HOUSTON, July 29, 2021 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI), ("Group 1" or the
"Company"), an international, Fortune 500 automotive retailer,
today reported record second quarter 2021 financial
results.
Second quarter 2021 net income per diluted share was an all-time
quarterly record of $10.35, a 533.9
percent increase from $1.63 per
diluted share as reported for second quarter 2020. Second
quarter 2021 adjusted net income per diluted share (a non-GAAP
measure) was $10.31, a 173.6 percent
increase from $3.77 per diluted share
as reported for second quarter 2020. Second quarter 2021 net
income was $191.0 million, a 532.9
percent increase compared to net income of $30.2 million in the same period of 2020.
Second quarter 2021 adjusted net income (a non-GAAP measure) was
$190.2 million, a 173.2 percent
increase compared to adjusted net income of $69.6 million for the same period of 2020.
The Company's second quarter 2021 total revenues were $3.7 billion, a 73.6 percent increase compared to
total revenues of $2.1 billion in the
same period of 2020.
Second quarter 2021 adjusted net income and diluted earnings per
share excluded net after-tax adjustments totaling $0.8 million, or $0.04 per common share. The adjustments consist
of gains on dealership and real estate transactions and a tax
benefit related to the revaluation of deferred tax items in the
U.K., partially offset by a non-cash loss associated with certain
interest rate swaps due to decreased vehicle inventory levels.
Second quarter 2020 adjusted net income and diluted earnings per
share excluded net after-tax adjustments of $39.4 million, or $2.13 per share, primarily related to non-cash
asset impairment charges, out-of-period adjustments to accelerate
stock-based compensation expense, loss on debt extinguishment and
severance costs. Reconciliations of non-GAAP financial measures are
included in the attached financial tables. Certain disclosures may
not compute due to rounding.
"Although the new vehicle supply disruption continues to impact
our vehicle sales volume in all three of our markets, our operating
teams continue to navigate this challenge with great success," said
Earl J. Hesterberg, Group 1's
President and Chief Executive Officer. "Our aftersales business is
recovering extremely well, and our cost control has been
outstanding."
Consolidated Operating Highlights for Second Quarter 2021
(year-over-year comparable basis)
Reported:
- Total revenues increased 73.6 percent, to $3.7 billion. Total gross profit increased 84.3
percent, to $661.3 million.
- New vehicle revenues increased 74.6 percent, as units sold
increased 62.0 percent. New vehicle gross profit per retail unit
(PRU) increased 59.9 percent, to $3,853.
- Used vehicle retail revenues increased 86.5 percent, as units
increased 47.4 percent. Used vehicle retail gross profit PRU
increased 59.9 percent, to $2,425.
- Parts and service gross profit increased 44.5 percent, on a
39.1 percent increase in revenue.
- Finance and Insurance (F&I) gross profit PRU increased 8.0
percent, to $1,832.
- Selling, General and Administrative (SG&A) expenses as a
percentage of gross profit decreased 913 basis points, to 57.0
percent. Adjusted SG&A expenses (a non-GAAP measure) as a
percentage of gross profit decreased 573 basis points, to 57.1
percent.
Same Store on a Constant Currency Basis (a non-GAAP
measure):
- Total revenues increased 70.6 percent. Total gross profit
increased 81.6 percent.
- New vehicle gross profit increased 156.2 percent, as units
increased 62.4 percent. New vehicle gross profit PRU increased 57.8
percent.
- Used vehicle retail gross profit increased 130.7 percent, as
units increased 48.8 percent. Used vehicle retail gross profit PRU
increased 55.0 percent.
- Parts and service gross profit increased 41.6 percent.
- F&I gross profit PRU increased 6.8 percent.
- SG&A expenses as a percentage of gross profit decreased 880
basis points. Adjusted SG&A expenses as a percentage of gross
profit decreased 548 basis points.
Share Repurchase Authorization
During the second quarter of 2021, the Company repurchased
approximately 125,000 shares at an average price of $148.79, for a total of approximately
$18.6 million. The Company has
approximately $150 million remaining
on its Board authorized common stock share repurchase program.
Future repurchases 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. While
the Company's first priority for capital allocation remains
M&A, it continues to be open to returning cash to shareholders
in the form of both share repurchases and the increase of our
quarterly dividend.
Corporate Development
As previously announced in July
2021, the Company acquired nine franchises in the U.K.,
which will contribute approximately $300
million in incremental annual revenues, and which increased
the Company's U.K. portfolio count to 75 franchises.
Hesterberg added, "We believe this is an excellent time to expand
our U.K. business. Pent-up vehicle demand resulting from both
Brexit and the pandemic should drive higher sales in the next
several years."
Year-to-date, the Company has acquired 11 franchises, which are
expected to generate $420 million in
incremental annual revenues, and disposed of four franchises, which
generated approximately $70 million
in trailing-twelve-month revenues.
Second 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 second
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:
|
3896520
|
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:
|
10158175
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 188 automotive dealerships,
242 franchises, and 48 collision
centers in the United
States, the United
Kingdom and Brazil that offer 32 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 the 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.
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
Group 1
Automotive, Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,855.3
|
|
|
$
|
1,062.7
|
|
|
$
|
792.6
|
|
|
74.6
|
%
|
Used vehicle retail
sales
|
|
1,195.6
|
|
|
641.2
|
|
|
554.4
|
|
|
86.5
|
%
|
Used vehicle wholesale
sales
|
|
96.4
|
|
|
48.7
|
|
|
47.7
|
|
|
98.0
|
%
|
Parts and service
sales
|
|
392.1
|
|
|
282.0
|
|
|
110.2
|
|
|
39.1
|
%
|
Finance, insurance and
other, net
|
|
161.0
|
|
|
96.7
|
|
|
64.3
|
|
|
66.5
|
%
|
Total
revenues
|
|
3,700.4
|
|
|
2,131.2
|
|
|
1,569.2
|
|
|
73.6
|
%
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
1,690.0
|
|
|
998.9
|
|
|
691.1
|
|
|
69.2
|
%
|
Used vehicle retail
sales
|
|
1,086.5
|
|
|
594.9
|
|
|
491.6
|
|
|
82.6
|
%
|
Used vehicle wholesale
sales
|
|
87.2
|
|
|
46.6
|
|
|
40.6
|
|
|
87.1
|
%
|
Parts and service
sales
|
|
175.4
|
|
|
132.0
|
|
|
43.4
|
|
|
32.9
|
%
|
Total cost of
sales
|
|
3,039.2
|
|
|
1,772.4
|
|
|
1,266.8
|
|
|
71.5
|
%
|
GROSS
PROFIT
|
|
661.3
|
|
|
358.8
|
|
|
302.4
|
|
|
84.3
|
%
|
Selling, general and
administrative expenses
|
|
376.7
|
|
|
237.2
|
|
|
139.5
|
|
|
58.8
|
%
|
Depreciation and
amortization expense
|
|
18.8
|
|
|
18.8
|
|
|
—
|
|
|
0.2
|
%
|
Asset
impairments
|
|
—
|
|
|
23.8
|
|
|
(23.8)
|
|
|
(100.0)
|
%
|
INCOME FROM
OPERATIONS
|
|
265.8
|
|
|
79.0
|
|
|
186.7
|
|
|
236.3
|
%
|
Floorplan interest
expense
|
|
8.8
|
|
|
10.1
|
|
|
(1.3)
|
|
|
(13.2)
|
%
|
Other interest
expense, net
|
|
13.7
|
|
|
16.2
|
|
|
(2.5)
|
|
|
(15.3)
|
%
|
Loss on
extinguishment of debt
|
|
—
|
|
|
10.4
|
|
|
(10.4)
|
|
|
(100.0)
|
%
|
INCOME BEFORE
INCOME TAXES
|
|
243.2
|
|
|
42.3
|
|
|
200.9
|
|
|
474.6
|
%
|
Provision for income
taxes
|
|
52.3
|
|
|
12.2
|
|
|
40.1
|
|
|
329.9
|
%
|
NET
INCOME
|
|
$
|
191.0
|
|
|
$
|
30.2
|
|
|
$
|
160.8
|
|
|
532.9
|
%
|
Less: Earnings
allocated to participating securities
|
|
6.4
|
|
|
1.1
|
|
|
5.3
|
|
|
490.0
|
%
|
Net income available
to diluted common shares
|
|
$
|
184.5
|
|
|
$
|
29.1
|
|
|
$
|
155.5
|
|
|
534.5
|
%
|
DILUTED EARNINGS
PER SHARE
|
|
$
|
10.35
|
|
|
$
|
1.63
|
|
|
$
|
8.72
|
|
|
533.9
|
%
|
Weighted average
dilutive common shares outstanding
|
|
17.8
|
|
|
17.8
|
|
|
—
|
|
|
0.1
|
%
|
Weighted average
participating securities
|
|
0.6
|
|
|
0.7
|
|
|
—
|
|
|
(6.6)
|
%
|
Total weighted average
shares
|
|
18.5
|
|
|
18.5
|
|
|
—
|
|
|
(0.1)
|
%
|
Effective tax
rate
|
|
21.5
|
%
|
|
28.7
|
%
|
|
(7.2)
|
%
|
|
|
Group 1
Automotive, Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
3,398.7
|
|
|
$
|
2,404.8
|
|
|
$
|
993.8
|
|
|
41.3
|
%
|
Used vehicle retail
sales
|
|
2,094.4
|
|
|
1,420.3
|
|
|
674.1
|
|
|
47.5
|
%
|
Used vehicle wholesale
sales
|
|
176.6
|
|
|
135.2
|
|
|
41.4
|
|
|
30.7
|
%
|
Parts and service
sales
|
|
752.8
|
|
|
652.6
|
|
|
100.2
|
|
|
15.4
|
%
|
Finance, insurance and
other, net
|
|
288.0
|
|
|
209.2
|
|
|
78.8
|
|
|
37.7
|
%
|
Total
revenues
|
|
6,710.5
|
|
|
4,822.0
|
|
|
1,888.4
|
|
|
39.2
|
%
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
3,134.4
|
|
|
2,278.3
|
|
|
856.1
|
|
|
37.6
|
%
|
Used vehicle retail
sales
|
|
1,925.7
|
|
|
1,331.8
|
|
|
593.8
|
|
|
44.6
|
%
|
Used vehicle wholesale
sales
|
|
163.5
|
|
|
132.1
|
|
|
31.4
|
|
|
23.8
|
%
|
Parts and service
sales
|
|
335.0
|
|
|
304.5
|
|
|
30.4
|
|
|
10.0
|
%
|
Total cost of
sales
|
|
5,558.5
|
|
|
4,046.7
|
|
|
1,511.8
|
|
|
37.4
|
%
|
GROSS
PROFIT
|
|
1,151.9
|
|
|
775.3
|
|
|
376.7
|
|
|
48.6
|
%
|
Selling, general and
administrative expenses
|
|
695.2
|
|
|
565.1
|
|
|
130.0
|
|
|
23.0
|
%
|
Depreciation and
amortization expense
|
|
38.3
|
|
|
37.4
|
|
|
0.9
|
|
|
2.4
|
%
|
Asset
impairments
|
|
—
|
|
|
23.8
|
|
|
(23.8)
|
|
|
(100.0)
|
%
|
INCOME FROM
OPERATIONS
|
|
418.5
|
|
|
148.9
|
|
|
269.6
|
|
|
181.0
|
%
|
Floorplan interest
expense
|
|
16.4
|
|
|
23.0
|
|
|
(6.6)
|
|
|
(28.8)
|
%
|
Other interest
expense, net
|
|
27.5
|
|
|
34.3
|
|
|
(6.8)
|
|
|
(19.9)
|
%
|
Loss on
extinguishment of debt
|
|
—
|
|
|
10.4
|
|
|
(10.4)
|
|
|
(100.0)
|
%
|
INCOME BEFORE
INCOME TAXES
|
|
374.6
|
|
|
81.2
|
|
|
293.4
|
|
|
361.2
|
%
|
Provision for income
taxes
|
|
81.7
|
|
|
21.3
|
|
|
60.4
|
|
|
284.1
|
%
|
NET
INCOME
|
|
$
|
292.9
|
|
|
$
|
60.0
|
|
|
$
|
233.0
|
|
|
388.6
|
%
|
Less: Earnings
allocated to participating securities
|
|
9.9
|
|
|
2.1
|
|
|
7.8
|
|
|
361.1
|
%
|
Net income available
to diluted common shares
|
|
$
|
283.0
|
|
|
$
|
57.8
|
|
|
$
|
225.2
|
|
|
389.6
|
%
|
DILUTED EARNINGS
PER SHARE
|
|
$
|
15.88
|
|
|
$
|
3.25
|
|
|
$
|
12.63
|
|
|
389.1
|
%
|
Weighted average
dilutive common shares outstanding
|
|
17.8
|
|
|
17.8
|
|
|
—
|
|
|
0.1
|
%
|
Weighted average
participating securities
|
|
0.6
|
|
|
0.7
|
|
|
—
|
|
|
(6.4)
|
%
|
Total weighted
average shares
|
|
18.5
|
|
|
18.5
|
|
|
—
|
|
|
(0.1)
|
%
|
Effective tax
rate
|
|
21.8
|
%
|
|
26.2
|
%
|
|
(4.4)
|
%
|
|
|
Group 1
Automotive, Inc.
|
Additional
Information - Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2021
|
|
December 31,
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
198.7
|
|
|
$
|
87.3
|
|
|
$
|
111.4
|
|
|
127.7
|
%
|
Inventories,
net
|
|
$
|
1,030.2
|
|
|
$
|
1,468.0
|
|
|
$
|
(437.8)
|
|
|
(29.8)
|
%
|
Floorplan notes
payable, net (1)
|
|
$
|
498.5
|
|
|
$
|
1,095.0
|
|
|
$
|
(596.5)
|
|
|
(54.5)
|
%
|
Total debt
|
|
$
|
1,381.3
|
|
|
$
|
1,351.4
|
|
|
$
|
29.9
|
|
|
2.2
|
%
|
Total
equity
|
|
$
|
1,754.0
|
|
|
$
|
1,449.6
|
|
|
$
|
304.4
|
|
|
21.0
|
%
|
(1)
Amounts are net of offset accounts of $326.1 and $176.4,
respectively.
