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Group 1 Automotive

800 Gessner
Houston, TX 77024

  • Sales: (713) 647-5700
Investor Relations

Group 1 Automotive Announces Second Quarter 2020 Financial Results

Delivers Strong Profitability Via Cost Control & Faster-Than-Expected Market Recovery

HOUSTON, July 30, 2020 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported 2020 second quarter net income of $30.2 million, diluted earnings per common share of $1.63, adjusted net income (a non-GAAP measure) of $69.6 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $3.77.  The Company's 2020 second quarter total revenue was $2.1 billion.

Second quarter 2020 adjusted net income and diluted earnings per share excluded a net after-tax adjustment of $39.4 million, or $2.14 per share, primarily related to the following: non-cash asset impairments of $20.6 million, or $1.11 per share; out-of-period adjustment to accelerate stock-based compensation expense for retirement of eligible employees of $9.7 million, or $0.53 per share; loss on debt extinguishment of $8.1 million, or $0.44 per share; and U.K. severance costs of $1.0 million, or $0.05 per share.  Second quarter 2019 adjusted net income and diluted earnings per share excluded approximately $3.5 million net after-tax adjustments, or $0.19 per common share. These adjustments consist primarily of $3.0 million related to catastrophic weather events, or $0.16 per common share; and non-cash asset impairments of $0.5 million, or $0.03 per common share.  Reconciliations of non-GAAP financial measures are included in the attached financial tables.  Certain disclosures may not compute due to rounding.

"Our ability to react quickly to uncertain, dramatically lower levels of business activity resulting from the pandemic was completely due to the hard work and commitment of our employees and I must sincerely thank them for that.  Rapid and deep cost cuts, combined with a quicker-than-expected U.S. auto market recovery, enabled us to achieve very strong operating results in the second quarter," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer.  "Beginning in late March, we experienced sudden and dramatic shutdowns in all three of our markets.  By early April, our U.S. sales and service business had dropped by 50% and we were completely closed in the U.K., except for a small volume of emergency service work.  Due to this severe decline in customer traffic, we had no choice but to execute a comprehensive cost reduction plan across our entire company that touched all areas of the business.  Our U.S. business recovered steadily in May and June led by our used vehicle and service businesses.  We benefited greatly during this time period from the effectiveness of our online vehicle purchasing platform, Acceleride, as online shopping increased in popularity.  As business improved, we began to call back some of our furloughed employees and have currently returned to approximately 70% of our Pre-COVID employment levels in both the U.S. and U.K.  Our U.S. and U.K. businesses are operating at their highest efficiency levels ever and we expect this to carry forward."

Consolidated Results for Second Quarter 2020 (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 decreased 29.1 percent (-28.4 percent), to $2.1 billion.
  • Total gross profit decreased 21.0 percent (-20.4 percent), to $358.8 million.
  • New vehicle revenues decreased 32.1 percent (-31.4 percent) on a 37.1 percent decrease in unit sales.
  • Retail used vehicle revenues decreased 23.6 percent (-22.9 percent) on 23.2 percent lower unit sales.
  • Parts and service gross profit decreased 26.5 percent (-25.9 percent) on revenue decrease of 25.4 percent (-24.7 percent).
  • Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 9.1 percent (+9.6 percent), to $1,697.
  • Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 850.0 basis points, to 66.1 percent. Adjusted SG&A as a percent of gross profit decreased 1,100 basis points, to 62.8 percent.

 

Segment Results for Second Quarter 2020 (year-over-year comparable basis)

  • United States:

The Company's U.S. operations accounted for 85.9 percent of total revenues and 90.4 percent of total gross profit.  Total U.S. revenues decreased 19.6 percent, to $1.8 billion.  Total gross profit decreased 13.9 percent, to $324.5 million. Same Store U.S. total gross profit decreased 15.1 percent, to $317.9 million.

    • Same Store new vehicle revenue declined 24.2 percent, with units decreasing 28.5 percent. New vehicle gross profit increased 0.2 percent as gross profit per unit increased $725, a 40.1 percent increase, to $2,533 and more than offset lower volumes.
    • Same Store total used revenue declined 16 percent, with units decreasing 16.5 percent, as inventory shortages hampered sales later in the quarter. Same Store total used gross profit declined 5.4 percent as higher gross profit per unit (used retail gross profit per unit increased $129 to $1,557) partially offset the volume decline.
    • Parts and service revenues decreased 17.9 percent and gross profit decreased by 18.9 percent. Same Store parts and service revenues decreased 19.0 percent. Same Store parts and service gross profits decreased 20.0 percent, to $133.0 million.
    • F&I revenues decreased 18.8 percent, to $89.8 million. F&I gross profit PRU grew $50, to $1,868, or 2.7 percent. Same Store F&I gross profit PRU increased $58, to $1,882, or 3.2 percent.
    • SG&A expenses as a percent of gross profit decreased 850 basis points, to 62.6 percent. Adjusted SG&A expenses as a percent of gross profit decreased 1,070 basis points, to 59.4 percent.

"The rapid action by our dealership operating teams to significantly cut costs in late March and the strong new and used vehicle margins in late May and June, helped deliver an exceptional quarter for our U.S. operations.  Highlights include adjusted Same Store SG&A as a percentage of gross profit, which came in at an all-time low of 59.4% and delivering flat Same store new vehicle gross profit in an environment where the new vehicle industry declined 34%. Our aftersales business improved throughout the quarter.  In June, our customer pay service gross profit was up versus previous year.  Additionally, our U.S. omni-channel platform AcceleRide® was instrumental in allowing us to connect with and serve our customers from the comfort of their remote locations.  Second quarter AcceleRide® leads were up 203 percent and AcceleRide® sales were up 190 percent from a year ago and we averaged close to 1,000 retail unit sales per month via this channel.  Also, our online service scheduling penetration had strong growth from 25 percent to over 30 percent.  Our omni-channel initiatives are allowing us to do business with our customers how and when they choose, and will allow us to stay at the technological forefront as consumer preferences continue to shift more towards online automotive retail," said Daryl Kenningham, Group 1's President of U.S. and Brazilian Operations. 

  • United Kingdom:

The Company's U.K. operations accounted for 12.4 percent of total revenues and 8.2 percent of total gross profit  as stringent lockdown orders in the U.K. halted service operations for six weeks and dealership sales for two months. On as constant currency basis, Same Store total revenues decreased -57.9 percent, to $242.4 million.  Same Store total gross profit decreased 54.7 percent, to $27.1 million.  Same Store SG&A expenses as a percent of gross profit increased 90 basis points, to 91.5 percent.  Adjusted Same Store SG&A expenses as a percent of gross profit decreased 360 basis points, to 87.0 percent.

Hesterberg added, "Our U.K. businesses were almost completely shut down from late March until May 18th when our workshops were permitted to reopen.  Our showrooms were closed for more than two months and did not open until June 1st.  This made it impossible to generate a profit in either April or May in the U.K.  However, our decisive cost reduction actions minimized the financial damage in the first two months of the quarter and brought us back to a reasonable level of profit in June as the market snapped back.  Our momentum continued into July and I believe our U.K. business is in the strongest position we have seen in several years."

  • Brazil:

The Company's Brazilian operations accounted for 1.7 percent of total revenues and 1.4 percent of total gross profit.  On a constant currency basis, Same Store total revenues decreased 53.9 percent, driven by constant currency revenue decreases of 63.0 percent in new vehicles, 55.0 percent in F&I, 35.4 percent in total used vehicles, and 32.0 percent in parts and service as various local shelter-in-place orders completely closed our operations for over a month on average in the quarter combined with restrictions on operating hours that continue in force.  Same Store SG&A expenses as a percent of gross profit increased 2,390 basis points, to 114.0 percent. Although the market was unprofitable for the quarter, aggressive cost reduction actions and a slowly rebounding market allowed the operation to generate a small profit in June.

"The challenges we faced in the second quarter required our operating team to be responsive and resourceful.  We have proven that we can react to rapidly changing conditions in all of our markets. In addition to dealing with the disruptions to the U.S. market, our U.S. team was strong enough to offset the losses generated by a more stringent shutdown in the U.K. and parts of Brazil.  Both our U.K. and U.S. teams have taken actions that will put us in an even more competitive position in the future," commented Hesterberg.

Second Quarter 2020 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the second quarter 2020 financial results. The conference call will be simulcast live on the Internet at www.group1auto.com,  then click on 'Investor Relations' and then 'Events' or through this link: http://www.group1corp.com/events.  A webcast replay will be available for 30 days.

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

Domestic: 1-888-317-6003
International: 1-412-317-6061
Conference ID: 3487938

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

Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay ID: 10146303

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.comwww.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 strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations, 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, (j) the impacts of COVID-19 on our business, (k) the impacts of any potential global recession and (l) our ability to maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA 
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

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 data)

                 
   

Three Months Ended June 30,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

1,062.7

   

$

1,565.4

   

$

(502.7)

   

(32.1)

%

Used vehicle retail sales

 

641.2

   

838.9

   

(197.7)

   

(23.6)

%

Used vehicle wholesale sales

 

48.7

   

96.0

   

(47.3)

   

(49.3)

%

Parts and service sales

 

282.0

   

378.2

   

(96.2)

   

(25.4)

%

Finance, insurance and other, net

 

96.7

   

127.3

   

(30.5)

   

(24.0)

%

Total revenues

 

2,131.2

   

3,005.7

   

(874.5)

   

(29.1)

%

COST OF SALES:

               

New vehicle retail sales

 

998.9

   

1,495.7

   

(496.8)

   

(33.2)

%

Used vehicle retail sales

 

594.9

   

785.6

   

(190.7)

   

(24.3)

%

Used vehicle wholesale sales

 

46.6

   

96.1

   

(49.5)

   

(51.5)

%

Parts and service sales

 

132.0

   

174.1

   

(42.1)

   

(24.2)

%

Total cost of sales

 

1,772.4

   

2,551.4

   

(779.0)

   

(30.5)

%

GROSS PROFIT

 

358.8

   

454.3

   

(95.4)

   

(21.0)

%

Selling, general and administrative expenses

 

237.2

   

338.7

   

(101.5)

   

(30.0)

%

Depreciation and amortization expense

 

18.8

   

17.9

   

0.9

   

5.0

%

Asset impairments

 

23.8

   

0.5

   

23.3

   

4,336.2

%

INCOME (LOSS) FROM OPERATIONS

 

79.0

   

97.1

   

(18.1)

   

(18.6)

%

Floorplan interest expense

 

10.1

   

15.9

   

(5.8)

   

(36.4)

%

Other interest expense, net

 

16.2

   

18.0

   

(1.8)

   

(9.8)

%

(Gain) loss on extinguishment of debt

 

10.4

   

   

10.4

   

%

INCOME (LOSS) BEFORE INCOME TAXES

 

42.3

   

63.2

   

(20.9)

   

(33.1)

