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Group 1 Automotive

800 Gessner
Houston, TX 77024

  • Sales: (713) 647-5700
Investor Relations

Group 1 Automotive Announces Fourth Quarter and Full Year 2020 Financial Results

Cost Control Discipline & Gross Profit Growth in New & Used Vehicles Deliver Strong Profits

HOUSTON, Feb. 4, 2021 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported fourth quarter and full year 2020 financial results.  Fourth quarter 2020 net income per diluted share was $5.43, a 111.2 percent increase from $2.57 per diluted share as reported for fourth quarter 2019.  Fourth quarter 2020 adjusted net income per diluted share (a non-GAAP measure) was $5.66, an 88.0 percent increase from $3.01 per diluted share as reported for fourth quarter 2019.  

Full year 2020 net income per diluted share was $15.51, a 66.0 percent increase from $9.34 per diluted share as reported for full year 2019. Full year 2020 adjusted net income per diluted share (a non-GAAP measure) was $18.06, a 65.2 percent increase from $10.93 as reported for full year 2019.  

As shown in the attached non-GAAP reconciliation tables, adjusted net income and diluted earnings per share excluded net after-tax adjustments of $4.3 million, or $0.23 per share, for fourth quarter 2020; $8.2 million, or $0.44 per share, for fourth quarter 2019; $47.1 million, or $2.55 per share, for full year 2020; and $29.6 million, or $1.59 per share, for full year 2019. The after-tax adjustments in all periods primarily related to non-cash asset impairments. Full year 2020 adjustments also included losses on debt extinguishment and an out-of-period adjustment to accelerate stock-based compensation expense for retirement of eligible employees. Full year 2019 adjustments primarily included non-cash impairments and costs related to catastrophic weather events.

As of December 31, 2020, the Company's total cash liquidity was $263.7 million.  There was also $284.2 million of borrowing capacity on the Company's U.S. syndicated acquisition line, bringing total immediate liquidity to $547.9 million at the end of 2020.  During 2020, the Company generated $805.4 million of operating cash flow ($503.7 million of adjusted operating cash flow), which was partially used to reduce non-floorplan debt by $196.2 million. Additionally, the Company's U.S. credit facility rent-adjusted leverage ratio was reduced to 2.3 times at the end of the year, down from 3.3 times at the end of 2019.

"Our strong fourth quarter results were highlighted by a further recovery in our U.S. revenue to last year's levels while maintaining outstanding cost discipline across the company.  The effective reengineering of our processes throughout this year culminated in massive productivity improvements in our U.S. and U.K. businesses," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer.  "In the fourth quarter, we realized more than a 25-percent improvement in our U.S. technician productivity and more than a 33-percent increase in our salesperson productivity.  In a similar fashion, major cost structure improvements in the U.K. throughout 2020 enabled us to remain profitable there every month of the quarter despite our showrooms being closed for 41 of 92 days due to COVID lockdowns.  We expect long-term benefits from these cost improvements as the market recovers in 2021."

Consolidated Results for Fourth 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 3.9 percent (-3.6 percent), to $3.0 billion.
  • Total gross profit increased 3.7 percent (4.1 percent), to $481.7 million.
  • New vehicle revenues decreased 5.1 percent (-4.6 percent) on an 11.5 percent decrease in unit sales.
  • Retail used vehicle revenues decreased 2.5 percent (-2.5 percent) on 10.9 percent lower unit sales.
  • Parts and service gross profit decreased 3.8 percent (-3.6 percent) on a revenue decrease of 4.8 percent (-4.4 percent).
  • Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 12.3 percent (12.5 percent), to $1,772.
  • Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 1,080 basis points, to 61.9 percent. Adjusted SG&A as a percent of gross profit decreased 930 basis points, to 63.6 percent.

 

Consolidated Results for Full Year 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 9.9 percent (-9.4 percent), to $10.9 billion.
  • Total gross profit decreased 2.6 percent (-2.2 percent), to $1.8 billion.
  • New vehicle gross profit increased 9.9 percent (10.9 percent) on a revenue decrease of 11.6 percent (-11.0 percent). The Company retailed 140,221 new vehicles in 2020, which represented a 17.1 percent decrease in new vehicle unit sales from 2019, reflecting the pandemic's significant impact on inventory.
  • Retail used vehicle gross profit increased 3.7 percent (4.0 percent) on a revenue decrease of 7.8 percent (-7.6 percent).  The Company retailed 140,118 used vehicles in 2020, which represented an 11.6 percent decrease over used vehicle unit sales from 2019.
  • Parts and service gross profit decreased 7.9 percent (-7.5 percent) on a revenue decrease of 8.0 percent (-7.5 percent).
  • Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 9.9 percent (10.1 percent), to $1,669. Same Store Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 10.3 percent (10.6 percent), to $1,685.
  • Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 870 basis points, to 66.1 percent. Adjusted SG&A as a percent of gross profit decreased 810 basis points, to 65.8 percent. Same Store adjusted SG&A as a percent of gross profit decreased 800 basis points, to 65.5 percent.
  • Operating margin grew 150 basis points, to 4.5 percent. Adjusted operating margin grew 150 basis points, to 4.9 percent.  Same Store adjusted operating margin increased 150 basis points, to 4.9 percent.

 

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

United States:

  • The Company's U.S. operations accounted for 80.9 percent of total revenues and 84.1 percent of total gross profit.  Total U.S. revenues were flat at $2.4 billion.  Total gross profit increased 5.4 percent, to $404.9 million. Same Store U.S. total gross profit increased 5.0 percent, to $401.2 million
  • Same Store new vehicle revenue increased 0.4 percent, with units decreasing 5.6 percent.  New vehicle gross profit increased 36.1 percent as gross profit per unit increased $882, a 44.1 percent increase, to $2,883 and more than offset lower volumes.
  • Same Store total used revenue declined 0.5 percent, with units decreasing 9.9 percent, as inventory shortages hampered sales later in the quarter. Same Store total used gross profit increased 5.5 percent as gross profit per unit increased $154, a 12.5 percent increase, to $1,387, which partially offset the volume decline.
  • Parts and service revenues decreased 4.8 percent and gross profit decreased by 4.6 percent, to $161.3 million. Same Store parts and service revenues decreased 4.9 percent and gross profits decreased 4.9 percent, to $159.9 million.
  • F&I revenues increased 2.0 percent, to $116.1 million. F&I gross profit PRU grew $184, to $2,018, or 10.0 percent. Same Store F&I gross profit PRU increased $190, to $2,027, or 10.3 percent.
  • SG&A expenses as a percent of gross profit decreased 970 basis points, to 59.5 percent.  Adjusted SG&A expenses as a percent of gross profit decreased 850 basis points, to 61.0 percent.

 

"Our excellent U.S. performance was driven by continued cost discipline and a significant focus on margin retention.  As the market recovers and supplies improve, those areas of emphasis should achieve continued positive results.  Also important to note is the continued growth in (our digital retailing platform) AcceleRide®," said Daryl Kenningham, Group 1's President of U.S. and Brazilian Operations.  "In 4Q20, we sold 3,500 vehicles through the platform, a 65-percent increase over 4Q19.  To continue our focus on omnichannel innovation, we have further enhanced AcceleRide® to offer our customers even greater convenience to do business how, when, and where they prefer.  We have now integrated customer down payments into the platform, begun the implementation of instant credit decision-making features, established an electronic payment feature utilizing Zelle® to provide real time payment to customers selling us their vehicle through AcceleRide®, and launched the AcceleRide® app.  We believe our digital retailing process is industry leading, and we will continue making improvements to ensure we are offering our customers a complete digital experience." 

  • United Kingdom:
    The Company's U.K. operations accounted for 16.8 percent of total revenues and 13.7 percent of total gross profit as stringent lockdown orders in the U.K. continued to impact service operations and dealership sales. On a constant currency basis, Same Store total revenues decreased 14.4 percent, to $495.7 million. Same Store total gross profit decreased 2.4 percent, to $64.7 million. Same Store SG&A expenses as a percent of gross profit decreased 1,350 basis points, to 77.2 percent.

    "Despite the many challenges of government mandated COVID lockdowns throughout the last nine months of 2020 and ongoing Brexit turmoil, we were able to substantially restructure our U.K. business this year.  Even with our showrooms closed for more than 90 days, we were able to generate outstanding profits and establish an efficient cost structure that will serve us well as the U.K. market recovers," commented Hesterberg.
     
  • Brazil:
    The Company's Brazilian operations accounted for 2.3 percent of total revenues and 2.2 percent of total gross profit. On a constant currency basis, Same Store total revenues decreased as the market continued to be weakened by various local shelter-in-place orders, closure requirements, and operating hour restrictions.  Despite the weak market due to the pandemic, the company focused on cost and managed to reduce Same Store SG&A expenses as a percent of gross profit by 210 basis points, to 76.0 percent.
     

Share Repurchase Authorization

During the fourth quarter of 2020, the Company repurchased 265,808 shares at an average price per common share of $117.66, for a total of $31.3 million.  During 2020, the Company repurchased 863,572 shares at an average price of $92.86, for a total of $80.2 million.  The Company has $168.7 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

During 2020, the Company disposed of three franchises (Nissan in Mississippi, as well as Buick and GMC in Louisiana) that generated approximately $60 million in trailing-twelve-month revenues.  Year-to-date 2021, the Company has disposed of two franchises (Cadillac and Mini) in Texas that generated approximately $40 million in trailing-twelve-month revenues.

Hesterberg added, "In 2020 were able to achieve record profits, a major cost structure overhaul, and a significant reduction in our corporate debt levels.  With an expected market recovery in both the U.S. and U.K., we are in a good position to more actively pursue growth via acquisitions, as well as through our core aftersales and used vehicle businesses."

Fourth 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 fourth quarter and full year 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:

9439159

A telephonic replay will be available following the call through February 18, 2021 by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay ID:

10150913

ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 182 automotive dealerships, 236 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.acceleride.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 include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) our ability to maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

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

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.

Certain amounts in the financial statements may not compute due to rounding.  All computations have been calculated using unrounded amounts for all periods presented.

