0001299933-15-001162.txt : 20150729 0001299933-15-001162.hdr.sgml : 20150729 20150729121355 ACCESSION NUMBER: 0001299933-15-001162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20150729 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150729 DATE AS OF CHANGE: 20150729 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 151011840 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 8-K 1 htm_52217.htm LIVE FILING Penske Automotive Group, Inc. (Form: 8-K)  

 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   July 29, 2015

Penske Automotive Group, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 1-12297 22-3086739
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
2555 Telegraph Road, Bloomfield Hills, Michigan   48302
_________________________________
(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   248-648-2500

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02 Results of Operations and Financial Condition.

On July 29, 2015, we issued a press release announcing our second quarter 2015 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.






Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 7.01 "Regulation FD Disclosure."

On July 29, 2015, we issued a press release announcing our second quarter 2015 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.





Item 8.01 Other Events.

Investors and others should note that we announce material financial information using our company website (www.penskeautomotive.com), our investor relations website (investors.penskeautomotive.com), SEC filings, press releases, public conference calls and webcasts. Information about Penske Automotive, its business, and its results of operations may also be announced by posts on the following social media channels:

• Penske Automotive Twitter feed (www.twitter.com/penskecarscorp)
• Penske Automotive’s Facebook page (www.facebook.com/penskecars)

The information that we post on these social media channels could be deemed to be material information. As a result, we encourage investors, the media, and others interested in Penske Automotive to review the information that we post on these social media channels. These channels may be updated from time to time on Penske Automotive’s investor relations website.





Item 9.01 Financial Statements and Exhibits.

Press Release.






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 hereunto duly authorized.

         
    Penske Automotive Group, Inc.
          
July 29, 2015   By:   /s/ Shane M. Spradlin
       
        Name: Shane M. Spradlin
        Title: Executive Vice President


Exhibit Index


     
Exhibit No.   Description

 
99.1
  Press Release.
EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

     
FOR IMMEDIATE RELEASE
 
 
 

 
 

PENSKE AUTOMOTIVE REPORTS RECORD SECOND QUARTER RESULTS

Best Quarter and Six Months in Company History

Selling, General & Administrative Expense Leverage of 110 Basis Points

     
Second Quarter 2015
  Six Months 2015
Revenue Increases 12.2% to $4.9 Billion
  Revenue Increases 11.8% to $9.4 Billion
                                                           
                                                             
Same-store Retail Revenue Increases 5.6%, excluding foreign exchange 9.8%
  Same-store Retail Revenue Increases 5.2%, excluding foreign exchange 9.5%
                                                          
                                                             
Income from Continuing Operations Attributable to Common Shareholders Increases 17.3% to $94.4 Million
  Income from Continuing Operations Attributable to Common Shareholders Increases 15.6% to $170.8 Million
                                                     
                                                             
Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 18.0% to $1.05
  Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 16.0% to $1.89
                                                   
                                                             
EBITDA Increases 17.9% to $179.3 Million
  EBITDA Increases 16.7% to $330.1 Million

BLOOMFIELD HILLS, MI, July 29, 2015 – Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company, announced today that second quarter 2015 income from continuing operations attributable to common shareholders increased 17.3% to $94.4 million, and related earnings per share increased 18.0% to $1.05 when compared to the same period last year. Total revenue increased 12.2% to $4.9 billion. Excluding foreign exchange, total revenue increased 17.0%. Same-store retail revenue increased 5.6% in the second quarter, or 9.8% when excluding foreign exchange. Gross profit improved 11.4% to $729.6 million, while operating income increased 17.2% to $159.1 million.

“We just completed the best quarter and six-month period in the history of our company,” said Chairman Roger S. Penske. “The performance of our business continues to demonstrate the flexibility and resiliency of the company’s brand mix and business model. The record second quarter results were driven by a 7.5% increase in retail automotive unit sales, a 50-basis point increase in automotive retail service and parts gross margin and a reduction of 110 basis points in selling, general and administrative expenses as a percent of gross profit.”

