HOUSTON, April 29, 2021 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI), ("Group 1" or the
"Company"), an international, Fortune 500 automotive retailer,
today reported first quarter 2021 financial results.
First quarter 2021 net income per diluted share was a
first-quarter record of $5.52, a
242.5 percent increase from $1.61 per
diluted share as reported for first quarter 2020. First
quarter 2021 adjusted net income per diluted share (a non-GAAP
measure) was also a first quarter record of $5.57, a 236.2 percent increase from $1.66 per diluted share as reported for first
quarter 2020. First quarter 2021 net income was a first
quarter record of $101.9 million, a
242.3 percent increase compared to net income of $29.8 million in the same period of 2020.
First quarter 2021 adjusted net income (a non-GAAP measure) was
also a first quarter record of $102.7
million, a 236.0 percent increase compared to adjusted net
income of $30.6 million for the same
period of 2020. The Company's 2021 first quarter total
revenues was a first quarter record of $3.0
billion, an 11.9 percent increase compared to the total
revenues of $2.7 billion in the same
period of 2020. This revenue increase was driven by U.S. new
and used vehicle revenue growth of more than 20 percent.
First quarter 2021 adjusted net income and diluted earnings per
share excluded net after-tax adjustments of $1.7 million, or $0.09 per common share, primarily related to
catastrophic event losses, which were partially offset by gains of
$0.8 million, or $0.04 per common share, related to legal matters;
and $0.2 million, or $0.01 per common share, related to real estate
and dealership transactions. First quarter 2020 adjusted net
income and diluted earnings per share excluded a net after-tax
adjustment of $0.8 million, or
$0.04 per share, primarily related to
severance costs in Brazil
associated with downsizing the operation due to COVID-19.
Reconciliations of non-GAAP financial measures are included in the
attached financial tables. Certain disclosures may not compute due
to rounding.
"I am especially pleased with these record first quarter results
given significant business interruption in both our U.S. and U.K.
markets during the quarter. We lost a week of business in
most of our Texas and Oklahoma operations due to the well-publicized
February winter storm," said Earl J.
Hesterberg, Group 1's President and Chief Executive
Officer. "Additionally, our U.K. showrooms were closed for
the entire quarter due to government mandated lockdown
measures. Clearly these factors reduced our sales and service
volume to some degree, which makes our outstanding financial
performance even more remarkable."
Consolidated Results for First Quarter 2021
(year-over-year comparable basis)
The Company's consolidated total revenues increased 11.9
percent, to $3.0 billion. Total gross
profit increased 17.8 percent, to $490.7
million. Same Store total revenues increased 11.8 percent on
a constant currency basis, to $3.0
billion. Same Store total gross profit increased 18.4
percent on a constant currency basis, to $489.6 million.
- New vehicle revenue increased 15.0 percent, on a 4.3 percent
increase in unit sales. New vehicle gross profit per retail
unit (PRU) increased 51.2 percent, to $2,687. Same Store new vehicle revenue
increased 14.8 percent on a constant currency basis, on 5.0 percent
higher unit sales. Same Store new vehicle gross profit PRU
increased 51.0 percent on a constant currency basis, to
$2,689.
- Used vehicle retail revenue increased 15.4 percent, on 3.4
percent higher unit sales. Same Store used retail vehicle
revenue increased 15.2 percent on a constant currency basis, on 4.7
percent higher unit sales. Same Store used retail gross
profit PRU increased 35.2 percent on a constant currency basis, to
$1,567.
- Parts and service gross profit increased 1.5 percent, on a 2.7
percent decrease in revenue. Same Store parts and service
gross profit increased 2.0 percent on a constant currency basis, on
a 2.2 percent decrease in revenue.
- Finance and Insurance (F&I) gross profit PRU increased 8.8
percent, to $1,695. Same Store
F&I gross profit PRU increased 8.2 percent on a constant
currency basis, to $1,696.
- Selling, General and Administrative (SG&A) expenses as a
percent of gross profit and adjusted SG&A expenses as a percent
of gross profit both decreased 1,380 basis points, to 64.9 percent
and 64.7 percent, respectively. Same Store SG&A expenses
as a percent of gross profit and adjusted SG&A expenses as a
percent of gross profit both decreased 1,360 basis points, to 64.8
percent and 64.6 percent, respectively.
Segment Results for First Quarter 2021 (year-over-year
comparable basis)
For ease of comparison, we have listed the results for the
United Kingdom and Brazil on a constant currency basis (a
non-GAAP measure) both below and within the financial tables that
follow:
United States:
The Company's U.S. operations accounted for 79.9 percent of
total revenues and 84.6 percent of total gross profit. Total
U.S. revenues increased 19.8 percent, to $2.4 billion. Total gross profit increased
21.8 percent, to $415.3 million. Same
Store U.S. total gross profit increased 22.9 percent, to
$415.0 million.
- Same Store new vehicle revenue grew 27.2 percent, as units
increased 20.1 percent. Same Store new vehicle gross profit
grew 73.4 percent as gross profit per unit increased $854, a 44.4 percent increase, to $2,777.
- Same Store used retail revenue grew 23.7 percent, as units
increased 11.5 percent. Same Store used retail gross profit
per unit increased 42.2 percent, to $1,655.
- Same Store parts and service revenue decreased 2.1 percent.
Same Store parts and service gross profit increased 1.8 percent, to
$164.7 million.
- F&I gross profit PRU grew 3.4 percent, to $1,931. Same Store F&I gross profit PRU
increased 3.1 percent, to $1,931.
- SG&A expenses as a percent of gross profit decreased 1,250
basis points, to 63.0 percent. Adjusted SG&A expenses as
a percent of gross profit decreased 1,260 basis points, to 62.9
percent. Same Store adjusted SG&A expenses as a percent
of gross profit decreased 1,240 basis points, to 62.8 percent.
"In March 2021, customers returned
to our dealerships in droves. In comparison to March 2020, our sales customer lead traffic was
up 43 percent, service appointments were up 25 percent, and our
customer pay repair order count was up 23 percent," said
Daryl Kenningham, Group 1's
President of U.S. and Brazilian Operations. "This increase in
service business was dramatically higher than January and February
and bodes well for a very strong spring and summer in our
workshops."
United Kingdom:
COVID-19 restrictions on U.K. businesses kept dealership
showrooms closed throughout the first quarter of 2021. As of
mid-April 2021, the sanctions have
been cleared and our dealerships are fully open.
The Company's U.K. operations accounted for 18.3 percent of
total revenues and 13.5 percent of total gross profit. Same
Store total revenues decreased 13.4 percent, to $547.2 million, and Same Store total gross profit
decreased 4.1 percent, to $65.3
million.
- Same Store new vehicle revenue decreased 18.2 percent, as new
units decreased 26.1 percent. Same Store new vehicle gross
profit grew 12.3 percent, as gross profit per unit increased 51.9
percent, to $2,260.
- Same Store used retail revenue decreased 5.1 percent, as used
retail units decreased 10.9 percent. Same Store used retail
gross profit per unit decreased 6.4 percent, to $1,149.
- Same Store parts and service revenue decreased 3.3 percent,
while gross profit increased by 3.4 percent, to $32.0 million.
- Same Store F&I gross profit PRU decreased 9.1 percent, to
$774.
- Same Store SG&A expenses as a percent of gross profit
decreased 1,800 basis points, to 73.8 percent.
"I'm extremely proud of our U.K. team for their performance
during the five months from November
5th through early April when our showrooms were
closed. This resulted in the closure of our physical vehicle
sales departments. Nevertheless, our U.K. operation remained
solidly profitable for the first quarter, as well as the entire
five-month closure period," commented Hesterberg.
Brazil:
COVID-19 sanctions continued to enforce closure of dealership
showrooms and business operations throughout the first quarter of
2021. As of mid-April 2021, the
business lockdowns were lifted and dealership showrooms are fully
open.
The Company's Brazilian operations accounted for 1.9 percent of
total revenue and 1.9 percent of total gross profit. Same
Store total revenue decreased 24.9 percent, to $56.1 million, and Same Store total gross profit
increased 8.9 percent, to $9.4
million.
- Same Store new vehicle revenue decreased 26.5 percent, as new
units decreased 40.6 percent. Same Store new vehicle gross
profit increased 19.6 percent, as gross profit per unit increased
101.3 percent, to $2,894.
- Same Store used retail revenue decreased 33.6 percent, as used
retail units decreased 53.0 percent. Same Store used retail
gross profit per unit increased 176.9 percent, to $2,148.
- Same Store parts and service revenue increased 2.3 percent,
while gross profit decreased by 1.1 percent, to $3.3 million.
- Same Store F&I gross profit PRU increased 80.6 percent, to
$816.
- Same Store SG&A expenses as a percent of gross profit
decreased by 2,250 basis points, to 76.2 percent. Adjusted
SG&A expenses as a percent of gross profit decreased by 1,420
basis points, to 76.2 percent.
