0001031203-20-000019.txt : 20201029 0001031203-20-000019.hdr.sgml : 20201029 20201029072533 ACCESSION NUMBER: 0001031203-20-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20201029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201029 DATE AS OF CHANGE: 20201029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GROUP 1 AUTOMOTIVE INC CENTRAL INDEX KEY: 0001031203 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 760506313 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13461 FILM NUMBER: 201270520 BUSINESS ADDRESS: STREET 1: 800 GESSNER STREET 2: SUITE 500 CITY: HOUSTON STATE: TX ZIP: 77024 BUSINESS PHONE: 713-647-5700 MAIL ADDRESS: STREET 1: 800 GESSNER STREET 2: SUITE 500 CITY: HOUSTON STATE: TX ZIP: 77024 8-K 1 a2020q3earningsrelease.htm 8-K Document
false0001031203 0001031203 2020-10-29 2020-10-29



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): October 29, 2020
Group 1 Automotive, Inc.
(Exact name of Registrant as specified in its charter)

Delaware
 
1-13461
 
76-0506313
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
800 Gessner, Suite 500
Houston, Texas 77024
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (713) 647-5700
N/A
(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 40.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Ticker symbol(s)
 
Name of exchange on which registered
Common stock, par value $0.01 per share
 
GPI
 
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if that registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨




Item 2.02     Results of Operations and Financial Condition.

On October 29, 2020, Group 1 Automotive, Inc., a Delaware corporation, issued a press release announcing its financial results for the three and nine months ended September 30, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
As provided in General Instruction B.2. of Form 8-K, the information in this Item 2.02 (including the press release attached as Exhibit 99.1 and incorporated by reference in this Item 2.02) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
 
Description
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 
 
 
 
 
 
 
 
Group 1 Automotive, Inc.
 
 
 
 
 
 
 
Date:
 
October 29, 2020
 
By:
 
/s/ Daniel J. McHenry
 
 
 
 
 
 
 
Daniel J. McHenry
 
 
 
 
 
 
 
Senior Vice President and Chief Financial Officer



 EX-99.1 2 a2020q3exhibit991.htm EXHIBIT 99.1 Q3 2020 EARNINGS RELEASE Exhibit

Exhibit 99.1


gp1logoa11.gif                     
                                        
FOR IMMEDIATE RELEASE

Group 1 Automotive Announces All-Time Record Quarterly Earnings Per Share
More Than Triples Earnings Per Share from 3Q19’s $2.04 to 3Q20’s $6.83;
Strong Cost Leverage; U.K. Performance Rebounds
HOUSTON, October 29, 2020 - Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported 2020 third quarter net income of $126.4 million, diluted earnings per common share of $6.83, adjusted net income (a non-GAAP measure) of $129.0 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $6.97. This compares to diluted earnings per common share of $2.04 and adjusted diluted earnings per common share (a non-GAAP measure) of $3.02 in 2019. The Company’s 2020 third quarter total revenue was $3.0 billion.
Third quarter 2020 adjusted net income and diluted earnings per share excluded a net after-tax adjustment related to a loss on debt redemption of $3.3 million, or $0.14 per share. Third quarter 2019 adjusted net income and diluted earnings per share excluded approximately $18.4 million net after-tax adjustments, or $0.98 per common share. These adjustments consist primarily of $9.0 million related to catastrophic weather events, or $0.48 per common share; non-cash asset impairments of $8.3 million, or $0.44 per common share; and $1.1 million related to dealership and real estate transactions, or $0.06 per common share. Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.
“Our record earnings are a function of our hard working, resilient teammates and a responsive and creative management team that quickly reacted to the realities of the pandemic. As we rebuilt our U.S. and U.K. businesses from the extreme furlough levels in April, we targeted a 20% efficiency improvement in our sales and service processes, which drove our key cost metric, SG&A as a percent of gross profit, below 60% for the first time in our history. Lower U.S. vehicle sales were offset by improved F&I performance and higher margins supported by lower inventory levels. Additionally, our U.K. business turned in a record performance with year-over-year growth in service and vehicle sales,” said Earl J. Hesterberg, Group 1’s President and Chief Executive Officer.
Liquidity & Capital Resources Update
As of September 30, 2020, the Company’s total cash liquidity was $193 million. There was also $273 million of borrowing capacity on the Company’s U.S. syndicated acquisition line, bringing total immediate liquidity to $466 million at the end of the third quarter 2020.
As previously announced, the Company redeemed all $550 million of its outstanding 5.00% notes due 2022 during the third quarter of 2020. This redemption was funded with $550 million of newly issued 4.00% notes due 2028. Along with the April 2020 redemption of the 5.25% notes due 2023, the Company now has no material debt maturities before its U.S. Credit Facility matures in June of 2024. The debt restructuring undertaken this year will save the Company over $15 million in annual interest expense.
During the third quarter of 2020, the Company generated $25 million of operating cash flow ($121 million of adjusted operating cash flow), which brings the year-to-date operating cash flow to $713 million ($358 million of adjusted operating cash flow). This cash generation has been partially used to reduce non-floorplan debt by $159 million since the end of 2019. Additionally, the Company’s U.S. credit facility rent-adjusted leverage ratio was reduced to 2.5 times at the end of September 2020, or down from 3.3 times at the end of 2019.

