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Group 1 Automotive

800 Gessner
Houston, TX 77024

  • Sales: (713) 647-5700
Investor Relations

Group 1 Automotive Announces Fourth Quarter & Full Year 2019 Financial Results

- Reports Record Fourth Quarter and Full Year 2019 Revenues of $3.1B & $12.0B

- Delivers Fourth Quarter Double-Digit Gross Profit Growth for Total Used Vehicles and Parts & Service

- Grows U.S. Same Store Total Gross Profit By +9% for the Third Consecutive Quarter

HOUSTON, Feb. 5, 2020 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported 2019 fourth quarter net income of $48.1 million, diluted earnings per common share of $2.57, adjusted net income (a non-GAAP measure) of $56.3 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $3.01.  The Company's 2019 fourth quarter total revenue was a fourth quarter record of $3.1 billion.

For the full year of 2019, net income increased 10.3 percent from the comparable prior-year period, to $174.0 million; and diluted earnings per common share increased 19.3 percent, to $9.34. Full year 2019 adjusted net income (a non-GAAP measure) increased 13.4 percent, to $203.6 million; and adjusted diluted earnings per common share (a non-GAAP measure) increased 22.7 percent, to $10.93. Total revenue grew 3.8 percent to a record $12.0 billion.

Adjusted net income and diluted earnings per share excluded net after-tax adjustments of $8.2 million, or $0.44 per share, in fourth quarter 2019, and $13.1 million, or $0.69 per share, in fourth quarter 2018. The after-tax adjustments in both periods primarily related to non-cash impairments of certain intangible assets. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

"We are delighted to report a record year based on an extremely strong performance by our U.S. operating team," said Earl J. Hesterberg, Group 1's president and chief executive officer.  "Despite a softer U.S. and U.K. market for new vehicles, we drove our company forward with strong focus on used vehicles, service, finance & insurance, and cost control.  Growing our adjusted earnings by 13.4 percent and adjusted EPS by 22.7 percent demonstrates the strength of our business model and our operating team."

Consolidated Results for Fourth Quarter 2019 (year-over-year comparable basis)
For ease of comparison, we have included constant currency metrics (a non-GAAP measure) both below (shown in parenthesis) and in the financial tables that follow:

  • Total revenue increased 7.0 percent (7.3 percent), to a fourth quarter record of $3.1 billion.
  • Total gross profit increased 7.5 percent (7.7 percent), to $464.6 million.
  • New vehicle revenues increased 6.9 percent (7.3 percent) on a 3.0 percent increase in unit sales.  New vehicle gross profit increased 3.8 percent (4.0 percent), to $84.3 million.  U.S. Same Store new unit sales increased 2.5 percent.
  • Retail used vehicle revenues increased 8.8 percent (9.0 percent) on 7.1 percent higher unit sales.  Retail used vehicle gross profit increased 11.9 percent (12.2 percent), to $46.0 million.  Total used vehicle gross profit grew 12.4 percent (12.8 percent), to $46.3 million.  U.S. Same Store retail used vehicle revenue increased 9.3 percent, driven by a 7.9 percent increase in unit sales; and retail used gross profit increased 13.1 percent, reflecting the volume growth and a $56 per unit improvement in gross profit, to $1,224 per unit.
  • Parts and service gross profit grew 10.1 percent (10.3 percent) on revenue growth of 6.9 percent (7.2 percent).  U.S. Same Store parts and service revenues and gross profit grew 8.1 percent and 11.9 percent, respectively.
  • Finance and Insurance (F&I) gross profit per retail unit (PRU) decreased 0.3 percent (decreased 0.2 percent), to $1,578. U.S. Same Store F&I gross profit PRU grew $47, to $1,843.
  • Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 220 basis points, to 72.8 percent.  Adjusted SG&A as a percent of gross profit decreased 190 basis points, to 72.9 percent.

 

Consolidated Results for Full Year 2019 (year-over-year comparable basis)

  • Total revenue increased 3.8 percent (5.1 percent), to a record $12.0 billion.
  • Total gross profit grew 5.3 percent (6.2 percent), to a record $1.8 billion.
  • New vehicle gross profit decreased 3.2 percent (decreased 2.1 percent).  The Company retailed 169,136 new vehicles in 2019, which represented a 0.8 percent decrease in new vehicle unit sales from 2018, reflecting weaker industry sales in the U.S. and U.K.
  • Retail used vehicle gross profit increased 8.3 percent (9.4 percent) on a revenue increase of 6.3 percent (7.7 percent).  The Company retailed 158,549 used vehicles in 2019, a 7.1 percent increase over 2018.
  • Parts and service gross profit rose 7.4 percent (8.3 percent) on 6.6 percent (7.6 percent) higher revenues.
  • F&I revenues rose 6.5 percent (7.1 percent). U.S. F&I gross profit PRU increased $72, to $1,782.
  • SG&A expenses as a percent of gross profit increased 100 basis points, to 74.8 percent.  Adjusted SG&A expenses as a percent of gross profit decreased 60 basis points, to 74.0 percent.  Adjusted U.S. Same Store SG&A expenses as a percent of gross profit decreased 70 basis points, to 70.8 percent.
  • Operating margin increased 10 basis points to 3.0 percent.  Adjusted operating margin increased 10 basis points to 3.3 percent.

 

Segment Results for Fourth Quarter 2019 (year-over-year comparable basis)

  • United States:
    The Company's U.S. operations accounted for 77.8 percent of total revenues and 82.7 percent of total gross profit.  Total U.S. revenues grew 6.8 percent, to $2.4 billion.  Total gross profit grew 9.0 percent, to $384.3 million.  Same store U.S. total gross profit has now increased by approximately 9.0 percent for three consecutive quarters. 
    • New vehicle gross profit increased 3.7 percent on a revenue increase of 5.6 percent.  Same Store new vehicle gross profit grew 2.0 percent, to $62.7 million, reflecting a 2.5 percent growth in unit sales, partially offset by an $8 decrease in gross profit PRU, to $1,963.
    • Retail used gross profit grew 13.5 percent, on a revenue increase of 9.2 percent.  Same Store retail used vehicle gross profit grew 13.1 percent, to $35.8 million, reflecting a 7.9 percent growth in units and a $56 increase in gross profit PRU, to $1,224.
    • Parts and service revenues increased 7.5 percent and gross profit increased by 11.6 percent. Same Store parts and service gross profit grew 11.9 percent, to $166.5 million, driven by a 13.4 percent increase in customer pay gross profit. These results were enabled by the continued growth of Same Store service advisor and technician headcount, which increased by 11.0 percent.
    • F&I revenues increased 7.4 percent, to $113.9 million. F&I gross profit PRU grew $57, to $1,835, reflecting strong product penetration and increased income per contract.  Same Store F&I gross profit PRU increased $47, to $1,843.
    • SG&A expenses as a percent of gross profit decreased 250 basis points, to 69.2 percent.  Adjusted SG&A expenses as a percent of gross profit decreased 200 basis points, to 69.4 percent.
       
  • United Kingdom:
    The Company's U.K. operations accounted for 18.4 percent of total revenues and 14.3 percent of total gross profit.  Total Same Store U.K. revenues increased 3.6 percent (3.6 percent), to $519.9 million.  Same Store total gross profit decreased 3.3 percent (decreased 3.7 percent), to $59.8 million.  Same Store SG&A expenses as a percent of gross profit increased 70 basis points, to 89.5 percent.  
  • Brazil:
    The Company's Brazilian operations accounted for 3.8 percent of total revenues and 3.0 percent of total gross profit.  The Company's Same Store new vehicle revenues increased 3.0 percent (11.2 percent), with units up 2.8 percent.  Same Store total revenues increased 4.9 percent (13.3 percent), with the increase driven by constant currency revenue growth of 28.2 percent in total used vehicles, 11.2 percent in new vehicles, and 8.4 percent in parts and service.  Same Store SG&A expenses as a percent of gross profit decreased 380 basis points, to 77.8 percent.

 

Share Repurchase Authorization

Since October 24, 2019, the Company has repurchased 163,484 shares at an average price per common share of $98.28, for a total of $16.1 million.  During 2019, the Company repurchased 14,200 shares at an average price of $99.98, for a total of $1.4 million.  Year-to-date 2020, the Company repurchased 149,284 shares at an average price of $98.12, for a total of $14.7 million.  As of February 5, 2020, the Company has $58.9 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.

Corporate Development

As previously announced in December 2019, the Company acquired two Lexus dealerships in New Mexico, which are the only Lexus franchises in the state and expected to generate an estimated $90 million in annual revenues.  The addition of these stores increases Group 1's total representation in New Mexico to nine automotive luxury brand franchises, which include BMW/MINI, BMW Motorrad (motorcycles), Lexus, and Jaguar/Land Rover.

During 2019, the Company acquired a total of 15 franchises, which are expected to generate an estimated $430 million in annual revenues; and the Company has disposed of 12 franchises that generated approximately $240 million in trailing-twelve-month revenues.

Fourth Quarter 2019 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the fourth quarter and full year 2019 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
Conference ID:    6623265

A telephonic replay will be available following the call through February 12, 2020 by dialing:

Domestic:            1-877-344-7529
International:       1-412-317-0088
Replay ID:           10138507

ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 186 automotive dealerships, 242 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.

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 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, (i) our ability to retain key personnel, and (j) uncertainty of the outcome and potential impact of Brexit. 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 Securities and Exchange Commission, 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, 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 disclosures are reported as zero balances or may not compute due to rounding.