Hesterberg added, "Our high volume Honda and Toyota dealerships
located in São Paulo were closed much of the quarter.
Nevertheless, strong margins and cost reductions kept our Brazilian
operations profitable for the quarter."
Corporate Development
As previously announced in March, the Company acquired two
Toyota franchises on Cape Cod that
are expected to generate approximately $120
million in annual revenues. The Company disposed of a
Cadillac franchise in the Dallas-Fort
Worth market and a MINI franchise in the El Paso market that generated approximately
$40 million in trailing-twelve-month
revenues. Additionally, the Company terminated a U.K. Ford
franchise in February and disposed of a Mississippi Kia franchise
in April, which together generated approximately $30 million in trailing-twelve-month
revenues.
First Quarter 2021 Earnings Conference Call
Details
Group 1's senior management will host a conference
call today at 10 a.m. ET to discuss
the first quarter 2021 financial results. The conference call will
be simulcast live on the Internet at group1auto.com, then click on
'Investor Relations' and then 'Events' or through this link:
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:
1-888-317-6003
International: 1-412-317-6061
Conference
ID:
7821943
A telephonic replay will be available following the call
through May 6, 2021 by dialing:
Domestic:
1-877-344-7529
International: 1-412-317-0088
Replay ID:
10153988
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 182 automotive dealerships,
233 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 group1corp.com, group1auto.com,
group1collision.com, acceleride.com, facebook.com/group1auto, and
twitter.com/group1auto, where Group 1 discloses additional
information about the Company, its business, and its results of
operations.
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 and impact of supply chain disruptions which
occur from time to time, (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 vehicle margins, implement and maintain expense
controls, and 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.
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.
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
Group 1
Automotive, Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,543.4
|
|
|
$
|
1,342.2
|
|
|
$
|
201.2
|
|
|
15.0
|
%
|
Used vehicle retail
sales
|
|
898.8
|
|
|
779.0
|
|
|
119.7
|
|
|
15.4
|
%
|
Used vehicle wholesale
sales
|
|
80.2
|
|
|
86.5
|
|
|
(6.3)
|
|
|
(7.2)
|
%
|
Parts and service
sales
|
|
360.6
|
|
|
370.6
|
|
|
(10.0)
|
|
|
(2.7)
|
%
|
Finance, insurance and
other, net
|
|
127.0
|
|
|
112.5
|
|
|
14.5
|
|
|
12.9
|
%
|
Total
revenues
|
|
3,010.0
|
|
|
2,690.8
|
|
|
319.2
|
|
|
11.9
|
%
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
1,444.3
|
|
|
1,279.4
|
|
|
165.0
|
|
|
12.9
|
%
|
Used vehicle retail
sales
|
|
839.2
|
|
|
736.9
|
|
|
102.3
|
|
|
13.9
|
%
|
Used vehicle wholesale
sales
|
|
76.3
|
|
|
85.5
|
|
|
(9.2)
|
|
|
(10.8)
|
%
|
Parts and service
sales
|
|
159.6
|
|
|
172.6
|
|
|
(13.0)
|
|
|
(7.5)
|
%
|
Total cost of
sales
|
|
2,519.4
|
|
|
2,274.3
|
|
|
245.0
|
|
|
10.8
|
%
|
GROSS
PROFIT
|
|
490.7
|
|
|
416.5
|
|
|
74.2
|
|
|
17.8
|
%
|
Selling, general and
administrative expenses
|
|
318.4
|
|
|
328.0
|
|
|
(9.5)
|
|
|
(2.9)
|
%
|
Depreciation and
amortization expense
|
|
19.5
|
|
|
18.6
|
|
|
0.9
|
|
|
4.7
|
%
|
INCOME (LOSS) FROM
OPERATIONS
|
|
152.7
|
|
|
69.9
|
|
|
82.8
|
|
|
118.5
|
%
|
Floorplan interest
expense
|
|
7.6
|
|
|
12.9
|
|
|
(5.3)
|
|
|
(41.2)
|
%
|
Other interest
expense, net
|
|
13.8
|
|
|
18.1
|
|
|
(4.3)
|
|
|
(23.9)
|
%
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
|
131.4
|
|
|
38.9
|
|
|
92.5
|
|
|
237.8
|
%
|
(Benefit) provision
for income taxes
|
|
29.4
|
|
|
9.1
|
|
|
20.3
|
|
|
223.0
|
%
|
NET INCOME
(LOSS)
|
|
$
|
101.9
|
|
|
$
|
29.8
|
|
|
$
|
72.2
|
|
|
242.3
|
%
|
Less: Earnings (loss)
allocated to participating securities
|
|
3.5
|
|
|
1.1
|
|
|
2.4
|
|
|
227.4
|
%
|
Net income (loss)
available to diluted common shares
|
|
$
|
98.5
|
|
|
$
|
28.7
|
|
|
$
|
69.8
|
|
|
242.9
|
%
|
DILUTED EARNINGS
(LOSS) PER SHARE
|
|
$
|
5.52
|
|
|
$
|
1.61
|
|
|
$
|
3.91
|
|
|
242.5
|
%
|
Weighted average
dilutive common shares outstanding
|
|
17.8
|
|
|
17.8
|
|
|
—
|
|
|
0.1
|
%
|
Weighted average
participating securities
|
|
0.6
|
|
|
0.7
|
|
|
—
|
|
|
(6.1)
|
%
|
Total weighted average
shares
|
|
18.5
|
|
|
18.5
|
|
|
—
|
|
|
(0.1)
|
%
|
Effective tax
rate
|
|
22.4
|
%
|
|
23.4
|
%
|
|
(1.0)
|
%
|
|
|
Group 1
Automotive, Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
|
December 31,
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
ASSETS
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
82.9
|
|
|
$
|
87.3
|
|
|
$
|
(4.3)
|
|
|
(5.0)
|
%
|
Contracts-in-transit
and vehicle receivables, net of
allowance of $0.2 and $0.3, respectively
|
|
254.7
|
|
|
211.2
|
|
|
43.5
|
|
|
20.6
|
%
|
Accounts and notes
receivable, net of allowance of
$2.3 and $3.2, respectively
|
|
208.0
|
|
|
200.0
|
|
|
8.1
|
|
|
4.0
|
%
|
Inventories,
net
|
|
1,320.4
|
|
|
1,468.0
|
|
|
(147.5)
|
|
|
(10.0)
|
%
|
Prepaid
expenses
|
|
25.8
|
|
|
19.4
|
|
|
6.4
|
|
|
33.2
|
%
|
Other current
assets
|
|
19.3
|
|
|
18.4
|
|
|
0.8
|
|
|
4.6
|
%
|
TOTAL CURRENT
ASSETS
|
|
1,911.2
|
|
|
2,004.2
|
|
|
(93.0)
|
|
|
(4.6)
|
%
|
Property and
equipment, net of accumulated
depreciation of $475.2 and $460.2, respectively
|
|
1,640.1
|
|
|
1,608.2
|
|
|
31.8
|
|
|
2.0
|
%
|
Operating lease
assets
|
|
204.8
|
|
|
209.9
|
|
|
(5.0)
|
|
|
(2.4)
|
%
|
Goodwill
|
|
1,019.1
|
|
|
997.1
|
|
|
22.0
|
|
|
2.2
|
%
|
Intangible franchise
rights
|
|
236.3
|
|
|
232.8
|
|
|
3.6
|
|
|
1.5
|
%
|
Other long-term
assets
|
|
53.6
|
|
|
37.2
|
|
|
16.4
|
|
|
43.9
|
%
|
TOTAL
ASSETS
|
|
$
|
5,065.1
|
|
|
$
|
5,089.4
|
|
|
$
|
(24.3)
|
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Floorplan notes
payable — credit facility and other,
net of offset account of $231.9 and $160.4, respectively
|
|
$
|
616.4
|
|
|
$
|
767.6
|
|
|
$
|
(151.2)
|
|
|
(19.7)
|
%
|
Floorplan notes
payable — manufacturer affiliates,
net of offset account of $12.9 and $16.0, respectively
|
|
327.8
|
|
|
327.5
|
|
|
0.3
|
|
|
0.1
|
%
|
Current maturities of
long-term debt
|
|
64.3
|
|
|
56.7
|
|
|
7.6
|
|
|
13.4
|
%
|
Current operating
lease liabilities
|
|
20.2
|
|
|
21.5
|
|
|
(1.3)
|
|
|
(6.1)
|
%
|
Accounts
payable
|
|
439.9
|
|
|
442.6
|
|
|
(2.6)
|
|
|
(0.6)
|
%
|
Accrued expenses and
other current liabilities
|
|
243.9
|
|
|
226.9
|
|
|
17.0
|
|
|
7.5
|
%
|
TOTAL CURRENT
LIABILITIES
|
|
1,712.5
|
|
|
1,842.7
|
|
|
(130.2)
|
|
|
(7.1)
|
%
|
Long-term
debt
|
|
1,282.6
|
|
|
1,294.7
|
|
|
(12.0)
|
|
|
(0.9)
|
%
|
Long-term operating
lease liabilities
|
|
200.8
|
|
|
207.6
|
|
|
(6.7)
|
|
|
(3.3)
|
%
|
Deferred income
taxes
|
|
158.0
|
|
|
141.0
|
|
|
16.9
|
|
|
12.0
|
%
|
Other long-term
liabilities
|
|
134.5
|
|
|
153.8
|
|
|
(19.3)
|
|
|
(12.6)
|
%
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
Common
stock
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
(0.3)
|
%
|
Additional paid-in
capital
|
|
305.7
|
|
|
308.3
|
|
|
(2.6)
|
|
|
(0.8)
|
%
|
Retained
earnings
|
|
1,914.2
|
|
|
1,817.9
|
|
|
96.3
|
|
|
5.3
|
%
|
Accumulated other
comprehensive income (loss)
|
|
(156.2)
|
|
|
(184.0)
|
|
|
27.9
|
|
|
(15.1)
|
%
|
Treasury
stock
|
|
(487.3)
|
|
|
(492.8)
|
|
|
5.5
|
|
|
(1.1)
|
%
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
1,576.6
|
|
|
1,449.6
|
|
|
127.1
|
|
|
8.8
|
%
|
TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY
|
|
$
|
5,065.1
|
|
|
$
|
5,089.4
|
|
|
$
|
(24.3)
|
|
|
(0.5)
|
%
|
Group 1
Automotive, Inc.
