• | Total revenue decreased 2.5 percent (-2.9 percent), to $3.0 billion. |
• | Total gross profit increased 10.0 percent (9.8 percent), to $512.0 million. |
• | New vehicle revenues decreased 4.3 percent (-4.6 percent) on a 10.7 percent decrease in unit sales. |
• | Retail used vehicle revenues decreased 0.3 percent (-1.1 percent) on 7.1 percent lower unit sales. |
• | Parts and service gross profit decreased 0.9 percent (-1.1 percent) on revenue decrease of 2.1 percent (-2.0 percent). |
• | Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 11.5 percent (11.3 percent), to $1,655. |
• | Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 1,630 basis points, to 59.7 percent. |
• | United States: |
• | Same Store new vehicle revenue declined 9.9 percent, with units decreasing 15.7 percent. New vehicle gross profit increased 34.3 percent as gross profit per unit increased $1,052, a 59.3 percent increase, to $2,824, as higher new vehicle margins more than offset the gross profit impact from lower volumes. |
• | Same Store total used vehicle revenue declined 8.5 percent, with total used units decreasing 13.9 percent, as inventory shortages hampered sales later in the quarter. Same Store total used gross profit increased 26.6 percent as higher gross profit per unit (used retail gross profit per unit increased $510, a 36.7 percent increase, to $1,898). |
• | Parts and service revenues decreased 2.7 percent and gross profit decreased by 3.1 percent. Same Store parts and service revenues decreased 3.3 percent. Same Store parts and service gross profit decreased 4.0 percent, to $163.8 million. |
• | F&I revenues decreased 0.3 percent, to $113.0 million. F&I gross profit PRU grew $285, to $2,030, or 16.3 percent. Same Store F&I gross profit PRU increased $290, to $2,041, or 16.6 percent. |
• | SG&A expenses as a percent of gross profit decreased 1,470 basis points, to 59.0 percent. |
• | United Kingdom: |
• | Brazil: |
Group 1 Automotive, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 1,580.7 | $ | 1,652.3 | $ | (71.7 | ) | (4.3 | )% | ||||||
Used vehicle retail sales | 867.2 | 869.7 | (2.5 | ) | (0.3 | )% | |||||||||
Used vehicle wholesale sales | 86.7 | 85.2 | 1.5 | 1.7 | % | ||||||||||
Parts and service sales | 375.6 | 383.5 | (7.9 | ) | (2.1 | )% | |||||||||
Finance, insurance and other, net | 129.5 | 127.5 | 2.0 | 1.5 | % | ||||||||||
Total revenues | 3,039.6 | 3,118.3 | (78.7 | ) | (2.5 | )% | |||||||||
COST OF SALES: | |||||||||||||||
New vehicle retail sales | 1,481.5 | 1,577.0 | (95.5 | ) | (6.1 | )% | |||||||||
Used vehicle retail sales | 796.1 | 815.5 | (19.4 | ) | (2.4 | )% | |||||||||
Used vehicle wholesale sales | 80.7 | 84.9 | (4.2 | ) | (4.9 | )% | |||||||||
Parts and service sales | 169.4 | 175.4 | (6.0 | ) | (3.4 | )% | |||||||||
Total cost of sales | 2,527.7 | 2,652.7 | (125.0 | ) | (4.7 | )% | |||||||||
GROSS PROFIT | 512.0 | 465.6 | 46.3 | 10.0 | % | ||||||||||
Selling, general and administrative expenses | 305.8 | 353.9 | (48.1 | ) | (13.6 | )% | |||||||||
Depreciation and amortization expense | 19.1 | 18.2 | 0.9 | 5.2 | % | ||||||||||
Asset impairments | — | 10.3 | (10.3 | ) | (100.0 | )% | |||||||||
INCOME (LOSS) FROM OPERATIONS | 187.1 | 83.3 | 103.8 | 124.7 | % | ||||||||||
Floorplan interest expense | 8.1 | 15.3 | (7.2 | ) | (47.1 | )% | |||||||||
Other interest expense, net | 14.6 | 18.9 | (4.3 | ) | (22.8 | )% | |||||||||
(Gain) loss on extinguishment of debt | 3.3 | — | 3.3 | — | % | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 161.0 | 49.0 | 112.0 | 228.6 | % | ||||||||||
(Benefit) provision for income taxes | 34.6 | 10.9 | 23.6 | 215.7 | % | ||||||||||
NET INCOME (LOSS) | $ | 126.4 | $ | 38.0 | $ | 88.4 | 232.3 | % | |||||||
Less: Earnings (loss) allocated to participating securities | 4.5 | 1.4 | 3.1 | 225.7 | % | ||||||||||
Net income (loss) available to diluted common shares | $ | 121.9 | $ | 36.7 | $ | 85.2 | 232.5 | % | |||||||
DILUTED EARNINGS (LOSS) PER SHARE | $ | 6.83 | $ | 2.04 | $ | 4.80 | 235.2 | % | |||||||
Weighted average dilutive common shares outstanding | 17.8 | 18.0 | (0.1 | ) | (0.8 | )% | |||||||||
Weighted average participating securities | 0.7 | 0.7 | — | (3.6 | )% | ||||||||||
Total weighted average shares | 18.5 | 18.7 | (0.2 | ) | (0.9 | )% | |||||||||
Effective tax rate | 21.5 | % | 22.3 | % | (0.9 | )% |
Group 1 Automotive, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 3,985.5 | $ | 4,632.2 | $ | (646.7 | ) | (14.0 | )% | ||||||
Used vehicle retail sales | 2,287.4 | 2,527.8 | (240.4 | ) | (9.5 | )% | |||||||||
Used vehicle wholesale sales | 221.9 | 273.4 | (51.5 | ) | (18.8 | )% | |||||||||
Parts and service sales | 1,028.2 | 1,130.8 | (102.6 | ) | (9.1 | )% | |||||||||
Finance, insurance and other, net | 338.7 | 368.2 | (29.5 | ) | (8.0 | )% | |||||||||
Total revenues | 7,861.7 | 8,932.4 | (1,070.7 | ) | (12.0 | )% | |||||||||
COST OF SALES: | |||||||||||||||
New vehicle retail sales | 3,759.7 | 4,415.7 | (656.0 | ) | (14.9 | )% | |||||||||
Used vehicle retail sales | 2,127.9 | 2,372.5 | (244.5 | ) | (10.3 | )% | |||||||||
Used vehicle wholesale sales | 212.9 | 272.7 | (59.8 | ) | (21.9 | )% | |||||||||
Parts and service sales | 473.9 | 520.1 | (46.2 | ) | (8.9 | )% | |||||||||
Total cost of sales | 6,574.4 | 7,581.0 | (1,006.6 | ) | (13.3 | )% | |||||||||
GROSS PROFIT | 1,287.2 | 1,351.4 | (64.1 | ) | (4.7 | )% | |||||||||
Selling, general and administrative expenses | 870.9 | 1,020.3 | (149.4 | ) | (14.6 | )% | |||||||||
Depreciation and amortization expense | 56.5 | 53.0 | 3.4 | 6.5 | % | ||||||||||
Asset impairments | 23.8 | 10.8 | 13.0 | 120.9 | % | ||||||||||
INCOME (LOSS) FROM OPERATIONS | 336.0 | 267.2 | 68.8 | 25.7 | % | ||||||||||
Floorplan interest expense | 31.1 | 47.0 | (15.9 | ) | (33.8 | )% | |||||||||
Other interest expense, net | 49.0 | 55.8 | (6.9 | ) | (12.3 | )% | |||||||||
(Gain) loss on extinguishment of debt | 13.7 | — | 13.7 | — | % | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 242.2 | 164.4 | 77.8 | 47.3 | % | ||||||||||
(Benefit) provision for income taxes | 55.8 | 38.5 | 17.4 | 45.1 | % | ||||||||||
NET INCOME (LOSS) | $ | 186.4 | $ | 125.9 | $ | 60.5 | 48.0 | % | |||||||
Less: Earnings (loss) allocated to participating securities | 6.7 | 4.7 | 2.0 | 43.0 | % | ||||||||||
Net income (loss) available to diluted common shares | $ | 179.7 | $ | 121.2 | $ | 58.4 | 48.2 | % | |||||||
DILUTED EARNINGS (LOSS) PER SHARE | $ | 10.08 | $ | 6.77 | $ | 3.31 | 48.9 | % | |||||||
Weighted average dilutive common shares outstanding | 17.8 | 17.9 | (0.1 | ) | (0.5 | )% | |||||||||
Weighted average participating securities | 0.7 | 0.7 | — | (4.3 | )% | ||||||||||
Total weighted average shares | 18.5 | 18.6 | (0.1 | ) | (0.6 | )% | |||||||||
Effective tax rate | 23.1 | % | 23.4 | % | (0.4 | )% |
Group 1 Automotive, Inc. | |||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions) | |||||||||||||||
September 30, 2020 | December 31, 2019 | Increase/(Decrease) | % Change | ||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS: | |||||||||||||||
Cash and cash equivalents | $ | 66.2 | $ | 23.8 | $ | 42.4 | 178.6 | % | |||||||
Contracts-in-transit and vehicle receivables, net of allowance of $0.3 and $0.3, respectively | 218.9 | 253.8 | (35.0 | ) | (13.8 | )% | |||||||||
Accounts and notes receivable, net of allowance of $3.6 and $2.8, respectively | 193.5 | 225.1 | (31.6 | ) | (14.1 | )% | |||||||||
Inventories, net | 1,375.7 | 1,901.7 | (526.1 | ) | (27.7 | )% | |||||||||
Prepaid expenses | 39.8 | 96.4 | (56.6 | ) | (58.7 | )% | |||||||||
Other current assets | 22.6 | 15.5 | 7.1 | 45.7 | % | ||||||||||
TOTAL CURRENT ASSETS | 1,916.6 | 2,516.3 | (599.7 | ) | (23.8 | )% | |||||||||
Property and equipment, net of accumulated depreciation of $441.9 and $400.2, respectively | 1,592.0 | 1,547.1 | 44.9 | 2.9 | % | ||||||||||
Operating lease assets | 209.9 | 220.1 | (10.1 | ) | (4.6 | )% | |||||||||
Goodwill | 993.5 | 1,008.3 | (14.8 | ) | (1.5 | )% | |||||||||
Intangible franchise rights | 241.3 | 253.5 | (12.2 | ) | (4.8 | )% | |||||||||
Other long-term assets | 30.0 | 24.8 | 5.1 | 20.7 | % | ||||||||||
TOTAL ASSETS | $ | 4,983.4 | $ | 5,570.2 | $ | (586.8 | ) | (10.5 | )% | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||
Floorplan notes payable — credit facility and other, net of offset account of $108.2 and $106.8, respectively | $ | 771.3 | $ | 1,144.4 | $ | (373.2 | ) | (32.6 | )% | ||||||
Floorplan notes payable — manufacturer affiliates, net of offset account of $18.5 and $4.1, respectively | 314.8 | 459.9 | (145.1 | ) | (31.5 | )% | |||||||||
Current maturities of long-term debt | 65.8 | 59.1 | 6.7 | 11.3 | % | ||||||||||
Current operating lease liabilities | 21.5 | 24.6 | (3.2 | ) | (12.8 | )% | |||||||||
Accounts payable | 408.3 | 527.5 | (119.2 | ) | (22.6 | )% | |||||||||
Accrued expenses and other current liabilities | 230.4 | 206.7 | 23.7 | 11.5 | % | ||||||||||
TOTAL CURRENT LIABILITIES | 1,812.1 | 2,422.3 | (610.2 | ) | (25.2 | )% | |||||||||
Long-term debt | 1,307.8 | 1,432.1 | (124.3 | ) | (8.7 | )% | |||||||||
Long-term operating lease liabilities | 207.1 | 210.7 | (3.6 | ) | (1.7 | )% | |||||||||
Deferred income taxes | 135.4 | 145.7 | (10.3 | ) | (7.1 | )% | |||||||||
Long-term interest rate swap liabilities | 49.4 | 4.4 | 45.0 | 1,024.2 | % | ||||||||||
Other long-term liabilities | 114.8 | 99.2 | 15.6 | 15.7 | % | ||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||||
Common stock | 0.3 | 0.3 | — | (0.2 | )% | ||||||||||
Additional paid-in capital | 304.0 | 295.3 | 8.6 | 2.9 | % | ||||||||||
