placement of higher-margin products, such as third-party finance and insurance products, third-party extended service contracts and replacement and aftermarket automotive products. The Company also holds a 9.0% limited partnership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading global transportation services provider.
During the six months ended June 30, 2011, the Company was awarded four franchises, acquired three franchises, and disposed of seven franchises.
On June 30, 2011, smart USA Distributor, LLC, the Company’s wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (“DVI”), a wholly owned subsidiary of Mercedes-Benz USA. The aggregate cash purchase price for the assets, which included certain vehicles, parts, signage and other items valued at fair market value, was $44,462, of which $688 is to be paid in the third quarter of 2011 subject to a final reconciliation of the assets delivered at closing. This amount also includes reimbursement of certain operating and wind-down costs of smart USA. As a result, smart USA has been treated as a discontinued operation for all periods presented in the accompanying financial statements.
Basis of Presentation
The unaudited consolidated condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the SEC rules and regulations. The information presented as of June 30, 2011 and December 31, 2010 and for the three and six month periods ended June 30, 2011 and 2010 is unaudited, but includes all adjustments which the management of the Company believes to be necessary for the fair presentation of results for the periods presented. The consolidated condensed financial statements for prior periods have been revised for entities which have been treated as discontinued operations through June 30, 2011, and the results for interim periods are not necessarily indicative of results to be expected for the year. These consolidated condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2010, which are included as part of the Company’s Annual Report on Form 10-K.
Results for three and six months ended June 30, 2010 include a $422 and $1,027 pre-tax gain relating to the repurchase of $41,548 and $112,658 aggregate principal amount of the Company’s 3.5% senior subordinated convertible notes (“Convertible Notes”).
Discontinued Operations
The Company accounts for dispositions in its retail operations as discontinued operations when it is evident that the operations and cash flows of a franchise being disposed of will be eliminated from on-going operations and that the Company will not have any significant continuing involvement in its operations. As noted above, the Company has accounted for the disposition of its smart USA distribution operation as a discontinued operation.
In evaluating whether the cash flows of a dealership in its Retail reportable segment will be eliminated from ongoing operations, the Company considers whether it is likely that customers will migrate to similar franchises that it owns in the same geographic market. The Company’s consideration includes an evaluation of the brands sold at other dealerships it operates in the market and their proximity to the disposed dealership. When the Company disposes of franchises, it typically does not have continuing brand representation in that market. If the franchise being disposed of is located in a complex of Company owned dealerships, the Company does not treat the disposition as a discontinued operation if it believes that the cash flows previously generated by the disposed franchise will be replaced by expanded operations of the remaining or replacement franchises.
The distribution segment has been presented as a discontinued operation due to the transition of the distribution rights of the smart fortwo from smart USA to DVI that was completed in June 2011. The Company does not have any continuing role in the distribution of the smart fortwo, and as a result, no longer has any significant operations or cash flows relating to distribution activities.
Combined financial information regarding entities accounted for as discontinued operations follows:
                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2011     2010     2011     2010  
Revenues
  $ 73,943     $ 97,824     $ 158,954     $ 171,411  
Pre-tax (loss) income
    (1,153 )     (2,138 )     (9,061 )     (7,831 )
Gain (loss) on disposal
    695       (235 )     1,765       (261 )
                 
    June 30,     December 31,  
    2011     2010  
Inventories
  $ 28,515     $ 70,680  
Other assets
    28,311       39,805  
 
           
Total assets
  $ 56,826     $ 110,485  
 
           
 
               
Floor plan notes payable (including non-trade)
  $ 26,519     $ 63,825  
Other liabilities
    25,961       15,630  
 
           
Total liabilities
  $ 52,480     $ 79,455  
 
           
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets and certain reserves.
Fair Value of Financial Instruments
Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, floor plan notes payable, and interest rate swaps used to hedge future cash flows. Other than our subordinated notes, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. A summary of the fair value of the subordinated notes, based on quoted, level one market data, follows:
                 
    June 30, 2011  
    Carrying Value     Fair Value  
7.75% senior subordinated notes due 2016
  $ 375,000     $ 382,969  
3.5% senior subordinated convertible notes due 2026
    63,324       64,970  
XML 39 R40.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Earnings Per Share (Details)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Reconciliation of number of shares used in calculation of basic and diluted earnings per share        
Weighted average number of common shares outstanding 92,514 92,142 92,444 92,016
Effect of non-participatory equity compensation 56 64 70 70
Weighted average number of common shares outstanding including effect of dilutive securities 92,570 92,206 92,514 92,086
Convertible Debt Securities [Member]
       
Earnings Per Share (Textuals) [Abstract]        
Anti dilutive shares related to senior subordinated convertible notes included in calculation of diluted earnings per share 0 0 0 0
Stock Options [Member]
       
Earnings Per Share (Textuals) [Abstract]        
Anti-dilutive stock options outstanding 0 0 0 0
XML 40 R31.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Interim Financial Statements (Details) (USD $)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Combined financial information regarding entities accounted for as discontinued operations        
Revenues $ 73,943 $ 97,824 $ 158,954 $ 171,411
Pre-tax (loss) income (1,153) (2,138) (9,061) (7,831)
Gain (loss) on disposal $ 695 $ (235) $ 1,765 $ (261)
XML 41 R51.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidating Condensed Financial Information (Details 2) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS    
Net cash from continuing operating activities $ 43,990 $ 57,526
Investing activities:    
Purchase of equipment and improvements (51,784) (35,989)
Dealership acquisitions, net, including repayment of sellers' floor plan notes payable of $5,862 and $5,683, respectively (14,011) (9,362)
Other 2,865  
Net cash from continuing investing activities (62,930) (45,351)
Financing activities:    
Repurchase of 3.5% senior subordinated convertible notes (87,278) (113,604)
Net borrowings (repayments) of other long-term debt 15,372 (9,497)
Net borrowings (repayments) of floor plan notes payable - non-trade 70,311 73,592
Proceeds from exercises of options, including excess tax benefit 2,698 211
Repurchases of common stock (12,413)  
Dividends (6,493)  
Net cash from continuing financing activities (17,803) (21,298)
Net cash from discontinued operations 22,221 12,717
Net change in cash and cash equivalents (14,522) 3,594
Cash and cash equivalents, beginning of period 17,868 14,584
Cash and cash equivalents, end of period 3,346 18,178
Penske Automotive Group [Member]
   
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS    
Net cash from continuing operating activities 84,594 55,493
Investing activities:    
Purchase of equipment and improvements (1,308)  
Net cash from continuing investing activities (1,308)  
Financing activities:    
Repurchase of 3.5% senior subordinated convertible notes (87,278) (113,604)
Net borrowings (repayments) of other long-term debt   28,000
Net borrowings (repayments) of floor plan notes payable - non-trade 20,200 29,900
Proceeds from exercises of options, including excess tax benefit 2,698 211
Repurchases of common stock (12,413)  
Dividends (6,493)  
Net cash from continuing financing activities (83,286) (55,493)
Cash and cash equivalents, beginning of period 0  
Cash and cash equivalents, end of period 0  
Guarantor Subsidiaries [Member]
   
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS    
Net cash from continuing operating activities 5,591 (35,703)
Investing activities:    
Purchase of equipment and improvements (27,754) (26,176)
Dealership acquisitions, net, including repayment of sellers' floor plan notes payable of $5,862 and $5,683, respectively (12,331) (9,362)
Other   83
Net cash from continuing investing activities (40,085) (35,455)
Financing activities:    
Net borrowings (repayments) of other long-term debt 23,215 7,739
Net borrowings (repayments) of floor plan notes payable - non-trade (30,056) 51,354
Distributions from (to) parent 4,245 473
Net cash from continuing financing activities (2,596) 59,566
Net cash from discontinued operations 22,221 12,717
Net change in cash and cash equivalents (14,869) 1,125
Cash and cash equivalents, beginning of period 15,497 12,929
Cash and cash equivalents, end of period 1,455 14,054
Non-Guarantor Subsidiaries [Member]
   
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS    
Net cash from continuing operating activities (46,195) 37,736
Investing activities:    
Purchase of equipment and improvements (22,722) (9,813)
Dealership acquisitions, net, including repayment of sellers' floor plan notes payable of $5,862 and $5,683, respectively (1,680)  
Other 2,865 (83)
Net cash from continuing investing activities (21,537) (9,896)
Financing activities:    
Net borrowings (repayments) of other long-term debt (7,843) (17,236)
Net borrowings (repayments) of floor plan notes payable - non-trade 80,167 (7,662)
Distributions from (to) parent (4,245) (473)
Net cash from continuing financing activities 68,079 (25,371)
Net change in cash and cash equivalents 347 2,469
Cash and cash equivalents, beginning of period 2,371 1,655
Cash and cash equivalents, end of period $ 1,891 $ 4,124
XML 42 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Inventories
6 Months Ended
Jun. 30, 2011
Inventories [Abstract]  
Inventories
2. Inventories
Inventories consisted of the following:
                 
    June 30,     December 31,  
    2011     2010  
New vehicles
  $ 954,077     $ 1,011,299  
Used vehicles
    426,751       367,350  
Parts, accessories and other
    75,581       74,897  
 
           
 
