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Group 1 Automotive Reports Record Quarterly Earnings
Record Revenue and Strong Expense Leverage Help Drive 34.7% Adjusted EPS Increase

HOUSTON, July 23, 2015 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today reported record second quarter 2015 adjusted net income of $47.9 million, a 19.9 percent increase over the prior year. Adjusted diluted earnings per share of $1.98 were also an all-time record for any quarter, and a 34.7 percent increase from the comparable, adjusted prior-year period.

The quarter included non-recurring net after-tax charges of $1.6 million reflecting non-cash asset impairments of $0.8 million, resolution of a prior period legal matter of $0.6 million, losses from flood damage of $0.6 million, and severance costs of $0.2 million, partially offset by a gain on a dealership disposition of $0.6 million. GAAP net income and diluted earnings per share were $46.3 million and $1.91, respectively. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

"We are pleased to report another record-setting quarter," said Earl J. Hesterberg, Group 1's president and chief executive officer. "The combination of continued solid top-line growth in the United States and the United Kingdom, combined with improved expense leverage, delivered all-time record adjusted diluted EPS of $1.98. We are particularly pleased with our 14 percent increase in both U.S. and U.K. Same Store used vehicle sales and the acceleration of our U.S. parts and service revenue, which was up 8 percent on a Same Store basis. Finally, although overall market conditions have continued to deteriorate in Brazil, the combination of our brand profile and cost cutting initiatives allowed us to deliver a pre-tax profit in that market this quarter, which is an impressive accomplishment by our Brazilian operating team."

Consolidated Results for Second Quarter 2015 (year-over-year comparable basis)

  • Total revenue increased 8.6 percent to an all-time quarterly record of $2.7 billion; total gross profit grew 6.1 percent to $391.6 million. On a constant currency basis, revenues were up 11.7 percent.
  • New vehicle revenue increased 4.7 percent, reflecting 5.4 percent higher unit sales, as U.S. Same Store new vehicle revenue increased 5.2 percent, reflecting unit sales growth of 4.5 percent.
  • Used vehicle retail revenue increased 18.2 percent, primarily reflecting 17.7 percent higher used retail unit sales. U.S. Same Store used vehicle revenue increased 16.1 percent, reflecting 14.2 percent growth in unit sales.
  • Parts and service gross profit increased 9.2 percent on revenue growth of 7.1 percent. U.S. Same Store parts and service gross profit increased 9.3 percent on revenue growth of 8.0 percent.
  • Finance and Insurance (F&I) gross profit increased 16.7 percent, as total retail units sold increased 10.2 percent and F&I per retail unit improved $78 to $1,381, a 6.0 percent increase. U.S. Same Store F&I gross profit grew 13.1 percent, as F&I per retail unit improved $64 to $1,525.
  • Adjusted selling, general and administrative (SG&A) expenses as a percent of gross profit improved 170 basis points, to 71.4 percent. U.S. Same Store adjusted SG&A improved 90 basis points, to a best-quarter-ever level of 69.6 percent. On a GAAP basis, SG&A expenses as a percent of gross profit improved 200 basis points, to 71.7 percent.
  • Adjusted operating margin increased 20 basis points to 3.7 percent. On a GAAP basis, operating margin also grew 20 basis points, to 3.6 percent.

 

For the six-month period ended June 30, 2015, the Company reported adjusted net income of $83.7 million, or $3.44 per diluted share, compared to adjusted net income of $71.3 million, or $2.66 per diluted share for the same period in the prior year. On a GAAP basis, net income and diluted EPS for the six-month period ended June 30, 2015 were $82.1 million and $3.38, respectively. The Company's total revenue for the six-month period ended June 30, 2015 increased 8.1 percent to $5.2 billion. On a constant currency basis, revenue increased 11.0 percent.

Segment Results for Second Quarter 2015 (year-over-year comparable basis)

  • United States:
    The Company's U.S. revenues were $2.3 billion, an increase of 11.0 percent. The revenue growth was primarily attributed to unit sales increases of 6.3 percent in new vehicles and 18.2 percent in retail used vehicles, as well as an increase of 8.3 percent in parts and service revenue. The higher revenue drove U.S. gross profit growth of 8.0 percent, reflecting the higher new and used retail volumes, expanded parts and service gross margins of 90 basis points, and an F&I gross profit increase of 18.2 percent, driven by an increase in both volume and F&I per retail unit of $93 to $1,535.

    On a comparable basis, adjusted SG&A expenses as a percent of gross profit improved 150 basis points to a best ever 69.8 percent and adjusted operating margin grew 10 basis points to 4.1 percent. The Company's U.S. operations accounted for 83.9 percent of total revenues and 87.3 percent of total gross profit.
     
  • United Kingdom:
    The Company's U.K. operations accounted for 11.3 percent of total revenues and 8.7 percent of total gross profit. Total revenue increased 22.6 percent (34.7 percent on a constant currency basis) to $308.2 million, and gross profit increased 14.9 percent (26.1 percent on a local currency basis). The gross profit increase was driven by new vehicle retail revenue growth of 21.6 percent, total used vehicle revenue growth of 23.3 percent, parts and service revenue growth of 24.7 percent, and an F&I revenue increase of 28.7 percent. 

    On a comparable basis, adjusted SG&A expenses as a percent of gross profit increased 230 basis points to 77.9 percent and adjusted operating margin was 2.1 percent.
     
  • Brazil:
    The Company's Brazil operations accounted for 4.8 percent of total revenues and 4.0 percent of total gross profit. Gross profit was $15.5 million, representing an increase of 0.3 percent over prior year on a Same Store constant currency basis.

    Adjusted SG&A expenses as a percent of gross profit improved 420 basis points to 90.9 percent and adjusted operating margin was 0.7 percent, an increase of 40 basis points from the prior year.

 

Corporate Development

During the second quarter of 2015, the Company disposed of one Audi dealership in South Carolina and terminated two Peugeot franchises in Brazil that generated trailing-twelve-month revenues of approximately $25 million.

Year to date, the Company has acquired two Audi franchises that are expected to generate approximately $240 million in annual revenues and disposed of four franchises that generated trailing-twelve-month revenues of approximately $30 million.

Share Repurchase Authorization

During the quarter, the Company repurchased approximately 208,000 shares at an average price per share of $81.30 for a total of $16.9 million. Year to date, the Company has repurchased approximately 407,000 shares at an average price of $81.46 for a total of $33.1 million. As of June 30, 2015, $66.3 million remains available under the Company's prior common stock share repurchase authorization. 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.

Second Quarter Earnings Conference Call Details

The Company's senior management will host a conference call today at 10 a.m. ET to discuss the second quarter financial results and the Company's outlook and strategy.

The conference call will be simulcast live on the Internet at www.group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: http://www.group1corp.com/events. A webcast replay will be available for 30 days.

The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:

Domestic:

1-888-317-6003

International:

1-412-317-6061

Access Code:

7294157

A telephonic replay will be available following the call through August 28, 2015 at 11:59 p.m. ET by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Access Code:

10068876

About Group 1 Automotive, Inc. 
Group 1 owns and operates 148 automotive dealerships, 193 franchises, and 38 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 and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Group 1 Automotive can be reached on the Internet at www.group1auto.com.
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 often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain 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) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, and (i) our ability to retain key personnel. 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.

Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com

Media contacts:
Pete DeLongchamps
V.P. 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.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

           
 

 Three Months Ended June 30, 

 

2015

 

2014

 

% Change

REVENUES:

         

New vehicle retail sales

$ 1,534,262

 

$ 1,466,064

 

4.7

Used vehicle retail sales

682,294

 

577,250

 

18.2

Used vehicle wholesale sales

101,512

 

94,971

 

6.9

Parts and service

303,193

 

283,207

 

7.1

Finance and insurance

105,219

 

90,146

 

16.7

Total revenues

2,726,480

 

2,511,638

 

8.6

           

COST OF SALES:

         

New vehicle retail sales

1,458,132

 

1,385,218

 

5.3

Used vehicle retail sales

636,235

 

531,584

 

19.7

Used vehicle wholesale sales

102,445

 

93,730

 

9.3

Parts and service

138,095

 

131,958

 

4.7

Total cost of sales

2,334,907

 

2,142,490

 

9.0

           

GROSS PROFIT

391,573

 

369,148

 

6.1

           

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

280,568

 

271,970

 

3.2

           

DEPRECIATION AND AMORTIZATION EXPENSE

11,946

 

10,753

 

11.1

           

ASSET IMPAIRMENTS

1,039

 

1,721

 

(39.6)

           

OPERATING INCOME

98,020

 

84,704

 

15.7

           

OTHER EXPENSE:

         

Floorplan interest expense

(10,015)

 

(10,329)

 

(3.0)

Other interest expense, net

(14,228)

 

(12,567)

 

13.2

Loss on extinguishment of long-term debt

-

 

(23,614)

 

(100.0)

INCOME BEFORE INCOME TAXES

73,777

 

38,194

 

93.2

           

PROVISION FOR INCOME TAXES

(27,467)

 

(21,332)

 

28.8

           

NET INCOME

$      46,310

 

$      16,862

 

174.6

Earnings allocated to participating securities

$      (1,792)

 

$         (619)

 

189.5

Earnings available to diluted common shares

$      44,518

 

$      16,243

 

174.1

DILUTED EARNINGS PER SHARE

$          1.91

 

$          0.62

 

208.1

Weighted average dilutive common shares outstanding

23,315

 

26,242

 

(11.2)

Weighted average participating securities

944

 

986

 

(4.3)

Total weighted average shares outstanding

24,259

 

27,228

 

(10.9)

           
   
   
 

 Six Months Ended June 30, 

 

2015

 

2014

 

% Change

REVENUES:

         

New vehicle retail sales

$ 2,866,986

 

$ 2,734,900

 

4.8

Used vehicle retail sales

1,305,487

 

1,127,147

 

15.8

Used vehicle wholesale sales

201,704

 

184,144

 

9.5

Parts and service

585,382

 

552,524

 

5.9

Finance and insurance

199,775

 

173,786

 

15.0

Total revenues

5,159,334

 

4,772,501

 

8.1

           

COST OF SALES:

         

New vehicle retail sales

2,721,125

 

2,587,148

 

5.2

Used vehicle retail sales

1,213,307

 

1,038,680

 

16.8

Used vehicle wholesale sales

199,958

 

179,791

 

11.2

Parts and service

269,487

 

259,612

 

3.8

Total cost of sales

4,403,877

 

4,065,231

 

8.3

           

GROSS PROFIT

755,457

 

707,270

 

6.8

           

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

552,037

 

529,528

 

4.3

           

DEPRECIATION AND AMORTIZATION EXPENSE

23,630

 

20,678

 

14.3

           

ASSET IMPAIRMENTS

1,039

 

1,721

 

(39.6)

           

OPERATING INCOME

178,751

 

155,343

 

15.1

           

OTHER EXPENSE:

         

Floorplan interest expense

(19,362)

 

(21,242)

 

(8.9)

Other interest expense, net

(28,139)

 

(23,080)

 

21.9

Loss on extinguishment of long-term debt

-

 

(23,614)

 

(100.0)

INCOME BEFORE INCOME TAXES

131,250

 

87,407

 

50.2

           

PROVISION FOR INCOME TAXES

(49,126)

 

(39,242)

 

25.2

           

NET INCOME

$      82,124

 

$      48,165

 

70.5

Earnings allocated to participating securities

$      (3,176)

 

$      (1,773)

 

79.1

Earnings available to diluted common shares

$      78,948

 

$      46,392

 

70.2

DILUTED EARNINGS PER SHARE

$          3.38

 

$          1.80

 

87.8

Weighted average dilutive common shares outstanding

23,380

 

25,837

 

(9.5)

Weighted average participating securities

938

 

974

 

(3.7)

Total weighted average shares outstanding

24,318

 

26,811

 

(9.3)

 

Group 1 Automotive, Inc.