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
United
States
|
|
79.4
|
%
|
|
82.9
|
%
|
|
79.2
|
%
|
|
75.1
|
%
|
United
Kingdom
|
|
17.2
|
%
|
|
14.5
|
%
|
|
17.5
|
%
|
|
20.6
|
%
|
Brazil
|
|
3.4
|
%
|
|
2.6
|
%
|
|
3.3
|
%
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
Toyota/Lexus
|
|
25.8
|
%
|
|
22.8
|
%
|
|
25.9
|
%
|
|
23.1
|
%
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
15.3
|
%
|
|
11.7
|
%
|
|
14.8
|
%
|
|
14.2
|
%
|
BMW/MINI
|
|
11.7
|
%
|
|
10.5
|
%
|
|
11.1
|
%
|
|
11.2
|
%
|
Honda/Acura
|
|
10.3
|
%
|
|
9.9
|
%
|
|
10.0
|
%
|
|
9.6
|
%
|
Ford/Lincoln
|
|
7.6
|
%
|
|
12.3
|
%
|
|
8.5
|
%
|
|
11.1
|
%
|
Chevrolet/GMC/Buick/Cadillac
|
|
6.6
|
%
|
|
8.7
|
%
|
|
6.9
|
%
|
|
7.6
|
%
|
Nissan
|
|
5.8
|
%
|
|
5.9
|
%
|
|
5.5
|
%
|
|
5.6
|
%
|
Hyundai/Kia/Genesis
|
|
5.7
|
%
|
|
4.8
|
%
|
|
5.3
|
%
|
|
4.4
|
%
|
Mercedes-Benz/smart/Sprinter
|
|
4.5
|
%
|
|
5.3
|
%
|
|
4.8
|
%
|
|
5.3
|
%
|
Chrysler/Dodge/Jeep/RAM
|
|
3.9
|
%
|
|
4.9
|
%
|
|
4.0
|
%
|
|
4.1
|
%
|
Jaguar/Land
Rover
|
|
1.7
|
%
|
|
1.7
|
%
|
|
2.0
|
%
|
|
2.2
|
%
|
Other
|
|
1.1
|
%
|
|
1.6
|
%
|
|
1.3
|
%
|
|
1.7
|
%
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
June 30,
2021
|
|
December 31,
2020
|
|
June 30,
2020
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
New vehicle
inventory
|
|
20
|
|
52
|
|
61
|
Used vehicle
inventory
|
|
32
|
|
37
|
|
29
|
U.S.
|
|
|
|
|
|
|
New vehicle
inventory
|
|
16
|
|
48
|
|
64
|
Used vehicle
inventory
|
|
29
|
|
32
|
|
25
|
U.K.
|
|
|
|
|
|
|
New vehicle
inventory
|
|
31
|
|
102
|
|
49
|
Used vehicle
inventory
|
|
39
|
|
52
|
|
38
|
Brazil
|
|
|
|
|
|
|
New vehicle
inventory
|
|
32
|
|
27
|
|
81
|
Used vehicle
inventory
|
|
54
|
|
51
|
|
61
|
(1)
Days' supply in inventory is calculated
based on inventory unit levels and 30-day total unit sales volumes,
both at the end of each reporting period.
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - Consolidated
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,855.3
|
|
|
$
|
1,062.7
|
|
|
$
|
792.6
|
|
|
74.6
|
%
|
|
|
$
|
33.6
|
|
|
71.4
|
%
|
Used vehicle retail
sales
|
1,195.6
|
|
|
641.2
|
|
|
554.4
|
|
|
86.5
|
%
|
|
|
32.8
|
|
|
81.3
|
%
|
Used vehicle wholesale
sales
|
96.4
|
|
|
48.7
|
|
|
47.7
|
|
|
98.0
|
%
|
|
|
3.6
|
|
|
90.6
|
%
|
Total
used
|
1,292.0
|
|
|
689.9
|
|
|
602.1
|
|
|
87.3
|
%
|
|
|
36.5
|
|
|
82.0
|
%
|
Parts and service
sales
|
392.1
|
|
|
282.0
|
|
|
110.2
|
|
|
39.1
|
%
|
|
|
5.6
|
|
|
37.1
|
%
|
F&I,
net
|
161.0
|
|
|
96.7
|
|
|
64.3
|
|
|
66.5
|
%
|
|
|
1.7
|
|
|
64.7
|
%
|
Total
revenues
|
$
|
3,700.4
|
|
|
$
|
2,131.2
|
|
|
$
|
1,569.2
|
|
|
73.6
|
%
|
|
|
$
|
77.4
|
|
|
70.0
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
165.3
|
|
|
$
|
63.8
|
|
|
$
|
101.5
|
|
|
159.2
|
%
|
|
|
$
|
2.1
|
|
|
155.9
|
%
|
Used vehicle retail
sales
|
109.1
|
|
|
46.3
|
|
|
62.8
|
|
|
135.8
|
%
|
|
|
2.3
|
|
|
130.9
|
%
|
Used vehicle wholesale
sales
|
9.1
|
|
|
2.0
|
|
|
7.1
|
|
|
NM
|
|
|
0.3
|
|
|
NM
|
Total
used
|
118.2
|
|
|
48.3
|
|
|
69.9
|
|
|
144.7
|
%
|
|
|
2.5
|
|
|
139.5
|
%
|
Parts and service
sales
|
216.7
|
|
|
150.0
|
|
|
66.7
|
|
|
44.5
|
%
|
|
|
3.4
|
|
|
42.2
|
%
|
F&I,
net
|
161.0
|
|
|
96.7
|
|
|
64.3
|
|
|
66.5
|
%
|
|
|
1.7
|
|
|
64.7
|
%
|
Total gross
profit
|
$
|
661.3
|
|
|
$
|
358.8
|
|
|
$
|
302.4
|
|
|
84.3
|
%
|
|
|
$
|
9.8
|
|
|
81.6
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.9
|
%
|
|
6.0
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
9.1
|
%
|
|
7.2
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
9.5
|
%
|
|
4.2
|
%
|
|
5.3
|
%
|
|
|
|
|
|
|
|
Total
used
|
9.2
|
%
|
|
7.0
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.3
|
%
|
|
53.2
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
17.9
|
%
|
|
16.8
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
42,893
|
|
|
26,472
|
|
|
16,421
|
|
|
62.0
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
45,002
|
|
|
30,528
|
|
|
14,474
|
|
|
47.4
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
10,965
|
|
|
7,303
|
|
|
3,662
|
|
|
50.1
|
%
|
|
|
|
|
|
Total
used
|
55,967
|
|
|
37,831
|
|
|
18,136
|
|
|
47.9
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
43,254
|
|
|
$
|
40,143
|
|
|
$
|
3,111
|
|
|
7.8
|
%
|
|
|
$
|
783
|
|
|
5.8
|
%
|
Used vehicle
retail
|
$
|
26,568
|
|
|
$
|
21,004
|
|
|
$
|
5,564
|
|
|
26.5
|
%
|
|
|
$
|
729
|
|
|
23.0
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,853
|
|
|
$
|
2,409
|
|
|
$
|
1,444
|
|
|
59.9
|
%
|
|
|
$
|
48
|
|
|
58.0
|
%
|
Used vehicle retail
sales
|
$
|
2,425
|
|
|
$
|
1,516
|
|
|
$
|
909
|
|
|
59.9
|
%
|
|
|
$
|
50
|
|
|
56.6
|
%
|
Used vehicle wholesale
sales
|
$
|
832
|
|
|
$
|
278
|
|
|
$
|
554
|
|
|
NM
|
|
|
$
|
24
|
|
|
NM
|
Total
used
|
$
|
2,113
|
|
|
$
|
1,277
|
|
|
$
|
836
|
|
|
65.4
|
%
|
|
|
$
|
45
|
|
|
61.9
|
%
|
F&I PRU
|
$
|
1,832
|
|
|
$
|
1,697
|
|
|
$
|
135
|
|
|
8.0
|
%
|
|
|
$
|
20
|
|
|
6.8
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
376.7
|
|
|
$
|
237.2
|
|
|
$
|
139.5
|
|
|
58.8
|
%
|
|
|
$
|
6.3
|
|
|
56.2
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
377.5
|
|
|
$
|
225.4
|
|
|
$
|
152.1
|
|
|
67.5
|
%
|
|
|
$
|
6.3
|
|
|
64.7
|
%
|
SG&A as % gross
profit
|
57.0
|
%
|
|
66.1
|
%
|
|
(9.1)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
57.1
|
%
|
|
62.8
|
%
|
|
(5.7)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
7.2
|
%
|
|
3.7
|
%
|
|
3.5
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
7.2
|
%
|
|
5.4
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
Pretax margin
%
|
6.6
|
%
|
|
2.0
|
%
|
|
4.6
|
%
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
6.6
|
%
|
|
4.1
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
8.8
|
|
|
$
|
10.1
|
|
|
$
|
(1.3)
|
|
|
(13.2)
|
%
|
|
|
$
|
0.2
|
|
|
(14.9)
|
%
|
Less: Floorplan
assistance (2)
|
15.3
|
|
|
9.8
|
|
|
5.4
|
|
|
55.5
|
%
|
|
|
—
|
|
|
55.5
|
%
|
Net floorplan
expense
|
$
|
(6.5)
|
|
|
$
|
0.3
|
|
|
$
|
(6.8)
|
|
|
|
|
|
$
|
0.2
|
|
|
|
Adjusted floorplan
interest expense (1)
|
$
|
6.5
|
|
|
$
|
10.1
|
|
|
$
|
(3.7)
|
|
|
(36.1)
|
%
|
|
|
$
|
0.2
|
|
|
(37.8)
|
%
|
(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.
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - Consolidated
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,398.7
|
|
|
$
|
2,404.8
|
|
|
$
|
993.8
|
|
|
41.3
|
%
|
|
|
$
|
39.9
|
|
|
39.7
|
%
|
Used vehicle retail
sales
|
2,094.4
|
|
|
1,420.3
|
|
|
674.1
|
|
|
47.5
|
%
|
|
|
38.4
|
|
|
44.8
|
%
|
Used vehicle wholesale
sales
|
176.6
|
|
|
135.2
|
|
|
41.4
|
|
|
30.7
|
%
|
|
|
4.5
|
|
|
27.3
|
%
|
Total
used
|
2,271.0
|
|
|
1,555.4
|
|
|
715.6
|
|
|
46.0
|
%
|
|
|
42.9
|
|
|
43.2
|
%
|
Parts and service
sales
|
752.8
|
|
|
652.6
|
|
|
100.2
|
|
|
15.4
|
%
|
|
|
6.7
|
|
|
14.3
|
%
|
F&I,
net
|
288.0
|
|
|
209.2
|
|
|
78.8
|
|
|
37.7
|
%
|
|
|
1.9
|
|
|
36.8
|
%
|
Total
revenues
|
$
|
6,710.5
|
|
|
$
|
4,822.0
|
|
|
$
|
1,888.4
|
|
|
39.2
|
%
|
|
|
$
|
91.9
|
|
|
37.3
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
264.3
|
|
|
$
|
126.6
|
|
|
$
|
137.7
|
|
|
108.8
|
%
|
|
|
$
|
2.0
|
|
|
107.2
|
%
|
Used vehicle retail
sales
|
168.7
|
|
|
88.4
|
|
|
80.3
|
|
|
90.8
|
%
|
|
|
2.2
|
|
|
88.3
|
%
|
Used vehicle wholesale
sales
|
13.1
|
|
|
3.0
|
|
|
10.0
|
|
|
NM
|
|
|
0.2
|
|
|
NM
|
Total
used
|
181.8
|
|
|
91.5
|
|
|
90.3
|
|
|
98.7
|
%
|
|
|
2.4
|
|
|
96.1
|
%
|
Parts and service
sales
|
417.8
|
|
|
348.0
|
|
|
69.8
|
|
|
20.0
|
%
|
|
|
4.4
|
|
|
18.8
|
%
|
F&I,
net
|
288.0
|
|
|
209.2
|
|
|
78.8
|
|
|
37.7
|
%
|
|
|
1.9
|
|
|
36.8
|
%
|
Total gross
profit
|
$
|
1,151.9
|
|
|
$
|
775.3
|
|
|
$
|
376.7
|
|
|
48.6
|
%
|
|
|
$
|
10.8
|
|
|
47.2
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.8
|
%
|
|
5.3
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
8.1
|
%
|
|
6.2
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.4
|
%
|
|
2.2
|
%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
Total
used
|
8.0
|
%
|
|
5.9
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.5
|
%
|
|
53.3
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
17.2
|
%
|
|
16.1
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
79,756
|
|
|
61,832
|
|
|
17,924
|
|
|
29.0
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
83,061
|
|
|
67,318
|
|
|
15,743
|
|
|
23.4
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
20,777
|
|
|
19,389
|
|
|
1,388
|
|
|
7.2
|
%
|
|
|
|
|
|
Total
used
|
103,838
|
|
|
86,707
|
|
|
17,131
|
|
|
19.8
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
42,613
|
|
|
$
|
38,893
|
|
|
$
|
3,720
|
|
|
9.6
|
%
|
|
|
$
|
500
|
|
|
8.3
|
%
|
Used vehicle
retail
|
$
|
25,215
|
|
|
$
|
21,098
|
|
|
$
|
4,117
|
|
|
19.5
|
%
|
|
|
$
|
462
|
|
|
17.3