               
Total inventories
  $ 1,456,409     $ 1,453,546  
 
           
The Company receives non-refundable credits from certain vehicle manufacturers that reduce cost of sales when the vehicles are sold. Such credits amounted to $16,267 and $12,108 during the six months ended June 30, 2011 and 2010, respectively.
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Long-Term Debt (Details Textuals)
6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2011
USD ($)
Jun. 30, 2011
GBP (£)
Mar. 31, 2011
USD ($)
Dec. 31, 2010
USD ($)
Jun. 30, 2010
Jun. 30, 2011
US Credit Agreement Revolving Credit Line [Member]
USD ($)
Dec. 31, 2010
US Credit Agreement Revolving Credit Line [Member]
USD ($)
Jun. 30, 2011
US Credit Agreement Term Loan [Member]
USD ($)
Dec. 31, 2010
US Credit Agreement Term Loan [Member]
USD ($)
Jun. 30, 2011
US Credit Agreement Letter of Credit [Member]
USD ($)
Jun. 30, 2011
UK Credit Agreement Term Loan [Member]
USD ($)
Dec. 31, 2010
UK Credit Agreement Term Loan [Member]
USD ($)
Jun. 30, 2011
UK Credit Agreement Revolving Credit Line [Member]
USD ($)
Dec. 31, 2010
UK Credit Agreement Revolving Credit Line [Member]
USD ($)
Jun. 30, 2011
UK Credit Agreement Overdraft Line Of Credit [Member]
GBP (£)
Jun. 30, 2011
UK Credit Agreement Overdraft Line Of Credit [Member]
USD ($)
Dec. 31, 2010
UK Credit Agreement Overdraft Line Of Credit [Member]
USD ($)
Jun. 30, 2011
7.75% senior subordinated notes due 2016 [Member]
USD ($)
Dec. 31, 2010
7.75% senior subordinated notes due 2016 [Member]
USD ($)
Dec. 31, 2006
7.75% senior subordinated notes due 2016 [Member]
USD ($)
Jun. 30, 2011
3.5% senior subordinated convertible notes due 2026 [Member]
USD ($)
Mar. 31, 2011
3.5% senior subordinated convertible notes due 2026 [Member]
Jun. 30, 2011
3.5% senior subordinated convertible notes due 2026 [Member]
USD ($)
Sep. 30, 2010
3.5% senior subordinated convertible notes due 2026 [Member]
USD ($)
Dec. 31, 2010
3.5% senior subordinated convertible notes due 2026 [Member]
USD ($)
Jun. 30, 2010
3.5% senior subordinated convertible notes due 2026 [Member]
Jun. 30, 2011
Mortgages [Member]
USD ($)
Dec. 31, 2010
Mortgages [Member]
USD ($)
Long-Term Debt (Textuals) [Abstract]                                                        
Maximum credit available under US and UK credit agreement   £ 92,000,000       $ 300,000,000   $ 134,000,000   $ 10,000,000                                    
Revolving credit interest rate at LIBOR plus           LIBOR Plus 2.75%   LIBOR plus 2.5%     Between 6.39% And 8.29% Payable Quarterly   LIBOR plus 1.1% and Libor Plus 3.0%   Bank of England Base rate plus 1.75                          
Incremental interest rate for uncollateralized borrowings in excess of maximum limit           0.75%                                            
Term loan outstanding under credit agreement 83,471,000 52,000,000           134,000,000   1,250,000                                    
Interest rate range for revolving borrowing under credit agreement           LIBOR Plus 2.75%   LIBOR plus 2.5%     Between 6.39% And 8.29% Payable Quarterly   LIBOR plus 1.1% and Libor Plus 3.0%   Bank of England Base rate plus 1.75                          
Demand over draft line of credit                             10,000,000                          
Debt Instrument, Face Amount                                       375,000,000                
Senior subordinated convertible notes, Interest rate 3.50%       3.50%                         7.75%   7.75% 3.50%   3.50%     3.50%    
Notes Redemption before due date                                   100% Of Principal Plus Make-Whole Premium         100% Of Principal Plus accrued and unpaid interest          
Outstanding Convertible senior notes     87,278,000                                   63,324,000   63,324,000          
Conversion rate of convertible notes                                             42.7796          
Conversion price                                         23.38   23.38          
Terms of conversion                                             (1) in any quarterly period, if the closing price of the common stock for twenty of the last thirty trading days in the prior quarter exceeds $28.05 (subject to adjustment), (2) for specified periods, if the trading price of the Convertible Notes falls below specific thresholds, (3) if the Convertible Notes are called for redemption, (4) if specified distributions to holders of common stock are made or specified corporate transactions occur, (5) if a fundamental change (as defined) occurs, or (6) during the ten trading days prior to, but excluding, the maturity date.          
7.75% Notes Beneficial Conversion Feature                                   equal to the lesser of (i) $1,000 or (ii) the conversion value                    
Payment of cash, common stock or a combination of two, if conversion value exceed                                               1,000        
Terms in event of a conversion due to a change of control                                             Make-Whole premium by Increasing the Conversion Rate Plus Additional Interest if Average Trading Price Exceed 120% of Principal          
Annual effective interest rate on liability component                                         3.50% 8.25%            
Long-term Debt $ 716,807,000     $ 779,878,000   $ 0 $ 0 $ 134,000,000 $ 134,000,000   $ 0 $ 5,505,000 $ 77,050,000 $ 54,597,000   $ 6,421,000 $ 7,116,000 $ 375,000,000 $ 375,000,000   $ 63,324,000   $ 63,324,000   $ 148,884,000   $ 50,249,000 $ 46,052,000
Dates on which holders of the convertible notes may require the company to purchase April 1, 2011, April 1, 2016 or April 1, 2021                                                      
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Equity (Tables)
6 Months Ended
Jun. 30, 2011
Equity (Tables) [Abstract]  
Comprehensive income (loss)
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Attributable to Penske Automotive Group:
                               
Net income
  $ 39,560     $ 29,441     $ 73,487     $ 49,795  
Other comprehensive income (loss):
                               
Foreign currency translation
    2,883       (15,123 )     19,734       (42,831 )
Other
    (4,359 )     4,029       (4,689 )     7,215  
 
                       
 
                               
Total attributable to Penske Automotive Group
    38,084       18,347       88,532       14,179  
 
                               
Attributable to the non-controlling interest:
                               
Income
    499       243       569       221  
 
                       
 
                               
Total comprehensive income
  $ 38,583     $ 18,590     $ 89,101     $ 14,400  
 
                       
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Interim Financial Statements (Details 2) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Summary of fair value of subordinated notes    
Net carrying amount of the liability component $ 716,807 $ 779,878
7.75% senior subordinated notes due 2016 [Member]
   
Summary of fair value of subordinated notes    
Net carrying amount of the liability component 375,000 375,000
Net fair amount of the liability component 382,969  
3.5% senior subordinated convertible notes due 2026 [Member]
   
Summary of fair value of subordinated notes    
Net carrying amount of the liability component 63,324 148,884
Net fair amount of the liability component $ 64,970  

XML 48 R41.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Long-Term debt (Details) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Long Term Debt    
Long-term Debt $ 716,807 $ 779,878
Less: current portion (10,285) (10,593)
Net long-term debt 706,522 769,285
US Credit Agreement Term Loan [Member]
   
Long Term Debt    
Long-term Debt 134,000 134,000
US Credit Agreement Revolving Credit Line [Member]
   
Long Term Debt    
Long-term Debt 0 0
UK Credit Agreement Revolving Credit Line [Member]
   
Long Term Debt    
Long-term Debt 77,050 54,597
UK Credit Agreement Term Loan [Member]
   
Long Term Debt    
Long-term Debt 0 5,505
UK Credit Agreement Overdraft Line Of Credit [Member]
   
Long Term Debt    
Long-term Debt 6,421 7,116
3.5% senior subordinated convertible notes due 2026 [Member]
   
Long Term Debt    
Long-term Debt 63,324 148,884
7.75% senior subordinated notes due 2016 [Member]
   
Long Term Debt    
Long-term Debt 375,000 375,000
Mortgages [Member]
   
Long Term Debt    
Long-term Debt 50,249 46,052
Other Debt Securities [Member]
   
Long Term Debt    
Long-term Debt $ 10,763 $ 8,724
XML 49 R30.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidating Condensed Financial Information (Tables)
6 Months Ended
Jun. 30, 2011
Consolidating Condensed Financial Information (Tables) [Abstract]  
CONSOLIDATING CONDENSED BALANCE SHEET
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Cash and cash equivalents
  $ 3,346     $     $     $ 1,455     $ 1,891  
Accounts receivable, net
    365,794       (287,636 )     287,635       191,091       174,704  
Inventories
    1,456,409                   784,818       671,591  
Other current assets
    91,772             3,529       40,711       47,532  
Assets held for sale
    56,826                   56,826        
 
                             
 
                                       
Total current assets
    1,974,147       (287,636 )     291,164       1,074,901       895,718  
Property and equipment, net
    776,386             4,941       475,265       296,180  
Intangible assets
    1,032,914                   578,196       454,718  
Equity method investments
    288,028             232,836             55,192  
Other long-term assets
    15,404       (1,206,290 )     1,214,041       6,024       1,629  
 
                             
 