Retained earnings | 1,723.3 | 1,542.4 | 180.8 | 11.7 | % | ||||||||||
Accumulated other comprehensive income (loss) | (206.3 | ) | (147.0 | ) | (59.3 | ) | 40.4 | % | |||||||
Treasury stock | (464.3 | ) | (435.3 | ) | (29.0 | ) | 6.7 | % | |||||||
TOTAL STOCKHOLDERS’ EQUITY | 1,356.9 | 1,255.7 | 101.2 | 8.1 | % | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 4,983.4 | $ | 5,570.2 | $ | (586.8 | ) | (10.5 | )% |
Group 1 Automotive, Inc. | |||||||||
Additional Information - Consolidated | |||||||||
(Unaudited) | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2020 (%) | 2019 (%) | 2020 (%) | 2019 (%) | ||||||
New vehicle unit sales geographic mix | |||||||||
Region | Geographic Market | ||||||||
United States | Texas | 34.7 | 36.9 | 36.8 | 35.8 | ||||
Oklahoma | 7.1 | 7.1 | 7.5 | 6.7 | |||||
California | 4.6 | 5.6 | 4.8 | 5.6 | |||||
Georgia | 4.3 | 4.8 | 4.6 | 4.5 | |||||
Massachusetts | 4.9 | 5.1 | 4.6 | 4.7 | |||||
Florida | 2.4 | 2.5 | 2.6 | 2.6 | |||||
Louisiana | 2.1 | 2.4 | 2.2 | 2.4 | |||||
New Hampshire | 1.8 | 2.0 | 1.9 | 1.8 | |||||
New Jersey | 1.9 | 1.8 | 1.8 | 1.8 | |||||
South Carolina | 1.6 | 1.8 | 1.7 | 1.7 | |||||
New Mexico | 1.3 | 0.7 | 1.3 | 0.4 | |||||
Kansas | 1.2 | 1.2 | 1.2 | 1.1 | |||||
Mississippi | 1.0 | 1.2 | 1.1 | 1.2 | |||||
Alabama | 0.7 | 0.7 | 0.7 | 0.7 | |||||
Maryland | 0.5 | 0.5 | 0.4 | 0.5 | |||||
70.2 | 74.0 | 73.2 | 71.5 | ||||||
International | United Kingdom | 26.8 | 20.9 | 23.0 | 23.0 | ||||
Brazil | 3.0 | 5.1 | 3.8 | 5.5 | |||||
100.0 | 100.0 | 100.0 | 100.0 | ||||||
New vehicle unit sales brand mix | |||||||||
Toyota/Lexus | 22.7 | 25.7 | 22.9 | 24.6 | |||||
Volkswagen/Audi/Porsche/SEAT/SKODA | 17.7 | 13.3 | 15.6 | 13.9 | |||||
BMW/MINI | 11.8 | 11.9 | 11.4 | 12.1 | |||||
Ford/Lincoln | 10.1 | 10.6 | 10.7 | 10.6 | |||||
Honda/Acura | 8.5 | 10.5 | 9.2 | 10.6 | |||||
Chevrolet/GMC/Buick/Cadillac | 7.1 | 6.7 | 7.4 | 6.6 | |||||
Nissan | 4.7 | 6.1 | 5.3 | 6.1 | |||||
Mercedes-Benz/Smart/Sprinter | 5.3 | 4.9 | 5.3 | 5.1 | |||||
Hyundai/Kia/Genesis | 4.3 | 3.9 | 4.4 | 3.8 | |||||
Chrysler/Dodge/Jeep/RAM | 4.0 | 3.7 | 4.0 | 3.4 | |||||
Jaguar/Land Rover | 2.5 | 1.8 | 2.3 | 2.0 | |||||
Other | 1.3 | 1.0 | 1.5 | 1.2 | |||||
100.0 | 100.0 | 100.0 | 100.0 |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Reported Operating Data - Consolidated | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,580.7 | $ | 1,652.3 | $ | (71.7 | ) | (4.3 | )% | $ | 4.6 | (4.6 | )% | |||||||||
Used vehicle retail sales | 867.2 | 869.7 | (2.5 | ) | (0.3 | )% | 7.3 | (1.1 | )% | |||||||||||||
Used vehicle wholesale sales | 86.7 | 85.2 | 1.5 | 1.7 | % | 0.8 | 0.7 | % | ||||||||||||||
Total used | 953.9 | 955.0 | (1.1 | ) | (0.1 | )% | 8.1 | (1.0 | )% | |||||||||||||
Parts and service sales | 375.6 | 383.5 | (7.9 | ) | (2.1 | )% | (0.1 | ) | (2.0 | )% | ||||||||||||
F&I, net | 129.5 | 127.5 | 2.0 | 1.5 | % | 0.3 | 1.3 | % | ||||||||||||||
Total revenues | $ | 3,039.6 | $ | 3,118.3 | $ | (78.7 | ) | (2.5 | )% | $ | 12.9 | (2.9 | )% | |||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 99.2 | $ | 75.4 | $ | 23.8 | 31.6 | % | $ | (0.2 | ) | 31.9 | % | |||||||||
Used vehicle retail sales | 71.1 | 54.3 | 16.8 | 31.0 | % | 0.5 | 30.2 | % | ||||||||||||||
Used vehicle wholesale sales | 5.9 | 0.3 | 5.6 | 1,745.3 | % | — | 1,743.5 | % | ||||||||||||||
Total used | 77.0 | 54.6 | 22.5 | 41.2 | % | 0.5 | 40.3 | % | ||||||||||||||
Parts and service sales | 206.2 | 208.1 | (1.9 | ) | (0.9 | )% | 0.3 | (1.1 | )% | |||||||||||||
F&I, net | 129.5 | 127.5 | 2.0 | 1.5 | % | 0.3 | 1.3 | % | ||||||||||||||
Total gross profit | $ | 512.0 | $ | 465.6 | $ | 46.3 | 10.0 | % | $ | 0.8 | 9.8 | % | ||||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 6.3 | % | 4.6 | % | 1.7 | % | ||||||||||||||||
Used vehicle retail sales | 8.2 | % | 6.2 | % | 2.0 | % | ||||||||||||||||
Used vehicle wholesale sales | 6.9 | % | 0.4 | % | 6.5 | % | ||||||||||||||||
Total used | 8.1 | % | 5.7 | % | 2.4 | % | ||||||||||||||||
Parts and service sales | 54.9 | % | 54.3 | % | 0.6 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 16.8 | % | 14.9 | % | 1.9 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 39,869 | 44,632 | (4,763 | ) | (10.7 | )% | ||||||||||||||||
Retail used vehicles sold | 38,347 | 41,297 | (2,950 | ) | (7.1 | )% | ||||||||||||||||
Wholesale used vehicles sold | 11,581 | 12,889 | (1,308 | ) | (10.1 | )% | ||||||||||||||||
Total used | 49,928 | 54,186 | (4,258 | ) | (7.9 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 39,647 | $ | 37,022 | $ | 2,625 | 7.1 | % | $ | 115 | 6.8 | % | ||||||||||
Used vehicle retail | $ | 22,614 | $ | 21,060 | $ | 1,554 | 7.4 | % | $ | 190 | 6.5 | % | ||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 2,489 | $ | 1,689 | $ | 800 | 47.4 | % | $ | (5 | ) | 47.6 | % | |||||||||
Used vehicle retail sales | $ | 1,854 | $ | 1,314 | $ | 540 | 41.1 | % | $ | 12 | 40.2 | % | ||||||||||
Used vehicle wholesale sales | $ | 513 | $ | 25 | $ | 488 | 1,953.7 | % | $ | 1 | 1,951.7 | % | ||||||||||
Total used | $ | 1,543 | $ | 1,007 | $ | 536 | 53.2 | % | $ | 9 | 52.3 | % | ||||||||||
F&I PRU | $ | 1,655 | $ | 1,484 | $ | 171 | 11.5 | % | $ | 4 | 11.3 | % | ||||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 305.8 | $ | 353.9 | $ | (48.1 | ) | (13.6 | )% | $ | — | (13.6 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 305.8 | $ | 340.8 | $ | (35.0 | ) | (10.3 | )% | $ | — | (10.3 | )% | |||||||||
SG&A as % gross profit | 59.7 | % | 76.0 | % | (16.3 | )% | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 59.7 | % | 73.2 | % | (13.5 | )% | ||||||||||||||||
Operating margin % | 6.2 | % | 2.7 | % | 3.5 | % | ||||||||||||||||
Adjusted operating margin % (1) | 6.2 | % | 3.4 | % | 2.7 | % | ||||||||||||||||
Pretax margin % | 5.3 | % | 1.6 | % | 3.7 | % | ||||||||||||||||
Adjusted pretax margin % (1) | 5.4 | % | 2.3 | % | 3.1 | % | ||||||||||||||||
Floorplan expense: | ||||||||||||||||||||||
Floorplan interest expense | $ | 8.1 | $ | 15.3 | $ | (7.2 | ) | (47.1 | )% | $ | 0.1 | (47.5 | )% | |||||||||
Less: Floorplan assistance (2) | 12.7 | 13.3 | (0.6 | ) | (4.8 | )% | — | (4.8 | )% | |||||||||||||
Net floorplan expense | $ | (4.6 | ) | $ | 2.0 | $ | (6.6 | ) | (326.0 | )% | $ | 0.1 | (328.6 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Reported Operating Data - Consolidated | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 3,985.5 | $ | 4,632.2 | $ | (646.7 | ) | (14.0 | )% | $ | (28.3 | ) | (13.4 | )% | ||||||||
Used vehicle retail sales | 2,287.4 | 2,527.8 | (240.4 | ) | (9.5 | )% | (6.5 | ) | (9.3 | )% | ||||||||||||
Used vehicle wholesale sales | 221.9 | 273.4 | (51.5 | ) | (18.8 | )% | (2.2 | ) | (18.0 | )% | ||||||||||||
Total used | 2,509.3 | 2,801.2 | (291.9 | ) | (10.4 | )% | (8.7 | ) | (10.1 | )% | ||||||||||||
Parts and service sales | 1,028.2 | 1,130.8 | (102.6 | ) | (9.1 | )% | (5.8 | ) | (8.6 | )% | ||||||||||||
F&I, net | 338.7 | 368.2 | (29.5 | ) | (8.0 | )% | (0.9 | ) | (7.8 | )% | ||||||||||||
Total revenues | $ | 7,861.7 | $ | 8,932.4 | $ | (1,070.7 | ) | (12.0 | )% | $ | (43.7 | ) | (11.5 | )% | ||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 225.8 | $ | 216.5 | $ | 9.3 | 4.3 | % | $ | (2.2 | ) | 5.3 | % | |||||||||
Used vehicle retail sales | 159.5 | 155.4 | 4.2 | 2.7 | % | (0.4 | ) | 3.0 | % | |||||||||||||
Used vehicle wholesale sales | 9.0 | 0.7 | 8.3 | 1,220.0 | % | (0.1 | ) | 1,238.3 | % | |||||||||||||
Total used | 168.5 | 156.0 | 12.5 | 8.0 | % | (0.6 | ) | 8.3 | % | |||||||||||||
Parts and service sales | 554.2 | 610.7 | (56.4 | ) | (9.2 | )% | (2.5 | ) | (8.8 | )% | ||||||||||||
F&I, net | 338.7 | 368.2 | (29.5 | ) | (8.0 | )% | (0.9 | ) | (7.8 | )% | ||||||||||||
Total gross profit | $ | 1,287.2 | $ | 1,351.4 | $ | (64.1 | ) | (4.7 | )% | $ | (6.0 | ) | (4.3 | )% | ||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 5.7 | % | 4.7 | % | 1.0 | % | ||||||||||||||||
Used vehicle retail sales | 7.0 | % | 6.1 | % | 0.8 | % | ||||||||||||||||
Used vehicle wholesale sales | 4.0 | % | 0.2 | % | 3.8 | % | ||||||||||||||||
Total used | 6.7 | % | 5.6 | % | 1.1 | % | ||||||||||||||||
Parts and service sales | 53.9 | % | 54.0 | % | (0.1 | )% | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 16.4 | % | 15.1 | % | 1.2 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 101,701 | 125,599 | (23,898 | ) | (19.0 | )% | ||||||||||||||||
Retail used vehicles sold | 105,665 | 119,878 | (14,213 | ) | (11.9 | )% | ||||||||||||||||
Wholesale used vehicles sold | 30,970 | 38,962 | (7,992 | ) | (20.5 | )% | ||||||||||||||||
Total used | 136,635 | 158,840 | (22,205 | ) | (14.0 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 39,189 | $ | 36,881 | $ | 2,308 | 6.3 | % | $ | (278 | ) | 7.0 | % | |||||||||
Used vehicle retail | $ | 21,648 | $ | 21,087 | $ | 562 | 2.7 | % | $ | (61 | ) | 3.0 | % | |||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 2,220 | $ | 1,724 | $ | 497 | 28.8 | % | $ | (21 | ) | 30.1 | % | |||||||||
Used vehicle retail sales | $ | 1,510 | $ | 1,296 | $ | 214 | 16.5 | % | $ | (4 | ) | 16.8 | % | |||||||||
Used vehicle wholesale sales | $ | 290 | $ | 17 | $ | 272 | 1,560.6 | % | $ | (4 | ) | 1,583.7 | % | |||||||||
Total used | $ | 1,233 | $ | 982 | $ | 251 | 25.5 | % | $ | (4 | ) | 26.0 | % | |||||||||
F&I PRU | $ | 1,633 | $ | 1,500 | $ | 133 | 8.9 | % | $ | (4 | ) | 9.2 | % | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 870.9 | $ | 1,020.3 | $ | (149.4 | ) | (14.6 | )% | $ | (6.0 | ) | (14.1 | )% | ||||||||
Adjusted SG&A expenses (1) | $ | 858.3 | $ | 1,004.6 | $ | (146.3 | ) | (14.6 | )% | $ | (5.7 | ) | (14.0 | )% | ||||||||