Consolidated Balance Sheets

(Dollars in thousands)

             
   

June 30,

2015

 

December 31,

2014

   
       

% Change

 ASSETS: 

 

(Unaudited)

       

 CURRENT ASSETS: 

           

 Cash and cash equivalents 

 

$         24,225

 

$            40,975

 

(40.9)

 Contracts in transit and vehicle receivables, net 

 

233,888

 

237,448

 

(1.5)

 Accounts and notes receivable, net 

 

144,265

 

151,330

 

(4.7)

 Inventories, net 

 

1,657,105

 

1,556,705

 

6.4

 Deferred income taxes 

 

12,031

 

11,062

 

8.8

 Prepaid expenses and other current assets 

 

27,851

 

37,699

 

(26.1)

 Total current assets 

 

2,099,365

 

2,035,219

 

3.2

 PROPERTY AND EQUIPMENT, net 

 

965,363

 

950,388

 

1.6

 GOODWILL AND INTANGIBLE FRANCHISE RIGHTS 

 

1,219,011

 

1,134,324

 

7.5

 OTHER ASSETS 

 

19,235

 

21,561

 

(10.8)

 Total assets 

 

$    4,302,974

 

$       4,141,492

 

3.9

             

 LIABILITIES AND STOCKHOLDERS' EQUITY: 

           

 CURRENT LIABILITIES: 

           

 Floorplan notes payable - credit facility and other 

 

$    1,205,729

 

$       1,143,246

 

5.5

 Offset account related to floorplan notes payable - credit facility 

 

(22,466)

 

(39,616)

 

(43.3)

 Floorplan notes payable - manufacturer affiliates 

 

308,710

 

307,656

 

0.3

 Offset account related to floorplan notes payable - manufacturer affiliates 

 

(23,300)

 

(22,500)

 

3.6

 Current maturities of long-term debt  

 

76,442

 

72,630

 

5.2

 Accounts payable 

 

304,361

 

288,320

 

5.6

 Accrued expenses 

 

161,123

 

172,463

 

(6.6)

 Total current liabilities 

 

2,010,599

 

1,922,199

 

4.6

 5.00% SENIOR NOTES (aggregate principal of $550,000 at June 30, 2015 and December 31, 2014) 

 

540,666

 

540,100

 

0.1

 REAL ESTATE CREDIT FACILITY, net of current maturities 

 

25,429

 

27,099

 

(6.2)

 ACQUISITION LINE 

 

90,721

 

69,713

 

30.1

 OTHER REAL ESTATE RELATED AND LONG-TERM DEBT, net of current maturities 

 

334,736

 

319,984

 

4.6

 CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities 

 

50,300

 

51,941

 

(3.2)

 DEFERRED INCOME TAXES 

 

147,818

 

141,239

 

4.7

 LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES 

 

29,020

 

25,311

 

14.7

 OTHER LIABILITIES 

 

69,534

 

65,896

 

5.5

 STOCKHOLDERS' EQUITY: 

           

 Common stock 

 

258

 

257

 

0.4

 Additional paid-in capital 

 

287,045

 

286,854

 

0.1

 Retained earnings 

 

924,473

 

852,057

 

8.5

 Accumulated other comprehensive loss 

 

(103,341)

 

(81,984)

 

26.1

 Treasury stock 

 

(104,284)

 

(79,174)

 

31.7

 Total stockholders' equity 

 

$    1,004,151

 

$          978,010

 

2.7

 Total liabilities and stockholders' equity 

 

$    4,302,974

 

$       4,141,492

 

3.9

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                   
     

Three Months Ended

 

Six Months Ended

     

June 30,

 

June 30,

     

2015 (%)

 

2014 (%)

 

2015 (%)

 

2014 (%)

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

             

Region

Geographic Market

               

East

Massachusetts

 

6.5

 

5.9

 

6.2

 

5.7

 

Georgia

 

4.6

 

4.8

 

4.6

 

4.6

 

New Jersey

 

2.4

 

3.7

 

2.3

 

3.5

 

Florida

 

2.3

 

1.4

 

1.8

 

1.3

 

New Hampshire

 

2.0

 

2.2

 

1.9

 

2.2

 

Louisiana

 

1.6

 

1.8

 

1.6

 

1.9

 

Mississippi

 

1.5

 

1.5

 

1.5

 

1.4

 

South Carolina

 

1.4

 

1.5

 

1.4

 

1.4

 

Alabama

 

0.7

 

0.9

 

0.8

 

0.8

 

Maryland

 

0.5

 

0.5

 

0.5

 

0.5

 

New York

 

 

2.2

 

 

2.0

     

23.5

 

26.4

 

22.6

 

25.3

                   

West

Texas

 

38.5

 

34.1

 

38.6

 

34.1

 

California

 

10.1

 

9.9

 

9.8

 

9.7

 

Oklahoma

 

7.5

 

8.1

 

7.6

 

8.3

 

Kansas

 

2.1

 

2.5

 

2.1

 

2.5

 

Louisiana

 

0.7

 

0.7

 

0.7

 

0.7

     

58.9

 

55.3

 

58.8

 

55.3

                   

International

United Kingdom

 

10.5

 

8.5

 

10.9

 

9.2

 

Brazil

 

7.1

 

9.8

 

7.7

 

10.2

     

100.0

 

100.0

 

100.0

 

100.0

                   

NEW VEHICLE UNIT SALES BRAND MIX:

               

Toyota/Scion/Lexus

 

26.9

 

27.2

 

26.5

 

26.6

BMW/MINI

 

11.3

 

11.7

 

11.5

 

11.5

Ford/Lincoln

 

11.2

 

10.8

 

11.6

 

11.4

Honda/Acura

 

10.8

 

11.4

 

10.8

 

11.5

Nissan

 

8.2

 

9.3

 

8.7

 

9.5

Chevrolet/GMC/Buick/Cadillac

 

7.3

 

5.4

 

7.4

 

5.4

Volkswagen/Audi/Porsche

 

7.2

 

6.3

 

6.6

 

6.4

Hyundai/Kia

 

6.4

 

5.5

 

6.0

 

5.5

Chrysler/Dodge/Jeep/RAM

 

4.8

 

4.4

 

4.6

 

4.5

Mercedes-Benz/smart/Sprinter

 

4.3

 

4.4

 

4.2

 

4.2

Other

 

1.6

 

3.6

 

2.1

 

3.5

     

100.0

 

100.0

 

100.0

 

100.0

 

Group 1 Automotive, Inc.

Additional Information - U.S.

(Unaudited)

(Dollars in thousands, except per unit amounts)

             
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

REVENUES:

           

New vehicle retail sales

 

$    1,279,569

 

$    1,191,321

 

7.4

Used vehicle retail sales

 

572,533

 

474,075

 

20.8

Used vehicle wholesale sales

 

73,493

 

68,649

 

7.1

Total used

 

646,026

 

542,724

 

19.0

Parts and service

 

264,063

 

243,796

 

8.3

Finance and insurance

 

97,789

 

82,755

 

18.2

Total

 

$    2,287,447

 

$    2,060,596

 

11.0

             

GROSS MARGIN %:

           

New vehicle retail sales

 

4.6

 

5.2

   

Used vehicle retail sales

 

7.0

 

8.2

   

Used vehicle wholesale sales

 

(0.6)

 

1.7

   

Total used

 

6.2

 

7.4

   

Parts and service

 

55.0

 

54.1

   

Finance and insurance

 

100.0

 

100.0

   

Total

 

15.0

 

15.4

   
             

GROSS PROFIT:

           

New vehicle retail sales

 

$         59,434

 

$         62,096

 

(4.3)

Used vehicle retail sales

 

40,301

 

38,922

 

3.5

Used vehicle wholesale sales

 

(457)

 

1,139

 

(140.1)

Total used

 

39,844

 

40,061

 

(0.5)

Parts and service

 

145,117

 

131,865

 

10.0

Finance and insurance

 

97,789

 

82,755

 

18.2

Total

 

$       342,184

 

$       316,777

 

8.0

             

UNITS SOLD:

           

Retail new vehicles sold

 

36,882

 

34,685

 

6.3

Retail used vehicles sold

 

26,835

 

22,707

 

18.2

Wholesale used vehicles sold

 

11,265

 

10,461

 

7.7

Total used

 

38,100

 

33,168

 

14.9

             

AVERAGE RETAIL SALES PRICE:

           

New vehicle retail

 

$         34,694

 

$         34,347

 

1.0

Used vehicle retail

 

$         21,335

 

$         20,878

 

2.2

             

GROSS PROFIT PER UNIT SOLD:

           

New vehicle retail sales

 

$           1,611

 

$           1,790

 

(10.0)

Used vehicle retail sales

 

1,502

 

1,714

 

(12.4)

Used vehicle wholesale sales

 

(41)

 

109

 

(137.6)

Total used

 

1,046

 

1,208

 

(13.4)

Finance and insurance (per retail unit)

 

$           1,535

 

$           1,442

 

6.4

OTHER: (1)

           

SG&A expenses

 

$       238,964

 

$       225,898

 

5.8

SG&A as % revenues

 

10.4

 

11.0

   

SG&A as % gross profit

 

69.8

 

71.3

   

Operating margin %

 

4.1

 

4.0

   

Pretax margin %

 

3.1

 

3.0

   
             

INTEREST EXPENSE:

           

Floorplan interest

 

$         (8,958)

 

$         (8,361)

 

7.1

Floorplan assistance

 

12,583

 

11,378

 

10.6

Net floorplan income

 

$           3,625

 

$           3,017

 

20.2

Other interest expense, net

 

$       (13,073)

 

$       (11,799)

 

10.8

             
             
             
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

REVENUES:

           

New vehicle retail sales

 

$    2,366,728

 

$    2,203,873

 