|
Additional
Information - Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2021
(%)
|
|
2020
(%)
|
New vehicle unit
sales geographic mix
|
|
|
|
Region
|
Geographic
Market
|
|
|
|
|
United
States
|
Texas
|
|
39.7
|
|
|
34.9
|
|
|
Oklahoma
|
|
7.9
|
|
|
6.8
|
|
|
California
|
|
5.7
|
|
|
4.8
|
|
|
Massachusetts
|
|
5.4
|
|
|
4.4
|
|
|
Georgia
|
|
5.1
|
|
|
4.5
|
|
|
Florida
|
|
3.0
|
|
|
2.6
|
|
|
Louisiana
|
|
2.1
|
|
|
2.1
|
|
|
New Jersey
|
|
2.0
|
|
|
1.6
|
|
|
New
Hampshire
|
|
1.9
|
|
|
1.7
|
|
|
South
Carolina
|
|
1.7
|
|
|
1.8
|
|
|
New Mexico
|
|
1.4
|
|
|
1.1
|
|
|
Kansas
|
|
1.2
|
|
|
1.1
|
|
|
Mississippi
|
|
0.8
|
|
|
1.0
|
|
|
Alabama
|
|
0.7
|
|
|
0.5
|
|
|
Maryland
|
|
0.5
|
|
|
0.4
|
|
|
|
|
79.1
|
|
|
69.3
|
|
|
|
|
|
|
|
International
|
United
Kingdom
|
|
17.7
|
|
|
25.2
|
|
|
Brazil
|
|
3.2
|
|
|
5.6
|
|
|
|
|
100.0
|
|
|
100.0
|
|
|
|
|
|
|
New vehicle unit
sales brand mix
|
|
|
|
Toyota/Lexus
|
|
26.1
|
|
|
23.3
|
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
14.2
|
|
|
16.1
|
|
BMW/MINI
|
|
10.4
|
|
|
11.7
|
|
Ford/Lincoln
|
|
9.7
|
|
|
10.1
|
|
Honda/Acura
|
|
9.6
|
|
|
9.4
|
|
Chevrolet/GMC/Buick/Cadillac
|
|
7.2
|
|
|
6.8
|
|
Nissan
|
|
|
5.2
|
|
|
5.4
|
|
Mercedes-Benz/Smart/Sprinter
|
|
5.1
|
|
|
5.3
|
|
Hyundai/Kia/Genesis
|
|
4.7
|
|
|
4.1
|
|
Chrysler/Dodge/Jeep/RAM
|
|
4.2
|
|
|
3.5
|
|
Jaguar/Land
Rover
|
|
2.2
|
|
|
2.5
|
|
Other
|
|
1.5
|
|
|
1.7
|
|
|
|
100.0
|
|
|
100.0
|
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - Consolidated
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency Impact on
Current Period Results
|
|
Constant Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,543.4
|
|
|
$
|
1,342.2
|
|
|
$
|
201.2
|
|
|
15.0
|
%
|
|
|
$
|
13.3
|
|
|
14.0
|
%
|
Used vehicle retail
sales
|
898.8
|
|
|
779.0
|
|
|
119.7
|
|
|
15.4
|
%
|
|
|
10.4
|
|
|
14.0
|
%
|
Used vehicle wholesale
sales
|
80.2
|
|
|
86.5
|
|
|
(6.3)
|
|
|
(7.2)
|
%
|
|
|
1.4
|
|
|
(8.8)
|
%
|
Total used
|
979.0
|
|
|
865.6
|
|
|
113.5
|
|
|
13.1
|
%
|
|
|
11.8
|
|
|
11.7
|
%
|
Parts and service
sales
|
360.6
|
|
|
370.6
|
|
|
(10.0)
|
|
|
(2.7)
|
%
|
|
|
2.0
|
|
|
(3.2)
|
%
|
F&I,
net
|
127.0
|
|
|
112.5
|
|
|
14.5
|
|
|
12.9
|
%
|
|
|
0.5
|
|
|
12.5
|
%
|
Total
revenues
|
$
|
3,010.0
|
|
|
$
|
2,690.8
|
|
|
$
|
319.2
|
|
|
11.9
|
%
|
|
|
$
|
27.8
|
|
|
10.8
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
99.0
|
|
|
$
|
62.8
|
|
|
$
|
36.2
|
|
|
57.7
|
%
|
|
|
$
|
0.5
|
|
|
56.9
|
%
|
Used vehicle retail
sales
|
59.6
|
|
|
42.1
|
|
|
17.5
|
|
|
41.4
|
%
|
|
|
0.3
|
|
|
40.7
|
%
|
Used vehicle wholesale
sales
|
3.9
|
|
|
1.0
|
|
|
2.9
|
|
|
293.5
|
%
|
|
|
(0.1)
|
|
|
300.7
|
%
|
Total used
|
63.5
|
|
|
43.1
|
|
|
20.4
|
|
|
47.3
|
%
|
|
|
0.2
|
|
|
46.7
|
%
|
Parts and service
sales
|
201.1
|
|
|
198.0
|
|
|
3.0
|
|
|
1.5
|
%
|
|
|
1.5
|
|
|
0.8
|
%
|
F&I,
net
|
127.0
|
|
|
112.5
|
|
|
14.5
|
|
|
12.9
|
%
|
|
|
0.5
|
|
|
12.5
|
%
|
Total gross
profit
|
$
|
490.7
|
|
|
$
|
416.5
|
|
|
$
|
74.2
|
|
|
17.8
|
%
|
|
|
$
|
2.7
|
|
|
17.2
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.4
|
%
|
|
4.7
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
6.6
|
%
|
|
5.4
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
4.9
|
%
|
|
1.2
|
%
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Total used
|
6.5
|
%
|
|
5.0
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.8
|
%
|
|
53.4
|
%
|
|
2.3
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.3
|
%
|
|
15.5
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
36,863
|
|
|
35,360
|
|
|
1,503
|
|
|
4.3
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
38,059
|
|
|
36,790
|
|
|
1,269
|
|
|
3.4
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
9,812
|
|
|
12,086
|
|
|
(2,274)
|
|
|
(18.8)
|
%
|
|
|
|
|
|
Total used
|
47,871
|
|
|
48,876
|
|
|
(1,005)
|
|
|
(2.1)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
41,868
|
|
|
$
|
37,957
|
|
|
$
|
3,910
|
|
|
10.3
|
%
|
|
|
$
|
362
|
|
|
9.3
|
%
|
Used vehicle
retail
|
$
|
23,615
|
|
|
$
|
21,175
|
|
|
$
|
2,440
|
|
|
11.5
|
%
|
|
|
$
|
274
|
|
|
10.2
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,687
|
|
|
$
|
1,777
|
|
|
$
|
910
|
|
|
51.2
|
%
|
|
|
$
|
13
|
|
|
50.5
|
%
|
Used vehicle retail
sales
|
$
|
1,566
|
|
|
$
|
1,146
|
|
|
$
|
420
|
|
|
36.7
|
%
|
|
|
$
|
8
|
|
|
36.0
|
%
|
Used vehicle wholesale
sales
|
$
|
401
|
|
|
$
|
83
|
|
|
$
|
319
|
|
|
384.8
|
%
|
|
|
$
|
(7)
|
|
|
393.5
|
%
|
Total used
|
$
|
1,327
|
|
|
$
|
883
|
|
|
$
|
445
|
|
|
50.4
|
%
|
|
|
$
|
5
|
|
|
49.8
|
%
|
F&I PRU
|
$
|
1,695
|
|
|
$
|
1,559
|
|
|
$
|
137
|
|
|
8.8
|
%
|
|
|
$
|
6
|
|
|
8.3
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
318.4
|
|
|
$
|
328.0
|
|
|
$
|
(9.5)
|
|
|
(2.9)
|
%
|
|
|
$
|
1.9
|
|
|
(3.5)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
317.5
|
|
|
$
|
327.1
|
|
|
$
|
(9.6)
|
|
|
(2.9)
|
%
|
|
|
$
|
1.8
|
|
|
(3.5)
|
%
|
SG&A as % gross
profit
|
64.9
|
%
|
|
78.7
|
%
|
|
(13.8)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.7
|
%
|
|
78.5
|
%
|
|
(13.8)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
5.1
|
%
|
|
2.6
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
5.1
|
%
|
|
2.6
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Pretax margin
%
|
4.4
|
%
|
|
1.4
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
4.4
|
%
|
|
1.5
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
7.6
|
|
|
$
|
12.9
|
|
|
$
|
(5.3)
|
|
|
(41.2)
|
%
|
|
|
$
|
0.1
|
|
|
(41.9)
|
%
|
Less: Floorplan
assistance (2)
|
13.2
|
|
|
10.6
|
|
|
2.6
|
|
|
24.9
|
%
|
|
|
—
|
|
|
24.9
|
%
|
Net floorplan
expense
|
$
|
(5.6)
|
|
|
$
|
2.3
|
|
|
$
|
(7.9)
|
|
|
(345.5)
|
%
|
|
|
$
|
0.1
|
|
|
(349.3)
|
%
|
(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.