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,314
|
|
|
$
|
2,047
|
|
|
$
|
1,267
|
|
|
61.9
|
%
|
|
|
$
|
25
|
|
|
60.6
|
%
|
Used vehicle retail
sales
|
$
|
2,031
|
|
|
$
|
1,314
|
|
|
$
|
718
|
|
|
54.6
|
%
|
|
|
$
|
27
|
|
|
52.6
|
%
|
Used vehicle wholesale
sales
|
$
|
628
|
|
|
$
|
156
|
|
|
$
|
472
|
|
|
NM
|
|
|
$
|
8
|
|
|
NM
|
Total
used
|
$
|
1,751
|
|
|
$
|
1,055
|
|
|
$
|
696
|
|
|
66.0
|
%
|
|
|
$
|
23
|
|
|
63.8
|
%
|
F&I PRU
|
$
|
1,769
|
|
|
$
|
1,620
|
|
|
$
|
149
|
|
|
9.2
|
%
|
|
|
$
|
12
|
|
|
8.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
695.2
|
|
|
$
|
565.1
|
|
|
$
|
130.0
|
|
|
23.0
|
%
|
|
|
$
|
7.3
|
|
|
21.7
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
695.0
|
|
|
$
|
552.5
|
|
|
$
|
142.5
|
|
|
25.8
|
%
|
|
|
$
|
7.2
|
|
|
24.5
|
%
|
SG&A as % gross
profit
|
60.3
|
%
|
|
72.9
|
%
|
|
(12.5)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
60.3
|
%
|
|
71.3
|
%
|
|
(10.9)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
6.2
|
%
|
|
3.1
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.2
|
%
|
|
3.8
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
|
Pretax margin
%
|
5.6
|
%
|
|
1.7
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
5.6
|
%
|
|
2.7
|
%
|
|
3.0
|
%
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
16.4
|
|
|
$
|
23.0
|
|
|
$
|
(6.6)
|
|
|
(28.8)
|
%
|
|
|
$
|
0.3
|
|
|
(30.0)
|
%
|
Less: Floorplan
assistance (2)
|
28.5
|
|
|
20.4
|
|
|
8.1
|
|
|
39.6
|
%
|
|
|
—
|
|
|
39.6
|
%
|
Net floorplan
expense
|
$
|
(12.1)
|
|
|
$
|
2.6
|
|
|
$
|
(14.7)
|
|
|
|
|
|
$
|
0.3
|
|
|
|
Adjusted floorplan
interest expense (1)
|
$
|
14.0
|
|
|
$
|
23.0
|
|
|
$
|
(9.0)
|
|
|
(38.9)
|
%
|
|
|
$
|
0.3
|
|
|
(40.1)
|
%
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - U.S.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,504.4
|
|
|
$
|
915.7
|
|
|
$
|
588.7
|
|
|
64.3
|
%
|
Used vehicle retail
sales
|
|
882.9
|
|
|
540.9
|
|
|
342.0
|
|
|
63.2
|
%
|
Used vehicle wholesale
sales
|
|
61.2
|
|
|
30.5
|
|
|
30.7
|
|
|
100.5
|
%
|
Total
used
|
|
944.1
|
|
|
571.4
|
|
|
372.7
|
|
|
65.2
|
%
|
Parts and service
sales
|
|
332.6
|
|
|
254.2
|
|
|
78.4
|
|
|
30.8
|
%
|
F&I,
net
|
|
143.9
|
|
|
89.8
|
|
|
54.1
|
|
|
60.3
|
%
|
Total
revenues
|
|
$
|
2,924.9
|
|
|
$
|
1,831.1
|
|
|
$
|
1,093.8
|
|
|
59.7
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
141.7
|
|
|
$
|
56.5
|
|
|
$
|
85.2
|
|
|
150.7
|
%
|
Used vehicle retail
sales
|
|
87.3
|
|
|
41.0
|
|
|
46.4
|
|
|
113.2
|
%
|
Used vehicle wholesale
sales
|
|
6.4
|
|
|
1.6
|
|
|
4.8
|
|
|
NM
|
Total
used
|
|
93.7
|
|
|
42.6
|
|
|
51.2
|
|
|
120.2
|
%
|
Parts and service
sales
|
|
181.7
|
|
|
135.6
|
|
|
46.1
|
|
|
34.0
|
%
|
F&I,
net
|
|
143.9
|
|
|
89.8
|
|
|
54.1
|
|
|
60.3
|
%
|
Total gross
profit
|
|
$
|
561.1
|
|
|
$
|
324.5
|
|
|
$
|
236.6
|
|
|
72.9
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
9.4
|
%
|
|
6.2
|
%
|
|
3.2
|
%
|
|
|
Used vehicle retail
sales
|
|
9.9
|
%
|
|
7.6
|
%
|
|
2.3
|
%
|
|
|
Used vehicle wholesale
sales
|
|
10.5
|
%
|
|
5.2
|
%
|
|
5.2
|
%
|
|
|
Total
used
|
|
9.9
|
%
|
|
7.4
|
%
|
|
2.5
|
%
|
|
|
Parts and service
sales
|
|
54.6
|
%
|
|
53.3
|
%
|
|
1.3
|
%
|
|
|
Total gross
margin
|
|
19.2
|
%
|
|
17.7
|
%
|
|
1.5
|
%
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
34,047
|
|
|
21,937
|
|
|
12,110
|
|
|
55.2
|
%
|
Retail used vehicles
sold
|
|
34,008
|
|
|
26,132
|
|
|
7,876
|
|
|
30.1
|
%
|
Wholesale used
vehicles sold
|
|
6,606
|
|
|
5,150
|
|
|
1,456
|
|
|
28.3
|
%
|
Total
used
|
|
40,614
|
|
|
31,282
|
|
|
9,332
|
|
|
29.8
|
%
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
|
44,185
|
|
|
$
|
41,742
|
|
|
$
|
2,443
|
|
|
5.9
|
%
|
Used vehicle
retail
|
|
$
|
25,962
|
|
|
$
|
20,699
|
|
|
$
|
5,263
|
|
|
25.4
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
4,162
|
|
|
$
|
2,576
|
|
|
$
|
1,586
|
|
|
61.6
|
%
|
Used vehicle retail
sales
|
|
$
|
2,568
|
|
|
$
|
1,568
|
|
|
$
|
1,000
|
|
|
63.8
|
%
|
Used vehicle wholesale
sales
|
|
$
|
969
|
|
|
$
|
311
|
|
|
$
|
658
|
|
|
NM
|
Total
used
|
|
$
|
2,308
|
|
|
$
|
1,361
|
|
|
$
|
947
|
|
|
69.6
|
%
|
F&I PRU
|
|
$
|
2,114
|
|
|
$
|
1,868
|
|
|
$
|
247
|
|
|
13.2
|
%
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
|
312.6
|
|
|
$
|
203.3
|
|
|
$
|
109.3
|
|
|
53.8
|
%
|
Adjusted SG&A
expenses (1)
|
|
$
|
313.4
|
|
|
$
|
192.7
|
|
|
$
|
120.7
|
|
|
62.6
|
%
|
SG&A as % gross
profit
|
|
55.7
|
%
|
|
62.6
|
%
|
|
(6.9)
|
%
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
55.9
|
%
|
|
59.4
|
%
|
|
(3.5)
|
%
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - U.S.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
2,750.4
|
|
|
$
|
1,904.1
|
|
|
$
|
846.3
|
|
|
44.4
|
%
|
Used vehicle retail
sales
|
|
1,579.4
|
|
|
1,111.2
|
|
|
468.2
|
|
|
42.1
|
%
|
Used vehicle wholesale
sales
|
|
111.6
|
|
|
77.3
|
|
|
34.2
|
|
|
44.3
|
%
|
Total
used
|
|
1,691.0
|
|
|
1,188.6
|
|
|
502.4
|
|
|
42.3
|
%
|
Parts and service
sales
|
|
628.9
|
|
|
558.9
|
|
|
70.0
|
|
|
12.5
|
%
|
F&I,
net
|
|
259.0
|
|
|
187.2
|
|
|
71.8
|
|
|
38.3
|
%
|
Total
revenues
|
|
$
|
5,329.3
|
|
|
$
|
3,838.7
|
|
|
$
|
1,490.6
|
|
|
38.8
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
222.6
|
|
|
$
|
103.8
|
|
|
$
|
118.8
|
|
|
114.5
|
%
|
Used vehicle retail
sales
|
|
137.6
|
|
|
72.9
|
|
|
64.7
|
|
|
88.8
|
%
|
Used vehicle wholesale
sales
|
|
10.3
|
|
|
2.4
|
|
|
7.9
|
|
|
NM
|
Total
used
|
|
148.0
|
|
|
75.3
|
|
|
72.6
|
|
|
96.4
|
%
|
Parts and service
sales
|
|
346.8
|
|
|
299.1
|
|
|
47.7
|
|
|
16.0
|
%
|
F&I,
net
|
|
259.0
|
|
|
187.2
|
|
|
71.8
|
|
|
38.3
|
%
|
Total gross
profit
|
|
$
|
976.3
|
|
|
$
|
665.4
|
|
|
$
|
310.9
|
|
|
46.7
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
8.1
|
%
|
|
5.5
|
%
|
|
2.6
|
%
|
|
|
Used vehicle retail
sales
|
|
8.7
|
%
|
|
6.6
|
%
|
|
2.2
|
%
|
|
|
Used vehicle wholesale
sales
|
|
9.3
|
%
|
|
3.1
|
%
|
|
6.1
|
%
|
|
|
Total
used
|
|
8.8
|
%
|
|
6.3
|
%
|
|
2.4
|
%
|
|
|
Parts and service
sales
|
|
55.1
|
%
|
|
53.5
|
%
|
|
1.6
|
%
|
|
|
Total gross
margin
|
|
18.3
|
%
|
|
17.3
|
%
|
|
1.0
|
%
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
63,199
|
|
|
46,432
|
|
|
16,767
|
|
|
36.1
|
%
|
Retail used vehicles
sold
|
|
64,439
|
|
|
53,800
|
|
|
10,639
|
|
|
19.8
|
%
|
Wholesale used
vehicles sold
|
|
13,046
|
|
|
12,177
|
|
|
869
|
|
|
7.1
|
%
|
Total
used
|
|
77,485
|
|
|
65,977
|
|
|
11,508
|
|
|
17.4
|
%
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
|
43,520
|
|
|
$
|
41,008
|
|
|
$
|
2,512
|
|
|
6.1
|
%
|
Used vehicle
retail
|
|
$
|
24,510
|
|
|
$
|
20,655
|
|
|
$
|
3,855
|
|
|
18.7
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
3,522
|
|
|
$
|
2,235
|
|
|
$
|
1,287
|
|
|
57.6
|
%
|
Used vehicle retail
sales
|
|
$
|
2,136
|
|
|
$
|
1,355
|
|
|
$
|
781
|
|
|
57.6
|
%
|
Used vehicle wholesale
sales
|
|
$
|
792
|
|
|
$
|
199
|
|
|
$
|
592
|
|
|
NM
|
Total
used
|
|
$
|
1,910
|
|
|
$
|
1,142
|
|
|
$
|
768
|
|
|
67.3
|
%
|
F&I PRU
|
|
$
|
2,029
|
|
|
$
|
1,868
|
|
|
$
|
161
|
|
|
8.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
|
574.3
|
|
|
$
|
460.8
|
|
|
$
|
113.5
|
|
|
24.6
|
%
|
Adjusted SG&A
expenses (1)
|
|
$
|
574.7
|
|
|
$
|
450.2
|
|
|
$
|
124.5
|
|
|
27.7
|
%
|
SG&A as % gross
profit
|
|
58.8
|
%
|
|
69.2
|
%
|
|
(10.4)
|
%
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
58.9
|
%
|
|
67.7
|
%
|
|
(8.8)
|
%
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - U.K.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
301.2
|
|
|
$
|
127.2
|
|
|
$
|
174.0
|
|
|
136.8
|
%
|
|
|
$
|
32.9
|
|
|
110.9
|
%
|
Used vehicle retail
sales
|
300.9
|
|
|
92.8
|
|
|
208.1
|
|
|
224.1
|
%
|
|
|
32.7
|
|
|
188.9
|
%
|
Used vehicle wholesale
sales
|
32.5
|
|
|
15.3
|
|
|
17.3
|
|
|
113.2
|
%
|
|
|
3.6
|
|
|
89.9
|
%
|
Total
used
|
333.4
|
|
|
108.1
|
|
|
225.3
|
|
|
208.5
|
%
|
|
|
36.3
|
|
|
174.9
|
%
|
Parts and service
sales
|
50.3
|
|
|
21.8
|
|
|
28.5
|
|
|
130.5
|
%
|
|
|
5.5
|
|
|
105.4
|
%
|
F&I,
net
|
15.7
|
|
|
6.4
|
|
|
9.4
|
|
|
147.1
|
%
|
|
|
1.7
|
|
|
120.3
|
%
|
Total
revenues
|
$
|
700.7
|
|
|
$
|
263.5
|
|
|
$
|
437.2
|
|
|
165.9
|
%
|
|
|
$
|
76.4
|
|
|
136.9
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
18.4
|
|
|
$
|
5.9
|
|
|
$
|
12.5
|
|
|
213.2
|
%
|
|
|
$
|
2.0
|
|
|
179.0
|
%
|
Used vehicle retail
sales
|
20.8
|
|
|
4.9
|
|
|
15.9
|
|
|
326.2
|
%
|
|
|
2.3
|
|
|
280.1
|
%
|
Used vehicle wholesale
sales
|
2.5
|
|
|
0.4
|
|
|
2.2
|
|
|
NM
|
|
|
0.3
|
|
|
NM
|
Total
used
|
23.3
|
|
|
5.2
|
|
|
18.1
|
|
|
345.7
|
%
|
|
|
2.5
|
|
|
297.7
|
%
|
Parts and service
sales
|
31.0
|
|
|
11.9
|
|
|
19.0
|
|
|
159.2
|
%
|
|
|
3.4
|
|
|
131.1
|
%
|
F&I,
net
|
15.7
|
|
|
6.4
|
|
|
9.4
|
|
|
147.1
|
%
|
|
|
1.7
|
|
|
120.3
|
%
|
Total gross
profit
|
$
|
88.4