7.4

Used vehicle retail sales

 

1,084,506

 

924,562

 

17.3

Used vehicle wholesale sales

 

142,871

 

133,120

 

7.3

Total used

 

1,227,377

 

1,057,682

 

16.0

Parts and service

 

507,007

 

474,115

 

6.9

Finance and insurance

 

184,835

 

159,552

 

15.8

Total

 

$    4,285,947

 

$    3,895,222

 

10.0

             

GROSS MARGIN %:

           

New vehicle retail sales

 

4.8

 

5.1

   

Used vehicle retail sales

 

7.5

 

8.3

   

Used vehicle wholesale sales

 

1.2

 

2.6

   

Total used

 

6.7

 

7.5

   

Parts and service

 

54.5

 

53.6

   

Finance and insurance

 

100.0

 

100.0

   

Total

 

15.3

 

15.6

   
             

GROSS PROFIT:

           

New vehicle retail sales

 

$       113,121

 

$       113,031

 

0.1

Used vehicle retail sales

 

80,853

 

76,362

 

5.9

Used vehicle wholesale sales

 

1,688

 

3,395

 

(50.3)

Total used

 

82,541

 

79,757

 

3.5

Parts and service

 

276,175

 

254,168

 

8.7

Finance and insurance

 

184,835

 

159,552

 

15.8

Total

 

$       656,672

 

$       606,508

 

8.3

             

UNITS SOLD:

           

Retail new vehicles sold

 

68,320

 

64,632

 

5.7

Retail used vehicles sold

 

51,983

 

45,450

 

14.4

Wholesale used vehicles sold

 

21,809

 

20,411

 

6.8

Total used

 

73,792

 

65,861

 

12.0

             

AVERAGE RETAIL SALES PRICE:

           

New vehicle retail

 

$         34,642

 

$         34,099

 

1.6

Used vehicle retail

 

$         20,863

 

$         20,342

 

2.6

             

GROSS PROFIT PER UNIT SOLD:

           

New vehicle retail sales

 

$           1,656

 

$           1,749

 

(5.3)

Used vehicle retail sales

 

1,555

 

1,680

 

(7.4)

Used vehicle wholesale sales

 

77

 

166

 

(53.6)

Total used

 

1,119

 

1,211

 

(7.6)

Finance and insurance (per retail unit)

 

$           1,536

 

$           1,449

 

6.0

             

OTHER: (1)

           

SG&A expenses

 

$       468,937

 

$       442,294

 

6.0

SG&A as % revenues

 

10.9

 

11.4

   

SG&A as % gross profit

 

71.4

 

72.9

   

Operating margin %

 

3.9

 

3.8

   

Pretax margin %

 

2.9

 

2.8

   
             

INTEREST EXPENSE:

           

 Floorplan interest 

 

$       (17,476)

 

$       (16,945)

 

3.1

 Floorplan assistance 

 

23,159

 

21,093

 

9.8

 Net floorplan income 

 

$           5,683

 

$           4,148

 

37.0

 Other interest expense, net 

 

$       (25,797)

 

$       (22,062)

 

16.9

             

(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

Additional Information - U.K.

(Unaudited)

(Dollars in thousands, except per unit amounts)

                 
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 160,245

 

$ 131,803

 

21.6

 

33.6

Used vehicle retail sales

 

91,172

 

73,260

 

24.4

 

36.8

Used vehicle wholesale sales

 

25,756

 

21,549

 

19.5

 

31.5

Total used

 

116,928

 

94,809

 

23.3

 

35.6

Parts and service

 

25,202

 

20,211

 

24.7

 

37.0

Finance and insurance

 

5,792

 

4,501

 

28.7

 

41.3

Total

 

$ 308,167

 

$ 251,324

 

22.6

 

34.7

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

6.1

 

6.9

       

Used vehicle retail sales

 

5.4

 

6.7

       

Used vehicle wholesale sales

 

(2.5)

 

(1.3)

       

Total used

 

3.6

 

4.9

       

Parts and service

 

55.8

 

56.1

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.0

 

11.7

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$     9,792

 

$     9,040

 

8.3

 

18.7

Used vehicle retail sales

 

4,894

 

4,930

 

(0.7)

 

9.2

Used vehicle wholesale sales

 

(632)

 

(281)

 

124.9

 

145.5

Total used

 

4,262

 

4,649

 

(8.3)

 

0.9

Parts and service

 

14,070

 

11,336

 

24.1

 

36.4

Finance and insurance

 

5,792

 

4,501

 

28.7

 

41.3

Total

 

$   33,916

 

$   29,526

 

14.9

 

26.1

                 

UNITS SOLD:

               

Retail new vehicles sold

 

4,686

 

3,626

 

29.2

   

Retail used vehicles sold

 

3,638

 

2,720

 

33.8

   

Wholesale used vehicles sold

 

2,956

 

2,195

 

34.7

   

Total used

 

6,594

 

4,915

 

34.2

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   34,197

 

$   36,349

 

(5.9)

 

3.4

Used vehicle retail

 

$   25,061

 

$   26,934

 

(7.0)

 

2.3

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     2,090

 

$     2,493

 

(16.2)

 

(8.2)

Used vehicle retail sales

 

1,345

 

1,813

 

(25.8)

 

(18.4)

Used vehicle wholesale sales

 

(214)

 

(128)

 

67.2

 

82.3

Total used

 

646

 

946

 

(31.7)

 

(24.8)

Finance and insurance (per retail unit)

 

$        696

 

$        709

 

(1.8)

 

7.7

OTHER: (1)

               

SG&A expenses

 

$   26,433

 

$   22,316

 

18.4

 

30.2

SG&A as % revenues

 

8.6

 

8.9

       

SG&A as % gross profit

 

77.9

 

75.6

       

Operating margin %

 

2.1

 

2.5

       

Pretax margin %

 

1.6

 

2.2

       
                 

INTEREST EXPENSE:

               

Floorplan interest

 

$      (555)

 

$      (336)

 

65.2

   

Floorplan assistance

 

198

 

156

 

26.9

   

Net floorplan expense

 

$      (357)

 

$      (180)

 

98.3

   

Other interest expense, net

 

$      (824)

 

$      (509)

 

61.9

   
                 
                 
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 311,456

 

$ 262,404

 

18.7

 

30.4

Used vehicle retail sales

 

180,308

 

144,737

 

24.6

 

36.5

Used vehicle wholesale sales

 

53,834

 

41,194

 

30.7

 

43.3

Total used

 

234,142

 

185,931

 

25.9

 

38.0

Parts and service

 

50,790

 

41,571

 

22.2

 

33.8

Finance and insurance

 

11,320

 

9,119

 

24.1

 

36.1

Total

 

$ 607,708

 

$ 499,025

 

21.8

 

33.6

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

6.3

 

6.7

       

Used vehicle retail sales

 

5.3

 

5.9

       

Used vehicle wholesale sales

 

(0.6)

 

0.4

       

Total used

 

3.9

 

4.7

       

Parts and service

 

54.7

 

55.1

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.2

 

11.7

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$   19,742

 

$   17,538

 

12.6

 

23.8

Used vehicle retail sales

 

9,532

 

8,519

 

11.9

 

22.8

Used vehicle wholesale sales

 

(311)

 

170

 

(282.9)

 

(296.2)

Total used

 

9,221

 

8,689

 

6.1

 

16.5

Parts and service

 

27,791

 

22,909

 

21.3

 

32.9

Finance and insurance

 

11,320

 

9,119

 

24.1

 

36.1

Total

 

$   68,074

 

$   58,255

 

16.9

 

28.2

                 

UNITS SOLD:

               

Retail new vehicles sold

 

9,195

 

7,371

 

24.7

   

Retail used vehicles sold

 

7,281

 

5,459

 

33.4

   

Wholesale used vehicles sold

 

5,891

 

4,356

 

35.2

   

Total used

 

13,172

 

9,815

 

34.2

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   33,872

 

$   35,600

 

(4.9)

 

4.6

Used vehicle retail

 

$   24,764

 

$   26,513

 

(6.6)

 

2.3

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     2,147

 

$     2,379

 

(9.8)

 

(0.7)

Used vehicle retail sales

 

1,309

 

1,561

 

(16.1)

 

(7.9)

Used vehicle wholesale sales

 

(53)

 

39

 

(235.9)

 

(245.1)

Total used

 

700

 

885

 

(20.9)

 

(13.2)

Finance and insurance (per retail unit)

 

$        687

 

$        711

 

(3.4)

 

6.0

                 

OTHER:(1)

               

SG&A expenses

 

$   53,195

 

$   44,788

 

18.8

 

30.2

SG&A as % revenues

 

8.8

 

9.0

       

SG&A as % gross profit

 

78.1

 

76.9

       

Operating margin %

 

2.1

 

2.4

       

Pretax margin %

 

1.7

 

2.0

       
                 

INTEREST EXPENSE:

               

 Floorplan interest 

 

$   (1,065)

 

$      (769)

 

38.5

   

 Floorplan assistance 

 

383

 

258

 

48.4

   

 Net floorplan expense 

 

$      (682)

 

$      (511)

 

33.5

   

 Other interest expense, net 

 

$   (1,559)

 

$      (960)

 

62.4

   
                 

(1) These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

Additional Information - Brazil

(Unaudited)

(Dollars in thousands, except per unit amounts)

                 
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$   94,448

 

$ 142,940

 

(33.9)

 

(8.9)

Used vehicle retail sales

 

18,589

 

29,915

 

(37.9)

 

(14.3)

Used vehicle wholesale sales

 

2,263

 

4,773

 

(52.6)

 

(34.6)

Total used

 

20,852

 

34,688

 

(39.9)

 

(17.1)

Parts and service

 

13,928

 

19,200

 

(27.5)

 

0.1

Finance and insurance

 

1,638

 

2,890

 

(43.3)

 

(21.9)

Total

 

$ 130,866

 

$ 199,718

 

(34.5)

 

(9.6)

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

7.3

 

6.8

       

Used vehicle retail sales

 

4.6

 

6.1

       

Used vehicle wholesale sales

 

6.9

 

8.0

       

Total used

 

4.9

 

6.3

       

Parts and service

 

42.4

 

41.9

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.8

 

11.4

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$     6,904

 

$     9,710

 

(28.9)

 

(2.0)

Used vehicle retail sales

 

864

 

1,814

 

(52.4)

 

(34.3)

Used vehicle wholesale sales

 

156

 

383

 

(59.3)

 

(43.9)

Total used

 

1,020

 

2,197

 

(53.6)

 

(36.0)

Parts and service

 

5,911

 

8,048

 

(26.6)

 

1.3

Finance and insurance

 

1,638

 

2,890

 

(43.3)

 

(21.9)

Total

 

$   15,473

 

$   22,845

 

(32.3)

 

(6.6)

                 

UNITS SOLD:

               

Retail new vehicles sold

 