                                       
Total assets
  $ 4,086,879     $ (1,493,926 )   $ 1,742,982     $ 2,134,386     $ 1,703,437  
 
                             
 
                                       
Floor plan notes payable
  $ 854,224     $     $     $ 428,753     $ 425,471  
Floor plan notes payable — non-trade
    562,906             45,200       265,768       251,938  
Accounts payable
    215,923             2,440       76,059       137,424  
Accrued expenses
    232,431       (287,636 )     2,787       134,202       383,078  
Current portion of long-term debt
    10,285                   4,366       5,919  
Liabilities held for sale
    52,480                   52,480        
 
                             
 
                                       
Total current liabilities
    1,928,249       (287,636 )     50,427       961,628       1,203,830  
Long-term debt
    706,522       (40,311 )     572,324       53,016       121,493  
Deferred tax liabilities
    169,993                   156,787       13,206  
Other long-term liabilities
    161,884                   115,452       46,432  
 
                             
 
                                       
Total liabilities
    2,966,648       (327,947 )     622,751       1,286,883       1,384,961  
Total equity
    1,120,231       (1,165,979 )     1,120,231       847,503       318,476  
 
                             
 
                                       
Total liabilities and equity
  $ 4,086,879     $ (1,493,926 )   $ 1,742,982     $ 2,134,386     $ 1,703,437  
 
                             
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Cash and cash equivalents
  $ 17,868     $     $     $ 15,497     $ 2,371  
Accounts receivable, net
    383,675       (269,021 )     269,021       228,274       155,401  
Inventories
    1,453,546                   878,571       574,975  
Other current assets
    68,457             1,127       32,371       34,959  
Assets held for sale
    110,485                   110,485        
 
                             
 
                                       
Total current assets
    2,034,031       (269,021 )     270,148       1,265,198       767,706  
Property and equipment, net
    720,834             4,957       448,116       267,761  
Intangible assets
    1,011,889                   489,301       522,588  
Equity method investments
    288,406             234,214             54,192  
Other long-term assets
    14,672       (1,212,538 )     1,222,168       3,088       1,954  
 
                             
 
                                       
Total assets
  $ 4,069,832     $ (1,481,559 )   $ 1,731,487     $ 2,205,703     $ 1,614,201  
 
                             
 
                                       
Floor plan notes payable
  $ 922,295     $     $     $ 570,282     $ 352,013  
Floor plan notes payable — non-trade
    492,595             25,000       288,274       179,321  
Accounts payable
    253,424             2,186       85,926       165,312  
Accrued expenses
    202,644       (269,021 )     564       95,970       375,131  
Current portion of long-term debt
    10,593                   1,264       9,329  
Liabilities held for sale
    79,455                   79,455        
 
                             
 
                                       
Total current liabilities
    1,961,006       (269,021 )     27,750       1,121,171       1,081,106  
Long-term debt
    769,285       (77,593 )     657,884       49,689       139,305  
Deferred tax liabilities
    178,406                   165,666       12,740  
Other long-term liabilities
    115,282                   99,238       16,044  
 
                             
 
                                       
Total liabilities
    3,023,979       (346,614 )     685,634       1,435,764       1,249,195  
Total equity
    1,045,853       (1,134,945 )     1,045,853       769,939       365,006  
 
                             
 
                                       
Total liabilities and equity
  $ 4,069,832     $ (1,481,559 )   $ 1,731,487     $ 2,205,703     $ 1,614,201  
 
                             
CONSOLIDATING CONDENSED STATEMENT OF INCOME
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 2,888,420     $     $     $ 1,659,489     $ 1,228,931  
Cost of sales
    2,424,780                   1,372,419       1,052,361  
 
                             
 
                                       
Gross profit
    463,640                   287,070       176,570  
Selling, general and administrative expenses
    380,350             4,790       232,097       143,463  
Depreciation
    12,093             257       6,538       5,298  
 
                             
 
                                       
Operating income (loss)
    71,197             (5,047 )     48,435       27,809  
Floor plan interest expense
    (7,113 )           (329 )     (3,458 )     (3,326 )
Other interest expense
    (10,575 )           (5,818 )     (638 )     (4,119 )
Debt discount amortization
                             
Equity in earnings of affiliates
    7,882             6,121             1,761  
Equity in earnings of subsidiaries
          (65,965 )     65,965              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    61,391       (65,965 )     60,892       44,339       22,125  
 
                                       
Income taxes
    (20,996 )     22,745       (20,996 )     (16,296 )     (6,449 )
 
                             
 
                                       
Income (loss) from continuing operations
    40,395       (43,220 )     39,896       28,043       15,676  
 
                                       
(Loss) income from discontinued operations, net of tax
    (336 )     336       (336 )     (336 )      
 
                             
 
                                       
Net income (loss)
    40,059       (42,884 )     39,560       27,707       15,676  
Less: Income attributable to non- controlling interests
    499                         499  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 39,560     $ (42,884 )   $ 39,560     $ 27,707     $ 15,177  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 2,614,602     $     $     $ 1,529,401     $ 1,085,201  
Cost of sales
    2,197,796                   1,272,432       925,364  
 
                             
 
                                       
Gross profit
    416,806                   256,969       159,837  
Selling, general and administrative expenses
    339,676             3,497       209,910       126,269  
Depreciation
    11,516             300       6,446       4,770  
 
                             
 
                                       
Operating income (loss)
    65,614             (3,797 )     40,613       28,798  
Floor plan interest expense
    (7,983 )                 (5,829 )     (2,154 )
Other interest expense
    (12,542 )           (8,343 )     (33 )     (4,166 )
Debt discount amortization
    (2,428 )           (2,428 )            
Equity in earnings of affiliates
    4,784             3,937             847  
Gain on debt repurchase
    422             422              
Equity in earnings of subsidiaries
          (57,833 )     57,833              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    47,867       (57,833 )     47,624       34,751       23,325  
Income taxes
    (16,628 )     20,192       (16,628 )     (13,554 )     (6,638 )
 
                             
 
                                       
Income (loss) from continuing operations
    31,239       (37,641 )     30,996       21,197       16,687  
 
                                       
(Loss) income from discontinued operations, net of tax
    (1,555 )     1,555       (1,555 )     (1,555 )      
 
                             
 
                                       
Net income (loss)
    29,684       (36,086 )     29,441       19,642       16,687  
Less: Income attributable to non- controlling interests
    243                         243  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 29,441     $ (36,086 )   $ 29,441     $ 19,642     $ 16,444  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 5,683,907     $     $     $ 3,227,865     $ 2,456,042  
Cost of sales
    4,775,190                   2,678,525       2,096,665  
 
                             
 
                                       
Gross profit
    908,717                   549,340       359,377  
Selling, general and administrative expenses
    738,462             9,739       446,030       282,693  
Depreciation
    24,031             542       12,893       10,596  
 
                             
 
                                       
Operating income (loss)
    146,224             (10,281 )     90,417       66,088  
Floor plan interest expense
    (14,131 )           (462 )     (7,370 )     (6,299 )
Other interest expense
    (21,976 )           (12,234 )     (1,249 )     (8,493 )
Debt discount amortization
    (1,718 )           (1,718 )            
Equity in earnings of affiliates
    7,904             7,352             552  
Equity in earnings of subsidiaries
          (133,077 )     133,077              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    116,303       (133,077 )     115,734       81,798       51,848  
Income taxes
    (37,784 )     43,446       (37,784 )     (28,714 )     (14,732 )
 
                             
 
                                       
Income (loss) from continuing operations
    78,519       (89,631 )     77,950       53,084       37,116  
 
                                       
(Loss) income from discontinued operations, net of tax
    (4,463 )     4,463       (4,463 )     (4,463 )      
 
                             
 
                                       
Net income (loss)
    74,056       (85,168 )     73,487       48,621       37,116  
Less: Income attributable to non- controlling interests
    569                         569  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 73,487     $ (85,168 )   $ 73,487     $ 48,621     $ 36,547  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 5,038,789     $     $     $ 2,856,374     $ 2,182,415  
Cost of sales
    4,221,931                   2,367,531       1,854,400  
 
                             
 
                                       
Gross profit
    816,858                   488,843       328,015  
Selling, general and administrative expenses
    666,039             8,075       403,466       254,498  
Depreciation
    23,374             590       12,890       9,894  
 
                             
 
                                       
Operating income (loss)
    127,445             (8,665 )     72,487       63,623  
Floor plan interest expense
    (16,125 )                 (11,511 )     (4,614 )
Other interest expense
    (25,262 )           (16,390 )     (589 )     (8,283 )
Debt discount amortization
    (5,343 )           (5,343 )            
Equity in earnings of affiliates
    4,355             4,283             72  
Gain on debt repurchase
    1,027             1,027              
Equity in earnings of subsidiaries
          (110,964 )     110,964              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    86,097       (110,964 )     85,876       60,387       50,798  
Income taxes
    (30,878 )     39,899       (30,878 )     (25,754 )     (14,145 )
 
                             
 
                                       
Income (loss) from continuing operations
    55,219       (71,065 )     54,998       34,633       36,653  
 
                                       
(Loss) income from discontinued operations, net of tax
    (5,203 )     5,203       (5,203 )     (5,203 )      
 
                             
 