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 amounts)

                 
   

Three Months Ended December 31,

   

2019

 

2018

 

Increase/(Decrease)

 

% Change

REVENUES

               

New vehicle retail sales

 

$

1,681.9

   

$

1,572.7

   

$

109.2

   

6.9

%

Used vehicle retail sales

 

838.8

   

771.2

   

67.6

   

8.8

%

Used vehicle wholesale sales

 

81.8

   

86.1

   

(4.3)

   

(5.0)

%

Parts and service sales

 

379.2

   

354.7

   

24.5

   

6.9

%

Finance, insurance and other, net

 

129.7

   

124.0

   

5.7

   

4.6

%

Total revenues

 

3,111.4

   

2,908.8

   

202.6

   

7.0

%

COST OF SALES

               

New vehicle retail sales

 

1,597.6

   

1,491.5

   

106.1

   

7.1

%

Used vehicle retail sales

 

792.8

   

730.2

   

62.7

   

8.6

%

Used vehicle wholesale sales

 

81.5

   

86.0

   

(4.6)

   

(5.3)

%

Parts and service sales

 

174.9

   

169.1

   

5.8

   

3.4

%

Total cost of sales

 

2,646.8

   

2,476.7

   

170.0

   

6.9

%

GROSS PROFIT

 

464.6

   

432.1

   

32.6

   

7.5

%

Selling, general and administrative expenses

 

338.1

   

323.8

   

14.2

   

4.4

%

Depreciation and amortization expense

 

18.6

   

17.1

   

1.5

   

8.6

%

Asset impairments

 

11.5

   

16.5

   

(5.0)

   

(30.4)

%

INCOME (LOSS) FROM OPERATIONS

 

96.5

   

74.7

   

21.9

   

29.3

%

INTEREST EXPENSE

               

Floorplan interest expense

 

14.6

   

16.5

   

(1.9)

   

(11.6)

%

Other interest expense, net

 

19.0

   

18.4

   

0.6

   

3.4

%

INCOME (LOSS) BEFORE INCOME TAXES

 

62.9

   

39.7

   

23.2

   

58.4

%

(Benefit) provision for income taxes

 

14.8

   

9.0

   

5.8

   

64.9

%

NET INCOME (LOSS)

 

$

48.1

   

$

30.7

   

$

17.4

   

56.5

%

Less: Earnings (loss) allocated to participating securities

 

1.7

   

1.1

   

0.6

   

58.8

%

Net income (loss) available to diluted common shares

 

$

46.3

   

$

29.6

   

$

16.7

   

56.4

%

DILUTED EARNINGS (LOSS) PER SHARE

 

$

2.57

   

$

1.62

   

$

0.95

   

58.7

%

Weighted average dilutive common shares outstanding

 

18.0

   

18.3

   

(0.2)

   

(1.3)

%

Weighted average participating securities

 

0.7

   

0.7

   

   

0.2

%

Total weighted average shares

 

18.7

   

18.9

   

(0.2)

   

(1.2)

%

Effective tax rate

 

23.5

%

 

22.6

%

 

0.9

%

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share amounts)

                 
   

Year Ended December 31,

   

2019

 

2018

 

Increase/(Decrease)

 

% Change

REVENUES

               

New vehicle retail sales

 

$

6,314.1

   

$

6,181.4

   

$

132.7

   

2.1

%

Used vehicle retail sales

 

3,366.6

   

3,166.1

   

200.6

   

6.3

%

Used vehicle wholesale sales

 

355.2

   

369.6

   

(14.4)

   

(3.9)

%

Parts and service sales

 

1,510.0

   

1,416.9

   

93.1

   

6.6

%

Finance, insurance and other, net

 

497.9

   

467.5

   

30.4

   

6.5

%

Total revenues

 

12,043.8

   

11,601.4

   

442.4

   

3.8

%

COST OF SALES

               

New vehicle retail sales

 

6,013.3

   

5,870.5

   

142.8

   

2.4

%

Used vehicle retail sales

 

3,165.3

   

2,980.1

   

185.2

   

6.2

%

Used vehicle wholesale sales

 

354.1

   

367.9

   

(13.7)

   

(3.7)

%

Parts and service sales

 

695.0

   

657.7

   

37.3

   

5.7

%

Total cost of sales

 

10,227.8

   

9,876.3

   

351.5

   

3.6

%

GROSS PROFIT

 

1,816.0

   

1,725.1

   

90.9

   

5.3

%

Selling, general and administrative expenses

 

1,358.4

   

1,273.1

   

85.3

   

6.7

%

Depreciation and amortization expense

 

71.6

   

67.1

   

4.6

   

6.8

%

Asset impairments

 

22.2

   

43.9

   

(21.6)

   

(49.3)

%

INCOME (LOSS) FROM OPERATIONS

 

363.7

   

341.1

   

22.6

   

6.6

%

INTEREST EXPENSE

               

Floorplan interest expense

 

61.6

   

59.9

   

1.7

   

2.8

%

Other interest expense, net

 

74.9

   

75.8

   

(0.9)

   

(1.2)

%

INCOME (LOSS) BEFORE INCOME TAXES

 

227.3

   

205.4

   

21.9

   

10.6

%

(Benefit) provision for income taxes

 

53.3

   

47.6

   

5.6

   

11.8

%

NET INCOME (LOSS)

 

$

174.0

   

$

157.8

   

$

16.2

   

10.3

%

Less: Earnings (loss) allocated to participating securities

 

6.4

   

5.4

   

1.0

   

18.8

%

Net income (loss) available to diluted common shares

 

$

167.6

   

$

152.4

   

$

15.2

   

10.0

%

DILUTED EARNINGS (LOSS) PER SHARE

 

$

9.34

   

$

7.83

   

$

1.51

   

19.3

%

Weighted average dilutive common shares outstanding

 

17.9

   

19.5

   

(1.5)

   

(7.8)

%

Weighted average participating securities

 

0.7

   

0.7

   

   

(0.5)

%

Total weighted average shares

 

18.6

   

20.2

   

(1.5)

   

(7.6)

%

Effective tax rate

 

23.4

%

 

23.2

%

 

0.2

%

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in millions)

                 
   

December 31,
 2019

 

December 31,
2018

 

Increase/
(Decrease)

 

% Change

ASSETS

CURRENT ASSETS

               

Cash and cash equivalents

 

$

23.8

   

$

15.9

   

$

7.8

   

49.1

%

Contracts in transit and vehicle receivables, net

 

253.8

   

265.7

   

(11.8)

   

(4.5)

%

Accounts and notes receivable, net

 

225.1

   

194.0

   

31.1

   

16.0

%

Inventories, net

 

1,901.7

   

1,844.1

   

57.7

   

3.1

%

Prepaid expenses

 

96.4

   

56.3

   

40.1

   

71.3

%

Other current assets

 

15.5

   

26.4

   

(10.9)

   

(41.3)

%

TOTAL CURRENT ASSETS

 

2,516.3

   

2,402.4

   

114.0

   

4.7

%

Property and equipment, net

 

1,547.1

   

1,347.8

   

199.3

   

14.8

%

Operating lease assets

 

220.1

   

   

220.1

   

100.0

%

Goodwill

 

1,008.3

   

963.9

   

44.4

   

4.6

%

Intangible franchise rights

 

253.5

   

259.6

   

(6.1)

   

(2.3)

%

Other long-term assets

 

24.8

   

27.3

   

(2.5)

   

(9.2)

%

TOTAL ASSETS

 

$

5,570.2

   

$

5,001.1

   

$

569.1

   

11.4

%

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

               

Floorplan notes payable — credit facility and other, net of offset account of $106.8 and $33.6, respectively

 

$

1,144.4

   

$

1,258.8

   

$

(114.4)

   

(9.1)

%

Floorplan notes payable — manufacturer affiliates, net of offset account of $4.1 and $0.1, respectively

 

459.9

   

417.8

   

42.0

   

10.1

%

Current maturities of long-term debt

 

59.1

   

93.0

   

(33.8)

   

(36.4)

%

Current operating lease liabilities

 

24.6

   

   

24.6

   

100.0

%

Accounts payable

 

527.5

   

419.4

   

108.1

   

25.8

%

Accrued expenses and other current liabilities

 

206.7

   

197.6

   

9.1

   

4.6

%

TOTAL CURRENT LIABILITIES

 

2,422.3

   

2,386.6

   

35.7

   

1.5

%

Long-term debt, net of current maturities

 

1,432.1

   

1,281.5

   

150.6

   

11.8

%

Operating lease liabilities, net of current portion

 

210.7

   

   

210.7

   

100.0

%

Deferred income taxes

 

145.7

   

134.7

   

11.0

   

8.2

%

Other long-term liabilities

 

103.6

   

102.6

   

1.0

   

1.0

%

Commitments and Contingencies

               

STOCKHOLDERS' EQUITY

               

Common stock

 

0.3

   

0.3

   

   

%

Additional paid-in capital

 

295.3

   

292.8

   

2.6

   

0.9

%

Retained earnings

 

1,542.4

   

1,394.8

   

147.6

   

10.6

%

Accumulated other comprehensive income (loss)

 

(147.0)

   

(137.8)

   

(9.2)

   

6.7

%

Treasury stock

 

(435.3)

   

(454.4)

   

19.0

   

(4.2)

%

TOTAL STOCKHOLDERS' EQUITY

 

1,255.7

   

1,095.7

   

160.0

   

14.6

%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

5,570.2

   

$

5,001.1

   

$

569.1

   

11.4

%

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                   
     

Three Months Ended
December 31,

 

Year Ended
December 31,

     

2019 (%)

 

2018 (%)

 

2019 (%)

 

2018 (%)

New vehicle unit sales geographic mix

             

Region

Geographic Market

               

United States

Texas

 

37.8

   

38.6

   

36.3

   

36.4

 
 

Oklahoma

 

6.9

   

6.7

   

6.8

   

6.3

 
 

California

 

5.3

   

6.0

   

5.5

   

6.2

 
 

Massachusetts

 

4.7

   

4.7

   

4.7

   

4.9

 
 

Georgia

 

4.7

   

4.7

   

4.6

   

4.5

 
 

Florida

 

3.1

   

2.7

   

2.7

   

2.7

 
 

Louisiana

 

2.2

   

2.5

   

2.4

   

2.1

 
 

New Hampshire

 

1.8

   

1.8

   

1.8

   

1.8

 
 

New Jersey

 

1.9

   

1.7

   

1.8

   

1.6

 
 

South Carolina

 

1.8

   

1.9

   

1.7

   

1.6

 
 

Mississippi

 

1.0

   

1.1

   

1.1

   

1.2

 
 

Kansas

 

1.2

   

1.3

   

1.1

   

1.4

 
 

Alabama

 

0.6

   

0.7

   

0.7

   

0.7

 
 

Maryland

 

0.5

   

0.5

   

0.5

   

0.5

 
 

New Mexico

 

0.8

   

0.2

   

0.5

   

0.2

 
     

74.3

   

75.1

   

72.2

   

72.1

 
                   

International

United Kingdom

 

19.8

   

19.0

   

22.2

   

22.7

 
 

Brazil

 

5.9

   

5.9

   

5.6

   

5.2

 
     

100.0

   

100.0

   

100.0

   

100.0

 
                 

New vehicle unit sales brand mix

             

Toyota/Lexus

 

25.1

   

25.9

   

24.7

   

25.2

 

Volkswagen/Audi/Porsche/SEAT/SKODA

 

14.6

   

11.4

   

14.1

   

13.4

 

BMW/MINI

 

12.0

   

11.8

   

12.0

   

12.0

 

Honda/Acura

 

10.8

   

10.7

   

10.7

   

9.7

 

Ford/Lincoln

 

9.9

   

10.2

   

10.4

   

10.9

 

Chevrolet/GMC/Buick/Cadillac

 

6.8

   

7.1

   

6.6

   

6.1

 

Nissan

 

5.3

   

6.5

   

5.9

   

6.5

 

Mercedes-Benz/Smart/Sprinter

 

5.4

   

5.1

   

5.2

   

4.8

 

Hyundai/Kia/Genesis

 

3.5

   

3.7

   

3.7

   

3.9

 

Chrysler/Dodge/Jeep/RAM

 

3.4

   

3.7

   

3.4

   

4.0

 

Jaguar/Land Rover

 

1.9

   

2.0

   

2.0

   

1.9

 

Other

 

1.3

   

1.9

   

1.3

   

1.6

 
   

100.0

   

100.0

   