SG&A as % gross profit | 67.7 | % | 75.5 | % | (7.8 | )% | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 66.7 | % | 74.3 | % | (7.7 | )% | ||||||||||||||||
Operating margin % | 4.3 | % | 3.0 | % | 1.3 | % | ||||||||||||||||
Adjusted operating margin % (1) | 4.7 | % | 3.3 | % | 1.4 | % | ||||||||||||||||
Pretax margin % | 3.1 | % | 1.8 | % | 1.2 | % | ||||||||||||||||
Adjusted pretax margin % (1) | 3.7 | % | 2.1 | % | 1.6 | % | ||||||||||||||||
Floorplan expense: | ||||||||||||||||||||||
Floorplan interest expense | $ | 31.1 | $ | 47.0 | $ | (15.9 | ) | (33.8 | )% | $ | (0.1 | ) | (33.6 | )% | ||||||||
Less: Floorplan assistance (2) | 33.0 | 35.6 | (2.6 | ) | (7.2 | )% | — | (7.2 | )% | |||||||||||||
Net floorplan expense | $ | (1.9 | ) | $ | 11.4 | $ | (13.3 | ) | (117.1 | )% | $ | (0.1 | ) | (116.2 | )% |
Group 1 Automotive, Inc. | |||||||||||||||
Reported Operating Data - U.S. | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions, except unit data) | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | ||||||||||||
Revenues: | |||||||||||||||
New vehicle retail sales | $ | 1,172.2 | $ | 1,291.8 | $ | (119.5 | ) | (9.3 | )% | ||||||
Used vehicle retail sales | 608.2 | 657.7 | (49.5 | ) | (7.5 | )% | |||||||||
Used vehicle wholesale sales | 44.8 | 45.8 | (1.1 | ) | (2.3 | )% | |||||||||
Total used | 653.0 | 703.5 | (50.6 | ) | (7.2 | )% | |||||||||
Parts and service sales | 306.4 | 314.9 | (8.5 | ) | (2.7 | )% | |||||||||
F&I, net | 113.0 | 112.7 | 0.4 | 0.3 | % | ||||||||||
Total revenues | $ | 2,244.6 | $ | 2,422.8 | $ | (178.2 | ) | (7.4 | )% | ||||||
Gross profit: | |||||||||||||||
New vehicle retail sales | $ | 79.8 | $ | 58.7 | $ | 21.1 | 36.0 | % | |||||||
Used vehicle retail sales | 52.8 | 43.6 | 9.3 | 21.3 | % | ||||||||||
Used vehicle wholesale sales | 3.7 | 0.3 | 3.4 | 1,003.9 | % | ||||||||||
Total used | 56.6 | 43.9 | 12.7 | 28.8 | % | ||||||||||
Parts and service sales | 166.3 | 171.7 | (5.4 | ) | (3.1 | )% | |||||||||
F&I, net | 113.0 | 112.7 | 0.4 | 0.3 | % | ||||||||||
Total gross profit | $ | 415.7 | $ | 386.9 | $ | 28.8 | 7.4 | % | |||||||
Gross margin: | |||||||||||||||
New vehicle retail sales | 6.8 | % | 4.5 | % | 2.3 | % | |||||||||
Used vehicle retail sales | 8.7 | % | 6.6 | % | 2.1 | % | |||||||||
Used vehicle wholesale sales | 8.3 | % | 0.7 | % | 7.6 | % | |||||||||
Total used | 8.7 | % | 6.2 | % | 2.4 | % | |||||||||
Parts and service sales | 54.3 | % | 54.5 | % | (0.2 | )% | |||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | |||||||||
Total gross margin | 18.5 | % | 16.0 | % | 2.6 | % | |||||||||
Units sold: | |||||||||||||||
Retail new vehicles sold | 27,980 | 33,041 | (5,061 | ) | (15.3 | )% | |||||||||
Retail used vehicles sold | 27,694 | 31,505 | (3,811 | ) | (12.1 | )% | |||||||||
Wholesale used vehicles sold | 6,195 | 7,565 | (1,370 | ) | (18.1 | )% | |||||||||
Total used | 33,889 | 39,070 | (5,181 | ) | (13.3 | )% | |||||||||
Average sales price per unit sold: | |||||||||||||||
New vehicle retail | $ | 41,895 | $ | 39,096 | $ | 2,800 | 7.2 | % | |||||||
Used vehicle retail | $ | 21,961 | $ | 20,875 | $ | 1,086 | 5.2 | % | |||||||
Gross profit per unit sold: | |||||||||||||||
New vehicle retail sales | $ | 2,852 | $ | 1,775 | $ | 1,077 | 60.6 | % | |||||||
Used vehicle retail sales | $ | 1,908 | $ | 1,383 | $ | 525 | 37.9 | % | |||||||
Used vehicle wholesale sales | $ | 603 | $ | 45 | $ | 559 | 1,248.0 | % | |||||||
Total used | $ | 1,669 | $ | 1,124 | $ | 545 | 48.5 | % | |||||||
F&I PRU | $ | 2,030 | $ | 1,746 | $ | 285 | 16.3 | % | |||||||
Other: | |||||||||||||||
SG&A expenses | $ | 245.2 | $ | 285.3 | $ | (40.0 | ) | (14.0 | )% | ||||||
Adjusted SG&A expenses (1) | $ | 245.2 | $ | 272.6 | $ | (27.4 | ) | (10.0 | )% | ||||||
SG&A as % gross profit | 59.0 | % | 73.7 | % | (14.7 | )% | |||||||||
Adjusted SG&A as % gross profit (1) | 59.0 | % | 70.5 | % | (11.5 | )% |
Group 1 Automotive, Inc. | |||||||||||||||
Reported Operating Data - U.S. | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions, except unit data) | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | ||||||||||||
Revenues: | |||||||||||||||
New vehicle retail sales | $ | 3,076.3 | $ | 3,512.3 | $ | (436.0 | ) | (12.4 | )% | ||||||
Used vehicle retail sales | 1,719.4 | 1,877.5 | (158.1 | ) | (8.4 | )% | |||||||||
Used vehicle wholesale sales | 122.1 | 132.9 | (10.8 | ) | (8.1 | )% | |||||||||
Total used | 1,841.5 | 2,010.5 | (169.0 | ) | (8.4 | )% | |||||||||
Parts and service sales | 865.2 | 922.1 | (56.9 | ) | (6.2 | )% | |||||||||
F&I, net | 300.2 | 319.4 | (19.2 | ) | (6.0 | )% | |||||||||
Total revenues | $ | 6,083.3 | $ | 6,764.3 | $ | (681.0 | ) | (10.1 | )% | ||||||
Gross profit: | |||||||||||||||
New vehicle retail sales | $ | 183.6 | $ | 164.2 | $ | 19.4 | 11.8 | % | |||||||
Used vehicle retail sales | 125.7 | 125.2 | 0.6 | 0.4 | % | ||||||||||
Used vehicle wholesale sales | 6.2 | 2.4 | 3.7 | 154.3 | % | ||||||||||
Total used | 131.9 | 127.6 | 4.3 | 3.4 | % | ||||||||||
Parts and service sales | 465.4 | 499.3 | (33.9 | ) | (6.8 | )% | |||||||||
F&I, net | 300.2 | 319.4 | (19.2 | ) | (6.0 | )% | |||||||||
Total gross profit | $ | 1,081.1 | $ | 1,110.5 | $ | (29.4 | ) | (2.6 | )% | ||||||
Gross margin: | |||||||||||||||
New vehicle retail sales | 6.0 | % | 4.7 | % | 1.3 | % | |||||||||
Used vehicle retail sales | 7.3 | % | 6.7 | % | 0.6 | % | |||||||||
Used vehicle wholesale sales | 5.0 | % | 1.8 | % | 3.2 | % | |||||||||
Total used | 7.2 | % | 6.3 | % | 0.8 | % | |||||||||
Parts and service sales | 53.8 | % | 54.1 | % | (0.4 | )% | |||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | |||||||||
Total gross margin | 17.8 | % | 16.4 | % | 1.4 | % | |||||||||
Units sold: | |||||||||||||||
Retail new vehicles sold | 74,412 | 89,749 | (15,337 | ) | (17.1 | )% | |||||||||
Retail used vehicles sold | 81,494 | 91,299 | (9,805 | ) | (10.7 | )% | |||||||||
Wholesale used vehicles sold | 18,372 | 21,543 | (3,171 | ) | (14.7 | )% | |||||||||
Total used | 99,866 | 112,842 | (12,976 | ) | (11.5 | )% | |||||||||
Average sales price per unit sold: | |||||||||||||||
New vehicle retail | $ | 41,342 | $ | 39,135 | $ | 2,207 | 5.6 | % | |||||||
Used vehicle retail | $ | 21,099 | $ | 20,565 | $ | 534 | 2.6 | % | |||||||
Gross profit per unit sold: | |||||||||||||||
New vehicle retail sales | $ | 2,467 | $ | 1,830 | $ | 637 | 34.8 | % | |||||||
Used vehicle retail sales | $ | 1,543 | $ | 1,371 | $ | 172 | 12.5 | % | |||||||
Used vehicle wholesale sales | $ | 336 | $ | 113 | $ | 223 | 198.2 | % | |||||||
Total used | $ | 1,321 | $ | 1,131 | $ | 190 | 16.8 | % | |||||||
F&I PRU | $ | 1,926 | $ | 1,764 | $ | 162 | 9.2 | % | |||||||
Other: | |||||||||||||||
SG&A expenses | $ | 706.0 | $ | 809.5 | $ | (103.5 | ) | (12.8 | )% | ||||||
Adjusted SG&A expenses (1) | $ | 695.4 | $ | 794.3 | $ | (98.8 | ) | (12.4 | )% | ||||||
SG&A as % gross profit | 65.3 | % | 72.9 | % | (7.6 | )% | |||||||||
Adjusted SG&A as % gross profit (1) | 64.3 | % | 71.5 | % | (7.2 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Reported Operating Data - U.K. | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 376.6 | $ | 290.7 | $ | 85.8 | 29.5 | % | $ | 15.8 | 24.1 | % | ||||||||||
Used vehicle retail sales | 248.1 | 189.3 | 58.8 | 31.1 | % | 11.2 | 25.2 | % | ||||||||||||||
Used vehicle wholesale sales | 39.5 | 35.0 | 4.5 | 12.9 | % | 1.7 | 8.0 | % | ||||||||||||||
Total used | 287.6 | 224.3 | 63.3 | 28.2 | % | 12.9 | 22.5 | % | ||||||||||||||
Parts and service sales | 61.3 | 56.6 | 4.7 | 8.2 | % | 2.7 | 3.4 | % | ||||||||||||||
F&I, net | 15.4 | 13.0 | 2.4 | 18.2 | % | 0.7 | 13.1 | % | ||||||||||||||
Total revenues | $ | 740.8 | $ | 584.6 | $ | 156.2 | 26.7 | % | $ | 32.1 | 21.2 | % | ||||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 16.8 | $ | 12.2 | $ | 4.5 | 37.1 | % | $ | 0.7 | 31.1 | % | ||||||||||
Used vehicle retail sales | 17.2 | 8.9 | 8.3 | 93.4 | % | 0.8 | 84.2 | % | ||||||||||||||
Used vehicle wholesale sales | 2.0 | (0.3 | ) | 2.3 | 713.0 | % | 0.1 | 690.0 | % | |||||||||||||
Total used | 19.2 | 8.6 | 10.7 | 124.3 | % | 0.9 | 113.8 | % | ||||||||||||||
Parts and service sales | 36.2 | 31.3 | 4.9 | 15.7 | % | 1.6 | 10.6 | % | ||||||||||||||
F&I, net | 15.4 | 13.0 | 2.4 | 18.2 | % | 0.7 | 13.1 | % | ||||||||||||||
Total gross profit | $ | 87.6 | $ | 65.1 | $ | 22.5 | 34.6 | % | $ | 3.9 | 28.6 | % | ||||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 4.5 | % | 4.2 | % | 0.2 | % | ||||||||||||||||
Used vehicle retail sales | 6.9 | % | 4.7 | % | 2.2 | % | ||||||||||||||||
Used vehicle wholesale sales | 5.1 | % | (0.9 | )% | 6.0 | % | ||||||||||||||||
Total used | 6.7 | % | 3.8 | % | 2.9 | % | ||||||||||||||||
Parts and service sales | 59.1 | % | 55.3 | % | 3.8 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 11.8 | % | 11.1 | % | 0.7 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 10,689 | 9,329 | 1,360 | 14.6 | % | |||||||||||||||||
Retail used vehicles sold | 10,101 | 8,573 | 1,528 | 17.8 | % | |||||||||||||||||
Wholesale used vehicles sold | 5,104 | 4,894 | 210 | 4.3 | % | |||||||||||||||||
Total used | 15,205 | 13,467 | 1,738 | 12.9 | % | |||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 35,230 | $ | 31,164 | $ | 4,066 | 13.0 | % | $ | 1,479 | 8.3 | % | ||||||||||
Used vehicle retail | $ | 24,561 | $ | 22,077 | $ | 2,484 | 11.2 | % | $ | 1,105 | 6.2 | % | ||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,571 | $ | 1,313 | $ | 258 | 19.7 | % | $ | 69 | 14.4 | % | ||||||||||
Used vehicle retail sales | $ | 1,706 | $ | 1,039 | $ | 667 | 64.2 | % | $ | 81 | 56.4 | % | ||||||||||