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - U.S.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,246.0
|
|
|
$
|
988.4
|
|
|
$
|
257.7
|
|
|
26.1
|
%
|
Used vehicle retail
sales
|
|
696.5
|
|
|
570.3
|
|
|
126.2
|
|
|
22.1
|
%
|
Used vehicle wholesale
sales
|
|
50.4
|
|
|
46.8
|
|
|
3.6
|
|
|
7.6
|
%
|
Total used
|
|
746.9
|
|
|
617.1
|
|
|
129.8
|
|
|
21.0
|
%
|
Parts and service
sales
|
|
296.3
|
|
|
304.6
|
|
|
(8.3)
|
|
|
(2.7)
|
%
|
F&I,
net
|
|
115.1
|
|
|
97.4
|
|
|
17.7
|
|
|
18.1
|
%
|
Total
revenues
|
|
$
|
2,404.3
|
|
|
$
|
2,007.6
|
|
|
$
|
396.8
|
|
|
19.8
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
80.9
|
|
|
$
|
47.3
|
|
|
$
|
33.6
|
|
|
71.1
|
%
|
Used vehicle retail
sales
|
|
50.3
|
|
|
31.9
|
|
|
18.4
|
|
|
57.6
|
%
|
Used vehicle wholesale
sales
|
|
3.9
|
|
|
0.8
|
|
|
3.1
|
|
|
374.6
|
%
|
Total used
|
|
54.3
|
|
|
32.8
|
|
|
21.5
|
|
|
65.6
|
%
|
Parts and service
sales
|
|
165.1
|
|
|
163.5
|
|
|
1.6
|
|
|
1.0
|
%
|
F&I,
net
|
|
115.1
|
|
|
97.4
|
|
|
17.7
|
|
|
18.1
|
%
|
Total gross
profit
|
|
$
|
415.3
|
|
|
$
|
340.9
|
|
|
$
|
74.3
|
|
|
21.8
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6.5
|
%
|
|
4.8
|
%
|
|
1.7
|
%
|
|
|
Used vehicle retail
sales
|
|
7.2
|
%
|
|
5.6
|
%
|
|
1.6
|
%
|
|
|
Used vehicle wholesale
sales
|
|
7.8
|
%
|
|
1.8
|
%
|
|
6.0
|
%
|
|
|
Total used
|
|
7.3
|
%
|
|
5.3
|
%
|
|
2.0
|
%
|
|
|
Parts and service
sales
|
|
55.7
|
%
|
|
53.7
|
%
|
|
2.0
|
%
|
|
|
F&I,
net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
|
17.3
|
%
|
|
17.0
|
%
|
|
0.3
|
%
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
29,152
|
|
|
24,495
|
|
|
4,657
|
|
|
19.0
|
%
|
Retail used vehicles
sold
|
|
30,431
|
|
|
27,668
|
|
|
2,763
|
|
|
10.0
|
%
|
Wholesale used
vehicles sold
|
|
6,440
|
|
|
7,027
|
|
|
(587)
|
|
|
(8.4)
|
%
|
Total used
|
|
36,871
|
|
|
34,695
|
|
|
2,176
|
|
|
6.3
|
%
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
|
42,743
|
|
|
$
|
40,350
|
|
|
$
|
2,393
|
|
|
5.9
|
%
|
Used vehicle
retail
|
|
$
|
22,888
|
|
|
$
|
20,613
|
|
|
$
|
2,275
|
|
|
11.0
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
2,774
|
|
|
$
|
1,929
|
|
|
$
|
845
|
|
|
43.8
|
%
|
Used vehicle retail
sales
|
|
$
|
1,654
|
|
|
$
|
1,154
|
|
|
$
|
499
|
|
|
43.3
|
%
|
Used vehicle wholesale
sales
|
|
$
|
610
|
|
|
$
|
118
|
|
|
$
|
492
|
|
|
417.9
|
%
|
Total used
|
|
$
|
1,471
|
|
|
$
|
944
|
|
|
$
|
527
|
|
|
55.8
|
%
|
F&I PRU
|
|
$
|
1,931
|
|
|
$
|
1,868
|
|
|
$
|
64
|
|
|
3.4
|
%
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
|
261.7
|
|
|
$
|
257.5
|
|
|
$
|
4.2
|
|
|
1.6
|
%
|
Adjusted SG&A
expenses (1)
|
|
$
|
261.4
|
|
|
$
|
257.5
|
|
|
$
|
3.8
|
|
|
1.5
|
%
|
SG&A as % gross
profit
|
|
63.0
|
%
|
|
75.5
|
%
|
|
(12.5)
|
%
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
62.9
|
%
|
|
75.5
|
%
|
|
(12.6)
|
%
|
|
|
|
(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.