100.0

   

100.0

 

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(Dollars in millions, except per unit amounts)

                 
   

Three Months Ended December 31,

   

2019

 

2018

 

Increase/(Decrease)

 

% Change

Revenues

               

New vehicle retail sales

 

$

1,319.9

   

$

1,249.4

   

$

70.5

   

5.6

%

Used vehicle retail sales

 

632.4

   

579.2

   

53.2

   

9.2

%

Used vehicle wholesale sales

 

41.5

   

41.4

   

0.1

   

0.3

%

Total used

 

673.9

   

620.6

   

53.3

   

8.6

%

Parts and service sales

 

312.3

   

290.5

   

21.8

   

7.5

%

F&I, net

 

113.9

   

106.0

   

7.8

   

7.4

%

Total revenues

 

$

2,419.9

   

$

2,266.5

   

$

153.4

   

6.8

%

Gross profit

               

New vehicle retail sales

 

$

64.6

   

$

62.3

   

$

2.3

   

3.7

%

Used vehicle retail sales

 

36.5

   

32.2

   

4.3

   

13.5

%

Used vehicle wholesale sales

 

0.1

   

0.4

   

(0.3)

   

(76.2)

%

Total used

 

36.6

   

32.5

   

4.1

   

12.5

%

Parts and service sales

 

169.2

   

151.6

   

17.6

   

11.6

%

F&I, net

 

113.9

   

106.0

   

7.8

   

7.4

%

Total gross profit

 

$

384.3

   

$

352.5

   

$

31.8

   

9.0

%

Gross margin

               

New vehicle retail sales

 

4.9

%

 

5.0

%

 

(0.1)

%

   

Used vehicle retail sales

 

5.8

%

 

5.6

%

 

0.2

%

   

Used vehicle wholesale sales

 

0.2

%

 

0.9

%

 

(0.7)

%

   

Total used

 

5.4

%

 

5.2

%

 

0.2

%

   

Parts and service sales

 

54.2

%

 

52.2

%

 

2.0

%

   

F&I, net

 

100.0

%

 

100.0

%

 

%

   

Total gross margin

 

15.9

%

 

15.6

%

 

0.3

%

   

Units sold

               

Retail new vehicles sold

 

32,347

   

31,754

   

593

   

1.9

%

Retail used vehicles sold

 

29,717

   

27,887

   

1,830

   

6.6

%

Wholesale used vehicles sold

 

7,034

   

6,832

   

202

   

3.0

%

Total used

 

36,751

   

34,719

   

2,032

   

5.9

%

Average sales price per unit sold

               

New vehicle retail

 

$

40,804

   

$

39,347

   

$

1,457

   

3.7

%

Used vehicle retail

 

$

21,280

   

$

20,768

   

$

512

   

2.5

%

Gross profit per unit sold

               

New vehicle retail sales

 

$

1,998

   

$

1,962

   

$

36

   

1.8

%

Used vehicle retail sales

 

$

1,229

   

$

1,154

   

$

75

   

6.5

%

Used vehicle wholesale sales

 

$

12

   

$

53

   

$

(41)

   

(76.9)

%

Total used

 

$

996

   

$

937

   

$

59

   

6.3

%

F&I PRU

 

$

1,835

   

$

1,778

   

$

57

   

3.2

%

Other

               

SG&A expenses

 

$

266.1

   

$

252.6

   

$

13.4

   

5.3

%

Adjusted SG&A expenses (1)

 

$

266.8

   

$

251.0

   

$

15.8

   

6.3

%

SG&A as % gross profit

 

69.2

%

 

71.7

%

 

(2.5)

%

   

Adjusted SG&A as % gross profit (1)

 

69.4

%

 

71.4

%

 

(2.0)

%

   

Interest expense

               

Floorplan interest expense

 

$

12.5

   

$

14.7

   

$

(2.2)

   

(15.0)

%

Less: Floorplan assistance

 

13.3

   

12.6

   

0.6

   

5.1

%

Net floorplan expense

 

$

(0.8)

   

$

2.1

   

$

(2.9)

   

(136.2)

%

Other interest expense, net

 

$

17.0

   

$

16.5

   

$

0.6

   

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.

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(Dollars in millions, except per unit amounts)

                 
   

Year Ended December 31,

   

2019

 

2018

 

Increase/(Decrease)

 

% Change

Revenues

               

New vehicle retail sales

 

$

4,832.2

   

$

4,682.8

   

$

149.4

   

3.2

%

Used vehicle retail sales

 

2,509.9

   

2,307.0

   

202.9

   

8.8

%

Used vehicle wholesale sales

 

174.5

   

178.9

   

(4.4)

   

(2.5)

%

Total used

 

2,684.4

   

2,485.9

   

198.5

   

8.0

%

Parts and service sales

 

1,234.4

   

1,153.3

   

81.2

   

7.0

%

F&I, net

 

433.2

   

401.3

   

32.0

   

8.0

%

Total revenues

 

$

9,184.2

   

$

8,723.3

   

$

461.0

   

5.3

%

Gross profit

               

New vehicle retail sales

 

$

228.8

   

$

229.1

   

$

(0.2)

   

(0.1)

%

Used vehicle retail sales

 

161.7

   

141.7

   

20.0

   

14.1

%

Used vehicle wholesale sales

 

2.5

   

3.8

   

(1.2)

   

(33.1)

%

Total used

 

164.2

   

145.5

   

18.8

   

12.9

%

Parts and service sales

 

668.5

   

615.5

   

53.0

   

8.6

%

F&I, net

 

433.2

   

401.3

   

32.0

   

8.0

%

Total gross profit

 

$

1,494.8

   

$

1,391.3

   

$

103.5

   

7.4

%

Gross margin

               

New vehicle retail sales

 

4.7

%

 

4.9

%

 

(0.2)

%

   

Used vehicle retail sales

 

6.4

%

 

6.1

%

 

0.3

%

   

Used vehicle wholesale sales

 

1.4

%

 

2.1

%

 

(0.7)

%

   

Total used

 

6.1

%

 

5.9

%

 

0.3

%

   

Parts and service sales

 

54.2

%

 

53.4

%

 

0.8

%

   

F&I, net

 

100.0

%

 

100.0

%

 

%

   

Total gross margin

 

16.3

%

 

15.9

%

 

0.3

%

   

Units sold

               

Retail new vehicles sold

 

122,096

   

122,873

   

(777)

   

(0.6)

%

Retail used vehicles sold

 

121,016

   

111,806

   

9,210

   

8.2

%

Wholesale used vehicles sold

 

28,577

   

30,625

   

(2,048)

   

(6.7)

%

Total used

 

149,593

   

142,431

   

7,162

   

5.0

%

Average sales price per unit sold

               

New vehicle retail

 

$

39,577

   

$

38,111

   

$

1,466

   

3.8

%

Used vehicle retail

 

$

20,740

   

$

20,634

   

$

106

   

0.5

%

Gross profit per unit sold

               

New vehicle retail sales

 

$

1,874

   

$

1,864

   

$

10

   

0.5

%

Used vehicle retail sales

 

$

1,336

   

$

1,267

   

$

69

   

5.4

%

Used vehicle wholesale sales

 

$

88

   

$

122

   

$

(35)

   

(28.3)

%

Total used

 

$

1,098

   

$

1,021

   

$

76

   

7.5

%

F&I PRU

 

$

1,782

   

$

1,710

   

$

72

   

4.2

%

Other

               

SG&A expenses

 

$

1,075.6

   

$

982.1

   

$

93.5

   

9.5

%

Adjusted SG&A expenses (1)

 

$

1,061.1

   

$

999.5

   

$

61.5

   

6.2

%

SG&A as % gross profit

 

72.0

%

 

70.6

%

 

1.4

%

   

Adjusted SG&A as % gross profit (1)

 

71.0

%

 

71.9

%

 

(0.9)

%

   

Interest expense

               

Floorplan interest expense

 

$

53.7

   

$

52.8

   

$

1.0

   

1.8

%

Less: Floorplan assistance

 

48.5

   

46.3

   

2.2

   

4.7

%

Net floorplan expense

 

$

5.2

   

$

6.5

   

$

(1.2)

   

(18.9)

%

Other interest expense, net

 

$

67.5

   

$

68.1

   

$

(0.6)

   

(0.9)

%

   

 (1)

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(Dollars in millions, except per unit amounts)

   
 

Three Months Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

283.5

   

$

246.1

   

$

37.5

   

15.2

%

   

$

   

15.3

%

Used vehicle retail sales

184.5

   

171.0

   

13.5

   

7.9

%

   

(0.2)

   

8.0

%

Used vehicle wholesale sales

35.2

   

39.4

   

(4.2)

   

(10.5)

%

   

(0.1)

   

(10.3)

%

Total used

219.7

   

210.4

   

9.3

   

4.4

%

   

(0.3)

   

4.6

%

Parts and service sales

55.4

   

52.6

   

2.8

   

5.3

%

   

(0.1)

   

5.5

%

F&I, net

13.8

   

15.0

   

(1.1)

   

(7.5)

%

   

0.1

   

(8.2)

%

Total revenues

$

572.5

   

$

524.0

   

$

48.5

   

9.2

%

   

$

(0.4)

   

9.3

%

Gross profit

                       

New vehicle retail sales

$

14.6

   

$

14.0

   

$

0.5

   

3.9

%

   

$

0.2

   

2.3

%

Used vehicle retail sales

8.2

   

7.6

   

0.6

   

8.3

%

   

   

8.7

%

Used vehicle wholesale sales

(0.1)

   

(0.5)

   

0.4

   

83.3

%

   

   

86.1

%

Total used

8.2

   

7.1

   

1.1

   

15.0

%

   

   

15.6

%

Parts and service sales

29.9

   

28.8

   

1.1

   

3.7

%

   

(0.1)

   

3.8

%

F&I, net

13.8

   

15.0

   

(1.1)

   

(7.5)

%

   

0.1

   

(8.2)

%

Total gross profit

$

66.5

   

$

64.9

   

$

1.5

   

2.4

%

   

$

0.2

   

2.0

%

Gross margin

                       

New vehicle retail sales

5.1

%

 

5.7

%

 

(0.6)

%

             

Used vehicle retail sales

4.5

%

 

4.5

%

 

%

             

Used vehicle wholesale sales

(0.2)

%

 

(1.3)

%

 

1.1

%

             

Total used

3.7

%

 

3.4

%

 

0.3

%

             

Parts and service sales

54.0

%

 

54.8

%

 

(0.8)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.6

%

 

12.4

%

 

(0.8)

%

             

Units sold

                       

Retail new vehicles sold

8,626

   

8,019

   

607

   

7.6

%

         

Retail used vehicles sold

7,837

   

7,148

   

689

   

9.6

%

         

Wholesale used vehicles sold

4,661

   

4,742

   

(81)

   

(1.7)

%

         

Total used

12,498

   

11,890

   

608

   

5.1

%

         

Average sales price per unit sold

                       

New vehicle retail

$

32,871

   