Used vehicle wholesale sales | $ | 394 | $ | (67 | ) | $ | 462 | 687.8 | % | $ | 15 | 665.7 | % | |||||||||
Total used | $ | 1,266 | $ | 637 | $ | 629 | 98.7 | % | $ | 59 | 89.4 | % | ||||||||||
F&I PRU | $ | 739 | $ | 726 | $ | 13 | 1.8 | % | $ | 32 | (2.6 | )% | ||||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 53.7 | $ | 57.6 | $ | (3.9 | ) | (6.8 | )% | $ | 2.4 | (11.0 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 53.7 | $ | 57.1 | $ | (3.4 | ) | (6.0 | )% | $ | 2.4 | (10.3 | )% | |||||||||
SG&A as % gross profit | 61.2 | % | 88.4 | % | (27.2 | )% | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 61.2 | % | 87.7 | % | (26.4 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Reported Operating Data - U.K. | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 800.1 | $ | 911.5 | $ | (111.4 | ) | (12.2 | )% | $ | (0.8 | ) | (12.1 | )% | ||||||||
Used vehicle retail sales | 529.7 | 586.8 | (57.1 | ) | (9.7 | )% | 3.1 | (10.3 | )% | |||||||||||||
Used vehicle wholesale sales | 90.6 | 127.1 | (36.6 | ) | (28.8 | )% | 0.3 | (29.0 | )% | |||||||||||||
Total used | 620.3 | 714.0 | (93.7 | ) | (13.1 | )% | 3.4 | (13.6 | )% | |||||||||||||
Parts and service sales | 139.5 | 172.5 | (33.0 | ) | (19.1 | )% | 0.8 | (19.6 | )% | |||||||||||||
F&I, net | 35.1 | 43.2 | (8.1 | ) | (18.8 | )% | — | (18.8 | )% | |||||||||||||
Total revenues | $ | 1,595.0 | $ | 1,841.2 | $ | (246.2 | ) | (13.4 | )% | $ | 3.3 | (13.6 | )% | |||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 34.7 | $ | 39.6 | $ | (4.9 | ) | (12.4 | )% | $ | (0.2 | ) | (12.0 | )% | ||||||||
Used vehicle retail sales | 31.3 | 25.5 | 5.8 | 22.7 | % | 0.3 | 21.7 | % | ||||||||||||||
Used vehicle wholesale sales | 2.3 | (2.6 | ) | 5.0 | 188.8 | % | — | 188.4 | % | |||||||||||||
Total used | 33.6 | 22.9 | 10.8 | 47.0 | % | 0.3 | 45.9 | % | ||||||||||||||
Parts and service sales | 78.5 | 95.5 | (17.0 | ) | (17.8 | )% | 0.4 | (18.3 | )% | |||||||||||||
F&I, net | 35.1 | 43.2 | (8.1 | ) | (18.8 | )% | — | (18.8 | )% | |||||||||||||
Total gross profit | $ | 181.9 | $ | 201.2 | $ | (19.3 | ) | (9.6 | )% | $ | 0.6 | (9.9 | )% | |||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 4.3 | % | 4.3 | % | — | % | ||||||||||||||||
Used vehicle retail sales | 5.9 | % | 4.3 | % | 1.6 | % | ||||||||||||||||
Used vehicle wholesale sales | 2.6 | % | (2.1 | )% | 4.6 | % | ||||||||||||||||
Total used | 5.4 | % | 3.2 | % | 2.2 | % | ||||||||||||||||
Parts and service sales | 56.3 | % | 55.4 | % | 0.9 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 11.4 | % | 10.9 | % | 0.5 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 23,424 | 28,939 | (5,515 | ) | (19.1 | )% | ||||||||||||||||
Retail used vehicles sold | 22,165 | 25,284 | (3,119 | ) | (12.3 | )% | ||||||||||||||||
Wholesale used vehicles sold | 11,517 | 16,033 | (4,516 | ) | (28.2 | )% | ||||||||||||||||
Total used | 33,682 | 41,317 | (7,635 | ) | (18.5 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 34,157 | $ | 31,498 | $ | 2,658 | 8.4 | % | $ | (36 | ) | 8.6 | % | |||||||||
Used vehicle retail | $ | 23,899 | $ | 23,210 | $ | 689 | 3.0 | % | $ | 141 | 2.4 | % | ||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,482 | $ | 1,370 | $ | 112 | 8.2 | % | $ | (8 | ) | 8.8 | % | |||||||||
Used vehicle retail sales | $ | 1,411 | $ | 1,008 | $ | 403 | 40.0 | % | $ | 12 | 38.9 | % | ||||||||||
Used vehicle wholesale sales | $ | 203 | $ | (164 | ) | $ | 366 | 223.7 | % | $ | 1 | 223.1 | % | |||||||||
Total used | $ | 998 | $ | 553 | $ | 445 | 80.4 | % | $ | 8 | 78.9 | % | ||||||||||
F&I PRU | $ | 769 | $ | 796 | $ | (27 | ) | (3.4 | )% | $ | 1 | (3.5 | )% | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 141.8 | $ | 175.8 | $ | (34.0 | ) | (19.3 | )% | $ | 0.4 | (19.6 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 140.6 | $ | 175.3 | $ | (34.7 | ) | (19.8 | )% | $ | 0.4 | (20.0 | )% | |||||||||
SG&A as % gross profit | 78.0 | % | 87.4 | % | (9.4 | )% | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 77.3 | % | 87.1 | % | (9.8 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Reported Operating Data - Brazil | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 31.9 | $ | 69.9 | $ | (38.0 | ) | (54.4 | )% | $ | (11.2 | ) | (38.3 | )% | ||||||||
Used vehicle retail sales | 10.9 | 22.8 | (11.9 | ) | (52.1 | )% | (3.9 | ) | (35.1 | )% | ||||||||||||
Used vehicle wholesale sales | 2.4 | 4.4 | (2.0 | ) | (44.8 | )% | (0.9 | ) | (24.8 | )% | ||||||||||||
Total used | 13.4 | 27.2 | (13.8 | ) | (50.9 | )% | (4.7 | ) | (33.5 | )% | ||||||||||||
Parts and service sales | 8.0 | 12.0 | (4.0 | ) | (33.6 | )% | (2.9 | ) | (9.7 | )% | ||||||||||||
F&I, net | 1.1 | 1.9 | (0.8 | ) | (41.4 | )% | (0.4 | ) | (20.2 | )% | ||||||||||||
Total revenues | $ | 54.3 | $ | 110.9 | $ | (56.6 | ) | (51.1 | )% | $ | (19.2 | ) | (33.8 | )% | ||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 2.6 | $ | 4.5 | $ | (1.8 | ) | (41.2 | )% | $ | (0.9 | ) | (20.5 | )% | ||||||||
Used vehicle retail sales | 1.0 | 1.8 | (0.8 | ) | (42.6 | )% | (0.4 | ) | (22.0 | )% | ||||||||||||
Used vehicle wholesale sales | 0.2 | 0.3 | (0.1 | ) | (37.1 | )% | (0.1 | ) | (14.7 | )% | ||||||||||||
Total used | 1.2 | 2.1 | (0.9 | ) | (41.8 | )% | (0.4 | ) | (20.9 | )% | ||||||||||||
Parts and service sales | 3.7 | 5.1 | (1.5 | ) | (28.8 | )% | (1.3 | ) | (3.4 | )% | ||||||||||||
F&I, net | 1.1 | 1.9 | (0.8 | ) | (41.4 | )% | (0.4 | ) | (20.2 | )% | ||||||||||||
Total gross profit | $ | 8.6 | $ | 13.6 | $ | (5.0 | ) | (36.6 | )% | $ | (3.1 | ) | (14.0 | )% | ||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 8.3 | % | 6.4 | % | 1.9 | % | ||||||||||||||||
Used vehicle retail sales | 9.3 | % | 7.8 | % | 1.5 | % | ||||||||||||||||
Used vehicle wholesale sales | 8.0 | % | 7.1 | % | 1.0 | % | ||||||||||||||||
Total used | 9.1 | % | 7.7 | % | 1.4 | % | ||||||||||||||||
Parts and service sales | 46.1 | % | 43.0 | % | 3.1 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 15.8 | % | 12.2 | % | 3.6 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 1,200 | 2,262 | (1,062 | ) | (46.9 | )% | ||||||||||||||||
Retail used vehicles sold | 552 | 1,219 | (667 | ) | (54.7 | )% | ||||||||||||||||
Wholesale used vehicles sold | 282 | 430 | (148 | ) | (34.4 | )% | ||||||||||||||||
Total used | 834 | 1,649 | (815 | ) | (49.4 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 26,558 | $ | 30,883 | $ | (4,325 | ) | (14.0 | )% | $ | (9,343 | ) | 16.2 | % | ||||||||
Used vehicle retail | $ | 19,766 | $ | 18,681 | $ | 1,085 | 5.8 | % | $ | (6,995 | ) | 43.3 | % | |||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 2,196 | $ | 1,980 | $ | 216 | 10.9 | % | $ | (772 | ) | 49.9 | % | |||||||||
Used vehicle retail sales | $ | 1,840 | $ | 1,453 | $ | 387 | 26.7 | % | $ | (661 | ) | 72.2 | % | |||||||||
Used vehicle wholesale sales | $ | 696 | $ | 726 | $ | (30 | ) | (4.1 | )% | $ | (247 | ) | 30.0 | % | ||||||||
Total used | $ | 1,453 | $ | 1,263 | $ | 190 | 15.1 | % | $ | (521 | ) | 56.3 | % | |||||||||
F&I PRU | $ | 621 | $ | 533 | $ | 88 | 16.5 | % | $ | (224 | ) | 58.5 | % | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 6.9 | $ | 11.0 | $ | (4.2 | ) | (37.8 | )% | $ | (2.5 | ) | (15.5 | )% | ||||||||
SG&A as % gross profit | 79.9 | % | 81.4 | % | (1.5 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Reported Operating Data - Brazil | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 109.1 | $ | 208.4 | $ | (99.2 | ) | (47.6 | )% | $ | (27.4 | ) | (34.5 | )% | ||||||||
Used vehicle retail sales | 38.3 | 63.4 | (25.1 | ) | (39.6 | )% | (9.6 | ) | (24.4 | )% | ||||||||||||
Used vehicle wholesale sales | 9.2 | 13.3 | (4.1 | ) | (31.1 | )% | (2.5 | ) | (12.2 | )% | ||||||||||||
Total used | 47.5 | 76.7 | (29.3 | ) | (38.1 | )% | (12.1 | ) | (22.3 | )% | ||||||||||||
Parts and service sales | 23.4 | 36.1 | (12.7 | ) | (35.2 | )% | (6.6 | ) | (17.0 | )% | ||||||||||||
F&I, net | 3.4 | 5.6 | (2.2 | ) | (39.9 | )% | (0.9 | ) | (24.2 | )% | ||||||||||||
Total revenues | $ | 183.4 | $ | 326.9 | $ | (143.5 | ) | (43.9 | )% | $ | (47.0 | ) | (29.5 | )% | ||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 7.5 | $ | 12.6 | $ | (5.1 | ) | (40.3 | )% | $ | (2.0 | ) | (24.6 | )% | ||||||||
Used vehicle retail sales | 2.5 | 4.7 | (2.2 | ) | (46.6 | )% | (0.7 | ) | (31.9 | )% | ||||||||||||
Used vehicle wholesale sales | 0.5 | 0.9 | (0.4 | ) | (45.6 | )% | (0.1 | ) | (30.1 | )% | ||||||||||||
Total used | 3.0 | 5.6 | (2.6 | ) | (46.5 | )% | (0.8 | ) | (31.6 | )% | ||||||||||||
Parts and service sales | 10.3 | 15.8 | (5.5 | ) | (34.7 | )% | (2.9 | ) | (16.4 | )% | ||||||||||||
F&I, net | 3.4 | 5.6 | (2.2 | ) | (39.9 | )% | (0.9 | ) | (24.2 | )% | ||||||||||||
Total gross profit | $ | 24.2 | $ | 39.6 | $ | (15.4 | ) | (38.9 | )% | $ | (6.6 | ) | (22.2 | )% | ||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 6.9 | % | 6.1 | % | 0.8 | % | ||||||||||||||||
Used vehicle retail sales | 6.5 | % | 7.4 | % | (0.9 | )% | ||||||||||||||||
Used vehicle wholesale sales | 5.2 | % | 6.6 | % | (1.4 | )% | ||||||||||||||||
Total used | 6.3 | % | 7.3 | % | (1.0 | )% | ||||||||||||||||
Parts and service sales | 44.1 | % | 43.8 | % | 0.3 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 13.2 | % | 12.1 | % | 1.1 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 3,865 | 6,911 | (3,046 | ) | (44.1 | )% | ||||||||||||||||
Retail used vehicles sold | 2,006 | 3,295 | (1,289 | ) | (39.1 | )% | ||||||||||||||||
Wholesale used vehicles sold | 1,081 | 1,386 | (305 | ) | (22.0 | )% | ||||||||||||||||
