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Group 1 Automotive

800 Gessner
Houston, TX 77024

  • Sales: (713) 647-5700
Investor Relations

Group 1 Automotive Announces Record Second Quarter 2021 Financial Results

- Service Rebound, UK Market Recovery, and Strong Cost Control Drive Impressive Results

- U.S. Same Store Total Used Vehicle Gross Profit Increased 119% YOY

HOUSTON, July 29, 2021 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported record second quarter 2021 financial results. 

Second quarter 2021 net income per diluted share was an all-time quarterly record of $10.35, a 533.9 percent increase from $1.63 per diluted share as reported for second quarter 2020.  Second quarter 2021 adjusted net income per diluted share (a non-GAAP measure) was $10.31, a 173.6 percent increase from $3.77 per diluted share as reported for second quarter 2020.  Second quarter 2021 net income was $191.0 million, a 532.9 percent increase compared to net income of $30.2 million in the same period of 2020.  Second quarter 2021 adjusted net income (a non-GAAP measure) was $190.2 million, a 173.2 percent increase compared to adjusted net income of $69.6 million for the same period of 2020.  The Company's second quarter 2021 total revenues were $3.7 billion, a 73.6 percent increase compared to total revenues of $2.1 billion in the same period of 2020. 

Second quarter 2021 adjusted net income and diluted earnings per share excluded net after-tax adjustments totaling $0.8 million, or $0.04 per common share. The adjustments consist of gains on dealership and real estate transactions and a tax benefit related to the revaluation of deferred tax items in the U.K., partially offset by a non-cash loss associated with certain interest rate swaps due to decreased vehicle inventory levels. Second quarter 2020 adjusted net income and diluted earnings per share excluded net after-tax adjustments of $39.4 million, or $2.13 per share, primarily related to non-cash asset impairment charges, out-of-period adjustments to accelerate stock-based compensation expense, loss on debt extinguishment and severance costs. Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.

"Although the new vehicle supply disruption continues to impact our vehicle sales volume in all three of our markets, our operating teams continue to navigate this challenge with great success," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer. "Our aftersales business is recovering extremely well, and our cost control has been outstanding."

Consolidated Operating Highlights for Second Quarter 2021 (year-over-year comparable basis)

Reported:

  • Total revenues increased 73.6 percent, to $3.7 billion. Total gross profit increased 84.3 percent, to $661.3 million.
  • New vehicle revenues increased 74.6 percent, as units sold increased 62.0 percent. New vehicle gross profit per retail unit (PRU) increased 59.9 percent, to $3,853.
  • Used vehicle retail revenues increased 86.5 percent, as units increased 47.4 percent. Used vehicle retail gross profit PRU increased 59.9 percent, to $2,425.
  • Parts and service gross profit increased 44.5 percent, on a 39.1 percent increase in revenue.
  • Finance and Insurance (F&I) gross profit PRU increased 8.0 percent, to $1,832.
  • Selling, General and Administrative (SG&A) expenses as a percentage of gross profit decreased 913 basis points, to 57.0 percent. Adjusted SG&A expenses (a non-GAAP measure) as a percentage of gross profit decreased 573 basis points, to 57.1 percent.

 

Same Store on a Constant Currency Basis (a non-GAAP measure):

  • Total revenues increased 70.6 percent. Total gross profit increased 81.6 percent.
  • New vehicle gross profit increased 156.2 percent, as units increased 62.4 percent. New vehicle gross profit PRU increased 57.8 percent.
  • Used vehicle retail gross profit increased 130.7 percent, as units increased 48.8 percent. Used vehicle retail gross profit PRU increased 55.0 percent.
  • Parts and service gross profit increased 41.6 percent.
  • F&I gross profit PRU increased 6.8 percent.
  • SG&A expenses as a percentage of gross profit decreased 880 basis points. Adjusted SG&A expenses as a percentage of gross profit decreased 548 basis points.

 

Share Repurchase Authorization

During the second quarter of 2021, the Company repurchased approximately 125,000 shares at an average price of $148.79, for a total of approximately $18.6 million.  The Company has approximately $150 million remaining on its Board authorized common stock share repurchase program. Future repurchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.  While the Company's first priority for capital allocation remains M&A, it continues to be open to returning cash to shareholders in the form of both share repurchases and the increase of our quarterly dividend.

Corporate Development

As previously announced in July 2021, the Company acquired nine franchises in the U.K., which will contribute approximately $300 million in incremental annual revenues, and which increased the Company's U.K. portfolio count to 75 franchises.  Hesterberg added, "We believe this is an excellent time to expand our U.K. business.  Pent-up vehicle demand resulting from both Brexit and the pandemic should drive higher sales in the next several years."

Year-to-date, the Company has acquired 11 franchises, which are expected to generate $420 million in incremental annual revenues, and disposed of four franchises, which generated approximately $70 million in trailing-twelve-month revenues.

Second Quarter 2021 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the second quarter 2021 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: group1corp.com/events.  A webcast replay will be available for 30 days.

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

Domestic:

1-888-317-6003

International:

1-412-317-6061

Conference ID:

3896520

A telephonic replay will be available following the call through May 6, 2021 by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay ID:

10158175

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 188 automotive dealerships, 242 franchises, and 48 collision centers in the United States, the United Kingdom and Brazil that offer 32 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles and the impact of supply chain disruptions which occur from time to time, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) our ability to maintain vehicle margins, implement and maintain expense controls, and maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA

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

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

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

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

SOURCE: Group 1 Automotive, Inc.

Investor contacts:

Sheila Roth

Manager, Investor Relations

Group 1 Automotive, Inc.

713-647-5741 | sroth@group1auto.com

Media contacts:

Pete DeLongchamps

Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs

Group 1 Automotive, Inc.

713-647-5770 | pdelongchamps@group1auto.com

or

Clint Woods

Pierpont Communications, Inc.

713-627-2223 | cwoods@piercom.com

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended June 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

1,855.3

   

$

1,062.7

   

$

792.6

   

74.6

%

Used vehicle retail sales

 

1,195.6

   

641.2

   

554.4

   

86.5

%

Used vehicle wholesale sales

 

96.4

   

48.7

   

47.7

   

98.0

%

Parts and service sales

 

392.1

   

282.0

   

110.2

   

39.1

%

Finance, insurance and other, net

 

161.0

   

96.7

   

64.3

   

66.5

%

  Total revenues

 

3,700.4

   

2,131.2

   

1,569.2

   

73.6

%

COST OF SALES:

               

New vehicle retail sales

 

1,690.0

   

998.9

   

691.1

   

69.2

%

Used vehicle retail sales

 

1,086.5

   

594.9

   

491.6

   

82.6

%

Used vehicle wholesale sales

 

87.2

   

46.6

   

40.6

   

87.1

%

Parts and service sales

 

175.4

   

132.0

   

43.4

   

32.9

%

  Total cost of sales

 

3,039.2

   

1,772.4

   

1,266.8

   

71.5

%

GROSS PROFIT

 

661.3

   

358.8

   

302.4

   

84.3

%

Selling, general and administrative expenses

 

376.7

   

237.2

   

139.5

   

58.8

%

Depreciation and amortization expense

 

18.8

   

18.8

   

   

0.2

%

Asset impairments

 

   

23.8

   

(23.8)

   

(100.0)

%

INCOME FROM OPERATIONS

 

265.8

   

79.0

   

186.7

   

236.3

%

Floorplan interest expense

 

8.8

   

10.1

   

(1.3)

   

(13.2)

%

Other interest expense, net

 

13.7

   

16.2

   

(2.5)

   

(15.3)

%

Loss on extinguishment of debt

 

   

10.4

   

(10.4)

   

(100.0)

%

INCOME BEFORE INCOME TAXES

 