$

30,683

   

$

2,188

   

7.1

%

   

$

(4)

   

7.1

%

Used vehicle retail

$

23,539

   

$

23,923

   

$

(385)

   

(1.6)

%

   

$

(27)

   

(1.5)

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,690

   

$

1,750

   

$

(60)

   

(3.4)

%

   

$

25

   

(4.9)

%

Used vehicle retail sales

$

1,052

   

$

1,065

   

$

(13)

   

(1.2)

%

   

$

(4)

   

(0.9)

%

Used vehicle wholesale sales

$

(18)

   

$

(109)

   

$

90

   

83.0

%

   

$

(3)

   

85.9

%

Total used

$

653

   

$

597

   

$

56

   

9.4

%

   

$

(3)

   

10.0

%

F&I PRU

$

840

   

$

986

   

$

(146)

   

(14.8)

%

   

$

6

   

(15.4)

%

Other

                       

SG&A expenses

$

61.0

   

$

58.8

   

$

2.2

   

3.7

%

   

$

0.1

   

3.6

%

SG&A as % gross profit

91.9

%

 

90.6

%

 

1.3

%

             

Interest expense

                       

Floorplan interest expense

$

2.0

   

$

1.6

   

$

0.3

   

20.1

%

   

$

   

19.8

%

Less: Floorplan assistance

0.3

   

0.1

   

0.1

   

100.7

%

   

   

100.4

%

Net floorplan expense

$

1.7

   

$

1.5

   

$

0.2

   

12.5

%

   

$

   

12.2

%

Other interest expense, net

$

1.9

   

$

1.8

   

$

0.1

   

5.8

%

   

$

   

5.7

%

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(Dollars in millions, except per unit amounts)

                         
 

Year Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

1,195.1

   

$

1,217.1

   

$

(22.1)

   

(1.8)

%

   

$

(58.3)

   

3.0

%

Used vehicle retail sales

771.3

   

771.7

   

(0.4)

   

(0.1)

%

   

(35.6)

   

4.6

%

Used vehicle wholesale sales

162.3

   

173.8

   

(11.4)

   

(6.6)

%

   

(7.4)

   

(2.3)

%

Total used

933.7

   

945.5

   

(11.8)

   

(1.3)

%

   

(43.1)

   

3.3

%

Parts and service sales

227.9

   

217.6

   

10.3

   

4.8

%

   

(10.4)

   

9.6

%

F&I, net

57.0

   

57.2

   

(0.2)

   

(0.3)

%

   

(2.4)

   

3.9

%

Total revenues

$

2,413.7

   

$

2,437.4

   

$

(23.7)

   

(1.0)

%

   

$

(114.2)

   

3.7

%

Gross profit

                       

New vehicle retail sales

$

54.2

   

$

63.6

   

$

(9.4)

   

(14.7)

%

   

$

(2.2)

   

(11.3)

%

Used vehicle retail sales

33.7

   

38.9

   

(5.2)

   

(13.3)

%

   

(1.6)

   

(9.1)

%

Used vehicle wholesale sales

(2.7)

   

(2.7)

   

   

(0.3)

%

   

0.1

   

(2.8)

%

Total used

31.0

   

36.2

   

(5.2)

   

(14.3)

%

   

(1.6)

   

(10.0)

%

Parts and service sales

125.4

   

123.0

   

2.5

   

2.0

%

   

(5.7)

   

6.7

%

F&I, net

57.0

   

57.2

   

(0.2)

   

(0.3)

%

   

(2.4)

   

3.9

%

Total gross profit

$

267.7

   

$

279.9

   

$

(12.2)

   

(4.4)

%

   

$

(11.9)

   

(0.1)

%

Gross margin

                       

New vehicle retail sales

4.5

%

 

5.2

%

 

(0.7)

%

             

Used vehicle retail sales

4.4

%

 

5.0

%

 

(0.7)

%

             

Used vehicle wholesale sales

(1.7)

%

 

(1.6)

%

 

(0.1)

%

             

Total used

3.3

%

 

3.8

%

 

(0.5)

%

             

Parts and service sales

55.0

%

 

56.5

%

 

(1.5)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.1

%

 

11.5

%

 

(0.4)

%

             

Units sold

                       

Retail new vehicles sold

37,565

   

38,716

   

(1,151)

   

(3.0)

%

         

Retail used vehicles sold

33,121

   

31,966

   

1,155

   

3.6

%

         

Wholesale used vehicles sold

20,694

   

21,666

   

(972)

   

(4.5)

%

         

Total used

53,815

   

53,632

   

183

   

0.3

%

         

Average sales price per unit sold

                       

New vehicle retail

$

31,814

   

$

31,438

   

$

376

   

1.2

%

   

$

(1,551)

   

6.1

%

Used vehicle retail

$

23,288

   

$

24,142

   

$

(854)

   

(3.5)

%

   

$

(1,075)

   

0.9

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,443

   

$

1,642

   

$

(199)

   

(12.1)

%

   

$

(57)

   

(8.6)

%

Used vehicle retail sales

$

1,018

   

$

1,217

   

$

(199)

   

(16.3)

%

   

$

(49)

   

(12.3)

%

Used vehicle wholesale sales

$

(131)

   

$

(125)

   

$

(6)

   

(5.0)

%

   

$

3

   

(7.7)

%

Total used

$

576

   

$

675

   

$

(99)

   

(14.6)

%

   

$

(29)

   

(10.3)

%

F&I PRU

$

806

   

$

809

   

$

(2)

   

(0.3)

%

   

$

(34)

   

3.9

%

Other

                       

SG&A expenses

$

236.9

   

$

240.4

   

$

(3.6)

   

(1.5)

%

   

$

(10.7)

   

3.0

%

Adjusted SG&A expenses (1)

$

236.4

   

$

240.4

   

$

(4.0)

   

(1.7)

%

   

$

(10.6)

   

2.7

%

SG&A as % gross profit

88.5

%

 

85.9

%

 

2.6

%

             

Adjusted SG&A as % gross profit (1)

88.3

%

 

85.9

%

 

2.4

%

             

Interest expense

                       

Floorplan interest expense

$

7.2

   

$

6.3

   

$

0.8

   

13.2

%

   

$

(0.3)

   

18.3

%

Less: Floorplan assistance

0.6

   

1.0

   

(0.3)

   

(34.2)

%

   

   

(31.2)

%

Net floorplan expense

$

6.5

   

$

5.4

   

$

1.2

   

21.8

%

   

$

(0.3)

   

27.2

%

Other interest expense, net

$

7.3

   

$

6.8

   

$

0.5

   

7.4

%

   

$

(0.3)

   

12.5

%

   

(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.

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(Dollars in millions, except per unit amounts)

                         
 

Three Months Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

78.5

   

$

77.2

   

$

1.2

   

1.6

%

   

$

(6.2)

   

9.7

%

Used vehicle retail sales

22.0

   

21.1

   

0.9

   

4.2

%

   

(1.8)

   

12.6

%

Used vehicle wholesale sales

5.0

   

5.3

   

(0.3)

   

(5.6)

%

   

(0.4)

   

1.7

%

Total used

27.0

   

26.4

   

0.6

   

2.2

%

   

(2.2)

   

10.4

%

Parts and service sales

11.5

   

11.6

   

(0.1)

   

(0.7)

%

   

(0.9)

   

7.4

%

F&I, net

2.0

   

3.0

   

(1.0)

   

(32.7)

%

   

(0.2)

   

(27.1)

%

Total revenues

$

119.0

   

$

118.2

   

$

0.7

   

0.6

%

   

$

(9.5)

   

8.7

%

Gross profit

                       

New vehicle retail sales

$

5.1

   

$

4.9

   

$

0.2

   

3.9

%

   

$

(0.4)

   

12.4

%

Used vehicle retail sales

1.2

   

1.3

   

(0.1)

   

(5.2)

%

   

(0.1)

   

2.3

%

Used vehicle wholesale sales

0.3

   

0.3

   

0.1

   

23.1

%

   

   

32.9

%

Total used

1.5

   

1.5

   

   

(0.3)

%

   

(0.1)

   

7.6

%

Parts and service sales

5.2

   

5.2

   

   

0.9

%

   

(0.4)

   

9.1

%

F&I, net

2.0

   

3.0

   

(1.0)

   

(32.7)

%

   

(0.2)

   

(27.1)

%

Total gross profit

$

13.9

   

$

14.7

   

$

(0.7)

   

(5.1)

%

   

$

(1.1)

   

2.7

%

Gross margin

                       

New vehicle retail sales

6.5

%

 

6.4

%

 

0.1

%

             

Used vehicle retail sales

5.5

%

 

6.1

%

 

(0.5)

%

             

Used vehicle wholesale sales

6.5

%

 

5.0

%

 

1.5

%

             

Total used

5.7

%

 

5.9

%

 

(0.1)

%

             

Parts and service sales

45.4

%

 

44.6

%

 

0.7

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.7

%

 

12.4

%

 

(0.7)

%

             

Units sold

                       

Retail new vehicles sold

2,564

   

2,499

   

65

   

2.6

%

         

Retail used vehicles sold

1,117

   

1,064

   

53

   

5.0

%

         

Wholesale used vehicles sold

548

   

515

   

33

   

6.4

%

         

Total used

1,665

   

1,579

   

86

   

5.4

%

         

Average sales price per unit sold

                       

New vehicle retail

$

30,601

   

$

30,904

   

$

(303)

   

(1.0)

%

   

$

(2,437)

   

6.9

%

Used vehicle retail

$

19,666

   

$

19,819

   

$

(152)

   

(0.8)

%

   

$

(1,584)

   

7.2

%

Gross profit per unit sold

                       

New vehicle retail sales

$

2,002

   

$

1,976

   

$

26

   

1.3

%

   

$

(163)

   

9.6

%

Used vehicle retail sales

$

1,088

   

$

1,205

   

$

(117)

   

(9.7)

%

   

$

(87)

   

(2.5)

%

Used vehicle wholesale sales

$

595

   

$

515

   

$

81

   

15.7

%

   

$

(47)

   

24.9

%

Total used

$

926

   

$

980

   

$

(54)

   

(5.5)

%

   

$

(74)

   

2.0

%

F&I PRU

$

549

   

$

843

   

$

(294)

   

(34.8)

%

   

$

(45)

   

(29.5)

%

Other

                       

SG&A expenses

$

11.0

   

$

12.4

   

$

(1.4)

   

(11.4)

%

   

$

(0.9)

   

(4.2)

%

SG&A as % gross profit

78.8

%

 

84.4

%

 

(5.6)

%

             

Interest expense

                       

Floorplan interest expense

$

0.1

   

$

0.2

   

$

   

(20.7)

%

   

$

   

(14.0)

%

Other interest expense, net

$

0.1

   

$

0.2

   

$

(0.1)

   

(28.9)

%

   

$

   

(23.0)

%

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(Dollars in millions, except per unit amounts)

   
 

Year Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

286.8

   

$

281.4

   

$

5.4

   