                                       
Net income (loss)
    50,016       (65,862 )     49,795       29,430       36,653  
Less: Income attributable to non- controlling interests
    221                         221  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 49,795     $ (65,862 )   $ 49,795     $ 29,430     $ 36,432  
 
                             
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2011
                                 
            Penske              
    Total     Automotive     Guarantor     Non-Guarantor  
    Company     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                               
Net cash from continuing operating activities
  $ 43,990     $ 84,594     $ 5,591     $ (46,195 )
 
                       
 
                               
Investing activities:
                               
Purchase of equipment and improvements
    (51,784 )     (1,308 )     (27,754 )     (22,722 )
Dealership acquisitions, net
    (14,011 )           (12,331 )     (1,680 )
Other
    2,865                   2,865  
 
                       
 
                               
Net cash from continuing investing activities
    (62,930 )     (1,308 )     (40,085 )     (21,537 )
 
                       
 
                               
Financing activities:
                               
Repurchase of 3.5% senior subordinated convertible notes
    (87,278 )     (87,278 )            
Net borrowings (repayments) of other long-term debt
    15,372             23,215       (7,843 )
Net borrowings (repayments) of floor plan notes payable — non-trade
    70,311       20,200       (30,056 )     80,167  
Proceeds from exercises of options, including excess tax benefit
    2,698       2,698              
Repurchases of common stock
    (12,413 )     (12,413 )            
Dividends
    (6,493 )     (6,493 )            
Distributions from (to) parent
                4,245       (4,245 )
 
                       
 
                               
Net cash from continuing financing activities
    (17,803 )     (83,286 )     (2,596 )     68,079  
 
                               
Net cash from discontinued operations
    22,221             22,221        
 
                       
 
                               
Net change in cash and cash equivalents
    (14,522 )           (14,869 )     347  
Cash and cash equivalents, beginning of period
    17,868             16,324       1,544  
 
                       
 
                               
Cash and cash equivalents, end of period
  $ 3,346     $     $ 1,455     $ 1,891  
 
                       
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2010
                                 
            Penske              
    Total     Automotive     Guarantor     Non-Guarantor  
    Company     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                               
Net cash from continuing operating activities
  $ 57,526     $ 55,493     $ (35,703 )   $ 37,736  
 
                       
 
                               
Investing activities:
                               
Purchase of equipment and improvements
    (35,989 )           (26,176 )     (9,813 )
Dealership acquisitions, net
    (9,362 )           (9,362 )      
Other
                83       (83 )
 
                       
 
                               
Net cash from continuing investing activities
    (45,351 )           (35,455 )     (9,896 )
 
                       
 
                               
Financing activities:
                               
Repurchase of 3.5% senior subordinated convertible notes
    (113,604 )     (113,604 )            
Net borrowings (repayments) of other long-term debt
    18,503       28,000       7,739       (17,236 )
Net borrowings (repayments) of floor plan notes payable — non-trade
    73,592       29,900       51,354       (7,662 )
Proceeds from exercises of options, including excess tax benefit
    211       211              
Distributions from (to) parent
                473       (473 )
 
                       
 
                               
Net cash from continuing financing activities
    (21,298 )     (55,493 )     59,566       (25,371 )
 
                               
Net cash from discontinued operations
    12,717             12,717        
 
                       
 
                               
Net change in cash and cash equivalents
    3,594             1,125       2,469  
Cash and cash equivalents, beginning of period
    14,584             12,929       1,655  
 
                       
 
                               
Cash and cash equivalents, end of period
  $ 18,178     $     $ 14,054     $ 4,124  
 
                       
XML 50 R18.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Equity
6 Months Ended
Jun. 30, 2011
Equity [Abstract]  
Equity
10. Equity
Comprehensive income (loss)
Other comprehensive income (loss) includes foreign currency translation gains and losses, as well as changes relating to other individually immaterial items, including certain defined benefit plans in the U.K. and changes in the fair value of interest rate swap agreements, each of which has been excluded from net income and reflected in equity. Total comprehensive income (loss) is summarized as follows:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Attributable to Penske Automotive Group:
                               
Net income
  $ 39,560     $ 29,441     $ 73,487     $ 49,795  
Other comprehensive income (loss):
                               
Foreign currency translation
    2,883       (15,123 )     19,734       (42,831 )
Other
    (4,359 )     4,029       (4,689 )     7,215  
 
                       
 
                               
Total attributable to Penske Automotive Group
    38,084       18,347       88,532       14,179  
 
                               
Attributable to the non-controlling interest:
                               
Income
    499       243       569       221  
 
                       
 
                               
Total comprehensive income
  $ 38,583     $ 18,590     $ 89,101     $ 14,400  
 
                       
During the second quarter of 2011, the Company acquired 618 shares at an average price of $20.08 for a total of $12,413.
XML 51 R11.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Business Combinations
6 Months Ended
Jun. 30, 2011
Business Combinations [Abstract]  
Business Combinations
3. Business Combinations
The Company acquired three franchises during both the six months ended June 30, 2011 and 2010 in its retail operations (not including the German operations noted below). The Company’s financial statements include the results of operations of the acquired dealerships from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in the Company’s consolidated condensed financial statements, and may be subject to adjustment pending completion of the final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the six months ended June 30, 2011 and 2010 follows:
                 
    June 30,  
    2011     2010  
Accounts receivable
  $ 953     $  
Inventory
    7,923       6,336  
Other current assets
          17  
Property and equipment
    1,671        
Goodwill
    7,038       3,014  
Other assets
    628        
Current liabilities
    (2,491 )     (5 )
 
           
Total consideration
    15,722       9,362  
Seller financed/assumed debt
    (1,711 )      
 
           
Cash used in dealership acquisitions
  $ 14,011     $ 9,362  
 
           
In the first quarter of 2010, the Company exited one of its German joint ventures by exchanging its 50% interest in the joint venture for 100% ownership in three BMW franchises previously held by the joint venture. The Company recorded $13,331 of intangible assets in connection with this transaction.
Subsequent to June 30, 2011, the Company acquired four franchises, including BMW and MINI in Santa Ana, California, and Mercedes-Benz and Maybach in Greenwich, Connecticut, for an aggregate of $170,000, which includes goodwill, net assets, and real estate. The Company subsequently entered into $28,240 in mortgages with respect to the real estate at its newly acquired Santa Ana, California properties. The Company is still in the process of completing final purchase accounting which is estimated to be completed during the third quarter of 2011.
XML 52 R21.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Interim Financial Statements (Policies)
6 Months Ended
Jun. 30, 2011
Interim Financial Statements (Policies) [Abstract]  
Business overview
Penske Automotive Group, Inc. (the “Company”) is the second largest automotive retailer headquartered in the U.S. as measured by total revenue. As of June 30, 2011, the Company operated 323 retail franchises, of which 168 franchises are located in the U.S. and 155 franchises are located outside of the U.S. The franchises outside the U.S. are located primarily in the U.K. Each of the Company’s dealerships offers a wide selection of new and used vehicles for sale. In addition to selling new and used vehicles, the Company generates higher-margin revenue at each of its dealerships through maintenance and repair services and the sale and placement of higher-margin products, such as third-party finance and insurance products, third-party extended service contracts and replacement and aftermarket automotive products. The Company also holds a 9.0% limited partnership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading global transportation services provider.
During the six months ended June 30, 2011, the Company was awarded four franchises, acquired three franchises, and disposed of seven franchises.
On June 30, 2011, smart USA Distributor, LLC, the Company’s wholly owned subsidiary, completed the sale of certain assets and the transfer of certain liabilities relating to the distribution rights, management, sales and marketing activities of smart USA to Daimler Vehicle Innovations LLC (“DVI”), a wholly owned subsidiary of Mercedes-Benz USA. The aggregate cash purchase price for the assets, which included certain vehicles, parts, signage and other items valued at fair market value, was $44,462, of which $688 is to be paid in the third quarter of 2011 subject to a final reconciliation of the assets delivered at closing. This amount also includes reimbursement of certain operating and wind-down costs of smart USA. As a result, smart USA has been treated as a discontinued operation for all periods presented in the accompanying financial statements.
Basis of Presentation
The unaudited consolidated condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the SEC rules and regulations. The information presented as of June 30, 2011 and December 31, 2010 and for the three and six month periods ended June 30, 2011 and 2010 is unaudited, but includes all adjustments which the management of the Company believes to be necessary for the fair presentation of results for the periods presented. The consolidated condensed financial statements for prior periods have been revised for entities which have been treated as discontinued operations through June 30, 2011, and the results for interim periods are not necessarily indicative of results to be expected for the year. These consolidated condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2010, which are included as part of the Company’s Annual Report on Form 10-K.
Results for three and six months ended June 30, 2010 include a $422 and $1,027 pre-tax gain relating to the repurchase of $41,548 and $112,658 aggregate principal amount of the Company’s 3.5% senior subordinated convertible notes (“Convertible Notes”).
Discontinued Operations
The Company accounts for dispositions in its retail operations as discontinued operations when it is evident that the operations and cash flows of a franchise being disposed of will be eliminated from on-going operations and that the Company will not have any significant continuing involvement in its operations. As noted above, the Company has accounted for the disposition of its smart USA distribution operation as a discontinued operation.
In evaluating whether the cash flows of a dealership in its Retail reportable segment will be eliminated from ongoing operations, the Company considers whether it is likely that customers will migrate to similar franchises that it owns in the same geographic market. The Company’s consideration includes an evaluation of the brands sold at other dealerships it operates in the market and their proximity to the disposed dealership. When the Company disposes of franchises, it typically does not have continuing brand representation in that market. If the franchise being disposed of is located in a complex of Company owned dealerships, the Company does not treat the disposition as a discontinued operation if it believes that the cash flows previously generated by the disposed franchise will be replaced by expanded operations of the remaining or replacement franchises.
The distribution segment has been presented as a discontinued operation due to the transition of the distribution rights of the smart fortwo from smart USA to DVI that was completed in June 2011. The Company does not have any continuing role in the distribution of the smart fortwo, and as a result, no longer has any significant operations or cash flows relating to distribution activities.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets and certain reserves.
Fair Value of Financial Instruments
Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, floor plan notes payable, and interest rate swaps used to hedge future cash flows. Other than our subordinated notes, the carrying amount of all significant financial instruments approximates fair value due either to length of maturity, the existence of variable interest rates that approximate prevailing market rates, or as a result of mark to market accounting. A summary of the fair value of the subordinated notes, based on quoted, level one market data, follows:
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Floor Plans Notes Payable - Trade and Non -Trade (Details)
6 Months Ended
Jun. 30, 2011
Floor Plans Notes Payable - Trade and Non Trade (Textuals) [Abstract]  
Maturity period of floor plan arrangements outside the U.S. if not payable on demand 90 days or less
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Segment Information (Tables)
6 Months Ended
Jun. 30, 2011
Segment Information (Tables) [Abstract]  
Revenues and adjusted segment income by reportable segment
                         