243.2

   

42.3

   

200.9

   

474.6

%

Provision for income taxes

 

52.3

   

12.2

   

40.1

   

329.9

%

NET INCOME

 

$

191.0

   

$

30.2

   

$

160.8

   

532.9

%

Less: Earnings allocated to participating securities

 

6.4

   

1.1

   

5.3

   

490.0

%

Net income available to diluted common shares

 

$

184.5

   

$

29.1

   

$

155.5

   

534.5

%

DILUTED EARNINGS PER SHARE

 

$

10.35

   

$

1.63

   

$

8.72

   

533.9

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.8

   

   

0.1

%

Weighted average participating securities

 

0.6

   

0.7

   

   

(6.6)

%

Total weighted average shares

 

18.5

   

18.5

   

   

(0.1)

%

Effective tax rate

 

21.5

%

 

28.7

%

 

(7.2)

%

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Six Months Ended June 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

3,398.7

   

$

2,404.8

   

$

993.8

   

41.3

%

Used vehicle retail sales

 

2,094.4

   

1,420.3

   

674.1

   

47.5

%

Used vehicle wholesale sales

 

176.6

   

135.2

   

41.4

   

30.7

%

Parts and service sales

 

752.8

   

652.6

   

100.2

   

15.4

%

Finance, insurance and other, net

 

288.0

   

209.2

   

78.8

   

37.7

%

  Total revenues

 

6,710.5

   

4,822.0

   

1,888.4

   

39.2

%

COST OF SALES:

               

New vehicle retail sales

 

3,134.4

   

2,278.3

   

856.1

   

37.6

%

Used vehicle retail sales

 

1,925.7

   

1,331.8

   

593.8

   

44.6

%

Used vehicle wholesale sales

 

163.5

   

132.1

   

31.4

   

23.8

%

Parts and service sales

 

335.0

   

304.5

   

30.4

   

10.0

%

  Total cost of sales

 

5,558.5

   

4,046.7

   

1,511.8

   

37.4

%

GROSS PROFIT

 

1,151.9

   

775.3

   

376.7

   

48.6

%

Selling, general and administrative expenses

 

695.2

   

565.1

   

130.0

   

23.0

%

Depreciation and amortization expense

 

38.3

   

37.4

   

0.9

   

2.4

%

Asset impairments

 

   

23.8

   

(23.8)

   

(100.0)

%

INCOME FROM OPERATIONS

 

418.5

   

148.9

   

269.6

   

181.0

%

Floorplan interest expense

 

16.4

   

23.0

   

(6.6)

   

(28.8)

%

Other interest expense, net

 

27.5

   

34.3

   

(6.8)

   

(19.9)

%

Loss on extinguishment of debt

 

   

10.4

   

(10.4)

   

(100.0)

%

INCOME BEFORE INCOME TAXES

 

374.6

   

81.2

   

293.4

   

361.2

%

Provision for income taxes

 

81.7

   

21.3

   

60.4

   

284.1

%

NET INCOME

 

$

292.9

   

$

60.0

   

$

233.0

   

388.6

%

Less: Earnings allocated to participating securities

 

9.9

   

2.1

   

7.8

   

361.1

%

Net income available to diluted common shares

 

$

283.0

   

$

57.8

   

$

225.2

   

389.6

%

DILUTED EARNINGS PER SHARE

 

$

15.88

   

$

3.25

   

$

12.63

   

389.1

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.8

   

   

0.1

%

Weighted average participating securities

 

0.6

   

0.7

   

   

(6.4)

%

  Total weighted average shares

 

18.5

   

18.5

   

   

(0.1)

%

Effective tax rate

 

21.8

%

 

26.2

%

 

(4.4)

%

   

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                 
   

June 30, 2021

 

December 31, 2020

 

Increase/(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$

198.7

   

$

87.3

   

$

111.4

   

127.7

%

Inventories, net

 

$

1,030.2

   

$

1,468.0

   

$

(437.8)

   

(29.8)

%

Floorplan notes payable, net (1)

 

$

498.5

   

$

1,095.0

   

$

(596.5)

   

(54.5)

%

Total debt

 

$

1,381.3

   

$

1,351.4

   

$

29.9

   

2.2

%

Total equity

 

$

1,754.0

   

$

1,449.6

   

$

304.4

   

21.0

%

(1) Amounts are net of offset accounts of $326.1 and $176.4, respectively.

 

   

Three Months Ended June 30,

 

Six Months Ended June 30,

   

2021

 

2020

 

2021

 

2020

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

79.4

%

 

82.9

%

 

79.2

%

 

75.1

%

United Kingdom

 

17.2

%

 

14.5

%

 

17.5

%

 

20.6

%

Brazil

 

3.4

%

 

2.6

%

 

3.3

%

 

4.3

%

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

25.8

%

 

22.8

%

 

25.9

%

 

23.1

%

Volkswagen/Audi/Porsche/SEAT/SKODA

 

15.3

%

 

11.7

%

 

14.8

%

 

14.2

%

BMW/MINI

 

11.7

%

 

10.5

%

 

11.1

%

 

11.2

%

Honda/Acura

 

10.3

%

 

9.9

%

 

10.0

%

 

9.6

%

Ford/Lincoln

 

7.6

%

 

12.3

%

 

8.5

%

 

11.1

%

Chevrolet/GMC/Buick/Cadillac

 

6.6

%

 

8.7

%

 

6.9

%

 

7.6

%

Nissan

 

5.8

%

 

5.9

%

 

5.5

%

 

5.6

%

Hyundai/Kia/Genesis

 

5.7

%

 

4.8

%

 

5.3

%

 

4.4

%

Mercedes-Benz/smart/Sprinter

 

4.5

%

 

5.3

%

 

4.8

%

 

5.3

%

Chrysler/Dodge/Jeep/RAM

 

3.9

%

 

4.9

%

 

4.0

%

 

4.1

%

Jaguar/Land Rover

 

1.7

%

 

1.7

%

 

2.0

%

 

2.2

%

Other

 

1.1

%

 

1.6

%

 

1.3

%

 

1.7

%

   

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

 

   

June 30, 2021

 

December 31, 2020

 

June 30, 2020

DAYS' SUPPLY IN INVENTORY (1):

           

Consolidated

           

New vehicle inventory

 

20

 

52

 

61

Used vehicle inventory

 

32

 

37

 

29

U.S.

           

New vehicle inventory

 

16

 

48

 

64

Used vehicle inventory

 

29

 

32

 

25

U.K.

           

New vehicle inventory

 

31

 

102

 

49

Used vehicle inventory

 

39

 

52

 

38

Brazil

           

New vehicle inventory

 

32

 

27

 

81

Used vehicle inventory

 

54

 

51

 

61

(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

1,855.3

   

$

1,062.7

   

$

792.6

   

74.6

%

   

$

33.6

   

71.4

%

Used vehicle retail sales

1,195.6

   

641.2

   

554.4

   

86.5

%

   

32.8

   

81.3

%

Used vehicle wholesale sales

96.4

   

48.7

   

47.7

   

98.0

%

   

3.6

   

90.6

%

  Total used

1,292.0

   

689.9

   

602.1

   

87.3

%

   

36.5

   

82.0

%

Parts and service sales

392.1

   

282.0

   

110.2

   

39.1

%

   

5.6

   

37.1

%

F&I, net

161.0

   

96.7

   

64.3

   

66.5

%

   

1.7

   

64.7

%

  Total revenues

$

3,700.4

   

$

2,131.2

   

$

1,569.2

   

73.6

%

   

$

77.4

   

70.0

%

Gross profit:

                       

New vehicle retail sales

$

165.3

   

$

63.8

   

$

101.5

   

159.2

%

   