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

Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com 
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended December 31,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

1,595.3

   

$

1,681.9

   

$

(86.6)

   

(5.1)

%

Used vehicle retail sales

 

818.2

   

838.8

   

(20.6)

   

(2.5)

%

Used vehicle wholesale sales

 

86.2

   

81.8

   

4.4

   

5.4

%

Parts and service sales

 

361.2

   

379.2

   

(18.0)

   

(4.8)

%

Finance, insurance and other, net

 

129.3

   

129.7

   

(0.4)

   

(0.3)

%

  Total revenues

 

2,990.2

   

3,111.4

   

(121.2)

   

(3.9)

%

COST OF SALES:

               

New vehicle retail sales

 

1,490.7

   

1,597.6

   

(106.9)

   

(6.7)

%

Used vehicle retail sales

 

769.0

   

792.8

   

(23.8)

   

(3.0)

%

Used vehicle wholesale sales

 

84.2

   

81.5

   

2.7

   

3.4

%

Parts and service sales

 

164.6

   

174.9

   

(10.3)

   

(5.9)

%

  Total cost of sales

 

2,508.4

   

2,646.8

   

(138.3)

   

(5.2)

%

GROSS PROFIT

 

481.7

   

464.6

   

17.1

   

3.7

%

Selling, general and administrative expenses

 

298.4

   

338.1

   

(39.6)

   

(11.7)

%

Depreciation and amortization expense

 

19.3

   

18.6

   

0.7

   

3.9

%

Asset impairments

 

13.9

   

11.5

   

2.4

   

21.3

%

INCOME (LOSS) FROM OPERATIONS

 

150.1

   

96.5

   

53.6

   

55.5

%

Floorplan interest expense

 

8.4

   

14.6

   

(6.2)

   

(42.4)

%

Other interest expense, net

 

13.6

   

19.0

   

(5.5)

   

(28.7)

%

INCOME (LOSS) BEFORE INCOME TAXES

 

128.1

   

62.9

   

65.2

   

103.8

%

(Benefit) provision for income taxes

 

28.0

   

14.8

   

13.2

   

89.5

%

NET INCOME (LOSS)

 

$

100.1

   

$

48.1

   

$

52.0

   

108.2

%

Less: Earnings (loss) allocated to participating securities

 

3.6

   

1.7

   

1.8

   

104.7

%

Net income (loss) available to diluted common shares

 

$

96.5

   

$

46.3

   

$

50.2

   

108.3

%

DILUTED EARNINGS (LOSS) PER SHARE

 

$

5.43

   

$

2.57

   

$

2.86

   

111.2

%

Weighted average dilutive common shares outstanding

 

17.8

   

18.0

   

(0.2)

   

(1.4)

%

Weighted average participating securities

 

0.7

   

0.7

   

   

(3.7)

%

  Total weighted average shares

 

18.4

   

18.7

   

(0.3)

   

(1.5)

%

Effective tax rate

 

21.9

%

 

23.5

%

 

(1.6)

%

   

 


 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Years Ended December 31,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

5,580.8

   

$

6,314.1

   

$

(733.3)

   

(11.6)

%

Used vehicle retail sales

 

3,105.7

   

3,366.6

   

(261.0)

   

(7.8)

%

Used vehicle wholesale sales

 

308.1

   

355.2

   

(47.1)

   

(13.3)

%

Parts and service sales

 

1,389.3

   

1,510.0

   

(120.7)

   

(8.0)

%

Finance, insurance and other, net

 

467.9

   

497.9

   

(29.9)

   

(6.0)

%

  Total revenues

 

10,851.8

   

12,043.8

   

(1,191.9)

   

(9.9)

%

COST OF SALES:

               

New vehicle retail sales

 

5,250.4

   

6,013.3

   

(762.9)

   

(12.7)

%

Used vehicle retail sales

 

2,896.9

   

3,165.3

   

(268.4)

   

(8.5)

%

Used vehicle wholesale sales

 

297.1

   

354.1

   

(57.1)

   

(16.1)

%

Parts and service sales

 

638.5

   

695.0

   

(56.5)

   

(8.1)

%

  Total cost of sales

 

9,082.9

   

10,227.8

   

(1,144.9)

   

(11.2)

%

GROSS PROFIT

 

1,769.0

   

1,816.0

   

(47.0)

   

(2.6)

%

Selling, general and administrative expenses

 

1,169.3

   

1,358.4

   

(189.1)

   

(13.9)

%

Depreciation and amortization expense

 

75.8

   

71.6

   

4.2

   

5.8

%

Asset impairments

 

37.7

   

22.2

   

15.5

   

69.6

%

INCOME (LOSS) FROM OPERATIONS

 

486.1

   

363.7

   

122.4

   

33.6

%

Floorplan interest expense

 

39.5

   

61.6

   

(22.1)

   

(35.8)

%

Other interest expense, net

 

62.6

   

74.9

   

(12.3)

   

(16.5)

%

(Gain) loss on extinguishment of debt

 

13.7

   

   

13.7

   

%

INCOME (LOSS) BEFORE INCOME TAXES

 

370.3

   

227.3

   

143.1

   

62.9

%

(Benefit) provision for income taxes

 

83.8

   

53.3

   

30.6

   

57.4

%

NET INCOME (LOSS)

 

$

286.5

   

$

174.0

   

$

112.5

   

64.6

%

Less: Earnings (loss) allocated to participating securities

 

10.3

   

6.4

   

3.8

   

59.7

%

Net income (loss) available to diluted common shares

 

$

276.2

   

$

167.6

   

$

108.6

   

64.8

%

DILUTED EARNINGS (LOSS) PER SHARE

 

$

15.51

   

$

9.34

   

$

6.17

   

66.0

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.9

   

(0.1)

   

(0.7)

%

Weighted average participating securities

 

0.7

   

0.7

   

   

(4.2)

%

  Total weighted average shares

 

18.5

   

18.6

   

(0.2)

   

(0.8)

%

Effective tax rate

 

22.6

%

 

23.4

%

 

(0.8)

%

   

 


 

Group 1 Automotive, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

                 
   

December 31, 2020

 

December 31, 2019

 

Increase/(Decrease)

 

% Change

ASSETS

CURRENT ASSETS:

               

Cash and cash equivalents

 

$

87.3

   

$

23.8

   

$

63.5

   

267.3

%

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

 

211.2

   

253.8

   

(42.6)

   

(16.8)

%

Accounts and notes receivable, net of allowance of $3.2 and $2.8, respectively

 

200.0

   

225.1

   

(25.1)

   

(11.2)

%

Inventories, net

 

1,468.0

   

1,901.7

   

(433.8)

   

(22.8)

%

Prepaid expenses

 

19.4

   

96.4

   

(77.0)

   

(79.9)

%

Other current assets

 

18.4

   

15.5

   

2.9

   

18.8

%

  TOTAL CURRENT ASSETS

 

2,004.2

   

2,516.3

   

(512.1)

   

(20.4)

%

Property and equipment, net of accumulated depreciation of $460.2 and $400.2, respectively

 

1,608.2

   

1,547.1

   

61.1

   

4.0

%

Operating lease assets

 

209.9

   

220.1

   

(10.2)

   

(4.6)

%

Goodwill

 

997.1

   

1,008.3

   

(11.2)

   

(1.1)

%

Intangible franchise rights

 

232.8

   

253.5

   

(20.8)

   

(8.2)

%

Other long-term assets

 

37.2

   

24.8

   

12.4

   

50.0

%

  TOTAL ASSETS

 

$

5,089.4

   

$

5,570.2

   

$

(480.8)

   

(8.6)

%

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

               

Floorplan notes payable — credit facility and other, net of offset account of $160.4 and $106.8, respectively

 

$

767.6

   

$

1,144.4

   

$

(376.9)

   

(32.9)

%

Floorplan notes payable — manufacturer affiliates, net of offset account of $16.0 and $4.1, respectively

 

327.5

   

459.9

   

(132.4)

   

(28.8)

%

Current maturities of long-term debt

 

56.7

   

59.1

   

(2.4)

   

(4.1)

%

Current operating lease liabilities

 

21.5

   

24.6

   

(3.2)

   

(12.8)

%

Accounts payable

 

442.6

   

527.5

   

(84.9)

   

(16.1)

%

Accrued expenses and other current liabilities

 

226.9

   

206.7

   

20.2

   

9.8

%

  TOTAL CURRENT LIABILITIES

 

1,842.7

   

2,422.3

   

(579.6)

   

(23.9)

%

Long-term debt

 

1,294.7

   

1,432.1

   

(137.4)

   

(9.6)

%

Long-term operating lease liabilities

 

207.6

   

210.7

   

(3.1)

   

(1.5)

%

Deferred income taxes

 

141.0

   

145.7

   

(4.7)

   

(3.2)

%

Long-term interest rate swap liabilities

 

40.6

   

4.4

   

36.2

   

823.9

%

Other long-term liabilities

 

113.2

   

99.2

   

14.0

   

14.1

%

STOCKHOLDERS' EQUITY:

               

Common stock

 

0.3

   

0.3

   

   

(0.2)

%

Additional paid-in capital

 

308.3

   

295.3

   

13.0

   

4.4

%

Retained earnings

 

1,817.9

   

1,542.4

   

275.4

   

17.9

%

Accumulated other comprehensive income (loss)

 

(184.0)

   

(147.0)

   

(37.1)

   

25.2

%

Treasury stock

 

(492.8)

   

(435.3)

   

(57.5)

   

13.2

%

  TOTAL STOCKHOLDERS' EQUITY

 

1,449.6

   

1,255.7

   

193.8

   

15.4

%

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

5,089.4

   

$

5,570.2

   

$

(480.8)

   

(8.6)

%

 


 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                   
     

Three Months Ended December 31,

 

Years Ended December 31,

     

2020 (%)

 

2019 (%)

 

2020 (%)

 

2019 (%)

New vehicle unit sales geographic mix

             

Region

Geographic Market

               

United States

Texas

 

40.5

   

37.8

   

37.8

   

36.3

 
 

Oklahoma

 

7.7

   

6.9

   

7.5

   

6.8

 
 

California

 

5.2

   

5.3

   

4.9

   

5.5

 
 

Georgia

 

5.2

   

4.7

   

4.7

   

4.6

 
 

Massachusetts

 

4.8

   

4.7

   

4.6

   

4.7

 
 

Florida

 

2.9

   

3.1

   

2.7

   

2.7

 
 

Louisiana

 

2.3

   

2.2

   

2.2

   

2.4

 
 

New Hampshire

 

1.9

   

1.8

   

1.9

   

1.8

 
 

New Jersey

 

2.2

   

1.9

   

1.9

   

1.8

 
 

South Carolina

 

2.0

   

1.8

   

1.8

   

1.7

 
 

New Mexico

 

1.4

   

0.8

   

1.3

   

0.5

 
 

Kansas

 

1.2

   

1.2

   

1.2

   

1.1

 
 

Mississippi

 

0.7

   

1.0

   

1.0

   

1.1

 
 

Alabama

 

0.7

   

0.6

   

0.7

   

0.7

 
 

Maryland

 

0.6

   

0.5

   

0.5

   

0.5

 
     

79.5

   

74.3

   

74.9

   

72.2

 
                   

International

United Kingdom

 

16.3

   

19.8

   

21.2

   

22.2

 
 

Brazil

 

4.3

   

5.9

   

3.9

   

5.6

 
     

100.0

   

100.0

   

100.0

   

100.0

 
                 

New vehicle unit sales brand mix

             

Toyota/Lexus

 

26.5

   

25.1

   

23.9

   

24.7

 

Volkswagen/Audi/Porsche/SEAT/SKODA

 

13.2

   

14.6

   

14.9

   

14.1

 

BMW/MINI

 

11.3

   