1.9

%

   

$

(24.0)

   

10.5

%

Used vehicle retail sales

85.4

   

87.4

   

(2.0)

   

(2.2)

%

   

(7.4)

   

6.3

%

Used vehicle wholesale sales

18.3

   

16.9

   

1.5

   

8.7

%

   

(1.3)

   

16.4

%

Total used

103.7

   

104.2

   

(0.5)

   

(0.5)

%

   

(8.7)

   

7.9

%

Parts and service sales

47.6

   

46.0

   

1.6

   

3.5

%

   

(3.9)

   

11.9

%

F&I, net

7.6

   

9.0

   

(1.4)

   

(15.3)

%

   

(0.5)

   

(9.2)

%

Total revenues

$

445.9

   

$

440.7

   

$

5.2

   

1.2

%

   

$

(37.2)

   

9.6

%

Gross profit

                       

New vehicle retail sales

$

17.8

   

$

18.2

   

$

(0.5)

   

(2.6)

%

   

$

(1.4)

   

4.8

%

Used vehicle retail sales

5.9

   

5.3

   

0.6

   

10.8

%

   

(0.5)

   

20.2

%

Used vehicle wholesale sales

1.2

   

0.6

   

0.6

   

86.5

%

   

(0.1)

   

100.7

%

Total used

7.1

   

6.0

   

1.1

   

19.0

%

   

(0.6)

   

28.9

%

Parts and service sales

21.0

   

20.7

   

0.4

   

1.9

%

   

(1.7)

   

10.2

%

F&I, net

7.6

   

9.0

   

(1.4)

   

(15.3)

%

   

(0.5)

   

(9.2)

%

Total gross profit

$

53.5

   

$

53.9

   

$

(0.3)

   

(0.6)

%

   

$

(4.2)

   

7.2

%

Gross margin

                       

New vehicle retail sales

6.2

%

 

6.5

%

 

(0.3)

%

             

Used vehicle retail sales

6.9

%

 

6.1

%

 

0.8

%

             

Used vehicle wholesale sales

6.6

%

 

3.8

%

 

2.8

%

             

Total used

6.8

%

 

5.7

%

 

1.1

%

             

Parts and service sales

44.2

%

 

44.9

%

 

(0.7)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

12.0

%

 

12.2

%

 

(0.2)

%

             

Units sold

                       

Retail new vehicles sold

9,475

   

8,928

   

547

   

6.1

%

         

Retail used vehicles sold

4,412

   

4,227

   

185

   

4.4

%

         

Wholesale used vehicles sold

1,934

   

1,596

   

338

   

21.2

%

         

Total used

6,346

   

5,823

   

523

   

9.0

%

         

Average sales price per unit sold

                       

New vehicle retail

$

30,274

   

$

31,521

   

$

(1,246)

   

(4.0)

%

   

$

(2,536)

   

4.1

%

Used vehicle retail

$

19,356

   

$

20,665

   

$

(1,309)

   

(6.3)

%

   

$

(1,684)

   

1.8

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,874

   

$

2,042

   

$

(168)

   

(8.2)

%

   

$

(143)

   

(1.3)

%

Used vehicle retail sales

$

1,336

   

$

1,259

   

$

77

   

6.1

%

   

$

(113)

   

15.1

%

Used vehicle wholesale sales

$

625

   

$

406

   

$

219

   

53.9

%

   

$

(48)

   

65.6

%

Total used

$

1,120

   

$

1,025

   

$

94

   

9.2

%

   

$

(93)

   

18.3

%

F&I PRU

$

551

   

$

686

   

$

(136)

   

(19.7)

%

   

$

(40)

   

(14.0)

%

Other

                       

SG&A expenses

$

46.0

   

$

50.6

   

$

(4.6)

   

(9.1)

%

   

$

(3.2)

   

(2.8)

%

Adjusted SG&A expenses (1)

$

46.0

   

$

46.9

   

$

(1.0)

   

(2.1)

%

   

$

(3.6)

   

5.7

%

SG&A as % gross profit

85.8

%

 

93.9

%

 

(8.1)

%

             

Adjusted SG&A as % gross profit (1)

85.8

%

 

87.1

%

 

(1.3)

%

             

Interest expense

                       

Floorplan interest expense

$

0.7

   

$

0.8

   

$

(0.1)

   

(13.8)

%

   

$

(0.1)

   

(6.2)

%

Other interest expense, net

$

0.1

   

$

0.9

   

$

(0.8)

   

(86.4)

%

   

$

   

(84.7)

%

   

(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.

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(Dollars in millions, except per unit amounts)

   
 

Three Months Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

1,681.9

   

$

1,572.7

   

$

109.2

   

6.9

%

   

$

(6.3)

   

7.3

%

Used vehicle retail sales

838.8

   

771.2

   

67.6

   

8.8

%

   

(2.0)

   

9.0

%

Used vehicle wholesale sales

81.8

   

86.1

   

(4.3)

   

(5.0)

%

   

(0.5)

   

(4.5)

%

Total used

920.6

   

857.4

   

63.2

   

7.4

%

   

(2.5)

   

7.7

%

Parts and service sales

379.2

   

354.7

   

24.5

   

6.9

%

   

(1.1)

   

7.2

%

F&I, net

129.7

   

124.0

   

5.7

   

4.6

%

   

(0.1)

   

4.7

%

Total revenues

$

3,111.4

   

$

2,908.8

   

$

202.6

   

7.0

%

   

$

(9.9)

   

7.3

%

Gross profit

                       

New vehicle retail sales

$

84.3

   

$

81.3

   

$

3.1

   

3.8

%

   

$

(0.2)

   

4.0

%

Used vehicle retail sales

46.0

   

41.1

   

4.9

   

11.9

%

   

(0.1)

   

12.2

%

Used vehicle wholesale sales

0.3

   

0.1

   

0.2

   

189.6

%

   

   

225.1

%

Total used

46.3

   

41.2

   

5.1

   

12.4

%

   

(0.2)

   

12.8

%

Parts and service sales

204.3

   

185.6

   

18.7

   

10.1

%

   

(0.5)

   

10.3

%

F&I, net

129.7

   

124.0

   

5.7

   

4.6

%

   

(0.1)

   

4.7

%

Total gross profit

$

464.6

   

$

432.1

   

$

32.6

   

7.5

%

   

$

(0.9)

   

7.7

%

Gross margin

                       

New vehicle retail sales

5.0

%

 

5.2

%

 

(0.2)

%

             

Used vehicle retail sales

5.5

%

 

5.3

%

 

0.2

%

             

Used vehicle wholesale sales

0.4

%

 

0.1

%

 

0.3

%

             

Total used

5.0

%

 

4.8

%

 

0.2

%

             

Parts and service sales

53.9

%

 

52.3

%

 

1.5

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

14.9

%

 

14.9

%

 

0.1

%

             

Units sold

                       

Retail new vehicles sold

43,537

   

42,272

   

1,265

   

3.0

%

         

Retail used vehicles sold

38,671

   

36,099

   

2,572

   

7.1

%

         

Wholesale used vehicles sold

12,243

   

12,089

   

154

   

1.3

%

         

Total used

50,914

   

48,188

   

2,726

   

5.7

%

         

Average sales price per unit sold

                       

New vehicle retail

$

38,632

   

$

37,205

   

$

1,427

   

3.8

%

   

$

(144)

   

4.2

%

Used vehicle retail

$

21,691

   

$

21,365

   

$

326

   

1.5

%

   

$

(51)

   

1.8

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,937

   

$

1,922

   

$

15

   

0.8

%

   

$

(5)

   

1.0

%

Used vehicle retail sales

$

1,189

   

$

1,138

   

$

51

   

4.5

%

   

$

(3)

   

4.8

%

Used vehicle wholesale sales

$

27

   

$

9

   

$

17

   

186.0

%

   

$

(3)

   

221.0

%

Total used

$

909

   

$

855

   

$

55

   

6.4

%

   

$

(3)

   

6.8

%

F&I PRU

$

1,578

   

$

1,582

   

$

(4)

   

(0.3)

%

   

$

(1)

   

(0.2)

%

Other

                       

SG&A expenses

$

338.1

   

$

323.8

   

$

14.2

   

4.4

%

   

$

(0.8)

   

4.6

%

Adjusted SG&A expenses (1)

$

338.8

   

$

322.2

   

$

16.6

   

5.1

%

   

$

(0.8)

   

5.4

%

SG&A as % gross profit

72.8

%

 

75.0

%

 

(2.2)

%

             

Adjusted SG&A as % gross profit (1)

72.9

%

 

74.8

%

 

(1.9)

%

             

Operating margin %

3.1

%

 

2.6

%

 

0.5

%

             

Adjusted operating margin % (1)

3.4

%

 

3.2

%

 

0.2

%

             

Pretax margin %

2.0

%

 

1.4

%

 

0.6

%

             

Adjusted pretax margin % (1)

2.4

%

 

1.9

%

 

0.5

%

             

Interest expense

                       

Floorplan interest expense

$

14.6

   

$

16.5

   

$

(1.9)

   

(11.6)

%

   

$

   

(11.6)

%

Less: Floorplan assistance

13.6

   

12.8

   

0.8

   

6.2

%

   

   

6.2

%

Net floorplan expense

$

1.1

   

$

3.8

   

$

(2.7)

   

(71.7)

%

   

$

   

(71.5)

%

Other interest expense, net

$

19.0

   

$

18.4

   

$

0.6

   

3.4

%

   

$

   

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.