Total used | 3,087 | 4,681 | (1,594 | ) | (34.1 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 28,238 | $ | 30,153 | $ | (1,915 | ) | (6.4 | )% | $ | (7,093 | ) | 17.2 | % | ||||||||
Used vehicle retail | $ | 19,100 | $ | 19,251 | $ | (151 | ) | (0.8 | )% | $ | (4,794 | ) | 24.1 | % | ||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,950 | $ | 1,826 | $ | 123 | 6.7 | % | $ | (514 | ) | 34.9 | % | |||||||||
Used vehicle retail sales | $ | 1,245 | $ | 1,421 | $ | (175 | ) | (12.3 | )% | $ | (343 | ) | 11.8 | % | ||||||||
Used vehicle wholesale sales | $ | 444 | $ | 637 | $ | (192 | ) | (30.2 | )% | $ | (126 | ) | (10.4 | )% | ||||||||
Total used | $ | 965 | $ | 1,189 | $ | (224 | ) | (18.8 | )% | $ | (267 | ) | 3.7 | % | ||||||||
F&I PRU | $ | 576 | $ | 551 | $ | 25 | 4.5 | % | $ | (150 | ) | 31.8 | % | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 23.1 | $ | 35.0 | $ | (11.9 | ) | (34.0 | )% | $ | (6.4 | ) | (15.8 | )% | ||||||||
Adjusted SG&A expenses (1) | $ | 22.2 | $ | 35.0 | $ | (12.8 | ) | (36.5 | )% | $ | (6.2 | ) | (19.0 | )% | ||||||||
SG&A as % gross profit | 95.3 | % | 88.3 | % | 7.0 | % | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 91.7 | % | 88.3 | % | 3.4 | % |
Group 1 Automotive, Inc. | |||||||||||||||||||||||
Same Store Operating Data - Consolidated | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(In millions, except unit data) | |||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
New vehicle retail sales | $ | 1,549.8 | $ | 1,644.4 | $ | (94.6 | ) | (5.8 | )% | $ | 4.1 | (6.0 | )% | ||||||||||
Used vehicle retail sales | 843.8 | 864.0 | (20.3 | ) | (2.3 | )% | 6.9 | (3.1 | )% | ||||||||||||||
Used vehicle wholesale sales | 84.5 | 84.2 | 0.3 | 0.4 | % | 0.8 | (0.5 | )% | |||||||||||||||
Total used | 928.3 | 948.2 | (19.9 | ) | (2.1 | )% | 7.7 | (2.9 | )% | ||||||||||||||
Parts and service sales | 367.3 | 377.0 | (9.7 | ) | (2.6 | )% | (0.3 | ) | (2.5 | )% | |||||||||||||
F&I, net | 127.8 | 127.0 | 0.8 | 0.6 | % | 0.3 | 0.4 | % | |||||||||||||||
Total revenues | $ | 2,973.2 | $ | 3,096.7 | $ | (123.5 | ) | (4.0 | )% | $ | 11.8 | (4.4 | )% | ||||||||||
Gross profit: | |||||||||||||||||||||||
New vehicle retail sales | $ | 96.9 | $ | 74.9 | $ | 22.0 | 29.4 | % | $ | (0.2 | ) | 29.7 | % | ||||||||||
Used vehicle retail sales | 69.3 | 54.0 | 15.3 | 28.3 | % | 0.4 | 27.5 | % | |||||||||||||||
Used vehicle wholesale sales | 5.8 | 0.3 | 5.5 | 1,635.0 | % | — | 1,634.2 | % | |||||||||||||||
Total used | 75.1 | 54.3 | 20.8 | 38.3 | % | 0.4 | 37.5 | % | |||||||||||||||
Parts and service sales | 201.0 | 205.1 | (4.0 | ) | (2.0 | )% | 0.2 | (2.1 | )% | ||||||||||||||
F&I, net | 127.8 | 127.0 | 0.8 | 0.6 | % | 0.3 | 0.4 | % | |||||||||||||||
Total gross profit | $ | 500.8 | $ | 461.3 | $ | 39.5 | 8.6 | % | $ | 0.7 | 8.4 | % | |||||||||||
Gross margin: | |||||||||||||||||||||||
New vehicle retail sales | 6.3 | % | 4.6 | % | 1.7 | % | |||||||||||||||||
Used vehicle retail sales | 8.2 | % | 6.2 | % | 2.0 | % | |||||||||||||||||
Used vehicle wholesale sales | 6.9 | % | 0.4 | % | 6.5 | % | |||||||||||||||||
Total used | 8.1 | % | 5.7 | % | 2.4 | % | |||||||||||||||||
Parts and service sales | 54.7 | % | 54.4 | % | 0.3 | % | |||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | |||||||||||||||||
Total gross margin | 16.8 | % | 14.9 | % | 1.9 | % | |||||||||||||||||
Units sold: | |||||||||||||||||||||||
Retail new vehicles sold | 39,152 | 44,389 | (5,237 | ) | (11.8 | )% | |||||||||||||||||
Retail used vehicles sold | 37,486 | 40,990 | (3,504 | ) | (8.5 | )% | |||||||||||||||||
Wholesale used vehicles sold | 11,312 | 12,751 | (1,439 | ) | (11.3 | )% | |||||||||||||||||
Total used | 48,798 | 53,741 | (4,943 | ) | (9.2 | )% | |||||||||||||||||
Average sales price per unit sold: | |||||||||||||||||||||||
New vehicle retail | $ | 39,584 | $ | 37,046 | $ | 2,538 | 6.9 | % | $ | 104 | 6.6 | % | |||||||||||
Used vehicle retail | $ | 22,509 | $ | 21,079 | $ | 1,430 | 6.8 | % | $ | 185 | 5.9 | % | |||||||||||
Gross profit per unit sold: | |||||||||||||||||||||||
New vehicle retail sales | $ | 2,475 | $ | 1,687 | $ | 788 | 46.7 | % | $ | (5 | ) | 47.0 | % | ||||||||||
Used vehicle retail sales | $ | 1,848 | $ | 1,317 | $ | 531 | 40.3 | % | $ | 12 | 39.4 | % | |||||||||||
Used vehicle wholesale sales | $ | 516 | $ | 26 | $ | 490 | 1,855.7 | % | $ | — | 1,854.8 | % | |||||||||||
Total used | $ | 1,539 | $ | 1,011 | $ | 528 | 52.3 | % | $ | 9 | 51.4 | % | |||||||||||
F&I PRU | $ | 1,668 | $ | 1,488 | $ | 180 | 12.1 | % | $ | 3 | 11.9 | % | |||||||||||
Other: | |||||||||||||||||||||||
SG&A expenses | $ | 298.9 | $ | 348.6 | $ | (49.7 | ) | (14.3 | )% | $ | (0.1 | ) | (14.2 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 298.9 | $ | 336.0 | $ | (37.1 | ) | (11.0 | )% | $ | (0.1 | ) | (11.0 | )% | |||||||||
SG&A as % gross profit | 59.7 | % | 75.6 | % | (15.9 | )% | |||||||||||||||||
Adjusted SG&A as % gross profit (1) | 59.7 | % | 72.8 | % | (13.2 | )% | |||||||||||||||||
Operating margin % | 6.2 | % | 2.7 | % | 3.4 | % | |||||||||||||||||
Adjusted operating margin % (1) | 6.2 | % | 3.5 | % | 2.7 | % |
Group 1 Automotive, Inc. | |||||||||||||||||||||||
Same Store Operating Data - Consolidated | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(In millions, except unit data) | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
New vehicle retail sales | $ | 3,882.7 | $ | 4,587.8 | $ | (705.1 | ) | (15.4 | )% | $ | (27.7 | ) | (14.8 | )% | |||||||||
Used vehicle retail sales | 2,216.8 | 2,495.1 | (278.2 | ) | (11.2 | )% | (6.4 | ) | (10.9 | )% | |||||||||||||
Used vehicle wholesale sales | 214.4 | 265.0 | (50.6 | ) | (19.1 | )% | (2.2 | ) | (18.3 | )% | |||||||||||||
Total used | 2,431.2 | 2,760.1 | (328.8 | ) | (11.9 | )% | (8.6 | ) | (11.6 | )% | |||||||||||||
Parts and service sales | 1,000.2 | 1,109.3 | (109.1 | ) | (9.8 | )% | (5.9 | ) | (9.3 | )% | |||||||||||||
F&I, net | 333.5 | 365.4 | (31.9 | ) | (8.7 | )% | (0.8 | ) | (8.5 | )% | |||||||||||||
Total revenues | $ | 7,647.6 | $ | 8,822.6 | $ | (1,175.0 | ) | (13.3 | )% | $ | (43.0 | ) | (12.8 | )% | |||||||||
Gross profit: | |||||||||||||||||||||||
New vehicle retail sales | $ | 218.0 | $ | 214.7 | $ | 3.3 | 1.5 | % | $ | (2.1 | ) | 2.5 | % | ||||||||||
Used vehicle retail sales | 154.8 | 154.2 | 0.7 | 0.4 | % | (0.4 | ) | 0.7 | % | ||||||||||||||
Used vehicle wholesale sales | 8.9 | 0.9 | 8.0 | 883.8 | % | (0.1 | ) | 897.4 | % | ||||||||||||||
Total used | 163.7 | 155.1 | 8.6 | 5.6 | % | (0.6 | ) | 5.9 | % | ||||||||||||||
Parts and service sales | 538.4 | 600.3 | (61.9 | ) | (10.3 | )% | (2.5 | ) | (9.9 | )% | |||||||||||||
F&I, net | 333.5 | 365.4 | (31.9 | ) | (8.7 | )% | (0.8 | ) | (8.5 | )% | |||||||||||||
Total gross profit | $ | 1,253.6 | $ | 1,335.5 | $ | (81.9 | ) | (6.1 | )% | $ | (6.0 | ) | (5.7 | )% | |||||||||
Gross margin: | |||||||||||||||||||||||
New vehicle retail sales | 5.6 | % | 4.7 | % | 0.9 | % | |||||||||||||||||
Used vehicle retail sales | 7.0 | % | 6.2 | % | 0.8 | % | |||||||||||||||||
Used vehicle wholesale sales | 4.1 | % | 0.3 | % | 3.8 | % | |||||||||||||||||
Total used | 6.7 | % | 5.6 | % | 1.1 | % | |||||||||||||||||
Parts and service sales | 53.8 | % | 54.1 | % | (0.3 | )% | |||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | |||||||||||||||||
Total gross margin | 16.4 | % | 15.1 | % | 1.3 | % | |||||||||||||||||
Units sold: | |||||||||||||||||||||||
Retail new vehicles sold | 99,073 | 123,927 | (24,854 | ) | (20.1 | )% | |||||||||||||||||
Retail used vehicles sold | 102,802 | 118,142 | (15,340 | ) | (13.0 | )% | |||||||||||||||||
Wholesale used vehicles sold | 30,030 | 38,135 | (8,105 | ) | (21.3 | )% | |||||||||||||||||
Total used | 132,832 | 156,277 | (23,445 | ) | (15.0 | )% | |||||||||||||||||
Average sales price per unit sold: | |||||||||||||||||||||||
New vehicle retail | $ | 39,190 | $ | 37,020 | $ | 2,170 | 5.9 | % | $ | (280 | ) | 6.6 | % | ||||||||||
Used vehicle retail | $ | 21,564 | $ | 21,119 | $ | 445 | 2.1 | % | $ | (62 | ) | 2.4 | % | ||||||||||
Gross profit per unit sold: | |||||||||||||||||||||||
New vehicle retail sales | $ | 2,200 | $ | 1,733 | $ | 468 | 27.0 | % | $ | (22 | ) | 28.2 | % | ||||||||||
Used vehicle retail sales | $ | 1,506 | $ | 1,305 | $ | 201 | 15.4 | % | $ | (4 | ) | 15.7 | % | ||||||||||
Used vehicle wholesale sales | $ | 296 | $ | 24 | $ | 272 | 1,149.3 | % | $ | (4 | ) | 1,166.6 | % | ||||||||||
Total used | $ | 1,232 | $ | 992 | $ | 240 | 24.2 | % | $ | (4 | ) | 24.6 | % | ||||||||||
F&I PRU | $ | 1,652 | $ | 1,510 | $ | 143 | 9.4 | % | $ | (4 | ) | 9.7 | % | ||||||||||
Other: | |||||||||||||||||||||||
SG&A expenses | $ | 843.4 | $ | 1,005.9 | $ | (162.5 | ) | (16.2 | )% | $ | (5.9 | ) | (15.6 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 830.7 | $ | 986.6 | $ | (155.8 | ) | (15.8 | )% | $ | (5.7 | ) | (15.2 | )% | |||||||||
SG&A as % gross profit | 67.3 | % | 75.3 | % | (8.0 | )% | |||||||||||||||||
Adjusted SG&A as % gross profit (1) | 66.3 | % | 73.9 | % | (7.6 | )% | |||||||||||||||||
Operating margin % | 4.3 | % | 3.0 | % | 1.3 | % | |||||||||||||||||
Adjusted operating margin % (1) | 4.8 | % | 3.4 | % | 1.5 | % |
Group 1 Automotive, Inc. | ||||||||||||||
Same Store Operating Data - U.S. | ||||||||||||||
(Unaudited) | ||||||||||||||
(In millions, except unit data) | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | |||||||||||
Revenues: | ||||||||||||||
New vehicle retail sales | $ | 1,157.7 | $ | 1,285.3 | $ | (127.6 | ) | (9.9 | )% | |||||
Used vehicle retail sales | 595.3 | 653.8 | (58.5 | ) | (8.9 | )% | ||||||||