             
Automotive Retail Highlights of the Second Quarter
   
 

    Total Retail Unit Sales Increased 7.5% to 108,277

    +3.3% in the United States; +16.5% Internationally

    New unit retail sales +6.3%

    Used unit retail sales +8.8%

    Same-store Retail Revenue Increased 5.6%

    New +4.2%; Used +8.2%; Finance & Insurance +8.3%; Service and Parts +4.3%

    +4.2% in the United States; +7.8% Internationally

    Excluding f/x, same-store retail revenue increased 9.8%

    Average Transaction Price Per Unit

    New $39,834; -1.3%

    Used $27,771; -0.2%

    Average Gross Profit Per Unit

    New $2,999, -$123/unit; Gross Margin 7.5%, -20 basis points

    Excluding f/x $3,128/unit, +$6/unit, Gross Margin 7.6%, -10 basis points

    Used $1,777, -$197/unit; Gross Margin 6.4%, -70 basis points

    Excluding f/x $1,861/unit, -$113/unit, Gross Margin 6.4%, -70 basis points

    Finance & Insurance $1,125/unit, +$15/unit

    Excluding f/x $1,162/unit, +$52/unit

Note: f/x = foreign exchange

For the six months ended June 30, 2015, total revenue increased 11.8% to $9.4 billion. The revenue increase was driven by a 7.1% increase in retail automotive unit sales, including 6.1% on a same-store basis. Income from continuing operations attributable to common shareholders increased 15.6% to $170.8 million and related earnings per share increased 16.0% to $1.89 when compared to the same period last year.

U.S. Commercial Truck Operations

During 2015, the company acquired two commercial truck dealerships which are expected to contribute estimated annualized revenues of approximately $200 million. For the three and six months ended June 30, 2015, our U.S. commercial truck dealerships (“Premier Truck Group”) generated $241.9 million and $434.6 million of revenue, and $38.3 million and $71.1 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/ parts sales. Service and parts gross profit represents approximately 72% of total gross profit for both periods.

Share Repurchases

For the six months ended June 30, 2015, the company has acquired or repurchased 439,383 shares of common stock for approximately $22.0 million, or approximately $50.07 per share. As of June 30, 2015, the company has a remaining share repurchase authorization of $136.0 million.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2015 on July 29, 2015, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 [International, please dial (612) 288-0337]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2015 financial results has been posted to the company’s website. To access the presentation or to listen to the company’s webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 22,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company’s website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings before interest, taxes, depreciation, amortization and rent expense (“EBITDAR”). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company’s disclosures and provide a meaningful presentation of the company’s results from its core business operations excluding the impact of items not related to the company’s ongoing core business operations, and improve the period-to-period comparability of the company’s results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company’s financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties, which could affect Penske Automotive’s future performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2014, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:

     
J.D. Carlson
Executive Vice President and
Chief Financial Officer
Penske Automotive Group, Inc.
248-648-2810
jcarlson@penskeautomotive.com
  Anthony R. Pordon
Executive Vice President Investor Relations and
Corporate Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
 
   

# # #

1

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Millions, Except Per Share Data)
(Unaudited)

                                                 
    Three Months Ended   Six Months Ended    
            June 30,                   June 30,    
                    Increase/                   Increase/
    2015   2014   (Decrease)   2015   2014   (Decrease)
Revenue
  $ 4,904.4     $ 4,370.5       12.2 %   $ 9,375.5     $ 8,385.7       11.8 %
Cost of Sales
    4,174.8       3,715.7       12.4 %     7,957.2       7,116.9       11.8 %
Gross Profit
  $ 729.6     $ 654.8       11.4 %   $ 1,418.3     $ 1,268.8       11.8 %
SG&A Expenses
    551.3       502.0       9.8 %     1,085.8       979.2       10.9 %
Depreciation
    19.2       17.0       12.9 %     37.8       33.1       14.2 %
Operating Income
  $ 159.1     $ 135.8       17.2 %   $ 294.7     $ 256.5       14.9 %
Floor Plan Interest Expense
    (11.0 )     (11.6 )     -5.2 %     (21.1 )     (22.7 )     -7.0 %
Other Interest Expense
    (16.4 )     (12.4 )     32.3 %     (32.7 )     (24.8 )     31.9 %
Equity in Earnings of Affiliates
    12.0       10.9       10.1 %     18.7       16.0       16.9 %
Income from Continuing Operations Before Income Taxes
  $ 143.7     $ 122.7       17.1 %   $ 259.6     $ 225.0       15.4 %
Income Taxes
    (47.6 )     (41.2 )     15.5 %     (86.4 )     (75.9 )     13.8 %
Income from Continuing Operations
  $ 96.1     $ 81.5       17.9 %   $ 173.2     $ 149.1       16.2 %
Loss from Discontinued Operations, net of tax
    (0.4 )     (7.6 )   nm     (1.6 )     (7.3 )   nm
Net Income
  $ 95.7     $ 73.9       29.5 %   $ 171.6     $ 141.8       21.0 %
Less: Income Attributable to Non-Controlling Interests
    1.7       1.0       70.0 %     2.4       1.4       71.4 %
Net Income Attributable to Common Shareholders
  $ 94.0     $ 72.9       28.9 %   $ 169.2     $ 140.4       20.5 %
Amounts Attributable to Common Shareholders:
 