%

(Benefit) provision for income taxes

 

12.2

   

14.0

   

(1.8)

   

(13.2)

%

NET INCOME (LOSS)

 

$

30.2

   

$

49.2

   

$

(19.1)

   

(38.7)

%

Less: Earnings (loss) allocated to participating securities

 

1.1

   

1.8

   

(0.8)

   

(40.9)

%

Net income (loss) available to diluted common shares

 

$

29.1

   

$

47.4

   

$

(18.3)

   

(38.6)

%

DILUTED EARNINGS (LOSS) PER SHARE

 

$

1.63

   

$

2.64

   

$

(1.01)

   

(38.2)

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.9

   

(0.1)

   

(0.7)

%

Weighted average participating securities

 

0.7

   

0.7

   

   

(5.0)

%

Total weighted average shares

 

18.5

   

18.6

   

(0.2)

   

(0.8)

%

Effective tax rate

 

28.7

%

 

22.2

%

 

6.6

%

   

 


 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Six Months Ended June 30,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

2,404.8

   

$

2,979.9

   

$

(575.0)

   

(19.3)

%

Used vehicle retail sales

 

1,420.3

   

1,658.1

   

(237.8)

   

(14.3)

%

Used vehicle wholesale sales

 

135.2

   

188.1

   

(53.0)

   

(28.2)

%

Parts and service sales

 

652.6

   

747.3

   

(94.8)

   

(12.7)

%

Finance, insurance and other, net

 

209.2

   

240.6

   

(31.5)

   

(13.1)

%

Total revenues

 

4,822.0

   

5,814.1

   

(992.1)

   

(17.1)

%

COST OF SALES:

               

New vehicle retail sales

 

2,278.3

   

2,838.8

   

(560.5)

   

(19.7)

%

Used vehicle retail sales

 

1,331.8

   

1,557.0

   

(225.2)

   

(14.5)

%

Used vehicle wholesale sales

 

132.1

   

187.8

   

(55.6)

   

(29.6)

%

Parts and service sales

 

304.5

   

344.8

   

(40.2)

   

(11.7)

%

Total cost of sales

 

4,046.7

   

4,928.3

   

(881.6)

   

(17.9)

%

GROSS PROFIT

 

775.3

   

885.8

   

(110.5)

   

(12.5)

%

Selling, general and administrative expenses

 

565.1

   

666.4

   

(101.3)

   

(15.2)

%

Depreciation and amortization expense

 

37.4

   

34.9

   

2.5

   

7.2

%

Asset impairments

 

23.8

   

0.5

   

23.3

   

4,336.2

%

INCOME (LOSS) FROM OPERATIONS

 

148.9

   

183.9

   

(35.0)

   

(19.0)

%

Floorplan interest expense

 

23.0

   

31.6

   

(8.7)

   

(27.3)

%

Other interest expense, net

 

34.3

   

36.9

   

(2.5)

   

(6.9)

%

(Gain) loss on extinguishment of debt

 

10.4

   

   

10.4

   

%

INCOME (LOSS) BEFORE INCOME TAXES

 

81.2

   

115.4

   

(34.2)

   

(29.6)

%

(Benefit) provision for income taxes

 

21.3

   

27.5

   

(6.3)

   

(22.7)

%

NET INCOME (LOSS)

 

$

60.0

   

$

87.9

   

$

(27.9)

   

(31.8)

%

Less: Earnings (loss) allocated to participating securities

 

2.1

   

3.3

   

(1.2)

   

(34.9)

%

Net income (loss) available to diluted common shares

 

$

57.8

   

$

84.6

   

$

(26.8)

   

(31.7)

%

DILUTED EARNINGS (LOSS) PER SHARE

 

$

3.25

   

$

4.73

   

$

(1.49)

   

(31.4)

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.9

   

(0.1)

   

(0.4)

%

Weighted average participating securities

 

0.7

   

0.7

   

   

(4.7)

%

Total weighted average shares

 

18.5

   

18.6

   

(0.1)

   

(0.5)

%

Effective tax rate

 

26.2

%

 

23.9

%

 

2.3

%

   

 

 

 

Group 1 Automotive, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

                 
   

June 30, 2020

 

December 31, 2019

 

Increase/
(Decrease)

 

% Change

 

ASSETS

CURRENT ASSETS:

               

Cash and cash equivalents

 

$

72.7

   

$

23.8

   

$

48.9

   

206.0

%

Contracts-in-transit and vehicle receivables, net of allowance of $0.4 and $0.3, respectively

 

173.3

   

253.8

   

(80.5)

   

(31.7)

%

Accounts and notes receivable, net of allowance of $3.5 and $2.8, respectively

 

152.5

   

225.1

   

(72.6)

   

(32.2)

%

Inventories, net

 

1,327.1

   

1,901.7

   

(574.7)

   

(30.2)

%

Prepaid expenses

 

88.0

   

96.4

   

(8.4)

   

(8.7)

%

Other current assets

 

21.1

   

15.5

   

5.6

   

36.0

%

TOTAL CURRENT ASSETS

 

1,834.6

   

2,516.3

   

(681.7)

   

(27.1)

%

Property and equipment, net of accumulated depreciation of $421.6 and $400.2, respectively

 

1,548.9

   

1,547.1

   

1.8

   

0.1

%

Operating lease assets

 

219.1

   

220.1

   

(1.0)

   

(0.5)

%

Goodwill

 

989.7

   

1,008.3

   

(18.6)

   

(1.8)

%

Intangible franchise rights

 

240.5

   

253.5

   

(13.0)

   

(5.1)

%

Other long-term assets

 

26.7

   

24.8

   

1.9

   

7.5

%

TOTAL ASSETS

 

$

4,859.6

   

$

5,570.2

   

$

(710.6)

   

(12.8)

%

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

               

Floorplan notes payable — credit facility and other, net of offset account of $99.7 and $106.8, respectively

 

$

696.6

   

$

1,144.4

   

$

(447.8)

   

(39.1)

%

Floorplan notes payable — manufacturer affiliates, net of offset account of $8.1 and $4.1, respectively

 

357.7

   

459.9

   

(102.1)

   

(22.2)

%

Current maturities of long-term debt

 

54.6

   

59.1

   

(4.6)

   

(7.7)

%

Current operating lease liabilities

 

23.6

   

24.6

   

(1.0)

   

(4.2)

%

Accounts payable

 

442.7

   

527.5

   

(84.8)

   

(16.1)

%

Accrued expenses and other current liabilities

 

199.9

   

206.7

   

(6.8)

   

(3.3)

%

TOTAL CURRENT LIABILITIES

 

1,775.1

   

2,422.3

   

(647.2)

   

(26.7)

%

Long-term debt

 

1,360.7

   

1,432.1

   

(71.4)

   

(5.0)

%

Long-term operating lease liabilities

 

214.2

   

210.7

   

3.5

   

1.7

%

Deferred income taxes

 

135.4

   

145.7

   

(10.3)

   

(7.1)

%

Long-term interest rate swap liabilities

 

49.3

   

4.4

   

44.9

   

1,021.3

%

Other long-term liabilities

 

109.0

   

99.2

   

9.7

   

9.8

%

STOCKHOLDERS' EQUITY:

               

Common stock

 

0.3

   

0.3

   

   

(0.2)

%

Additional paid-in capital

 

300.0

   

295.3

   

4.7

   

1.6

%

Retained earnings

 

1,596.9

   

1,542.4

   

54.4

   

3.5

%

Accumulated other comprehensive income (loss)

 

(213.3)

   

(147.0)

   

(66.4)

   

45.2

%

Treasury stock

 

(467.9)

   

(435.3)

   

(32.6)

   

7.5

%

TOTAL STOCKHOLDERS' EQUITY

 

1,215.9

   

1,255.7

   

(39.8)

   

(3.2)

%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

4,859.6

   

$

5,570.2

   

$

(710.6)

   

(12.8)

%

 

 

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                   
     

Three Months Ended June 30,

 

Six Months Ended June 30,

     

2020 (%)

 

2019 (%)

 

2020 (%)

 

2019 (%)

New vehicle unit sales geographic mix

             

Region

Geographic Market

               

United States

Texas

 

42.4

 

36.1

 

38.1

 

35.2

 

Oklahoma

 

9.0

 

6.8

 

7.7

 

6.5

 

California

 

5.1

 

5.8

 

4.9

 

5.6

 

Georgia

 

5.0

 

4.6

 

4.7

 

4.4

 

Massachusetts

 

4.3

 

4.7

 

4.3

 

4.5

 

Florida

 

3.0

 

2.5

 

2.8

 

2.6

 

Louisiana

 

2.6

 

2.7

 

2.3

 

2.5

 

New Hampshire

 

2.2

 

1.8

 

1.9

 

1.7

 

New Jersey

 

1.9

 

1.7

 

1.8

 

1.8

 

South Carolina

 

1.9

 

1.7

 

1.8

 

1.7

 

New Mexico

 

1.6

 

0.2

 

1.3

 

0.2

 

Kansas

 

1.2

 

1.1

 

1.1

 

1.1

 

Mississippi

 

1.3

 

1.2

 

1.1

 

1.2

 

Alabama

 

0.8

 

0.7

 

0.7

 

0.7

 

Maryland

 

0.4

 

0.5

 

0.4

 

0.5

     

82.9

 

72.0

 

75.1

 

70.0

                   

International

United Kingdom

 

14.5

 

22.0

 

20.6

 

24.3

 

Brazil

 

2.6

 

6.0

 

4.3

 

5.7

     

100.0

 

100.0

 

100.0

 

100.0

                 

New vehicle unit sales brand mix

             

Toyota/Lexus

 

22.8

 

24.9

 

23.1

 

24.0

Volkswagen/Audi/Porsche/SEAT/SKODA

 

11.7

 

13.4

 

14.2

 

14.2

BMW/MINI

 

10.5

 

11.9

 

11.2

 

12.2

Ford/Lincoln

 

12.3

 

10.6

 

11.1

 

10.6

Honda/Acura

 

9.9

 

10.6

 

9.6

 

10.7

Chevrolet/GMC/Buick/Cadillac

 

8.7

 

6.7

 

7.6

 

6.5

Nissan

 

5.9

 

6.3

 

5.6

 

6.1

Mercedes-Benz/Smart/Sprinter

 

5.3

 

5.1

 

5.3

 

5.3

Hyundai/Kia/Genesis

 

4.8

 

3.9

 

4.4

 

3.7

Chrysler/Dodge/Jeep/RAM

 

4.9

 

3.3

 

4.1

 

3.2

Jaguar/Land Rover

 

1.7

 

1.7

 

2.2

 

2.1

Other

 

1.6

 

1.7

 

1.7

 

1.4

   

100.0

 

100.0

 

100.0

 

100.0

 

 

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended June 30,

 

2020

 

2019

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

1,062.7

   

$

1,565.4

   

$

(502.7)

   

(32.1)