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(Dollars in millions, except per unit amounts)

   
 

Year Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

6,314.1

   

$

6,181.4

   

$

132.7

   

2.1

%

   

$

(82.3)

   

3.5

%

Used vehicle retail sales

3,366.6

   

3,166.1

   

200.6

   

6.3

%

   

(43.0)

   

7.7

%

Used vehicle wholesale sales

355.2

   

369.6

   

(14.4)

   

(3.9)

%

   

(8.8)

   

(1.5)

%

Total used

3,721.8

   

3,535.6

   

186.1

   

5.3

%

   

(51.8)

   

6.7

%

Parts and service sales

1,510.0

   

1,416.9

   

93.1

   

6.6

%

   

(14.3)

   

7.6

%

F&I, net

497.9

   

467.5

   

30.4

   

6.5

%

   

(2.9)

   

7.1

%

Total revenues

$

12,043.8

   

$

11,601.4

   

$

442.4

   

3.8

%

   

$

(151.4)

   

5.1

%

Gross profit

                       

New vehicle retail sales

$

300.8

   

$

310.9

   

$

(10.1)

   

(3.2)

%

   

$

(3.5)

   

(2.1)

%

Used vehicle retail sales

201.3

   

185.9

   

15.4

   

8.3

%

   

(2.1)

   

9.4

%

Used vehicle wholesale sales

1.0

   

1.7

   

(0.7)

   

(40.6)

%

   

   

(39.2)

%

Total used

202.3

   

187.6

   

14.7

   

7.8

%

   

(2.1)

   

9.0

%

Parts and service sales

815.0

   

759.1

   

55.8

   

7.4

%

   

(7.5)

   

8.3

%

F&I, net

497.9

   

467.5

   

30.4

   

6.5

%

   

(2.9)

   

7.1

%

Total gross profit

$

1,816.0

   

$

1,725.1

   

$

90.9

   

5.3

%

   

$

(16.1)

   

6.2

%

Gross margin

                       

New vehicle retail sales

4.8

%

 

5.0

%

 

(0.3)

%

             

Used vehicle retail sales

6.0

%

 

5.9

%

 

0.1

%

             

Used vehicle wholesale sales

0.3

%

 

0.5

%

 

(0.2)

%

             

Total used

5.4

%

 

5.3

%

 

0.1

%

             

Parts and service sales

54.0

%

 

53.6

%

 

0.4

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

15.1

%

 

14.9

%

 

0.2

%

             

Units sold

                       

Retail new vehicles sold

169,136

   

170,517

   

(1,381)

   

(0.8)

%

         

Retail used vehicles sold

158,549

   

147,999

   

10,550

   

7.1

%

         

Wholesale used vehicles sold

51,205

   

53,887

   

(2,682)

   

(5.0)

%

         

Total used

209,754

   

201,886

   

7,868

   

3.9

%

         

Average sales price per unit sold

                       

New vehicle retail

$

37,332

   

$

36,251

   

$

1,081

   

3.0

%

   

$

(486)

   

4.3

%

Used vehicle retail

$

21,234

   

$

21,393

   

$

(158)

   

(0.7)

%

   

$

(271)

   

0.5

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,778

   

$

1,823

   

$

(45)

   

(2.4)

%

   

$

(21)

   

(1.3)

%

Used vehicle retail sales

$

1,270

   

$

1,256

   

$

13

   

1.1

%

   

$

(13)

   

2.1

%

Used vehicle wholesale sales

$

20

   

$

31

   

$

(12)

   

(37.4)

%

   

$

   

(36.0)

%

Total used

$

965

   

$

929

   

$

35

   

3.8

%

   

$

(10)

   

4.9

%

F&I PRU

$

1,519

   

$

1,468

   

$

52

   

3.5

%

   

$

(9)

   

4.1

%

Other

                       

SG&A expenses

$

1,358.4

   

$

1,273.1

   

$

85.3

   

6.7

%

   

$

(13.9)

   

7.8

%

Adjusted SG&A expenses (1)

$

1,343.4

   

$

1,286.9

   

$

56.5

   

4.4

%

   

$

(14.3)

   

5.5

%

SG&A as % gross profit

74.8

%

 

73.8

%

 

1.0

%

             

Adjusted SG&A as % gross profit (1)

74.0

%

 

74.6

%

 

(0.6)

%

             

Operating margin %

3.0

%

 

2.9

%

 

0.1

%

             

Adjusted operating margin % (1)

3.3

%

 

3.2

%

 

0.1

%

             

Pretax margin %

1.9

%

 

1.8

%

 

0.1

%

             

Adjusted pretax margin % (1)

2.2

%

 

2.0

%

 

0.2

%

             

Interest expense

                       

Floorplan interest expense

$

61.6

   

$

59.9

   

$

1.7

   

2.8

%

   

$

(0.4)

   

3.5

%

Less: Floorplan assistance

49.1

   

47.3

   

1.9

   

4.0

%

   

   

4.0

%

Net floorplan expense

$

12.4

   

$

12.6

   

$

(0.2)

   

(1.3)

%

   

$

(0.4)

   

1.5

%

Other interest expense, net

$

74.9

   

$

75.8

   

$

(0.9)

   

(1.2)

%

   

$

(0.4)

   

(0.7)

%

   

(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.

 

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(Dollars in millions, except per unit amounts)

               
 

Three Months Ended December 31,

 

2019

 

2018

 

Increase/(Decrease)

 

% Change

Revenues

             

New vehicle retail sales

$

1,297.9

   

$

1,230.8

   

$

67.1

   

5.4

%

Used vehicle retail sales

620.2

   

567.3

   

52.9

   

9.3

%

Used vehicle wholesale sales

41.3

   

40.0

   

1.2

   

3.1

%

Total used

661.5

   

607.3

   

54.2

   

8.9

%

Parts and service sales

307.3

   

284.3

   

23.1

   

8.1

%

F&I, net

112.8

   

104.7

   

8.1

   

7.7

%

Total revenues

$

2,379.5

   

$

2,227.1

   

$

152.4

   

6.8

%

Gross profit

             

New vehicle retail sales

$

62.7

   

$

61.4

   

$

1.3

   

2.0

%

Used vehicle retail sales

35.8

   

31.7

   

4.2

   

13.1

%

Used vehicle wholesale sales

0.1

   

0.4

   

(0.3)

   

(75.4)

%

Total used

35.9

   

32.0

   

3.9

   

12.1

%

Parts and service sales

166.5

   

148.8

   

17.7

   

11.9

%

F&I, net

112.8

   

104.7

   

8.1

   

7.7

%

Total gross profit

$

377.9

   

$

347.0

   

$

30.9

   

8.9

%

Gross margin

             

New vehicle retail sales

4.8

%

 

5.0

%

 

(0.2)

%

   

Used vehicle retail sales

5.8

%

 

5.6

%

 

0.2

%

   

Used vehicle wholesale sales

0.2

%

 

0.9

%

 

(0.7)

%

   

Total used

5.4

%

 

5.3

%

 

0.2

%

   

Parts and service sales

54.2

%

 

52.4

%

 

1.8

%

   

F&I, net

100.0

%

 

100.0

%

 

%

   

Total gross margin

15.9

%

 

15.6

%

 

0.3

%

   

Units sold

             

Retail new vehicles sold

31,934

   

31,168

   

766

   

2.5

%

Retail used vehicles sold

29,257

   

27,108

   

2,149

   

7.9

%

Wholesale used vehicles sold

6,982

   

6,592

   

390

   

5.9

%

Total used

36,239

   

33,700

   

2,539

   

7.5

%

Average sales price per unit sold

             

New vehicle retail

$

40,643

   

$

39,490

   

$

1,153

   

2.9

%

Used vehicle retail

$

21,199

   

$

20,927

   

$

272

   

1.3

%

Gross profit per unit sold

             

New vehicle retail sales

$

1,963

   

$

1,971

   

$

(8)

   

(0.4)

%

Used vehicle retail sales

$

1,224

   

$

1,168

   

$

56

   

4.8

%

Used vehicle wholesale sales

$

13

   

$

57

   

$

(44)

   

(76.8)

%

Total used

$

991

   

$

950

   

$

40

   

4.2

%

F&I PRU

$

1,843

   

$

1,796

   

$

47

   

2.6

%

Other

             

SG&A expenses

$

261.3

   

$

246.5

   

$

14.8

   

6.0

%

Adjusted SG&A expenses (1)

$

262.0

   

$

244.9

   

$

17.1

   

7.0

%

SG&A as % gross profit

69.1

%

 

71.0

%

 

(1.9)

%

   

Adjusted SG&A as % gross profit (1)

69.3

%

 

70.8

%

 

(1.5)

%

   
   

(1)

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(Dollars in millions, except per unit amounts)

               
 

Year Ended December 31,

 

2019

 

2018

 

Increase/(Decrease)

 

% Change

Revenues

             

New vehicle retail sales

$

4,727.9

   

$

4,579.0

   

$

148.9

   

3.3

%

Used vehicle retail sales

2,448.7

   

2,254.4

   

194.3

   

8.6

%

Used vehicle wholesale sales

171.5

   

173.7

   

(2.2)

   

(1.3)

%

Total used

2,620.2

   

2,428.1

   

192.0

   

7.9

%

Parts and service sales

1,217.6

   

1,120.5

   

97.1

   

8.7

%

F&I, net

424.8

   

393.6

   

31.1

   

7.9

%

Total revenues

$

8,990.4

   

$

8,521.3

   

$

469.1

   

5.5

%

Gross profit

             

New vehicle retail sales

$

221.8

   

$

223.9

   

$

(2.2)

   

(1.0)

%

Used vehicle retail sales

158.3

   

138.6

   

19.8

   

14.3

%

Used vehicle wholesale sales

2.6

   

3.8

   

(1.2)

   

(31.3)

%

Total used

160.9

   

142.4

   

18.6

   

13.0

%

Parts and service sales

657.6

   

600.5

   

57.1

   

9.5

%

F&I, net

424.8

   

393.6

   

31.1

   

7.9

%

Total gross profit

$

1,465.1

   

$

1,360.5

   

$

104.6

   

7.7

%

Gross margin

             

New vehicle retail sales

4.7

%

 

4.9

%

 

(0.2)

%

   

Used vehicle retail sales

6.5

%

 

6.1

%

 

0.3

%

   

Used vehicle wholesale sales

1.5

%

 

2.2

%

 

(0.7)

%

   

Total used

6.1

%

 

5.9

%

 

0.3

%

   

Parts and service sales

54.0

%

 

53.6

%

 

0.4

%

   

F&I, net

100.0

%

 

100.0

%

 

%

   

Total gross margin

16.3

%

 

16.0

%

 

0.3

%

   

Units sold

             

Retail new vehicles sold

119,303

   

120,081

   

(778)

   

(0.6)

%

Retail used vehicles sold

118,083

   

108,954

   

9,129

   

8.4

%

Wholesale used vehicles sold

27,922

   

29,750

   

(1,828)

   

(6.1)

%

Total used

146,005

   

138,704

   

7,301

   

5.3

%

Average sales price per unit sold

             

New vehicle retail

$

39,630

   

$

38,133

   

$

1,497

   

3.9

%

Used vehicle retail

$

20,737

   

$

20,692

   

$

46

   

0.2

%

Gross profit per unit sold

             

New vehicle retail sales

$

1,859

   

$

1,865

   

$

(6)

   

(0.3)

%

Used vehicle retail sales

$

1,341

   

$

1,272

   

$

69

   

5.4

%

Used vehicle wholesale sales

$

94

   

$

128

   

$

(34)

   

(26.9)

%

Total used

$

1,102

   

$

1,027

   

$

76

   

7.4

%

F&I PRU

$

1,789

   

$

1,719

   

$

71

   

4.1

%

Other

             

SG&A expenses

$

1,055.6

   

$

974.9

   

$

80.8

   

8.3

%

Adjusted SG&A expenses (1)

$

1,037.4

   

$

971.8

   

$

65.5

   

6.7

%

SG&A as % gross profit

72.1

%

 

71.7

%

 

0.4

%

   

Adjusted SG&A as % gross profit (1)

70.8

%

 

71.5

%

 

(0.7)

%

   
   

(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.