 
 
 
 
 
Reported Income from Continuing Operations
  $ 96.1     $ 81.5       17.9 %   $ 173.2     $ 149.1       16.2 %
Less: Income Attributable to Non-Controlling Interests
    1.7       1.0       70.0 %     2.4       1.4       71.4 %
Income from Continuing Operations, net of tax
  $ 94.4     $ 80.5       17.3 %   $ 170.8     $ 147.7       15.6 %
Loss from Discontinued Operations, net of tax
    (0.4 )     (7.6 )   nm     (1.6 )     (7.3 )   nm
Net Income Attributable to Common Shareholders
  $ 94.0     $ 72.9       28.9 %   $ 169.2     $ 140.4       20.5 %
Income from Continuing Operations Per Share
  $ 1.05     $ 0.89       18.0 %   $ 1.89     $ 1.63       16.0 %
Income Per Share
  $ 1.04     $ 0.81       28.4 %   $ 1.87     $ 1.55       20.6 %
Weighted Average Shares Outstanding
    90.2       90.4       -0.2 %     90.3       90.4       -0.1 %

nm – not meaningful

2

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)

                 
    June 30,   December 31,
    2015   2014
Assets:
               
Cash and Cash Equivalents
  $ 36.7     $ 36.3  
Accounts Receivable, Net
    738.8       701.4  
Inventories
    3,055.4       2,819.2  
Other Current Assets
    107.0       124.7  
Assets Held for Sale
    45.7       186.6  
 
               
Total Current Assets
    3,983.6       3,868.2  
Property and Equipment, Net
    1,378.3       1,328.8  
Intangibles
    1,684.0       1,652.0  
Other Long-Term Assets
    388.0       379.2  
 
               
Total Assets
  $ 7,433.9     $ 7,228.2  
 
               
Liabilities and Equity:
               
Floor Plan Notes Payable
  $ 2,004.9     $ 1,812.6  
Floor Plan Notes Payable – Non-Trade
    1,042.8       920.5  
Accounts Payable
    502.1       417.6  
Accrued Expenses
    329.3       310.3  
Current Portion Long-Term Debt
    31.2       36.6  
Liabilities Held for Sale
    29.9       132.7  
 
               
Total Current Liabilities
    3,940.2       3,630.3  
Long-Term Debt
    1,130.8       1,316.0  
Other Long-Term Liabilities
    583.9       600.7  
 
               
Total Liabilities
    5,654.9       5,547.0  
Equity
    1,779.0       1,681.2  
 
               
Total Liabilities and Equity
  $ 7,433.9     $ 7,228.2  
 
               

3

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)

                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   2015   2014
Geographic Revenue Mix:
                               
U.S.
    62 %     60 %     61 %     59 %
U.K.
    34 %     35 %     35 %     37 %
Other International
    4 %     5 %     4 %     4 %
 
                               
Total
    100.0 %     100.0 %     100.0 %     100.0 %
 
                               
Revenue: (Amounts in Millions)
                               
Retail Automotive
  $ 4,538.6     $ 4,256.5     $ 8,713.6     $ 8,175.7  
U.S. Commercial Trucks
    241.9             434.6        
Commercial Vehicles Australia/Power Systems and Other
    123.9       114.0       227.3       210.0  
Total
  $ 4,904.4     $ 4,370.5     $ 9,375.5     $ 8,385.7  
 
                               
Gross Profit: (Amounts in Millions)
                               
Retail Automotive
  $ 660.9     $ 636.2     $ 1,289.0     $ 1,233.9  
U.S. Commercial Trucks
    38.3             71.1        
Commercial Vehicles Australia/Power Systems and Other
    30.4       18.6       58.2       34.9  
 