12.0

   

11.4

   

12.0

 

Ford/Lincoln

 

9.8

   

9.9

   

10.5

   

10.4

 

Honda/Acura

 

9.5

   

10.8

   

9.3

   

10.7

 

Chevrolet/GMC/Buick/Cadillac

 

8.1

   

6.8

   

7.6

   

6.6

 

Mercedes-Benz/Smart/Sprinter

 

4.8

   

5.4

   

5.2

   

5.2

 

Nissan

 

4.7

   

5.3

   

5.1

   

5.9

 

Hyundai/Kia/Genesis

 

4.3

   

3.5

   

4.3

   

3.7

 

Chrysler/Dodge/Jeep/RAM

 

4.4

   

3.4

   

4.1

   

3.4

 

Jaguar/Land Rover

 

1.7

   

1.9

   

2.1

   

2.0

 

Other

 

1.7

   

1.3

   

1.6

   

1.3

 
   

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 December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

1,595.3

   

$

1,681.9

   

$

(86.6)

   

(5.1)

%

   

$

(8.8)

   

(4.6)

%

Used vehicle retail sales

818.2

   

838.8

   

(20.6)

   

(2.5)

%

   

0.5

   

(2.5)

%

Used vehicle wholesale sales

86.2

   

81.8

   

4.4

   

5.4

%

   

(0.1)

   

5.5

%

  Total used

904.4

   

920.6

   

(16.2)

   

(1.8)

%

   

0.5

   

(1.8)

%

Parts and service sales

361.2

   

379.2

   

(18.0)

   

(4.8)

%

   

(1.3)

   

(4.4)

%

F&I, net

129.3

   

129.7

   

(0.4)

   

(0.3)

%

   

(0.2)

   

(0.2)

%

  Total revenues

$

2,990.2

   

$

3,111.4

   

$

(121.2)

   

(3.9)

%

   

$

(9.9)

   

(3.6)

%

Gross profit:

                       

New vehicle retail sales

$

104.6

   

$

84.3

   

$

20.3

   

24.1

%

   

$

(0.9)

   

25.1

%

Used vehicle retail sales

49.2

   

46.0

   

3.2

   

7.0

%

   

(0.1)

   

7.3

%

Used vehicle wholesale sales

2.0

   

0.3

   

1.7

   

517.0

%

   

(0.1)

   

560.0

%

  Total used

51.2

   

46.3

   

4.9

   

10.6

%

   

(0.3)

   

11.2

%

Parts and service sales

196.6

   

204.3

   

(7.7)

   

(3.8)

%

   

(0.4)

   

(3.6)

%

F&I, net

129.3

   

129.7

   

(0.4)

   

(0.3)

%

   

(0.2)

   

(0.2)

%

Total gross profit

$

481.7

   

$

464.6

   

$

17.1

   

3.7

%

   

$

(1.8)

   

4.1

%

Gross margin:

                       

New vehicle retail sales

6.6

%

 

5.0

%

 

1.5

%

             

Used vehicle retail sales

6.0

%

 

5.5

%

 

0.5

%

             

Used vehicle wholesale sales

2.3

%

 

0.4

%

 

1.9

%

             

  Total used

5.7

%

 

5.0

%

 

0.6

%

             

Parts and service sales

54.4

%

 

53.9

%

 

0.6

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

16.1

%

 

14.9

%

 

1.2

%

             

Units sold:

                       

Retail new vehicles sold

38,520

   

43,537

   

(5,017)

   

(11.5)

%

         

Retail used vehicles sold

34,453

   

38,671

   

(4,218)

   

(10.9)

%

         

Wholesale used vehicles sold

10,816

   

12,243

   

(1,427)

   

(11.7)

%

         

  Total used

45,269

   

50,914

   

(5,645)

   

(11.1)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

41,415

   

$

38,632

   

$

2,784

   

7.2

%

   

$

(230)

   

7.8

%

Used vehicle retail

$

23,749

   

$

21,691

   

$

2,058

   

9.5

%

   

$

16

   

9.4

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,716

   

$

1,937

   

$

779

   

40.2

%

   

$

(23)

   

41.4

%

Used vehicle retail sales

$

1,428

   

$

1,189

   

$

239

   

20.1

%

   

$

(4)

   

20.5

%

Used vehicle wholesale sales

$

187

   

$

27

   

$

160

   

598.4

%

   

$

(13)

   

647.1

%

  Total used

$

1,131

   

$

909

   

$

222

   

24.4

%

   

$

(6)

   

25.1

%

F&I PRU

$

1,772

   

$

1,578

   

$

194

   

12.3

%

   

$

(3)

   

12.5

%

Other:

                       

SG&A expenses

$

298.4

   

$

338.1

   

$

(39.6)

   

(11.7)

%

   

$

(1.3)

   

(11.3)

%

Adjusted SG&A expenses (1)

$

306.5

   

$

338.8

   

$

(32.3)

   

(9.5)

%

   

$

(1.2)

   

(9.2)

%

SG&A as % gross profit

61.9

%

 

72.8

%

 

(10.8)

%

             

Adjusted SG&A as % gross profit (1)

63.6

%

 

72.9

%

 

(9.3)

%

             

Operating margin %

5.0

%

 

3.1

%

 

1.9

%

             

Adjusted operating margin % (1)

5.2

%

 

3.4

%

 

1.8

%

             

Pretax margin %

4.3

%

 

2.0

%

 

2.3

%

             

Adjusted pretax margin % (1)

4.5

%

 

2.4

%

 

2.1

%

             

Floorplan expense:

                       

Floorplan interest expense

$

8.4

   

$

14.6

   

$

(6.2)

   

(42.4)

%

   

$

   

(42.6)

%

Less: Floorplan assistance (2)

14.3

   

13.6

   

0.7

   

5.3

%

   

   

5.3

%

  Net floorplan expense

$

(5.8)

   

$

1.1

   

$

(6.9)

   

(646.0)

%

   

$

   

(648.7)

%

 

(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.

(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)

   
 

Years Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

5,580.8

   

$

6,314.1

   

$

(733.3)

   

(11.6)

%

   

$

(37.5)

   

(11.0)

%

Used vehicle retail sales

3,105.7

   

3,366.6

   

(261.0)

   

(7.8)

%

   

(5.8)

   

(7.6)

%

Used vehicle wholesale sales

308.1

   

355.2

   

(47.1)

   

(13.3)

%

   

(2.3)

   

(12.6)

%

  Total used

3,413.7

   

3,721.8

   

(308.1)

   

(8.3)

%

   

(8.1)

   

(8.1)

%

Parts and service sales

1,389.3

   

1,510.0

   

(120.7)

   

(8.0)

%

   

(7.1)

   

(7.5)

%

F&I, net

467.9

   

497.9

   

(29.9)

   

(6.0)

%

   

(1.1)

   

(5.8)

%

  Total revenues

$

10,851.8

   

$

12,043.8

   

$

(1,191.9)

   

(9.9)

%

   

$

(53.8)

   

(9.4)

%

Gross profit:

                       

New vehicle retail sales

$

330.5

   

$

300.8

   

$

29.7

   

9.9

%

   

$

(3.1)

   

10.9

%

Used vehicle retail sales

208.7

   

201.3

   

7.4

   

3.7

%

   

(0.6)

   

4.0

%

Used vehicle wholesale sales

11.0

   

1.0

   

10.0

   

991.6

%

   

(0.3)

   

1,017.5

%

  Total used

219.7

   

202.3

   

17.4

   

8.6

%

   

(0.9)

   

9.0

%

Parts and service sales

750.8

   

815.0

   

(64.1)

   

(7.9)

%

   

(2.9)

   

(7.5)

%

F&I, net

467.9

   

497.9

   

(29.9)

   

(6.0)

%

   

(1.1)

   

(5.8)

%

  Total gross profit

$

1,769.0

   

$

1,816.0

   

$

(47.0)

   

(2.6)

%

   

$

(7.9)

   

(2.2)

%

Gross margin:

                       

New vehicle retail sales

5.9

%

 

4.8

%

 

1.2

%

             

Used vehicle retail sales

6.7

%

 

6.0

%

 

0.7

%

             

Used vehicle wholesale sales

3.6

%

 

0.3

%

 

3.3

%

             

  Total used

6.4

%

 

5.4

%

 

1.0

%

             

Parts and service sales

54.0

%

 

54.0

%

 

0.1

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

16.3

%

 

15.1

%

 

1.2

%

             

Units sold:

                       

Retail new vehicles sold

140,221

   

169,136

   

(28,915)

   

(17.1)

%

         

Retail used vehicles sold

140,118

   

158,549

   

(18,431)

   

(11.6)

%

         

Wholesale used vehicles sold

41,786

   

51,205

   

(9,419)

   

(18.4)

%

         

  Total used

181,904

   

209,754

   

(27,850)

   

(13.3)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

39,800

   

$

37,332

   

$

2,469

   

6.6

%

   

$

(268)

   

7.3

%

Used vehicle retail

$

22,165

   

$

21,234

   

$

931

   

4.4

%

   

$

(42)

   

4.6

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,357

   

$

1,778

   

$

578

   

32.5

%

   

$

(22)

   

33.7

%

Used vehicle retail sales

$

1,490

   

$

1,270

   

$

220

   

17.3

%

   

$

(4)

   

17.6

%

Used vehicle wholesale sales

$

263

   

$

20

   

$

244

   

1,237.7

%

   

$

(6)

   

1,269.3

%

  Total used

$

1,208

   

$

965

   

$

243

   

25.2

%

   

$

(5)

   

25.7

%

F&I PRU

$

1,669

   

$

1,519

   

$

150

   

9.9

%

   

$

(4)

   

10.1

%

Other:

                       

SG&A expenses

$

1,169.3

   

$

1,358.4

   

$

(189.1)

   

(13.9)

%

   

$

(7.3)

   

(13.4)

%

Adjusted SG&A expenses (1)

$

1,164.7

   

$

1,343.4

   

$

(178.7)

   

(13.3)

%

   

$

(7.0)

   

(12.8)

%

SG&A as % gross profit

66.1

%

 

74.8

%

 

(8.7)

%

             

Adjusted SG&A as % gross profit (1)

65.8

%

 

74.0

%

 

(8.1)

%

             

Operating margin %

4.5

%

 

3.0

%

 

1.5

%

             

Adjusted operating margin % (1)

4.9

%

 

3.3

%

 

1.5

%

             

Pretax margin %

3.4

%

 

1.9

%

 

1.5

%

             

Adjusted pretax margin % (1)

3.9

%

 

2.2

%

 

1.7

%

             

Floorplan expense:

                       

Floorplan interest expense

$

39.5

   

$

61.6

   

$

(22.1)

   

(35.8)

%

   

$

(0.1)

   

(35.7)

%

Less: Floorplan assistance (2)

47.3

   

49.1

   

(1.8)

   

(3.7)

%

   

   

(3.7)

%

  Net floorplan expense

$

(7.8)