            PAG        
    Retail     Investments     Total  
Revenues
                       
2011
  $ 2,888,420     $     $ 2,888,420  
2010
    2,614,602             2,614,602  
Adjusted segment income
                       
2011
    55,123       6,268       61,391  
2010
    43,343       4,102       47,445  
Six Months Ended June 30
                         
            PAG        
    Retail     Investments     Total  
Revenues
                       
2011
  $ 5,683,907     $     $ 5,683,907  
2010
    5,038,789             5,038,789  
Adjusted segment income
                       
2011
    108,911       7,392       116,303  
2010
    81,473       3,597       85,070  
Reconciliation of total adjusted segment income to consolidated income from continuing operations before income taxes
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Adjusted segment income
  $ 61,391     $ 47,445     $ 116,303     $ 85,070  
Gain on debt repurchase
          422             1,027  
 
                       
 
                               
Income from continuing operations before income taxes
  $ 61,391     $ 47,867     $ 116,303     $ 86,097  
 
                       
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Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities:    
Net income $ 74,056 $ 50,016
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 24,031 23,374
Debt discount amortization 1,718 5,343
Earnings of equity method investments (7,904) (4,355)
Loss from discontinued operations, net of tax 4,463 5,203
Deferred income taxes 12,888 11,398
Gain on debt repurchase   (1,027)
Changes in operating assets and liabilities:    
Accounts receivable 20,290 (25,757)
Inventories 5,060 (47,111)
Floor plan notes payable (68,071) 20,438
Accounts payable and accrued expenses (10,691) 16,876
Other (11,850) 3,128
Net cash from continuing operating activities 43,990 57,526
Investing Activities:    
Purchase of equipment and improvements (51,784) (35,989)
Dealership acquisitions, net, including repayment of sellers' floor plan notes payable of $5,862 and $5,683, respectively (14,011) (9,362)
Other 2,865  
Net cash from continuing investing activities (62,930) (45,351)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 156,000 320,600
Repayments under U.S. credit agreement revolving credit line (156,000) (292,600)
Repurchase of 3.5% senior subordinated convertible notes (87,278) (113,604)
Net borrowings (repayments) of other long-term debt 15,372 (9,497)
Net borrowings of floor plan notes payable - non-trade 70,311 73,592
Proceeds from exercises of options, including excess tax benefit 2,698 211
Repurchases of common stock (12,413)  
Dividends (6,493)  
Net cash from continuing financing activities (17,803) (21,298)
Discontinued operations:    
Net cash from discontinued operating activities (20,466) 5,627
Net cash from discontinued investing activities 47,915 4,796
Net cash from discontinued financing activities (5,228) 2,294
Net cash from discontinued operations 22,221 12,717
Net change in cash and cash equivalents (14,522) 3,594
Cash and cash equivalents, beginning of period 17,868 14,584
Cash and cash equivalents, end of period 3,346 18,178
Cash paid for:    
Interest 37,752 43,876
Income taxes 23,442 14,121
Seller financed/assumed debt $ 4,865  
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Interim Financial Statements (Tables)
6 Months Ended
Jun. 30, 2011
Interim Financial Statements (Tables) [Abstract]  
Combined financial information regarding entities accounted for as discontinued operations.
                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2011     2010     2011     2010  
Revenues
  $ 73,943     $ 97,824     $ 158,954     $ 171,411  
Pre-tax (loss) income
    (1,153 )     (2,138 )     (9,061 )     (7,831 )
Gain (loss) on disposal
    695       (235 )     1,765       (261 )
Balance Sheet information regarding entities accounted for as discontinued operations
                 
    June 30,     December 31,  
    2011     2010  
Inventories
  $ 28,515     $ 70,680  
Other assets
    28,311       39,805  
 
           
Total assets
  $ 56,826     $ 110,485  
 
           
 
               
Floor plan notes payable (including non-trade)
  $ 26,519     $ 63,825  
Other liabilities
    25,961       15,630  
 
           
Total liabilities
  $ 52,480     $ 79,455  
 
           
Summary of fair value of subordinated notes
                 
    June 30, 2011  
    Carrying Value     Fair Value  
7.75% senior subordinated notes due 2016
  $ 375,000     $ 382,969  
3.5% senior subordinated convertible notes due 2026
    63,324       64,970  
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Commitments and Contingent Liabilities (Details) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Commitments and Contingent Liabilities (Textuals)  
Lease period, minimum 5 years
Lease period, maximum 20 years
Letters of credit outstanding $ 20,066
Surety bonds posted $ 14,263
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Business Combinations (Tables)
6 Months Ended
Jun. 30, 2011
Business Combinations (Tables) [Abstract]  
Summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed
                 
    June 30,  
    2011     2010  
Accounts receivable
  $ 953     $  
Inventory
    7,923       6,336  
Other current assets
          17  
Property and equipment
    1,671        
Goodwill
    7,038       3,014  
Other assets
    628        
Current liabilities
    (2,491 )     (5 )
 
           
Total consideration
    15,722       9,362  
Seller financed/assumed debt
    (1,711 )      
 