|
|
|
$
|
29.4
|
|
|
$
|
59.0
|
|
|
200.6
|
%
|
|
|
$
|
9.6
|
|
|
167.9
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.1
|
%
|
|
4.6
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
6.9
|
%
|
|
5.3
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.7
|
%
|
|
2.3
|
%
|
|
5.4
|
%
|
|
|
|
|
|
|
|
Total
used
|
7.0
|
%
|
|
4.8
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
61.5
|
%
|
|
54.7
|
%
|
|
6.8
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.6
|
%
|
|
11.2
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
7,395
|
|
|
3,841
|
|
|
3,554
|
|
|
92.5
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
10,494
|
|
|
4,040
|
|
|
6,454
|
|
|
159.8
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
4,124
|
|
|
1,829
|
|
|
2,295
|
|
|
125.5
|
%
|
|
|
|
|
|
Total
used
|
14,618
|
|
|
5,869
|
|
|
8,749
|
|
|
149.1
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,727
|
|
|
$
|
33,119
|
|
|
$
|
7,608
|
|
|
23.0
|
%
|
|
|
$
|
4,455
|
|
|
9.5
|
%
|
Used vehicle
retail
|
$
|
28,672
|
|
|
$
|
22,978
|
|
|
$
|
5,694
|
|
|
24.8
|
%
|
|
|
$
|
3,114
|
|
|
11.2
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,484
|
|
|
$
|
1,527
|
|
|
$
|
957
|
|
|
62.7
|
%
|
|
|
$
|
271
|
|
|
44.9
|
%
|
Used vehicle retail
sales
|
$
|
1,984
|
|
|
$
|
1,209
|
|
|
$
|
775
|
|
|
64.1
|
%
|
|
|
$
|
215
|
|
|
46.3
|
%
|
Used vehicle wholesale
sales
|
$
|
611
|
|
|
$
|
192
|
|
|
$
|
419
|
|
|
NM
|
|
|
$
|
64
|
|
|
NM
|
Total
used
|
$
|
1,597
|
|
|
$
|
892
|
|
|
$
|
705
|
|
|
79.0
|
%
|
|
|
$
|
172
|
|
|
59.7
|
%
|
F&I PRU
|
$
|
879
|
|
|
$
|
808
|
|
|
$
|
72
|
|
|
8.9
|
%
|
|
|
$
|
95
|
|
|
(2.9)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
56.0
|
|
|
$
|
28.3
|
|
|
$
|
27.7
|
|
|
98.0
|
%
|
|
|
$
|
6.2
|
|
|
76.0
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
56.0
|
|
|
$
|
27.1
|
|
|
$
|
29.0
|
|
|
106.9
|
%
|
|
|
$
|
6.2
|
|
|
83.9
|
%
|
SG&A as % gross
profit
|
63.4
|
%
|
|
96.2
|
%
|
|
(32.8)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
63.4
|
%
|
|
92.1
|
%
|
|
(28.7)
|
%
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - U.K.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
564.3
|
|
|
$
|
423.5
|
|
|
$
|
140.8
|
|
|
33.3
|
%
|
|
|
$
|
52.3
|
|
|
20.9
|
%
|
Used vehicle retail
sales
|
492.5
|
|
|
281.6
|
|
|
210.9
|
|
|
74.9
|
%
|
|
|
41.7
|
|
|
60.1
|
%
|
Used vehicle wholesale
sales
|
60.4
|
|
|
51.1
|
|
|
9.3
|
|
|
18.1
|
%
|
|
|
5.0
|
|
|
8.3
|
%
|
Total
used
|
552.8
|
|
|
332.7
|
|
|
220.1
|
|
|
66.2
|
%
|
|
|
46.7
|
|
|
52.1
|
%
|
Parts and service
sales
|
106.8
|
|
|
78.3
|
|
|
28.5
|
|
|
36.5
|
%
|
|
|
8.8
|
|
|
25.2
|
%
|
F&I,
net
|
26.3
|
|
|
19.7
|
|
|
6.6
|
|
|
33.6
|
%
|
|
|
2.4
|
|
|
21.5
|
%
|
Total
revenues
|
$
|
1,250.3
|
|
|
$
|
854.2
|
|
|
$
|
396.1
|
|
|
46.4
|
%
|
|
|
$
|
110.7
|
|
|
33.4
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
33.2
|
|
|
$
|
17.9
|
|
|
$
|
15.2
|
|
|
85.0
|
%
|
|
|
$
|
3.2
|
|
|
66.9
|
%
|
Used vehicle retail
sales
|
29.0
|
|
|
14.0
|
|
|
15.0
|
|
|
106.5
|
%
|
|
|
2.6
|
|
|
88.3
|
%
|
Used vehicle wholesale
sales
|
2.4
|
|
|
0.3
|
|
|
2.0
|
|
|
NM
|
|
|
0.2
|
|
|
NM
|
Total
used
|
31.4
|
|
|
14.4
|
|
|
17.0
|
|
|
118.3
|
%
|
|
|
2.8
|
|
|
99.0
|
%
|
Parts and service
sales
|
63.6
|
|
|
42.3
|
|
|
21.3
|
|
|
50.5
|
%
|
|
|
5.3
|
|
|
37.9
|
%
|
F&I,
net
|
26.3
|
|
|
19.7
|
|
|
6.6
|
|
|
33.6
|
%
|
|
|
2.4
|
|
|
21.5
|
%
|
Total gross
profit
|
$
|
154.4
|
|
|
$
|
94.2
|
|
|
$
|
60.2
|
|
|
63.8
|
%
|
|
|
$
|
13.7
|
|
|
49.3
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.9
|
%
|
|
4.2
|
%
|
|
1.6
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.9
|
%
|
|
5.0
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
3.9
|
%
|
|
0.6
|
%
|
|
3.3
|
%
|
|
|
|
|
|
|
|
Total
used
|
5.7
|
%
|
|
4.3
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
59.5
|
%
|
|
54.0
|
%
|
|
5.5
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.3
|
%
|
|
11.0
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
13,935
|
|
|
12,735
|
|
|
1,200
|
|
|
9.4
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
17,606
|
|
|
12,064
|
|
|
5,542
|
|
|
45.9
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
7,262
|
|
|
6,413
|
|
|
849
|
|
|
13.2
|
%
|
|
|
|
|
|
Total
used
|
24,868
|
|
|
18,477
|
|
|
6,391
|
|
|
34.6
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,498
|
|
|
$
|
33,255
|
|
|
$
|
7,243
|
|
|
21.8
|
%
|
|
|
$
|
3,750
|
|
|
10.5
|
%
|
Used vehicle
retail
|
$
|
27,973
|
|
|
$
|
23,344
|
|
|
$
|
4,629
|
|
|
19.8
|
%
|
|
|
$
|
2,371
|
|
|
9.7
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,379
|
|
|
$
|
1,407
|
|
|
$
|
972
|
|
|
69.1
|
%
|
|
|
$
|
233
|
|
|
52.5
|
%
|
Used vehicle retail
sales
|
$
|
1,647
|
|
|
$
|
1,164
|
|
|
$
|
483
|
|
|
41.5
|
%
|
|
|
$
|
145
|
|
|
29.0
|
%
|
Used vehicle wholesale
sales
|
$
|
325
|
|
|
$
|
50
|
|
|
$
|
275
|
|
|
NM
|
|
|
$
|
30
|
|
|
NM
|
Total
used
|
$
|
1,261
|
|
|
$
|
777
|
|
|
$
|
483
|
|
|
62.2
|
%
|
|
|
$
|
111
|
|
|
47.9
|
%
|
F&I PRU
|
$
|
834
|
|
|
$
|
794
|
|
|
$
|
40
|
|
|
5.0
|
%
|
|
|
$
|
75
|
|
|
(4.5)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
105.7
|
|
|
$
|
88.2
|
|
|
$
|
17.5
|
|
|
19.9
|
%
|
|
|
$
|
9.2
|
|
|
9.5
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
105.1
|
|
|
$
|
86.9
|
|
|
$
|
18.2
|
|
|
20.9
|
%
|
|
|
$
|
9.1
|
|
|
10.4
|
%
|
SG&A as % gross
profit
|
68.4
|
%
|
|
93.5
|
%
|
|
(25.1)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
68.1
|
%
|
|
92.2
|
%
|
|
(24.2)
|
%
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - Brazil
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
49.8
|
|
|
$
|
19.8
|
|
|
$
|
30.0
|
|
|
151.8
|
%
|
|
|
$
|
0.6
|
|
|
148.5
|
%
|
Used vehicle retail
sales
|
11.8
|
|
|
7.5
|
|
|
4.4
|
|
|
58.4
|
%
|
|
|
0.1
|
|
|
56.6
|
%
|
Used vehicle wholesale
sales
|
2.6
|
|
|
2.9
|
|
|
(0.2)
|
|
|
(8.3)
|
%
|
|
|
0.1
|
|
|
(10.9)
|
%
|
Total
used
|
14.5
|
|
|
10.3
|
|
|
4.1
|
|
|
39.9
|
%
|
|
|
0.2
|
|
|
37.7
|
%
|
Parts and service
sales
|
9.2
|
|
|
5.9
|
|
|
3.3
|
|
|
55.9
|
%
|
|
|
0.1
|
|
|
53.4
|
%
|
F&I,
net
|
1.4
|
|
|
0.6
|
|
|
0.8
|
|
|
139.1
|
%
|
|
|
—
|
|
|
136.2
|
%
|
Total
revenues
|
$
|
74.8
|
|
|
$
|
36.6
|
|
|
$
|
38.2
|
|
|
104.5
|
%
|
|
|
$
|
1.0
|
|
|
101.6
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
5.2
|
|
|
$
|
1.4
|
|
|
$
|
3.8
|
|
|
274.3
|
%
|
|
|
$
|
0.1
|
|
|
270.4
|
%
|
Used vehicle retail
sales
|
1.0
|
|
|
0.4
|
|
|
0.5
|
|
|
126.0
|
%
|
|
|
—
|
|
|
124.6
|
%
|
Used vehicle wholesale
sales
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
149.8
|
%
|
|
|
—
|
|
|
145.5
|
%
|
Total
used
|
1.2
|
|
|
0.5
|
|
|
0.7
|
|
|
129.7
|
%
|
|
|
—
|
|
|
127.9
|
%
|
Parts and service
sales
|
4.0
|
|
|
2.5
|
|
|
1.6
|
|
|
63.9
|
%
|
|
|
0.1
|
|
|
61.5
|
%
|
F&I,
net
|
1.4
|
|
|
0.6
|
|
|
0.8
|
|
|
139.1
|
%
|
|
|
—
|
|
|
136.2
|
%
|
Total gross
profit
|
$
|
11.8
|
|
|
$
|
4.9
|
|
|
$
|
6.8
|
|
|
138.6
|
%
|
|
|
$
|
0.2
|
|
|
135.5
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.4
|
%
|
|
7.0
|
%
|
|
3.4
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
8.2
|
%
|
|
5.8
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.6
|
%
|
|
2.8
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
Total
used
|
8.1
|
%
|
|
4.9
|
%
|
|
3.2
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.9
|
%
|
|
41.8
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
15.7
|
%
|
|
13.5
|
%
|
|
2.3
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
1,451
|
|
|
694
|
|
|
757
|
|
|
109.1
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
500
|
|
|
356
|
|
|
144
|
|
|
40.4
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
235
|
|
|
324
|
|
|
(89)
|
|
|
(27.5)
|
%
|
|
|
|
|
|
Total
used
|
735
|
|
|
680
|
|
|
55
|
|
|
8.1
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
34,313
|
|
|
$
|
28,495
|
|
|
$
|
5,818
|
|
|
20.4
|
%
|
|
|
$
|
438
|
|
|
18.9
|
%
|
Used vehicle
retail
|
$
|
23,671
|
|
|
$
|
20,983
|
|
|
$
|
2,687
|
|
|
12.8
|
%
|
|
|
$
|
271
|
|
|
11.5
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,578
|
|
|
$
|
1,999
|
|
|
$
|
1,579
|
|
|
79.0
|
%
|
|
|
$
|
38
|
|
|
77.1
|
%
|
Used vehicle retail
sales
|
$
|
1,951
|
|
|
$
|
1,213
|
|
|
$
|
739
|
|
|
60.9
|
%
|
|
|
$
|
12
|
|
|
59.9
|
%
|
Used vehicle wholesale
sales
|
$
|
850
|
|
|
$
|
247
|
|
|
$
|
603
|
|
|
NM
|
|
|
$
|
15
|
|
|
NM
|
Total
used
|
$
|
1,599
|
|
|
$
|
752
|
|
|
$
|
847
|
|
|
112.6
|
%
|
|
|
$
|
13
|
|
|
110.8
|
%
|
F&I PRU
|
$
|
707
|
|
|
$
|
550
|
|
|
$
|
158
|
|
|
28.7
|
%
|
|
|
$
|
8
|
|
|
27.1
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
8.1
|
|
|
$
|
5.6
|
|
|
$
|
2.5
|
|
|
44.0
|
%
|
|
|
$
|
0.1
|
|
|
42.2
|
%
|
SG&A as % gross
profit
|
68.8
|
%
|
|
114.0
|
%
|
|
(45.2)
|
%
|
|
|
|
|
|
|
|
Group 1
Automotive, Inc.