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - U.K.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
263.2
|
|
|
$
|
296.3
|
|
|
$
|
(33.1)
|
|
|
(11.2)
|
%
|
|
|
$
|
21.4
|
|
|
(18.4)
|
%
|
Used vehicle retail
sales
|
191.6
|
|
|
188.8
|
|
|
2.8
|
|
|
1.5
|
%
|
|
|
13.0
|
|
|
(5.4)
|
%
|
Used vehicle wholesale
sales
|
27.8
|
|
|
35.8
|
|
|
(8.0)
|
|
|
(22.4)
|
%
|
|
|
1.9
|
|
|
(27.6)
|
%
|
Total used
|
219.4
|
|
|
224.6
|
|
|
(5.2)
|
|
|
(2.3)
|
%
|
|
|
14.9
|
|
|
(8.9)
|
%
|
Parts and service
sales
|
56.5
|
|
|
56.4
|
|
|
—
|
|
|
0.1
|
%
|
|
|
3.9
|
|
|
(6.9)
|
%
|
F&I,
net
|
10.6
|
|
|
13.3
|
|
|
(2.8)
|
|
|
(20.7)
|
%
|
|
|
0.8
|
|
|
(26.8)
|
%
|
Total
revenues
|
$
|
549.6
|
|
|
$
|
590.7
|
|
|
$
|
(41.0)
|
|
|
(6.9)
|
%
|
|
|
$
|
41.2
|
|
|
(13.9)
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
14.8
|
|
|
$
|
12.1
|
|
|
$
|
2.7
|
|
|
22.6
|
%
|
|
|
$
|
1.3
|
|
|
11.8
|
%
|
Used vehicle retail
sales
|
8.2
|
|
|
9.2
|
|
|
(1.0)
|
|
|
(10.8)
|
%
|
|
|
0.6
|
|
|
(17.0)
|
%
|
Used vehicle wholesale
sales
|
(0.2)
|
|
|
—
|
|
|
(0.1)
|
|
|
(412.9)
|
%
|
|
|
—
|
|
|
(305.7)
|
%
|
Total used
|
8.0
|
|
|
9.1
|
|
|
(1.1)
|
|
|
(12.2)
|
%
|
|
|
0.5
|
|
|
(18.1)
|
%
|
Parts and service
sales
|
32.6
|
|
|
30.3
|
|
|
2.3
|
|
|
7.6
|
%
|
|
|
2.3
|
|
|
0.1
|
%
|
F&I,
net
|
10.6
|
|
|
13.3
|
|
|
(2.8)
|
|
|
(20.7)
|
%
|
|
|
0.8
|
|
|
(26.8)
|
%
|
Total gross
profit
|
$
|
66.0
|
|
|
$
|
64.8
|
|
|
$
|
1.2
|
|
|
1.8
|
%
|
|
|
$
|
4.9
|
|
|
(5.8)
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.6
|
%
|
|
4.1
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.3
|
%
|
|
4.9
|
%
|
|
(0.6)
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.6)
|
%
|
|
(0.1)
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
Total used
|
3.7
|
%
|
|
4.1
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.8
|
%
|
|
53.7
|
%
|
|
4.1
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.0
|
%
|
|
11.0
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
6,540
|
|
|
8,894
|
|
|
(2,354)
|
|
|
(26.5)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
7,112
|
|
|
8,024
|
|
|
(912)
|
|
|
(11.4)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
3,138
|
|
|
4,584
|
|
|
(1,446)
|
|
|
(31.5)
|
%
|
|
|
|
|
|
Total used
|
10,250
|
|
|
12,608
|
|
|
(2,358)
|
|
|
(18.7)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,240
|
|
|
$
|
33,314
|
|
|
$
|
6,926
|
|
|
20.8
|
%
|
|
|
$
|
3,279
|
|
|
10.9
|
%
|
Used vehicle
retail
|
$
|
26,941
|
|
|
$
|
23,528
|
|
|
$
|
3,413
|
|
|
14.5
|
%
|
|
|
$
|
1,829
|
|
|
6.7
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,261
|
|
|
$
|
1,356
|
|
|
$
|
905
|
|
|
66.8
|
%
|
|
|
$
|
200
|
|
|
52.0
|
%
|
Used vehicle retail
sales
|
$
|
1,149
|
|
|
$
|
1,141
|
|
|
$
|
8
|
|
|
0.7
|
%
|
|
|
$
|
81
|
|
|
(6.4)
|
%
|
Used vehicle wholesale
sales
|
$
|
(51)
|
|
|
$
|
(7)
|
|
|
$
|
(44)
|
|
|
(649.3)
|
%
|
|
|
$
|
(11)
|
|
|
(492.7)
|
%
|
Total used
|
$
|
782
|
|
|
$
|
724
|
|
|
$
|
58
|
|
|
8.0
|
%
|
|
|
$
|
53
|
|
|
0.7
|
%
|
F&I PRU
|
$
|
773
|
|
|
$
|
787
|
|
|
$
|
(14)
|
|
|
(1.8)
|
%
|
|
|
$
|
59
|
|
|
(9.3)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
49.6
|
|
|
$
|
59.8
|
|
|
$
|
(10.2)
|
|
|
(17.0)
|
%
|
|
|
$
|
3.5
|
|
|
(23.0)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
49.1
|
|
|
$
|
59.8
|
|
|
$
|
(10.8)
|
|
|
(18.0)
|
%
|
|
|
$
|
3.5
|
|
|
(23.9)
|
%
|
SG&A as % gross
profit
|
75.2
|
%
|
|
92.3
|
%
|
|
(17.1)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
74.3
|
%
|
|
92.3
|
%
|
|
(18.0)
|
%
|
|
|
|
|
|
|
|
|
(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.
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - Brazil
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
34.1
|
|
|
$
|
57.5
|
|
|
$
|
(23.3)
|
|
|
(40.6)
|
%
|
|
|
$
|
(8.1)
|
|
|
(26.5)
|
%
|
Used vehicle retail
sales
|
10.7
|
|
|
19.9
|
|
|
(9.3)
|
|
|
(46.5)
|
%
|
|
|
(2.6)
|
|
|
(33.6)
|
%
|
Used vehicle wholesale
sales
|
2.0
|
|
|
3.8
|
|
|
(1.8)
|
|
|
(47.6)
|
%
|
|
|
(0.5)
|
|
|
(34.6)
|
%
|
Total used
|
12.7
|
|
|
23.8
|
|
|
(11.1)
|
|
|
(46.7)
|
%
|
|
|
(3.1)
|
|
|
(33.7)
|
%
|
Parts and service
sales
|
7.9
|
|
|
9.6
|
|
|
(1.7)
|
|
|
(17.6)
|
%
|
|
|
(1.9)
|
|
|
2.3
|
%
|
F&I,
net
|
1.4
|
|
|
1.7
|
|
|
(0.3)
|
|
|
(19.9)
|
%
|
|
|
(0.3)
|
|
|
(0.7)
|
%
|
Total
revenues
|
$
|
56.1
|
|
|
$
|
92.5
|
|
|
$
|
(36.5)
|
|
|
(39.4)
|
%
|
|
|
$
|
(13.4)
|
|
|
(24.9)
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3.4
|
|
|
$
|
3.5
|
|
|
$
|
(0.1)
|
|
|
(3.5)
|
%
|
|
|
$
|
(0.8)
|
|
|
19.6
|
%
|
Used vehicle retail
sales
|
1.1
|
|
|
1.1
|
|
|
0.1
|
|
|
5.5
|
%
|
|
|
(0.3)
|
|
|
30.1
|
%
|
Used vehicle wholesale
sales
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
(17.0)
|
%
|
|
|
—
|
|
|
1.5
|
%
|
Total used
|
1.3
|
|
|
1.3
|
|
|
—
|
|
|
1.8
|
%
|
|
|
(0.3)
|
|
|
25.5
|
%
|
Parts and service
sales
|
3.3
|
|
|
4.2
|
|
|
(0.9)
|
|
|
(20.3)
|
%
|
|
|
(0.8)
|
|
|
(1.0)
|
%
|
F&I,
net
|
1.4
|
|
|
1.7
|
|
|
(0.3)
|
|
|
(19.9)
|
%
|
|
|
(0.3)
|
|
|
(0.7)
|
%
|
Total gross
profit
|
$
|
9.4
|
|
|
$
|
10.7
|
|
|
$
|
(1.3)
|
|
|
(12.1)
|
%
|
|
|
$
|
(2.3)
|
|
|
8.9
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.9
|
%
|
|
6.1
|
%
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
10.4
|
%
|
|
5.3
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
8.4
|
%
|
|
5.3
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Total used
|
10.1
|
%
|
|
5.3
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
42.5
|
%
|
|
43.9
|
%
|
|
(1.4)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.7
|
%
|
|
11.5
|
%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
1,171
|
|
|
1,971
|
|
|
(800)
|
|
|
(40.6)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
516
|
|
|
1,098
|
|
|
(582)
|
|
|
(53.0)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
234
|
|
|
475
|
|
|
(241)
|
|
|
(50.7)
|
%
|
|
|
|
|
|
Total used
|
750
|
|
|
1,573
|
|
|
(823)
|
|
|
(52.3)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
29,159
|
|
|
$
|
29,169
|
|
|
$
|
(11)
|
|
|
—
|
%
|
|
|
$
|
(6,926)
|
|
|
23.7
|
%
|
Used vehicle
retail
|
$
|
20,662
|
|
|
$
|
18,154
|
|
|
$
|
2,508
|
|
|
13.8
|
%
|
|
|
$
|
(5,004)
|
|
|
41.4
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,894
|
|
|
$
|
1,782
|
|
|
$
|
1,112
|
|
|
62.4
|
%
|
|
|
$
|
(693)
|
|
|
101.3
|
%
|
Used vehicle retail
sales
|
$
|
2,148
|
|
|
$
|
957
|
|
|
$
|
1,191
|
|
|
124.5
|
%
|
|
|
$
|
(502)
|
|
|
176.9
|
%
|
Used vehicle wholesale
sales
|
$
|
725
|
|
|
$
|
430
|
|
|
$
|
295
|
|
|
68.6
|
%
|
|
|
$
|
(161)
|
|
|
106.1
|
%
|
Total used
|
$
|
1,704
|
|
|
$
|
798
|
|
|
$
|
906
|
|
|
113.6
|
%
|
|
|
$
|
(396)
|
|
|
163.2
|
%
|
F&I PRU
|
$
|
816
|
|
|
$
|
560
|
|
|
$
|
256
|
|
|
45.7
|
%
|
|
|
$
|
(196)
|
|
|
80.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
7.1
|
|
|
$
|
10.6
|
|
|
$
|
(3.5)
|
|
|
(33.1)
|
%
|
|
|
$
|
(1.6)
|
|
|
(18.0)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
7.1
|
|
|
$
|
9.7
|
|
|
$
|
(2.6)
|
|
|
(27.0)
|
%
|
|
|
$
|
(1.7)
|
|
|
(9.7)
|
%
|
SG&A as % gross
profit
|
75.5
|
%
|
|
99.1
|
%
|
|
(23.7)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
75.5
|
%
|
|
90.9
|
%
|
|
(15.4)
|
%
|
|
|
|
|
|
|
|
|
(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.