Used vehicle wholesale sales | 44.2 | 45.3 | (1.1 | ) | (2.3 | )% | ||||||||
Total used | 639.5 | 699.1 | (59.5 | ) | (8.5 | )% | ||||||||
Parts and service sales | 302.5 | 312.9 | (10.4 | ) | (3.3 | )% | ||||||||
F&I, net | 112.1 | 112.3 | (0.2 | ) | (0.2 | )% | ||||||||
Total revenues | $ | 2,211.9 | $ | 2,409.6 | $ | (197.7 | ) | (8.2 | )% | |||||
Gross profit: | ||||||||||||||
New vehicle retail sales | $ | 78.2 | $ | 58.2 | $ | 20.0 | 34.3 | % | ||||||
Used vehicle retail sales | 51.7 | 43.4 | 8.3 | 19.1 | % | |||||||||
Used vehicle wholesale sales | 3.7 | 0.3 | 3.4 | 987.9 | % | |||||||||
Total used | 55.4 | 43.8 | 11.6 | 26.6 | % | |||||||||
Parts and service sales | 163.8 | 170.6 | (6.8 | ) | (4.0 | )% | ||||||||
F&I, net | 112.1 | 112.3 | (0.2 | ) | (0.2 | )% | ||||||||
Total gross profit | $ | 409.5 | $ | 384.8 | $ | 24.6 | 6.4 | % | ||||||
Gross margin: | ||||||||||||||
New vehicle retail sales | 6.8 | % | 4.5 | % | 2.2 | % | ||||||||
Used vehicle retail sales | 8.7 | % | 6.6 | % | 2.0 | % | ||||||||
Used vehicle wholesale sales | 8.4 | % | 0.8 | % | 7.6 | % | ||||||||
Total used | 8.7 | % | 6.3 | % | 2.4 | % | ||||||||
Parts and service sales | 54.1 | % | 54.5 | % | (0.4 | )% | ||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||
Total gross margin | 18.5 | % | 16.0 | % | 2.5 | % | ||||||||
Units sold: | ||||||||||||||
Retail new vehicles sold | 27,696 | 32,854 | (5,158 | ) | (15.7 | )% | ||||||||
Retail used vehicles sold | 27,229 | 31,267 | (4,038 | ) | (12.9 | )% | ||||||||
Wholesale used vehicles sold | 6,122 | 7,474 | (1,352 | ) | (18.1 | )% | ||||||||
Total used | 33,351 | 38,741 | (5,390 | ) | (13.9 | )% | ||||||||
Average sales price per unit sold: | ||||||||||||||
New vehicle retail | $ | 41,801 | $ | 39,121 | $ | 2,679 | 6.8 | % | ||||||
Used vehicle retail | $ | 21,864 | $ | 20,911 | $ | 953 | 4.6 | % | ||||||
Gross profit per unit sold: | ||||||||||||||
New vehicle retail sales | $ | 2,824 | $ | 1,772 | $ | 1,052 | 59.3 | % | ||||||
Used vehicle retail sales | $ | 1,898 | $ | 1,388 | $ | 510 | 36.7 | % | ||||||
Used vehicle wholesale sales | $ | 604 | $ | 45 | $ | 559 | 1,228.1 | % | ||||||
Total used | $ | 1,661 | $ | 1,129 | $ | 531 | 47.0 | % | ||||||
F&I PRU | $ | 2,041 | $ | 1,751 | $ | 290 | 16.6 | % | ||||||
Other: | ||||||||||||||
SG&A expenses | $ | 241.9 | $ | 282.9 | $ | (41.0 | ) | (14.5 | )% | |||||
Adjusted SG&A expenses (1) | $ | 241.9 | $ | 270.5 | $ | (28.6 | ) | (10.6 | )% | |||||
SG&A as % gross profit | 59.1 | % | 73.5 | % | (14.4 | )% | ||||||||
Adjusted SG&A as % gross profit (1) | 59.1 | % | 70.3 | % | (11.2 | )% |
Group 1 Automotive, Inc. | ||||||||||||||
Same Store Operating Data - U.S. | ||||||||||||||
(Unaudited) | ||||||||||||||
(In millions, except unit data) | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | |||||||||||
Revenues: | ||||||||||||||
New vehicle retail sales | $ | 3,026.1 | $ | 3,494.0 | $ | (467.9 | ) | (13.4 | )% | |||||
Used vehicle retail sales | 1,680.6 | 1,861.4 | (180.8 | ) | (9.7 | )% | ||||||||
Used vehicle wholesale sales | 120.4 | 130.2 | (9.8 | ) | (7.5 | )% | ||||||||
Total used | 1,801.0 | 1,991.6 | (190.6 | ) | (9.6 | )% | ||||||||
Parts and service sales | 850.3 | 914.6 | (64.3 | ) | (7.0 | )% | ||||||||
F&I, net | 297.5 | 317.6 | (20.1 | ) | (6.3 | )% | ||||||||
Total revenues | $ | 5,974.9 | $ | 6,717.8 | $ | (742.9 | ) | (11.1 | )% | |||||
Gross profit: | ||||||||||||||
New vehicle retail sales | $ | 178.0 | $ | 163.2 | $ | 14.7 | 9.0 | % | ||||||
Used vehicle retail sales | 122.7 | 124.3 | (1.7 | ) | (1.3 | )% | ||||||||
Used vehicle wholesale sales | 6.1 | 2.5 | 3.7 | 150.6 | % | |||||||||
Total used | 128.8 | 126.8 | 2.0 | 1.6 | % | |||||||||
Parts and service sales | 456.7 | 495.5 | (38.8 | ) | (7.8 | )% | ||||||||
F&I, net | 297.5 | 317.6 | (20.1 | ) | (6.3 | )% | ||||||||
Total gross profit | $ | 1,061.0 | $ | 1,103.2 | $ | (42.1 | ) | (3.8 | )% | |||||
Gross margin: | ||||||||||||||
New vehicle retail sales | 5.9 | % | 4.7 | % | 1.2 | % | ||||||||
Used vehicle retail sales | 7.3 | % | 6.7 | % | 0.6 | % | ||||||||
Used vehicle wholesale sales | 5.1 | % | 1.9 | % | 3.2 | % | ||||||||
Total used | 7.2 | % | 6.4 | % | 0.8 | % | ||||||||
Parts and service sales | 53.7 | % | 54.2 | % | (0.5 | )% | ||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||
Total gross margin | 17.8 | % | 16.4 | % | 1.3 | % | ||||||||
Units sold: | ||||||||||||||
Retail new vehicles sold | 73,433 | 89,170 | (15,737 | ) | (17.6 | )% | ||||||||
Retail used vehicles sold | 80,055 | 90,190 | (10,135 | ) | (11.2 | )% | ||||||||
Wholesale used vehicles sold | 18,169 | 21,159 | (2,990 | ) | (14.1 | )% | ||||||||
Total used | 98,224 | 111,349 | (13,125 | ) | (11.8 | )% | ||||||||
Average sales price per unit sold: | ||||||||||||||
New vehicle retail | $ | 41,209 | $ | 39,183 | $ | 2,026 | 5.2 | % | ||||||
Used vehicle retail | $ | 20,993 | $ | 20,639 | $ | 354 | 1.7 | % | ||||||
Gross profit per unit sold: | ||||||||||||||
New vehicle retail sales | $ | 2,424 | $ | 1,831 | $ | 593 | 32.4 | % | ||||||
Used vehicle retail sales | $ | 1,532 | $ | 1,378 | $ | 154 | 11.2 | % | ||||||
Used vehicle wholesale sales | $ | 338 | $ | 116 | $ | 222 | 191.8 | % | ||||||
Total used | $ | 1,311 | $ | 1,138 | $ | 173 | 15.2 | % | ||||||
F&I PRU | $ | 1,938 | $ | 1,771 | $ | 167 | 9.4 | % | ||||||
Other: | ||||||||||||||
SG&A expenses | $ | 693.1 | $ | 805.5 | $ | (112.4 | ) | (14.0 | )% | |||||
Adjusted SG&A expenses (1) | $ | 682.5 | $ | 786.3 | $ | (103.8 | ) | (13.2 | )% | |||||
SG&A as % gross profit | 65.3 | % | 73.0 | % | (7.7 | )% | ||||||||
Adjusted SG&A as % gross profit (1) | 64.3 | % | 71.3 | % | (7.0 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Same Store Operating Data - U.K. | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 360.2 | $ | 289.3 | $ | 70.9 | 24.5 | % | $ | 15.3 | 19.2 | % | ||||||||||
Used vehicle retail sales | 237.5 | 187.6 | 50.0 | 26.6 | % | 10.8 | 20.9 | % | ||||||||||||||
Used vehicle wholesale sales | 37.9 | 34.5 | 3.4 | 9.8 | % | 1.7 | 4.9 | % | ||||||||||||||
Total used | 275.4 | 222.1 | 53.3 | 24.0 | % | 12.5 | 18.4 | % | ||||||||||||||
Parts and service sales | 56.8 | 52.3 | 4.5 | 8.6 | % | 2.5 | 3.8 | % | ||||||||||||||
F&I, net | 14.6 | 12.9 | 1.7 | 13.3 | % | 0.6 | 8.3 | % | ||||||||||||||
Total revenues | $ | 707.0 | $ | 576.5 | $ | 130.5 | 22.6 | % | $ | 30.9 | 17.3 | % | ||||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 16.1 | $ | 12.2 | $ | 3.9 | 32.0 | % | $ | 0.7 | 26.1 | % | ||||||||||
Used vehicle retail sales | 16.6 | 8.8 | 7.8 | 87.9 | % | 0.8 | 78.9 | % | ||||||||||||||
Used vehicle wholesale sales | 1.9 | (0.3 | ) | 2.3 | 717.3 | % | 0.1 | 694.3 | % | |||||||||||||
Total used | 18.5 | 8.5 | 10.0 | 117.8 | % | 0.9 | 107.6 | % | ||||||||||||||
Parts and service sales | 33.6 | 29.3 | 4.3 | 14.6 | % | 1.5 | 9.5 | % | ||||||||||||||
F&I, net | 14.6 | 12.9 | 1.7 | 13.3 | % | 0.6 | 8.3 | % | ||||||||||||||
Total gross profit | $ | 82.8 | $ | 62.9 | $ | 19.9 | 31.6 | % | $ | 3.7 | 25.7 | % | ||||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 4.5 | % | 4.2 | % | 0.3 | % | ||||||||||||||||
Used vehicle retail sales | 7.0 | % | 4.7 | % | 2.3 | % | ||||||||||||||||
Used vehicle wholesale sales | 5.1 | % | (0.9 | )% | 6.1 | % | ||||||||||||||||
Total used | 6.7 | % | 3.8 | % | 2.9 | % | ||||||||||||||||
Parts and service sales | 59.1 | % | 56.1 | % | 3.1 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 11.7 | % | 10.9 | % | 0.8 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 10,256 | 9,273 | 983 | 10.6 | % | |||||||||||||||||
Retail used vehicles sold | 9,705 | 8,507 | 1,198 | 14.1 | % | |||||||||||||||||
Wholesale used vehicles sold | 4,908 | 4,847 | 61 | 1.3 | % | |||||||||||||||||
Total used | 14,613 | 13,354 | 1,259 | 9.4 | % | |||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 35,123 | $ | 31,195 | $ | 3,927 | 12.6 | % | $ | 1,490 | 7.8 | % | ||||||||||
Used vehicle retail | $ | 24,474 | $ | 22,049 | $ | 2,425 | 11.0 | % | $ | 1,114 | 5.9 | % | ||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,565 | $ | 1,312 | $ | 253 | 19.3 | % | $ | 69 | 14.0 | % | ||||||||||
Used vehicle retail sales | $ | 1,708 | $ | 1,037 | $ | 671 | 64.7 | % | $ | 82 | 56.8 | % | ||||||||||
Used vehicle wholesale sales | $ | 397 | $ | (65 | ) | $ | 462 | 709.7 | % | $ | 15 | 686.9 | % | |||||||||
Total used | $ | 1,268 | $ | 637 | $ | 631 | 99.0 | % | $ | 60 | 89.7 | % | ||||||||||
F&I PRU | $ | 732 | $ | 725 | $ | 7 | 0.9 | % | $ | 32 | (3.5 | )% | ||||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 50.1 | $ | 54.4 | $ | (4.3 | ) | (7.9 | )% | $ | 2.3 | (12.1 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 50.1 | $ | 54.2 | $ | (4.1 | ) | (7.6 | )% | $ | 2.3 | (11.8 | )% | |||||||||
SG&A as % gross profit | 60.6 | % | 86.5 | % | (26.0 | )% | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 60.6 | % | 86.2 | % | (25.7 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Same Store Operating Data - U.K. | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 747.4 | $ | 888.3 | $ | (140.9 | ) | (15.9 | )% | $ | (0.3 | ) | (15.8 | )% | ||||||||
Used vehicle retail sales | 498.0 | 573.0 | (75.0 | ) | (13.1 | )% | 3.2 | (13.7 | )% | |||||||||||||
Used vehicle wholesale sales | 84.8 | 123.6 | (38.8 | ) | (31.4 | )% | 0.3 | (31.6 | )% | |||||||||||||
Total used | 582.8 | 696.6 | (113.8 | ) | (16.3 | )% | 3.5 | (16.8 | )% | |||||||||||||
Parts and service sales | 126.5 | 159.4 | (32.8 | ) | (20.6 | )% | 0.7 | (21.1 | )% | |||||||||||||
F&I, net | 32.6 | 42.2 | (9.6 | ) | (22.7 | )% | — | (22.8 | )% | |||||||||||||