|
Reported Operating
Data - Brazil
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
83.9
|
|
|
$
|
77.3
|
|
|
$
|
6.7
|
|
|
8.6
|
%
|
|
|
$
|
(12.4)
|
|
|
24.7
|
%
|
Used vehicle retail
sales
|
22.5
|
|
|
27.4
|
|
|
(4.9)
|
|
|
(17.9)
|
%
|
|
|
(3.4)
|
|
|
(5.6)
|
%
|
Used vehicle wholesale
sales
|
4.6
|
|
|
6.7
|
|
|
(2.1)
|
|
|
(30.8)
|
%
|
|
|
(0.5)
|
|
|
(23.3)
|
%
|
Total
used
|
27.1
|
|
|
34.1
|
|
|
(7.0)
|
|
|
(20.5)
|
%
|
|
|
(3.9)
|
|
|
(9.1)
|
%
|
Parts and service
sales
|
17.1
|
|
|
15.5
|
|
|
1.6
|
|
|
10.4
|
%
|
|
|
(2.1)
|
|
|
24.2
|
%
|
F&I,
net
|
2.8
|
|
|
2.3
|
|
|
0.5
|
|
|
20.1
|
%
|
|
|
(0.4)
|
|
|
38.8
|
%
|
Total
revenues
|
$
|
130.9
|
|
|
$
|
129.1
|
|
|
$
|
1.8
|
|
|
1.4
|
%
|
|
|
$
|
(18.8)
|
|
|
15.9
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
8.6
|
|
|
$
|
4.9
|
|
|
$
|
3.7
|
|
|
75.1
|
%
|
|
|
$
|
(1.2)
|
|
|
100.2
|
%
|
Used vehicle retail
sales
|
2.1
|
|
|
1.5
|
|
|
0.6
|
|
|
40.6
|
%
|
|
|
(0.3)
|
|
|
61.1
|
%
|
Used vehicle wholesale
sales
|
0.4
|
|
|
0.3
|
|
|
0.1
|
|
|
30.0
|
%
|
|
|
(0.1)
|
|
|
47.8
|
%
|
Total
used
|
2.5
|
|
|
1.8
|
|
|
0.7
|
|
|
38.9
|
%
|
|
|
(0.4)
|
|
|
59.0
|
%
|
Parts and service
sales
|
7.4
|
|
|
6.7
|
|
|
0.7
|
|
|
10.8
|
%
|
|
|
(0.9)
|
|
|
25.0
|
%
|
F&I,
net
|
2.8
|
|
|
2.3
|
|
|
0.5
|
|
|
20.1
|
%
|
|
|
(0.4)
|
|
|
38.8
|
%
|
Total gross
profit
|
$
|
21.2
|
|
|
$
|
15.6
|
|
|
$
|
5.5
|
|
|
35.5
|
%
|
|
|
$
|
(2.9)
|
|
|
54.3
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.2
|
%
|
|
6.3
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
9.3
|
%
|
|
5.4
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.9
|
%
|
|
4.2
|
%
|
|
3.7
|
%
|
|
|
|
|
|
|
|
Total
used
|
9.0
|
%
|
|
5.2
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.3
|
%
|
|
43.1
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.2
|
%
|
|
12.1
|
%
|
|
4.1
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
2,622
|
|
|
2,665
|
|
|
(43)
|
|
|
(1.6)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
1,016
|
|
|
1,454
|
|
|
(438)
|
|
|
(30.1)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
469
|
|
|
799
|
|
|
(330)
|
|
|
(41.3)
|
%
|
|
|
|
|
|
Total
used
|
1,485
|
|
|
2,253
|
|
|
(768)
|
|
|
(34.1)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
32,011
|
|
|
$
|
28,994
|
|
|
$
|
3,017
|
|
|
10.4
|
%
|
|
|
$
|
(4,728)
|
|
|
26.7
|
%
|
Used vehicle
retail
|
$
|
22,143
|
|
|
$
|
18,847
|
|
|
$
|
3,296
|
|
|
17.5
|
%
|
|
|
$
|
(3,331)
|
|
|
35.2
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,273
|
|
|
$
|
1,839
|
|
|
$
|
1,434
|
|
|
78.0
|
%
|
|
|
$
|
(469)
|
|
|
103.5
|
%
|
Used vehicle retail
sales
|
$
|
2,051
|
|
|
$
|
1,019
|
|
|
$
|
1,032
|
|
|
101.2
|
%
|
|
|
$
|
(300)
|
|
|
130.6
|
%
|
Used vehicle wholesale
sales
|
$
|
788
|
|
|
$
|
356
|
|
|
$
|
432
|
|
|
NM
|
|
|
$
|
(108)
|
|
|
NM
|
Total
used
|
$
|
1,652
|
|
|
$
|
784
|
|
|
$
|
868
|
|
|
110.7
|
%
|
|
|
$
|
(239)
|
|
|
141.2
|
%
|
F&I PRU
|
$
|
758
|
|
|
$
|
557
|
|
|
$
|
200
|
|
|
35.9
|
%
|
|
|
$
|
(118)
|
|
|
57.2
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
15.2
|
|
|
$
|
16.2
|
|
|
$
|
(1.0)
|
|
|
(6.4)
|
%
|
|
|
$
|
(1.9)
|
|
|
5.5
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
15.2
|
|
|
$
|
15.3
|
|
|
$
|
(0.1)
|
|
|
(1.0)
|
%
|
|
|
$
|
(1.9)
|
|
|
11.7
|
%
|
SG&A as % gross
profit
|
71.7
|
%
|
|
103.8
|
%
|
|
(32.1)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
71.7
|
%
|
|
98.2
|
%
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - Consolidated
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,837.5
|
|
|
$
|
1,049.8
|
|
|
$
|
787.7
|
|
|
75.0
|
%
|
|
|
$
|
33.6
|
|
|
71.8
|
%
|
Used vehicle retail
sales
|
1,188.2
|
|
|
632.5
|
|
|
555.7
|
|
|
87.9
|
%
|
|
|
32.8
|
|
|
82.7
|
%
|
Used vehicle wholesale
sales
|
95.8
|
|
|
48.2
|
|
|
47.6
|
|
|
98.7
|
%
|
|
|
3.6
|
|
|
91.2
|
%
|
Total
used
|
1,284.0
|
|
|
680.7
|
|
|
603.3
|
|
|
88.6
|
%
|
|
|
36.5
|
|
|
83.3
|
%
|
Parts and service
sales
|
385.5
|
|
|
278.5
|
|
|
107.0
|
|
|
38.4
|
%
|
|
|
5.3
|
|
|
36.5
|
%
|
F&I,
net
|
159.9
|
|
|
95.5
|
|
|
64.4
|
|
|
67.4
|
%
|
|
|
1.7
|
|
|
65.6
|
%
|
Total
revenues
|
$
|
3,666.9
|
|
|
$
|
2,104.5
|
|
|
$
|
1,562.4
|
|
|
74.2
|
%
|
|
|
$
|
77.1
|
|
|
70.6
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
163.6
|
|
|
$
|
63.1
|
|
|
$
|
100.6
|
|
|
159.4
|
%
|
|
|
$
|
2.1
|
|
|
156.2
|
%
|
Used vehicle retail
sales
|
107.8
|
|
|
45.8
|
|
|
62.1
|
|
|
135.6
|
%
|
|
|
2.3
|
|
|
130.7
|
%
|
Used vehicle wholesale
sales
|
8.9
|
|
|
2.0
|
|
|
6.9
|
|
|
NM
|
|
|
0.3
|
|
|
NM
|
Total
used
|
116.8
|
|
|
47.8
|
|
|
69.0
|
|
|
144.4
|
%
|
|
|
2.5
|
|
|
139.1
|
%
|
Parts and service
sales
|
212.9
|
|
|
148.1
|
|
|
64.9
|
|
|
43.8
|
%
|
|
|
3.2
|
|
|
41.6
|
%
|
F&I,
net
|
159.9
|
|
|
95.5
|
|
|
64.4
|
|
|
67.4
|
%
|
|
|
1.7
|
|
|
65.6
|
%
|
Total gross
profit
|
$
|
653.3
|
|
|
$
|
354.4
|
|
|
$
|
298.8
|
|
|
84.3
|
%
|
|
|
$
|
9.6
|
|
|
81.6
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.9
|
%
|
|
6.0
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
9.1
|
%
|
|
7.2
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
9.3
|
%
|
|
4.1
|
%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
Total
used
|
9.1
|
%
|
|
7.0
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.2
|
%
|
|
53.2
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
17.8
|
%
|
|
16.8
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
42,409
|
|
|
26,116
|
|
|
16,293
|
|
|
62.4
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
44,659
|
|
|
30,016
|
|
|
14,643
|
|
|
48.8
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
10,846
|
|
|
7,217
|
|
|
3,629
|
|
|
50.3
|
%
|
|
|
|
|
|
Total
used
|
55,505
|
|
|
37,233
|
|
|
18,272
|
|
|
49.1
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
43,329
|
|
|
$
|
40,199
|
|
|
$
|
3,131
|
|
|
7.8
|
%
|
|
|
$
|
792
|
|
|
5.8
|
%
|
Used vehicle
retail
|
$
|
26,606
|
|
|
$
|
21,072
|
|
|
$
|
5,534
|
|
|
26.3
|
%
|
|
|
$
|
735
|
|
|
22.8
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,858
|
|
|
$
|
2,415
|
|
|
$
|
1,443
|
|
|
59.8
|
%
|
|
|
$
|
49
|
|
|
57.8
|
%
|
Used vehicle retail
sales
|
$
|
2,415
|
|
|
$
|
1,525
|
|
|
$
|
890
|
|
|
58.4
|
%
|
|
|
$
|
51
|
|
|
55.0
|
%
|
Used vehicle wholesale
sales
|
$
|
823
|
|
|
$
|
277
|
|
|
$
|
546
|
|
|
NM
|
|
|
$
|
25
|
|
|
NM
|
Total
used
|
$
|
2,104
|
|
|
$
|
1,283
|
|
|
$
|
821
|
|
|
64.0
|
%
|
|
|
$
|
46
|
|
|
60.4
|
%
|
F&I PRU
|
$
|
1,837
|
|
|
$
|
1,702
|
|
|
$
|
135
|
|
|
7.9
|
%
|
|
|
$
|
20
|
|
|
6.8
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
372.3
|
|
|
$
|
233.2
|
|
|
$
|
139.1
|
|
|
59.7
|
%
|
|
|
$
|
6.2
|
|
|
57.0
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
372.3
|
|
|
$
|
221.4
|
|
|
$
|
150.9
|
|
|
68.1
|
%
|
|
|
$
|
6.2
|
|
|
65.3
|
%
|
SG&A as % gross
profit
|
57.0
|
%
|
|
65.8
|
%
|
|
(8.8)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
57.0
|
%
|
|
62.5
|
%
|
|
(5.5)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
7.2
|
%
|
|
3.8
|
%
|
|
3.4
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
7.2
|
%
|
|
5.4
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - Consolidated
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,380.4
|
|
|
$
|
2,381.9
|
|
|
$
|
998.6
|
|
|
41.9
|
%
|
|
|
$
|
39.8
|
|
|
40.3
|
%
|
Used vehicle retail
sales
|
2,086.4
|
|
|
1,403.0
|
|
|
683.4
|
|
|
48.7
|
%
|
|
|
38.3
|
|
|
46.0
|
%
|
Used vehicle wholesale
sales
|
176.0
|
|
|
133.7
|
|
|
42.2
|
|
|
31.6
|
%
|
|
|
4.5
|
|
|
28.2
|
%
|
Total
used
|
2,262.4
|
|
|
1,536.8
|
|
|
725.6
|
|
|
47.2
|
%
|
|
|
42.8
|
|
|
44.4
|
%
|
Parts and service
sales
|
743.6
|
|
|
642.6
|
|
|
101.0
|
|
|
15.7
|
%
|
|
|
6.3
|
|
|
14.7
|
%
|
F&I,
net
|
286.9
|
|
|
207.0
|
|
|
79.9
|
|
|
38.6
|
%
|
|
|
1.9
|
|
|
37.7
|
%
|
Total
revenues
|
$
|
6,673.3
|
|
|
$
|
4,768.3
|
|
|
$
|
1,905.0
|
|
|
40.0
|
%
|
|
|
$
|
91.4
|
|
|
38.0
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
262.7
|
|
|
$
|
125.2
|
|
|
$
|
137.5
|
|
|
109.8
|
%
|
|
|
$
|
2.0
|
|
|
108.2
|
%
|
Used vehicle retail
sales
|
167.4
|
|
|
87.7
|
|
|
79.8
|
|
|
91.0
|
%
|
|
|
2.2
|
|
|
88.5
|
%
|
Used vehicle wholesale
sales
|
12.9
|
|
|
3.0
|
|
|
9.9
|
|
|
NM
|
|
|
0.2
|
|
|
NM
|
Total
used
|
180.4
|
|
|
90.7
|
|
|
89.7
|
|
|
98.9
|
%
|
|
|
2.4
|
|
|
96.3
|
%
|
Parts and service
sales
|
412.9
|
|
|
342.8
|
|
|
70.1
|
|
|
20.5
|
%
|
|
|
4.2
|
|
|
19.2
|
%
|
F&I,
net
|
286.9
|
|
|
207.0
|
|
|
79.9
|
|
|
38.6
|
%
|
|
|
1.9
|
|
|
37.7
|
%
|
Total gross
profit
|
$
|
1,142.9
|
|
|
$
|
765.7
|
|
|
$
|
377.2
|
|
|
49.3
|
%
|
|
|
$
|
10.6
|
|
|
47.9
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.8
|
%
|
|
5.3
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
8.0
|
%
|
|
6.2
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.3
|
%
|
|
2.3
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
Total
used
|
8.0
|
%
|
|
5.9
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.5
|
%
|
|
53.3
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
17.1
|
%
|
|
16.1
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
79,260
|
|
|
61,198
|
|
|
18,062
|
|
|
29.5
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
82,686
|
|
|
66,347
|
|
|
16,339
|
|
|
24.6
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
20,645
|
|
|
19,138
|
|
|
1,507
|
|
|
7.9
|
%
|
|
|
|
|
|
Total used
|
103,331
|
|
|
85,485
|
|
|
17,846
|
|
|
20.9
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
42,650
|
|
|
$
|
38,921
|
|
|
$
|
3,729
|
|
|
9.6
|
%
|
|
|
$
|
503
|
|
|
8.3
|
%
|
Used vehicle
retail
|
$
|
25,233
|
|
|
$
|
21,147
|
|
|
$
|
4,086
|
|
|
19.3
|
%
|
|
|
$
|
463
|
|
|
17.1
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,315
|
|
|
$
|
2,046
|
|
|
$
|
1,268
|
|
|
62.0
|
%
|
|
|
$
|
25
|
|
|
60.7
|
%
|
Used vehicle retail
sales
|
$
|
2,025
|
|
|
$
|
1,321
|
|
|
$
|
704
|
|
|
53.3
|
%
|
|
|
$
|
27
|
|
|
51.2
|
%
|
Used vehicle wholesale