$

2.1

   

155.9

%

Used vehicle retail sales

109.1

   

46.3

   

62.8

   

135.8

%

   

2.3

   

130.9

%

Used vehicle wholesale sales

9.1

   

2.0

   

7.1

   

NM

   

0.3

   

NM

  Total used

118.2

   

48.3

   

69.9

   

144.7

%

   

2.5

   

139.5

%

Parts and service sales

216.7

   

150.0

   

66.7

   

44.5

%

   

3.4

   

42.2

%

F&I, net

161.0

   

96.7

   

64.3

   

66.5

%

   

1.7

   

64.7

%

  Total gross profit

$

661.3

   

$

358.8

   

$

302.4

   

84.3

%

   

$

9.8

   

81.6

%

Gross margin:

                       

New vehicle retail sales

8.9

%

 

6.0

%

 

2.9

%

             

Used vehicle retail sales

9.1

%

 

7.2

%

 

1.9

%

             

Used vehicle wholesale sales

9.5

%

 

4.2

%

 

5.3

%

             

  Total used

9.2

%

 

7.0

%

 

2.1

%

             

Parts and service sales

55.3

%

 

53.2

%

 

2.1

%

             

  Total gross margin

17.9

%

 

16.8

%

 

1.0

%

             

Units sold:

                       

Retail new vehicles sold

42,893

   

26,472

   

16,421

   

62.0

%

         

Retail used vehicles sold

45,002

   

30,528

   

14,474

   

47.4

%

         

Wholesale used vehicles sold

10,965

   

7,303

   

3,662

   

50.1

%

         

  Total used

55,967

   

37,831

   

18,136

   

47.9

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

43,254

   

$

40,143

   

$

3,111

   

7.8

%

   

$

783

   

5.8

%

Used vehicle retail

$

26,568

   

$

21,004

   

$

5,564

   

26.5

%

   

$

729

   

23.0

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,853

   

$

2,409

   

$

1,444

   

59.9

%

   

$

48

   

58.0

%

Used vehicle retail sales

$

2,425

   

$

1,516

   

$

909

   

59.9

%

   

$

50

   

56.6

%

Used vehicle wholesale sales

$

832

   

$

278

   

$

554

   

NM

   

$

24

   

NM

  Total used

$

2,113

   

$

1,277

   

$

836

   

65.4

%

   

$

45

   

61.9

%

F&I PRU

$

1,832

   

$

1,697

   

$

135

   

8.0

%

   

$

20

   

6.8

%

Other:

                       

SG&A expenses

$

376.7

   

$

237.2

   

$

139.5

   

58.8

%

   

$

6.3

   

56.2

%

Adjusted SG&A expenses (1)

$

377.5

   

$

225.4

   

$

152.1

   

67.5

%

   

$

6.3

   

64.7

%

SG&A as % gross profit

57.0

%

 

66.1

%

 

(9.1)

%

             

Adjusted SG&A as % gross profit (1)

57.1

%

 

62.8

%

 

(5.7)

%

             

Operating margin %

7.2

%

 

3.7

%

 

3.5

%

             

Adjusted operating margin % (1)

7.2

%

 

5.4

%

 

1.8

%

             

Pretax margin %

6.6

%

 

2.0

%

 

4.6

%

             

Adjusted pretax margin % (1)

6.6

%

 

4.1

%

 

2.5

%

             

Floorplan expense:

                       

Floorplan interest expense

$

8.8

   

$

10.1

   

$

(1.3)

   

(13.2)

%

   

$

0.2

   

(14.9)

%

Less: Floorplan assistance (2)

15.3

   

9.8

   

5.4

   

55.5

%

   

   

55.5

%

Net floorplan expense

$

(6.5)

   

$

0.3

   

$

(6.8)

         

$

0.2

     

Adjusted floorplan interest expense (1)

$

6.5

   

$

10.1

   

$

(3.7)

   

(36.1)

%

   

$

0.2

   

(37.8)

%

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

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

3,398.7

   

$

2,404.8

   

$

993.8

   

41.3

%

   

$

39.9

   

39.7

%

Used vehicle retail sales

2,094.4

   

1,420.3

   

674.1

   

47.5

%

   

38.4

   

44.8

%

Used vehicle wholesale sales

176.6

   

135.2

   

41.4

   

30.7

%

   

4.5

   

27.3

%

  Total used

2,271.0

   

1,555.4

   

715.6

   

46.0

%

   

42.9

   

43.2

%

Parts and service sales

752.8

   

652.6

   

100.2

   

15.4

%

   

6.7

   

14.3

%

F&I, net

288.0

   

209.2

   

78.8

   

37.7

%

   

1.9

   

36.8

%

  Total revenues

$

6,710.5

   

$

4,822.0

   

$

1,888.4

   

39.2

%

   

$

91.9

   

37.3

%

Gross profit:

                       

New vehicle retail sales

$

264.3

   

$

126.6

   

$

137.7

   

108.8

%

   

$

2.0

   

107.2

%

Used vehicle retail sales

168.7

   

88.4

   

80.3

   

90.8

%

   

2.2

   

88.3

%

Used vehicle wholesale sales

13.1

   

3.0

   

10.0

   

NM

   

0.2

   

NM

  Total used

181.8

   

91.5

   

90.3

   

98.7

%

   

2.4

   

96.1

%

Parts and service sales

417.8

   

348.0

   

69.8

   

20.0

%

   

4.4

   

18.8

%

F&I, net

288.0

   

209.2

   

78.8

   

37.7

%

   

1.9

   

36.8

%

  Total gross profit

$

1,151.9

   

$

775.3

   

$

376.7

   

48.6

%

   

$

10.8

   

47.2

%

Gross margin:

                       

New vehicle retail sales

7.8

%

 

5.3

%

 

2.5

%

             

Used vehicle retail sales

8.1

%

 

6.2

%

 

1.8

%

             

Used vehicle wholesale sales

7.4

%

 

2.2

%

 

5.2

%

             

  Total used

8.0

%

 

5.9

%

 

2.1

%

             

Parts and service sales

55.5

%

 

53.3

%

 

2.2

%

             

  Total gross margin

17.2

%

 

16.1

%

 

1.1

%

             

Units sold:

                       

Retail new vehicles sold

79,756

   

61,832

   

17,924

   

29.0

%

         

Retail used vehicles sold

83,061

   

67,318

   

15,743

   

23.4

%

         

Wholesale used vehicles sold

20,777

   

19,389

   

1,388

   

7.2

%

         

  Total used

103,838

   

86,707

   

17,131

   

19.8

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

42,613

   

$

38,893

   

$

3,720

   

9.6

%

   

$

500

   

8.3

%

Used vehicle retail

$

25,215

   

$

21,098

   

$

4,117

   

19.5

%

   

$

462

   

17.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,314

   

$

2,047

   

$

1,267

   

61.9

%

   

$

25

   

60.6

%

Used vehicle retail sales

$

2,031

   

$

1,314

   

$

718

   

54.6

%

   

$

27

   

52.6

%

Used vehicle wholesale sales

$

628

   

$

156

   

$

472

   

NM

   

$

8

   

NM

  Total used

$

1,751

   

$

1,055

   

$

696

   

66.0

%

   

$

23

   

63.8

%

F&I PRU

$

1,769

   

$

1,620

   

$

149

   

9.2

%

   

$

12

   

8.5

%

Other:

                       

SG&A expenses

$

695.2

   

$

565.1

   

$

130.0

   

23.0

%

   

$

7.3

   

21.7

%

Adjusted SG&A expenses (1)

$

695.0

   

$

552.5

   

$

142.5

   

25.8

%

   

$

7.2

   

24.5

%

SG&A as % gross profit

60.3

%

 

72.9

%

 