   

$

12.4

   

$

(20.2)

   

(162.6)

%

   

$

(0.1)

   

(162.0)

%

 

(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 December 31,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

1,330.3

   

$

1,319.9

   

$

10.4

   

0.8

%

Used vehicle retail sales

 

629.1

   

632.4

   

(3.3)

   

(0.5)

%

Used vehicle wholesale sales

 

47.3

   

41.5

   

5.8

   

14.0

%

    Total used

 

676.4

   

673.9

   

2.5

   

0.4

%

Parts and service sales

 

297.4

   

312.3

   

(14.9)

   

(4.8)

%

F&I, net

 

116.1

   

113.9

   

2.3

   

2.0

%

    Total revenues

 

$

2,420.1

   

$

2,419.9

   

$

0.2

   

%

Gross profit:

               

New vehicle retail sales

 

$

88.8

   

$

64.6

   

$

24.2

   

37.4

%

Used vehicle retail sales

 

37.1

   

36.5

   

0.6

   

1.6

%

Used vehicle wholesale sales

 

1.6

   

0.1

   

1.5

   

1,687.7

%

    Total used

 

38.6

   

36.6

   

2.0

   

5.6

%

Parts and service sales

 

161.3

   

169.2

   

(7.8)

   

(4.6)

%

F&I, net

 

116.1

   

113.9

   

2.3

   

2.0

%

    Total gross profit

 

$

404.9

   

$

384.3

   

$

20.7

   

5.4

%

Gross margin:

               

New vehicle retail sales

 

6.7

%

 

4.9

%

 

1.8

%

   

Used vehicle retail sales

 

5.9

%

 

5.8

%

 

0.1

%

   

Used vehicle wholesale sales

 

3.3

%

 

0.2

%

 

3.1

%

   

    Total used

 

5.7

%

 

5.4

%

 

0.3

%

   

Parts and service sales

 

54.3

%

 

54.2

%

 

0.1

%

   

F&I, net

 

100.0

%

 

100.0

%

 

%

   

    Total gross margin

 

16.7

%

 

15.9

%

 

0.9

%

   

Units sold:

               

Retail new vehicles sold

 

30,610

   

32,347

   

(1,737)

   

(5.4)

%

Retail used vehicles sold

 

26,917

   

29,717

   

(2,800)

   

(9.4)

%

Wholesale used vehicles sold

 

6,307

   

7,034

   

(727)

   

(10.3)

%

  Total used

 

33,224

   

36,751

   

(3,527)

   

(9.6)

%

Average sales price per unit sold:

               

New vehicle retail

 

$

43,459

   

$

40,804

   

$

2,655

   

6.5

%

Used vehicle retail

 

$

23,371

   

$

21,280

   

$

2,091

   

9.8

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

2,901

   

$

1,998

   

$

904

   

45.2

%

Used vehicle retail sales

 

$

1,378

   

$

1,229

   

$

149

   

12.1

%

Used vehicle wholesale sales

 

$

247

   

$

12

   

$

234

   

1,893.7

%

  Total used

 

$

1,163

   

$

996

   

$

167

   

16.8

%

F&I PRU

 

$

2,018

   

$

1,835

   

$

184

   

10.0

%

Other:

               

SG&A expenses

 

$

241.0

   

$

266.1

   

$

(25.0)

   

(9.4)

%

Adjusted SG&A expenses (1)

 

$

246.9

   

$

266.8

   

$

(19.9)

   

(7.5)

%

SG&A as % gross profit

 

59.5

%

 

69.2

%

 

(9.7)

%

   

Adjusted SG&A as % gross profit (1)

 

61.0

%

 

69.4

%

 

(8.5)

%

   
 

(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)

(In millions, except unit data)

                 
   

Years Ended December 31,

   

2020

 

2019

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

4,406.6

   

$

4,832.2

   

$

(425.6)

   

(8.8)

%

Used vehicle retail sales

 

2,348.5

   

2,509.9

   

(161.4)

   

(6.4)

%

Used vehicle wholesale sales

 

169.4

   

174.5

   

(5.0)

   

(2.9)

%

  Total used

 

2,517.9

   

2,684.4

   

(166.5)

   

(6.2)

%

Parts and service sales

 

1,162.6

   

1,234.4

   

(71.8)

   

(5.8)

%

F&I, net

 

416.3

   

433.2

   

(16.9)

   

(3.9)

%

  Total revenues

 

$

8,503.4

   

$

9,184.2

   

$

(680.8)

   

(7.4)

%

Gross profit:

               

New vehicle retail sales

 

$

272.4

   

$

228.8

   

$

43.5

   

19.0

%

Used vehicle retail sales

 

162.8

   

161.7

   

1.1

   

0.7

%

Used vehicle wholesale sales

 

7.7

   

2.5

   

5.2

   

207.5

%

  Total used

 

170.5

   

164.2

   

6.3

   

3.9

%

Parts and service sales

 

626.8

   

668.5

   

(41.8)

   

(6.2)

%

F&I, net

 

416.3

   

433.2

   

(16.9)

   

(3.9)

%

  Total gross profit

 

$

1,486.0

   

$

1,494.8

   

$

(8.8)

   

(0.6)

%

Gross margin:

               

New vehicle retail sales

 

6.2

%

 

4.7

%

 

1.4

%

   

Used vehicle retail sales

 

6.9

%

 

6.4

%

 

0.5

%

   

Used vehicle wholesale sales

 

4.6

%

 

1.4

%

 

3.1

%

   

  Total used

 

6.8

%

 

6.1

%

 

0.7

%

   

Parts and service sales

 

53.9

%

 

54.2

%

 

(0.2)

%

   

F&I, net

 

100.0

%

 

100.0

%

 

%

   

  Total gross margin

 

17.5

%

 

16.3

%

 

1.2

%

   

Units sold:

               

Retail new vehicles sold

 

105,022

   

122,096

   

(17,074)

   

(14.0)

%

Retail used vehicles sold

 

108,411

   

121,016

   

(12,605)

   

(10.4)

%

Wholesale used vehicles sold

 

24,679

   

28,577

   

(3,898)

   

(13.6)

%

  Total used

 

133,090

   

149,593

   

(16,503)

   

(11.0)

%

Average sales price per unit sold:

               

New vehicle retail

 

$

41,959

   

$

39,577

   

$

2,382

   

6.0

%

Used vehicle retail

 

$

21,663

   

$

20,740

   

$

922

   

4.4

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

2,593

   

$

1,874

   

$

719

   

38.4

%

Used vehicle retail sales

 

$

1,502

   

$

1,336

   

$

166

   

12.4

%

Used vehicle wholesale sales

 

$

313

   

$

88

   

$

225

   

256.0

%

  Total used

 

$

1,281

   

$

1,098

   

$

184

   

16.7

%

F&I PRU

 

$

1,951

   

$

1,782

   

$

169

   

9.5

%

Other:

               

SG&A expenses

 

$

947.0

   

$

1,075.6

   

$

(128.5)

   

(12.0)

%

Adjusted SG&A expenses (1)

 

$

942.3

   

$

1,061.1

   

$

(118.7)

   

(11.2)

%

SG&A as % gross profit

 

63.7

%

 

72.0

%

 

(8.2)

%

   

Adjusted SG&A as % gross profit (1)

 

63.4

%

 

71.0

%

 

(7.6)

%

   
 

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

 

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

221.7

   

$

283.5

   

$

(61.8)

   

(21.8)

%

   

$

4.7

   

(23.5)

%

Used vehicle retail sales

177.4

   

184.5

   

(7.0)

   

(3.8)

%

   

4.2

   

(6.1)

%

Used vehicle wholesale sales

35.8

   

35.2

   

0.6

   

1.6

%

   

0.9

   

(0.9)

%

  Total used

213.2

   

219.7

   

(6.5)

   

(2.9)

%

   

5.0

   

(5.2)

%

Parts and service sales

55.3

   

55.4

   

(0.1)

   

(0.2)

%

   

1.4

   

(2.7)

%

F&I, net

11.6

   

13.8

   

(2.3)

   

(16.3)

%

   

0.3

   

(18.3)

%

  Total revenues

$

501.9

   

$

572.5

   

$

(70.6)

   

(12.3)

%

   

$

11.4

   

(14.3)

%

Gross profit:

                       

New vehicle retail sales

$

12.3

   

$

14.6

   

$

(2.3)

   

(15.8)

%

   

$

0.2

   

(17.5)

%

Used vehicle retail sales

10.8

   

8.2

   

2.6

   

31.6

%

   

0.2

   

28.6

%

Used vehicle wholesale sales

0.1

   

(0.1)

   

0.2

   

251.6

%

   

   

292.4

%

  Total used

11.0

   

8.2

   

2.8

   

34.6

%

   

0.2

   

32.0

%

Parts and service sales

31.4

   

29.9

   

1.5

   

5.0

%

   

0.8

   

2.3

%

F&I, net

11.6

   

13.8

   

(2.3)

   

(16.3)

%

   

0.3

   

(18.3)

%

  Total gross profit

$

66.2

   

$

66.5

   

$

(0.3)

   

(0.4)

%

   

$

1.5

   

(2.7)

%

Gross margin:

                       

New vehicle retail sales

5.5

%

 

5.1

%

 

0.4

%

             

Used vehicle retail sales

6.1

%

 

4.5

%

 

1.6

%

             

Used vehicle wholesale sales

0.4

%

 

(0.2)

%

 

0.6

%

             

Total used

5.1

%

 

3.7

%

 

1.4

%

             

Parts and service sales

56.7

%

 

54.0

%

 

2.8

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

13.2

%

 

11.6

%

 

1.6

%

             

Units sold:

                       

Retail new vehicles sold

6,260

   

8,626

   

(2,366)

   

(27.4)

%

         

Retail used vehicles sold

6,926

   

7,837

   

(911)

   

(11.6)

%

         

Wholesale used vehicles sold

4,134

   

4,661

   

(527)

   

(11.3)

%

         

  Total used

11,060

   

12,498

   

(1,438)

   

(11.5)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

35,423

   

$

32,871

   

$

2,552

   

7.8

%

   

$

758

   

5.5

%

Used vehicle retail

$

25,620

   

$

23,539

   

$

2,082

   

8.8

%

   

$

603

   

6.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,959

   

$

1,690

   

$

270

   

16.0

%

   

$

38

   

13.7

%

Used vehicle retail sales

$

1,566

   

$

1,052

   

$

514

   

48.9

%

   

$

36

   

45.5

%

Used vehicle wholesale sales

$

32

   

$

(18)

   

$

50

   

270.9

%

   

$

(8)

   

317.0

%

  Total used

$

992

   

$

653

   

$

340

   

52.1

%

   

$

19

   

49.1

%

F&I PRU

$

878

   

$

840

   

$

38

   

4.5

%

   

$

21

   

2.0

%

Other:

                       

SG&A expenses

$

49.4

   

$

61.0

   