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(Dollars in millions, except per unit amounts)

                         
 

Three Months Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

258.1

   

$

236.5

   

$

21.6

   

9.1

%

   

$

   

9.1

%

Used vehicle retail sales

168.8

   

164.8

   

4.0

   

2.4

%

   

(0.2)

   

2.5

%

Used vehicle wholesale sales

31.9

   

37.8

   

(5.9)

   

(15.6)

%

   

(0.1)

   

(15.3)

%

Total used

200.7

   

202.6

   

(1.9)

   

(0.9)

%

   

(0.3)

   

(0.8)

%

Parts and service sales

48.5

   

48.5

   

   

0.1

%

   

(0.1)

   

0.3

%

F&I, net

12.6

   

14.4

   

(1.8)

   

(12.3)

%

   

0.1

   

(13.0)

%

Total revenues

$

519.9

   

$

501.9

   

$

18.0

   

3.6

%

   

$

(0.3)

   

3.6

%

Gross profit

                       

New vehicle retail sales

$

13.6

   

$

13.5

   

$

   

0.4

%

   

$

0.2

   

(1.2)

%

Used vehicle retail sales

7.4

   

7.4

   

   

(0.6)

%

   

   

(0.4)

%

Used vehicle wholesale sales

   

(0.3)

   

0.3

   

97.5

%

   

   

101.4

%

Total used

7.4

   

7.1

   

0.3

   

3.8

%

   

   

4.3

%

Parts and service sales

26.2

   

26.8

   

(0.6)

   

(2.3)

%

   

   

(2.1)

%

F&I, net

12.6

   

14.4

   

(1.8)

   

(12.3)

%

   

0.1

   

(13.0)

%

Total gross profit

$

59.8

   

$

61.8

   

$

(2.1)

   

(3.3)

%

   

$

0.2

   

(3.7)

%

Gross margin

                       

New vehicle retail sales

5.3

%

 

5.7

%

 

(0.5)

%

             

Used vehicle retail sales

4.4

%

 

4.5

%

 

(0.1)

%

             

Used vehicle wholesale sales

%

 

(0.9)

%

 

0.8

%

             

Total used

3.7

%

 

3.5

%

 

0.2

%

             

Parts and service sales

54.1

%

 

55.4

%

 

(1.3)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.5

%

 

12.3

%

 

(0.8)

%

             

Units sold

                       

Retail new vehicles sold

7,714

   

7,358

   

356

   

4.8

%

         

Retail used vehicles sold

7,075

   

6,838

   

237

   

3.5

%

         

Wholesale used vehicles sold

4,132

   

4,545

   

(413)

   

(9.1)

%

         

Total used

11,207

   

11,383

   

(176)

   

(1.5)

%

         

Average sales price per unit sold

                       

New vehicle retail

$

33,457

   

$

32,142

   

$

1,315

   

4.1

%

   

$

1

   

4.1

%

Used vehicle retail

$

23,858

   

$

24,098

   

$

(241)

   

(1.0)

%

   

$

(24)

   

(0.9)

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,758

   

$

1,837

   

$

(79)

   

(4.3)

%

   

$

27

   

(5.7)

%

Used vehicle retail sales

$

1,043

   

$

1,086

   

$

(43)

   

(4.0)

%

   

$

(3)

   

(3.7)

%

Used vehicle wholesale sales

$

(2)

   

$

(72)

   

$

70

   

97.2

%

   

$

(3)

   

101.5

%

Total used

$

658

   

$

624

   

$

34

   

5.4

%

   

$

(3)

   

5.9

%

F&I PRU

$

853

   

$

1,014

   

$

(160)

   

(15.8)

%

   

$

7

   

(16.5)

%

Other

                       

SG&A expenses

$

53.5

   

$

54.9

   

$

(1.4)

   

(2.6)

%

   

$

0.1

   

(2.7)

%

SG&A as % gross profit

89.5

%

 

88.8

%

 

0.7

%

             

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(Dollars in millions, except per unit amounts)

   
 

Year Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency

% Change

Revenues

                       

New vehicle retail sales

$

1,111.2

   

$

1,160.3

   

$

(49.1)

   

(4.2)

%

   

$

(54.1)

   

0.4

%

Used vehicle retail sales

714.9

   

745.0

   

(30.1)

   

(4.0)

%

   

(33.1)

   

0.4

%

Used vehicle wholesale sales

152.5

   

168.0

   

(15.5)

   

(9.2)

%

   

(7.1)

   

(5.0)

%

Total used

867.4

   

913.0

   

(45.6)

   

(5.0)

%

   

(40.2)

   

(0.6)

%

Parts and service sales

203.2

   

201.3

   

1.9

   

1.0

%

   

(9.3)

   

5.6

%

F&I, net

53.0

   

55.0

   

(2.0)

   

(3.7)

%

   

(2.2)

   

0.4

%

Total revenues

$

2,234.8

   

$

2,329.6

   

$

(94.8)

   

(4.1)

%

   

$

(105.8)

   

0.5

%

Gross profit

                       

New vehicle retail sales

$

51.0

   

$

61.6

   

$

(10.6)

   

(17.2)

%

   

$

(2.0)

   

(13.9)

%

Used vehicle retail sales

30.8

   

37.7

   

(7.0)

   

(18.4)

%

   

(1.5)

   

(14.5)

%

Used vehicle wholesale sales

(2.3)

   

(2.1)

   

(0.2)

   

(10.8)

%

   

0.1

   

(13.8)

%

Total used

28.4

   

35.6

   

(7.2)

   

(20.2)

%

   

(1.4)

   

(16.2)

%

Parts and service sales

112.2

   

114.8

   

(2.6)

   

(2.3)

%

   

(5.2)

   

2.2

%

F&I, net

53.0

   

55.0

   

(2.0)

   

(3.7)

%

   

(2.2)

   

0.4

%

Total gross profit

$

244.6

   

$

267.0

   

$

(22.4)

   

(8.4)

%

   

$

(10.8)

   

(4.3)

%

Gross margin

                       

New vehicle retail sales

4.6

%

 

5.3

%

 

(0.7)

%

             

Used vehicle retail sales

4.3

%

 

5.1

%

 

(0.8)

%

             

Used vehicle wholesale sales

(1.5)

%

 

(1.3)

%

 

(0.3)

%

             

Total used

3.3

%

 

3.9

%

 

(0.6)

%

             

Parts and service sales

55.2

%

 

57.0

%

 

(1.8)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

10.9

%

 

11.5

%

 

(0.5)

%

             

Units sold

                       

Retail new vehicles sold

34,645

   

35,951

   

(1,306)

   

(3.6)

%

         

Retail used vehicles sold

30,320

   

30,620

   

(300)

   

(1.0)

%

         

Wholesale used vehicles sold

19,209

   

20,887

   

(1,678)

   

(8.0)

%

         

Total used

49,529

   

51,507

   

(1,978)

   

(3.8)

%

         

Average sales price per unit sold

                       

New vehicle retail

$

32,075

   

$

32,275

   

$

(201)

   

(0.6)

%

   

$

(1,561)

   

4.2

%

Used vehicle retail

$

23,579

   

$

24,331

   

$

(752)

   

(3.1)

%

   

$

(1,093)

   

1.4

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,471

   

$

1,712

   

$

(241)

   

(14.1)

%

   

$

(58)

   

(10.7)

%

Used vehicle retail sales

$

1,015

   

$

1,232

   

$

(217)

   

(17.6)

%

   

$

(49)

   

(13.7)

%

Used vehicle wholesale sales

$

(122)

   

$

(101)

   

$

(21)

   

(20.5)

%

   

$

3

   

(23.7)

%

Total used

$

574

   

$

692

   

$

(118)

   

(17.0)

%

   

$

(29)

   

(12.8)

%

F&I PRU

$

816

   

$

827

   

$

(11)

   

(1.3)

%

   

$

(34)

   

2.8

%

Other

                       

SG&A expenses

$

213.0

   

$

225.7

   

$

(12.7)

   

(5.6)

%

   

$

(9.6)

   

(1.4)

%

SG&A as % gross profit

87.1

%

 

84.5

%

 

2.6

%

             

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(Dollars in millions, except per unit amounts)

                         
 

Three Months Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

77.0

   

$

74.8

   

$

2.3

   

3.0

%

   

$

(6.1)

   

11.2

%

Used vehicle retail sales

21.5

   

18.6

   

2.9

   

15.9

%

   

(1.7)

   

25.2

%

Used vehicle wholesale sales

5.0

   

3.8

   

1.2

   

32.8

%

   

(0.4)

   

43.0

%

Total used

26.6

   

22.4

   

4.2

   

18.7

%

   

(2.1)

   

28.2

%

Parts and service sales

11.4

   

11.4

   

   

0.2

%

   

(0.9)

   

8.4

%

F&I, net

2.0

   

3.0

   

(1.0)

   

(34.0)

%

   

(0.2)

   

(28.5)

%

Total revenues

$

117.0

   

$

111.5

   

$

5.5

   

4.9

%

   

$

(9.3)

   

13.3

%

Gross profit

                       

New vehicle retail sales

$

5.1

   

$

4.9

   

$

0.2

   

3.3

%

   

$

(0.4)

   

11.7

%

Used vehicle retail sales

1.2

   

1.3

   

(0.1)

   

(7.0)

%

   

(0.1)

   

0.4

%

Used vehicle wholesale sales

0.3

   

0.2

   

0.1

   

84.3

%

   

   

98.3

%

Total used

1.5

   

1.4

   

0.1

   

4.3

%

   

(0.1)

   

12.5

%

Parts and service sales

5.2

   

5.1

   

0.1

   

1.8

%

   

(0.4)

   

10.0

%

F&I, net

2.0

   

3.0

   

(1.0)

   

(34.0)

%

   

(0.2)

   

(28.5)

%

Total gross profit

$

13.7

   

$

14.4

   

$

(0.7)

   

(4.8)

%

   

$

(1.1)

   

2.9

%

Gross margin

                       

New vehicle retail sales

6.6

%

 

6.5

%

 

%

             

Used vehicle retail sales

5.4

%

 

6.8

%

 

(1.3)

%

             

Used vehicle wholesale sales

6.5

%

 

4.7

%

 

1.8

%

             

Total used

5.6

%

 

6.4

%

 

(0.8)

%

             

Parts and service sales

45.4

%

 

44.7

%

 

0.7

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.7

%

 

12.9

%

 

(1.2)

%

             

Units sold

                       

Retail new vehicles sold

2,496

   

2,428

   

68

   

2.8

%

         

Retail used vehicles sold

1,076

   

1,007

   

69

   

6.9

%

         

Wholesale used vehicles sold

548

   

455

   

93

   

20.4

%

         

Total used

1,624

   

1,462

   

162

   

11.1

%

         

Average sales price per unit sold

                       

New vehicle retail

$

30,860

   

$

30,794

   

$

66

   

0.2

%

   

$

(2,457)

   

8.2

%

Used vehicle retail

$

20,009

   

$

18,452

   

$

1,557

   

8.4

%

   

$

(1,607)

   

17.1

%

Gross profit per unit sold

                       

New vehicle retail sales

$

2,026

   

$

2,016

   

$

10

   

0.5

%

   

$

(164)

   