(12.5)

%

             

Adjusted SG&A as % gross profit (1)

60.3

%

 

71.3

%

 

(10.9)

%

             

Operating margin %

6.2

%

 

3.1

%

 

3.1

%

             

Adjusted operating margin % (1)

6.2

%

 

3.8

%

 

2.4

%

             

Pretax margin %

5.6

%

 

1.7

%

 

3.9

%

             

Adjusted pretax margin % (1)

5.6

%

 

2.7

%

 

3.0

%

             

Floorplan expense:

                       

Floorplan interest expense

$

16.4

   

$

23.0

   

$

(6.6)

   

(28.8)

%

   

$

0.3

   

(30.0)

%

Less: Floorplan assistance (2)

28.5

   

20.4

   

8.1

   

39.6

%

   

   

39.6

%

Net floorplan expense

$

(12.1)

   

$

2.6

   

$

(14.7)

         

$

0.3

     

Adjusted floorplan interest expense (1)

$

14.0

   

$

23.0

   

$

(9.0)

   

(38.9)

%

   

$

0.3

   

(40.1)

%

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

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended June 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

1,504.4

   

$

915.7

   

$

588.7

   

64.3

%

Used vehicle retail sales

 

882.9

   

540.9

   

342.0

   

63.2

%

Used vehicle wholesale sales

 

61.2

   

30.5

   

30.7

   

100.5

%

  Total used

 

944.1

   

571.4

   

372.7

   

65.2

%

Parts and service sales

 

332.6

   

254.2

   

78.4

   

30.8

%

F&I, net

 

143.9

   

89.8

   

54.1

   

60.3

%

  Total revenues

 

$

2,924.9

   

$

1,831.1

   

$

1,093.8

   

59.7

%

Gross profit:

               

New vehicle retail sales

 

$

141.7

   

$

56.5

   

$

85.2

   

150.7

%

Used vehicle retail sales

 

87.3

   

41.0

   

46.4

   

113.2

%

Used vehicle wholesale sales

 

6.4

   

1.6

   

4.8

   

NM

  Total used

 

93.7

   

42.6

   

51.2

   

120.2

%

Parts and service sales

 

181.7

   

135.6

   

46.1

   

34.0

%

F&I, net

 

143.9

   

89.8

   

54.1

   

60.3

%

  Total gross profit

 

$

561.1

   

$

324.5

   

$

236.6

   

72.9

%

Gross margin:

               

New vehicle retail sales

 

9.4

%

 

6.2

%

 

3.2

%

   

Used vehicle retail sales

 

9.9

%

 

7.6

%

 

2.3

%

   

Used vehicle wholesale sales

 

10.5

%

 

5.2

%

 

5.2

%

   

  Total used

 

9.9

%

 

7.4

%

 

2.5

%

   

Parts and service sales

 

54.6

%

 

53.3

%

 

1.3

%

   

  Total gross margin

 

19.2

%

 

17.7

%

 

1.5

%

   

Units sold:

               

Retail new vehicles sold

 

34,047

   

21,937

   

12,110

   

55.2

%

Retail used vehicles sold

 

34,008

   

26,132

   

7,876

   

30.1

%

Wholesale used vehicles sold

 

6,606

   

5,150

   

1,456

   

28.3

%

  Total used

 

40,614

   

31,282

   

9,332

   

29.8

%

Average sales price per unit sold:

               

New vehicle retail

 

$

44,185

   

$

41,742

   

$

2,443

   

5.9

%

Used vehicle retail

 

$

25,962

   

$

20,699

   

$

5,263

   

25.4

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

4,162

   

$

2,576

   

$

1,586

   

61.6

%

Used vehicle retail sales

 

$

2,568

   

$

1,568

   

$

1,000

   

63.8

%

Used vehicle wholesale sales

 

$

969

   

$

311

   

$

658

   

NM

  Total used

 

$

2,308

   

$

1,361

   

$

947

   

69.6

%

F&I PRU

 

$

2,114

   

$

1,868

   

$

247

   

13.2

%

Other:

               

SG&A expenses

 

$

312.6

   

$

203.3

   

$

109.3

   

53.8

%

Adjusted SG&A expenses (1)

 

$

313.4

   

$

192.7

   

$

120.7

   

62.6

%

SG&A as % gross profit

 

55.7

%

 

62.6

%

 

(6.9)

%

   

Adjusted SG&A as % gross profit (1)

 

55.9

%

 

59.4

%

 

(3.5)

%

   

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Six Months Ended June 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

2,750.4

   

$

1,904.1

   

$

846.3

   

44.4

%

Used vehicle retail sales

 

1,579.4

   

1,111.2

   

468.2

   

42.1

%

Used vehicle wholesale sales

 

111.6

   

77.3

   

34.2

   

44.3

%

  Total used

 

1,691.0

   

1,188.6

   

502.4

   

42.3

%

Parts and service sales

 

628.9

   

558.9

   

70.0

   

12.5

%

F&I, net

 

259.0

   

187.2

   

71.8

   

38.3

%

  Total revenues

 

$

5,329.3

   

$

3,838.7

   

$

1,490.6

   

38.8

%

Gross profit:

               

New vehicle retail sales

 

$

222.6

   

$

103.8

   

$

118.8

   

114.5

%

Used vehicle retail sales

 

137.6

   

72.9

   

64.7

   

88.8

%

Used vehicle wholesale sales

 

10.3

   

2.4

   

7.9

   

NM

  Total used

 

148.0

   

75.3

   

72.6

   

96.4

%

Parts and service sales

 

346.8

   

299.1

   

47.7

   

16.0

%

F&I, net

 

259.0

   

187.2

   

71.8

   

38.3

%

  Total gross profit

 

$

976.3

   

$

665.4

   

$

310.9

   

46.7

%

Gross margin:

               

New vehicle retail sales

 

8.1

%

 

5.5

%

 

2.6

%

   

Used vehicle retail sales

 

8.7

%

 

6.6

%

 

2.2

%

   

Used vehicle wholesale sales

 

9.3

%

 

3.1

%

 

6.1

%

   

  Total used

 

8.8

%

 

6.3

%

 

2.4

%

   

Parts and service sales

 

55.1

%

 

53.5

%

 

1.6

%

   

  Total gross margin

 

18.3

%

 

17.3

%

 

1.0

%

   

Units sold:

               

Retail new vehicles sold

 

63,199

   

46,432

   

16,767

   

36.1

%

Retail used vehicles sold

 

64,439

   

53,800

   

10,639

   

19.8

%

Wholesale used vehicles sold

 

13,046

   

12,177

   

869

   

7.1

%

  Total used

 

77,485

   

65,977

   

11,508

   

17.4

%

Average sales price per unit sold:

               

New vehicle retail

 

$

43,520

   

$

41,008

   

$

2,512

   

6.1

%

Used vehicle retail

 

$

24,510

   

$

20,655

   

$

3,855

   

18.7

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

3,522

   

$

2,235

   

$

1,287

   

57.6

%

Used vehicle retail sales

 

$

2,136

   

$

1,355

   

$

781

   

57.6

%

Used vehicle wholesale sales

 

$

792

   

$

199

   

$

592

   

NM

  Total used

 

$

1,910

   

$

1,142

   

$

768

   

67.3

%

F&I PRU

 

$

2,029

   

$

1,868

   

$

161

   

8.6

%

Other:

               

SG&A expenses

 

$

574.3

   

$

460.8

   

$

113.5

   

24.6

%

Adjusted SG&A expenses (1)

 

$

574.7

   

$

450.2

   

$

124.5

   

27.7

%

SG&A as % gross profit

 

58.8

%

 

69.2

%

 

(10.4)

%

   

Adjusted SG&A as % gross profit (1)