Total revenues | $ | 1,489.3 | $ | 1,786.4 | $ | (297.1 | ) | (16.6 | )% | $ | 3.9 | (16.8 | )% | |||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 32.5 | $ | 38.8 | $ | (6.4 | ) | (16.4 | )% | $ | (0.2 | ) | (16.0 | )% | ||||||||
Used vehicle retail sales | 29.7 | 25.2 | 4.5 | 17.9 | % | 0.3 | 16.9 | % | ||||||||||||||
Used vehicle wholesale sales | 2.2 | (2.4 | ) | 4.7 | 193.0 | % | — | 192.5 | % | |||||||||||||
Total used | 31.9 | 22.7 | 9.2 | 40.3 | % | 0.3 | 39.1 | % | ||||||||||||||
Parts and service sales | 71.3 | 89.3 | (18.0 | ) | (20.1 | )% | 0.4 | (20.6 | )% | |||||||||||||
F&I, net | 32.6 | 42.2 | (9.6 | ) | (22.7 | )% | — | (22.8 | )% | |||||||||||||
Total gross profit | $ | 168.4 | $ | 193.1 | $ | (24.7 | ) | (12.8 | )% | $ | 0.6 | (13.1 | )% | |||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 4.3 | % | 4.4 | % | — | % | ||||||||||||||||
Used vehicle retail sales | 6.0 | % | 4.4 | % | 1.6 | % | ||||||||||||||||
Used vehicle wholesale sales | 2.7 | % | (2.0 | )% | 4.6 | % | ||||||||||||||||
Total used | 5.5 | % | 3.3 | % | 2.2 | % | ||||||||||||||||
Parts and service sales | 56.4 | % | 56.0 | % | 0.4 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 11.3 | % | 10.8 | % | 0.5 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 21,775 | 27,891 | (6,116 | ) | (21.9 | )% | ||||||||||||||||
Retail used vehicles sold | 20,741 | 24,735 | (3,994 | ) | (16.1 | )% | ||||||||||||||||
Wholesale used vehicles sold | 10,780 | 15,657 | (4,877 | ) | (31.1 | )% | ||||||||||||||||
Total used | 31,521 | 40,392 | (8,871 | ) | (22.0 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 34,324 | $ | 31,848 | $ | 2,476 | 7.8 | % | $ | (15 | ) | 7.8 | % | |||||||||
Used vehicle retail | $ | 24,008 | $ | 23,165 | $ | 843 | 3.6 | % | $ | 155 | 3.0 | % | ||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,491 | $ | 1,393 | $ | 98 | 7.1 | % | $ | (7 | ) | 7.6 | % | |||||||||
Used vehicle retail sales | $ | 1,430 | $ | 1,017 | $ | 413 | 40.6 | % | $ | 12 | 39.4 | % | ||||||||||
Used vehicle wholesale sales | $ | 209 | $ | (154 | ) | $ | 363 | 235.1 | % | $ | 1 | 234.3 | % | |||||||||
Total used | $ | 1,012 | $ | 563 | $ | 449 | 79.8 | % | $ | 8 | 78.3 | % | ||||||||||
F&I PRU | $ | 767 | $ | 802 | $ | (35 | ) | (4.3 | )% | $ | 1 | (4.4 | )% | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 127.3 | $ | 166.0 | $ | (38.7 | ) | (23.3 | )% | $ | 0.4 | (23.6 | )% | |||||||||
Adjusted SG&A expenses (1) | $ | 126.1 | $ | 165.8 | $ | (39.8 | ) | (24.0 | )% | $ | 0.5 | (24.3 | )% | |||||||||
SG&A as % gross profit | 75.6 | % | 86.0 | % | (10.4 | )% | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 74.9 | % | 85.9 | % | (11.0 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Same Store Operating Data - Brazil | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 31.9 | $ | 69.9 | $ | (38.0 | ) | (54.4 | )% | $ | (11.2 | ) | (38.3 | )% | ||||||||
Used vehicle retail sales | 10.9 | 22.6 | (11.7 | ) | (51.8 | )% | (3.9 | ) | (34.7 | )% | ||||||||||||
Used vehicle wholesale sales | 2.4 | 4.4 | (2.0 | ) | (44.8 | )% | (0.9 | ) | (24.8 | )% | ||||||||||||
Total used | 13.4 | 27.1 | (13.7 | ) | (50.6 | )% | (4.7 | ) | (33.1 | )% | ||||||||||||
Parts and service sales | 7.9 | 11.8 | (3.8 | ) | (32.5 | )% | (2.8 | ) | (8.4 | )% | ||||||||||||
F&I, net | 1.1 | 1.9 | (0.8 | ) | (41.4 | )% | (0.4 | ) | (20.3 | )% | ||||||||||||
Total revenues | $ | 54.3 | $ | 110.5 | $ | (56.3 | ) | (50.9 | )% | $ | (19.2 | ) | (33.6 | )% | ||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 2.6 | $ | 4.5 | $ | (1.9 | ) | (41.3 | )% | $ | (0.9 | ) | (20.7 | )% | ||||||||
Used vehicle retail sales | 1.0 | 1.8 | (0.7 | ) | (42.3 | )% | (0.4 | ) | (21.5 | )% | ||||||||||||
Used vehicle wholesale sales | 0.2 | 0.3 | (0.1 | ) | (37.1 | )% | (0.1 | ) | (14.7 | )% | ||||||||||||
Total used | 1.2 | 2.1 | (0.9 | ) | (41.5 | )% | (0.4 | ) | (20.5 | )% | ||||||||||||
Parts and service sales | 3.7 | 5.2 | (1.5 | ) | (29.0 | )% | (1.3 | ) | (3.6 | )% | ||||||||||||
F&I, net | 1.1 | 1.9 | (0.8 | ) | (41.4 | )% | (0.4 | ) | (20.3 | )% | ||||||||||||
Total gross profit | $ | 8.6 | $ | 13.6 | $ | (5.0 | ) | (36.7 | )% | $ | (3.1 | ) | (14.1 | )% | ||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 8.3 | % | 6.4 | % | 1.8 | % | ||||||||||||||||
Used vehicle retail sales | 9.3 | % | 7.8 | % | 1.5 | % | ||||||||||||||||
Used vehicle wholesale sales | 8.0 | % | 7.1 | % | 1.0 | % | ||||||||||||||||
Total used | 9.1 | % | 7.7 | % | 1.4 | % | ||||||||||||||||
Parts and service sales | 46.1 | % | 43.8 | % | 2.3 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 15.8 | % | 12.3 | % | 3.6 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 1,200 | 2,262 | (1,062 | ) | (46.9 | )% | ||||||||||||||||
Retail used vehicles sold | 552 | 1,216 | (664 | ) | (54.6 | )% | ||||||||||||||||
Wholesale used vehicles sold | 282 | 430 | (148 | ) | (34.4 | )% | ||||||||||||||||
Total used | 834 | 1,646 | (812 | ) | (49.3 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 26,558 | $ | 30,883 | $ | (4,325 | ) | (14.0 | )% | $ | (9,343 | ) | 16.2 | % | ||||||||
Used vehicle retail | $ | 19,766 | $ | 18,613 | $ | 1,152 | 6.2 | % | $ | (7,001 | ) | 43.8 | % | |||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 2,196 | $ | 1,985 | $ | 211 | 10.6 | % | $ | (772 | ) | 49.5 | % | |||||||||
Used vehicle retail sales | $ | 1,840 | $ | 1,447 | $ | 393 | 27.2 | % | $ | (662 | ) | 72.9 | % | |||||||||
Used vehicle wholesale sales | $ | 696 | $ | 726 | $ | (30 | ) | (4.1 | )% | $ | (247 | ) | 30.0 | % | ||||||||
Total used | $ | 1,453 | $ | 1,258 | $ | 195 | 15.5 | % | $ | (522 | ) | 56.9 | % | |||||||||
F&I PRU | $ | 621 | $ | 533 | $ | 87 | 16.3 | % | $ | (224 | ) | 58.3 | % | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 6.9 | $ | 11.2 | $ | (4.4 | ) | (38.9 | )% | $ | (2.5 | ) | (17.0 | )% | ||||||||
SG&A as % gross profit | 79.8 | % | 82.6 | % | (2.9 | )% |
Group 1 Automotive, Inc. | ||||||||||||||||||||||
Same Store Operating Data - Brazil | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In millions, except unit data) | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail sales | $ | 109.1 | $ | 205.6 | $ | (96.4 | ) | (46.9 | )% | $ | (27.4 | ) | (33.6 | )% | ||||||||
Used vehicle retail sales | 38.3 | 60.7 | (22.4 | ) | (36.9 | )% | (9.6 | ) | (21.1 | )% | ||||||||||||
Used vehicle wholesale sales | 9.2 | 11.2 | (2.0 | ) | (18.1 | )% | (2.5 | ) | 4.4 | % | ||||||||||||
Total used | 47.4 | 71.9 | (24.4 | ) | (34.0 | )% | (12.1 | ) | (17.1 | )% | ||||||||||||
Parts and service sales | 23.4 | 35.4 | (12.0 | ) | (33.9 | )% | (6.6 | ) | (15.2 | )% | ||||||||||||
F&I, net | 3.4 | 5.6 | (2.2 | ) | (39.1 | )% | (0.9 | ) | (23.2 | )% | ||||||||||||
Total revenues | $ | 183.4 | $ | 318.3 | $ | (135.0 | ) | (42.4 | )% | $ | (47.0 | ) | (27.7 | )% | ||||||||
Gross profit: | ||||||||||||||||||||||
New vehicle retail sales | $ | 7.5 | $ | 12.6 | $ | (5.1 | ) | (40.3 | )% | $ | (2.0 | ) | (24.6 | )% | ||||||||
Used vehicle retail sales | 2.5 | 4.7 | (2.2 | ) | (46.6 | )% | (0.7 | ) | (31.8 | )% | ||||||||||||
Used vehicle wholesale sales | 0.5 | 0.9 | (0.4 | ) | (44.5 | )% | (0.1 | ) | (28.8 | )% | ||||||||||||
Total used | 3.0 | 5.5 | (2.6 | ) | (46.3 | )% | (0.8 | ) | (31.4 | )% | ||||||||||||
Parts and service sales | 10.3 | 15.5 | (5.2 | ) | (33.4 | )% | (2.9 | ) | (14.7 | )% | ||||||||||||
F&I, net | 3.4 | 5.6 | (2.2 | ) | (39.1 | )% | (0.9 | ) | (23.2 | )% | ||||||||||||
Total gross profit | $ | 24.2 | $ | 39.2 | $ | (15.0 | ) | (38.3 | )% | $ | (6.6 | ) | (21.4 | )% | ||||||||
Gross margin: | ||||||||||||||||||||||
New vehicle retail sales | 6.9 | % | 6.1 | % | 0.8 | % | ||||||||||||||||
Used vehicle retail sales | 6.5 | % | 7.7 | % | (1.2 | )% | ||||||||||||||||
Used vehicle wholesale sales | 5.2 | % | 7.7 | % | (2.5 | )% | ||||||||||||||||
Total used | 6.3 | % | 7.7 | % | (1.4 | )% | ||||||||||||||||
Parts and service sales | 44.1 | % | 43.8 | % | 0.3 | % | ||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||
Total gross margin | 13.2 | % | 12.3 | % | 0.9 | % | ||||||||||||||||
Units sold: | ||||||||||||||||||||||
Retail new vehicles sold | 3,865 | 6,866 | (3,001 | ) | (43.7 | )% | ||||||||||||||||
Retail used vehicles sold | 2,006 | 3,217 | (1,211 | ) | (37.6 | )% | ||||||||||||||||
Wholesale used vehicles sold | 1,081 | 1,319 | (238 | ) | (18.0 | )% | ||||||||||||||||
Total used | 3,087 | 4,536 | (1,449 | ) | (31.9 | )% | ||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||
New vehicle retail | $ | 28,238 | $ | 29,938 | $ | (1,701 | ) | (5.7 | )% | $ | (7,089 | ) | 18.0 | % | ||||||||
Used vehicle retail | $ | 19,086 | $ | 18,861 | $ | 225 | 1.2 | % | $ | (4,781 | ) | 26.5 | % | |||||||||
Gross profit per unit sold: | ||||||||||||||||||||||
New vehicle retail sales | $ | 1,950 | $ | 1,839 | $ | 110 | 6.0 | % | $ | (514 | ) | 33.9 | % | |||||||||
Used vehicle retail sales | $ | 1,244 | $ | 1,453 | $ | (210 | ) | (14.4 | )% | $ | (345 | ) | 9.3 | % | ||||||||
Used vehicle wholesale sales | $ | 444 | $ | 656 | $ | (212 | ) | (32.3 | )% | $ | (126 | ) | (13.1 | )% | ||||||||
Total used | $ | 964 | $ | 1,222 | $ | (258 | ) | (21.1 | )% | $ | (268 | ) | 0.9 | % | ||||||||
F&I PRU | $ | 576 | $ | 551 | $ | 25 | 4.6 | % | $ | (150 | ) | 31.9 | % | |||||||||
Other: | ||||||||||||||||||||||
SG&A expenses | $ | 23.0 | $ | 34.4 | $ | (11.4 | ) | (33.1 | )% | $ | (6.4 | ) | (14.7 | )% | ||||||||
Adjusted SG&A expenses (1) | $ | 22.1 | $ | 34.4 | $ | (12.3 | ) | (35.7 | )% | $ | (6.1 | ) | (17.9 | )% | ||||||||