3,197

 

4,145

 

(22.9)

   

Retail used vehicles sold

 

966

 

1,294

 

(25.3)

   

Wholesale used vehicles sold

 

406

 

574

 

(29.3)

   

Total used

 

1,372

 

1,868

 

(26.6)

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   29,543

 

$   34,485

 

(14.3)

 

18.1

Used vehicle retail

 

$   19,243

 

$   23,118

 

(16.8)

 

14.8

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     2,160

 

$     2,343

 

(7.8)

 

27.1

Used vehicle retail sales

 

894

 

1,402

 

(36.2)

 

(12.0)

Used vehicle wholesale sales

 

384

 

667

 

(42.4)

 

(20.7)

Total used

 

743

 

1,176

 

(36.8)

 

(12.8)

Finance and insurance (per retail unit)

 

$        393

 

$        531

 

(26.0)

 

2.1

OTHER: (1)

               

SG&A expenses

 

$   14,063

 

$   21,732

 

(35.3)

 

(10.7)

SG&A as % revenues

 

10.7

 

10.9

       

SG&A as % gross profit

 

90.9

 

95.1

       

Operating margin %

 

0.7

 

0.3

       

Pretax margin %

 

-

 

(0.7)

       
                 

INTEREST EXPENSE:

               

 Floorplan interest 

 

$      (502)

 

$   (1,632)

 

(69.2)

   

 Floorplan assistance 

 

 

 

   

 Net floorplan expense 

 

$      (502)

 

$   (1,632)

 

(69.2)

   

 Other interest expense, net 

 

$      (331)

 

$      (259)

 

27.8

   
                 
                 
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 188,802

 

$ 268,623

 

(29.7)

 

(9.1)

Used vehicle retail sales

 

40,673

 

57,848

 

(29.7)

 

(9.9)

Used vehicle wholesale sales

 

4,999

 

9,830

 

(49.1)

 

(35.2)

Total used

 

45,672

 

67,678

 

(32.5)

 

(13.5)

Parts and service

 

27,585

 

36,838

 

(25.1)

 

(3.0)

Finance and insurance

 

3,620

 

5,115

 

(29.2)

 

(8.7)

Total

 

$ 265,679

 

$ 378,254

 

(29.8)

 

(9.3)

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

6.9

 

6.4

       

Used vehicle retail sales

 

4.4

 

6.2

       

Used vehicle wholesale sales

 

7.4

 

8.0

       

Total used

 

4.7

 

6.5

       

Parts and service

 

43.2

 

43.0

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.6

 

11.2

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$   12,998

 

$   17,183

 

(24.4)

 

(1.8)

Used vehicle retail sales

 

1,795

 

3,586

 

(49.9)

 

(36.0)

Used vehicle wholesale sales

 

369

 

788

 

(53.2)

 

(40.5)

Total used

 

2,164

 

4,374

 

(50.5)

 

(36.8)

Parts and service

 

11,929

 

15,835

 

(24.7)

 

(2.7)

Finance and insurance

 

3,620

 

5,115

 

(29.2)

 

(8.7)

Total

 

$   30,711

 

$   42,507

 

(27.8)

 

(6.6)

                 

UNITS SOLD:

               

Retail new vehicles sold

 

6,489

 

8,202

 

(20.9)

   

Retail used vehicles sold

 

2,158

 

2,689

 

(19.7)

   

Wholesale used vehicles sold

 

867

 

1,247

 

(30.5)

   

Total used

 

3,025

 

3,936

 

(23.1)

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   29,096

 

$   32,751

 

(11.2)

 

14.9

Used vehicle retail

 

$   18,848

 

$   21,513

 

(12.4)

 

12.3

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     2,003

 

$     2,095

 

(4.4)

 

24.1

Used vehicle retail sales

 

832

 

1,334

 

(37.6)

 

(20.3)

Used vehicle wholesale sales

 

426

 

632

 

(32.6)

 

(14.4)

Total used

 

715

 

1,111

 

(35.6)

 

(17.8)

Finance and insurance (per retail unit)

 

$        419

 

$        470

 

(10.9)

 

15.0

                 

OTHER: (1)

               

SG&A expenses

 

$   28,798

 

$   40,422

 

(28.8)

 

(7.9)

SG&A as % revenues

 

10.8

 

10.7

       

SG&A as % gross profit

 

93.8

 

95.1

       

Operating margin %

 

0.3

 

0.3

       

Pretax margin %

 

(0.3)

 

(0.7)

       
                 

INTEREST EXPENSE:

               

 Floorplan interest 

 

$      (821)

 

$   (3,528)

 

(76.7)

   

 Floorplan assistance 

 

 

 

   

 Net floorplan expense 

 

$      (821)

 

$   (3,528)

 

(76.7)

   

 Other interest expense, net 

 

$      (784)

 

$        (58)

 

1,251.7

   
                 

(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

(Dollars in thousands, except per unit amounts)

                 
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$    1,534,262

 

$    1,466,064

 

4.7

 

8.2

Used vehicle retail sales

 

682,294

 

577,250

 

18.2

 

21.0

Used vehicle wholesale sales

 

101,512

 

94,971

 

6.9

 

10.5

Total used

 

783,806

 

672,221

 

16.6

 

19.5

Parts and service

 

303,193

 

283,207

 

7.1

 

9.8

Finance and insurance

 

105,219

 

90,146

 

16.7

 

18.0

Total

 

$    2,726,480

 

$    2,511,638

 

8.6

 

11.7

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

5.0

 

5.5

       

Used vehicle retail sales

 

6.8

 

7.9

       

Used vehicle wholesale sales

 

(0.9)

 

1.3

       

Total used

 

5.8

 

7.0

       

Parts and service

 

54.5

 

53.4

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

14.4

 

14.7

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$         76,130

 

$         80,846

 

(5.8)

 

(1.4)

Used vehicle retail sales

 

46,059

 

45,666

 

0.9

 

2.6

Used vehicle wholesale sales

 

(933)

 

1,241

 

(175.2)

 

(175.2)

Total used

 

45,126

 

46,907

 

(3.8)

 

(2.1)

Parts and service

 

165,098

 

151,249

 

9.2

 

11.6

Finance and insurance

 

105,219

 

90,146

 

16.7

 

18.0

Total

 

$       391,573

 

$       369,148

 

6.1

 

8.6

                 

UNITS SOLD:

               

Retail new vehicles sold

 

44,765

 

42,456

 

5.4

   

Retail used vehicles sold

 

31,439

 

26,721

 

17.7

   

Wholesale used vehicles sold

 

14,627

 

13,230

 

10.6

   

Total used

 

46,066

 

39,951

 

15.3

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$         34,274

 

$         34,531

 

(0.7)

 

2.6

Used vehicle retail

 

$         21,702

 

$         21,603

 

0.5

 

2.8

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$           1,701

 

$           1,904

 

(10.7)

 

(6.5)

Used vehicle retail sales

 

1,465

 

1,709

 

(14.3)

 

(12.8)

Used vehicle wholesale sales

 

(64)

 

94

 

(168.1)

 

(168.0)

Total used

 

980

 

1,174

 

(16.5)

 

(15.1)

Finance and insurance (per retail unit)

 

$           1,381

 

$           1,303

 

6.0

 

7.2

OTHER: (1)

               

SG&A expenses

 

$       279,460

 

$       269,946

 

3.5

 

6.5

SG&A as % revenues

 

10.2

 

10.7

       

SG&A as % gross profit

 

71.4

 

73.1

       

Operating margin %

 

3.7

 

3.5

       

Pretax margin %

 

2.8

 

2.6

       
                 

INTEREST EXPENSE:

               

 Floorplan interest 

 

$       (10,015)

 

$       (10,329)

 

(3.0)

   

 Floorplan assistance 

 

12,781

 

11,534

 

10.8

   

 Net floorplan income 

 

$           2,766

 

$           1,205

 

129.5

   

 Other interest expense, net 

 

$       (14,228)

 

$       (12,567)

 

13.2

   
                 
                 
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$    2,866,986

 

$    2,734,900

 

4.8

 

8.0

Used vehicle retail sales

 

1,305,487

 

1,127,147

 

15.8

 

18.4

Used vehicle wholesale sales

 

201,704

 

184,144

 

9.5

 

13.1

Total used

 

1,507,191

 

1,311,291

 

14.9

 

17.6

Parts and service

 

585,382

 

552,524

 

5.9

 

8.3

Finance and insurance

 

199,775

 

173,786

 

15.0

 

16.2

Total

 

$    5,159,334

 

$    4,772,501

 

8.1

 

11.0

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

5.1

 

5.4

       

Used vehicle retail sales

 

7.1

 

7.8

       

Used vehicle wholesale sales

 

0.9

 

2.4

       

Total used

 

6.2

 

7.1

       

Parts and service

 

54.0

 

53.0

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

14.6

 

14.8

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$       145,861

 

$       147,752

 

(1.3)

 

2.7

Used vehicle retail sales

 

92,180

 

88,467

 

4.2

 

5.8

Used vehicle wholesale sales

 

1,746

 

4,353

 

(59.9)

 

(58.1)

Total used

 

93,926

 

92,820

 

1.2

 

2.8

Parts and service

 

315,895

 

292,912

 

7.8

 

9.9

Finance and insurance

 

199,775

 

173,786

 

15.0

 

16.2

Total

 

$       755,457

 

$       707,270

 

6.8

 

9.0

                 

UNITS SOLD:

               

Retail new vehicles sold

 

84,004

 

80,205

 

4.7

   

Retail used vehicles sold

 

61,422

 

53,598

 

14.6

   

Wholesale used vehicles sold

 

28,567

 

26,014

 

9.8

   

Total used

 

89,989

 

79,612

 

13.0

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$         34,129

 

$         34,099

 

0.1

 

3.1

Used vehicle retail

 

$         21,254

 

$         21,030

 

1.1

 

3.3

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$           1,736

 

$           1,842

 

(5.8)

 

(2.0)

Used vehicle retail sales

 

1,501

 

1,651

 

(9.1)

 

(7.7)

Used vehicle wholesale sales

 

61

 

167

 

(63.5)

 

(61.9)

Total used

 

1,044

 

1,166

 

(10.5)

 

(9.0)

Finance and insurance (per retail unit)

 

$           1,374

 

$           1,299

 

5.8

 

6.9

                 

OTHER: (1)

               

SG&A expenses

 

$       550,930

 

$       527,504

 

4.4

 

7.0

SG&A as % revenues

 

10.7

 

11.1

       

SG&A as % gross profit

 

72.9

 

74.6

       

Operating margin %

 

3.5

 

3.3

       

Pretax margin %

 

2.6

 

2.4

       
                 

INTEREST EXPENSE:

               

 Floorplan interest 

 

$       (19,362)

 

$       (21,242)

 

(8.9)

   

 Floorplan assistance 

 

23,542

 