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - Consolidated
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,542.9
|
|
|
$
|
1,332.0
|
|
|
$
|
210.8
|
|
|
15.8
|
%
|
|
|
$
|
13.3
|
|
|
14.8
|
%
|
Used vehicle retail
sales
|
898.2
|
|
|
770.5
|
|
|
127.7
|
|
|
16.6
|
%
|
|
|
10.4
|
|
|
15.2
|
%
|
Used vehicle wholesale
sales
|
80.2
|
|
|
85.5
|
|
|
(5.4)
|
|
|
(6.3)
|
%
|
|
|
1.4
|
|
|
(7.9)
|
%
|
Total used
|
978.4
|
|
|
856.1
|
|
|
122.3
|
|
|
14.3
|
%
|
|
|
11.8
|
|
|
12.9
|
%
|
Parts and service
sales
|
358.1
|
|
|
364.2
|
|
|
(6.1)
|
|
|
(1.7)
|
%
|
|
|
1.9
|
|
|
(2.2)
|
%
|
F&I,
net
|
127.0
|
|
|
111.5
|
|
|
15.5
|
|
|
13.9
|
%
|
|
|
0.5
|
|
|
13.5
|
%
|
Total
revenues
|
$
|
3,006.3
|
|
|
$
|
2,663.7
|
|
|
$
|
342.6
|
|
|
12.9
|
%
|
|
|
$
|
27.6
|
|
|
11.8
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
99.1
|
|
|
$
|
62.2
|
|
|
$
|
36.9
|
|
|
59.4
|
%
|
|
|
$
|
0.5
|
|
|
58.6
|
%
|
Used vehicle retail
sales
|
59.6
|
|
|
41.9
|
|
|
17.7
|
|
|
42.3
|
%
|
|
|
0.3
|
|
|
41.5
|
%
|
Used vehicle wholesale
sales
|
4.0
|
|
|
1.0
|
|
|
3.0
|
|
|
295.2
|
%
|
|
|
(0.1)
|
|
|
301.0
|
%
|
Total used
|
63.6
|
|
|
42.9
|
|
|
20.7
|
|
|
48.2
|
%
|
|
|
0.3
|
|
|
47.7
|
%
|
Parts and service
sales
|
200.0
|
|
|
194.7
|
|
|
5.3
|
|
|
2.7
|
%
|
|
|
1.4
|
|
|
2.0
|
%
|
F&I,
net
|
127.0
|
|
|
111.5
|
|
|
15.5
|
|
|
13.9
|
%
|
|
|
0.5
|
|
|
13.5
|
%
|
Total gross
profit
|
$
|
489.6
|
|
|
$
|
411.3
|
|
|
$
|
78.4
|
|
|
19.1
|
%
|
|
|
$
|
2.7
|
|
|
18.4
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.4
|
%
|
|
4.7
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
6.6
|
%
|
|
5.4
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
5.0
|
%
|
|
1.2
|
%
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Total used
|
6.5
|
%
|
|
5.0
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.8
|
%
|
|
53.5
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.3
|
%
|
|
15.4
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
36,851
|
|
|
35,082
|
|
|
1,769
|
|
|
5.0
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
38,027
|
|
|
36,331
|
|
|
1,696
|
|
|
4.7
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
9,799
|
|
|
11,921
|
|
|
(2,122)
|
|
|
(17.8)
|
%
|
|
|
|
|
|
Total used
|
47,826
|
|
|
48,252
|
|
|
(426)
|
|
|
(0.9)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
41,868
|
|
|
$
|
37,969
|
|
|
$
|
3,899
|
|
|
10.3
|
%
|
|
|
$
|
361
|
|
|
9.3
|
%
|
Used vehicle
retail
|
$
|
23,621
|
|
|
$
|
21,209
|
|
|
$
|
2,412
|
|
|
11.4
|
%
|
|
|
$
|
273
|
|
|
10.1
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,689
|
|
|
$
|
1,772
|
|
|
$
|
917
|
|
|
51.7
|
%
|
|
|
$
|
13
|
|
|
51.0
|
%
|
Used vehicle retail
sales
|
$
|
1,567
|
|
|
$
|
1,153
|
|
|
$
|
414
|
|
|
35.9
|
%
|
|
|
$
|
8
|
|
|
35.2
|
%
|
Used vehicle wholesale
sales
|
$
|
408
|
|
|
$
|
85
|
|
|
$
|
323
|
|
|
380.8
|
%
|
|
|
$
|
(6)
|
|
|
387.9
|
%
|
Total used
|
$
|
1,330
|
|
|
$
|
889
|
|
|
$
|
441
|
|
|
49.6
|
%
|
|
|
$
|
5
|
|
|
49.0
|
%
|
F&I PRU
|
$
|
1,696
|
|
|
$
|
1,561
|
|
|
$
|
135
|
|
|
8.6
|
%
|
|
|
$
|
6
|
|
|
8.2
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
317.3
|
|
|
$
|
322.3
|
|
|
$
|
(4.9)
|
|
|
(1.5)
|
%
|
|
|
$
|
1.8
|
|
|
(2.1)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
316.1
|
|
|
$
|
321.4
|
|
|
$
|
(5.3)
|
|
|
(1.6)
|
%
|
|
|
$
|
1.7
|
|
|
(2.2)
|
%
|
SG&A as % gross
profit
|
64.8
|
%
|
|
78.4
|
%
|
|
(13.6)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.6
|
%
|
|
78.1
|
%
|
|
(13.6)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
5.1
|
%
|
|
2.7
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
5.1
|
%
|
|
2.7
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
(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.
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - U.S.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,245.7
|
|
|
$
|
979.3
|
|
|
$
|
266.4
|
|
|
27.2
|
%
|
Used vehicle retail
sales
|
696.4
|
|
|
562.8
|
|
|
133.6
|
|
|
23.7
|
%
|
Used vehicle wholesale
sales
|
50.4
|
|
|
45.9
|
|
|
4.5
|
|
|
9.8
|
%
|
Total used
|
746.8
|
|
|
608.7
|
|
|
138.1
|
|
|
22.7
|
%
|
Parts and service
sales
|
295.5
|
|
|
301.9
|
|
|
(6.4)
|
|
|
(2.1)
|
%
|
F&I,
net
|
115.1
|
|
|
96.6
|
|
|
18.5
|
|
|
19.2
|
%
|
Total
revenues
|
$
|
2,403.1
|
|
|
$
|
1,986.5
|
|
|
$
|
416.6
|
|
|
21.0
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
80.9
|
|
|
$
|
46.7
|
|
|
$
|
34.3
|
|
|
73.4
|
%
|
Used vehicle retail
sales
|
50.3
|
|
|
31.8
|
|
|
18.6
|
|
|
58.6
|
%
|
Used vehicle wholesale
sales
|
3.9
|
|
|
0.8
|
|
|
3.1
|
|
|
367.2
|
%
|
Total used
|
54.3
|
|
|
32.6
|
|
|
21.7
|
|
|
66.5
|
%
|
Parts and service
sales
|
164.7
|
|
|
161.8
|
|
|
2.9
|
|
|
1.8
|
%
|
F&I,
net
|
115.1
|
|
|
96.6
|
|
|
18.5
|
|
|
19.2
|
%
|
Total gross
profit
|
$
|
415.0
|
|
|
$
|
337.6
|
|
|
$
|
77.4
|
|
|
22.9
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.5
|
%
|
|
4.8
|
%
|
|
1.7
|
%
|
|
|
Used vehicle retail
sales
|
7.2
|
%
|
|
5.6
|
%
|
|
1.6
|
%
|
|
|
Used vehicle wholesale
sales
|
7.8
|
%
|
|
1.8
|
%
|
|
6.0
|
%
|
|
|
Total used
|
7.3
|
%
|
|
5.4
|
%
|
|
1.9
|
%
|
|
|
Parts and service
sales
|
55.7
|
%
|
|
53.6
|
%
|
|
2.1
|
%
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
17.3
|
%
|
|
17.0
|
%
|
|
0.3
|
%
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
29,148
|
|
|
24,271
|
|
|
4,877
|
|
|
20.1
|
%
|
Retail used vehicles
sold
|
30,425
|
|
|
27,280
|
|
|
3,145
|
|
|
11.5
|
%
|
Wholesale used
vehicles sold
|
6,440
|
|
|
6,897
|
|
|
(457)
|
|
|
(6.6)
|
%
|
Total used
|
36,865
|
|
|
34,177
|
|
|
2,688
|
|
|
7.9
|
%
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
42,738
|
|
|
$
|
40,349
|
|
|
$
|
2,389
|
|
|
5.9
|
%
|
Used vehicle
retail
|
$
|
22,890
|
|
|
$
|
20,631
|
|
|
$
|
2,259
|
|
|
10.9
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,777
|
|
|
$
|
1,923
|
|
|
$
|
854
|
|
|
44.4
|
%
|
Used vehicle retail
sales
|
$
|
1,655
|
|
|
$
|
1,164
|
|
|
$
|
491
|
|
|
42.2
|
%
|
Used vehicle wholesale
sales
|
$
|
612
|
|
|
$
|
122
|
|
|
$
|
489
|
|
|
400.3
|
%
|
Total used
|
$
|
1,473
|
|
|
$
|
954
|
|
|
$
|
519
|
|
|
54.4
|
%
|
F&I PRU
|
$
|
1,931
|
|
|
$
|
1,873
|
|
|
$
|
58
|
|
|
3.1
|
%
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
262.0
|
|
|
$
|
253.9
|
|
|
$
|
8.1
|
|
|
3.2
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
260.8
|
|
|
$
|
253.9
|
|
|
$
|
6.8
|
|
|
2.7
|
%
|
SG&A as % gross
profit
|
63.1
|
%
|
|
75.2
|
%
|
|
(12.1)
|
%
|
|
|
Adjusted SG&A as %
gross profit (1)
|
62.8
|
%
|
|
75.2
|
%
|
|
(12.4)
|
%
|
|
|
|
(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.