1

Share Repurchase Authorization & Dividend
On October 6, 2020, the Company announced a new $200 million share repurchase program. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions. The Company expects to reinstate a quarterly cash dividend following its board meeting in mid-November 2020, and payable in mid-December 2020.
Consolidated Results for Third Quarter 2020 (year-over-year comparable basis)
For ease of comparison, constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:
•
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.
Segment Results for Third Quarter 2020 (year-over-year comparable basis)
•
United States:
The Company’s U.S. operations accounted for 73.8 percent of total revenues and 81.1 percent of total gross profit. Total U.S. revenues decreased 7.4 percent, to $2.2 billion. Total gross profit increased 7.4 percent, to $415.7 million. Same Store U.S. total gross profit increased 6.4 percent, to $409.5 million.
•
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:
Constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:
The Company’s U.K. operations accounted for 24.4 percent of total revenues and 17.1 percent of total gross profit. Same Store total revenues increased 22.6 percent (17.3 percent), to $707.0 million. Same Store total gross profit increased 31.6 percent (25.7 percent), to $82.8 million. Same Store SG&A expenses as a percent of gross profit decreased 2,600 basis points, to 60.6 percent.

2

•
Brazil:
Constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:
The Company’s Brazilian operations accounted for 1.8 percent of total revenues and 1.7 percent of total gross profit. Same Store total revenues decreased 50.9 percent (-33.6 percent), driven by constant currency revenue decreases of 54.4 percent (-38.3 percent) in new vehicles, 50.6 percent (-33.1 percent) in total used vehicles, 41.1 percent (-20.3 percent) in F&I, and 32.5 percent (-8.4 percent) in parts and service. The decreases were driven by local shelter-in-place orders that, on average, completely closed the Company’s Brazilian operations for over a month during the quarter and continues to restrict operating hours. Same Store SG&A expenses as a percent of gross profit decreased 290 basis points, to 79.8 percent.
Corporate Development
Year-to-date 2020, the Company disposed of a Nissan franchise in Mississippi during October, which generated approximately $30 million in trailing-twelve-month revenues.
Third Quarter 2020 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 10 a.m. ET to discuss the third quarter 2020 financial results. The conference call will be simulcast live on the Internet at www.group1auto.com, then click on ‘Investor Relations’ and then ‘Events’ or through this link: http://www.group1corp.com/events. A webcast replay will be available for 30 days.
The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:
Domestic:     1-888-609-1607
International:     1-862-298-0705
Passcode:    56690934
A telephonic replay will be available following the call through November 6, 2020 by dialing:
Domestic:     1-888-539-4649
International:     1-754-333-7735
Replay ID:    153906
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 185 automotive dealerships, 241 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.

3

FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) our ability to maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or “core,” business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company’s financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

4

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com






5

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
)%
 





6

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
)%
 





7

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
)%

8

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


9


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
)%
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.
(2) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

10

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
)%
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.
(2) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

11

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
)%
 

(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

12

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
)%
 

(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




13

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
)%
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.