%

   

$

(11.0)

   

(31.4)

%

Used vehicle retail sales

641.2

   

838.9

   

(197.7)

   

(23.6)

%

   

(5.6)

   

(22.9)

%

Used vehicle wholesale sales

48.7

   

96.0

   

(47.3)

   

(49.3)

%

   

(1.6)

   

(47.7)

%

Total used

689.9

   

934.9

   

(245.0)

   

(26.2)

%

   

(7.2)

   

(25.4)

%

Parts and service sales

282.0

   

378.2

   

(96.2)

   

(25.4)

%

   

(2.9)

   

(24.7)

%

F&I, net

96.7

   

127.3

   

(30.5)

   

(24.0)

%

   

(0.4)

   

(23.7)

%

Total revenues

$

2,131.2

   

$

3,005.7

   

$

(874.5)

   

(29.1)

%

   

$

(21.4)

   

(28.4)

%

Gross profit:

                       

New vehicle retail sales

$

63.8

   

$

69.7

   

$

(5.9)

   

(8.5)

%

   

$

(0.7)

   

(7.6)

%

Used vehicle retail sales

46.3

   

53.3

   

(7.0)

   

(13.2)

%

   

(0.3)

   

(12.6)

%

Used vehicle wholesale sales

2.0

   

(0.1)

   

2.1

   

2,271.7

%

   

   

2,312.8

%

Total used

48.3

   

53.2

   

(4.9)

   

(9.2)

%

   

(0.4)

   

(8.5)

%

Parts and service sales

150.0

   

204.1

   

(54.1)

   

(26.5)

%

   

(1.3)

   

(25.9)

%

F&I, net

96.7

   

127.3

   

(30.5)

   

(24.0)

%

   

(0.4)

   

(23.7)

%

Total gross profit

$

358.8

   

$

454.3

   

$

(95.4)

   

(21.0)

%

   

$

(2.7)

   

(20.4)

%

Gross margin:

                       

New vehicle retail sales

6.0

%

 

4.5

%

 

1.5

%

             

Used vehicle retail sales

7.2

%

 

6.4

%

 

0.9

%

             

Used vehicle wholesale sales

4.2

%

 

(0.1)

%

 

4.3

%

             

Total used

7.0

%

 

5.7

%

 

1.3

%

             

Parts and service sales

53.2

%

 

54.0

%

 

(0.8)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

16.8

%

 

15.1

%

 

1.7

%

             

Units sold:

                       

Retail new vehicles sold

26,472

   

42,093

   

(15,621)

   

(37.1)

%

         

Retail used vehicles sold

30,528

   

39,745

   

(9,217)

   

(23.2)

%

         

Wholesale used vehicles sold

7,303

   

13,084

   

(5,781)

   

(44.2)

%

         

Total used

37,831

   

52,829

   

(14,998)

   

(28.4)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,143

   

$

37,189

   

$

2,955

   

7.9

%

   

$

(414)

   

9.1

%

Used vehicle retail

$

21,004

   

$

21,107

   

$

(103)

   

(0.5)

%

   

$

(184)

   

0.4

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,409

   

$

1,656

   

$

753

   

45.5

%

   

$

(25)

   

47.0

%

Used vehicle retail sales

$

1,516

   

$

1,341

   

$

175

   

13.1

%

   

$

(10)

   

13.8

%

Used vehicle wholesale sales

$

278

   

$

(7)

   

$

285

   

3,990.7

%

   

$

(5)

   

4,064.4

%

Total used

$

1,277

   

$

1,007

   

$

270

   

26.8

%

   

$

(9)

   

27.7

%

F&I PRU

$

1,697

   

$

1,555

   

$

142

   

9.1

%

   

$

(7)

   

9.6

%

Other:

                       

SG&A expenses

$

237.2

   

$

338.7

   

$

(101.5)

   

(30.0)

%

   

$

(3.0)

   

(29.1)

%

Adjusted SG&A expenses (1)

$

225.4

   

$

335.3

   

$

(109.9)

   

(32.8)

%

   

$

(3.0)

   

(31.9)

%

SG&A as % gross profit

66.1

%

 

74.6

%

 

(8.5)

%

             

Adjusted SG&A as % gross profit (1)

62.8

%

 

73.8

%

 

(11.0)

%

             

Operating margin %

3.7

%

 

3.2

%

 

0.5

%

             

Adjusted operating margin % (1)

5.4

%

 

3.4

%

 

2.0

%

             

Pretax margin %

2.0

%

 

2.1

%

 

(0.1)

%

             

Adjusted pretax margin % (1)

4.1

%

 

2.2

%

 

1.9

%

             

Floorplan expense:

                       

Floorplan interest expense

$

10.1

   

$

15.9

   

$

(5.8)

   

(36.4)

%

   

$

(0.1)

   

(35.5)

%

Less: Floorplan assistance (2)

9.8

   

11.8

   

(2.0)

   

(16.9)

%

   

   

(16.9)

%

Net floorplan expense

$

0.3

   

$

4.1

   

$

(3.8)

   

(92.3)

%

   

$

(0.1)

   

(88.8)

%

   

(1)

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

(2) 

Floorplan assistance is included within New vehicle retail Gross Profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

 

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

2,404.8

   

$

2,979.9

   

$

(575.0)

   

(19.3)

%

   

$

(27.7)

   

(18.4)

%

Used vehicle retail sales

1,420.3

   

1,658.1

   

(237.8)

   

(14.3)

%

   

(10.5)

   

(13.7)

%

Used vehicle wholesale sales

135.2

   

188.1

   

(53.0)

   

(28.2)

%

   

(2.5)

   

(26.8)

%

Total used

1,555.4

   

1,846.2

   

(290.8)

   

(15.8)

%

   

(13.0)

   

(15.0)

%

Parts and service sales

652.6

   

747.3

   

(94.8)

   

(12.7)

%

   

(5.0)

   

(12.0)

%

F&I, net

209.2

   

240.6

   

(31.5)

   

(13.1)

%

   

(0.9)

   

(12.7)

%

Total revenues

$

4,822.0

   

$

5,814.1

   

$

(992.1)

   

(17.1)

%

   

$

(46.6)

   

(16.3)

%

Gross profit:

                       

New vehicle retail sales

$

126.6

   

$

141.1

   

$

(14.5)

   

(10.3)

%

   

$

(1.7)

   

(9.1)

%

Used vehicle retail sales

88.4

   

101.1

   

(12.7)

   

(12.5)

%

   

(0.6)

   

(11.9)

%

Used vehicle wholesale sales

3.0

   

0.4

   

2.7

   

747.0

%

   

(0.1)

   

766.1

%

Total used

91.5

   

101.5

   

(10.0)

   

(9.9)

%

   

(0.7)

   

(9.2)

%

Parts and service sales

348.0

   

402.6

   

(54.5)

   

(13.5)

%

   

(2.3)

   

(13.0)

%

F&I, net

209.2

   

240.6

   

(31.5)

   

(13.1)

%

   

(0.9)

   

(12.7)

%

Total gross profit

$

775.3

   

$

885.8

   

$

(110.5)

   

(12.5)

%

   

$

(5.6)

   

(11.8)

%

Gross margin:

                       

New vehicle retail sales

5.3

%

 

4.7

%

 

0.5

%

             

Used vehicle retail sales

6.2

%

 

6.1

%

 

0.1

%

             

Used vehicle wholesale sales

2.2

%

 

0.2

%

 

2.1

%

             

Total used

5.9

%

 

5.5

%

 

0.4

%

             

Parts and service sales

53.3

%

 

53.9

%

 

(0.5)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

16.1

%

 

15.2

%

 

0.8

%

             

Units sold:

                       

Retail new vehicles sold

61,832

   

80,967

   

(19,135)

   

(23.6)

%

         

Retail used vehicles sold

67,318

   

78,581

   

(11,263)

   

(14.3)

%

         

Wholesale used vehicles sold

19,389

   

26,073

   

(6,684)

   

(25.6)

%

         

Total used

86,707

   

104,654

   

(17,947)

   

(17.1)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

38,893

   

$

36,803

   

$

2,090

   

5.7

%

   

$

(449)

   

6.9

%

Used vehicle retail

$

21,098

   

$

21,101

   

$

(3)

   

%

   

$

(156)

   

0.7

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,047

   

$

1,743

   

$

305

   

17.5

%

   

$

(27)

   

19.1

%

Used vehicle retail sales

$

1,314

   

$

1,287

   

$

27

   

2.1

%

   

$

(9)

   

2.8

%

Used vehicle wholesale sales

$

156

   

$

14

   

$

143

   

1,039.0

%

   

$

(4)

   

1,064.6

%

Total used

$

1,055

   

$

969

   

$

85

   

8.8

%

   

$

(8)

   

9.6

%

F&I PRU

$

1,620

   

$

1,508

   

$

111

   

7.4

%

   

$

(7)

   

7.9

%

Other:

                       

SG&A expenses

$

565.1

   

$

666.4

   

$

(101.3)

   

(15.2)

%

   

$

(5.7)

   

(14.3)

%

Adjusted SG&A expenses (1)

$

552.5

   

$

663.8

   

$

(111.3)

   

(16.8)

%

   

$

(5.4)

   

(16.0)

%

SG&A as % gross profit

72.9

%

 

75.2

%

 

(2.3)

%

             

Adjusted SG&A as % gross profit (1)

71.3

%

 

74.9

%

 

(3.7)

%

             

Operating margin %

3.1

%

 

3.2

%

 

(0.1)

%

             

Adjusted operating margin % (1)

3.8

%

 

3.2

%

 

0.6

%

             

Pretax margin %

1.7

%

 

2.0

%

 

(0.3)

%

             

Adjusted pretax margin % (1)

2.7

%

 

2.0

%

 

0.6

%

             

Floorplan expense:

                       

Floorplan interest expense

$

23.0

   

$

31.6

   

$

(8.7)

   

(27.3)

%

   

$

(0.2)

   

(26.7)

%

Less: Floorplan assistance (2)

20.4

   

22.3

   

(1.9)

   

(8.6)

%

   

   

(8.6)

%

Net floorplan expense

$

2.6

   

$

9.4

   

$

(6.7)

   

(72.0)

%

   

$

(0.2)

   

(70.0)

%

   

(1)

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

(2) 

Floorplan assistance is included within New vehicle retail Gross Profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

 

 

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended June 30,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

915.7

   

$

1,188.8

   

$

(273.1)

   

(23.0)

%

Used vehicle retail sales

 

540.9

   

625.5

   

(84.5)

   

(13.5)

%

Used vehicle wholesale sales

 

30.5

   

44.3

   

(13.8)

   

(31.1)

%

Total used

 

571.4

   

669.7

   

(98.3)

   

(14.7)

%

Parts and service sales

 

254.2

   

309.6

   

(55.4)

   

(17.9)

%

F&I, net

 

89.8

   

110.5

   