$

(11.6)

   

(19.1)

%

   

$

1.2

   

(21.0)

%

Adjusted SG&A expenses (1)

$

51.6

   

$

61.0

   

$

(9.4)

   

(15.5)

%

   

$

1.3

   

(17.6)

%

SG&A as % gross profit

74.6

%

 

91.9

%

 

(17.2)

%

             

Adjusted SG&A as % gross profit (1)

77.9

%

 

91.9

%

 

(13.9)

%

             
 

(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)

(In millions, except unit data)

                         
 

Years Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

1,021.8

   

$

1,195.1

   

$

(173.2)

   

(14.5)

%

   

$

3.7

   

(14.8)

%

Used vehicle retail sales

707.2

   

771.3

   

(64.1)

   

(8.3)

%

   

7.4

   

(9.3)

%

Used vehicle wholesale sales

126.4

   

162.3

   

(36.0)

   

(22.2)

%

   

1.2

   

(22.9)

%

  Total used

833.5

   

933.7

   

(100.1)

   

(10.7)

%

   

8.5

   

(11.6)

%

Parts and service sales

194.8

   

227.9

   

(33.1)

   

(14.5)

%

   

2.2

   

(15.5)

%

F&I, net

46.6

   

57.0

   

(10.4)

   

(18.2)

%

   

0.3

   

(18.7)

%

  Total revenues

$

2,096.8

   

$

2,413.7

   

$

(316.8)

   

(13.1)

%

   

$

14.7

   

(13.7)

%

Gross profit:

                       

New vehicle retail sales

$

47.0

   

$

54.2

   

$

(7.2)

   

(13.4)

%

   

$

   

(13.4)

%

Used vehicle retail sales

42.1

   

33.7

   

8.4

   

24.9

%

   

0.5

   

23.4

%

Used vehicle wholesale sales

2.5

   

(2.7)

   

5.2

   

190.8

%

   

   

191.2

%

  Total used

44.6

   

31.0

   

13.6

   

43.8

%

   

0.5

   

42.1

%

Parts and service sales

109.9

   

125.4

   

(15.5)

   

(12.4)

%

   

1.3

   

(13.4)

%

F&I, net

46.6

   

57.0

   

(10.4)

   

(18.2)

%

   

0.3

   

(18.7)

%

  Total gross profit

$

248.1

   

$

267.7

   

$

(19.6)

   

(7.3)

%

   

$

2.1

   

(8.1)

%

Gross margin:

                       

New vehicle retail sales

4.6

%

 

4.5

%

 

0.1

%

             

Used vehicle retail sales

6.0

%

 

4.4

%

 

1.6

%

             

Used vehicle wholesale sales

1.9

%

 

(1.7)

%

 

3.6

%

             

  Total used

5.3

%

 

3.3

%

 

2.0

%

             

Parts and service sales

56.4

%

 

55.0

%

 

1.4

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

11.8

%

 

11.1

%

 

0.7

%

             

Units sold:

                       

Retail new vehicles sold

29,684

   

37,565

   

(7,881)

   

(21.0)

%

         

Retail used vehicles sold

29,091

   

33,121

   

(4,030)

   

(12.2)

%

         

Wholesale used vehicles sold

15,651

   

20,694

   

(5,043)

   

(24.4)

%

         

Total used

44,742

   

53,815

   

(9,073)

   

(16.9)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

34,424

   

$

31,814

   

$

2,610

   

8.2

%

   

$

124

   

7.8

%

Used vehicle retail

$

24,309

   

$

23,288

   

$

1,021

   

4.4

%

   

$

253

   

3.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,583

   

$

1,443

   

$

139

   

9.7

%

   

$

2

   

9.5

%

Used vehicle retail sales

$

1,448

   

$

1,018

   

$

430

   

42.2

%

   

$

17

   

40.5

%

Used vehicle wholesale sales

$

157

   

$

(131)

   

$

288

   

220.1

%

   

$

(1)

   

220.6

%

  Total used

$

997

   

$

576

   

$

420

   

72.9

%

   

$

11

   

71.0

%

F&I PRU

$

793

   

$

806

   

$

(13)

   

(1.6)

%

   

$

5

   

(2.3)

%

Other:

                       

SG&A expenses

$

191.2

   

$

236.9

   

$

(45.6)

   

(19.3)

%

   

$

1.6

   

(19.9)

%

Adjusted SG&A expenses (1)

$

192.2

   

$

236.4

   

$

(44.2)

   

(18.7)

%

   

$

1.7

   

(19.4)

%

SG&A as % gross profit

77.1

%

 

88.5

%

 

(11.4)

%

             

Adjusted SG&A as % gross profit (1)

77.5

%

 

88.3

%

 

(10.8)

%

             
 

(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.

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

43.3

   

$

78.5

   

$

(35.2)

   

(44.8)

%

   

$

(13.6)

   

(27.5)

%

Used vehicle retail sales

11.7

   

22.0

   

(10.3)

   

(46.7)

%

   

(3.6)

   

(30.2)

%

Used vehicle wholesale sales

3.1

   

5.0

   

(1.9)

   

(38.4)

%

   

(1.0)

   

(19.2)

%

  Total used

14.8

   

27.0

   

(12.2)

   

(45.2)

%

   

(4.6)

   

(28.2)

%

Parts and service sales

8.5

   

11.5

   

(3.0)

   

(26.1)

%

   

(2.7)

   

(3.0)

%

F&I, net

1.6

   

2.0

   

(0.4)

   

(21.2)

%

   

(0.5)

   

3.3

%

  Total revenues

$

68.2

   

$

119.0

   

$

(50.8)

   

(42.7)

%

   

$

(21.3)

   

(24.8)

%

Gross profit:

                       

New vehicle retail sales

$

3.6

   

$

5.1

   

$

(1.6)

   

(30.6)

%

   

$

(1.1)

   

(8.9)

%

Used vehicle retail sales

1.3

   

1.2

   

   

4.1

%

   

(0.4)

   

36.0

%

Used vehicle wholesale sales

0.3

   

0.3

   

   

2.2

%

   

(0.1)

   

34.6

%

  Total used

1.6

   

1.5

   

0.1

   

3.7

%

   

(0.5)

   

35.7

%

Parts and service sales

3.9

   

5.2

   

(1.3)

   

(25.8)

%

   

(1.2)

   

(2.8)

%

F&I, net

1.6

   

2.0

   

(0.4)

   

(21.2)

%

   

(0.5)

   

3.3

%

  Total gross profit

$

10.6

   

$

13.9

   

$

(3.3)

   

(23.6)

%

   

$

(3.3)

   

0.1

%

Gross margin:

                       

New vehicle retail sales

8.2

%

 

6.5

%

 

1.7

%

             

Used vehicle retail sales

10.8

%

 

5.5

%

 

5.3

%

             

Used vehicle wholesale sales

10.7

%

 

6.5

%

 

4.3

%

             

  Total used

10.8

%

 

5.7

%

 

5.1

%

             

Parts and service sales

45.6

%

 

45.4

%

 

0.2

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

15.6

%

 

11.7

%

 

3.9

%

             

Units sold:

                       

Retail new vehicles sold

1,650

   

2,564

   

(914)

   

(35.6)

%

         

Retail used vehicles sold

610

   

1,117

   

(507)

   

(45.4)

%

         

Wholesale used vehicles sold

375

   

548

   

(173)

   

(31.6)

%

         

  Total used

985

   

1,665

   

(680)

   

(40.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

26,235

   

$

30,601

   

$

(4,365)

   

(14.3)

%

   

$

(8,235)

   

12.6

%

Used vehicle retail

$

19,186

   

$

19,666

   

$

(480)

   

(2.4)

%

   

$

(5,943)

   

27.8

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,160

   

$

2,002

   

$

158

   

7.9

%

   

$

(674)

   

41.6

%

Used vehicle retail sales

$

2,073

   

$

1,088

   

$

985

   

90.6

%

   

$

(636)

   

149.0

%

Used vehicle wholesale sales

$

889

   

$

595

   

$

294

   

49.3

%

   

$

(282)

   

96.7

%

  Total used

$

1,622

   

$

926

   

$

697

   

75.2

%

   

$

(501)

   

129.4

%

F&I PRU

$

705

   

$

549

   

$

156

   

28.3

%

   

$

(219)

   

68.3

%

Other:

                       

SG&A expenses

$

8.0

   

$

11.0

   

$

(3.0)

   

(27.1)

%

   

$

(2.5)

   

(4.5)

%

SG&A as % gross profit

75.2

%

 

78.8

%

 

(3.5)

%

             

 


 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Years Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

152.4

   

$

286.8

   

$

(134.4)

   

(46.9)

%

   

$

(41.2)

   

(32.5)

%

Used vehicle retail sales

50.0

   

85.4

   

(35.4)

   

(41.4)

%

   

(13.2)

   

(26.0)

%

Used vehicle wholesale sales

12.3

   

18.3

   

(6.1)

   

(33.1)

%

   

(3.5)

   

(14.2)

%

  Total used

62.3

   

103.7

   

(41.5)

   

(40.0)

%

   

(16.7)

   

(23.9)

%

Parts and service sales

31.9

   

47.6

   

(15.7)

   

(33.0)

%

   

(9.3)

   

(13.5)

%

F&I, net

5.0

   

7.6

   

(2.7)

   

(34.9)

%

   

(1.4)

   

(16.6)

%

  Total revenues

$

251.6

   

$

445.9

   

$

(194.3)

   

(43.6)

%

   

$

(68.6)

   

(28.2)

%

Gross profit:

                       

New vehicle retail sales

$

11.1

   

$

17.8

   

$

(6.7)

   

(37.5)

%

   

$

(3.1)

   

(19.8)

%

Used vehicle retail sales

3.8

   

5.9

   

(2.1)

   

(36.2)

%

   

(1.1)

   

(17.3)

%

Used vehicle wholesale sales

0.8

   

1.2

   

(0.4)

   

(32.7)

%

   

(0.3)

   

(11.9)

%

  Total used

4.6

   

7.1

   

(2.5)

   

(35.6)

%

   

(1.4)

   

(16.4)

%

Parts and service sales

14.2

   

21.0

   

(6.8)

   

(32.5)

%

   

(4.1)

   

(12.8)

%

F&I, net

5.0

   

7.6

   

(2.7)

   

(34.9)

%

   

(1.4)

   

(16.6)

%

  Total gross profit

$

34.8

   

$

53.5

   

$

(18.7)

   

(34.9)

%

   

$

(10.0)

   

(16.2)

%

Gross margin:

                       

New vehicle retail sales

7.3

%

 

6.2

%

 

1.1

%

             

Used vehicle retail sales

7.5

%

 

6.9

%

 

0.6

%

             

Used vehicle wholesale sales

6.6

%

 

6.6

%

 

%

             

  Total used

7.3

%

 

6.8

%

 

0.5

%

             

Parts and service sales

44.5

%

 

44.2

%

 