8.6

%

Used vehicle retail sales

$

1,090

   

$

1,252

   

$

(162)

   

(12.9)

%

   

$

(87)

   

(6.0)

%

Used vehicle wholesale sales

$

595

   

$

389

   

$

206

   

53.0

%

   

$

(45)

   

64.7

%

Total used

$

923

   

$

984

   

$

(60)

   

(6.1)

%

   

$

(73)

   

1.3

%

F&I PRU

$

548

   

$

864

   

$

(315)

   

(36.5)

%

   

$

(45)

   

(31.3)

%

Other

                       

SG&A expenses

$

10.7

   

$

11.7

   

$

(1.1)

   

(9.2)

%

   

$

(0.9)

   

(1.9)

%

SG&A as % gross profit

77.8

%

 

81.5

%

 

(3.8)

%

             

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(Dollars in millions, except per unit amounts)

   
 

Year Ended December 31,

 

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

270.6

   

$

277.4

   

$

(6.8)

   

(2.5)

%

   

$

(23.2)

   

5.9

%

Used vehicle retail sales

81.7

   

81.2

   

0.5

   

0.6

%

   

(7.6)

   

10.0

%

Used vehicle wholesale sales

17.8

   

14.2

   

3.6

   

25.4

%

   

(1.4)

   

35.7

%

Total used

99.5

   

95.4

   

4.1

   

4.3

%

   

(9.1)

   

13.8

%

Parts and service sales

46.1

   

45.6

   

0.5

   

1.1

%

   

(3.8)

   

9.4

%

F&I, net

7.0

   

8.9

   

(1.9)

   

(21.3)

%

   

(0.5)

   

(15.5)

%

Total revenues

$

423.2

   

$

427.3

   

$

(4.1)

   

(1.0)

%

   

$

(36.6)

   

7.6

%

Gross profit

                       

New vehicle retail sales

$

16.9

   

$

18.1

   

$

(1.2)

   

(6.6)

%

   

$

(1.3)

   

0.6

%

Used vehicle retail sales

5.5

   

5.1

   

0.4

   

7.5

%

   

(0.5)

   

17.0

%

Used vehicle wholesale sales

1.2

   

0.6

   

0.7

   

117.2

%

   

(0.1)

   

135.8

%

Total used

6.7

   

5.7

   

1.0

   

18.3

%

   

(0.6)

   

28.7

%

Parts and service sales

20.4

   

20.4

   

   

(0.2)

%

   

(1.7)

   

8.2

%

F&I, net

7.0

   

8.9

   

(1.9)

   

(21.3)

%

   

(0.5)

   

(15.5)

%

Total gross profit

$

51.1

   

$

53.2

   

$

(2.1)

   

(3.9)

%

   

$

(4.1)

   

3.8

%

Gross margin

                       

New vehicle retail sales

6.3

%

 

6.5

%

 

(0.3)

%

             

Used vehicle retail sales

6.7

%

 

6.3

%

 

0.4

%

             

Used vehicle wholesale sales

6.8

%

 

3.9

%

 

2.9

%

             

Total used

6.7

%

 

5.9

%

 

0.8

%

             

Parts and service sales

44.3

%

 

44.9

%

 

(0.6)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

12.1

%

 

12.4

%

 

(0.4)

%

             

Units sold

                       

Retail new vehicles sold

8,792

   

8,818

   

(26)

   

(0.3)

%

         

Retail used vehicles sold

4,159

   

4,095

   

64

   

1.6

%

         

Wholesale used vehicles sold

1,801

   

1,498

   

303

   

20.2

%

         

Total used

5,960

   

5,593

   

367

   

6.6

%

         

Average sales price per unit sold

                       

New vehicle retail

$

30,775

   

$

31,460

   

$

(685)

   

(2.2)

%

   

$

(2,640)

   

6.2

%

Used vehicle retail

$

19,653

   

$

19,836

   

$

(183)

   

(0.9)

%

   

$

(1,830)

   

8.3

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,925

   

$

2,055

   

$

(130)

   

(6.3)

%

   

$

(149)

   

0.9

%

Used vehicle retail sales

$

1,321

   

$

1,249

   

$

73

   

5.8

%

   

$

(117)

   

15.2

%

Used vehicle wholesale sales

$

673

   

$

373

   

$

301

   

80.7

%

   

$

(58)

   

96.1

%

Total used

$

1,126

   

$

1,014

   

$

112

   

11.0

%

   

$

(99)

   

20.8

%

F&I PRU

$

544

   

$

693

   

$

(149)

   

(21.5)

%

   

$

(40)

   

(15.7)

%

Other

                       

SG&A expenses

$

44.1

   

$

48.5

   

$

(4.4)

   

(9.0)

%

   

$

(3.2)

   

(2.4)

%

Adjusted SG&A expenses (1)

$

44.1

   

$

45.6

   

$

(1.5)

   

(3.3)

%

   

$

(3.5)

   

4.5

%

SG&A as % gross profit

86.3

%

 

91.1

%

 

(4.8)

%

             

Adjusted SG&A as % gross profit (1)

86.3

%

 

85.7

%

 

0.6

%

             
   

(1)

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(Dollars in millions, except per unit amounts)

                           
   

Three Months Ended December 31,

   

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

1,633.0

   

$

1,542.1

   

$

90.9

   

5.9

%

   

$

(6.1)

   

6.3

%

Used vehicle retail sales

810.6

   

750.7

   

59.9

   

8.0

%

   

(1.9)

   

8.2

%

Used vehicle wholesale sales

78.2

   

81.6

   

(3.4)

   

(4.2)

%

   

(0.5)

   

(3.6)

%

Total used

888.7

   

832.3

   

56.5

   

6.8

%

   

(2.4)

   

7.1

%

Parts and service sales

367.3

   

344.1

   

23.1

   

6.7

%

   

(1.0)

   

7.0

%

F&I, net

127.4

   

122.0

   

5.3

   

4.4

%

   

(0.1)

   

4.4

%

Total revenues

$

3,016.4

   

$

2,840.5

   

$

175.9

   

6.2

%

   

$

(9.6)

   

6.5

%

Gross profit

                       

New vehicle retail sales

$

81.3

   

$

79.8

   

$

1.5

   

1.8

%

   

$

(0.2)

   

2.1

%

Used vehicle retail sales

44.4

   

40.3

   

4.0

   

10.0

%

   

(0.1)

   

10.3

%

Used vehicle wholesale sales

0.4

   

0.2

   

0.2

   

80.7

%

   

   

97.2

%

Total used

44.8

   

40.6

   

4.2

   

10.4

%

   

(0.2)

   

10.7

%

Parts and service sales

197.9

   

180.8

   

17.1

   

9.5

%

   

(0.5)

   

9.7

%

F&I, net

127.4

   

122.0

   

5.3

   

4.4

%

   

(0.1)

   

4.4

%

Total gross profit

$

451.4

   

$

423.2

   

$

28.1

   

6.6

%

   

$

(0.9)

   

6.9

%

Gross margin

                       

New vehicle retail sales

5.0

%

 

5.2

%

 

(0.2)

%

             

Used vehicle retail sales

5.5

%

 

5.4

%

 

0.1

%

             

Used vehicle wholesale sales

0.5

%

 

0.3

%

 

0.2

%

             

Total used

5.0

%

 

4.9

%

 

0.2

%

             

Parts and service sales

53.9

%

 

52.5

%

 

1.4

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

15.0

%

 

14.9

%

 

0.1

%

             

Units sold

                       

Retail new vehicles sold

42,144

   

40,954

   

1,190

   

2.9

%

         

Retail used vehicles sold

37,408

   

34,953

   

2,455

   

7.0

%

         

Wholesale used vehicles sold

11,662

   

11,592

   

70

   

0.6

%

         

Total used

49,070

   

46,545

   

2,525

   

5.4

%

         

Average sales price per unit sold

                       

New vehicle retail

$

38,748

   

$

37,654

   

$

1,094

   

2.9

%

   

$

(145)

   

3.3

%

Used vehicle retail

$

21,668

   

$

21,476

   

$

192

   

0.9

%

   

$

(51)

   

1.1

%

Gross profit per unit sold

                       

New vehicle retail sales

$

1,929

   

$

1,950

   

$

(20)

   

(1.0)

%

   

$

(5)

   

(0.8)

%

Used vehicle retail sales

$

1,186

   

$

1,154

   

$

32

   

2.8

%

   

$

(3)

   

3.0

%

Used vehicle wholesale sales

$

35

   

$

20

   

$

16

   

79.6

%

   

$

(3)

   

96.0

%

Total used

$

912

   

$

872

   

$

41

   

4.7

%

   

$

(3)

   

5.0

%

F&I PRU

$

1,601

   

$

1,608

   

$

(7)

   

(0.4)

%

   

$

(1)

   

(0.4)

%

Other

                       

SG&A expenses

$

325.4

   

$

313.1

   

$

12.3

   

3.9

%

   

$

(0.8)

   

4.2

%

Adjusted SG&A expenses (1)

$

326.2

   

$

311.6

   

$

14.6

   

4.7

%

   

$

(0.8)

   

4.9

%

SG&A as % gross profit

72.1

%

 

74.0

%

 

(1.9)

%

             

Adjusted SG&A as % gross profit (1)

72.3

%

 

73.8

%

 

(1.5)

%

             

Operating margin %

3.2

%

 

2.7

%

 

0.5

%

             

Adjusted operating margin % (1)

3.6

%

 

3.3

%

 

0.3

%

             
   

(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.

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(Dollars in millions, except per unit amounts)

     
   

Year Ended December 31,

   

2019

 

2018

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues

                       

New vehicle retail sales

$

6,109.7

   

$

6,016.7

   

$

93.0

   

1.5

%

   

$

(77.3)

   

2.8

%

Used vehicle retail sales

3,245.3

   

3,080.7

   

164.7

   

5.3

%

   

(40.7)

   

6.7

%

Used vehicle wholesale sales

341.7

   

355.9

   

(14.2)

   

(4.0)

%

   

(8.5)

   

(1.6)

%

Total used

3,587.1

   

3,436.5

   

150.5

   

4.4

%

   

(49.3)

   

5.8

%

Parts and service sales

1,466.8

   

1,367.4

   

99.5

   

7.3

%

   

(13.1)

   

8.2

%

F&I, net

484.8

   

457.6

   

27.2

   

5.9

%

   

(2.7)

   

6.5

%

Total revenues

$

11,648.4

   

$

11,278.3

   

$

370.2

   

3.3

%

   

$

(142.4)

   

4.5

%

Gross profit

                       

New vehicle retail sales

$

289.7

   

$

303.6

   

$

(13.9)

   

(4.6)

%

   

$

(3.3)

   

(3.5)

%

Used vehicle retail sales

194.6

   

181.4

   

13.2

   

7.3

%

   

(2.0)

   

8.3

%

Used vehicle wholesale sales

1.5

   

2.3

   

(0.8)

   

(34.1)

%

   

   

(32.2)

%

Total used

196.1

   

183.7