sales
|
$
|
626
|
|
|
$
|
157
|
|
|
$
|
469
|
|
|
NM
|
|
|
$
|
8
|
|
|
NM
|
Total
used
|
$
|
1,745
|
|
|
$
|
1,061
|
|
|
$
|
685
|
|
|
64.6
|
%
|
|
|
$
|
23
|
|
|
62.4
|
%
|
F&I PRU
|
$
|
1,772
|
|
|
$
|
1,623
|
|
|
$
|
149
|
|
|
9.2
|
%
|
|
|
$
|
12
|
|
|
8.4
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
689.6
|
|
|
$
|
555.5
|
|
|
$
|
134.2
|
|
|
24.2
|
%
|
|
|
$
|
7.1
|
|
|
22.9
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
688.4
|
|
|
$
|
542.8
|
|
|
$
|
145.6
|
|
|
26.8
|
%
|
|
|
$
|
7.0
|
|
|
25.5
|
%
|
SG&A as % gross
profit
|
60.3
|
%
|
|
72.5
|
%
|
|
(12.2)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
60.2
|
%
|
|
70.9
|
%
|
|
(10.7)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
6.2
|
%
|
|
3.1
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.2
|
%
|
|
3.9
|
%
|
|
2.3
|
%
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - U.S.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,486.6
|
|
|
$
|
903.9
|
|
|
$
|
582.7
|
|
|
64.5
|
%
|
Used vehicle retail
sales
|
875.5
|
|
|
533.2
|
|
|
342.2
|
|
|
64.2
|
%
|
Used vehicle wholesale
sales
|
60.6
|
|
|
30.1
|
|
|
30.5
|
|
|
101.2
|
%
|
Total
used
|
936.1
|
|
|
563.4
|
|
|
372.7
|
|
|
66.2
|
%
|
Parts and service
sales
|
329.3
|
|
|
251.2
|
|
|
78.1
|
|
|
31.1
|
%
|
F&I,
net
|
142.8
|
|
|
88.7
|
|
|
54.1
|
|
|
61.0
|
%
|
Total
revenues
|
$
|
2,894.8
|
|
|
$
|
1,807.1
|
|
|
$
|
1,087.7
|
|
|
60.2
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
140.1
|
|
|
$
|
55.9
|
|
|
$
|
84.2
|
|
|
150.7
|
%
|
Used vehicle retail
sales
|
86.0
|
|
|
40.5
|
|
|
45.5
|
|
|
112.3
|
%
|
Used vehicle wholesale
sales
|
6.2
|
|
|
1.6
|
|
|
4.6
|
|
|
NM
|
Total
used
|
92.2
|
|
|
42.1
|
|
|
50.2
|
|
|
119.1
|
%
|
Parts and service
sales
|
179.6
|
|
|
133.9
|
|
|
45.8
|
|
|
34.2
|
%
|
F&I,
net
|
142.8
|
|
|
88.7
|
|
|
54.1
|
|
|
61.0
|
%
|
Total gross
profit
|
$
|
554.8
|
|
|
$
|
320.5
|
|
|
$
|
234.3
|
|
|
73.1
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.4
|
%
|
|
6.2
|
%
|
|
3.2
|
%
|
|
|
Used vehicle retail
sales
|
9.8
|
%
|
|
7.6
|
%
|
|
2.2
|
%
|
|
|
Used vehicle wholesale
sales
|
10.2
|
%
|
|
5.2
|
%
|
|
5.0
|
%
|
|
|
Total
used
|
9.9
|
%
|
|
7.5
|
%
|
|
2.4
|
%
|
|
|
Parts and service
sales
|
54.6
|
%
|
|
53.3
|
%
|
|
1.3
|
%
|
|
|
Total gross
margin
|
19.2
|
%
|
|
17.7
|
%
|
|
1.4
|
%
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
33,563
|
|
|
21,631
|
|
|
11,932
|
|
|
55.2
|
%
|
Retail used vehicles
sold
|
33,665
|
|
|
25,691
|
|
|
7,974
|
|
|
31.0
|
%
|
Wholesale used
vehicles sold
|
6,487
|
|
|
5,084
|
|
|
1,403
|
|
|
27.6
|
%
|
Total
used
|
40,152
|
|
|
30,775
|
|
|
9,377
|
|
|
30.5
|
%
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
44,292
|
|
|
$
|
41,786
|
|
|
$
|
2,506
|
|
|
6.0
|
%
|
Used vehicle
retail
|
$
|
26,005
|
|
|
$
|
20,756
|
|
|
$
|
5,249
|
|
|
25.3
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
4,173
|
|
|
$
|
2,583
|
|
|
$
|
1,591
|
|
|
61.6
|
%
|
Used vehicle retail
sales
|
$
|
2,556
|
|
|
$
|
1,577
|
|
|
$
|
978
|
|
|
62.0
|
%
|
Used vehicle wholesale
sales
|
$
|
956
|
|
|
$
|
309
|
|
|
$
|
648
|
|
|
NM
|
Total
used
|
$
|
2,297
|
|
|
$
|
1,368
|
|
|
$
|
930
|
|
|
68.0
|
%
|
F&I PRU
|
$
|
2,125
|
|
|
$
|
1,874
|
|
|
$
|
250
|
|
|
13.4
|
%
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
309.4
|
|
|
$
|
200.2
|
|
|
$
|
109.2
|
|
|
54.6
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
309.4
|
|
|
$
|
189.7
|
|
|
$
|
119.8
|
|
|
63.2
|
%
|
SG&A as % gross
profit
|
55.8
|
%
|
|
62.5
|
%
|
|
(6.7)
|
%
|
|
|
Adjusted SG&A as %
gross profit (1)
|
55.8
|
%
|
|
59.2
|
%
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - U.S.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,732.3
|
|
|
$
|
1,883.2
|
|
|
$
|
849.1
|
|
|
45.1
|
%
|
Used vehicle retail
sales
|
1,571.9
|
|
|
1,096.1
|
|
|
475.8
|
|
|
43.4
|
%
|
Used vehicle wholesale
sales
|
111.0
|
|
|
76.0
|
|
|
35.0
|
|
|
46.0
|
%
|
Total
used
|
1,682.9
|
|
|
1,172.1
|
|
|
510.8
|
|
|
43.6
|
%
|
Parts and service
sales
|
624.8
|
|
|
553.1
|
|
|
71.7
|
|
|
13.0
|
%
|
F&I,
net
|
257.9
|
|
|
185.2
|
|
|
72.6
|
|
|
39.2
|
%
|
Total
revenues
|
$
|
5,297.9
|
|
|
$
|
3,793.6
|
|
|
$
|
1,504.3
|
|
|
39.7
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
221.0
|
|
|
$
|
102.5
|
|
|
$
|
118.5
|
|
|
115.6
|
%
|
Used vehicle retail
sales
|
136.4
|
|
|
72.3
|
|
|
64.1
|
|
|
88.7
|
%
|
Used vehicle wholesale
sales
|
10.1
|
|
|
2.4
|
|
|
7.7
|
|
|
NM
|
Total
used
|
146.5
|
|
|
74.7
|
|
|
71.8
|
|
|
96.2
|
%
|
Parts and service
sales
|
344.3
|
|
|
295.6
|
|
|
48.7
|
|
|
16.5
|
%
|
F&I,
net
|
257.9
|
|
|
185.2
|
|
|
72.6
|
|
|
39.2
|
%
|
Total gross
profit
|
$
|
969.7
|
|
|
$
|
658.1
|
|
|
$
|
311.6
|
|
|
47.4
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.1
|
%
|
|
5.4
|
%
|
|
2.6
|
%
|
|
|
Used vehicle retail
sales
|
8.7
|
%
|
|
6.6
|
%
|
|
2.1
|
%
|
|
|
Used vehicle wholesale
sales
|
9.1
|
%
|
|
3.2
|
%
|
|
6.0
|
%
|
|
|
Total
used
|
8.7
|
%
|
|
6.4
|
%
|
|
2.3
|
%
|
|
|
Parts and service
sales
|
55.1
|
%
|
|
53.5
|
%
|
|
1.7
|
%
|
|
|
Total gross
margin
|
18.3
|
%
|
|
17.3
|
%
|
|
1.0
|
%
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
62,711
|
|
|
45,902
|
|
|
16,809
|
|
|
36.6
|
%
|
Retail used vehicles
sold
|
64,090
|
|
|
52,971
|
|
|
11,119
|
|
|
21.0
|
%
|
Wholesale used
vehicles sold
|
12,927
|
|
|
11,981
|
|
|
946
|
|
|
7.9
|
%
|
Total
used
|
77,017
|
|
|
64,952
|
|
|
12,065
|
|
|
18.6
|
%
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
43,570
|
|
|
$
|
41,026
|
|
|
$
|
2,544
|
|
|
6.2
|
%
|
Used vehicle
retail
|
$
|
24,526
|
|
|
$
|
20,692
|
|
|
$
|
3,835
|
|
|
18.5
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,524
|
|
|
$
|
2,234
|
|
|
$
|
1,291
|
|
|
57.8
|
%
|
Used vehicle retail
sales
|
$
|
2,128
|
|
|
$
|
1,364
|
|
|
$
|
764
|
|
|
56.0
|
%
|
Used vehicle wholesale
sales
|
$
|
785
|
|
|
$
|
201
|
|
|
$
|
583
|
|
|
NM
|
Total
used
|
$
|
1,903
|
|
|
$
|
1,150
|
|
|
$
|
753
|
|
|
65.5
|
%
|
F&I PRU
|
$
|
2,034
|
|
|
$
|
1,874
|
|
|
$
|
160
|
|
|
8.6
|
%
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
571.5
|
|
|
$
|
454.1
|
|
|
$
|
117.3
|
|
|
25.8
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
570.2
|
|
|
$
|
443.6
|
|
|
$
|
126.6
|
|
|
28.5
|
%
|
SG&A as % gross
profit
|
58.9
|
%
|
|
69.0
|
%
|
|
(10.1)
|
%
|
|
|
Adjusted SG&A as %
gross profit (1)
|
58.8
|
%
|
|
67.4
|
%
|
|
(8.6)
|
%
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - U.K.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
301.2
|
|
|
$
|
126.2
|
|
|
$
|
175.0
|
|
|
138.7
|
%
|
|
|
$
|
32.9
|
|
|
112.6
|
%
|
Used vehicle retail
sales
|
300.9
|
|
|
91.8
|
|
|
209.1
|
|
|
227.7
|
%
|
|
|
32.7
|
|
|
192.1
|
%
|
Used vehicle wholesale
sales
|
32.5
|
|
|
15.2
|
|
|
17.3
|
|
|
113.9
|
%
|
|
|
3.6
|
|
|
90.5
|
%
|
Total
used
|
333.4
|
|
|
107.0
|
|
|
226.4
|
|
|
211.6
|
%
|
|
|
36.3
|
|
|
177.7
|
%
|
Parts and service
sales
|
47.0
|
|
|
21.4
|
|
|
25.6
|
|
|
119.7
|
%
|
|
|
5.1
|
|
|
95.8
|
%
|
F&I,
net
|
15.7
|
|
|
6.3
|
|
|
9.5
|
|
|
151.1
|
%
|
|
|
1.7
|
|
|
123.9
|
%
|
Total
revenues
|
$
|
697.3
|
|
|
$
|
260.9
|
|
|
$
|
436.5
|
|
|
167.3
|
%
|
|
|
$
|
76.0
|
|
|
138.2
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
18.4
|
|
|
$
|
5.8
|
|
|
$
|
12.6
|
|
|
215.9
|
%
|
|
|
$
|
2.0
|
|
|
181.4
|
%
|
Used vehicle retail
sales
|
20.8
|
|
|
4.8
|
|
|
16.0
|
|
|
331.9
|
%
|
|
|
2.3
|
|
|
285.1
|
%
|
Used vehicle wholesale
sales
|
2.5
|
|
|
0.3
|
|
|
2.2
|
|
|
NM
|
|
|
0.3
|
|
|
NM
|
Total
used
|
23.3
|
|
|
5.2
|
|
|
18.2
|
|
|
351.5
|
%
|
|
|
2.5
|
|
|
302.9
|
%
|
Parts and service
sales
|
29.2
|
|
|
11.7
|
|
|
17.5
|
|
|
149.3
|
%
|
|
|
3.2
|
|
|
122.2
|
%
|
F&I,
net
|
15.7
|
|
|
6.3
|
|
|
9.5
|
|
|
151.1
|
%
|
|
|
1.7
|
|
|
123.9
|
%
|
Total gross
profit
|
$
|
86.7
|
|
|
$
|
29.0
|
|
|
$
|
57.7
|
|
|
199.1
|
%
|
|
|
$
|
9.4
|
|
|
166.6
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.1
|
%
|
|
4.6
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
6.9
|
%
|
|
5.3
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.7
|
%
|
|
2.3
|
%
|
|
5.5
|
%
|
|
|
|
|
|
|
|
Total
used
|
7.0
|
%
|
|
4.8
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
62.2
|
%
|
|
54.8
|
%
|
|
7.4
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.4
|
%
|
|
11.1
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
7,395
|
|
|
3,791
|
|
|
3,604
|
|
|
95.1
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
10,494
|
|
|
3,969
|
|
|
6,525
|
|
|
164.4
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
4,124
|
|
|
1,809
|
|
|
2,315
|
|
|
128.0
|
%
|
|
|
|
|
|
Total
used
|
14,618
|
|
|
5,778
|
|
|
8,840
|
|
|
153.0
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,727
|
|
|
$
|
33,284
|
|
|
$
|
7,443
|
|
|
22.4
|
%
|
|
|
$
|
4,455
|
|
|
9.0
|
%
|
Used vehicle
retail
|
$
|
28,672
|
|
|
$
|
23,131
|
|
|
$
|
5,541
|
|
|
24.0
|
%
|
|
|
$
|
3,114
|
|
|
10.5
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,484
|
|
|
$
|
1,533
|
|
|
$
|
950
|
|
|
62.0
|
%
|
|
|
$
|
271
|
|
|
44.3
|
%
|
Used vehicle retail
sales
|
$
|
1,984
|
|
|
$
|
1,215
|
|
|
$
|
770
|
|
|
63.3
|
%
|
|
|
$
|
215
|
|
|
45.7
|
%
|
Used vehicle wholesale
sales
|
$
|
611
|
|
|
$
|
192
|
|
|
$
|
419
|
|
|
NM
|
|
|
$
|
64
|
|
|
NM
|
Total
used
|
$
|
1,597
|
|
|
$
|
895
|
|
|
$
|
702
|
|
|
78.5
|
%
|
|
|
$
|
172
|
|
|
59.2
|
%
|
F&I PRU
|
$
|
879
|
|
|
$
|
807
|
|
|
$
|
72
|
|
|
8.9
|
%
|
|
|
$
|
95
|
|
|
(2.9)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
54.9
|
|
|
$
|
27.3
|
|
|
$
|
27.5
|
|
|
100.7
|
%
|
|
|
$
|
6.1
|
|
|
78.4
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
54.9
|
|
|
$
|
26.1
|
|
|
$
|
28.8
|
|
|
110.1
|
%
|
|
|
$
|
6.1
|
|
|
86.7
|
%
|
SG&A as % gross
profit
|
63.3
|
%
|
|
94.4
|
%
|
|
(31.1)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
63.3
|
%
|
|
90.2
|
%
|
|
(26.8)
|
%
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - U.K.