(20.7)

   

(18.8)

%

Total revenues

 

$

1,831.1

   

$

2,278.7

   

$

(447.6)

   

(19.6)

%

Gross profit:

               

New vehicle retail sales

 

$

56.5

   

$

54.8

   

$

1.8

   

3.2

%

Used vehicle retail sales

 

41.0

   

43.3

   

(2.4)

   

(5.5)

%

Used vehicle wholesale sales

 

1.6

   

0.9

   

0.7

   

73.8

%

Total used

 

42.6

   

44.2

   

(1.7)

   

(3.8)

%

Parts and service sales

 

135.6

   

167.2

   

(31.6)

   

(18.9)

%

F&I, net

 

89.8

   

110.5

   

(20.7)

   

(18.8)

%

Total gross profit

 

$

324.5

   

$

376.7

   

$

(52.2)

   

(13.9)

%

Gross margin:

               

New vehicle retail sales

 

6.2

%

 

4.6

%

 

1.6

%

   

Used vehicle retail sales

 

7.6

%

 

6.9

%

 

0.6

%

   

Used vehicle wholesale sales

 

5.2

%

 

2.1

%

 

3.2

%

   

Total used

 

7.4

%

 

6.6

%

 

0.8

%

   

Parts and service sales

 

53.3

%

 

54.0

%

 

(0.7)

%

   

F&I, net

 

100.0

%

 

100.0

%

 

%

   

Total gross margin

 

17.7

%

 

16.5

%

 

1.2

%

   

Units sold:

               

Retail new vehicles sold

 

21,937

   

30,318

   

(8,381)

   

(27.6)

%

Retail used vehicles sold

 

26,132

   

30,477

   

(4,345)

   

(14.3)

%

Wholesale used vehicles sold

 

5,150

   

6,828

   

(1,678)

   

(24.6)

%

Total used

 

31,282

   

37,305

   

(6,023)

   

(16.1)

%

Average sales price per unit sold:

               

New vehicle retail

 

$

41,742

   

$

39,211

   

$

2,531

   

6.5

%

Used vehicle retail

 

$

20,699

   

$

20,522

   

$

177

   

0.9

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

2,576

   

$

1,806

   

$

771

   

42.7

%

Used vehicle retail sales

 

$

1,568

   

$

1,422

   

$

146

   

10.3

%

Used vehicle wholesale sales

 

$

311

   

$

135

   

$

176

   

130.4

%

Total used

 

$

1,361

   

$

1,186

   

$

175

   

14.7

%

F&I PRU

 

$

1,868

   

$

1,818

   

$

50

   

2.7

%

Other:

               

SG&A expenses

 

$

203.3

   

$

268.1

   

$

(64.8)

   

(24.2)

%

Adjusted SG&A expenses (1)

 

$

192.7

   

$

264.1

   

$

(71.4)

   

(27.0)

%

SG&A as % gross profit

 

62.6

%

 

71.2

%

 

(8.5)

%

   

Adjusted SG&A as % gross profit (1)

 

59.4

%

 

70.1

%

 

(10.7)

%

   
   

(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 - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Six Months Ended June 30,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

1,904.1

   

$

2,220.5

   

$

(316.5)

   

(14.3)

%

Used vehicle retail sales

 

1,111.2

   

1,219.9

   

(108.6)

   

(8.9)

%

Used vehicle wholesale sales

 

77.3

   

87.1

   

(9.8)

   

(11.2)

%

Total used

 

1,188.6

   

1,307.0

   

(118.4)

   

(9.1)

%

Parts and service sales

 

558.9

   

607.2

   

(48.4)

   

(8.0)

%

F&I, net

 

187.2

   

206.7

   

(19.5)

   

(9.4)

%

Total revenues

 

$

3,838.7

   

$

4,341.5

   

$

(502.8)

   

(11.6)

%

Gross profit:

               

New vehicle retail sales

 

$

103.8

   

$

105.6

   

$

(1.8)

   

(1.7)

%

Used vehicle retail sales

 

72.9

   

81.6

   

(8.7)

   

(10.7)

%

Used vehicle wholesale sales

 

2.4

   

2.1

   

0.3

   

16.4

%

Total used

 

75.3

   

83.7

   

(8.4)

   

(10.0)

%

Parts and service sales

 

299.1

   

327.7

   

(28.6)

   

(8.7)

%

F&I, net

 

187.2

   

206.7

   

(19.5)

   

(9.4)

%

Total gross profit

 

$

665.4

   

$

723.6

   

$

(58.2)

   

(8.0)

%

Gross margin:

               

New vehicle retail sales

 

5.5

%

 

4.8

%

 

0.7

%

   

Used vehicle retail sales

 

6.6

%

 

6.7

%

 

(0.1)

%

   

Used vehicle wholesale sales

 

3.1

%

 

2.4

%

 

0.7

%

   

Total used

 

6.3

%

 

6.4

%

 

(0.1)

%

   

Parts and service sales

 

53.5

%

 

54.0

%

 

(0.4)

%

   

F&I, net

 

100.0

%

 

100.0

%

 

%

   

Total gross margin

 

17.3

%

 

16.7

%

 

0.7

%

   

Units sold:

               

Retail new vehicles sold

 

46,432

   

56,708

   

(10,276)

   

(18.1)

%

Retail used vehicles sold

 

53,800

   

59,794

   

(5,994)

   

(10.0)

%

Wholesale used vehicles sold

 

12,177

   

13,978

   

(1,801)

   

(12.9)

%

Total used

 

65,977

   

73,772

   

(7,795)

   

(10.6)

%

Average sales price per unit sold:

               

New vehicle retail

 

$

41,008

   

$

39,157

   

$

1,850

   

4.7

%

Used vehicle retail

 

$

20,655

   

$

20,401

   

$

254

   

1.2

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

2,235

   

$

1,861

   

$

374

   

20.1

%

Used vehicle retail sales

 

$

1,355

   

$

1,365

   

$

(10)

   

(0.7)

%

Used vehicle wholesale sales

 

$

199

   

$

149

   

$

50

   

33.6

%

Total used

 

$

1,142

   

$

1,135

   

$

7

   

0.6

%

F&I PRU

 

$

1,868

   

$

1,774

   

$

93

   

5.3

%

Other:

               

SG&A expenses

 

$

460.8

   

$

524.2

   

$

(63.5)

   

(12.1)

%

Adjusted SG&A expenses (1)

 

$

450.2

   

$

521.7

   

$

(71.4)

   

(13.7)

%

SG&A as % gross profit

 

69.2

%

 

72.4

%

 

(3.2)

%

   

Adjusted SG&A as % gross profit (1)

 

67.7

%

 

72.1

%

 

(4.4)

%

   
   

(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 - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

127.2

   

$

302.2

   

$

(175.0)

   

(57.9)

%

   

$

(3.9)

   

(56.6)

%

Used vehicle retail sales

92.8

   

194.0

   

(101.2)

   

(52.2)

%

   

(3.0)

   

(50.6)

%

Used vehicle wholesale sales

15.3

   

46.9

   

(31.6)

   

(67.5)

%

   

(0.5)

   

(66.4)

%

Total used

108.1

   

240.9

   

(132.8)

   

(55.1)

%

   

(3.5)

   

(53.7)

%

Parts and service sales

21.8

   

56.4

   

(34.5)

   

(61.3)

%

   

(0.7)

   

(60.0)

%

F&I, net

6.4

   

15.0

   

(8.6)

   

(57.4)

%

   

(0.2)

   

(56.2)

%

Total revenues

$

263.5

   

$

614.4

   

$

(350.9)

   

(57.1)

%

   

$

(8.3)

   

(55.8)

%

Gross profit:

                       

New vehicle retail sales

$

5.9

   

$

10.6

   

$

(4.8)

   

(44.8)

%

   

$

(0.2)

   

(43.2)

%

Used vehicle retail sales

4.9

   

8.3

   

(3.4)

   

(41.1)

%

   

(0.2)

   

(39.1)

%

Used vehicle wholesale sales

0.4

   

(1.3)

   

1.6

   

127.3

%

   

   

128.0

%

Total used

5.2

   

7.0

   

(1.8)

   

(25.2)

%

   

(0.2)

   

(22.8)

%

Parts and service sales

11.9

   

31.5

   

(19.5)

   

(62.1)

%

   

(0.4)

   

(60.9)

%

F&I, net

6.4

   

15.0

   

(8.6)

   

(57.4)

%

   

(0.2)

   

(56.2)

%

Total gross profit

$

29.4

   

$

64.1

   

$

(34.7)

   

(54.1)

%

   

$

(0.9)

   

(52.7)

%

Gross margin:

                       

New vehicle retail sales

4.6

%

 

3.5

%

 

1.1

%

             

Used vehicle retail sales

5.3

%

 

4.3

%

 

1.0

%

             

Used vehicle wholesale sales

2.3

%

 

(2.7)

%

 

5.0

%

             

Total used

4.8

%

 

2.9

%

 

1.9

%

             

Parts and service sales

54.7

%

 

55.9

%

 

(1.2)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.2

%

 

10.4

%

 

0.7

%

             

Units sold:

                       

Retail new vehicles sold

3,841

   

9,266

   

(5,425)

   

(58.5)

%

         

Retail used vehicles sold

4,040

   

8,280

   

(4,240)

   

(51.2)

%

         

Wholesale used vehicles sold

1,829

   

5,772

   

(3,943)

   

(68.3)

%

         

Total used

5,869

   

14,052

   

(8,183)

   

(58.2)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

33,119

   

$

32,617

   

$

502

   

1.5

%

   

$

(1,012)

   

4.6

%

Used vehicle retail

$

22,978

   

$

23,431

   

$

(453)

   

(1.9)

%

   

$

(740)

   

1.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,527

   

$

1,147

   

$

380

   

33.2

%

   

$

(45)

   

37.1

%

Used vehicle retail sales

$

1,209

   

$

1,001

   

$

208

   

20.8

%

   

$

(40)

   

24.8

%

Used vehicle wholesale sales

$

192

   

$

(223)

   

$

415

   

186.1

%

   

$

(5)

   

188.2

%

Total used

$

892

   

$

498

   

$

394

   

79.1

%

   

$

(29)

   

84.9

%

F&I PRU

$

808

   

$

853

   

$

(45)

   

(5.2)

%

   

$

(23)

   

(2.6)

%

Other:

                       

SG&A expenses

$

28.3

   

$

59.0

   

$

(30.7)

   

(52.1)

%

   

$

(1.0)

   

(50.4)

%

Adjusted SG&A expenses (1)

$

27.1

   

$

59.0

   

$

(31.9)

   

(54.1)

%

   

$

(0.9)

   

(52.5)

%

SG&A as % gross profit

96.2

%

 

92.1

%

 

4.1

%

             

Adjusted SG&A as % gross profit (1)

92.1

%

 

92.1

%

 

(0.1)

%

             
   

(1)