           
Cash used in dealership acquisitions
  $ 14,011     $ 9,362  
 
           
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Consolidated Condensed Statement of Equity (Unaudited) (USD $)
In Thousands, except Share data
Total
Total Stockholders' Equity Attributable to Penske Automotive Group
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interest
Balance at Dec. 31, 2010 $ 1,045,853 $ 1,041,550 $ 9 $ 738,728 $ 304,486 $ (1,673) $ 4,303
Balance, shares at Dec. 31, 2010     92,099,552        
Equity compensation 3,012 3,012   3,012      
Equity compensation, shares     389,155        
Repurchases of common stock (12,413) (12,413)   (12,413)      
Repurchases of common stock, shares 618   (618,209)        
Dividends (6,493) (6,493)     (6,493)    
Exercise of options, including tax benefit of $856 2,698 2,698   2,698      
Exercise of options, including tax benefit of $856, shares     191,668        
Distributions to non-controlling interests (1,059)           (1,059)
Purchase of subsidiary shares from non-controlling interest (850) (853)   (853)     3
Sale of subsidiary shares to non-controlling interest 382 225   225     157
Foreign currency translation 19,734 19,734       19,734  
Other (4,689) (4,689)       (4,689)  
Net income 74,056 73,487     73,487   569
Balance at Jun. 30, 2011 $ 1,120,231 $ 1,116,258 $ 9 $ 731,397 $ 371,480 $ 13,372 $ 3,973
Balance, shares at Jun. 30, 2011     92,062,166        
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Interest Rate Swaps
6 Months Ended
Jun. 30, 2011
Interest Rate Swaps [Abstract]  
Interest Rate Swaps
8. Interest Rate Swaps
The Company periodically uses interest rate swaps to manage interest rate risk associated with the Company’s variable rate floor plan debt. The Company is party to forward-starting interest rate swap agreements beginning January 2012 and maturing December 2014 pursuant to which the LIBOR portion of $300,000 of the Company’s floating rate floor plan debt is fixed at a rate of 2.135% and $100,000 of the Company’s floating rate floor plan debt is fixed at a rate of 1.55%. The Company may terminate these agreements at any time, subject to the settlement of the then current fair value of the swap arrangements.
The Company used Level 2 inputs to estimate the fair value of the interest rate swap agreements. As of June 30, 2011, the fair value of the swaps designated as hedging instruments was estimated to be a net liability of $6,259.
During 2010 and through January 2011, the Company was party to interest rate swap agreements pursuant to which the LIBOR portion of $300,000 of the Company’s floating rate floor plan debt was fixed at 3.67%. During the six months ended June 30, 2011, there was no hedge ineffectiveness recorded in the Company’s income statement and the impact of the swaps on the weighted average interest rate of the Company’s floor plan borrowings was insignificant. During the six months ended June 30, 2010, the Company recognized a net gain in accumulated other comprehensive income (loss) of $1,328 related to the effective portion of the interest rate swap agreements designated as hedging instruments, and reclassified $2,207 of the existing derivative losses from accumulated other comprehensive income (loss) into floor plan interest expense. Additionally, during the six months ended June 30, 2010, the swaps increased the weighted average interest rate on the Company’s floor plan borrowings by approximately 0.4%.
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Interim Financial Statements (Details Textuals) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
7.75% senior subordinated notes due 2016 [Member]
Dec. 31, 2006
7.75% senior subordinated notes due 2016 [Member]
Jun. 30, 2010
3.5% senior subordinated convertible notes due 2026 [Member]
Jun. 30, 2010
3.5% senior subordinated convertible notes due 2026 [Member]
Jun. 30, 2011
3.5% senior subordinated convertible notes due 2026 [Member]
Interim Financial Statement (Textuals)                
Pre tax gain relating to convertible notes repurchased $ 422   $ 1,027     $ 422 $ 1,027  
Face value of 3.5% senior subordinated convertible notes repurchased           41,548 112,658  
Senior subordinated convertible notes due 2026, interest rate 3.50% 3.50% 3.50% 7.75% 7.75% 3.50% 3.50% 3.50%
Interim Financial Statements (Textuals) [Abstract]                
Total number of owned and operated franchises   323            
Number of owned and operated franchises in US   168            
Number of owned and operated franchises outside US   155            
Awarded franchises   4            
Acquired franchises   3            
Disposed franchises   7            
Disposed smart centers   4            
Aggregate cash purchase price for the assets   44,462            
Limited partnership interest in Penske Truck Leasing Co.   9.00%            
Business acquisition purchase price allocation assets acquired cash paid   $ 688            
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Consolidating Condensed Financial Information
6 Months Ended
Jun. 30, 2011
Consolidating Condensed Financial Information [Abstract]  
Consolidating Condensed Financial Information
12. Consolidating Condensed Financial Information
The following tables include condensed consolidating financial information as of June 30, 2011 and December 31, 2010 and for the three and six month periods ended June 30, 2011 and 2010 for Penske Automotive Group, Inc. (as the issuer of the Convertible Notes and the 7.75% Notes), guarantor subsidiaries and non-guarantor subsidiaries (primarily representing foreign entities). The condensed consolidating financial information includes certain allocations of balance sheet, income statement and cash flow items which are not necessarily indicative of the financial position, results of operations and cash flows of these entities on a stand-alone basis.
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Cash and cash equivalents
  $ 3,346     $     $     $ 1,455     $ 1,891  
Accounts receivable, net
    365,794       (287,636 )     287,635       191,091       174,704  
Inventories
    1,456,409                   784,818       671,591  
Other current assets
    91,772             3,529       40,711       47,532  
Assets held for sale
    56,826                   56,826        
 
                             
 
                                       
Total current assets
    1,974,147       (287,636 )     291,164       1,074,901       895,718  
Property and equipment, net
    776,386             4,941       475,265       296,180  
Intangible assets
    1,032,914                   578,196       454,718  
Equity method investments
    288,028             232,836             55,192  
Other long-term assets
    15,404       (1,206,290 )     1,214,041       6,024       1,629  
 
                             
 
                                       
Total assets
  $ 4,086,879     $ (1,493,926 )   $ 1,742,982     $ 2,134,386     $ 1,703,437  
 
                             
 
                                       
Floor plan notes payable
  $ 854,224     $     $     $ 428,753     $ 425,471  
Floor plan notes payable — non-trade
    562,906             45,200       265,768       251,938  
Accounts payable
    215,923             2,440       76,059       137,424  
Accrued expenses
    232,431       (287,636 )     2,787       134,202       383,078  
Current portion of long-term debt
    10,285                   4,366       5,919  
Liabilities held for sale
    52,480                   52,480        
 
                             
 
                                       
Total current liabilities
    1,928,249       (287,636 )     50,427       961,628       1,203,830  
Long-term debt
    706,522       (40,311 )     572,324       53,016       121,493  
Deferred tax liabilities
    169,993                   156,787       13,206  
Other long-term liabilities
    161,884                   115,452       46,432  
 
                             
 
                                       
Total liabilities
    2,966,648       (327,947 )     622,751       1,286,883       1,384,961  
Total equity
    1,120,231       (1,165,979 )     1,120,231       847,503       318,476  
 
                             
 
                                       
Total liabilities and equity
  $ 4,086,879     $ (1,493,926 )   $ 1,742,982     $ 2,134,386     $ 1,703,437  
 
                             
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Cash and cash equivalents
  $ 17,868     $     $     $ 15,497     $ 2,371  
Accounts receivable, net
    383,675       (269,021 )     269,021       228,274       155,401  
Inventories
    1,453,546                   878,571       574,975  
Other current assets
    68,457             1,127       32,371       34,959  
Assets held for sale
    110,485                   110,485        
 
                             
 
                                       
Total current assets
    2,034,031       (269,021 )     270,148       1,265,198       767,706  
Property and equipment, net
    720,834             4,957       448,116       267,761  
Intangible assets
    1,011,889                   489,301       522,588  
Equity method investments
    288,406             234,214             54,192  
Other long-term assets
    14,672       (1,212,538 )     1,222,168       3,088       1,954  
 
                             
 
                                       
Total assets
  $ 4,069,832     $ (1,481,559 )   $ 1,731,487     $ 2,205,703     $ 1,614,201  
 
                             
 
                                       
Floor plan notes payable
  $ 922,295     $     $     $ 570,282     $ 352,013  
Floor plan notes payable — non-trade
    492,595             25,000       288,274       179,321  
Accounts payable
    253,424             2,186       85,926       165,312  
Accrued expenses
    202,644       (269,021 )     564       95,970       375,131  
Current portion of long-term debt
    10,593                   1,264       9,329  
Liabilities held for sale
    79,455                   79,455        
 
                             
 
                                       
Total current liabilities
    1,961,006       (269,021 )     27,750       1,121,171       1,081,106  
Long-term debt
    769,285       (77,593 )     657,884       49,689       139,305  
Deferred tax liabilities
    178,406                   165,666       12,740  
Other long-term liabilities
    115,282                   99,238       16,044  
 
                             
 
                                       
Total liabilities
    3,023,979       (346,614 )     685,634       1,435,764       1,249,195  
Total equity
    1,045,853       (1,134,945 )     1,045,853       769,939       365,006  
 
                             
 
                                       
Total liabilities and equity
  $ 4,069,832     $ (1,481,559 )   $ 1,731,487     $ 2,205,703     $ 1,614,201  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 2,888,420     $     $     $ 1,659,489     $ 1,228,931  
Cost of sales
    2,424,780                   1,372,419       1,052,361  
 
                             
 
                                       
Gross profit
    463,640                   287,070       176,570  
Selling, general and administrative expenses
    380,350             4,790       232,097       143,463  
Depreciation
    12,093             257       6,538       5,298  
 
                             
 
                                       
Operating income (loss)
    71,197             (5,047 )     48,435       27,809  
Floor plan interest expense
    (7,113 )           (329 )     (3,458 )     (3,326 )
Other interest expense
    (10,575 )           (5,818 )     (638 )     (4,119 )
Debt discount amortization
                             
Equity in earnings of affiliates
    7,882             6,121             1,761  
Equity in earnings of subsidiaries
          (65,965 )     65,965              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    61,391       (65,965 )     60,892       44,339       22,125  
 
                                       
Income taxes
    (20,996 )     22,745       (20,996 )     (16,296 )     (6,449 )
 
                             
 
                                       
Income (loss) from continuing operations
    40,395       (43,220 )     39,896       28,043       15,676  
 
                                       
(Loss) income from discontinued operations, net of tax
    (336 )     336       (336 )     (336 )      
 
                             
 
                                       
Net income (loss)
    40,059       (42,884 )     39,560       27,707       15,676  
Less: Income attributable to non- controlling interests
    499                         499  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 39,560     $ (42,884 )   $ 39,560     $ 27,707     $ 15,177  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 2,614,602     $     $     $ 1,529,401     $ 1,085,201  
Cost of sales
    2,197,796                   1,272,432       925,364  
 
                             
 
                                       
Gross profit
    416,806                   256,969       159,837  
Selling, general and administrative expenses
    339,676             3,497       209,910       126,269  
Depreciation
    11,516             300       6,446       4,770  
 
                             
 
                                       
Operating income (loss)
    65,614             (3,797 )     40,613       28,798  
Floor plan interest expense
    (7,983 )                 (5,829 )     (2,154 )
Other interest expense
    (12,542 )           (8,343 )     (33 )     (4,166 )
Debt discount amortization
    (2,428 )           (2,428 )            
Equity in earnings of affiliates
    4,784             3,937             847  
Gain on debt repurchase
    422             422              
Equity in earnings of subsidiaries
          (57,833 )     57,833              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    47,867       (57,833 )     47,624       34,751       23,325  
Income taxes
    (16,628 )     20,192       (16,628 )     (13,554 )     (6,638 )
 