 

58.9

%

 

67.7

%

 

(8.8)

%

   

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

301.2

   

$

127.2

   

$

174.0

   

136.8

%

   

$

32.9

   

110.9

%

Used vehicle retail sales

300.9

   

92.8

   

208.1

   

224.1

%

   

32.7

   

188.9

%

Used vehicle wholesale sales

32.5

   

15.3

   

17.3

   

113.2

%

   

3.6

   

89.9

%

  Total used

333.4

   

108.1

   

225.3

   

208.5

%

   

36.3

   

174.9

%

Parts and service sales

50.3

   

21.8

   

28.5

   

130.5

%

   

5.5

   

105.4

%

F&I, net

15.7

   

6.4

   

9.4

   

147.1

%

   

1.7

   

120.3

%

  Total revenues

$

700.7

   

$

263.5

   

$

437.2

   

165.9

%

   

$

76.4

   

136.9

%

Gross profit:

                       

New vehicle retail sales

$

18.4

   

$

5.9

   

$

12.5

   

213.2

%

   

$

2.0

   

179.0

%

Used vehicle retail sales

20.8

   

4.9

   

15.9

   

326.2

%

   

2.3

   

280.1

%

Used vehicle wholesale sales

2.5

   

0.4

   

2.2

   

NM

   

0.3

   

NM

  Total used

23.3

   

5.2

   

18.1

   

345.7

%

   

2.5

   

297.7

%

Parts and service sales

31.0

   

11.9

   

19.0

   

159.2

%

   

3.4

   

131.1

%

F&I, net

15.7

   

6.4

   

9.4

   

147.1

%

   

1.7

   

120.3

%

  Total gross profit

$

88.4

   

$

29.4

   

$

59.0

   

200.6

%

   

$

9.6

   

167.9

%

Gross margin:

                       

New vehicle retail sales

6.1

%

 

4.6

%

 

1.5

%

             

Used vehicle retail sales

6.9

%

 

5.3

%

 

1.7

%

             

Used vehicle wholesale sales

7.7

%

 

2.3

%

 

5.4

%

             

  Total used

7.0

%

 

4.8

%

 

2.2

%

             

Parts and service sales

61.5

%

 

54.7

%

 

6.8

%

             

  Total gross margin

12.6

%

 

11.2

%

 

1.5

%

             

Units sold:

                       

Retail new vehicles sold

7,395

   

3,841

   

3,554

   

92.5

%

         

Retail used vehicles sold

10,494

   

4,040

   

6,454

   

159.8

%

         

Wholesale used vehicles sold

4,124

   

1,829

   

2,295

   

125.5

%

         

  Total used

14,618

   

5,869

   

8,749

   

149.1

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,727

   

$

33,119

   

$

7,608

   

23.0

%

   

$

4,455

   

9.5

%

Used vehicle retail

$

28,672

   

$

22,978

   

$

5,694

   

24.8

%

   

$

3,114

   

11.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,484

   

$

1,527

   

$

957

   

62.7

%

   

$

271

   

44.9

%

Used vehicle retail sales

$

1,984

   

$

1,209

   

$

775

   

64.1

%

   

$

215

   

46.3

%

Used vehicle wholesale sales

$

611

   

$

192

   

$

419

   

NM

   

$

64

   

NM

  Total used

$

1,597

   

$

892

   

$

705

   

79.0

%

   

$

172

   

59.7

%

F&I PRU

$

879

   

$

808

   

$

72

   

8.9

%

   

$

95

   

(2.9)

%

Other:

                       

SG&A expenses

$

56.0

   

$

28.3

   

$

27.7

   

98.0

%

   

$

6.2

   

76.0

%

Adjusted SG&A expenses (1)

$

56.0

   

$

27.1

   

$

29.0

   

106.9

%

   

$

6.2

   

83.9

%

SG&A as % gross profit

63.4

%

 

96.2

%

 

(32.8)

%

             

Adjusted SG&A as % gross profit (1)

63.4

%

 

92.1

%

 

(28.7)

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Six Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

564.3

   

$

423.5

   

$

140.8

   

33.3

%

   

$

52.3

   

20.9

%

Used vehicle retail sales

492.5

   

281.6

   

210.9

   

74.9

%

   

41.7

   

60.1

%

Used vehicle wholesale sales

60.4

   

51.1

   

9.3

   

18.1

%

   

5.0

   

8.3

%

  Total used

552.8

   

332.7

   

220.1

   

66.2

%

   

46.7

   

52.1

%

Parts and service sales

106.8

   

78.3

   

28.5

   

36.5

%

   

8.8

   

25.2

%

F&I, net

26.3

   

19.7

   

6.6

   

33.6

%

   

2.4

   

21.5

%

  Total revenues

$

1,250.3

   

$

854.2

   

$

396.1

   

46.4

%

   

$

110.7

   

33.4

%

Gross profit:

                       

New vehicle retail sales

$

33.2

   

$

17.9

   

$

15.2

   

85.0

%

   

$

3.2

   

66.9

%

Used vehicle retail sales

29.0

   

14.0

   

15.0

   

106.5

%

   

2.6

   

88.3

%

Used vehicle wholesale sales

2.4

   

0.3

   

2.0

   

NM

   

0.2

   

NM

  Total used

31.4

   

14.4

   

17.0

   

118.3

%

   

2.8

   

99.0

%

Parts and service sales

63.6

   

42.3

   

21.3

   

50.5

%

   

5.3

   

37.9

%

F&I, net

26.3

   

19.7

   

6.6

   

33.6

%

   

2.4

   

21.5

%

  Total gross profit

$

154.4

   

$

94.2

   

$

60.2

   

63.8

%

   

$

13.7

   

49.3

%

Gross margin:

                       

New vehicle retail sales

5.9

%

 

4.2

%

 

1.6

%

             

Used vehicle retail sales

5.9

%

 

5.0

%

 

0.9

%

             

Used vehicle wholesale sales

3.9

%

 

0.6

%

 

3.3

%

             

  Total used

5.7

%

 

4.3

%

 

1.4

%

             

Parts and service sales

59.5

%

 

54.0

%

 

5.5

%

             

  Total gross margin

12.3

%

 

11.0

%

 

1.3

%

             

Units sold:

                       

Retail new vehicles sold

13,935

   

12,735

   

1,200

   

9.4

%

         

Retail used vehicles sold

17,606

   

12,064

   

5,542

   

45.9

%

         

Wholesale used vehicles sold

7,262

   

6,413

   

849

   

13.2

%

         

  Total used

24,868

   

18,477

   

6,391

   

34.6

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,498

   

$

33,255

   

$

7,243

   

21.8

%

   

$

3,750

   

10.5

%

Used vehicle retail

$

27,973

   

$

23,344

   

$

4,629

   

19.8

%

   

$

2,371

   

9.7

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,379

   

$

1,407

   

$

972

   

69.1

%

   

$

233

   

52.5

%

Used vehicle retail sales

$

1,647

   

$

1,164

   

$

483

   

41.5

%

   

$

145

   

29.0

%

Used vehicle wholesale sales

$

325

   

$

50

   

$

275

   

NM

   

$

30

   

NM

  Total used

$

1,261

   

$

777

   

$

483

   

62.2

%

   

$

111

   

47.9

%

F&I PRU

$

834

   

$

794

   

$

40

   

5.0

%

   

$

75

   

(4.5)

%

Other:

                       

SG&A expenses

$

105.7

   

$

88.2

   

$

17.5

   

19.9

%

   

$

9.2

   

9.5

%

Adjusted SG&A expenses (1)

$

105.1

   

$

86.9

   

$

18.2

   

20.9

%

   

$

9.1

   

10.4

%

SG&A as % gross profit

68.4

%

 