                               
Total
  $ 729.6     $ 654.8     $ 1,418.3     $ 1,268.8  
 
                               
Gross Margin:
                               
Retail Automotive
    14.6 %     14.9 %     14.8 %     15.1 %
U.S. Commercial Trucks
    15.8 %           16.4 %      
Commercial Vehicles Australia/Power Systems and Other
    24.5 %     16.3 %     25.6 %     16.6 %
 
                               
Total
    14.9 %     15.0 %     15.1 %     15.1 %
 
                               

4

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)

                                         
    Three Months Ended   Six Months Ended
    June 30,   June 30,
                    Increase/                   Increase/
    2015   2014   (Decrease)   2015   2014   (Decrease)
Operating Items as a Percentage of Revenue:
 
 
 
 
 
 
Gross Profit
    14.9 %     15.0 %   -10 bps     15.1 %     15.1 %  
Selling, General and Administrative
Expenses
 
11.2%
 
11.5%
 
-30 bps
 
11.6%
 
11.7%
 
-10 bps
Operating Income
    3.2 %     3.1 %   10 bps     3.1 %     3.1 %  
Inc. From Cont. Ops. Before Inc. Taxes
    2.9 %     2.8 %   10 bps     2.8 %     2.7 %   10 bps
Operating Items as a Percentage of Total Gross Profit:
                               
Selling, General and Administrative
Expenses
 
75.6%
 
76.7%
 
-110 bps
 
76.6%
 
77.2%
 
-60 bps
Operating Income
    21.8 %     20.7 %   110 bps     20.8 %     20.2 %   60 bps
                                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   Increase/ (Decrease)   2015   2014   Increase/ (Decrease)
(Amounts in Millions)                                                
EBITDA*
  $ 179.3     $ 152.1       17.9 %   $ 330.1     $ 282.9       16.7 %
Rent Expense
  $ 48.9     $ 48.0       1.9 %   $ 98.8     $ 94.1       5.0 %
Floorplan Credits
  $ 8.3     $ 8.0       3.8 %   $ 15.0     $ 14.1       6.4 %

*   See the following Non-GAAP reconciliation table.

5

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)

                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   2015   2014
Retail Automotive Units:
                               
New Retail
    58,758       55,268       112,051       105,262  
Used Retail
    49,519       45,497       97,576       90,525  
Total
    108,277       100,765       209,627       195,787  
 
                               
Retail Automotive Revenue: (Amounts in Millions)
                               
New Vehicles
  $ 2,340.5     $ 2,230.3     $ 4,476.8     $ 4,247.6  
Used Vehicles
    1,375.2       1,265.6       2,651.3       2,460.8  
Finance and Insurance, Net
    121.9       111.9       233.0       216.4  
Service and Parts
    454.7       433.7       892.0       849.1  
Fleet and Wholesale
    246.3       215.0       460.5       401.8  
Total Revenue
  $ 4,538.6     $ 4,256.5     $ 8,713.6     $ 8,175.7  
 
                               
Retail Automotive Gross Profit: (Amounts in Millions)
                               
New Vehicles
  $ 176.2     $ 172.6     $ 343.8     $ 329.0  
Used Vehicles
    88.0       89.8       172.5       176.3  
Finance and Insurance, Net
    121.9       111.9       233.0       216.4  
Service and Parts
    273.6       258.9       533.9       504.9  
Fleet and Wholesale
    1.2       3.0       5.8       7.3  
 
                               
Total Gross Profit
  $ 660.9     $ 636.2     $ 1,289.0     $ 1,233.9  
 
                               
Retail Automotive Revenue Per Vehicle Retailed:
                               
New Vehicles
  $ 39,834     $ 40,354     $ 39,954     $ 40,352  
Used Vehicles
    27,771       27,818       27,172       27,184  
Retail Automotive Gross Profit Per Vehicle Retailed:
                               
New Vehicles
  $ 2,999     $ 3,122     $ 3,069     $ 3,125  
Used Vehicles
    1,777       1,974       1,768       1,948  
Finance & Insurance
    1,125       1,110       1,111       1,105  

6

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)

                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   2015   2014
Retail Automotive Revenue Mix Percentages:
                               