                             
 
                                       
Income (loss) from continuing operations
    31,239       (37,641 )     30,996       21,197       16,687  
 
                                       
(Loss) income from discontinued operations, net of tax
    (1,555 )     1,555       (1,555 )     (1,555 )      
 
                             
 
                                       
Net income (loss)
    29,684       (36,086 )     29,441       19,642       16,687  
Less: Income attributable to non- controlling interests
    243                         243  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 29,441     $ (36,086 )   $ 29,441     $ 19,642     $ 16,444  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2011
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 5,683,907     $     $     $ 3,227,865     $ 2,456,042  
Cost of sales
    4,775,190                   2,678,525       2,096,665  
 
                             
 
                                       
Gross profit
    908,717                   549,340       359,377  
Selling, general and administrative expenses
    738,462             9,739       446,030       282,693  
Depreciation
    24,031             542       12,893       10,596  
 
                             
 
                                       
Operating income (loss)
    146,224             (10,281 )     90,417       66,088  
Floor plan interest expense
    (14,131 )           (462 )     (7,370 )     (6,299 )
Other interest expense
    (21,976 )           (12,234 )     (1,249 )     (8,493 )
Debt discount amortization
    (1,718 )           (1,718 )            
Equity in earnings of affiliates
    7,904             7,352             552  
Equity in earnings of subsidiaries
          (133,077 )     133,077              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    116,303       (133,077 )     115,734       81,798       51,848  
Income taxes
    (37,784 )     43,446       (37,784 )     (28,714 )     (14,732 )
 
                             
 
                                       
Income (loss) from continuing operations
    78,519       (89,631 )     77,950       53,084       37,116  
 
                                       
(Loss) income from discontinued operations, net of tax
    (4,463 )     4,463       (4,463 )     (4,463 )      
 
                             
 
                                       
Net income (loss)
    74,056       (85,168 )     73,487       48,621       37,116  
Less: Income attributable to non- controlling interests
    569                         569  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 73,487     $ (85,168 )   $ 73,487     $ 48,621     $ 36,547  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2010
                                         
                    Penske              
    Total             Automotive     Guarantor     Non-Guarantor  
    Company     Eliminations     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                                       
Revenues
  $ 5,038,789     $     $     $ 2,856,374     $ 2,182,415  
Cost of sales
    4,221,931                   2,367,531       1,854,400  
 
                             
 
                                       
Gross profit
    816,858                   488,843       328,015  
Selling, general and administrative expenses
    666,039             8,075       403,466       254,498  
Depreciation
    23,374             590       12,890       9,894  
 
                             
 
                                       
Operating income (loss)
    127,445             (8,665 )     72,487       63,623  
Floor plan interest expense
    (16,125 )                 (11,511 )     (4,614 )
Other interest expense
    (25,262 )           (16,390 )     (589 )     (8,283 )
Debt discount amortization
    (5,343 )           (5,343 )            
Equity in earnings of affiliates
    4,355             4,283             72  
Gain on debt repurchase
    1,027             1,027              
Equity in earnings of subsidiaries
          (110,964 )     110,964              
 
                             
 
                                       
Income (loss) from continuing operations before income taxes
    86,097       (110,964 )     85,876       60,387       50,798  
Income taxes
    (30,878 )     39,899       (30,878 )     (25,754 )     (14,145 )
 
                             
 
                                       
Income (loss) from continuing operations
    55,219       (71,065 )     54,998       34,633       36,653  
 
                                       
(Loss) income from discontinued operations, net of tax
    (5,203 )     5,203       (5,203 )     (5,203 )      
 
                             
 
                                       
Net income (loss)
    50,016       (65,862 )     49,795       29,430       36,653  
Less: Income attributable to non- controlling interests
    221                         221  
 
                             
 
                                       
Net income (loss) attributable to Penske Automotive Group common stockholders
  $ 49,795     $ (65,862 )   $ 49,795     $ 29,430     $ 36,432  
 
                             
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2011
                                 
            Penske              
    Total     Automotive     Guarantor     Non-Guarantor  
    Company     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                               
Net cash from continuing operating activities
  $ 43,990     $ 84,594     $ 5,591     $ (46,195 )
 
                       
 
                               
Investing activities:
                               
Purchase of equipment and improvements
    (51,784 )     (1,308 )     (27,754 )     (22,722 )
Dealership acquisitions, net
    (14,011 )           (12,331 )     (1,680 )
Other
    2,865                   2,865  
 
                       
 
                               
Net cash from continuing investing activities
    (62,930 )     (1,308 )     (40,085 )     (21,537 )
 
                       
 
                               
Financing activities:
                               
Repurchase of 3.5% senior subordinated convertible notes
    (87,278 )     (87,278 )            
Net borrowings (repayments) of other long-term debt
    15,372             23,215       (7,843 )
Net borrowings (repayments) of floor plan notes payable — non-trade
    70,311       20,200       (30,056 )     80,167  
Proceeds from exercises of options, including excess tax benefit
    2,698       2,698              
Repurchases of common stock
    (12,413 )     (12,413 )            
Dividends
    (6,493 )     (6,493 )            
Distributions from (to) parent
                4,245       (4,245 )
 
                       
 
                               
Net cash from continuing financing activities
    (17,803 )     (83,286 )     (2,596 )     68,079  
 
                               
Net cash from discontinued operations
    22,221             22,221        
 
                       
 
                               
Net change in cash and cash equivalents
    (14,522 )           (14,869 )     347  
Cash and cash equivalents, beginning of period
    17,868             16,324       1,544  
 
                       
 
                               
Cash and cash equivalents, end of period
  $ 3,346     $     $ 1,455     $ 1,891  
 
                       
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2010
                                 
            Penske              
    Total     Automotive     Guarantor     Non-Guarantor  
    Company     Group     Subsidiaries     Subsidiaries  
    (In thousands)  
 
                               
Net cash from continuing operating activities
  $ 57,526     $ 55,493     $ (35,703 )   $ 37,736  
 
                       
 
                               
Investing activities:
                               
Purchase of equipment and improvements
    (35,989 )           (26,176 )     (9,813 )
Dealership acquisitions, net
    (9,362 )           (9,362 )      
Other
                83       (83 )
 
                       
 
                               
Net cash from continuing investing activities
    (45,351 )           (35,455 )     (9,896 )
 
                       
 
                               
Financing activities:
                               
Repurchase of 3.5% senior subordinated convertible notes
    (113,604 )     (113,604 )            
Net borrowings (repayments) of other long-term debt
    18,503       28,000       7,739       (17,236 )
Net borrowings (repayments) of floor plan notes payable — non-trade
    73,592       29,900       51,354       (7,662 )
Proceeds from exercises of options, including excess tax benefit
    211       211              
Distributions from (to) parent
                473       (473 )
 
                       
 
                               
Net cash from continuing financing activities
    (21,298 )     (55,493 )     59,566       (25,371 )
 
                               
Net cash from discontinued operations
    12,717             12,717        
 
                       
 
                               
Net change in cash and cash equivalents
    3,594             1,125       2,469  
Cash and cash equivalents, beginning of period
    14,584             12,929       1,655  
 
                       
 
                               
Cash and cash equivalents, end of period
  $ 18,178     $     $ 14,054     $ 4,124  
 
                       
XML 63 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Condensed Balance Sheets (Unaudited) (USD $)
In Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2011
Dec. 31, 2010
ASSETS    
Cash and cash equivalents $ 3,346 $ 17,868
Accounts receivable, net of allowance for doubtful accounts of $2,180 and $1,902 365,794 383,675
Inventories 1,456,409 1,453,546
Other current assets 91,772 68,457
Assets held for sale 56,826 110,485
Total current assets 1,974,147 2,034,031
Property and equipment, net 776,386 720,834
Goodwill 826,969 808,488
Franchise value 205,945 203,401
Equity method investments 288,028 288,406
Other long-term assets 15,404 14,672
Total assets 4,086,879 4,069,832
LIABILITIES AND EQUITY    
Floor plan notes payable 854,224 922,295
Floor plan notes payable - non-trade 562,906 492,595
Accounts payable 215,923 253,424
Accrued expenses 232,431 202,644
Current portion of long-term debt 10,285 10,593
Liabilities held for sale 52,480 79,455
Total current liabilities 1,928,249 1,961,006
Long-term debt 706,522 769,285
Deferred tax liabilities 169,993 178,406
Other long-term liabilities 161,884 115,282
Total liabilities 2,966,648 3,023,979
Commitments and contingent liabilities    
Penske Automotive Group stockholders' equity:    
Preferred Stock, $0.0001 par value; 100 shares authorized; none issued and outstanding 0 0
Common Stock, $0.0001 par value, 240,000 shares authorized; 92,062 shares issued and outstanding at June 30, 2011; 92,100 shares issued and outstanding at December 31, 2010 9 9
Additional paid-in-capital 731,397 738,728
Retained earnings 371,480 304,486
Accumulated other comprehensive income (loss) 13,372 (1,673)
Total Penske Automotive Group stockholders' equity 1,116,258 1,041,550
Non-controlling interest 3,973 4,303
Total equity 1,120,231 1,045,853
Total liabilities and equity 4,086,879 4,069,832
Non-voting Common Stock, $0.0001 par value, 7,125 shares authorized; none issued and outstanding
   