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

 

 

 

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Six Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

423.5

   

$

620.8

   

$

(197.3)

   

(31.8)

%

   

$

(11.5)

   

(29.9)

%

Used vehicle retail sales

281.6

   

397.6

   

(115.9)

   

(29.2)

%

   

(4.7)

   

(28.0)

%

Used vehicle wholesale sales

51.1

   

92.1

   

(41.1)

   

(44.6)

%

   

(0.8)

   

(43.7)

%

Total used

332.7

   

489.7

   

(157.0)

   

(32.1)

%

   

(5.5)

   

(30.9)

%

Parts and service sales

78.3

   

115.9

   

(37.7)

   

(32.5)

%

   

(1.3)

   

(31.4)

%

F&I, net

19.7

   

30.2

   

(10.5)

   

(34.7)

%

   

(0.4)

   

(33.3)

%

Total revenues

$

854.2

   

$

1,256.6

   

$

(402.4)

   

(32.0)

%

   

$

(18.7)

   

(30.5)

%

Gross profit:

                       

New vehicle retail sales

$

17.9

   

$

27.4

   

$

(9.5)

   

(34.6)

%

   

$

(0.6)

   

(32.3)

%

Used vehicle retail sales

14.0

   

16.6

   

(2.5)

   

(15.3)

%

   

(0.3)

   

(13.6)

%

Used vehicle wholesale sales

0.3

   

(2.3)

   

2.6

   

113.9

%

   

   

114.1

%

Total used

14.4

   

14.3

   

0.1

   

0.6

%

   

(0.3)

   

2.5

%

Parts and service sales

42.3

   

64.2

   

(22.0)

   

(34.2)

%

   

(0.7)

   

(33.1)

%

F&I, net

19.7

   

30.2

   

(10.5)

   

(34.7)

%

   

(0.4)

   

(33.3)

%

Total gross profit

$

94.2

   

$

136.1

   

$

(41.8)

   

(30.7)

%

   

$

(2.1)

   

(29.2)

%

Gross margin:

                       

New vehicle retail sales

4.2

%

 

4.4

%

 

(0.2)

%

             

Used vehicle retail sales

5.0

%

 

4.2

%

 

0.8

%

             

Used vehicle wholesale sales

0.6

%

 

(2.5)

%

 

3.1

%

             

Total used

4.3

%

 

2.9

%

 

1.4

%

             

Parts and service sales

54.0

%

 

55.4

%

 

(1.4)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.0

%

 

10.8

%

 

0.2

%

             

Units sold:

                       

Retail new vehicles sold

12,735

   

19,610

   

(6,875)

   

(35.1)

%

         

Retail used vehicles sold

12,064

   

16,711

   

(4,647)

   

(27.8)

%

         

Wholesale used vehicles sold

6,413

   

11,139

   

(4,726)

   

(42.4)

%

         

Total used

18,477

   

27,850

   

(9,373)

   

(33.7)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

33,255

   

$

31,657

   

$

1,598

   

5.0

%

   

$

(900)

   

7.9

%

Used vehicle retail

$

23,344

   

$

23,791

   

$

(447)

   

(1.9)

%

   

$

(388)

   

(0.2)

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,407

   

$

1,397

   

$

10

   

0.7

%

   

$

(50)

   

4.3

%

Used vehicle retail sales

$

1,164

   

$

992

   

$

172

   

17.4

%

   

$

(23)

   

19.6

%

Used vehicle wholesale sales

$

50

   

$

(206)

   

$

256

   

124.2

%

   

$

(1)

   

124.4

%

Total used

$

777

   

$

513

   

$

265

   

51.6

%

   

$

(15)

   

54.5

%

F&I PRU

$

794

   

$

830

   

$

(37)

   

(4.4)

%

   

$

(18)

   

(2.3)

%

Other:

                       

SG&A expenses

$

88.2

   

$

118.2

   

$

(30.1)

   

(25.4)

%

   

$

(1.8)

   

(23.9)

%

Adjusted SG&A expenses (1)

$

86.9

   

$

118.2

   

$

(31.3)

   

(26.5)

%

   

$

(1.7)

   

(25.0)

%

SG&A as % gross profit

93.5

%

 

86.9

%

 

6.6

%

             

Adjusted SG&A as % gross profit (1)

92.2

%

 

86.9

%

 

5.4

%

             
   

(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 - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

19.8

   

$

74.4

   

$

(54.6)

   

(73.4)

%

   

$

(7.1)

   

(63.9)

%

Used vehicle retail sales

7.5

   

19.4

   

(12.0)

   

(61.6)

%

   

(2.6)

   

(48.0)

%

Used vehicle wholesale sales

2.9

   

4.8

   

(2.0)

   

(40.5)

%

   

(1.1)

   

(18.5)

%

Total used

10.3

   

24.3

   

(13.9)

   

(57.4)

%

   

(3.7)

   

(42.1)

%

Parts and service sales

5.9

   

12.2

   

(6.3)

   

(51.5)

%

   

(2.2)

   

(33.7)

%

F&I, net

0.6

   

1.8

   

(1.2)

   

(67.7)

%

   

(0.2)

   

(56.0)

%

Total revenues

$

36.6

   

$

112.6

   

$

(76.0)

   

(67.5)

%

   

$

(13.2)

   

(55.8)

%

Gross profit:

                       

New vehicle retail sales

$

1.4

   

$

4.3

   

$

(2.9)

   

(67.9)

%

   

$

(0.5)

   

(56.6)

%

Used vehicle retail sales

0.4

   

1.7

   

(1.2)

   

(74.2)

%

   

(0.1)

   

(65.3)

%

Used vehicle wholesale sales

0.1

   

0.3

   

(0.2)

   

(70.7)

%

   

   

(59.8)

%

Total used

0.5

   

1.9

   

(1.4)

   

(73.7)

%

   

(0.2)

   

(64.5)

%

Parts and service sales

2.5

   

5.4

   

(2.9)

   

(54.5)

%

   

(0.9)

   

(37.8)

%

F&I, net

0.6

   

1.8

   

(1.2)

   

(67.7)

%

   

(0.2)

   

(56.0)

%

Total gross profit

$

4.9

   

$

13.5

   

$

(8.5)

   

(63.3)

%

   

$

(1.8)

   

(50.1)

%

Gross margin:

                       

New vehicle retail sales

7.0

%

 

5.8

%

 

1.2

%

             

Used vehicle retail sales

5.8

%

 

8.6

%

 

(2.8)

%

             

Used vehicle wholesale sales

2.8

%

 

5.7

%

 

(2.9)

%

             

Total used

4.9

%

 

8.0

%

 

(3.1)

%

             

Parts and service sales

41.8

%

 

44.5

%

 

(2.7)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

13.5

%

 

12.0

%

 

1.5

%

             

Units sold:

                       

Retail new vehicles sold

694

   

2,509

   

(1,815)

   

(72.3)

%

         

Retail used vehicles sold

356

   

988

   

(632)

   

(64.0)

%

         

Wholesale used vehicles sold

324

   

484

   

(160)

   

(33.1)

%

         

Total used

680

   

1,472

   

(792)

   

(53.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

28,495

   

$

29,637

   

$

(1,141)

   

(3.9)

%

   

$

(10,198)

   

30.6

%

Used vehicle retail

$

20,983

   

$

19,673

   

$

1,311

   

6.7

%

   

$

(7,400)

   

44.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,999

   

$

1,725

   

$

274

   

15.9

%

   

$

(710)

   

57.0

%

Used vehicle retail sales

$

1,213

   

$

1,693

   

$

(480)

   

(28.4)

%

   

$

(419)

   

(3.6)

%

Used vehicle wholesale sales

$

247

   

$

565

   

$

(318)

   

(56.3)

%

   

$

(92)

   

(39.9)

%

Total used

$

752

   

$

1,322

   

$

(570)

   

(43.1)

%

   

$

(264)

   

(23.2)

%

F&I PRU

$

550

   

$

511

   

$

39

   

7.5

%

   

$

(199)

   

46.5

%

Other:

                       

SG&A expenses

$

5.6

   

$

11.6

   

$

(6.0)

   

(51.5)

%

   

$

(2.1)

   

(33.7)

%

Adjusted SG&A expenses (1)

$

5.6

   

$

12.2

   

$

(6.5)

   

(53.7)

%

   

$

(2.1)

   

(36.8)

%

SG&A as % gross profit

114.0

%

 

86.1

%

 

27.9

%

             

Adjusted SG&A as % gross profit (1)

114.0

%

 

90.3

%

 

23.7

%

             
   

(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 - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

77.3

   

$

138.5

   

$

(61.3)

   

(44.2)

%

   

$

(16.3)

   

(32.5)

%

Used vehicle retail sales

27.4

   

40.7

   

(13.3)

   

(32.6)

%

   

(5.8)

   

(18.3)

%

Used vehicle wholesale sales

6.7

   

8.9

   

(2.2)

   

(24.3)

%

   

(1.6)

   

(5.7)

%

Total used

34.1

   

49.5

   

(15.4)

   

(31.1)

%

   

(7.5)

   

(16.0)

%

Parts and service sales

15.5

   

24.2

   

(8.7)

   

(36.1)

%

   

(3.7)

   

(20.7)

%

F&I, net

2.3

   

3.8

   

(1.5)

   

(39.1)

%

   

(0.5)

   

(26.2)

%

Total revenues

$

129.1

   

$

216.0

   

$

(86.9)

   

(40.2)

%

   

$

(28.0)

   

(27.3)

%

Gross profit:

                       

New vehicle retail sales

$

4.9

   

$

8.1

   

$

(3.2)

   

(39.8)

%

   

$

(1.1)

   

(26.9)

%

Used vehicle retail sales

1.5

   

2.9

   

(1.4)

   

(49.1)

%

   

(0.3)

   

(38.1)

%

Used vehicle wholesale sales

0.3

   

0.6

   

(0.3)

   

(50.2)

%

   

(0.1)

   

(38.8)

%

Total used

1.8

   

3.5

   

(1.7)

   

(49.2)

%

   

(0.4)

   

(38.2)

%

Parts and service sales

6.7

   

10.7

   

(4.0)

   

(37.6)

%

   

(1.6)

   

(22.8)

%

F&I, net

2.3

   

3.8

   

(1.5)

   

(39.1)

%

   

(0.5)

   

(26.2)

%

Total gross profit

$

15.6

   

$

26.1

   

$

(10.4)

   

(40.1)

%

   

$

(3.5)

   

(26.6)

%

Gross margin:

                       

New vehicle retail sales

6.3

%

 

5.9

%

 

0.5

%

             

Used vehicle retail sales

5.4

%

 

7.2

%

 

(1.7)

%

             

Used vehicle wholesale sales

4.2

%

 

6.4

%

 

(2.2)

%

             

Total used

5.2

%

 

7.0

%

 

(1.8)

%

             

Parts and service sales

43.1

%

 