0.3

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

13.9

%

 

12.0

%

 

1.8

%

             

Units sold:

                       

Retail new vehicles sold

5,515

   

9,475

   

(3,960)

   

(41.8)

%

         

Retail used vehicles sold

2,616

   

4,412

   

(1,796)

   

(40.7)

%

         

Wholesale used vehicles sold

1,456

   

1,934

   

(478)

   

(24.7)

%

         

  Total used

4,072

   

6,346

   

(2,274)

   

(35.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

27,639

   

$

30,274

   

$

(2,636)

   

(8.7)

%

   

$

(7,475)

   

16.0

%

Used vehicle retail

$

19,120

   

$

19,356

   

$

(236)

   

(1.2)

%

   

$

(5,041)

   

24.8

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,012

   

$

1,874

   

$

139

   

7.4

%

   

$

(568)

   

37.7

%

Used vehicle retail sales

$

1,438

   

$

1,336

   

$

102

   

7.6

%

   

$

(426)

   

39.5

%

Used vehicle wholesale sales

$

559

   

$

625

   

$

(66)

   

(10.6)

%

   

$

(172)

   

17.0

%

Total used

$

1,124

   

$

1,120

   

$

4

   

0.4

%

   

$

(335)

   

30.3

%

F&I PRU

$

612

   

$

551

   

$

61

   

11.1

%

   

$

(172)

   

42.4

%

Other:

                       

SG&A expenses

$

31.1

   

$

46.0

   

$

(14.9)

   

(32.4)

%

   

$

(8.9)

   

(13.0)

%

Adjusted SG&A expenses (1)

$

30.2

   

$

46.0

   

$

(15.8)

   

(34.3)

%

   

$

(8.7)

   

(15.3)

%

SG&A as % gross profit

89.2

%

 

85.8

%

 

3.4

%

             

Adjusted SG&A as % gross profit (1)

86.7

%

 

85.8

%

 

0.8

%

             
 

(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.

 


 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended December 31,

   

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

1,580.3

   

$

1,672.8

   

$

(92.5)

   

(5.5)

%

   

$

(8.9)

   

(5.0)

%

Used vehicle retail sales

806.8

   

833.2

   

(26.4)

   

(3.2)

%

   

0.5

   

(3.2)

%

Used vehicle wholesale sales

85.4

   

81.4

   

4.0

   

5.0

%

   

(0.1)

   

5.1

%

  Total used

892.2

   

914.5

   

(22.4)

   

(2.4)

%

   

0.4

   

(2.5)

%

Parts and service sales

356.5

   

374.0

   

(17.5)

   

(4.7)

%

   

(1.3)

   

(4.3)

%

F&I, net

128.4

   

128.9

   

(0.5)

   

(0.4)

%

   

(0.2)

   

(0.3)

%

  Total revenues

$

2,957.4

   

$

3,090.3

   

$

(132.9)

   

(4.3)

%

   

$

(10.0)

   

(4.0)

%

Gross profit:

                       

New vehicle retail sales

$

103.3

   

$

84.0

   

$

19.3

   

23.0

%

   

$

(0.9)

   

24.1

%

Used vehicle retail sales

48.9

   

45.8

   

3.1

   

6.7

%

   

(0.1)

   

7.0

%

Used vehicle wholesale sales

2.0

   

0.4

   

1.7

   

450.3

%

   

(0.2)

   

497.9

%

  Total used

50.9

   

46.1

   

4.8

   

10.3

%

   

(0.3)

   

11.0

%

Parts and service sales

193.9

   

201.8

   

(7.8)

   

(3.9)

%

   

(0.4)

   

(3.7)

%

F&I, net

128.4

   

128.9

   

(0.5)

   

(0.4)

%

   

(0.2)

   

(0.3)

%

  Total gross profit

$

476.5

   

$

460.8

   

$

15.7

   

3.4

%

   

$

(1.8)

   

3.8

%

Gross margin:

                       

New vehicle retail sales

6.5

%

 

5.0

%

 

1.5

%

             

Used vehicle retail sales

6.1

%

 

5.5

%

 

0.6

%

             

Used vehicle wholesale sales

2.4

%

 

0.5

%

 

1.9

%

             

  Total used

5.7

%

 

5.0

%

 

0.7

%

             

Parts and service sales

54.4

%

 

53.9

%

 

0.4

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

16.1

%

 

14.9

%

 

1.2

%

             

Units sold:

                       

Retail new vehicles sold

38,229

   

43,318

   

(5,089)

   

(11.7)

%

         

Retail used vehicles sold

34,063

   

38,397

   

(4,334)

   

(11.3)

%

         

Wholesale used vehicles sold

10,737

   

12,147

   

(1,410)

   

(11.6)

%

         

  Total used

44,800

   

50,544

   

(5,744)

   

(11.4)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

41,338

   

$

38,617

   

$

2,721

   

7.0

%

   

$

(232)

   

7.6

%

Used vehicle retail

$

23,684

   

$

21,699

   

$

1,986

   

9.2

%

   

$

15

   

9.1

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,702

   

$

1,938

   

$

764

   

39.4

%

   

$

(23)

   

40.6

%

Used vehicle retail sales

$

1,434

   

$

1,192

   

$

242

   

20.3

%

   

$

(4)

   

20.6

%

Used vehicle wholesale sales

$

191

   

$

31

   

$

160

   

522.5

%

   

$

(17)

   

576.4

%

Total used

$

1,136

   

$

913

   

$

223

   

24.4

%

   

$

(7)

   

25.2

%

F&I PRU

$

1,776

   

$

1,578

   

$

198

   

12.6

%

   

$

(3)

   

12.7

%

Other:

                       

SG&A expenses

$

299.6

   

$

333.0

   

$

(33.4)

   

(10.0)

%

   

$

(1.3)

   

(9.7)

%

Adjusted SG&A expenses (1)

$

302.3

   

$

333.8

   

$

(31.5)

   

(9.4)

%

   

$

(1.3)

   

(9.0)

%

SG&A as % gross profit

62.9

%

 

72.3

%

 

(9.4)

%

             

Adjusted SG&A as % gross profit (1)

63.4

%

 

72.4

%

 

(9.0)

%

             

Operating margin %

5.0

%

 

3.2

%

 

1.8

%

             

Adjusted operating margin % (1)

5.2

%

 

3.5

%

 

1.7

%

             
 

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

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Years Ended December 31,

   

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

5,463.0

   

$

6,260.6

   

$

(797.7)

   

(12.7)

%

   

$

(37.0)

   

(12.2)

%

Used vehicle retail sales

3,023.6

   

3,328.2

   

(304.6)

   

(9.2)

%

   

(5.7)

   

(9.0)

%

Used vehicle wholesale sales

299.8

   

346.4

   

(46.6)

   

(13.4)

%

   

(2.2)

   

(12.8)

%

  Total used

3,323.4

   

3,674.6

   

(351.2)

   

(9.6)

%

   

(7.9)

   

(9.3)

%

Parts and service sales

1,356.7

   

1,483.3

   

(126.6)

   

(8.5)

%

   

(7.2)

   

(8.0)

%

F&I, net

461.9

   

494.3

   

(32.4)

   

(6.6)

%

   

(1.1)

   

(6.3)

%

  Total revenues

$

10,605.0

   

$

11,912.9

   

$

(1,307.9)

   

(11.0)

%

   

$

(53.1)

   

(10.5)

%

Gross profit:

                       

New vehicle retail sales

$

321.3

   

$

298.7

   

$

22.6

   

7.6

%

   

$

(3.1)

   

8.6

%

Used vehicle retail sales

203.7

   

199.9

   

3.7

   

1.9

%

   

(0.6)

   

2.2

%

Used vehicle wholesale sales

10.9

   

1.3

   

9.7

   

757.1

%

   

(0.3)

   

777.5

%

  Total used

214.6

   

201.2

   

13.4

   

6.7

%

   

(0.9)

   

7.1

%

Parts and service sales

732.3

   

802.1

   

(69.7)

   

(8.7)

%

   

(2.9)

   

(8.3)

%

F&I, net

461.9

   

494.3

   

(32.4)

   

(6.6)

%

   

(1.1)

   

(6.3)

%

  Total gross profit

$

1,730.1

   

$

1,796.3

   

$

(66.2)

   

(3.7)

%

   

$

(7.9)

   

(3.2)

%

Gross margin:

                       

New vehicle retail sales

5.9

%

 

4.8

%

 

1.1

%

             

Used vehicle retail sales

6.7

%

 

6.0

%

 

0.7

%

             

Used vehicle wholesale sales

3.6

%

 

0.4

%

 

3.3

%

             

  Total used

6.5

%

 

5.5

%

 

1.0

%

             

Parts and service sales

54.0

%

 

54.1

%

 

(0.1)

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

16.3

%

 

15.1

%

 

1.2

%

             

Units sold:

                       

Retail new vehicles sold

137,302

   

167,245

   

(29,943)

   

(17.9)

%

         

Retail used vehicles sold

136,865

   

156,539

   

(19,674)

   

(12.6)

%

         

Wholesale used vehicles sold

40,767

   

50,282

   

(9,515)

   

(18.9)

%

         

  Total used

177,632

   

206,821

   

(29,189)

   

(14.1)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

39,788

   

$

37,434

   

$

2,354

   

6.3

%

   

$

(269)

   

7.0

%

Used vehicle retail

$

22,092

   

$

21,261

   

$

830

   

3.9

%

   

$

(41)

   

4.1

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,340

   

$

1,786

   

$

554

   

31.0

%

   

$

(22)

   

32.3

%

Used vehicle retail sales

$

1,488

   

$

1,277

   

$

211

   

16.5

%

   

$

(4)

   

16.9

%

Used vehicle wholesale sales

$

268

   

$

25

   

$

243

   

957.2

%

   

$

(6)

   

982.3

%

  Total used

$

1,208

   

$

973

   

$

235

   

24.2

%

   

$

(5)

   

24.7

%

F&I PRU

$

1,685

   

$

1,527

   

$

158

   

10.3

%

   

$

(4)

   

10.6

%

Other:

                       

SG&A expenses

$

1,143.0

   

$

1,338.9

   

$

(195.9)

   

(14.6)

%

   

$

(7.2)

   

(14.1)

%

Adjusted SG&A expenses (1)

$

1,133.0

   

$

1,320.3

   

$

(187.3)

   

(14.2)

%

   

$

(7.0)

   

(13.7)

%

SG&A as % gross profit

66.1

%

 

74.5

%

 

(8.5)

%

             

Adjusted SG&A as % gross profit (1)

65.5

%

 

73.5

%

 

(8.0)

%

             

Operating margin %

4.5

%

 

3.1

%

 

1.5

%

             

Adjusted operating margin % (1)

4.9

%

 

3.4

%

 

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)

(In millions, except unit data)

               
 

Three Months Ended December 31,

 

2020

 

2019

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

1,317.4

   

$

1,312.3

   

$

5.1

   