93.5

%

 

(25.1)

%

             

Adjusted SG&A as % gross profit (1)

68.1

%

 

92.2

%

 

(24.2)

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

49.8

   

$

19.8

   

$

30.0

   

151.8

%

   

$

0.6

   

148.5

%

Used vehicle retail sales

11.8

   

7.5

   

4.4

   

58.4

%

   

0.1

   

56.6

%

Used vehicle wholesale sales

2.6

   

2.9

   

(0.2)

   

(8.3)

%

   

0.1

   

(10.9)

%

  Total used

14.5

   

10.3

   

4.1

   

39.9

%

   

0.2

   

37.7

%

Parts and service sales

9.2

   

5.9

   

3.3

   

55.9

%

   

0.1

   

53.4

%

F&I, net

1.4

   

0.6

   

0.8

   

139.1

%

   

   

136.2

%

  Total revenues

$

74.8

   

$

36.6

   

$

38.2

   

104.5

%

   

$

1.0

   

101.6

%

Gross profit:

                       

New vehicle retail sales

$

5.2

   

$

1.4

   

$

3.8

   

274.3

%

   

$

0.1

   

270.4

%

Used vehicle retail sales

1.0

   

0.4

   

0.5

   

126.0

%

   

   

124.6

%

Used vehicle wholesale sales

0.2

   

0.1

   

0.1

   

149.8

%

   

   

145.5

%

  Total used

1.2

   

0.5

   

0.7

   

129.7

%

   

   

127.9

%

Parts and service sales

4.0

   

2.5

   

1.6

   

63.9

%

   

0.1

   

61.5

%

F&I, net

1.4

   

0.6

   

0.8

   

139.1

%

   

   

136.2

%

  Total gross profit

$

11.8

   

$

4.9

   

$

6.8

   

138.6

%

   

$

0.2

   

135.5

%

Gross margin:

                       

New vehicle retail sales

10.4

%

 

7.0

%

 

3.4

%

             

Used vehicle retail sales

8.2

%

 

5.8

%

 

2.5

%

             

Used vehicle wholesale sales

7.6

%

 

2.8

%

 

4.8

%

             

  Total used

8.1

%

 

4.9

%

 

3.2

%

             

Parts and service sales

43.9

%

 

41.8

%

 

2.2

%

             

  Total gross margin

15.7

%

 

13.5

%

 

2.3

%

             

Units sold:

                       

Retail new vehicles sold

1,451

   

694

   

757

   

109.1

%

         

Retail used vehicles sold

500

   

356

   

144

   

40.4

%

         

Wholesale used vehicles sold

235

   

324

   

(89)

   

(27.5)

%

         

  Total used

735

   

680

   

55

   

8.1

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

34,313

   

$

28,495

   

$

5,818

   

20.4

%

   

$

438

   

18.9

%

Used vehicle retail

$

23,671

   

$

20,983

   

$

2,687

   

12.8

%

   

$

271

   

11.5

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,578

   

$

1,999

   

$

1,579

   

79.0

%

   

$

38

   

77.1

%

Used vehicle retail sales

$

1,951

   

$

1,213

   

$

739

   

60.9

%

   

$

12

   

59.9

%

Used vehicle wholesale sales

$

850

   

$

247

   

$

603

   

NM

   

$

15

   

NM

  Total used

$

1,599

   

$

752

   

$

847

   

112.6

%

   

$

13

   

110.8

%

F&I PRU

$

707

   

$

550

   

$

158

   

28.7

%

   

$

8

   

27.1

%

Other:

                       

SG&A expenses

$

8.1

   

$

5.6

   

$

2.5

   

44.0

%

   

$

0.1

   

42.2

%

SG&A as % gross profit

68.8

%

 

114.0

%

 

(45.2)

%

             

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant
Currency %

Change

Revenues:

                       

New vehicle retail sales

$

83.9

   

$

77.3

   

$

6.7

   

8.6

%

   

$

(12.4)

   

24.7

%

Used vehicle retail sales

22.5

   

27.4

   

(4.9)

   

(17.9)

%

   

(3.4)

   

(5.6)

%

Used vehicle wholesale sales

4.6

   

6.7

   

(2.1)

   

(30.8)

%

   

(0.5)

   

(23.3)

%

  Total used

27.1

   

34.1

   

(7.0)

   

(20.5)

%

   

(3.9)

   

(9.1)

%

Parts and service sales

17.1

   

15.5

   

1.6

   

10.4

%

   

(2.1)

   

24.2

%

F&I, net

2.8

   

2.3

   

0.5

   

20.1

%

   

(0.4)

   

38.8

%

  Total revenues

$

130.9

   

$

129.1

   

$

1.8

   

1.4

%

   

$

(18.8)

   

15.9

%

Gross profit:

                       

New vehicle retail sales

$

8.6

   

$

4.9

   

$

3.7

   

75.1

%

   

$

(1.2)

   

100.2

%

Used vehicle retail sales

2.1

   

1.5

   

0.6

   

40.6

%

   

(0.3)

   

61.1

%

Used vehicle wholesale sales

0.4

   

0.3

   

0.1

   

30.0

%

   

(0.1)

   

47.8

%

  Total used

2.5

   

1.8

   

0.7

   

38.9

%

   

(0.4)

   

59.0

%

Parts and service sales

7.4

   

6.7

   

0.7

   

10.8

%

   

(0.9)

   

25.0

%

F&I, net

2.8

   

2.3

   

0.5

   

20.1

%

   

(0.4)

   

38.8

%

  Total gross profit

$

21.2

   

$

15.6

   

$

5.5

   

35.5

%

   

$

(2.9)

   

54.3

%

Gross margin:

                       

New vehicle retail sales

10.2

%

 

6.3

%

 

3.9

%

             

Used vehicle retail sales

9.3

%

 

5.4

%

 

3.9

%

             

Used vehicle wholesale sales

7.9

%

 

4.2

%

 

3.7

%

             

  Total used

9.0

%

 

5.2

%

 

3.9

%

             

Parts and service sales

43.3

%

 

43.1

%

 

0.2

%

             

  Total gross margin

16.2

%

 

12.1

%

 

4.1

%

             

Units sold:

                       

Retail new vehicles sold

2,622

   

2,665

   

(43)

   

(1.6)

%

         

Retail used vehicles sold

1,016

   

1,454

   

(438)

   

(30.1)

%

         

Wholesale used vehicles sold

469

   

799

   

(330)

   

(41.3)

%

         

  Total used

1,485

   

2,253

   

(768)

   

(34.1)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

32,011

   

$

28,994

   

$

3,017

   

10.4

%

   

$

(4,728)

   

26.7

%

Used vehicle retail

$

22,143

   

$

18,847

   

$

3,296

   

17.5

%

   

$

(3,331)

   

35.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,273

   

$

1,839

   

$

1,434

   

78.0

%

   

$

(469)

   

103.5

%

Used vehicle retail sales

$

2,051

   

$

1,019

   

$

1,032

   

101.2

%

   

$

(300)

   

130.6

%

Used vehicle wholesale sales

$

788

   

$

356

   

$

432

   

NM

   

$

(108)

   

NM

  Total used

$

1,652

   

$

784

   

$

868

   

110.7

%

   

$

(239)

   

141.2

%

F&I PRU

$

758

   

$

557

   

$

200

   

35.9

%

   

$

(118)

   

57.2

%

Other:

                       

SG&A expenses

$

15.2

   

$

16.2

   

$

(1.0)

   

(6.4)

%

   

$

(1.9)

   

5.5

%

Adjusted SG&A expenses (1)

$

15.2

   

$

15.3

   

$

(0.1)

   

(1.0)

%

   

$

(1.9)

   

11.7

%

SG&A as % gross profit

71.7

%

 