21,351

 

10.3

   

 Net floorplan income 

 

$           4,180

 

$              109

 

3,734.9

   

 Other interest expense, net 

 

$       (28,139)

 

$       (23,080)

 

21.9

   
                 

(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

Additional Information - Same Store U.S. (1)

(Unaudited)

(Dollars in thousands, except per unit amounts)

             
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

REVENUES:

           

New vehicle retail sales

 

$ 1,186,659

 

$ 1,128,008

 

5.2

Used vehicle retail sales

 

527,586

 

454,384

 

16.1

Used vehicle wholesale sales

 

65,582

 

65,332

 

0.4

Total used

 

593,168

 

519,716

 

14.1

Parts and service

 

249,437

 

230,988

 

8.0

Finance and insurance

 

91,104

 

80,567

 

13.1

Total

 

$ 2,120,368

 

$ 1,959,279

 

8.2

             

GROSS MARGIN %:

           

New vehicle retail sales

 

4.5

 

5.2

   

Used vehicle retail sales

 

7.1

 

8.3

   

Used vehicle wholesale sales

 

(0.2)

 

1.7

   

Total used

 

6.3

 

7.5

   

Parts and service

 

54.7

 

54.0

   

Finance and insurance

 

100.0

 

100.0

   

Total

 

15.0

 

15.5

   
             

GROSS PROFIT:

           

New vehicle retail sales

 

$      53,742

 

$      58,636

 

(8.3)

Used vehicle retail sales

 

37,374

 

37,686

 

(0.8)

Used vehicle wholesale sales

 

(134)

 

1,108

 

(112.1)

Total used

 

37,240

 

38,794

 

(4.0)

Parts and service

 

136,362

 

124,758

 

9.3

Finance and insurance

 

91,104

 

80,567

 

13.1

Total

 

$    318,448

 

$    302,755

 

5.2

             

UNITS SOLD:

           

Retail new vehicles sold

 

34,657

 

33,155

 

4.5

Retail used vehicles sold

 

25,086

 

21,973

 

14.2

Wholesale used vehicles sold

 

10,472

 

10,123

 

3.4

Total used

 

35,558

 

32,096

 

10.8

             

AVERAGE RETAIL SALES PRICE:

           

New vehicle retail

 

$      34,240

 

$      34,022

 

0.6

Used vehicle retail

 

$      21,031

 

$      20,679

 

1.7

             

GROSS PROFIT PER UNIT SOLD:

           

New vehicle retail sales

 

$        1,551

 

$        1,769

 

(12.3)

Used vehicle retail sales

 

1,490

 

1,715

 

(13.1)

Used vehicle wholesale sales

 

(13)

 

109

 

(111.9)

Total used

 

1,047

 

1,209

 

(13.4)

Finance and insurance (per retail unit)

 

$        1,525

 

$        1,461

 

4.4

             

OTHER:(2)

           

SG&A expenses

 

$    221,615

 

$    213,316

 

3.9

SG&A as % revenues

 

10.5

 

10.9

   

SG&A as % gross profit

 

69.6

 

70.5

   

Operating margin %

 

4.1

 

4.1

   
             
     
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

REVENUES:

           

New vehicle retail sales

 

$ 2,205,332

 

$ 2,092,306

 

5.4

Used vehicle retail sales

 

997,217

 

887,125

 

12.4

Used vehicle wholesale sales

 

130,352

 

125,494

 

3.9

Total used

 

1,127,569

 

1,012,619

 

11.4

Parts and service

 

479,800

 

449,341

 

6.8

Finance and insurance

 

172,181

 

155,497

 

10.7

Total

 

$ 3,984,882

 

$ 3,709,763

 

7.4

             

GROSS MARGIN %:

           

New vehicle retail sales

 

4.7

 

5.1

   

Used vehicle retail sales

 

7.5

 

8.4

   

Used vehicle wholesale sales

 

1.4

 

2.7

   

Total used

 

6.8

 

7.7

   

Parts and service

 

54.1

 

53.5

   

Finance and insurance

 

100.0

 

100.0

   

Total

 

15.3

 

15.7

   
             

GROSS PROFIT:

           

New vehicle retail sales

 

$    102,648

 

$    107,195

 

(4.2)

Used vehicle retail sales

 

74,536

 

74,351

 

0.2

Used vehicle wholesale sales

 

1,886

 

3,405

 

(44.6)

Total used

 

76,422

 

77,756

 

(1.7)

Parts and service

 

259,483

 

240,464

 

7.9

Finance and insurance

 

172,181

 

155,497

 

10.7

Total

 

$    610,734

 

$    580,912

 

5.1

             

UNITS SOLD:

           

Retail new vehicles sold

 

64,336

 

61,869

 

4.0

Retail used vehicles sold

 

48,443

 

44,034

 

10.0

Wholesale used vehicles sold

 

20,308

 

19,584

 

3.7

Total used

 

68,751

 

63,618

 

8.1

             

AVERAGE RETAIL SALES PRICE:

           

New vehicle retail

 

$      34,278

 

$      33,818

 

1.4

Used vehicle retail

 

$      20,585

 

$      20,146

 

2.2

             

GROSS PROFIT PER UNIT SOLD:

           

New vehicle retail sales

 

$        1,595

 

$        1,733

 

(8.0)

Used vehicle retail sales

 

1,539

 

1,688

 

(8.8)

Used vehicle wholesale sales

 

93

 

174

 

(46.6)

Total used

 

1,112

 

1,222

 

(9.0)

Finance and insurance (per retail unit)

 

$        1,527

 

$        1,468

 

4.0

             

OTHER: (2)

           

SG&A expenses

 

$    436,289

 

$    416,686

 

4.7

SG&A as % revenues

 

10.9

 

11.2

   

SG&A as % gross profit

 

71.4

 

71.7

   

Operating margin %

 

3.9

 

4.0

   
             

(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.

 

(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

   

Additional Information - Same Store U.K. (1)

   

(Unaudited)

   

(Dollars in thousands, except per unit amounts)

   
                 
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 134,107

 

$ 131,804

 

1.7

 

11.8

Used vehicle retail sales

 

75,449

 

73,260

 

3.0

 

13.2

Used vehicle wholesale sales

 

20,062

 

21,549

 

(6.9)

 

2.4

Total used

 

95,511

 

94,809

 

0.7

 

10.7

Parts and service

 

19,723

 

20,206

 

(2.4)

 

7.2

Finance and insurance

 

4,934

 

4,500

 

9.6

 

20.3

Total

 

$ 254,275

 

$ 251,319

 

1.2

 

11.2

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

6.0

 

6.9

       

Used vehicle retail sales

 

5.3

 

6.7

       

Used vehicle wholesale sales

 

(2.5)

 

(1.3)

       

Total used

 

3.7

 

4.9

       

Parts and service

 

57.6

 

56.1

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

10.9

 

11.7

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$     8,010

 

$     9,041

 

(11.4)

 

(2.9)

Used vehicle retail sales

 

4,029

 

4,930

 

(18.3)

 

(10.1)

Used vehicle wholesale sales

 

(497)

 

(281)

 

76.9

 

92.8

Total used

 

3,532

 

4,649

 

(24.0)

 

(16.3)

Parts and service

 

11,359

 

11,331

 

0.2

 

10.1

Finance and insurance

 

4,934

 

4,500

 

9.6

 

20.3

Total

 

$   27,835

 

$   29,521

 

(5.7)

 

3.5

                 

UNITS SOLD:

               

Retail new vehicles sold

 

4,025

 

3,626

 

11.0

   

Retail used vehicles sold

 

3,104

 

2,720

 

14.1

   

Wholesale used vehicles sold

 

2,441

 

2,195

 

11.2

   

Total used

 

5,545

 

4,915

 

12.8

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   33,319

 

$   36,350

 

(8.3)

 

0.7

Used vehicle retail

 

$   24,307

 

$   26,934

 

(9.8)

 

(0.8)

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     1,990

 

$     2,493

 

(20.2)

 

(12.5)

Used vehicle retail sales

 

1,298

 

1,813

 

(28.4)

 

(21.2)

Used vehicle wholesale sales

 

(204)

 

(128)

 

59.4

 

73.3

Total used

 

637

 

946

 

(32.7)

 

(25.8)

Finance and insurance (per retail unit)

 

$        692

 

$        709

 

(2.4)

 

7.1

OTHER: 

               

SG&A expenses

 

$   21,689

 

$   22,314

 

(2.8)

 

6.8

SG&A as % revenues

 

8.5

 

8.9

       

SG&A as % gross profit

 

77.9

 

75.6

       

Operating margin %

 

2.1

 

2.5

       
                 
     
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 258,169

 

$ 262,406

 

(1.6)

 

8.1

Used vehicle retail sales

 

148,512

 

144,736

 

2.6

 

12.4

Used vehicle wholesale sales

 

40,864

 

41,194

 

(0.8)

 

8.8

Total used

 

189,376

 

185,930

 

1.9

 

11.6

Parts and service

 

39,904

 

41,566

 

(4.0)

 

5.1

Finance and insurance

 

9,754

 

9,118

 

7.0

 

17.3

Total

 

$ 497,203

 

$ 499,020

 

(0.4)

 

9.3

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

6.3

 

6.7

       

Used vehicle retail sales

 

5.3

 

5.9

       

Used vehicle wholesale sales

 

(0.3)

 

0.4

       

Total used

 

4.1

 

4.7

       

Parts and service

 

56.6

 

55.1

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.3

 

11.7

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$   16,136

 

$   17,540

 

(8.0)

 

1.2

Used vehicle retail sales

 

7,819

 

8,518

 

(8.2)

 

0.8

Used vehicle wholesale sales

 

(120)

 

170

 

(170.6)

 

(173.9)

Total used

 

7,699

 

8,688

 

(11.4)

 

(2.7)

Parts and service

 

22,582

 

22,904

 

(1.4)

 

8.0

Finance and insurance

 

9,754

 

9,118

 

7.0

 

17.3

Total

 

$   56,171

 

$   58,250

 

(3.6)

 

5.8

                 

UNITS SOLD:

               

Retail new vehicles sold

 

7,844

 

7,371

 

6.4

   

Retail used vehicles sold

 

6,149

 

5,459

 

12.6

   

Wholesale used vehicles sold

 

4,818

 

4,356

 

10.6

   

Total used

 

10,967

 

9,815

 

11.7

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   32,913

 

$   35,600

 

(7.5)

 

1.6

Used vehicle retail

 

$   24,152

 

$   26,513

 

(8.9)

 

(0.2)

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     2,057

 

$     2,380

 

(13.6)

 

(4.9)

Used vehicle retail sales

 

1,272

 

1,560

 

(18.5)

 

(10.5)

Used vehicle wholesale sales

 

(25)

 

39

 

(164.1)

 

(166.8)

Total used

 

702

 

885

 

(20.7)

 

(12.9)

Finance and insurance (per retail unit)

 

$        697

 

$        711

 

(2.0)

 

7.6

                 

OTHER: 

               

SG&A expenses

 

$   43,313

 

$   44,786

 

(3.3)

 

6.0

SG&A as % revenues

 

8.7

 

9.0

       

SG&A as % gross profit

 

77.1

 

76.9

       

Operating margin %

 

2.3

 

2.4

       
                 

(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.