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - U.K.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
263.0
|
|
|
$
|
295.2
|
|
|
$
|
(32.2)
|
|
|
(10.9)
|
%
|
|
|
$
|
21.4
|
|
|
(18.2)
|
%
|
Used vehicle retail
sales
|
191.1
|
|
|
187.8
|
|
|
3.4
|
|
|
1.8
|
%
|
|
|
13.0
|
|
|
(5.1)
|
%
|
Used vehicle wholesale
sales
|
27.8
|
|
|
35.8
|
|
|
(8.0)
|
|
|
(22.4)
|
%
|
|
|
1.9
|
|
|
(27.6)
|
%
|
Total used
|
218.9
|
|
|
223.6
|
|
|
(4.7)
|
|
|
(2.1)
|
%
|
|
|
14.8
|
|
|
(8.7)
|
%
|
Parts and service
sales
|
54.7
|
|
|
52.7
|
|
|
2.0
|
|
|
3.9
|
%
|
|
|
3.8
|
|
|
(3.3)
|
%
|
F&I,
net
|
10.5
|
|
|
13.2
|
|
|
(2.7)
|
|
|
(20.1)
|
%
|
|
|
0.8
|
|
|
(26.3)
|
%
|
Total
revenues
|
$
|
547.2
|
|
|
$
|
584.7
|
|
|
$
|
(37.5)
|
|
|
(6.4)
|
%
|
|
|
$
|
41.1
|
|
|
(13.4)
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
14.8
|
|
|
$
|
12.0
|
|
|
$
|
2.8
|
|
|
23.1
|
%
|
|
|
$
|
1.3
|
|
|
12.3
|
%
|
Used vehicle retail
sales
|
8.1
|
|
|
9.1
|
|
|
(0.9)
|
|
|
(10.4)
|
%
|
|
|
0.6
|
|
|
(16.6)
|
%
|
Used vehicle wholesale
sales
|
(0.1)
|
|
|
—
|
|
|
(0.1)
|
|
|
(208.2)
|
%
|
|
|
—
|
|
|
(147.1)
|
%
|
Total used
|
8.0
|
|
|
9.1
|
|
|
(1.0)
|
|
|
(11.2)
|
%
|
|
|
0.5
|
|
|
(17.3)
|
%
|
Parts and service
sales
|
32.0
|
|
|
28.7
|
|
|
3.2
|
|
|
11.2
|
%
|
|
|
2.3
|
|
|
3.4
|
%
|
F&I,
net
|
10.5
|
|
|
13.2
|
|
|
(2.7)
|
|
|
(20.1)
|
%
|
|
|
0.8
|
|
|
(26.3)
|
%
|
Total gross
profit
|
$
|
65.3
|
|
|
$
|
63.0
|
|
|
$
|
2.3
|
|
|
3.7
|
%
|
|
|
$
|
4.9
|
|
|
(4.1)
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.6
|
%
|
|
4.1
|
%
|
|
1.6
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.3
|
%
|
|
4.8
|
%
|
|
(0.6)
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.4)
|
%
|
|
(0.1)
|
%
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
Total used
|
3.7
|
%
|
|
4.0
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
58.4
|
%
|
|
54.5
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.9
|
%
|
|
10.8
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
6,532
|
|
|
8,840
|
|
|
(2,308)
|
|
|
(26.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
7,086
|
|
|
7,953
|
|
|
(867)
|
|
|
(10.9)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
3,125
|
|
|
4,549
|
|
|
(1,424)
|
|
|
(31.3)
|
%
|
|
|
|
|
|
Total used
|
10,211
|
|
|
12,502
|
|
|
(2,291)
|
|
|
(18.3)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,262
|
|
|
$
|
33,397
|
|
|
$
|
6,866
|
|
|
20.6
|
%
|
|
|
$
|
3,280
|
|
|
10.7
|
%
|
Used vehicle
retail
|
$
|
26,975
|
|
|
$
|
23,612
|
|
|
$
|
3,363
|
|
|
14.2
|
%
|
|
|
$
|
1,829
|
|
|
6.5
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,260
|
|
|
$
|
1,356
|
|
|
$
|
904
|
|
|
66.7
|
%
|
|
|
$
|
200
|
|
|
51.9
|
%
|
Used vehicle retail
sales
|
$
|
1,149
|
|
|
$
|
1,142
|
|
|
$
|
7
|
|
|
0.6
|
%
|
|
|
$
|
80
|
|
|
(6.4)
|
%
|
Used vehicle wholesale
sales
|
$
|
(34)
|
|
|
$
|
(8)
|
|
|
$
|
(27)
|
|
|
(348.7)
|
%
|
|
|
$
|
(7)
|
|
|
(259.6)
|
%
|
Total used
|
$
|
787
|
|
|
$
|
724
|
|
|
$
|
63
|
|
|
8.7
|
%
|
|
|
$
|
54
|
|
|
1.3
|
%
|
F&I PRU
|
$
|
774
|
|
|
$
|
786
|
|
|
$
|
(12)
|
|
|
(1.5)
|
%
|
|
|
$
|
59
|
|
|
(9.1)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
48.2
|
|
|
$
|
57.8
|
|
|
$
|
(9.6)
|
|
|
(16.6)
|
%
|
|
|
$
|
3.4
|
|
|
(22.6)
|
%
|
SG&A as % gross
profit
|
73.8
|
%
|
|
91.8
|
%
|
|
(18.0)
|
%
|
|
|
|
|
|
|
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - Brazil
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
34.1
|
|
|
$
|
57.5
|
|
|
$
|
(23.3)
|
|
|
(40.6)
|
%
|
|
|
$
|
(8.1)
|
|
|
(26.5)
|
%
|
Used vehicle retail
sales
|
10.7
|
|
|
19.9
|
|
|
(9.3)
|
|
|
(46.5)
|
%
|
|
|
(2.6)
|
|
|
(33.6)
|
%
|
Used vehicle wholesale
sales
|
2.0
|
|
|
3.8
|
|
|
(1.8)
|
|
|
(47.6)
|
%
|
|
|
(0.5)
|
|
|
(34.6)
|
%
|
Total used
|
12.7
|
|
|
23.8
|
|
|
(11.1)
|
|
|
(46.7)
|
%
|
|
|
(3.1)
|
|
|
(33.7)
|
%
|
Parts and service
sales
|
7.9
|
|
|
9.6
|
|
|
(1.7)
|
|
|
(17.6)
|
%
|
|
|
(1.9)
|
|
|
2.3
|
%
|
F&I,
net
|
1.4
|
|
|
1.7
|
|
|
(0.3)
|
|
|
(19.9)
|
%
|
|
|
(0.3)
|
|
|
(0.7)
|
%
|
Total
revenues
|
$
|
56.1
|
|
|
$
|
92.5
|
|
|
$
|
(36.5)
|
|
|
(39.4)
|
%
|
|
|
$
|
(13.4)
|
|
|
(24.9)
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3.4
|
|
|
$
|
3.5
|
|
|
$
|
(0.1)
|
|
|
(3.5)
|
%
|
|
|
$
|
(0.8)
|
|
|
19.6
|
%
|
Used vehicle retail
sales
|
1.1
|
|
|
1.1
|
|
|
0.1
|
|
|
5.5
|
%
|
|
|
(0.3)
|
|
|
30.1
|
%
|
Used vehicle wholesale
sales
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
(17.0)
|
%
|
|
|
—
|
|
|
1.5
|
%
|
Total used
|
1.3
|
|
|
1.3
|
|
|
—
|
|
|
1.8
|
%
|
|
|
(0.3)
|
|
|
25.5
|
%
|
Parts and service
sales
|
3.3
|
|
|
4.2
|
|
|
(0.9)
|
|
|
(20.4)
|
%
|
|
|
(0.8)
|
|
|
(1.1)
|
%
|
F&I,
net
|
1.4
|
|
|
1.7
|
|
|
(0.3)
|
|
|
(19.9)
|
%
|
|
|
(0.3)
|
|
|
(0.7)
|
%
|
Total gross
profit
|
$
|
9.4
|
|
|
$
|
10.7
|
|
|
$
|
(1.3)
|
|
|
(12.2)
|
%
|
|
|
$
|
(2.3)
|
|
|
8.9
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.9
|
%
|
|
6.1
|
%
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
10.4
|
%
|
|
5.3
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
8.4
|
%
|
|
5.3
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Total used
|
10.1
|
%
|
|
5.3
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
42.5
|
%
|
|
44.0
|
%
|
|
(1.5)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.7
|
%
|
|
11.5
|
%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
1,171
|
|
|
1,971
|
|
|
(800)
|
|
|
(40.6)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
516
|
|
|
1,098
|
|
|
(582)
|
|
|
(53.0)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
234
|
|
|
475
|
|
|
(241)
|
|
|
(50.7)
|
%
|
|
|
|
|
|
Total used
|
750
|
|
|
1,573
|
|
|
(823)
|
|
|
(52.3)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
29,159
|
|