103.8

%

 

(32.1)

%

             

Adjusted SG&A as % gross profit (1)

71.7

%

 

98.2

%

 

(26.4)

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended June 30,

   

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

1,837.5

   

$

1,049.8

   

$

787.7

   

75.0

%

   

$

33.6

   

71.8

%

Used vehicle retail sales

1,188.2

   

632.5

   

555.7

   

87.9

%

   

32.8

   

82.7

%

Used vehicle wholesale sales

95.8

   

48.2

   

47.6

   

98.7

%

   

3.6

   

91.2

%

  Total used

1,284.0

   

680.7

   

603.3

   

88.6

%

   

36.5

   

83.3

%

Parts and service sales

385.5

   

278.5

   

107.0

   

38.4

%

   

5.3

   

36.5

%

F&I, net

159.9

   

95.5

   

64.4

   

67.4

%

   

1.7

   

65.6

%

  Total revenues

$

3,666.9

   

$

2,104.5

   

$

1,562.4

   

74.2

%

   

$

77.1

   

70.6

%

Gross profit:

                       

New vehicle retail sales

$

163.6

   

$

63.1

   

$

100.6

   

159.4

%

   

$

2.1

   

156.2

%

Used vehicle retail sales

107.8

   

45.8

   

62.1

   

135.6

%

   

2.3

   

130.7

%

Used vehicle wholesale sales

8.9

   

2.0

   

6.9

   

NM

   

0.3

   

NM

  Total used

116.8

   

47.8

   

69.0

   

144.4

%

   

2.5

   

139.1

%

Parts and service sales

212.9

   

148.1

   

64.9

   

43.8

%

   

3.2

   

41.6

%

F&I, net

159.9

   

95.5

   

64.4

   

67.4

%

   

1.7

   

65.6

%

  Total gross profit

$

653.3

   

$

354.4

   

$

298.8

   

84.3

%

   

$

9.6

   

81.6

%

Gross margin:

                       

New vehicle retail sales

8.9

%

 

6.0

%

 

2.9

%

             

Used vehicle retail sales

9.1

%

 

7.2

%

 

1.8

%

             

Used vehicle wholesale sales

9.3

%

 

4.1

%

 

5.2

%

             

  Total used

9.1

%

 

7.0

%

 

2.1

%

             

Parts and service sales

55.2

%

 

53.2

%

 

2.1

%

             

  Total gross margin

17.8

%

 

16.8

%

 

1.0

%

             

Units sold:

                       

Retail new vehicles sold

42,409

   

26,116

   

16,293

   

62.4

%

         

Retail used vehicles sold

44,659

   

30,016

   

14,643

   

48.8

%

         

Wholesale used vehicles sold

10,846

   

7,217

   

3,629

   

50.3

%

         

  Total used

55,505

   

37,233

   

18,272

   

49.1

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

43,329

   

$

40,199

   

$

3,131

   

7.8

%

   

$

792

   

5.8

%

Used vehicle retail

$

26,606

   

$

21,072

   

$

5,534

   

26.3

%

   

$

735

   

22.8

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,858

   

$

2,415

   

$

1,443

   

59.8

%

   

$

49

   

57.8

%

Used vehicle retail sales

$

2,415

   

$

1,525

   

$

890

   

58.4

%

   

$

51

   

55.0

%

Used vehicle wholesale sales

$

823

   

$

277

   

$

546

   

NM

   

$

25

   

NM

  Total used

$

2,104

   

$

1,283

   

$

821

   

64.0

%

   

$

46

   

60.4

%

F&I PRU

$

1,837

   

$

1,702

   

$

135

   

7.9

%

   

$

20

   

6.8

%

Other:

                       

SG&A expenses

$

372.3

   

$

233.2

   

$

139.1

   

59.7

%

   

$

6.2

   

57.0

%

Adjusted SG&A expenses (1)

$

372.3

   

$

221.4

   

$

150.9

   

68.1

%

   

$

6.2

   

65.3

%

SG&A as % gross profit

57.0

%

 

65.8

%

 

(8.8)

%

             

Adjusted SG&A as % gross profit (1)

57.0

%

 

62.5

%

 

(5.5)

%

             

Operating margin %

7.2

%

 

3.8

%

 

3.4

%

             

Adjusted operating margin % (1)

7.2

%

 

5.4

%

 

1.7

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Six Months Ended June 30,

   

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

3,380.4

   

$

2,381.9

   

$

998.6

   

41.9

%

   

$

39.8

   

40.3

%

Used vehicle retail sales

2,086.4

   

1,403.0

   

683.4

   

48.7

%

   

38.3

   

46.0

%

Used vehicle wholesale sales

176.0

   

133.7

   

42.2

   

31.6

%

   

4.5

   

28.2

%

  Total used

2,262.4

   

1,536.8

   

725.6

   

47.2

%

   

42.8

   

44.4

%

Parts and service sales

743.6

   

642.6

   

101.0

   

15.7

%

   

6.3

   

14.7

%

F&I, net

286.9

   

207.0

   

79.9

   

38.6

%

   

1.9

   

37.7

%

  Total revenues

$

6,673.3

   

$

4,768.3

   

$

1,905.0

   

40.0

%

   

$

91.4

   

38.0

%

Gross profit:

                       

New vehicle retail sales

$

262.7

   

$

125.2

   

$

137.5

   

109.8

%

   

$

2.0

   

108.2

%

Used vehicle retail sales

167.4

   

87.7

   

79.8

   

91.0

%

   

2.2

   

88.5

%

Used vehicle wholesale sales

12.9

   

3.0

   

9.9

   

NM

   

0.2

   

NM

  Total used

180.4

   

90.7

   

89.7

   

98.9

%

   

2.4

   

96.3

%

Parts and service sales

412.9

   

342.8

   

70.1

   

20.5

%

   

4.2

   

19.2

%

F&I, net

286.9

   

207.0

   

79.9

   

38.6

%

   

1.9

   

37.7

%

  Total gross profit

$

1,142.9

   

$

765.7

   

$

377.2

   

49.3

%

   

$

10.6

   

47.9

%

Gross margin:

                       

New vehicle retail sales

7.8

%

 

5.3

%

 

2.5

%

             

Used vehicle retail sales

8.0

%

 

6.2

%

 

1.8

%

             

Used vehicle wholesale sales

7.3

%

 

2.3

%

 

5.1

%

             

  Total used

8.0

%

 

5.9

%

 

2.1

%

             

Parts and service sales

55.5

%

 

53.3

%

 

2.2

%

             

  Total gross margin

17.1

%

 

16.1

%

 

1.1

%

             

Units sold:

                       

Retail new vehicles sold

79,260

   

61,198

   

18,062

   

29.5

%

         

Retail used vehicles sold

82,686

   

66,347

   

16,339

   

24.6

%

         

Wholesale used vehicles sold

20,645

   

19,138

   

1,507

   

7.9

%

         

Total used

103,331

   

85,485

   

17,846

   

20.9

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

42,650

   

$

38,921

   

$

3,729

   

9.6

%

   

$

503

   

8.3

%

Used vehicle retail

$

25,233

   

$

21,147

   

$

4,086

   

19.3

%

   

$

463

   

17.1

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,315

   

$

2,046

   

$

1,268

   

62.0

%

   

$

25

   

60.7

%

Used vehicle retail sales

$

2,025

   

$

1,321

   

$

704

   

53.3

%

   

$

27

   

51.2

%

Used vehicle wholesale sales

$

626

   

$

157

   

$

469

   

NM

   

$

8

   

NM

  Total used

$

1,745

   

$

1,061

   

$

685

   

64.6

%

   

$

23

   

62.4

%

F&I PRU

$

1,772

   