0.4

%

Used vehicle retail sales

618.8

   

627.8

   

(9.0)

   

(1.4)

%

Used vehicle wholesale sales

46.7

   

41.3

   

5.4

   

13.1

%

  Total used

665.5

   

669.0

   

(3.6)

   

(0.5)

%

Parts and service sales

295.3

   

310.7

   

(15.4)

   

(4.9)

%

F&I, net

115.3

   

113.2

   

2.2

   

1.9

%

  Total revenues

$

2,393.5

   

$

2,405.2

   

$

(11.7)

   

(0.5)

%

Gross profit:

             

New vehicle retail sales

$

87.5

   

$

64.3

   

$

23.2

   

36.1

%

Used vehicle retail sales

36.8

   

36.3

   

0.5

   

1.4

%

Used vehicle wholesale sales

1.6

   

0.1

   

1.5

   

1,676.3

%

  Total used

38.4

   

36.4

   

2.0

   

5.5

%

Parts and service sales

159.9

   

168.2

   

(8.3)

   

(4.9)

%

F&I, net

115.3

   

113.2

   

2.2

   

1.9

%

  Total gross profit

$

401.2

   

$

382.1

   

$

19.0

   

5.0

%

Gross margin:

             

New vehicle retail sales

6.6

%

 

4.9

%

 

1.7

%

   

Used vehicle retail sales

6.0

%

 

5.8

%

 

0.2

%

   

Used vehicle wholesale sales

3.4

%

 

0.2

%

 

3.2

%

   

  Total used

5.8

%

 

5.4

%

 

0.3

%

   

Parts and service sales

54.1

%

 

54.1

%

 

%

   

F&I, net

100.0

%

 

100.0

%

 

%

   

  Total gross margin

16.8

%

 

15.9

%

 

0.9

%

   

Units sold:

             

Retail new vehicles sold

30,357

   

32,152

   

(1,795)

   

(5.6)

%

Retail used vehicles sold

26,556

   

29,465

   

(2,909)

   

(9.9)

%

Wholesale used vehicles sold

6,241

   

6,954

   

(713)

   

(10.3)

%

  Total used

32,797

   

36,419

   

(3,622)

   

(9.9)

%

Average sales price per unit sold:

             

New vehicle retail

$

43,397

   

$

40,817

   

$

2,580

   

6.3

%

Used vehicle retail

$

23,302

   

$

21,306

   

$

1,995

   

9.4

%

Gross profit per unit sold:

             

New vehicle retail sales

$

2,883

   

$

2,001

   

$

882

   

44.1

%

Used vehicle retail sales

$

1,387

   

$

1,234

   

$

154

   

12.5

%

Used vehicle wholesale sales

$

256

   

$

13

   

$

243

   

1,879.3

%

  Total used

$

1,172

   

$

1,000

   

$

171

   

17.1

%

F&I PRU

$

2,027

   

$

1,837

   

$

190

   

10.3

%

Other:

             

SG&A expenses

$

241.5

   

$

263.5

   

$

(21.9)

   

(8.3)

%

Adjusted SG&A expenses (1)

$

244.3

   

$

264.2

   

$

(19.9)

   

(7.5)

%

SG&A as % gross profit

60.2

%

 

68.9

%

 

(8.7)

%

   

Adjusted SG&A as % gross profit (1)

60.9

%

 

69.1

%

 

(8.2)

%

   
 

(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.S.

(Unaudited)

(In millions, except unit data)

               
 

Years Ended December 31,

 

2020

 

2019

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

4,343.5

   

$

4,806.3

   

$

(462.8)

   

(9.6)

%

Used vehicle retail sales

2,299.4

   

2,489.2

   

(189.8)

   

(7.6)

%

Used vehicle wholesale sales

167.1

   

171.5

   

(4.4)

   

(2.6)

%

  Total used

2,466.5

   

2,660.7

   

(194.2)

   

(7.3)

%

Parts and service sales

1,145.6

   

1,225.2

   

(79.7)

   

(6.5)

%

F&I, net

412.8

   

430.8

   

(18.0)

   

(4.2)

%

  Total revenues

$

8,368.4

   

$

9,123.1

   

$

(754.6)

   

(8.3)

%

Gross profit:

             

New vehicle retail sales

$

265.5

   

$

227.6

   

$

37.9

   

16.7

%

Used vehicle retail sales

159.5

   

160.7

   

(1.2)

   

(0.7)

%

Used vehicle wholesale sales

7.7

   

2.5

   

5.2

   

204.5

%

  Total used

167.2

   

163.2

   

4.0

   

2.5

%

Parts and service sales

616.6

   

663.7

   

(47.1)

   

(7.1)

%

F&I, net

412.8

   

430.8

   

(18.0)

   

(4.2)

%

  Total gross profit

$

1,462.2

   

$

1,485.3

   

$

(23.1)

   

(1.6)

%

Gross margin:

             

New vehicle retail sales

6.1

%

 

4.7

%

 

1.4

%

   

Used vehicle retail sales

6.9

%

 

6.5

%

 

0.5

%

   

Used vehicle wholesale sales

4.6

%

 

1.5

%

 

3.2

%

   

Total used

6.8

%

 

6.1

%

 

0.6

%

   

Parts and service sales

53.8

%

 

54.2

%

 

(0.3)

%

   

F&I, net

100.0

%

 

100.0

%

 

%

   

 Total gross margin

17.5

%

 

16.3

%

 

1.2

%

   

Units sold:

             

Retail new vehicles sold

103,790

   

121,322

   

(17,532)

   

(14.5)

%

Retail used vehicles sold

106,611

   

119,655

   

(13,044)

   

(10.9)

%

Wholesale used vehicles sold

24,410

   

28,113

   

(3,703)

   

(13.2)

%

  Total used

131,021

   

147,768

   

(16,747)

   

(11.3)

%

Average sales price per unit sold:

             

New vehicle retail

$

41,849

   

$

39,616

   

$

2,233

   

5.6

%

Used vehicle retail

$

21,568

   

$

20,803

   

$

765

   

3.7

%

Gross profit per unit sold:

             

New vehicle retail sales

$

2,558

   

$

1,876

   

$

682

   

36.4

%

Used vehicle retail sales

$

1,496

   

$

1,343

   

$

153

   

11.4

%

Used vehicle wholesale sales

$

317

   

$

90

   

$

227

   

250.7

%

Total used

$

1,276

   

$

1,104

   

$

172

   

15.6

%

F&I PRU

$

1,962

   

$

1,788

   

$

174

   

9.8

%

Other:

             

SG&A expenses

$

934.6

   

$

1,068.9

   

$

(134.3)

   

(12.6)

%

Adjusted SG&A expenses (1)

$

926.8

   

$

1,050.5

   

$

(123.7)

   

(11.8)

%

SG&A as % gross profit

63.9

%

 

72.0

%

 

(8.0)

%

   

Adjusted SG&A as % gross profit (1)

63.4

%

 

70.7

%

 

(7.3)

%

   
 

(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 - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

219.6

   

$

282.0

   

$

(62.4)

   

(22.1)

%

   

$

4.7

   

(23.8)

%

Used vehicle retail sales

176.3

   

183.5

   

(7.2)

   

(3.9)

%

   

4.1

   

(6.2)

%

Used vehicle wholesale sales

35.6

   

35.1

   

0.6

   

1.6

%

   

0.9

   

(0.9)

%

  Total used

211.9

   

218.6

   

(6.7)

   

(3.1)

%

   

5.0

   

(5.3)

%

Parts and service sales

52.7

   

51.8

   

0.9

   

1.7

%

   

1.3

   

(0.8)

%

F&I, net

11.5

   

13.7

   

(2.3)

   

(16.6)

%

   

0.3

   

(18.6)

%

  Total revenues

$

495.7

   

$

566.1

   

$

(70.4)

   

(12.4)

%

   

$

11.3

   

(14.4)

%

Gross profit:

                       

New vehicle retail sales

$

12.2

   

$

14.5

   

$

(2.3)

   

(15.7)

%

   

$

0.2

   

(17.4)

%

Used vehicle retail sales

10.7

   

8.2

   

2.5

   

30.8

%

   

0.2

   

27.8

%

Used vehicle wholesale sales

0.1

   

   

0.2

   

369.1

%

   

(0.1)

   

532.4

%

  Total used

10.9

   

8.2

   

2.7

   

32.9

%

   

0.2

   

30.8

%

Parts and service sales

30.2

   

28.3

   

1.8

   

6.4

%

   

0.8

   

3.7

%

F&I, net

11.5

   

13.7

   

(2.3)

   

(16.6)

%

   

0.3

   

(18.6)

%

 Total gross profit

$

64.7

   

$

64.7

   

$

   

(0.1)

%

   

$

1.5

   

(2.4)

%

Gross margin:

                       

New vehicle retail sales

5.6

%

 

5.1

%

 

0.4

%

             

Used vehicle retail sales

6.1

%

 

4.5

%

 

1.6

%

             

Used vehicle wholesale sales

0.3

%

 

(0.1)

%

 

0.5

%

             

  Total used

5.1

%

 

3.7

%

 

1.4

%

             

Parts and service sales

57.2

%

 

54.7

%

 

2.5

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

13.1

%

 

11.4

%

 

1.6

%

             

Units sold:

                       

Retail new vehicles sold

6,222

   

8,602

   

(2,380)

   

(27.7)

%

         

Retail used vehicles sold

6,897

   

7,815

   

(918)

   

(11.7)

%

         

Wholesale used vehicles sold

4,121

   

4,645

   

(524)

   

(11.3)

%

         

  Total used

11,018

   

12,460

   

(1,442)

   

(11.6)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

35,299

   

$

32,785

   

$

2,514

   

7.7

%

   

$

757

   

5.4

%

Used vehicle retail

$

25,556

   

$

23,479

   

$

2,077

   

8.8

%

   

$

601

   

6.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,964

   

$

1,686

   

$

278

   

16.5

%

   

$

38

   

14.2

%

Used vehicle retail sales

$

1,559

   

$

1,052

   

$

507

   

48.2

%

   

$

36

   

44.8

%

Used vehicle wholesale sales

$

29

   

$

(9)

   

$

38

   

403.3

%

   

$

(17)

   

587.4

%

  Total used

$

986

   

$

656

   

$

330

   

50.3

%

   

$

16

   

47.9

%

F&I PRU

$

873

   

$

836

   

$

37

   

4.4

%

   

$

21

   

1.9

%

Other:

                       

SG&A expenses

$

50.0

   

$

58.7

   

$

(8.7)

   

(14.9)

%

   

$

1.2

   

(17.0)

%

SG&A as % gross profit

77.2

%

 

90.7

%

 

(13.5)

%

             

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Years Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

967.0

   

$

1,170.3

   

$

(203.2)

   

(17.4)

%

   

$

4.2

   

(17.7)

%

Used vehicle retail sales

674.2

   

756.5

   

(82.3)

   

(10.9)