14

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
)%
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




15

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
)%
 
 
 
 
 
 
 





16

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
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



17


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
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



18

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
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



19

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
)%
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




20

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
)%
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




21

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
)%
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.







22

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
)%
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.






23

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
)%
 
 
 
 
 
 
 






24

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
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



25


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
%
(1) Adjusted pretax margin excludes the impact of (gain) loss on extinguishment of debt.




26

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
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin exclude the impact of SG&A reconciling items above and asset impairment charges.





27

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
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin excludes the impact of SG&A reconciling items above and asset impairment charges.
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items above, asset impairment charges and (gain) loss on extinguishment of debt.


28

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
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin exclude the impact of SG&A reconciling items above and asset impairment charges.




29

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
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.




30

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
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.


31

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
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.





32
 EX-101.SCH 3 gpi-20201029.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 gpi-20201029_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 gpi-20201029_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 gpi-20201029_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover [Abstract] Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security Title of 12(b) Security Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 7 gpi-20201029_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 gp1logoa11.gif begin 644 gp1logoa11.gif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

'#8I4Z:.'3TZ'';#(\B/*"=-#'GRX\,8 M*"6A(7A#$LH;"L78]&B2ITJ+X%"YPN8GTT,QPY0IH[=T*;$8 "0QG$1,$M.K M39>&F>E0YE5Z^IK2"Z.I828Q2@&D(3@)#3%Z ,(H;/MV*=:E-XA1K.7JU;< M (PV+$GL;(P;,<+@" .@,4Z%/ \K#G/CQM9)4&,T%).IL)@8,0RLN,%93%2& M:(:9!L!5H%LTC34G="L&\>';DC"SEOCJ5;976QK_7!BCXXW&*AHKOZ'B !E M-89<0,6&(P5AY !P00WDQB(%&<8T=)"!IL)5'FAB?Q088# LU*$9RK>W#(FP /$:0@#<"$ , MXXFHP@T!&*#"0WUE$]P6V8RG8( &61A?0KI4QQ4 M )3%EI

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end XML 9 a2020q3earningsrelease_htm.xml IDEA: XBRL DOCUMENT 0001031203 2020-10-29 2020-10-29 false 0001031203 8-K 2020-10-29 Group 1 Automotive, Inc DE 1-13461 76-0506313 800 Gessner Suite 500 Houston TX 77024 713 647-5700 false false false false Common stock, par value $0.01 per share GPI NYSE false XML 10 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Cover
Oct. 29, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 29, 2020
Entity Registrant Name Group 1 Automotive, Inc
Entity Central Index Key 0001031203
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 1-13461
Entity Tax Identification Number 76-0506313
Entity Address, Address Line One 800 Gessner
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77024
City Area Code 713
Local Phone Number 647-5700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol GPI
Security Exchange Name NYSE
Entity Emerging Growth Company false

EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 12 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.2 html 1 95 1 false 0 0 false 0 false false R1.htm 0001000 - Document - Cover Sheet http://www.group1auto.com/role/Cover Cover Cover 1 false false All Reports Book All Reports a2020q3earningsrelease.htm a2020q3exhibit991.htm gpi-20201029.xsd gpi-20201029_cal.xml gpi-20201029_def.xml gpi-20201029_lab.xml gpi-20201029_pre.xml http://xbrl.sec.gov/dei/2019-01-31 true true JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "a2020q3earningsrelease.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "calculationLink": { "local": [ "gpi-20201029_cal.xml" ] }, "definitionLink": { "local": [ "gpi-20201029_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "a2020q3earningsrelease.htm" ] }, "labelLink": { "local": [ "gpi-20201029_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "gpi-20201029_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "gpi-20201029.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "gpi", "nsuri": "http://www.group1auto.com/20201029", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "a2020q3earningsrelease.htm", "contextRef": "D2020Q3October29", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Cover", "role": "http://www.group1auto.com/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "a2020q3earningsrelease.htm", "contextRef": "D2020Q3October29", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 17 0001031203-20-000019-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001031203-20-000019-xbrl.zip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�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end