44.1

%

 

(1.0)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

12.1

%

 

12.1

%

 

%

             

Units sold:

                       

Retail new vehicles sold

2,665

   

4,649

   

(1,984)

   

(42.7)

%

         

Retail used vehicles sold

1,454

   

2,076

   

(622)

   

(30.0)

%

         

Wholesale used vehicles sold

799

   

956

   

(157)

   

(16.4)

%

         

Total used

2,253

   

3,032

   

(779)

   

(25.7)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

28,994

   

$

29,798

   

$

(804)

   

(2.7)

%

   

$

(6,111)

   

17.8

%

Used vehicle retail

$

18,847

   

$

19,586

   

$

(739)

   

(3.8)

%

   

$

(4,014)

   

16.7

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,839

   

$

1,752

   

$

87

   

5.0

%

   

$

(396)

   

27.6

%

Used vehicle retail sales

$

1,019

   

$

1,402

   

$

(382)

   

(27.3)

%

   

$

(219)

   

(11.6)

%

Used vehicle wholesale sales

$

356

   

$

597

   

$

(241)

   

(40.4)

%

   

$

(81)

   

(26.8)

%

Total used

$

784

   

$

1,148

   

$

(364)

   

(31.7)

%

   

$

(170)

   

(16.9)

%

F&I PRU

$

557

   

$

561

   

$

(4)

   

(0.6)

%

   

$

(118)

   

20.5

%

Other:

                       

SG&A expenses

$

16.2

   

$

24.0

   

$

(7.7)

   

(32.3)

%

   

$

(3.9)

   

(16.0)

%

Adjusted SG&A expenses (1)

$

15.3

   

$

24.0

   

$

(8.6)

   

(36.0)

%

   

$

(3.7)

   

(20.6)

%

SG&A as % gross profit

103.8

%

 

91.9

%

 

11.9

%

             

Adjusted SG&A as % gross profit (1)

98.2

%

 

91.9

%

 

6.3

%

             
   

(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)

(In millions, except unit data)

                           
   

Three Months Ended June 30,

   

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

1,034.4

   

$

1,549.6

   

$

(515.1)

   

(33.2)

%

   

$

(10.6)

   

(32.6)

%

Used vehicle retail sales

620.3

   

827.1

   

(206.8)

   

(25.0)

%

   

(5.4)

   

(24.4)

%

Used vehicle wholesale sales

46.9

   

92.3

   

(45.3)

   

(49.1)

%

   

(1.5)

   

(47.4)

%

Total used

667.2

   

919.4

   

(252.1)

   

(27.4)

%

   

(6.9)

   

(26.7)

%

Parts and service sales

275.3

   

371.9

   

(96.6)

   

(26.0)

%

   

(2.8)

   

(25.2)

%

F&I, net

95.3

   

126.2

   

(30.9)

   

(24.5)

%

   

(0.4)

   

(24.2)

%

Total revenues

$

2,072.2

   

$

2,966.9

   

$

(894.7)

   

(30.2)

%

   

$

(20.8)

   

(29.5)

%

Gross profit:

                       

New vehicle retail sales

$

61.4

   

$

69.3

   

$

(7.9)

   

(11.5)

%

   

$

(0.7)

   

(10.5)

%

Used vehicle retail sales

44.9

   

52.8

   

(7.9)

   

(15.0)

%

   

(0.3)

   

(14.4)

%

Used vehicle wholesale sales

2.0

   

   

2.1

   

4,571.6

%

   

   

4,656.5

%

Total used

46.9

   

52.8

   

(5.8)

   

(11.1)

%

   

(0.3)

   

(10.4)

%

Parts and service sales

146.3

   

201.0

   

(54.7)

   

(27.2)

%

   

(1.2)

   

(26.6)

%

F&I, net

95.3

   

126.2

   

(30.9)

   

(24.5)

%

   

(0.4)

   

(24.2)

%

Total gross profit

$

349.9

   

$

449.3

   

$

(99.3)

   

(22.1)

%

   

$

(2.6)

   

(21.5)

%

Gross margin:

                       

New vehicle retail sales

5.9

%

 

4.5

%

 

1.5

%

             

Used vehicle retail sales

7.2

%

 

6.4

%

 

0.9

%

             

Used vehicle wholesale sales

4.3

%

 

%

 

4.4

%

             

Total used

7.0

%

 

5.7

%

 

1.3

%

             

Parts and service sales

53.1

%

 

54.0

%

 

(0.9)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

16.9

%

 

15.1

%

 

1.7

%

             

Units sold:

                       

Retail new vehicles sold

25,767

   

41,632

   

(15,865)

   

(38.1)

%

         

Retail used vehicles sold

29,647

   

39,109

   

(9,462)

   

(24.2)

%

         

Wholesale used vehicles sold

7,103

   

12,792

   

(5,689)

   

(44.5)

%

         

Total used

36,750

   

51,901

   

(15,151)

   

(29.2)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,145

   

$

37,220

   

$

2,925

   

7.9

%

   

$

(413)

   

9.0

%

Used vehicle retail

$

20,921

   

$

21,148

   

$

(227)

   

(1.1)

%

   

$

(182)

   

(0.2)

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,383

   

$

1,666

   

$

717

   

43.1

%

   

$

(25)

   

44.6

%

Used vehicle retail sales

$

1,514

   

$

1,350

   

$

164

   

12.1

%

   

$

(10)

   

12.9

%

Used vehicle wholesale sales

$

286

   

$

(4)

   

$

290

   

8,153.1

%

   

$

(5)

   

8,305.9

%

Total used

$

1,277

   

$

1,017

   

$

260

   

25.6

%

   

$

(9)

   

26.5

%

F&I PRU

$

1,720

   

$

1,563

   

$

157

   

10.1

%

   

$

(7)

   

10.5

%

Other:

                       

SG&A expenses

$

229.5

   

$

333.9

   

$

(104.4)

   

(31.3)

%

   

$

(2.9)

   

(30.4)

%

Adjusted SG&A expenses (1)

$

217.8

   

$

329.9

   

$

(112.2)

   

(34.0)

%

   

$

(2.9)

   

(33.1)

%

SG&A as % gross profit

65.6

%

 

74.3

%

 

(8.7)

%

             

Adjusted SG&A as % gross profit (1)

62.2

%

 

73.4

%

 

(11.2)

%

             

Operating margin %

3.8

%

 

3.3

%

 

0.5

%

             

Adjusted operating margin % (1)

5.5

%

 

3.4

%

 

2.1

%

             
   

(1) 

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

 

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Six Months Ended June 30,

   

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

2,332.9

   

$

2,943.4

   

$

(610.5)

   

(20.7)

%

   

$

(26.9)

   

(19.8)

%

Used vehicle retail sales

1,373.1

   

1,631.0

   

(258.0)

   

(15.8)

%

   

(10.2)

   

(15.2)

%

Used vehicle wholesale sales

129.9

   

180.8

   

(50.9)

   

(28.2)

%

   

(2.4)

   

(26.8)

%

Total used

1,502.9

   

1,811.9

   

(308.9)

   

(17.0)

%

   

(12.6)

   

(16.4)

%

Parts and service sales

632.9

   

732.3

   

(99.4)

   

(13.6)

%

   

(4.9)

   

(12.9)

%

F&I, net

205.7

   

238.4

   

(32.7)

   

(13.7)

%

   

(0.9)

   

(13.3)

%

Total revenues

$

4,674.4

   

$

5,725.9

   

$

(1,051.5)

   

(18.4)

%

   

$

(45.3)

   

(17.6)

%

Gross profit:

                       

New vehicle retail sales

$

121.1

   

$

139.8

   

$

(18.7)

   

(13.4)

%

   

$

(1.6)

   

(12.2)

%

Used vehicle retail sales

85.5

   

100.2

   

(14.6)

   

(14.6)

%

   

(0.6)

   

(14.0)

%

Used vehicle wholesale sales

3.0

   

0.6

   

2.5

   

436.5

%

   

(0.1)

   

448.6

%

Total used

88.6

   

100.7

   

(12.2)

   

(12.1)

%

   

(0.6)

   

(11.4)

%

Parts and service sales

337.4

   

395.2

   

(57.9)

   

(14.6)

%

   

(2.2)

   

(14.1)

%

F&I, net

205.7

   

238.4

   

(32.7)

   

(13.7)

%

   

(0.9)

   

(13.3)

%

Total gross profit

$

752.8

   

$

874.2

   

$

(121.4)

   

(13.9)

%

   

$

(5.4)

   

(13.3)

%

Gross margin:

                       

New vehicle retail sales

5.2

%

 

4.8

%

 

0.4

%

             

Used vehicle retail sales

6.2

%

 

6.1

%

 

0.1

%

             

Used vehicle wholesale sales

2.3

%

 

0.3

%

 

2.0

%

             

Total used

5.9

%

 

5.6

%

 

0.3

%

             

Parts and service sales

53.3

%

 

54.0

%

 

(0.7)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

16.1

%

 

15.3

%

 

0.8

%

             

Units sold:

                       

Retail new vehicles sold

59,921

   

79,538

   

(19,617)

   

(24.7)

%

         

Retail used vehicles sold

65,316

   

77,152

   

(11,836)

   

(15.3)

%

         

Wholesale used vehicles sold

18,718

   

25,384

   

(6,666)

   

(26.3)

%

         

Total used

84,034

   

102,536

   

(18,502)

   

(18.0)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

38,932

   

$

37,006

   

$

1,926

   

5.2

%

   

$

(449)

   

6.4

%

Used vehicle retail

$

21,022

   

$

21,140

   

$

(119)

   

(0.6)

%

   

$

(156)

   

0.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,021

   

$

1,758

   

$

263

   

14.9

%

   

$

(27)

   

16.5

%

Used vehicle retail sales

$

1,310

   

$

1,298

   

$

11

   

0.9

%

   

$

(9)

   

1.6

%

Used vehicle wholesale sales

$

162

   

$

22

   

$

140

   

627.6

%

   

$

(4)

   

643.9

%

Total used

$

1,054

   

$

982

   

$

72

   

7.3

%

   

$

(8)

   

8.1

%

F&I PRU

$

1,643

   

$

1,521

   

$

121

   

8.0

%

   

$

(7)

   

8.4

%

Other:

                       

SG&A expenses

$

544.5

   

$

657.3

   

$

(112.8)

   

(17.2)

%

   

$

(5.5)

   

(16.3)

%

Adjusted SG&A expenses (1)

$

531.8

   

$

650.6

   

$

(118.8)

   

(18.3)

%

   

$

(5.2)

   

(17.5)

%

SG&A as % gross profit

72.3

%

 

75.2

%

 

(2.9)

%

             

Adjusted SG&A as % gross profit (1)

70.7

%

 

74.4

%

 

(3.8)

%

             

Operating margin %

3.2

%

 

3.2

%

 

%

             

Adjusted operating margin % (1)