SG&A as % gross profit | 95.1 | % | 87.8 | % | 7.3 | % | ||||||||||||||||
Adjusted SG&A as % gross profit (1) | 91.4 | % | 87.8 | % | 3.7 | % |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except per share data) | ||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||
U.S. GAAP | (Gain) loss on extinguishment of debt | Non-GAAP adjusted | ||||||||||
(Gain) loss on extinguishment of debt | $ | 3.3 | $ | (3.3 | ) | $ | — | |||||
Income (loss) before income taxes | $ | 161.0 | $ | 3.3 | $ | 164.3 | ||||||
Less: (Benefit) provision for income taxes | 34.6 | 0.8 | 35.3 | |||||||||
Net income (loss) | 126.4 | 2.6 | 129.0 | |||||||||
Less: Earnings (loss) allocated to participating securities | 4.5 | 0.1 | 4.6 | |||||||||
Net income (loss) available to diluted common shares | $ | 121.9 | $ | 2.5 | $ | 124.4 | ||||||
Diluted income (loss) per common share | $ | 6.83 | $ | 0.14 | $ | 6.97 | ||||||
Effective tax rate | 21.5 | % | 21.5 | % | ||||||||
Pretax margin (1) | 5.3 | % | 5.4 | % |
Group 1 Automotive, Inc. | ||||||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Asset impairments | Non-GAAP adjusted | ||||||||||||||||
SG&A expenses | $ | 353.9 | $ | (11.9 | ) | $ | (1.3 | ) | $ | — | $ | 340.8 | ||||||||
Asset impairments | $ | 10.3 | $ | — | $ | — | $ | (10.3 | ) | $ | — | |||||||||
Income (loss) from operations | $ | 83.3 | $ | 11.9 | $ | 1.3 | $ | 10.3 | $ | 106.7 | ||||||||||
Income (loss) before income taxes | $ | 49.0 | $ | 11.9 | $ | 1.3 | $ | 10.3 | $ | 72.4 | ||||||||||
Less: (Benefit) provision for income taxes | 10.9 | 2.9 | 0.3 | 2.0 | 16.1 | |||||||||||||||
Net income (loss) | 38.0 | 9.0 | 1.0 | 8.3 | 56.3 | |||||||||||||||
Less: Earnings (loss) allocated to participating securities | 1.4 | 0.3 | — | 0.3 | 2.1 | |||||||||||||||
Net income (loss) available to diluted common shares | $ | 36.7 | $ | 8.6 | $ | 1.0 | $ | 8.0 | $ | 54.2 | ||||||||||
Diluted income (loss) per common share | $ | 2.04 | $ | 0.48 | $ | 0.05 | $ | 0.44 | $ | 3.02 | ||||||||||
Effective tax rate | 22.3 | % | 22.3 | % | ||||||||||||||||
SG&A as % gross profit (1) | 76.0 | % | 73.2 | % | ||||||||||||||||
Operating margin (2) | 2.7 | % | 3.4 | % | ||||||||||||||||
Pretax margin (2) | 1.6 | % | 2.3 | % | ||||||||||||||||
Same Store SG&A expenses | $ | 348.6 | $ | (11.9 | ) | $ | (0.7 | ) | $ | — | $ | 336.0 | ||||||||
Same Store SG&A as % gross profit (1) | 75.6 | % | 72.8 | % | ||||||||||||||||
Same Store income (loss) from operations | $ | 84.6 | $ | 11.9 | $ | 0.7 | $ | 10.2 | $ | 107.4 | ||||||||||
Same Store operating margin (2) | 2.7 | % | 3.5 | % |
Group 1 Automotive, Inc. | ||||||||||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||
U.S. GAAP | Severance costs | Out-of-period adjustment | Asset impairments | (Gain) loss on extinguishment of debt | Non-GAAP adjusted | |||||||||||||||||||
SG&A expenses | $ | 870.9 | $ | (2.1 | ) | $ | (10.6 | ) | $ | — | $ | — | $ | 858.3 | ||||||||||
Asset impairments | $ | 23.8 | $ | — | $ | — | $ | (23.8 | ) | $ | — | $ | — | |||||||||||
Income (loss) from operations | $ | 336.0 | $ | 2.1 | $ | 10.6 | $ | 23.8 | $ | — | $ | 372.5 | ||||||||||||
(Gain) loss on extinguishment of debt | $ | 13.7 | $ | — | $ | — | $ | — | $ | (13.7 | ) | $ | — | |||||||||||
Income (loss) before income taxes | $ | 242.2 | $ | 2.1 | $ | 10.6 | $ | 23.8 | $ | 13.7 | $ | 292.4 | ||||||||||||
Less: (Benefit) provision for income taxes | 55.8 | 0.3 | 0.8 | 3.3 | 3.0 | 63.3 | ||||||||||||||||||
Net income (loss) | 186.4 | 1.8 | 9.7 | 20.6 | 10.7 | 229.2 | ||||||||||||||||||
Less: Earnings (loss) allocated to participating securities | 6.7 | 0.1 | 0.4 | 0.7 | 0.4 | 8.2 | ||||||||||||||||||
Net income (loss) available to diluted common shares | $ | 179.7 | $ | 1.7 | $ | 9.4 | $ | 19.8 | $ | 10.3 | $ | 220.9 | ||||||||||||
Diluted income (loss) per common share | $ | 10.08 | $ | 0.10 | $ | 0.53 | $ | 1.11 | $ | 0.58 | $ | 12.40 | ||||||||||||
Effective tax rate | 23.1 | % | 21.6 | % | ||||||||||||||||||||
SG&A as % gross profit (1) | 67.7 | % | 66.7 | % | ||||||||||||||||||||
Operating margin (2) | 4.3 | % | 4.7 | % | ||||||||||||||||||||
Pretax margin (3) | 3.1 | % | 3.7 | % | ||||||||||||||||||||
Same Store SG&A expenses | $ | 843.4 | $ | (2.1 | ) | $ | (10.6 | ) | $ | — | $ | — | $ | 830.7 | ||||||||||
Same Store SG&A as % gross profit (1) | 67.3 | % | 66.3 | % | ||||||||||||||||||||
Same Store income (loss) from operations | $ | 332.3 | $ | 2.1 | $ | 10.6 | $ | 23.8 | $ | — | $ | 368.8 | ||||||||||||
Same Store operating margin (2) | 4.3 | % | 4.8 | % |
Group 1 Automotive, Inc. | ||||||||||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Legal matters | Asset impairments | Non-GAAP adjusted | |||||||||||||||||||
SG&A expenses | $ | 1,020.3 | $ | (17.8 | ) | $ | 4.1 | $ | (2.0 | ) | $ | — | $ | 1,004.6 | ||||||||||
Asset impairments | $ | 10.8 | $ | — | $ | — | $ | — | $ | (10.8 | ) | $ | — | |||||||||||
Income (loss) from operations | $ | 267.2 | $ | 17.8 | $ | (4.1 | ) | $ | 2.0 | $ | 10.8 | $ | 293.7 | |||||||||||
Income (loss) before income taxes | $ | 164.4 | $ | 17.8 | $ | (4.1 | ) | $ | 2.0 | $ | 10.8 | $ | 190.9 | |||||||||||
Less: (Benefit) provision for income taxes | 38.5 | 4.4 | (1.7 | ) | 0.5 | 2.0 | 43.7 | |||||||||||||||||
Net income (loss) | 125.9 | 13.4 | (2.5 | ) | 1.5 | 8.8 | 147.2 | |||||||||||||||||
Less: Earnings (loss) allocated to participating securities | 4.7 | 0.5 | (0.1 | ) | 0.1 | 0.3 | 5.5 | |||||||||||||||||
Net income (loss) available to diluted common shares | $ | 121.2 | $ | 12.9 | $ | (2.4 | ) | $ | 1.5 | $ | 8.5 | $ | 141.7 | |||||||||||
Diluted income (loss) per common share | $ | 6.77 | $ | 0.72 | $ | (0.13 | ) | $ | 0.08 | $ | 0.47 | $ | 7.92 | |||||||||||
Effective tax rate | 23.4 | % | 22.9 | % | ||||||||||||||||||||
SG&A as % gross profit (1) | 75.5 | % | 74.3 | % | ||||||||||||||||||||
Operating margin (2) | 3.0 | % | 3.3 | % | ||||||||||||||||||||
Pretax margin (2) | 1.8 | % | 2.1 | % | ||||||||||||||||||||
Same Store SG&A expenses | $ | 1,005.9 | $ | (17.8 | ) | $ | 0.4 | $ | (1.8 | ) | $ | — | $ | 986.6 | ||||||||||
Same Store SG&A as % gross profit (1) | 75.3 | % | 73.9 | % | ||||||||||||||||||||
Same Store income (loss) from operations | $ | 266.5 | $ | 17.8 | $ | (0.4 | ) | $ | 1.8 | $ | 10.8 | $ | 296.6 | |||||||||||
Same Store operating margin (2) | 3.0 | % | 3.4 | % |
Group 1 Automotive, Inc. | ||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions) | ||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Non-GAAP adjusted | |||||||||||||
SG&A expenses | $ | 285.3 | $ | (11.9 | ) | $ | (0.8 | ) | $ | 272.6 | ||||||
SG&A as % gross profit (1) | 73.7 | % | 70.5 | % | ||||||||||||
Same Store SG&A expenses | $ | 282.9 | $ | (11.9 | ) | $ | (0.5 | ) | $ | 270.5 | ||||||
Same Store SG&A as % gross profit (1) | 73.5 | % | 70.3 | % |
Nine Months Ended September 30, 2020 | ||||||||||||
U.S. GAAP | Out-of-period adjustment | Non-GAAP adjusted | ||||||||||
SG&A expenses | $ | 706.0 | $ | (10.6 | ) | $ | 695.4 | |||||
SG&A as % gross profit (1) | 65.3 | % | 64.3 | % | ||||||||
Same Store SG&A expenses | $ | 693.1 | $ | (10.6 | ) | $ | 682.5 | |||||
Same Store SG&A as % gross profit (1) | 65.3 | % | 64.3 | % |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Legal matters | Non-GAAP adjusted | ||||||||||||||||
SG&A expenses | $ | 809.5 | $ | (17.8 | ) | $ | 4.4 | $ | (1.8 | ) | $ | 794.3 | ||||||||
SG&A as % gross profit (1) | 72.9 | % | 71.5 | % | ||||||||||||||||
Same Store SG&A expenses | $ | 805.5 | $ | (17.8 | ) | $ | 0.5 | $ | (1.8 | ) | $ | 786.3 | ||||||||
Same Store SG&A as % gross profit (1) | 73.0 | % | 71.3 | % |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in millions) | ||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||
U.S. GAAP | Dealership and real estate transactions | Non-GAAP Adjusted | ||||||||||
SG&A expenses | $ | 57.6 | $ | (0.5 | ) | $ | 57.1 | |||||
SG&A as % gross profit (1) | 88.4 | % | 87.7 | % | ||||||||
Same Store SG&A expenses | $ | 54.4 | $ | (0.2 | ) | $ | 54.2 | |||||
Same Store SG&A as % gross profit (1) | 86.5 | % | 86.2 | % |
Nine Months Ended September 30, 2020 | ||||||||||||
U.S. GAAP | Severance costs | Non-GAAP Adjusted | ||||||||||
SG&A expenses | $ | 141.8 | $ | (1.2 | ) | $ | 140.6 | |||||
SG&A as % gross profit (1) | 78.0 | % | 77.3 | % | ||||||||
Same Store SG&A expenses | $ | 127.3 | $ | (1.2 | ) | $ | 126.1 | |||||
Same Store SG&A as % gross profit (1) | 75.6 | % | 74.9 | % |
Nine Months Ended September 30, 2019 | ||||||||||||
U.S. GAAP | Dealership and real estate transactions | Non-GAAP Adjusted | ||||||||||
SG&A expenses | $ | 175.8 | $ | (0.5 | ) | $ | 175.3 | |||||
SG&A as % gross profit (1) | 87.4 | % | 87.1 | % | ||||||||
Same Store SG&A expenses | $ | 166.0 | $ | (0.2 | ) | $ | 165.8 | |||||
Same Store SG&A as % gross profit (1) | 86.0 | % | 85.9 | % |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | ||||||||||||
(Unaudited) | ||||||||||||
(In millions) | ||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||
U.S. GAAP | Severance costs | Non-GAAP adjusted | ||||||||||
SG&A expenses | $ | 23.1 | $ | (0.9 | ) | $ | 22.2 | |||||
SG&A as % gross profit (1) | 95.3 | % | 91.7 | % | ||||||||
Same Store SG&A expenses | $ | 23.0 | $ | (0.9 | ) | $ | 22.1 | |||||
Same Store SG&A as % gross profit (1) | 95.1 | % | 91.4 | % |
Nine Months Ended September 30, 2019 | ||||||||||||||||
U.S. GAAP | Dealership and real estate transactions | Legal matters | Non-GAAP adjusted | |||||||||||||
SG&A expenses | $ | 35.0 | $ | 0.2 | $ | (0.2 | ) | $ | 35.0 | |||||||
SG&A as % gross profit (1) | 88.3 | % | 88.3 | % |