Penske Automotive Group stockholders' equity:    
Common Stock, $0.0001 par value, 240,000 shares authorized; 92,062 shares issued and outstanding at June 30, 2011; 92,100 shares issued and outstanding at December 31, 2010 0 0
Class C Common Stock, $0.0001 par value, 20,000 shares authorized; none issued and outstanding
   
Penske Automotive Group stockholders' equity:    
Common Stock, $0.0001 par value, 240,000 shares authorized; 92,062 shares issued and outstanding at June 30, 2011; 92,100 shares issued and outstanding at December 31, 2010 $ 0 $ 0
XML 64 R36.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Inventories (Details Textuals) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Inventories (Textuals) [Abstract]    
Interest credits and advertising assistance $ 16,267 $ 12,108
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Consolidating Condensed Financial Information (Details) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Jun. 30, 2010
Dec. 31, 2009
CONSOLIDATING CONDENSED BALANCE SHEET        
Cash and cash equivalents $ 3,346 $ 17,868 $ 18,178 $ 14,584
Accounts receivable, net 365,794 383,675    
Inventories 1,456,409 1,453,546    
Other current assets 91,772 68,457    
Assets held for sale 56,826 110,485    
Total current assets 1,974,147 2,034,031    
Property and equipment, net 776,386 720,834    
Intangible assets 1,032,914 1,011,889    
Equity method investments 288,028 288,406    
Other long-term assets 15,404 14,672    
Total assets 4,086,879 4,069,832    
Floor plan notes payable 854,224 922,295    
Floor plan notes payable - non-trade 562,906 492,595    
Accounts payable 215,923 253,424    
Accrued expenses 232,431 202,644    
Current portion of long-term debt 10,285 10,593    
Liabilities held for sale 52,480 79,455    
Total current liabilities 1,928,249 1,961,006    
Long-term debt 706,522 769,285    
Deferred tax liabilities 169,993 178,406    
Other long-term liabilities 161,884 115,282    
Total liabilities 2,966,648 3,023,979    
Total equity 1,120,231 1,045,853    
Total liabilities and equity 4,086,879 4,069,832    
Penske Automotive Group [Member]
       
CONSOLIDATING CONDENSED BALANCE SHEET        
Cash and cash equivalents 0 0    
Accounts receivable, net 287,635 269,021    
Inventories 0 0    
Other current assets 3,529 1,127    
Assets held for sale 0 0    
Total current assets 291,164 270,148    
Property and equipment, net 4,941 4,957    
Intangible assets 0 0    
Equity method investments 232,836 234,214    
Other long-term assets 1,214,041 1,222,168    
Total assets 1,742,982 1,731,487    
Floor plan notes payable 0 0    
Floor plan notes payable - non-trade 45,200 25,000    
Accounts payable 2,440 2,186    
Accrued expenses 2,787 564    
Current portion of long-term debt 0 0    
Liabilities held for sale 0 0    
Total current liabilities 50,427 27,750    
Long-term debt 572,324 657,884    
Deferred tax liabilities 0 0    
Other long-term liabilities 0 0    
Total liabilities 622,751 685,634    
Total equity 1,120,231 1,045,853    
Total liabilities and equity 1,742,982 1,731,487    
Eliminations [Member]
       
CONSOLIDATING CONDENSED BALANCE SHEET        
Cash and cash equivalents 0 0    
Accounts receivable, net (287,636) (269,021)    
Inventories 0 0    
Other current assets 0 0    
Assets held for sale 0 0    
Total current assets (287,636) (269,021)    
Property and equipment, net 0 0    
Intangible assets 0 0    
Equity method investments 0 0    
Other long-term assets (1,206,290) (1,212,538)    
Total assets (1,493,926) (1,481,559)    
Floor plan notes payable 0 0    
Floor plan notes payable - non-trade 0 0    
Accounts payable 0 0    
Accrued expenses (287,636) (269,021)    
Current portion of long-term debt 0 0    
Liabilities held for sale 0 0    
Total current liabilities (287,636) (269,021)    
Long-term debt (40,311) (77,593)    
Deferred tax liabilities 0 0    
Other long-term liabilities 0 0    
Total liabilities (327,947) (346,614)    
Total equity (1,165,979) (1,134,945)    
Total liabilities and equity (1,493,926) (1,481,559)    
Guarantor Subsidiaries [Member]
       
CONSOLIDATING CONDENSED BALANCE SHEET        
Cash and cash equivalents 1,455 15,497 14,054 12,929
Accounts receivable, net 191,091 228,274    
Inventories 784,818 878,571    
Other current assets 40,711 32,371    
Assets held for sale 56,826 110,485    
Total current assets 1,074,901 1,265,198    
Property and equipment, net 475,265 448,116    
Intangible assets 578,196 489,301    
Equity method investments 0 0    
Other long-term assets 6,024 3,088    
Total assets 2,134,386 2,205,703    
Floor plan notes payable 428,753 570,282    
Floor plan notes payable - non-trade 265,768 288,274    
Accounts payable 76,059 85,926    
Accrued expenses 134,202 95,970    
Current portion of long-term debt 4,366 1,264    
Liabilities held for sale 52,480 79,455    
Total current liabilities 961,628 1,121,171    
Long-term debt 53,016 49,689    
Deferred tax liabilities 156,787 165,666    
Other long-term liabilities 115,452 99,238    
Total liabilities 1,286,883 1,435,764    
Total equity 847,503 769,939    
Total liabilities and equity 2,134,386 2,205,703    
Non-Guarantor Subsidiaries [Member]
       
CONSOLIDATING CONDENSED BALANCE SHEET        
Cash and cash equivalents 1,891 2,371 4,124 1,655
Accounts receivable, net 174,704 155,401    
Inventories 671,591 574,975    
Other current assets 47,532 34,959    
Assets held for sale 0 0    
Total current assets 895,718 767,706    
Property and equipment, net 296,180 267,761    
Intangible assets 454,718 522,588    
Equity method investments 55,192 54,192    
Other long-term assets 1,629 1,954    
Total assets 1,703,437 1,614,201    
Floor plan notes payable 425,471 352,013    
Floor plan notes payable - non-trade 251,938 179,321    
Accounts payable 137,424 165,312    
Accrued expenses 383,078 375,131    
Current portion of long-term debt 5,919 9,329    
Liabilities held for sale 0 0    
Total current liabilities 1,203,830 1,081,106    
Long-term debt 121,493 139,305    
Deferred tax liabilities 13,206 12,740    
Other long-term liabilities 46,432 16,044    
Total liabilities 1,384,961 1,249,195    
Total equity 318,476 365,006    
Total liabilities and equity $ 1,703,437 $ 1,614,201    
XML 68 R45.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Equity (Details) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Attributable to Penske Automotive Group:        
Net income $ 39,560 $ 29,441 $ 73,487 $ 49,795
Other comprehensive income (loss):        
Foreign currency translation 2,883 (15,123) 19,734 (42,831)
Other (4,359) 4,029 (4,689) 7,215
Total attributable to Penske Automotive Group 38,084 18,347 88,532 14,179
Attributable to the non-controlling interest:        
Income (loss) 499 243 569 221
Total comprehensive income (loss) 38,583 18,590 89,101 14,400
Equity (Textuals)        
Repurchased shares     618  
Repurchased shares, average price     $ 20.08  
Repurchased shares, total price     $ 12,413  
XML 69 R46.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segment Information (Details) (USD $)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues        
Revenues $ 2,888,420 $ 2,614,602 $ 5,683,907 $ 5,038,789
Adjusted segment income        
Adjusted segment income 61,391 47,445 116,303 85,070
Retail [Member]
       
Revenues        
Revenues 2,888,420 2,614,602 5,683,907 5,038,789
Adjusted segment income        
Adjusted segment income 55,123 43,343 108,911 81,473
PAG Investments [Member]
       
Adjusted segment income        
Adjusted segment income $ 6,268 $ 4,102 $ 7,392 $ 3,597
XML 70 R37.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Business Combinations (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2010
Jun. 30, 2011
Jun. 30, 2010
Business Acquisition [Line Items]      
Number of franchises acquired   3 3
Business Acquisition Purchase Price Allocation Assets Acquired Liabilities Assumed And Consideration Paid      
Accounts Receivable   $ 953 $ 0
Inventory   7,923 6,336
Other current assets   0 17
Property and equipment   1,671 0
Goodwill   7,038 3,014
Other assets   628 0
Current liabilities   (2,491) (5)
Total Consideration   15,722 9,362
Seller financed/assumed debt   (1,711) 0
Cash used in dealership acquisitions   14,011 9,362
Business Combinations (Textuals) [Abstract]      
Ownership percentage of joint venture exchanged 50.00%    
Ownership percentage in franchises acquired by exchange of joint venture ownership 100.00%    
Number of franchises acquired by exchange of joint venture ownership 3    
Intangible Assets recorded in connection with exchange of joint venture ownership 13,331    
Purchase price for acquired franchises   170,000  
Mortgages entered into with respect to the newly acquired real estate   $ 28,240  
Acquisition [Member]
     
Business Acquisition [Line Items]      
Number of franchises acquired   4