4.0

%

 

3.3

%

 

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)

(In millions, except unit data)

               
 

Three Months Ended June 30,

 

2020

 

2019

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

898.0

   

$

1,184.7

   

$

(286.7)

   

(24.2)

%

Used vehicle retail sales

527.2

   

619.7

   

(92.5)

   

(14.9)

%

Used vehicle wholesale sales

29.9

   

43.4

   

(13.5)

   

(31.2)

%

Total used

557.1

   

663.1

   

(106.0)

   

(16.0)

%

Parts and service sales

249.3

   

308.0

   

(58.6)

   

(19.0)

%

F&I, net

88.8

   

109.8

   

(21.0)

   

(19.1)

%

Total revenues

$

1,793.3

   

$

2,265.6

   

$

(472.4)

   

(20.8)

%

Gross profit:

             

New vehicle retail sales

$

54.7

   

$

54.5

   

$

0.1

   

0.2

%

Used vehicle retail sales

39.9

   

42.9

   

(3.0)

   

(7.1)

%

Used vehicle wholesale sales

1.6

   

0.9

   

0.7

   

73.9

%

Total used

41.5

   

43.9

   

(2.4)

   

(5.4)

%

Parts and service sales

133.0

   

166.3

   

(33.3)

   

(20.0)

%

F&I, net

88.8

   

109.8

   

(21.0)

   

(19.1)

%

Total gross profit

$

317.9

   

$

374.5

   

$

(56.6)

   

(15.1)

%

Gross margin:

             

New vehicle retail sales

6.1

%

 

4.6

%

 

1.5

%

   

Used vehicle retail sales

7.6

%

 

6.9

%

 

0.6

%

   

Used vehicle wholesale sales

5.4

%

 

2.1

%

 

3.3

%

   

Total used

7.4

%

 

6.6

%

 

0.8

%

   

Parts and service sales

53.3

%

 

54.0

%

 

(0.7)

%

   

F&I, net

100.0

%

 

100.0

%

 

%

   

Total gross margin

17.7

%

 

16.5

%

 

1.2

%

   

Units sold:

             

Retail new vehicles sold

21,583

   

30,171

   

(8,588)

   

(28.5)

%

Retail used vehicles sold

25,616

   

30,055

   

(4,439)

   

(14.8)

%

Wholesale used vehicles sold

5,087

   

6,723

   

(1,636)

   

(24.3)

%

Total used

30,703

   

36,778

   

(6,075)

   

(16.5)

%

Average sales price per unit sold:

             

New vehicle retail

$

41,608

   

$

39,267

   

$

2,341

   

6.0

%

Used vehicle retail

$

20,581

   

$

20,618

   

$

(37)

   

(0.2)

%

Gross profit per unit sold:

             

New vehicle retail sales

$

2,533

   

$

1,808

   

$

725

   

40.1

%

Used vehicle retail sales

$

1,557

   

$

1,429

   

$

129

   

9.0

%

Used vehicle wholesale sales

$

316

   

$

137

   

$

178

   

129.8

%

Total used

$

1,351

   

$

1,193

   

$

159

   

13.3

%

F&I PRU

$

1,882

   

$

1,824

   

$

58

   

3.2

%

Other:

             

SG&A expenses

$

199.1

   

$

266.3

   

$

(67.1)

   

(25.2)

%

Adjusted SG&A expenses (1)

$

188.6

   

$

262.3

   

$

(73.7)

   

(28.1)

%

SG&A as % gross profit

62.6

%

 

71.1

%

 

(8.5)

%

   

Adjusted SG&A as % gross profit (1)

59.3

%

 

70.0

%

 

(10.7)

%

   
   

(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)

(In millions, except unit data)

               
 

Six Months Ended June 30,

 

2020

 

2019

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

1,868.4

   

$

2,208.7

   

$

(340.3)

   

(15.4)

%

Used vehicle retail sales

1,085.2

   

1,207.6

   

(122.3)

   

(10.1)

%

Used vehicle wholesale sales

76.2

   

85.0

   

(8.8)

   

(10.3)

%

Total used

1,161.5

   

1,292.5

   

(131.1)

   

(10.1)

%

Parts and service sales

547.7

   

601.6

   

(53.9)

   

(9.0)

%

F&I, net

185.4

   

205.4

   

(20.0)

   

(9.7)

%

Total revenues

$

3,763.0

   

$

4,308.2

   

$

(545.2)

   

(12.7)

%

Gross profit:

             

New vehicle retail sales

$

99.8

   

$

105.0

   

$

(5.2)

   

(5.0)

%

Used vehicle retail sales

71.0

   

80.9

   

(9.9)

   

(12.3)

%

Used vehicle wholesale sales

2.4

   

2.1

   

0.3

   

15.9

%

Total used

73.4

   

83.0

   

(9.6)

   

(11.6)

%

Parts and service sales

293.0

   

324.9

   

(31.9)

   

(9.8)

%

F&I, net

185.4

   

205.4

   

(20.0)

   

(9.7)

%

Total gross profit

$

651.6

   

$

718.3

   

$

(66.7)

   

(9.3)

%

Gross margin:

             

New vehicle retail sales

5.3

%

 

4.8

%

 

0.6

%

   

Used vehicle retail sales

6.5

%

 

6.7

%

 

(0.2)

%

   

Used vehicle wholesale sales

3.2

%

 

2.5

%

 

0.7

%

   

Total used

6.3

%

 

6.4

%

 

(0.1)

%

   

Parts and service sales

53.5

%

 

54.0

%

 

(0.5)

%

   

F&I, net

100.0

%

 

100.0

%

 

%

   

Total gross margin

17.3

%

 

16.7

%

 

0.6

%

   

Units sold:

             

Retail new vehicles sold

45,737

   

56,316

   

(10,579)

   

(18.8)

%

Retail used vehicles sold

52,826

   

58,923

   

(6,097)

   

(10.3)

%

Wholesale used vehicles sold

12,047

   

13,685

   

(1,638)

   

(12.0)

%

Total used

64,873

   

72,608

   

(7,735)

   

(10.7)

%

Average sales price per unit sold:

             

New vehicle retail

$

40,851

   

$

39,220

   

$

1,631

   

4.2

%

Used vehicle retail

$

20,544

   

$

20,494

   

$

50

   

0.2

%

Gross profit per unit sold:

             

New vehicle retail sales

$

2,181

   

$

1,865

   

$

317

   

17.0

%

Used vehicle retail sales

$

1,343

   

$

1,373

   

$

(30)

   

(2.2)

%

Used vehicle wholesale sales

$

203

   

$

154

   

$

49

   

31.7

%

Total used

$

1,132

   

$

1,143

   

$

(12)

   

(1.0)

%

F&I PRU

$

1,881

   

$

1,782

   

$

99

   

5.6

%

Other:

             

SG&A expenses

$

451.2

   

$

522.5

   

$

(71.3)

   

(13.7)

%

Adjusted SG&A expenses (1)

$

440.6

   

$

515.8

   

$

(75.2)

   

(14.6)

%

SG&A as % gross profit

69.2

%

 

72.7

%

 

(3.5)

%

   

Adjusted SG&A as % gross profit (1)

67.6

%

 

71.8

%

 

(4.2)

%

   
   

(1) 

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

 

 

 

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

116.6

   

$

292.3

   

$

(175.7)

   

(60.1)

%

   

$

(3.6)

   

(58.9)

%

Used vehicle retail sales

85.6

   

189.0

   

(103.4)

   

(54.7)

%

   

(2.8)

   

(53.3)

%

Used vehicle wholesale sales

14.2

   

45.6

   

(31.4)

   

(68.8)

%

   

(0.5)

   

(67.8)

%

Total used

99.8

   

234.6

   

(134.8)

   

(57.5)

%

   

(3.2)

   

(56.1)

%

Parts and service sales

20.0

   

52.0

   

(32.0)

   

(61.5)

%

   

(0.6)

   

(60.2)

%

F&I, net

5.9

   

14.6

   

(8.7)

   

(59.3)

%

   

(0.2)

   

(58.2)

%

Total revenues

$

242.4

   

$

593.5

   

$

(351.1)

   

(59.2)

%

   

$

(7.6)

   

(57.9)

%

Gross profit:

                       

New vehicle retail sales

$

5.3

   

$

10.5

   

$

(5.1)

   

(49.0)

%

   

$

(0.2)

   

(47.5)

%

Used vehicle retail sales

4.6

   

8.4

   

(3.8)

   

(45.3)

%

   

(0.2)

   

(43.5)

%

Used vehicle wholesale sales

0.3

   

(1.2)

   

1.6

   

127.8

%

   

   

128.5

%

Total used

4.9

   

7.1

   

(2.2)

   

(30.8)

%

   

(0.2)

   

(28.6)

%

Parts and service sales

10.9

   

29.5

   

(18.6)

   

(63.1)

%

   

(0.3)

   

(61.9)

%

F&I, net

5.9

   

14.6

   

(8.7)

   

(59.3)

%

   

(0.2)

   

(58.2)

%

Total gross profit

$

27.1

   

$

61.6

   

$

(34.6)

   

(56.1)

%

   

$

(0.8)

   

(54.7)

%

Gross margin:

                       

New vehicle retail sales

4.6

%

 

3.6

%

 

1.0

%

             

Used vehicle retail sales

5.3

%

 

4.4

%

 

0.9

%

             

Used vehicle wholesale sales

2.4

%

 

(2.7)

%

 

5.2

%

             

Total used

4.9

%

 

3.0

%

 

1.9

%

             

Parts and service sales

54.3

%

 

56.6

%

 

(2.3)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

11.2

%

 

10.4

%

 

0.8

%

             

Units sold:

                       

Retail new vehicles sold

3,490

   

8,983

   

(5,493)

   

(61.1)

%

         

Retail used vehicles sold

3,675

   

8,111

   

(4,436)

   

(54.7)

%

         

Wholesale used vehicles sold

1,692

   

5,630

   

(3,938)

   

(69.9)

%

         

Total used

5,367

   

13,741

   

(8,374)

   

(60.9)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

33,416

   

$

32,537

   

$

879

   

2.7

%

   

$

(1,022)

   

5.8

%

Used vehicle retail

$

23,295

   

$

23,305

   

$

(10)

   

%

   

$

(749)

   

3.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,533

   

$

1,169

   

$

364

   

31.2

%

   

$

(45)

   

35.1

%

Used vehicle retail sales

$

1,244

   

$

1,030

   

$

214

   

20.8

%

   

$

(41)

   

24.7

%

Used vehicle wholesale sales

$

205

   

$

(221)

   

$

426

   

192.5

%

   

$

(5)

   

194.8

%

Total used

$

917

   

$

518

   

$

399

   

77.1

%

   

$

(30)

   

82.9

%

F&I PRU

$

827

   

$

853

   

$

(26)

   

(3.0)

%

   

$

(23)

   

(0.3)