 

Group 1 Automotive, Inc.

   

Additional Information - Same Store Brazil (1)

   

(Unaudited)

   

(Dollars in thousands, except per unit amounts)

   
                 
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$   89,804

 

$ 133,825

 

(32.9)

 

(7.5)

Used vehicle retail sales

 

18,492

 

28,564

 

(35.3)

 

(10.7)

Used vehicle wholesale sales

 

2,240

 

3,848

 

(41.8)

 

(19.8)

Total used

 

20,732

 

32,412

 

(36.0)

 

(11.8)

Parts and service

 

13,794

 

16,927

 

(18.5)

 

12.5

Finance and insurance

 

1,612

 

2,593

 

(37.8)

 

(14.3)

Total

 

$ 125,942

 

$ 185,757

 

(32.2)

 

(6.5)

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

7.3

 

6.5

       

Used vehicle retail sales

 

4.7

 

6.0

       

Used vehicle wholesale sales

 

7.0

 

7.6

       

Total used

 

4.9

 

6.2

       

Parts and service

 

42.5

 

43.2

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.9

 

11.1

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$     6,513

 

$     8,712

 

(25.2)

 

3.1

Used vehicle retail sales

 

862

 

1,727

 

(50.1)

 

(31.3)

Used vehicle wholesale sales

 

157

 

294

 

(46.6)

 

(26.7)

Total used

 

1,019

 

2,021

 

(49.6)

 

(30.6)

Parts and service

 

5,864

 

7,307

 

(19.7)

 

10.7

Finance and insurance

 

1,612

 

2,593

 

(37.8)

 

(14.3)

Total

 

$   15,008

 

$   20,633

 

(27.3)

 

0.3

                 

UNITS SOLD:

               

Retail new vehicles sold

 

3,110

 

3,688

 

(15.7)

   

Retail used vehicles sold

 

959

 

1,197

 

(19.9)

   

Wholesale used vehicles sold

 

404

 

461

 

(12.4)

   

Total used

 

1,363

 

1,658

 

(17.8)

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   28,876

 

$   36,287

 

(20.4)

 

9.7

Used vehicle retail

 

$   19,283

 

$   23,863

 

(19.2)

 

11.4

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     2,094

 

$     2,362

 

(11.3)

 

22.2

Used vehicle retail sales

 

899

 

1,443

 

(37.7)

 

(14.2)

Used vehicle wholesale sales

 

389

 

638

 

(39.0)

 

(16.3)

Total used

 

748

 

1,219

 

(38.6)

 

(15.6)

Finance and insurance (per retail unit)

 

$        396

 

$        531

 

(25.4)

 

2.9

                 

OTHER:(2)

               

SG&A expenses

 

$   13,569

 

$   19,133

 

(29.1)

 

(2.2)

SG&A as % revenues

 

10.8

 

10.3

       

SG&A as % gross profit

 

90.4

 

92.7

       

Operating margin %

 

0.7

 

0.5

       
                 
     
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 181,959

 

$ 251,039

 

(27.5)

 

(6.4)

Used vehicle retail sales

 

40,534

 

54,748

 

(26.0)

 

(5.1)

Used vehicle wholesale sales

 

4,974

 

7,983

 

(37.7)

 

(20.7)

Total used

 

45,508

 

62,731

 

(27.5)

 

(7.1)

Parts and service

 

27,334

 

32,662

 

(16.3)

 

8.3

Finance and insurance

 

3,578

 

4,569

 

(21.7)

 

1.0

Total

 

$ 258,379

 

$ 351,001

 

(26.4)

 

(5.0)

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

6.9

 

6.1

       

Used vehicle retail sales

 

4.4

 

6.1

       

Used vehicle wholesale sales

 

7.4

 

7.7

       

Total used

 

4.8

 

6.3

       

Parts and service

 

43.3

 

44.3

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

11.6

 

10.9

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$   12,514

 

$   15,389

 

(18.7)

 

5.5

Used vehicle retail sales

 

1,802

 

3,367

 

(46.5)

 

(31.6)

Used vehicle wholesale sales

 

370

 

612

 

(39.5)

 

(23.3)

Total used

 

2,172

 

3,979

 

(45.4)

 

(30.4)

Parts and service

 

11,829

 

14,467

 

(18.2)

 

5.6

Finance and insurance

 

3,578

 

4,569

 

(21.7)

 

1.0

Total

 

$   30,093

 

$   38,404

 

(21.6)

 

1.3

                 

UNITS SOLD:

               

Retail new vehicles sold

 

6,363

 

7,281

 

(12.6)

   

Retail used vehicles sold

 

2,151

 

2,458

 

(12.5)

   

Wholesale used vehicles sold

 

864

 

989

 

(12.6)

   

Total used

 

3,015

 

3,447

 

(12.5)

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$   28,596

 

$   34,479

 

(17.1)

 

7.1

Used vehicle retail

 

$   18,844

 

$   22,273

 

(15.4)

 

8.5

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$     1,967

 

$     2,114

 

(7.0)

 

20.7

Used vehicle retail sales

 

838

 

1,370

 

(38.8)

 

(21.9)

Used vehicle wholesale sales

 

428

 

619

 

(30.9)

 

(12.2)

Total used

 

720

 

1,154

 

(37.6)

 

(20.4)

Finance and insurance (per retail unit)

 

$        420

 

$        469

 

(10.4)

 

15.5

                 

OTHER: (2)

               

SG&A expenses

 

$   27,519

 

$   35,460

 

(22.4)

 

0.4

SG&A as % revenues

 

10.7

 

10.1

       

SG&A as % gross profit

 

91.4

 

92.3

       

Operating margin %

 

0.6

 

0.6

       
                 

(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.

 

(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

   

Additional Information - Same Store Consolidated (1)

   

(Unaudited)

   

(Dollars in thousands, except per unit amounts)

   
                 
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 1,410,570

 

$ 1,393,637

 

1.2

 

4.6

Used vehicle retail sales

 

621,527

 

556,208

 

11.7

 

14.3

Used vehicle wholesale sales

 

87,884

 

90,729

 

(3.1)

 

Total used

 

709,411

 

646,937

 

9.7

 

12.3

Parts and service

 

282,954

 

268,121

 

5.5

 

8.2

Finance and insurance

 

97,650

 

87,660

 

11.4

 

12.6

Total

 

$ 2,500,585

 

$ 2,396,355

 

4.3

 

7.4

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

4.8

 

5.5

       

Used vehicle retail sales

 

6.8

 

8.0

       

Used vehicle wholesale sales

 

(0.5)

 

1.2

       

Total used

 

5.9

 

7.0

       

Parts and service

 

54.3

 

53.5

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

14.4

 

14.7

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$      68,265

 

$      76,389

 

(10.6)

 

(6.4)

Used vehicle retail sales

 

42,265

 

44,343

 

(4.7)

 

(3.0)

Used vehicle wholesale sales

 

(474)

 

1,121

 

(142.3)

 

(141.0)

Total used

 

41,791

 

45,464

 

(8.1)

 

(6.4)

Parts and service

 

153,585

 

143,396

 

7.1

 

9.4

Finance and insurance

 

97,650

 

87,660

 

11.4

 

12.6

Total

 

$    361,291

 

$    352,909

 

2.4

 

4.8

                 

UNITS SOLD:

               

Retail new vehicles sold

 

41,792

 

40,469

 

3.3

   

Retail used vehicles sold

 

29,149

 

25,890

 

12.6

   

Wholesale used vehicles sold

 

13,317

 

12,779

 

4.2

   

Total used

 

42,466

 

38,669

 

9.8

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$      33,752

 

$      34,437

 

(2.0)

 

1.3

Used vehicle retail

 

$      21,322

 

$      21,484

 

(0.7)

 

1.6

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$        1,633

 

$        1,888

 

(13.5)

 

(9.4)

Used vehicle retail sales

 

1,450

 

1,713

 

(15.4)

 

(13.9)

Used vehicle wholesale sales

 

(36)

 

88

 

(140.9)

 

(139.4)

Total used

 

984

 

1,176

 

(16.3)

 

(14.8)

Finance and insurance (per retail unit)

 

$        1,376

 

$        1,321

 

4.2

 

5.4

                 

OTHER:(2)

               

SG&A expenses

 

$    256,874

 

$    254,764

 

0.8

 

3.7

SG&A as % revenues

 

10.3

 

10.6

       

SG&A as % gross profit

 

71.1

 

72.2

       

Operating margin %

 

3.7

 

3.7

       
                 
     
     
   

Six Months Ended June 30,

   

2015

 

2014

 

% Change

 

Local Currency
% Change

REVENUES:

               

New vehicle retail sales

 

$ 2,645,460

 

$ 2,605,751

 

1.5

 

4.5

Used vehicle retail sales

 

1,186,263

 

1,086,609

 

9.2

 

11.5

Used vehicle wholesale sales

 

176,190

 

174,671

 

0.9

 

3.9

Total used

 

1,362,453

 

1,261,280

 

8.0

 

10.5

Parts and service

 

547,038

 

523,569

 

4.5

 

6.7

Finance and insurance

 

185,513

 

169,184

 

9.7

 

10.8

Total

 

$ 4,740,464

 

$ 4,559,784

 

4.0

 

6.7

                 

GROSS MARGIN %:

               

New vehicle retail sales

 

5.0

 

5.4

       

Used vehicle retail sales

 

7.1

 

7.9

       

Used vehicle wholesale sales

 

1.2

 

2.4

       

Total used

 

6.3

 

7.2

       

Parts and service

 

53.7

 

53.1

       

Finance and insurance

 

100.0

 

100.0

       

Total

 

14.7

 

14.9

       
                 

GROSS PROFIT:

               

New vehicle retail sales

 

$    131,298

 

$    140,124

 

(6.3)

 

(2.5)

Used vehicle retail sales

 

84,157

 

86,236

 

(2.4)

 

(0.9)

Used vehicle wholesale sales

 

2,136

 

4,187

 

(49.0)

 

(46.8)

Total used

 

86,293

 

90,423

 

(4.6)

 

(3.1)

Parts and service

 

293,894

 

277,835

 

5.8

 

7.8

Finance and insurance

 

185,513

 

169,184

 

9.7

 

10.8

Total

 

$    696,998

 

$    677,566

 

2.9

 

5.0

                 

UNITS SOLD:

               

Retail new vehicles sold

 

78,543

 

76,521

 

2.6

   

Retail used vehicles sold

 

56,743

 

51,951

 

9.2

   

Wholesale used vehicles sold

 

25,990

 

24,929

 

4.3

   

Total used

 

82,733

 

76,880

 

7.6

   
                 

AVERAGE RETAIL SALES PRICE:

               

New vehicle retail

 

$      33,682

 

$      34,053

 

(1.1)

 

1.8

Used vehicle retail

 

$      20,906

 

$      20,916

 

 

2.1

                 

GROSS PROFIT PER UNIT SOLD:

               

New vehicle retail sales

 

$        1,672

 

$        1,831

 

(8.7)

 

(5.0)

Used vehicle retail sales

 

1,483

 

1,660

 

(10.7)

 

(9.3)

Used vehicle wholesale sales

 

82

 

168

 

(51.2)

 

(48.9)

Total used

 

1,043

 

1,176

 

(11.3)

 

(9.9)

Finance and insurance (per retail unit)

 

$        1,371

 

$        1,317

 

4.1

 

5.2

                 

OTHER: (2)

               

SG&A expenses

 

$    507,121

 

$    496,933

 

2.1

 

4.5

SG&A as % revenues

 

10.7

 

10.9

       

SG&A as % gross profit

 

72.8

 

73.3

       

Operating margin %

 

3.5

 

3.5

       
                 

(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.