New Vehicles
    51.6 %     52.4 %     51.4 %     52.0 %
Used Vehicles
    30.3 %     29.7 %     30.4 %     30.1 %
Finance and Insurance, Net
    2.7 %     2.6 %     2.7 %     2.6 %
Service and Parts
    10.0 %     10.2 %     10.2 %     10.4 %
Fleet and Wholesale
    5.4 %     5.1 %     5.3 %     4.9 %
 
                               
Total
    100.0 %     100.0 %     100.0 %     100.0 %
 
                               
Retail Automotive Gross Profit Mix Percentages:
                               
New Vehicles
    26.7 %     27.1 %     26.7 %     26.7 %
Used Vehicles
    13.3 %     14.1 %     13.4 %     14.3 %
Finance and Insurance, Net
    18.4 %     17.6 %     18.1 %     17.5 %
Service and Parts
    41.4 %     40.7 %     41.4 %     40.9 %
Fleet and Wholesale
    0.2 %     0.5 %     0.4 %     0.6 %
Total
    100.0 %     100.0 %     100.0 %     100.0 %
 
                               
                                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
                    Increase/                   Increase/
    2015   2014   (Decrease)   2015   2014   (Decrease)
Retail Automotive Gross Margin:
                                       
New Vehicles
    7.5 %     7.7 %   -20 bps     7.7 %     7.7 %      
Used Vehicles
    6.4 %     7.1 %   -70 bps     6.5 %     7.2 %   -70 bps
Service and Parts
    60.2 %     59.7 %   50 bps     59.9 %     59.5 %   40 bps
Fleet and Wholesale
    0.5 %     1.4 %   -90 bps     1.3 %     1.8 %   -50 bps
 
                                               
Total Gross Margin
    14.6 %     14.9 %   -30 bps     14.8 %     15.1 %   -30 bps
 
                                               

7

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations
Selected Data
(Unaudited)

                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   2015   2014
Retail Automotive Revenue Mix:
                               
Premium:
                               
BMW / MINI
    27 %     26 %     27 %     26 %
Audi
    13 %     13 %     13 %     14 %
Mercedes-Benz
    10 %     10 %     10 %     10 %
Land Rover
    6 %     5 %     7 %     6 %
Porsche
    5 %     5 %     5 %     5 %
Lexus
    4 %     4 %     4 %     4 %
Ferrari / Maserati
    3 %     3 %     2 %     2 %
Acura
    1 %     1 %     1 %     1 %
Bentley
    1 %     2 %     1 %     2 %
Others
    2 %     2 %     2 %     2 %
 
                               
Total Premium
    72 %     71 %     72 %     72 %
Volume Non-U.S.:
                               
Toyota
    12 %     12 %     12 %     11 %
Honda
    7 %     8 %     7 %     8 %
Volkswagen
    2 %     2 %     2 %     2 %
Nissan
    1 %     1 %     1 %     1 %
Others
    2 %     2 %     2 %     2 %
 
                               
Total Volume Non-U.S.
    24 %     25 %     24 %     24 %
U.S.:
                               
General Motors / Chrysler / Ford
    4 %     4 %     4 %     4 %
 
                               
Total
    100 %     100 %     100 %     100 %
 
                               
Retail Automotive Geographic Revenue Mix:
                               
U.S.
    61 %     62 %     61 %     61 %
U.K.
    37 %     36 %     37 %     37 %
Other International
    2 %     2 %     2 %     2 %
 
                               
Total
    100.0 %     100.0 %     100.0 %     100.0 %
 
                               

8

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Same-Store
Selected Data
(Unaudited)

                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   2015   2014
Retail Automotive Same-Store Units:
                               
New Retail
    58,191       55,063       110,123       104,343  
Used Retail
    49,063       45,331       96,115       89,994  
Total
    107,254       100,394       206,238       194,337  
 
                               
Retail Automotive Same-Store Revenue: (Amounts in Millions)
                       
New Vehicles
  $ 2,317.8     $ 2,224.3     $ 4,385.5     $ 4,203.1  
Used Vehicles
    1,365.7       1,262.7       2,615.1       2,447.2  
Finance and Insurance, Net
    120.9       111.6       229.9       215.1  
Service and Parts
    451.5       432.9       873.6       841.1  
Fleet and Wholesale
    243.5       214.4       452.9       400.7  
Total Revenue
  $ 4,499.4     $ 4,245.9     $ 8,557.0     $ 8,107.2  
 