%

   

7.5

   

(11.9)

%

Used vehicle wholesale sales

120.4

   

158.7

   

(38.2)

   

(24.1)

%

   

1.2

   

(24.9)

%

  Total used

794.7

   

915.1

   

(120.5)

   

(13.2)

%

   

8.7

   

(14.1)

%

Parts and service sales

179.3

   

211.2

   

(31.9)

   

(15.1)

%

   

2.1

   

(16.1)

%

F&I, net

44.1

   

55.9

   

(11.9)

   

(21.2)

%

   

0.3

   

(21.8)

%

  Total revenues

$

1,985.0

   

$

2,352.6

   

$

(367.5)

   

(15.6)

%

   

$

15.3

   

(16.3)

%

Gross profit:

                       

New vehicle retail sales

$

44.7

   

$

53.3

   

$

(8.7)

   

(16.2)

%

   

$

0.1

   

(16.4)

%

Used vehicle retail sales

40.4

   

33.4

   

7.0

   

21.1

%

   

0.5

   

19.6

%

Used vehicle wholesale sales

2.4

   

(2.5)

   

4.8

   

196.2

%

   

   

196.6

%

  Total used

42.8

   

30.9

   

11.9

   

38.4

%

   

0.5

   

36.8

%

Parts and service sales

101.5

   

117.6

   

(16.1)

   

(13.7)

%

   

1.2

   

(14.7)

%

F&I, net

44.1

   

55.9

   

(11.9)

   

(21.2)

%

   

0.3

   

(21.8)

%

  Total gross profit

$

233.1

   

$

257.8

   

$

(24.8)

   

(9.6)

%

   

$

2.1

   

(10.4)

%

Gross margin:

                       

New vehicle retail sales

4.6

%

 

4.6

%

 

0.1

%

             

Used vehicle retail sales

6.0

%

 

4.4

%

 

1.6

%

             

Used vehicle wholesale sales

2.0

%

 

(1.6)

%

 

3.5

%

             

  Total used

5.4

%

 

3.4

%

 

2.0

%

             

Parts and service sales

56.6

%

 

55.7

%

 

0.9

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

11.7

%

 

11.0

%

 

0.8

%

             

Units sold:

                       

Retail new vehicles sold

27,997

   

36,493

   

(8,496)

   

(23.3)

%

         

Retail used vehicles sold

27,638

   

32,550

   

(4,912)

   

(15.1)

%

         

Wholesale used vehicles sold

14,901

   

20,302

   

(5,401)

   

(26.6)

%

         

  Total used

42,539

   

52,852

   

(10,313)

   

(19.5)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

34,541

   

$

32,069

   

$

2,472

   

7.7

%

   

$

151

   

7.2

%

Used vehicle retail

$

24,394

   

$

23,240

   

$

1,154

   

5.0

%

   

$

270

   

3.8

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

1,596

   

$

1,462

   

$

134

   

9.2

%

   

$

3

   

9.0

%

Used vehicle retail sales

$

1,462

   

$

1,025

   

$

437

   

42.6

%

   

$

18

   

40.8

%

Used vehicle wholesale sales

$

159

   

$

(121)

   

$

280

   

231.0

%

   

$

(1)

   

231.6

%

Total used

$

1,006

   

$

585

   

$

421

   

71.9

%

   

$

12

   

69.9

%

F&I PRU

$

792

   

$

810

   

$

(18)

   

(2.2)

%

   

$

6

   

(2.9)

%

Other:

                       

SG&A expenses

$

177.2

   

$

224.7

   

$

(47.5)

   

(21.1)

%

   

$

1.7

   

(21.9)

%

Adjusted SG&A expenses (1)

$

176.0

   

$

224.5

   

$

(48.5)

   

(21.6)

%

   

$

1.7

   

(22.4)

%

SG&A as % gross profit

76.0

%

 

87.2

%

 

(11.1)

%

             

Adjusted SG&A as % gross profit (1)

75.5

%

 

87.1

%

 

(11.6)

%

             
 

(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 - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

43.3

   

$

78.5

   

$

(35.2)

   

(44.8)

%

   

$

(13.6)

   

(27.5)

%

Used vehicle retail sales

11.7

   

21.9

   

(10.2)

   

(46.5)

%

   

(3.6)

   

(30.0)

%

Used vehicle wholesale sales

3.1

   

5.0

   

(1.9)

   

(38.4)

%

   

(1.0)

   

(19.2)

%

  Total used

14.8

   

26.9

   

(12.1)

   

(45.0)

%

   

(4.6)

   

(28.0)

%

Parts and service sales

8.5

   

11.5

   

(3.0)

   

(26.1)

%

   

(2.7)

   

(3.0)

%

F&I, net

1.6

   

2.0

   

(0.4)

   

(21.2)

%

   

(0.5)

   

3.3

%

  Total revenues

$

68.2

   

$

118.9

   

$

(50.7)

   

(42.7)

%

   

$

(21.3)

   

(24.7)

%

Gross profit:

                       

New vehicle retail sales

$

3.6

   

$

5.1

   

$

(1.6)

   

(30.6)

%

   

$

(1.1)

   

(8.9)

%

Used vehicle retail sales

1.3

   

1.2

   

0.1

   

4.2

%

   

(0.4)

   

36.2

%

Used vehicle wholesale sales

0.3

   

0.3

   

   

2.2

%

   

(0.1)

   

34.6

%

  Total used

1.6

   

1.5

   

0.1

   

3.8

%

   

(0.5)

   

35.9

%

Parts and service sales

3.9

   

5.2

   

(1.3)

   

(25.9)

%

   

(1.2)

   

(2.8)

%

F&I, net

1.6

   

2.0

   

(0.4)

   

(21.2)

%

   

(0.5)

   

3.3

%

  Total gross profit

$

10.6

   

$

13.9

   

$

(3.3)

   

(23.6)

%

   

$

(3.3)

   

0.1

%

Gross margin:

                       

New vehicle retail sales

8.2

%

 

6.5

%

 

1.7

%

             

Used vehicle retail sales

10.8

%

 

5.5

%

 

5.3

%

             

Used vehicle wholesale sales

10.7

%

 

6.5

%

 

4.3

%

             

Total used

10.8

%

 

5.7

%

 

5.1

%

             

Parts and service sales

45.6

%

 

45.4

%

 

0.2

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

15.6

%

 

11.7

%

 

3.9

%

             

Units sold:

                       

Retail new vehicles sold

1,650

   

2,564

   

(914)

   

(35.6)

%

         

Retail used vehicles sold

610

   

1,117

   

(507)

   

(45.4)

%

         

Wholesale used vehicles sold

375

   

548

   

(173)

   

(31.6)

%

         

  Total used

985

   

1,665

   

(680)

   

(40.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

26,235

   

$

30,601

   

$

(4,365)

   

(14.3)

%

   

$

(8,235)

   

12.6

%

Used vehicle retail

$

19,186

   

$

19,599

   

$

(412)

   

(2.1)

%

   

$

(5,943)

   

28.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,160

   

$

2,002

   

$

158

   

7.9

%

   

$

(674)

   

41.6

%

Used vehicle retail sales

$

2,073

   

$

1,086

   

$

987

   

90.9

%

   

$

(636)

   

149.4

%

Used vehicle wholesale sales

$

889

   

$

595

   

$

294

   

49.3

%

   

$

(282)

   

96.7

%

  Total used

$

1,622

   

$

925

   

$

698

   

75.5

%

   

$

(501)

   

129.6

%

F&I PRU

$

705

   

$

549

   

$

156

   

28.3

%

   

$

(219)

   

68.3

%

Other:

                       

SG&A expenses

$

8.1

   

$

10.9

   

$

(2.8)

   

(25.7)

%

   

$

(2.5)

   

(2.7)

%

SG&A as % gross profit

76.0

%

 

78.1

%

 

(2.1)

%

             

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Years Ended December 31,

 

2020

 

2019

 

Increase/ (Decrease)

 

% Change

   

Currency Impact on Current Period Results

 

Constant Currency % Change

Revenues:

                       

New vehicle retail sales

$

152.4

   

$

284.0

   

$

(131.6)

   

(46.3)

%

   

$

(41.2)

   

(31.8)

%

Used vehicle retail sales

50.0

   

82.6

   

(32.6)

   

(39.5)

%

   

(13.1)

   

(23.5)

%

Used vehicle wholesale sales

12.3

   

16.2

   

(4.0)

   

(24.4)

%

   

(3.4)

   

(3.2)

%

  Total used

62.3

   

98.8

   

(36.5)

   

(37.0)

%

   

(16.6)

   

(20.2)

%

Parts and service sales

31.9

   

46.9

   

(15.0)

   

(32.0)

%

   

(9.3)

   

(12.1)

%

F&I, net

5.0

   

7.6

   

(2.6)

   

(34.3)

%

   

(1.4)

   

(15.8)

%

  Total revenues

$

251.6

   

$

437.3

   

$

(185.7)

   

(42.5)

%

   

$

(68.4)

   

(26.8)

%

Gross profit:

                       

New vehicle retail sales

$

11.1

   

$

17.8

   

$

(6.7)

   

(37.5)

%

   

$

(3.1)

   

(19.9)

%

Used vehicle retail sales

3.8

   

5.9

   

(2.1)

   

(36.2)

%

   

(1.1)

   

(17.2)

%

Used vehicle wholesale sales

0.8

   

1.2

   

(0.4)

   

(31.7)

%

   

(0.3)

   

(10.7)

%

  Total used

4.6

   

7.1

   

(2.5)

   

(35.4)

%

   

(1.4)

   

(16.1)

%

Parts and service sales

14.2

   

20.7

   

(6.5)

   

(31.5)

%

   

(4.1)

   

(11.6)

%

F&I, net

5.0

   

7.6

   

(2.6)

   

(34.3)

%

   

(1.4)

   

(15.8)

%

  Total gross profit

$

34.8

   

$

53.1

   

$

(18.3)

   

(34.4)

%

   

$

(10.0)

   

(15.6)

%

Gross margin:

                       

New vehicle retail sales

7.3

%

 

6.3

%

 

1.0

%

             

Used vehicle retail sales

7.5

%

 

7.1

%

 

0.4

%

             

Used vehicle wholesale sales

6.6

%

 

7.3

%

 

(0.7)

%

             

  Total used

7.3

%

 

7.2

%

 

0.2

%

             

Parts and service sales

44.5

%

 

44.2

%

 

0.3

%

             

F&I, net

100.0

%

 

100.0

%

 

%

             

  Total gross margin

13.9

%

 

12.2

%

 

1.7

%

             

Units sold:

                       

Retail new vehicles sold

5,515

   

9,430

   

(3,915)

   

(41.5)

%

         

Retail used vehicles sold

2,616

   

4,334

   

(1,718)

   

(39.6)

%

         

Wholesale used vehicles sold

1,456

   

1,867

   

(411)

   

(22.0)

%

         

  Total used

4,072