 

(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - U.S.

(Unaudited)

 (Dollars in thousands, except per share amounts)

             
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

SG&A RECONCILIATION:

         
 

As reported

$ 239,863

 

$ 227,506

 

5.4

 

  Pre-tax adjustments:

         
 

   Catastrophic events 

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions 

1,052

 

510

   
 

   Legal settlements 

(1,000)

 

(442)

   
 

Adjusted SG&A (1)

$ 238,964

 

$ 225,898

 

5.8

             

SG&A AS % REVENUES:

         
 

Unadjusted

10.5

 

11.0

   
 

Adjusted (1)

10.4

 

11.0

   

SG&A AS % GROSS PROFIT:

         
 

Unadjusted

70.1

 

71.8

   
 

Adjusted (1)

69.8

 

71.3

   

OPERATING MARGIN %

         
 

Unadjusted

4.0

 

3.8

   
 

Adjusted (1), (2)

4.1

 

4.0

   

PRETAX MARGIN %:

         
 

Unadjusted

3.0

 

1.7

   
 

Adjusted (1), (3)

3.1

 

3.0

   
             

SAME STORE SG&A RECONCILIATION:

         
             
 

As reported

$ 223,930

 

$ 215,434

 

3.9

 

  Pre-tax adjustments:

         
 

   Catastrophic events 

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions 

(364)

 

-

   
 

   Legal settlements 

(1,000)

 

(442)

   
 

Adjusted Same Store SG&A (1)

$ 221,615

 

$ 213,316

 

3.9

             

SAME STORE SG&A AS % REVENUES:

         
 

Unadjusted

10.6

 

11.0

   
 

Adjusted (1)

10.5

 

10.9

   

SAME STORE SG&A AS % GROSS PROFIT:

         
 

Unadjusted

70.3

 

71.2

   
 

Adjusted (1)

69.6

 

70.5

   

SAME STORE OPERATING MARGIN %

         
 

Unadjusted

4.0

 

3.9

   
 

Adjusted (1), (4)

4.1

 

4.1

   
             
     
     
   

 Six Months Ended June 30, 

   

2015

 

2014

 

 % Change 

SG&A RECONCILIATION:

         
 

As reported

$ 469,836

 

$ 443,902

 

5.8

 

  Pre-tax adjustments:

         
 

   Catastrophic events 

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions 

1,052

 

510

   
 

   Legal settlements 

(1,000)

 

(442)

   
 

Adjusted SG&A (1)

$ 468,937

 

$ 442,294

 

6.0

             

SG&A AS % REVENUES:

         
 

Unadjusted

11.0

 

11.4

   
 

Adjusted (1)

10.9

 

11.4

   

SG&A AS % OF GROSS PROFIT:

         
 

Unadjusted

71.5

 

73.2

   
 

Adjusted (1)

71.4

 

72.9

   

OPERATING MARGIN %:

         
 

 Unadjusted 

3.9

 

3.7

   
 

Adjusted (1), (2)

3.9

 

3.8

   

PRETAX MARGIN %:

         
 

Unadjusted

2.9

 

2.1

   
 

Adjusted (1), (3)

2.9

 

2.8

   
             

SAME STORE SG&A RECONCILIATION:

         
             
 

As reported

$ 438,604

 

$ 418,804

 

4.7

 

  Pre-tax adjustments:

         
 

   Catastrophic events 

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions 

(364)

 

-

   
 

   Legal settlements 

(1,000)

 

(442)

   
 

Adjusted Same Store SG&A (1)

$ 436,289

 

$ 416,686

 

4.7

             

SAME STORE SG&A AS % REVENUES:

         
 

Unadjusted

11.0

 

11.3

   
 

Adjusted (1)

10.9

 

11.2

   

SAME STORE SG&A AS % GROSS PROFIT:

         
 

Unadjusted

71.8

 

72.1

   
 

Adjusted (1)

71.4

 

71.7

   

SAME STORE OPERATING MARGIN %

         
 

Unadjusted

3.8

 

3.9

   
 

Adjusted (1), (4)

3.9

 

4.0

   
             

(1)

We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items.  These adjusted measures are not measures of financial performance under GAAP.  As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures.  We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations. 

   

(2)

Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $498 for the three and six months ended June 30, 2015 and $1,721 for the three and six months ended June 30, 2014.

   

(3)

Excludes the impact of SG&A reconciling items above, as well as loss on redemption of long-term debt of $23,614 for the three and six months ended June 30, 2014, non-cash asset impairment charges of $498 for the three and six months ended June 30, 2015, and non-cash asset impairment charges of $1,721 for the three and six months ended June 30, 2014.

   

(4)

Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $498 for the three and six months ended June 30, 2015 and $1,721 for the three and six months ended June 30, 2014. 

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - U.K.

(Unaudited)

 (Dollars in thousands, except per share amounts)

             
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

SG&A RECONCILIATION:

         
 

As reported

$ 26,641

 

$ 22,316

 

19.4

 

  Pre-tax adjustments:

         
 

   Severance costs 

(208)

 

-

   
 

Adjusted SG&A (1)

$ 26,433

 

$ 22,316

 

18.4

             

SG&A AS % REVENUES:

         
 

Unadjusted

8.6

 

8.9

   
 

Adjusted (1)

8.6

 

8.9

   

SG&A AS % GROSS PROFIT:

         
 

Unadjusted

78.5

 

75.6

   
 

Adjusted (1)

77.9

 

75.6

   

OPERATING MARGIN %

         
 

Unadjusted

2.0

 

2.5

   
 

Adjusted (1), (2)

2.1

 

2.5

   

PRETAX MARGIN %:

         
 

Unadjusted

1.6

 

2.2

   
 

Adjusted (1), (2)

1.6

 

2.2

   
             
     
     
   

 Six Months Ended June 30, 

   

2015

 

2014

 

 % Change 

SG&A RECONCILIATION:

         
             
 

As reported

$ 53,403

 

$ 44,788

 

19.2

 

  Pre-tax adjustments:

         
 

   Severance costs 

(208)

 

-

   
 

Adjusted SG&A (1)

$ 53,195

 

$ 44,788

 

18.8

             

SG&A AS % REVENUES:

         
 

Unadjusted

8.8

 

9.0

   
 

Adjusted (1)

8.8

 

9.0

   

SG&A AS % OF GROSS PROFIT:

         
 

Unadjusted

78.4

 

76.9

   
 

Adjusted (1)

78.1

 

76.9

   

OPERATING MARGIN %:

         
 

Unadjusted

2.1

 

2.4

   
 

Adjusted (1), (2)

2.1

 

2.4

   

PRETAX MARGIN %:

         
 

Unadjusted

1.6

 

2.0

   
 

Adjusted (1), (2)

1.7

 

2.0

   
             

(1)

We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items.  These adjusted measures are not measures of financial performance under GAAP.  As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures.  We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations. 

   

(2)

Excludes the impact of SG&A reconciling item above.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Brazil

(Unaudited)

 (Dollars in thousands, except per share amounts)

             
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

SG&A RECONCILIATION:

         
 

As reported

$ 14,063

 

$ 22,148

 

(36.5)

 

  Pre-tax adjustments:

         
 

   Foreign transaction tax 

-

 

(416)

   
 

Adjusted SG&A (1)

$ 14,063

 

$ 21,732

 

(35.3)

             

SG&A AS % REVENUES:

         
 

Unadjusted

10.7

 

11.1

   
 

Adjusted (1)

10.7

 

10.9

   

SG&A AS % GROSS PROFIT:

         
 

Unadjusted

90.9

 

96.9

   
 

Adjusted (1)

90.9

 

95.1

   

OPERATING MARGIN %

         
 

Unadjusted

0.3

 

0.1

   
 

Adjusted (1), (2)

0.7

 

0.3

   

PRETAX MARGIN %:

         
 

Unadjusted

(0.4)

 

(0.9)

   
 

Adjusted (1), (2)

-

 

(0.7)

   
             

SAME STORE SG&A RECONCILIATION:

         
             
 

As reported

$ 13,569

 

$ 19,549

 

(30.6)

 

  Pre-tax adjustments:

         
 

   Foreign transaction tax 

-

 

(416)

   
 

Adjusted Same Store SG&A (1)

$ 13,569

 

$ 19,133

 

(29.1)

             

SAME STORE SG&A AS % REVENUES:

         
 

Unadjusted

10.8

 

10.5

   
 

Adjusted (1)

10.8

 

10.3

   

SAME STORE SG&A AS % GROSS PROFIT:

         
 

Unadjusted

90.4

 

94.7

   
 

Adjusted (1)

90.4

 

92.7

   

SAME STORE OPERATING MARGIN %

         
 

Unadjusted

0.7

 

0.3

   
 

Adjusted (1), (3)

0.7

 

0.5

   
             
     
     
   

 Six Months Ended June 30, 

   

2015

 

2014

 

 % Change 

SG&A RECONCILIATION:

         
 

As reported

$ 28,798

 

$ 40,838

 

(29.5)

 

  Pre-tax adjustments:

         
 

   Foreign transaction tax 

-

 

(416)

   
 

Adjusted SG&A (1)

$ 28,798

 

$ 40,422

 

(28.8)

             

SG&A AS % REVENUES:

         
 

Unadjusted

10.8

 

10.8

   
 

Adjusted (1)

10.8

 

10.7

   

SG&A AS % OF GROSS PROFIT:

         
 

Unadjusted

93.8

 

96.1

   
 

Adjusted (1)

93.8

 

95.1

   

OPERATING MARGIN %:

         
 

Unadjusted

0.1

 

0.1

   
 

Adjusted (1), (2)

0.3

 

0.3

   

PRETAX MARGIN %:

         
 

Unadjusted

(0.5)

 

(0.8)

   
 

Adjusted (1), (2)

(0.3)

 

(0.7)

   
             

SAME STORE SG&A RECONCILIATION:

         
             
 

As reported

$ 27,519

 

$ 35,876

 

(23.3)

 

  Pre-tax adjustments:

         
 

   Foreign transaction tax 

-

 

(416)

   
 

Adjusted Same Store SG&A (1)

$ 27,519

 

$ 35,460

 

(22.4)

             

SAME STORE SG&A AS % REVENUES:

         
 

Unadjusted

10.7

 

10.2

   
 

Adjusted (1)

10.7

 

10.1

   

SAME STORE SG&A AS % GROSS PROFIT:

         
 

Unadjusted

91.4

 

93.4

   
 

Adjusted (1)

91.4

 

92.3

   

SAME STORE OPERATING MARGIN %

         
 

Unadjusted

0.6

 

0.4

   
 

Adjusted (1), (3)

0.6

 

0.6

   
             

(1)

We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items.  These adjusted measures are not measures of financial performance under GAAP.  As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures.  We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations. 