|
$
|
29,169
|
|
|
$
|
(11)
|
|
|
—
|
%
|
|
|
$
|
(6,926)
|
|
|
23.7
|
%
|
Used vehicle
retail
|
$
|
20,662
|
|
|
$
|
18,154
|
|
|
$
|
2,508
|
|
|
13.8
|
%
|
|
|
$
|
(5,004)
|
|
|
41.4
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,894
|
|
|
$
|
1,782
|
|
|
$
|
1,112
|
|
|
62.4
|
%
|
|
|
$
|
(693)
|
|
|
101.3
|
%
|
Used vehicle retail
sales
|
$
|
2,148
|
|
|
$
|
957
|
|
|
$
|
1,191
|
|
|
124.4
|
%
|
|
|
$
|
(502)
|
|
|
176.9
|
%
|
Used vehicle wholesale
sales
|
$
|
725
|
|
|
$
|
430
|
|
|
$
|
295
|
|
|
68.6
|
%
|
|
|
$
|
(161)
|
|
|
106.1
|
%
|
Total used
|
$
|
1,704
|
|
|
$
|
798
|
|
|
$
|
906
|
|
|
113.5
|
%
|
|
|
$
|
(396)
|
|
|
163.1
|
%
|
F&I PRU
|
$
|
816
|
|
|
$
|
560
|
|
|
$
|
256
|
|
|
45.7
|
%
|
|
|
$
|
(196)
|
|
|
80.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
7.1
|
|
|
$
|
10.5
|
|
|
$
|
(3.4)
|
|
|
(32.2)
|
%
|
|
|
$
|
(1.6)
|
|
|
(16.8)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
7.1
|
|
|
$
|
9.7
|
|
|
$
|
(2.5)
|
|
|
(26.0)
|
%
|
|
|
$
|
(1.7)
|
|
|
(8.4)
|
%
|
SG&A as % gross
profit
|
76.2
|
%
|
|
98.7
|
%
|
|
(22.5)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
76.2
|
%
|
|
90.4
|
%
|
|
(14.2)
|
%
|
|
|
|
|
|
|
|
|
(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.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Consolidated
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
318.4
|
|
|
$
|
(2.2)
|
|
|
$
|
0.3
|
|
|
$
|
1.0
|
|
|
$
|
317.5
|
|
Income (loss) from
operations
|
|
$
|
152.7
|
|
|
$
|
2.2
|
|
|
$
|
(0.3)
|
|
|
$
|
(1.0)
|
|
|
$
|
153.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
131.4
|
|
|
$
|
2.2
|
|
|
$
|
(0.3)
|
|
|
$
|
(1.0)
|
|
|
$
|
132.3
|
|
Less: (Benefit)
provision for income taxes
|
|
29.4
|
|
|
0.5
|
|
|
(0.1)
|
|
|
(0.2)
|
|
|
29.6
|
|
Net income
(loss)
|
|
101.9
|
|
|
1.7
|
|
|
(0.2)
|
|
|
(0.8)
|
|
|
102.7
|
|
Less: Earnings (loss)
allocated to
participating securities
|
|
3.5
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
3.5
|
|
Net income (loss)
available to diluted
common shares
|
|
$
|
98.5
|
|
|
$
|
1.7
|
|
|
$
|
(0.2)
|
|
|
$
|
(0.7)
|
|
|
$
|
99.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
5.52
|
|
|
$
|
0.09
|
|
|
$
|
(0.01)
|
|
|
$
|
(0.04)
|
|
|
$
|
5.57
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
22.4
|
%
|
|
|
|
|
|
|
|
22.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
64.9
|
%
|
|
|
|
|
|
|
|
64.7
|
%
|
Operating margin
(2)
|
|
5.1
|
%
|
|
|
|
|
|
|
|
5.1
|
%
|
Pretax margin
(2)
|
|
4.4
|
%
|
|
|
|
|
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
317.3
|
|
|
$
|
(2.2)
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
316.1
|
|
Same Store SG&A
as % gross profit (1)
|
|
64.8
|
%
|
|
|
|
|
|
|
|
64.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
153.1
|
|
|
$
|
2.2
|
|
|
$
|
—
|
|
|
$
|
(1.0)
|
|
|
$
|
154.4
|
|
Same Store operating
margin (2)
|
|
5.1
|
%
|
|
|
|
|
|
|
|
5.1
|
%
|
|
(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.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Consolidated
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
Three Months Ended
March 31, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
328.0
|
|
|
$
|
(0.9)
|
|
|
$
|
327.1
|
|
Income (loss) from
operations
|
|
$
|
69.9
|
|
|
$
|
0.9
|
|
|
$
|
70.8
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
38.9
|
|
|
$
|
0.9
|
|
|
$
|
39.8
|
|
Less: (Benefit)
provision for income taxes
|
|
9.1
|
|
|
0.1
|
|
|
9.2
|
|
Net income
(loss)
|
|
29.8
|
|
|
0.8
|
|
|
30.6
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
28.7
|
|
|
$
|
0.8
|
|
|
$
|
29.5
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
1.61
|
|
|
$
|
0.04
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.4
|
%
|
|
|
|
23.2
|
%
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
78.7
|
%
|
|
|
|
78.5
|
%
|
Operating margin
(2)
|
|
2.6
|
%
|
|
|
|
2.6
|
%
|
Pretax margin
(2)
|
|
1.4
|
%
|
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
322.3
|
|
|
$
|
(0.9)
|
|
|
$
|
321.4
|
|
Same Store SG&A
as % gross profit (1)
|
|
78.4
|
%
|
|
|
|
78.1
|
%
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
70.7
|
|
|
$
|
0.9
|
|
|
$
|
71.6
|
|
Same Store operating
margin (2)
|
|
2.7
|
%
|
|
|
|
2.7
|
%
|
|
(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.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - U.S.
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal
settlements
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
261.7
|
|
|
$
|
(2.2)
|
|
|
$
|
0.9
|
|
|
$
|
1.0
|
|
|
$
|
261.4
|
|
SG&A as % gross
profit (1)
|
|
63.0
|
%
|
|
|
|
|
|
|
|
62.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
262.0
|
|
|
$
|
(2.2)
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
260.8
|
|
Same Store SG&A
as % gross profit (1)
|
|
63.1
|
%
|
|
|
|
|
|
|
|
62.8
|
%
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - U.K.
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
U.S.
GAAP
|
|
Dealership and
real
estate transactions
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
|
49.6
|
|
|
$
|
(0.6)
|
|
|
$
|
49.1
|
|
SG&A as % gross
profit (1)
|
|
75.2
|
%
|
|
|
|
74.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Brazil
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
10.6
|
|
|
$
|
(0.9)
|
|
|
$
|
9.7
|
|
SG&A as % gross
profit (1)
|
|
99.1
|
%
|
|
|
|
90.9
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
10.5
|
|
|
$
|
(0.9)
|
|
|
$
|
9.7
|
|
Same Store SG&A
as % gross profit (1)
|
|
98.7
|
%
|
|
|
|
90.4
|
%
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
View original
content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-record-first-quarter-2021-financial-results-301279667.html
SOURCE Group 1 Automotive, Inc.