                               
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
                       
New Vehicles
  $ 174.1     $ 172.1     $ 337.4     $ 325.9  
Used Vehicles
    87.4       89.7       170.4       175.4  
Finance and Insurance, Net
    120.9       111.6       229.9       215.1  
Service and Parts
    271.7       258.3       523.8       500.6  
Fleet and Wholesale
    1.1       3.0       5.7       7.2  
 
                               
Total Gross Profit
  $ 655.2     $ 634.7     $ 1,267.2     $ 1,224.2  
 
                               
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
                       
New Vehicles
  $ 39,830     $ 40,395     $ 39,823     $ 40,281  
Used Vehicles
    27,835       27,855       27,208       27,193  
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
                       
New Vehicles
  $ 2,992     $ 3,125     $ 3,063     $ 3,123  
Used Vehicles
    1,780       1,978       1,773       1,949  
Finance & Insurance
    1,127       1,112       1,115       1,107  

9

PENSKE AUTOMOTIVE GROUP, INC.
U.S. Commercial Truck Operations
Selected Data
(Unaudited)

Note: The company’s U.S. Commercial Truck Operations were acquired in November 2014; therefore, comparative results are not applicable and results shown are for only the three and six month periods ending June 30, 2015.

                 
    Three Months Ended   Six Months Ended
    June 30, 2015   June 30, 2015
U.S. Commercial Truck Units:
               
New Retail
    1,491       2,530  
Used Retail
    298       594  
 
               
Total Truck Units
    1,789       3,124  
 
               
U.S. Commercial Truck Revenue: (Amounts in Millions)
               
New Vehicles
  $ 146.3     $ 248.5  
Used Vehicles
    15.6       31.5  
Finance and Insurance, Net
    1.6       2.9  
Service and Parts
    75.0       138.1  
Lease, Rental & Wholesale
    3.4       13.6  
 
               
Total Revenue
  $ 241.9     $ 434.6  
 
               
U.S. Commercial Truck Gross Profit: (Amounts in Millions)
               
New Vehicles
  $ 6.9     $ 11.8  
Used Vehicles
    1.6       3.3  
Finance and Insurance, Net
    1.6       2.9  
Service and Parts
    27.7       51.1  
Lease, Rental & Wholesale
    0.5       2.0  
 
               
Total Gross Profit
  $ 38.3     $ 71.1  
 
               
U.S. Commercial Truck Revenue per Vehicle Retailed:
               
New Vehicles
  $ 98,154     $ 98,232  
Used Vehicles
    52,394       53,045  
U.S. Commercial Truck Gross Profit per Vehicle Retailed:
               
New Vehicles
  $ 4,645     $ 4,664  
Used Vehicles
    5,462       5,671  
Finance and Insurance
    902       947  
U.S. Commercial Truck Gross Margin:
               
New Vehicle
    4.7 %     4.7 %
Used Vehicle
    10.3 %     10.5 %
Service and Parts
    36.9 %     37.0 %
Lease, Rental & Wholesale
    14.7 %     14.7 %
 
               
Total Gross Margin
    15.8 %     16.4 %
 
               

10

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliations
(Unaudited)

The following table reconciles reported net income to earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings before interest, taxes, depreciation, amortization and rent expense (“EBITDAR”) for the three and six months ended June 30, 2015, and 2014:

                                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
                    Increase/                   Increase/
    2015   2014   (Decrease)   2015   2014   (Decrease)
(Amounts in Millions)                                                
Net Income
  $ 95.7     $ 73.9       29.5 %   $ 171.6     $ 141.8       21.0 %
Add: Depreciation
    19.2       17.0       12.9 %     37.8       33.1       14.2 %
Other Interest Expense
    16.4       12.4       32.3 %     32.7       24.8       31.9 %
Income Taxes
    47.6       41.2       15.5 %     86.4       75.9       13.8 %
Loss from Discontinued Operations, net of tax
    0.4       7.6     nm     1.6       7.3     nm
 
                                               
EBITDA
  $ 179.3     $ 152.1       17.9 %   $ 330.1     $ 282.9       16.7 %
Add: Rent Expense
    48.9       48.0       1.9 %     98.8       94.1       5.0 %
 
                                               
EBITDAR
  $ 228.2     $ 200.1       14.0 %   $ 428.9     $ 377.0       13.8 %
 
                                               

nm – not meaningful

# # # # # # #

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