   

(2)

Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $541 for the three and six months ended June 30, 2015.

   

(3)

Excludes the impact of SG&A reconciling items above.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - CONSOLIDATED

(Unaudited)

 (Dollars in thousands, except per share amounts)

             
   

Three Months Ended June 30,

   

2015

 

2014

 

% Change

             

NET INCOME RECONCILIATION:

         
 

As reported

$   46,310

 

$   16,862

 

174.6

 

  Pre-tax adjustments:

         
 

   Catastrophic events (5)

593

 

1,039

   
 

   Gain (loss) on real estate and dealership transactions (6)

(601)

 

(316)

   
 

   Severance costs (7)

167

 

-

   
 

   Legal settlements (8)

610

 

274

   
 

   Foreign transaction tax (9)

-

 

274

   
 

   Non-cash asset impairment (10)

848

 

1,067

   
 

   Loss on extinguishment of long-term debt (11)

-

 

20,778

   
 

Adjusted net income (1)

$   47,927

 

$   39,978

 

19.9

             

ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED

         
 

COMMON SHARES RECONCILIATION:

         
 

Adjusted net income

$   47,927

 

$   39,978

 

19.9

 

Less: Adjusted earnings allocated to participating securities

1,855

 

1,456

 

27.4

 

Adjusted net income available to diluted common shares

$   46,072

 

$   38,522

 

19.6

             

 DILUTED INCOME PER COMMON SHARE RECONCILIATION: 

         
 

As reported

$       1.91

 

$       0.62

 

208.1

 

  Pre-tax adjustments:

         
 

   Catastrophic events  

0.02

 

0.04

   
 

   Gain (loss) on real estate and dealership transactions  

(0.03)

 

(0.01)

   
 

   Severance costs  

0.01

 

-

   
 

   Legal settlements  

0.03

 

0.01

   
 

   Foreign transaction tax  

-

 

0.01

   
 

   Non-cash asset impairment  

0.04

 

0.04

   
 

   Loss on extinguishment of long-term debt  

-

 

0.76

   
 

Adjusted diluted income per share (1)

$       1.98

 

$       1.47

 

34.7

             

SG&A RECONCILIATION:

         
 

As reported

$ 280,567

 

$ 271,970

 

3.2

 

  Pre-tax adjustments:

         
 

   Catastrophic events  

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions  

1,052

 

510

   
 

   Severance costs  

(208)

 

-

   
 

   Legal settlements  

(1,000)

 

(442)

   
 

   Foreign transaction tax  

-

 

(416)

   
 

Adjusted SG&A (1)

$ 279,460

 

$ 269,946

 

3.5

             

SG&A AS % REVENUES:

         
 

Unadjusted

10.3

 

10.8

   
 

Adjusted (1)

10.2

 

10.7

   

SG&A AS % GROSS PROFIT:

         
 

Unadjusted

71.7

 

73.7

   
 

Adjusted (1)

71.4

 

73.1

   

OPERATING MARGIN %

         
 

Unadjusted

3.6

 

3.4

   
 

Adjusted (1), (2)

3.7

 

3.5

   

PRETAX MARGIN %:

         
 

Unadjusted

2.7

 

1.5

   
 

Adjusted (1), (2)

2.8

 

2.6

   
             

SAME STORE SG&A RECONCILIATION:

         
 

As reported

$ 259,189

 

$ 257,298

 

0.7

 

  Pre-tax adjustments:

         
 

   Catastrophic events  

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions  

(364)

 

-

   
 

   Legal settlements  

(1,000)

 

(442)

   
 

   Foreign transaction tax  

-

 

(416)

   
 

Adjusted Same Store SG&A (1)

$ 256,874

 

$ 254,764

 

0.8

             

SAME STORE SG&A AS % REVENUES:

         
 

Unadjusted

10.4

 

10.7

   
 

Adjusted (1)

10.3

 

10.6

   

SAME STORE SG&A AS % GROSS PROFIT:

         
 

Unadjusted

71.7

 

72.9

   
 

Adjusted (1)

71.1

 

72.2

   

SAME STORE OPERATING MARGIN %

         
 

Unadjusted

3.6

 

3.5

   
 

Adjusted (1), (4)

3.7

 

3.7

   
             
     
     
   

 Six Months Ended June 30, 

   

2015

 

2014

 

 % Change 

NET INCOME RECONCILIATION:

         
 

As reported

$   82,124

 

$   48,165

 

70.5

 

  Pre-tax adjustments:

         
 

  Catastrophic events (5)

593

 

1,039

   
 

  Gain (loss) on real estate and dealership transactions (6)

(601)

 

(316)

   
 

  Severance costs (7)

167

 

-

   
 

  Legal settlements (8)

610

 

274

   
 

  Foreign transaction tax (9)

-

 

274

   
 

  Non-cash asset impairment (10)

848

 

1,067

   
 

  Loss on extinguishment of long-term debt (11)

-

 

20,778

   
 

Adjusted net income (1)

$   83,741

 

$   71,281

 

17.5

             

ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED

         
 

COMMON SHARES RECONCILIATION:

         
 

Adjusted net income

$   83,741

 

$   71,281

 

17.5

 

Less: Adjusted earnings allocated to participating securities

3,238

 

2,613

 

23.9

 

Adjusted net income available to diluted common shares

$   80,503

 

$   68,668

 

17.2

             

 DILUTED INCOME PER COMMON SHARE RECONCILIATION: 

         
 

As reported

$       3.38

 

$       1.80

 

87.8

 

  Pre-tax adjustments:

         
 

   Catastrophic events  

0.02

 

0.04

   
 

   Gain (loss) on real estate and dealership transactions  

(0.02)

 

(0.01)

   
 

   Severance costs  

0.01

 

-

   
 

   Legal settlements  

0.02

 

0.01

   
 

   Foreign transaction tax  

-

 

0.01

   
 

   Non-cash asset impairment  

0.03

 

0.04

   
 

   Loss on extinguishment of long-term debt  

-

 

0.77

   
 

Adjusted diluted income per share (1)

$       3.44

 

$       2.66

 

29.3

             
             

SG&A RECONCILIATION:

         
 

As reported

$ 552,037

 

$ 529,528

 

4.3

 

  Pre-tax adjustments:

         
 

   Catastrophic events  

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions  

1,052

 

510

   
 

   Severance costs  

(208)

 

-

   
 

   Legal settlements  

(1,000)

 

(442)

   
 

   Foreign transaction tax  

-

 

(416)

   
 

Adjusted SG&A (1)

$ 550,930

 

$ 527,504

 

4.4

             

SG&A AS % REVENUES:

         
 

Unadjusted

10.7

 

11.1

   
 

Adjusted (1)

10.7

 

11.1

   

SG&A AS % OF GROSS PROFIT:

         
 

Unadjusted

73.1

 

74.9

   
 

Adjusted (1)

72.9

 

74.6

   

OPERATING MARGIN %:

         
 

Unadjusted

3.5

 

3.3

   
 

Adjusted (1), (2)

3.5

 

3.3

   

PRETAX MARGIN %:

         
 

Unadjusted

2.5

 

1.8

   
 

Adjusted (1), (2)

2.6

 

2.4

   
             

SAME STORE SG&A RECONCILIATION:

         
 

As reported

$ 509,436

 

$ 499,467

 

2.0

 

  Pre-tax adjustments:

         
 

   Catastrophic events  

(951)

 

(1,676)

   
 

   Gain (loss) on real estate and dealership transactions  

(364)

 

-

   
 

   Legal settlements  

(1,000)

 

(442)

   
 

   Foreign transaction tax  

-

 

(416)

   
 

Adjusted Same Store SG&A (1)

$ 507,121

 

$ 496,933

 

2.1

             

SAME STORE SG&A AS % REVENUES:

         
 

Unadjusted

10.7

 

11.0

   
 

Adjusted (1)

10.7

 

10.9

   

SAME STORE SG&A AS % GROSS PROFIT:

         
 

Unadjusted

73.1

 

73.7

   
 

Adjusted (1)

72.8

 

73.3

   

SAME STORE OPERATING MARGIN %

         
 

Unadjusted

3.5

 

3.4

   
 

Adjusted (1), (4)

3.5

 

3.5

   
             

(1)

We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items.  These adjusted measures are not measures of financial performance under GAAP.  As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures.  We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations. 

   

(2)

Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges for all periods.

   

(3)

Excludes the impact of SG&A reconciling items above, non-cash asset impairment charges for all periods, as well as loss on redemption of long-term debt of $23,614 for the three and six months ended June 30, 2014.

   

(4)

 Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $498 for the three and six months ended June 30, 2015, and $1,721 for the three and six months ended June 30, 2014. 

   

(5)

 Adjustment is net of tax benefit of $359 for the three and six months ended June 30, 2015, and $637 for the three and six months ended June 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. 

   

(6)

 Adjustment is net of tax provision of $452 for the three and six months ended June 30, 2015, and $194 for the three and six months ended June 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. 

   

(7)

 Adjustment is net of tax benefit of $42 for the three and six months ended June 30, 2015, calculated utilizing the applicable federal and state tax rates for adjustment. 

   

(8)

 Adjustment is net of tax benefit of $390 for the three and six months ended June 30, 2015, and $168 for the three and six months ended June 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. 

   

(9)

 Adjustment is net of tax benefit of $141 for the three and six months ended June 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. 

   

(10)

 Adjustment is net of tax benefit of $191 for the three and six months ended June 30, 2015, and $654 and for the three and six months ended June 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. 

   

(11)

 Adjustment is net of tax benefit of $2,836 for the three and six months ended June 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. 

 

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SOURCE Group 1 Automotive, Inc.