%

Other:

                       

SG&A expenses

$

24.8

   

$

55.9

   

$

(31.1)

   

(55.7)

%

   

$

(0.9)

   

(54.1)

%

Adjusted SG&A expenses (1)

$

23.5

   

$

55.9

   

$

(32.3)

   

(57.8)

%

   

$

(0.8)

   

(56.4)

%

SG&A as % gross profit

91.5

%

 

90.6

%

 

0.9

%

             

Adjusted SG&A as % gross profit (1)

87.0

%

 

90.6

%

 

(3.6)

%

             
   

(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 - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

387.2

   

$

599.0

   

$

(211.8)

   

(35.4)

%

   

$

(10.6)

   

(33.6)

%

Used vehicle retail sales

260.4

   

385.4

   

(125.0)

   

(32.4)

%

   

(4.3)

   

(31.3)

%

Used vehicle wholesale sales

46.9

   

89.1

   

(42.1)

   

(47.3)

%

   

(0.8)

   

(46.5)

%

Total used

307.4

   

474.5

   

(167.1)

   

(35.2)

%

   

(5.1)

   

(34.1)

%

Parts and service sales

69.7

   

107.1

   

(37.3)

   

(34.9)

%

   

(1.2)

   

(33.8)

%

F&I, net

18.0

   

29.3

   

(11.3)

   

(38.5)

%

   

(0.4)

   

(37.1)

%

Total revenues

$

782.3

   

$

1,209.9

   

$

(427.6)

   

(35.3)

%

   

$

(17.3)

   

(33.9)

%

Gross profit:

                       

New vehicle retail sales

$

16.4

   

$

26.7

   

$

(10.3)

   

(38.5)

%

   

$

(0.6)

   

(36.2)

%

Used vehicle retail sales

13.1

   

16.3

   

(3.3)

   

(19.9)

%

   

(0.3)

   

(18.3)

%

Used vehicle wholesale sales

0.3

   

(2.1)

   

2.4

   

114.3

%

   

   

114.5

%

Total used

13.4

   

14.2

   

(0.9)

   

(6.0)

%

   

(0.3)

   

(4.2)

%

Parts and service sales

37.7

   

60.0

   

(22.2)

   

(37.1)

%

   

(0.7)

   

(36.0)

%

F&I, net

18.0

   

29.3

   

(11.3)

   

(38.5)

%

   

(0.4)

   

(37.1)

%

Total gross profit

$

85.6

   

$

130.2

   

$

(44.6)

   

(34.3)

%

   

$

(1.9)

   

(32.8)

%

Gross margin:

                       

New vehicle retail sales

4.2

%

 

4.5

%

 

(0.2)

%

             

Used vehicle retail sales

5.0

%

 

4.2

%

 

0.8

%

             

Used vehicle wholesale sales

0.6

%

 

(2.4)

%

 

3.0

%

             

Total used

4.4

%

 

3.0

%

 

1.4

%

             

Parts and service sales

54.1

%

 

56.0

%

 

(1.9)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

10.9

%

 

10.8

%

 

0.2

%

             

Units sold:

                       

Retail new vehicles sold

11,519

   

18,618

   

(7,099)

   

(38.1)

%

         

Retail used vehicles sold

11,036

   

16,228

   

(5,192)

   

(32.0)

%

         

Wholesale used vehicles sold

5,872

   

10,810

   

(4,938)

   

(45.7)

%

         

Total used

16,908

   

27,038

   

(10,130)

   

(37.5)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

33,613

   

$

32,173

   

$

1,440

   

4.5

%

   

$

(920)

   

7.3

%

Used vehicle retail

$

23,598

   

$

23,750

   

$

(152)

   

(0.6)

%

   

$

(394)

   

1.0

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,425

   

$

1,433

   

$

(8)

   

(0.5)

%

   

$

(51)

   

3.0

%

Used vehicle retail sales

$

1,186

   

$

1,007

   

$

179

   

17.8

%

   

$

(23)

   

20.1

%

Used vehicle wholesale sales

$

51

   

$

(194)

   

$

246

   

126.4

%

   

$

(1)

   

126.7

%

Total used

$

792

   

$

527

   

$

265

   

50.4

%

   

$

(15)

   

53.3

%

F&I PRU

$

799

   

$

841

   

$

(42)

   

(5.0)

%

   

$

(18)

   

(2.8)

%

Other:

                       

SG&A expenses

$

77.1

   

$

111.6

   

$

(34.4)

   

(30.9)

%

   

$

(1.6)

   

(29.5)

%

Adjusted SG&A expenses (1)

$

75.9

   

$

111.6

   

$

(35.7)

   

(32.0)

%

   

$

(1.5)

   

(30.6)

%

SG&A as % gross profit

90.1

%

 

85.7

%

 

4.4

%

             

Adjusted SG&A as % gross profit (1)

88.7

%

 

85.7

%

 

3.0

%

             
   

(1) 

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

 

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

19.8

   

$

72.5

   

$

(52.8)

   

(72.7)

%

   

$

(7.1)

   

(63.0)

%

Used vehicle retail sales

7.4

   

18.4

   

(10.9)

   

(59.5)

%

   

(2.6)

   

(45.2)

%

Used vehicle wholesale sales

2.9

   

3.3

   

(0.4)

   

(12.8)

%

   

(1.1)

   

19.5

%

Total used

10.3

   

21.7

   

(11.4)

   

(52.4)

%

   

(3.7)

   

(35.4)

%

Parts and service sales

5.9

   

11.9

   

(6.0)

   

(50.3)

%

   

(2.2)

   

(32.0)

%

F&I, net

0.6

   

1.7

   

(1.2)

   

(67.0)

%

   

(0.2)

   

(55.0)

%

Total revenues

$

36.6

   

$

107.8

   

$

(71.3)

   

(66.1)

%

   

$

(13.1)

   

(53.9)

%

Gross profit:

                       

New vehicle retail sales

$

1.4

   

$

4.3

   

$

(2.9)

   

(67.8)

%

   

$

(0.5)

   

(56.4)

%

Used vehicle retail sales

0.4

   

1.5

   

(1.1)

   

(71.7)

%

   

(0.1)

   

(61.9)

%

Used vehicle wholesale sales

0.1

   

0.3

   

(0.2)

   

(71.1)

%

   

   

(60.3)

%

Total used

0.5

   

1.8

   

(1.3)

   

(71.6)

%

   

(0.2)

   

(61.7)

%

Parts and service sales

2.5

   

5.2

   

(2.8)

   

(53.1)

%

   

(0.9)

   

(35.9)

%

F&I, net

0.6

   

1.7

   

(1.2)

   

(67.0)

%

   

(0.2)

   

(55.0)

%

Total gross profit

$

4.9

   

$

13.1

   

$

(8.2)

   

(62.3)

%

   

$

(1.8)

   

(48.7)

%

Gross margin:

                       

New vehicle retail sales

7.0

%

 

5.9

%

 

1.1

%

             

Used vehicle retail sales

5.8

%

 

8.3

%

 

(2.5)

%

             

Used vehicle wholesale sales

2.8

%

 

8.4

%

 

(5.6)

%

             

Total used

4.9

%

 

8.3

%

 

(3.3)

%

             

Parts and service sales

41.8

%

 

44.2

%

 

(2.5)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

Total gross margin

13.5

%

 

12.1

%

 

1.4

%

             

Units sold:

                       

Retail new vehicles sold

694

   

2,478

   

(1,784)

   

(72.0)

%

         

Retail used vehicles sold

356

   

943

   

(587)

   

(62.2)

%

         

Wholesale used vehicles sold

324

   

439

   

(115)

   

(26.2)

%

         

Total used

680

   

1,382

   

(702)

   

(50.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

28,495

   

$

29,272

   

$

(777)

   

(2.7)

%

   

$

(10,193)

   

32.2

%

Used vehicle retail

$

20,905

   

$

19,490

   

$

1,415

   

7.3

%

   

$

(7,384)

   

45.1

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,999

   

$

1,738

   

$

261

   

15.0

%

   

$

(709)

   

55.8

%

Used vehicle retail sales

$

1,204

   

$

1,608

   

$

(404)

   

(25.1)

%

   

$

(418)

   

0.9

%

Used vehicle wholesale sales

$

247

   

$

630

   

$

(383)

   

(60.8)

%

   

$

(92)

   

(46.2)

%

Total used

$

748

   

$

1,297

   

$

(549)

   

(42.3)

%

   

$

(263)

   

(22.1)

%

F&I PRU

$

550

   

$

511

   

$

39

   

7.6

%

   

$

(199)

   

46.6

%

Other:

                       

SG&A expenses

$

5.6

   

$

11.8

   

$

(6.2)

   

(52.3)

%

   

$

(2.1)

   

(34.8)

%

SG&A as % gross profit

114.0

%

 

90.1

%

 

23.9

%

             

 

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

77.3

   

$

135.7

   

$

(58.4)

   

(43.1)

%

   

$

(16.3)

   

(31.1)

%

Used vehicle retail sales

27.4

   

38.0

   

(10.7)

   

(28.0)

%

   

(5.8)

   

(12.7)

%

Used vehicle wholesale sales

6.7

   

6.8

   

   

(0.7)

%

   

(1.7)

   

24.0

%

Total used

34.1

   

44.8

   

(10.7)

   

(23.9)

%

   

(7.5)

   

(7.2)

%

Parts and service sales

15.5

   

23.6

   

(8.1)

   

(34.5)

%

   

(3.7)

   

(18.8)

%

F&I, net

2.3

   

3.7

   

(1.4)

   

(37.9)

%

   

(0.5)

   

(24.7)

%

Total revenues

$

129.1

   

$

207.8

   

$

(78.7)

   

(37.9)

%

   

$

(28.0)

   

(24.4)

%

Gross profit:

                       

New vehicle retail sales

$

4.9

   

$

8.1

   

$

(3.2)

   

(39.8)

%

   

$

(1.1)

   

(26.8)

%

Used vehicle retail sales

1.5

   

2.9

   

(1.4)

   

(49.3)

%

   

(0.3)

   

(38.2)

%

Used vehicle wholesale sales

0.3

   

0.6

   

(0.3)

   

(48.6)

%

   

(0.1)

   

(37.0)

%

Total used

1.8

   

3.5

   

(1.7)

   

(49.2)

%

   

(0.4)

   

(38.0)

%

Parts and service sales

6.7

   

10.3

   

(3.7)

   

(35.6)

%

   

(1.6)

   

(20.4)

%

F&I, net

2.3

   

3.7

   

(1.4)

   

(37.9)

%

   

(0.5)

   

(24.7)

%

Total gross profit

$

15.6

   

$

25.7

   

$

(10.0)

   

(39.1)

%

   

$

(3.5)

   

(25.4)

%

Gross margin:

                       

New vehicle retail sales

6.3

%

 

6.0

%

 

0.3

%

             

Used vehicle retail sales