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
564.2
|
|
|
$
|
421.4
|
|
|
$
|
142.8
|
|
|
33.9
|
%
|
|
|
$
|
52.2
|
|
|
21.5
|
%
|
Used vehicle retail
sales
|
492.0
|
|
|
279.6
|
|
|
212.4
|
|
|
76.0
|
%
|
|
|
41.7
|
|
|
61.1
|
%
|
Used vehicle wholesale
sales
|
60.3
|
|
|
51.0
|
|
|
9.3
|
|
|
18.3
|
%
|
|
|
5.0
|
|
|
8.5
|
%
|
Total
used
|
552.3
|
|
|
330.6
|
|
|
221.7
|
|
|
67.1
|
%
|
|
|
46.7
|
|
|
53.0
|
%
|
Parts and service
sales
|
101.8
|
|
|
74.1
|
|
|
27.7
|
|
|
37.3
|
%
|
|
|
8.4
|
|
|
25.9
|
%
|
F&I,
net
|
26.3
|
|
|
19.5
|
|
|
6.8
|
|
|
35.0
|
%
|
|
|
2.4
|
|
|
22.8
|
%
|
Total
revenues
|
$
|
1,244.5
|
|
|
$
|
845.5
|
|
|
$
|
399.0
|
|
|
47.2
|
%
|
|
|
$
|
110.2
|
|
|
34.2
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
33.1
|
|
|
$
|
17.8
|
|
|
$
|
15.3
|
|
|
86.1
|
%
|
|
|
$
|
3.2
|
|
|
67.9
|
%
|
Used vehicle retail
sales
|
29.0
|
|
|
13.9
|
|
|
15.1
|
|
|
108.3
|
%
|
|
|
2.5
|
|
|
90.0
|
%
|
Used vehicle wholesale
sales
|
2.4
|
|
|
0.3
|
|
|
2.1
|
|
|
NM
|
|
|
0.2
|
|
|
NM
|
Total
used
|
31.4
|
|
|
14.2
|
|
|
17.2
|
|
|
120.7
|
%
|
|
|
2.8
|
|
|
101.2
|
%
|
Parts and service
sales
|
61.2
|
|
|
40.5
|
|
|
20.7
|
|
|
51.2
|
%
|
|
|
5.1
|
|
|
38.6
|
%
|
F&I,
net
|
26.3
|
|
|
19.5
|
|
|
6.8
|
|
|
35.0
|
%
|
|
|
2.4
|
|
|
22.8
|
%
|
Total gross
profit
|
$
|
152.0
|
|
|
$
|
92.0
|
|
|
$
|
60.0
|
|
|
65.3
|
%
|
|
|
$
|
13.5
|
|
|
50.6
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.9
|
%
|
|
4.2
|
%
|
|
1.6
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.9
|
%
|
|
5.0
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
4.0
|
%
|
|
0.6
|
%
|
|
3.4
|
%
|
|
|
|
|
|
|
|
Total
used
|
5.7
|
%
|
|
4.3
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
60.2
|
%
|
|
54.6
|
%
|
|
5.5
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.2
|
%
|
|
10.9
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
13,927
|
|
|
12,631
|
|
|
1,296
|
|
|
10.3
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
17,580
|
|
|
11,922
|
|
|
5,658
|
|
|
47.5
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
7,249
|
|
|
6,358
|
|
|
891
|
|
|
14.0
|
%
|
|
|
|
|
|
Total
used
|
24,829
|
|
|
18,280
|
|
|
6,549
|
|
|
35.8
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,509
|
|
|
$
|
33,363
|
|
|
$
|
7,146
|
|
|
21.4
|
%
|
|
|
$
|
3,750
|
|
|
10.2
|
%
|
Used vehicle
retail
|
$
|
27,988
|
|
|
$
|
23,452
|
|
|
$
|
4,536
|
|
|
19.3
|
%
|
|
|
$
|
2,370
|
|
|
9.2
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,379
|
|
|
$
|
1,409
|
|
|
$
|
969
|
|
|
68.8
|
%
|
|
|
$
|
232
|
|
|
52.3
|
%
|
Used vehicle retail
sales
|
$
|
1,648
|
|
|
$
|
1,167
|
|
|
$
|
481
|
|
|
41.3
|
%
|
|
|
$
|
145
|
|
|
28.8
|
%
|
Used vehicle wholesale
sales
|
$
|
333
|
|
|
$
|
49
|
|
|
$
|
284
|
|
|
NM
|
|
|
$
|
31
|
|
|
NM
|
Total
used
|
$
|
1,264
|
|
|
$
|
778
|
|
|
$
|
486
|
|
|
62.5
|
%
|
|
|
$
|
112
|
|
|
48.1
|
%
|
F&I PRU
|
$
|
834
|
|
|
$
|
793
|
|
|
$
|
41
|
|
|
5.2
|
%
|
|
|
$
|
75
|
|
|
(4.3)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
103.1
|
|
|
$
|
85.1
|
|
|
$
|
17.9
|
|
|
21.0
|
%
|
|
|
$
|
9.0
|
|
|
10.5
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
103.1
|
|
|
$
|
83.9
|
|
|
$
|
19.1
|
|
|
22.8
|
%
|
|
|
$
|
9.0
|
|
|
12.1
|
%
|
SG&A as % gross
profit
|
67.8
|
%
|
|
92.6
|
%
|
|
(24.8)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
67.8
|
%
|
|
91.3
|
%
|
|
(23.5)
|
%
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - Brazil
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
49.8
|
|
|
$
|
19.8
|
|
|
$
|
30.0
|
|
|
151.8
|
%
|
|
|
$
|
0.6
|
|
|
148.5
|
%
|
Used vehicle retail
sales
|
11.8
|
|
|
7.4
|
|
|
4.4
|
|
|
59.0
|
%
|
|
|
0.1
|
|
|
57.2
|
%
|
Used vehicle wholesale
sales
|
2.6
|
|
|
2.9
|
|
|
(0.2)
|
|
|
(8.3)
|
%
|
|
|
0.1
|
|
|
(10.9)
|
%
|
Total
used
|
14.5
|
|
|
10.3
|
|
|
4.2
|
|
|
40.3
|
%
|
|
|
0.2
|
|
|
38.1
|
%
|
Parts and service
sales
|
9.2
|
|
|
5.9
|
|
|
3.3
|
|
|
55.9
|
%
|
|
|
0.1
|
|
|
53.4
|
%
|
F&I,
net
|
1.4
|
|
|
0.6
|
|
|
0.8
|
|
|
139.1
|
%
|
|
|
—
|
|
|
136.2
|
%
|
Total
revenues
|
$
|
74.8
|
|
|
$
|
36.6
|
|
|
$
|
38.3
|
|
|
104.6
|
%
|
|
|
$
|
1.0
|
|
|
101.8
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
5.2
|
|
|
$
|
1.4
|
|
|
$
|
3.8
|
|
|
274.3
|
%
|
|
|
$
|
0.1
|
|
|
270.4
|
%
|
Used vehicle retail
sales
|
1.0
|
|
|
0.4
|
|
|
0.6
|
|
|
128.5
|
%
|
|
|
—
|
|
|
127.1
|
%
|
Used vehicle wholesale
sales
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
149.8
|
%
|
|
|
—
|
|
|
145.5
|
%
|
Total
used
|
1.2
|
|
|
0.5
|
|
|
0.7
|
|
|
131.8
|
%
|
|
|
—
|
|
|
130.0
|
%
|
Parts and service
sales
|
4.0
|
|
|
2.5
|
|
|
1.6
|
|
|
63.9
|
%
|
|
|
0.1
|
|
|
61.5
|
%
|
F&I,
net
|
1.4
|
|
|
0.6
|
|
|
0.8
|
|
|
139.1
|
%
|
|
|
—
|
|
|
136.2
|
%
|
Total gross
profit
|
$
|
11.8
|
|
|
$
|
4.9
|
|
|
$
|
6.9
|
|
|
138.8
|
%
|
|
|
$
|
0.2
|
|
|
135.7
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.4
|
%
|
|
7.0
|
%
|
|
3.4
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
8.3
|
%
|
|
5.8
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.6
|
%
|
|
2.8
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
Total
used
|
8.2
|
%
|
|
4.9
|
%
|
|
3.2
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.9
|
%
|
|
41.8
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
15.8
|
%
|
|
13.5
|
%
|
|
2.3
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
1,451
|
|
|
694
|
|
|
757
|
|
|
109.1
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
500
|
|
|
356
|
|
|
144
|
|
|
40.4
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
235
|
|
|
324
|
|
|
(89)
|
|
|
(27.5)
|
%
|
|
|
|
|
|
Total
used
|
735
|
|
|
680
|
|
|
55
|
|
|
8.1
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
34,313
|
|
|
$
|
28,495
|
|
|
$
|
5,818
|
|
|
20.4
|
%
|
|
|
$
|
438
|
|
|
18.9
|
%
|
Used vehicle
retail
|
$
|
23,671
|
|
|
$
|
20,905
|
|
|
$
|
2,766
|
|
|
13.2
|
%
|
|
|
$
|
273
|
|
|
11.9
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,578
|
|
|
$
|
1,999
|
|
|
$
|
1,579
|
|
|
79.0
|
%
|
|
|
$
|
38
|
|
|
77.1
|
%
|
Used vehicle retail
sales
|
$
|
1,959
|
|
|
$
|
1,204
|
|
|
$
|
755
|
|
|
62.7
|
%
|
|
|
$
|
12
|
|
|
61.7
|
%
|
Used vehicle wholesale
sales
|
$
|
850
|
|
|
$
|
247
|
|
|
$
|
603
|
|
|
NM
|
|
|
$
|
15
|
|
|
NM
|
Total
used
|
$
|
1,605
|
|
|
$
|
748
|
|
|
$
|
856
|
|
|
114.5
|
%
|
|
|
$
|
13
|
|
|
112.8
|
%
|
F&I PRU
|
$
|
707
|
|
|
$
|
550
|
|
|
$
|
158
|
|
|
28.7
|
%
|
|
|
$
|
8
|
|
|
27.1
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
8.0
|
|
|
$
|
5.6
|
|
|
$
|
2.3
|
|
|
41.7
|
%
|
|
|
$
|
0.1
|
|
|
39.9
|
%
|
SG&A as % gross
profit
|
67.6
|
%
|
|
114.0
|
%
|
|
(46.4)
|
%
|
|
|
|
|
|
|
|
Group 1
Automotive, Inc.
|
Same Store
Operating Data - Brazil
|
(Unaudited)
|
(In millions,
except unit data)
|
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on
Current
Period
Results
|
|
Constant
Currency
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
83.9
|
|
|
$
|
77.3
|
|
|
$
|
6.7
|
|
|
8.6
|
%
|
|
|
$
|
(12.4)
|
|
|
24.7
|
%
|
Used vehicle retail
sales
|
22.5
|
|
|
27.4
|
|
|
(4.9)
|
|
|
(17.8)
|
%
|
|
|
(3.4)
|
|
|
(5.4)
|
%
|
Used vehicle wholesale
sales
|
4.6
|
|
|
6.7
|
|
|
(2.1)
|
|
|
(30.8)
|
%
|
|
|
(0.5)
|
|
|
(23.3)
|
%
|
Total
used
|
27.1
|
|
|
34.1
|
|
|
(7.0)
|
|
|
(20.4)
|
%
|
|
|
(3.9)
|
|
|
(9.0)
|
%
|
Parts and service
sales
|
17.1
|
|
|
15.5
|
|
|
1.6
|
|
|
10.4
|
%
|
|
|
(2.1)
|
|
|
24.2
|
%
|
F&I,
net
|
2.8
|
|
|
2.3
|
|
|
0.5
|
|
|
20.1
|
%
|
|
|
(0.4)
|
|
|
38.8
|
%
|
Total
revenues
|
$
|
130.9
|
|
|
$
|
129.1
|
|
|
$
|
1.8
|
|
|
1.4
|
%
|
|
|
$
|
(18.8)
|
|
|
16.0
|
%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
8.6
|
|
|
$
|
4.9
|
|
|
$
|
3.7
|
|
|
75.1
|
%
|
|
|
$
|
(1.2)
|
|
|
100.2
|
%
|
Used vehicle retail
sales
|
2.1
|
|
|
1.5
|
|
|
0.6
|
|
|
41.1
|
%
|
|
|
(0.3)
|
|
|
61.8
|
%
|
Used vehicle wholesale
sales
|
0.4
|
|
|
0.3
|
|
|
0.1
|
|
|
30.0
|
%
|
|
|
(0.1)
|
|
|
47.8
|
%
|
Total
used
|
2.5
|
|
|
1.8
|
|
|
0.7
|
|
|
39.3
|
%
|
|
|
(0.4)
|
|
|
59.5
|
%
|
Parts and service
sales
|
7.4
|
|
|
6.7
|
|
|
0.7
|
|
|
10.8
|
%
|
|
|
(0.9)
|
|
|
25.0
|
%
|
F&I,
net
|
2.8
|
|
|
2.3
|
|
|
0.5
|
|
|
20.1
|
%
|
|
|
(0.4)
|
|
|
38.8
|
%
|
Total gross
profit
|
$
|
21.2
|
|
|
$
|
15.6
|
|
|
$
|
5.6
|
|
|
35.5
|
%
|
|
|
$
|
(2.9)
|
|
|
54.3
|
%
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.2
|
%
|
|
6.3
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
9.3
|
%
|
|
5.4
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
7.9
|
%
|
|
4.2
|
%
|
|
3.7
|
%
|
|
|
|
|
|
|
|
Total
used
|
9.1
|
%
|
|
5.2
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.3
|
%
|
|
43.1
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.2
|
%
|
|
12.1
|
%
|
|
4.1
|
%
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
2,622
|
|
|
2,665
|
|
|
(43)
|
|
|
(1.6)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
1,016
|
|
|
1,454
|
|
|
(438)
|
|
|
(30.1)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
469
|
|
|
799
|
|
|
(330)
|
|
|
(41.3)
|
%
|
|
|
|
|
|
Total
used
|
1,485
|
|
|
2,253
|
|
|
(768)
|
|
|
(34.1)
|
%
|
|
|
|
|
|
Average sales
price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
32,011
|
|
|
$
|
28,994
|
|
|
$
|
3,017
|
|
|
10.4
|
%
|
|
|
$
|
(4,728)
|
|
|
26.7
|
%
|
Used vehicle
retail
|
$
|
22,143
|
|
|
$
|
18,828
|
|
|
$
|
3,315
|
|
|
17.6
|
%
|
|
|
$
|
(3,334)
|
|
|
35.3
|
%
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3,273
|
|
|
$
|
1,839
|
|
|
$
|
1,434
|
|
|
78.0
|
%
|
|
|
$
|
(469)
|
|
|
103.5
|
%
|
Used vehicle retail
sales
|
$
|
2,055
|
|
|
$
|
1,018
|
|
|
$
|
1,037
|
|
|
101.9
|
%
|
|
|
$
|
(301)
|
|
|
131.5
|
%
|
Used vehicle wholesale
sales
|
$
|
788
|
|
|
$
|
356
|
|
|
$
|
432
|
|
|
NM
|
|
|
$
|
(108)
|
|
|
NM
|
Total
used
|
$
|
1,655
|
|
|
$
|
783
|
|
|
$
|
872
|
|
|
111.4
|
%
|
|
|
$
|
(240)
|
|
|
142.0
|
%
|
F&I PRU
|
$
|
758
|
|
|
$
|
557
|
|
|
$
|
200
|
|
|
35.9
|
%
|
|
|
$
|
(118)
|
|
|
57.2
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
15.1
|
|
|
$
|
16.2
|
|
|
$
|
(1.0)
|
|
|
(6.5)
|
%
|
|
|
$
|
(1.9)
|
|
|
5.3
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
15.1
|
|
|
$
|
15.3
|
|
|
$
|
(0.2)
|
|
|
(1.1)
|
%
|
|
|
$
|
(1.9)
|
|
|
11.6
|
%
|
SG&A as % gross
profit
|
71.4
|
%
|
|
103.5
|
%
|
|
(32.1)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
71.4
|
%
|
|
97.8
|
%
|
|
(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.
|
NM — Not
Meaningful
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Consolidated
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
Three Months Ended
June 30, 2021
|
|
|
U.S.
GAAP
|
|
Non-cash
loss
on interest
rate
swaps
|
|
Dealership
and
real
estate
transactions
|
|
Tax
rate
changes
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
376.7
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
377.5
|
|
Income (loss) from
operations
|
|
$
|
265.8
|
|
|
$
|
—
|
|
|
$
|
(0.8)
|
|
|
$
|
—
|
|
|
$
|
264.9
|
|
Floorplan interest
expense
|
|
$
|
8.8
|
|
|
$
|
(2.3)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
243.2
|
|
|
$
|
2.3
|
|
|
$
|
(0.8)
|
|
|
$
|
—
|
|
|
$
|
244.8
|
|
Less: Provision
(benefit) for income taxes
|
|
52.3
|
|
|
0.5
|
|
|
(0.2)
|
|
|
1.9
|
|
|
54.6
|
|
Net income
(loss)
|
|
191.0
|
|
|
1.8
|
|
|
(0.6)
|
|
|
(1.9)
|
|
|
190.2
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
6.4
|
|
|
0.1
|
|
|
—
|
|
|
(0.1)
|
|
|
6.4
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
184.5
|
|
|
$
|
1.7
|
|
|
$
|
(0.6)
|
|
|
$
|
(1.8)
|
|
|
$
|
183.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
10.35
|
|
|
$
|
0.10
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.10)
|
|
|
$
|
10.31
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
21.5
|
%
|
|
|
|
|
|
|
|
22.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
57.0
|
%
|
|
|
|
|
|
|
|
57.1
|
%
|
Operating margin
(2)
|
|
7.2
|
%
|
|
|
|
|
|
|
|
7.2
|
%
|
Pretax margin
(3)
|
|
6.6
|
%
|
|
|
|
|
|
|
|
6.6
|
%
|
(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.
|
(3)
Adjusted pretax margin excludes the
impact of SG&A reconciling items above and a non-cash loss on
interest rate swaps.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Consolidated
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
Three Months Ended
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Out-of-period
adjustment
|
|
Asset
impairments
|
|
Loss
on
extinguishment
of
debt
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
237.2
|
|
|
$
|
(1.2)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
225.4
|
|
Asset
impairments
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(23.8)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Income from
operations
|
|
$
|
79.0
|
|
|
$
|
1.2
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
114.6
|
|
Loss on
extinguishment of debt
|
|
$
|
10.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10.4)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
|
42.3
|
|
|
$
|
1.2
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
10.4
|
|
|
$
|
88.3
|
|
Less: Provision for
income taxes
|
|
12.2
|
|
|
0.2
|
|
|
0.8
|
|
|
3.3
|
|
|
2.2
|
|
|
18.7
|
|
Net income
|
|
30.2
|
|
|
1.0
|
|
|
9.7
|
|
|
20.6
|
|
|
8.1
|
|
|
69.6
|
|
Less: Earnings
allocated to participating securities
|
|
1.1
|
|
|
—
|
|
|
0.4
|
|
|
0.7
|
|
|
0.3
|
|
|
2.5
|
|
Net income available
to diluted common shares
|
|
$
|
29.1
|
|
|
$
|
1.0
|
|
|
$
|
9.4
|
|
|
$
|
19.8
|
|
|
$
|
7.8
|
|
|
$
|
67.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
common share
|
|
$
|
1.63
|
|
|
$
|
0.05
|
|
|
$
|
0.53
|
|
|
$
|
1.11
|
|
|
$
|
0.44
|
|
|
$
|
3.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
28.7
|
%
|
|
|
|
|
|
|
|
|
|
21.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
66.1
|
%
|
|
|
|
|
|
|
|
|
|
62.8
|
%
|
Operating margin
(2)
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
5.4
|
%
|
Pretax margin
(3)
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
233.2
|
|
|
$
|
(1.2)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
221.4
|
|
Same Store SG&A
as % gross profit (1)
|
|
65.8
|
%
|
|
|
|
|
|
|
|
|
|
62.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
from operations
|
|
$
|
79.1
|
|
|
$
|
1.2
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
114.7
|
|
Same Store operating
margin (2)
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
5.4
|
%
|
(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, as well as asset
impairment charges.
|
(3)
Adjusted pretax margin excludes the
impact of SG&A reconciling items and asset impairment charges,
as well as loss on extinguishment of debt.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Consolidated
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2021
|
|
|
U.S.
GAAP
|
|
Non-cash
loss
on
interest
rate
swaps
|
|
Catastrophic
events
|
|
Dealership
and
real
estate
transactions
|
|
Legal
matters
|
|
Tax
rate
changes
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
695.2
|
|
|
$
|
—
|
|
|
$
|
(2.2)
|
|
|
$
|
1.1
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
695.0
|
|
Income (loss) from
operations
|
|
$
|
418.5
|
|
|
$
|
—
|
|
|
$
|
2.2
|
|
|
$
|
(1.1)
|
|
|
$
|
(1.0)
|
|
|
$
|
—
|
|
|
$
|
418.6
|
|
Floorplan interest
expense
|
|
$
|
16.4
|
|
|
$
|
(2.3)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
374.6
|
|
|
$
|
2.3
|
|
|
$
|
2.2
|
|
|
$
|
(1.1)
|
|
|
$
|
(1.0)
|
|
|
$
|
—
|
|
|
$
|
377.1
|
|
Less: Provision
(benefit) for income taxes
|
|
81.7
|
|
|
0.5
|
|
|
0.5
|
|
|
(0.3)
|
|
|
(0.2)
|
|
|
1.9
|
|
|
84.2
|
|
Net income
(loss)
|
|
292.9
|
|
|
1.8
|
|
|
1.7
|
|
|
(0.8)
|
|
|
(0.8)
|
|
|
(1.9)
|
|
|
292.9
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
9.9
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
9.9
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
283.0
|
|
|
$
|
1.7
|
|
|
$
|
1.7
|
|
|
$
|
(0.8)
|
|
|
$
|
(0.7)
|
|
|
$
|
(1.8)
|
|
|
$
|
283.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
15.88
|
|
|
$
|
0.10
|
|
|
$
|
0.09
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.10)
|
|
|
$
|
15.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
22.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
60.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
60.3
|
%
|
Operating margin
(2)
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
6.2
|
%
|
Pretax margin
(3)
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
689.6
|
|
|
$
|
—
|
|
|
$
|
(2.2)
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
688.4
|
|
Same Store SG&A
as % gross profit (1)
|
|
60.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
60.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
415.6
|
|
|
$
|
—
|
|
|
$
|
2.2
|
|
|
$
|
—
|
|
|
$
|
(1.0)
|
|
|
$
|
—
|
|
|
$
|
416.8
|
|
Same Store operating
margin (2)
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
6.2
|
%
|
(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.
|
(3)
Adjusted pretax margin excludes the
impact of SG&A reconciling items above and a non-cash loss on
interest rate swaps.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Consolidated
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Out-of-period
adjustment
|
|
Asset
impairments
|
|
Loss
on
extinguishment
of
debt
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
565.1
|
|
|
$
|
(2.1)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
552.5
|
|
Asset
impairments
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(23.8)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Income from
operations
|
|
$
|
148.9
|
|
|
$
|
2.1
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
185.4
|
|
Loss on
extinguishment of debt
|
|
$
|
10.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10.4)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
|
81.2
|
|
|
$
|
2.1
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
10.4
|
|
|
$
|
128.1
|
|
Less: Provision for
income taxes
|
|
21.3
|
|
|
0.3
|
|
|
0.8
|
|
|
3.3
|
|
|
2.2
|
|
|
27.9
|
|
Net income
|
|
60.0
|
|
|
1.8
|
|
|
9.7
|
|
|
20.6
|
|
|
8.1
|
|
|
100.2
|
|
Less: Earnings
allocated to participating securities
|
|
2.1
|
|
|
0.1
|
|
|
0.4
|
|
|
0.7
|
|
|
0.3
|
|
|
3.6
|
|
Net income available
to diluted common shares
|
|
$
|
57.8
|
|
|
$
|
1.7
|
|
|
$
|
9.4
|
|
|
$
|
19.8
|
|
|
$
|
7.8
|
|
|
$
|
96.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
common share
|
|
$
|
3.25
|
|
|
$
|
0.10
|
|
|
$
|
0.53
|
|
|
$
|
1.11
|
|
|
$
|
0.44
|
|
|
$
|
5.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
26.2
|
%
|
|
|
|
|
|
|
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
72.9
|
%
|
|
|
|
|
|
|
|
|
|
71.3
|
%
|
Operating margin
(2)
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
3.8
|
%
|
Pretax margin
(3)
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
555.5
|
|
|
$
|
(2.1)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
542.8
|
|
Same Store SG&A
as % gross profit (1)
|
|
72.5
|
%
|
|
|
|
|
|
|
|
|
|
70.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
from operations
|
|
$
|
149.8
|
|
|
$
|
2.1
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
186.3
|
|
Same Store operating
margin (2)
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
3.9
|
%
|
(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, as well as asset
impairment charges.
|
(3)
Adjusted pretax margin excludes the
impact of SG&A reconciling items and asset impairment charges,
as well as loss on extinguishment of debt.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - U.S.
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
Three Months Ended
June 30, 2021
|
|
|
U.S.
GAAP
|
|
Dealership
and
real
estate
transactions
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
312.6
|
|
|
$
|
0.8
|
|
|
$
|
313.4
|
|
SG&A as % gross
profit (1)
|
|
55.7
|
%
|
|
|
|
55.9
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
309.4
|
|
|
$
|
—
|
|
|
$
|
309.4
|
|
Same Store SG&A
as % gross profit (1)
|
|
55.8
|
%
|
|
|
|
55.8
|
%
|
|
|
|
Three Months Ended
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Out-of-period
adjustment
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
203.3
|
|
|
$
|
(10.6)
|
|
|
$
|
192.7
|
|
SG&A as % gross
profit (1)
|
|
62.6
|
%
|
|
|
|
59.4
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
200.2
|
|
|
$
|
(10.6)
|
|
|
$
|
189.7
|
|
Same Store SG&A
as % gross profit (1)
|
|
62.5
|
%
|
|
|
|
59.2
|
%
|
|
|
|
Six Months Ended
June 30, 2021
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and
real
estate
transactions
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
574.3
|
|
|
$
|
(2.2)
|
|
|
$
|
1.7
|
|
|
$
|
1.0
|
|
|
$
|
574.7
|
|
SG&A as % gross
profit (1)
|
|
58.8
|
%
|
|
|
|
|
|
|
|
58.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
571.5
|
|
|
$
|
(2.2)
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
570.2
|
|
Same Store SG&A
as % gross profit (1)
|
|
58.9
|
%
|
|
|
|
|
|
|
|
58.8
|
%
|
|
|
|
Six Months Ended
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Out-of-period
adjustment
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
460.8
|
|
|
$
|
(10.6)
|
|
|
$
|
450.2
|
|
SG&A as % gross
profit (1)
|
|
69.2
|
%
|
|
|
|
67.7
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
454.1
|
|
|
$
|
(10.6)
|
|
|
$
|
443.6
|
|
Same Store SG&A
as % gross profit (1)
|
|
69.0
|
%
|
|
|
|
67.4
|
%
|
(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
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
|
28.3
|
|
|
$
|
(1.2)
|
|
|
$
|
27.1
|
|
SG&A as % gross
profit (1)
|
|
96.2
|
%
|
|
|
|
92.1
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
27.3
|
|
|
$
|
(1.2)
|
|
|
$
|
26.1
|
|
Same Store SG&A
as % gross profit (1)
|
|
94.4
|
%
|
|
|
|
90.2
|
%
|
|
|
|
Six Months Ended
June 30, 2021
|
|
|
U.S.
GAAP
|
|
Dealership
and
real
estate
transactions
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
|
105.7
|
|
|
$
|
(0.6)
|
|
|
$
|
105.1
|
|
SG&A as % gross
profit (1)
|
|
68.4
|
%
|
|
|
|
68.1
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
103.1
|
|
|
$
|
—
|
|
|
$
|
103.1
|
|
Same Store SG&A
as % gross profit (1)
|
|
67.8
|
%
|
|
|
|
67.8
|
%
|
|
|
|
Six Months Ended
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
|
88.2
|
|
|
$
|
(1.2)
|
|
|
$
|
86.9
|
|
SG&A as % gross
profit (1)
|
|
93.5
|
%
|
|
|
|
92.2
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
85.1
|
|
|
$
|
(1.2)
|
|
|
$
|
83.9
|
|
Same Store SG&A
as % gross profit (1)
|
|
92.6
|
%
|
|
|
|
91.3
|
%
|
(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)
|
|
|
|
|
|
Six Months Ended
June 30, 2020
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
16.2
|
|
|
$
|
(0.9)
|
|
|
$
|
15.3
|
|
SG&A as % gross
profit (1)
|
|
103.8
|
%
|
|
|
|
98.2
|
%
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
|
16.2
|
|
|
$
|
(0.9)
|
|
|
$
|
15.3
|
|
Same Store SG&A
as % gross profit (1)
|
|
103.5
|
%
|
|
|
|
97.8
|
%
|
(1)
Adjusted SG&A as % of gross profit
excludes the impact of SG&A reconciling items above.
|
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-second-quarter-2021-financial-results-301343858.html
SOURCE Group 1 Automotive, Inc.