$

1,623

   

$

149

   

9.2

%

   

$

12

   

8.4

%

Other:

                       

SG&A expenses

$

689.6

   

$

555.5

   

$

134.2

   

24.2

%

   

$

7.1

   

22.9

%

Adjusted SG&A expenses (1)

$

688.4

   

$

542.8

   

$

145.6

   

26.8

%

   

$

7.0

   

25.5

%

SG&A as % gross profit

60.3

%

 

72.5

%

 

(12.2)

%

             

Adjusted SG&A as % gross profit (1)

60.2

%

 

70.9

%

 

(10.7)

%

             

Operating margin %

6.2

%

 

3.1

%

 

3.1

%

             

Adjusted operating margin % (1)

6.2

%

 

3.9

%

 

2.3

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

               
 

Three Months Ended June 30,

 

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

1,486.6

   

$

903.9

   

$

582.7

   

64.5

%

Used vehicle retail sales

875.5

   

533.2

   

342.2

   

64.2

%

Used vehicle wholesale sales

60.6

   

30.1

   

30.5

   

101.2

%

  Total used

936.1

   

563.4

   

372.7

   

66.2

%

Parts and service sales

329.3

   

251.2

   

78.1

   

31.1

%

F&I, net

142.8

   

88.7

   

54.1

   

61.0

%

  Total revenues

$

2,894.8

   

$

1,807.1

   

$

1,087.7

   

60.2

%

Gross profit:

             

New vehicle retail sales

$

140.1

   

$

55.9

   

$

84.2

   

150.7

%

Used vehicle retail sales

86.0

   

40.5

   

45.5

   

112.3

%

Used vehicle wholesale sales

6.2

   

1.6

   

4.6

   

NM

  Total used

92.2

   

42.1

   

50.2

   

119.1

%

Parts and service sales

179.6

   

133.9

   

45.8

   

34.2

%

F&I, net

142.8

   

88.7

   

54.1

   

61.0

%

  Total gross profit

$

554.8

   

$

320.5

   

$

234.3

   

73.1

%

Gross margin:

             

New vehicle retail sales

9.4

%

 

6.2

%

 

3.2

%

   

Used vehicle retail sales

9.8

%

 

7.6

%

 

2.2

%

   

Used vehicle wholesale sales

10.2

%

 

5.2

%

 

5.0

%

   

  Total used

9.9

%

 

7.5

%

 

2.4

%

   

Parts and service sales

54.6

%

 

53.3

%

 

1.3

%

   

  Total gross margin

19.2

%

 

17.7

%

 

1.4

%

   

Units sold:

             

Retail new vehicles sold

33,563

   

21,631

   

11,932

   

55.2

%

Retail used vehicles sold

33,665

   

25,691

   

7,974

   

31.0

%

Wholesale used vehicles sold

6,487

   

5,084

   

1,403

   

27.6

%

  Total used

40,152

   

30,775

   

9,377

   

30.5

%

Average sales price per unit sold:

             

New vehicle retail

$

44,292

   

$

41,786

   

$

2,506

   

6.0

%

Used vehicle retail

$

26,005

   

$

20,756

   

$

5,249

   

25.3

%

Gross profit per unit sold:

             

New vehicle retail sales

$

4,173

   

$

2,583

   

$

1,591

   

61.6

%

Used vehicle retail sales

$

2,556

   

$

1,577

   

$

978

   

62.0

%

Used vehicle wholesale sales

$

956

   

$

309

   

$

648

   

NM

  Total used

$

2,297

   

$

1,368

   

$

930

   

68.0

%

F&I PRU

$

2,125

   

$

1,874

   

$

250

   

13.4

%

Other:

             

SG&A expenses

$

309.4

   

$

200.2

   

$

109.2

   

54.6

%

Adjusted SG&A expenses (1)

$

309.4

   

$

189.7

   

$

119.8

   

63.2

%

SG&A as % gross profit

55.8

%

 

62.5

%

 

(6.7)

%

   

Adjusted SG&A as % gross profit (1)

55.8

%

 

59.2

%

 

(3.4)

%

   

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

               
 

Six Months Ended June 30,

 

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

2,732.3

   

$

1,883.2

   

$

849.1

   

45.1

%

Used vehicle retail sales

1,571.9

   

1,096.1

   

475.8

   

43.4

%

Used vehicle wholesale sales

111.0

   

76.0

   

35.0

   

46.0

%

  Total used

1,682.9

   

1,172.1

   

510.8

   

43.6

%

Parts and service sales

624.8

   

553.1

   

71.7

   

13.0

%

F&I, net

257.9

   

185.2

   

72.6

   

39.2

%

  Total revenues

$

5,297.9

   

$

3,793.6

   

$

1,504.3

   

39.7

%

Gross profit:

             

New vehicle retail sales

$

221.0

   

$

102.5

   

$

118.5

   

115.6

%

Used vehicle retail sales

136.4

   

72.3

   

64.1

   

88.7

%

Used vehicle wholesale sales

10.1

   

2.4

   

7.7

   

NM

  Total used

146.5

   

74.7

   

71.8

   

96.2

%

Parts and service sales

344.3

   

295.6

   

48.7

   

16.5

%

F&I, net

257.9

   

185.2

   

72.6

   

39.2

%

  Total gross profit

$

969.7

   

$

658.1

   

$

311.6

   

47.4

%

Gross margin:

             

New vehicle retail sales

8.1

%

 

5.4

%

 

2.6

%

   

Used vehicle retail sales

8.7

%

 

6.6

%

 

2.1

%

   

Used vehicle wholesale sales

9.1

%

 

3.2

%

 

6.0

%

   

  Total used

8.7

%

 

6.4

%

 

2.3

%

   

Parts and service sales

55.1

%

 

53.5

%

 

1.7

%

   

  Total gross margin

18.3

%

 

17.3

%

 

1.0

%

   

Units sold:

             

Retail new vehicles sold

62,711

   

45,902

   

16,809

   

36.6

%

Retail used vehicles sold

64,090

   

52,971

   

11,119

   

21.0

%

Wholesale used vehicles sold

12,927

   

11,981

   

946

   

7.9

%

  Total used

77,017

   

64,952

   

12,065

   

18.6

%

Average sales price per unit sold:

             

New vehicle retail

$

43,570

   

$

41,026

   

$

2,544

   

6.2

%

Used vehicle retail

$

24,526

   

$

20,692

   

$

3,835

   

18.5

%

Gross profit per unit sold:

             

New vehicle retail sales

$

3,524

   

$

2,234

   

$

1,291

   

57.8

%

Used vehicle retail sales

$

2,128

   

$

1,364

   

$

764

   

56.0

%

Used vehicle wholesale sales

$

785

   

$

201

   

$

583

   

NM

  Total used

$

1,903

   

$

1,150

   

$

753

   

65.5

%

F&I PRU

$

2,034

   

$

1,874

   

$

160

   

8.6

%

Other:

             

SG&A expenses

$

571.5

   

$

454.1

   

$

117.3

   

25.8

%

Adjusted SG&A expenses (1)

$

570.2

   

$

443.6

   

$

126.6

   

28.5

%

SG&A as % gross profit

58.9

%

 

69.0

%

 

(10.1)

%

   

Adjusted SG&A as % gross profit (1)

58.8

%

 

67.4

%

 

(8.6)

%

   

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

301.2

   

$

126.2

   

$

175.0

   

138.7

%

   

$

32.9

   

112.6

%

Used vehicle retail sales

300.9

   

91.8

   

209.1

   

227.7

%

   

32.7

   

192.1

%

Used vehicle wholesale sales

32.5

   

15.2

   

17.3

   

113.9

%

   

3.6

   

90.5

%

  Total used

333.4

   

107.0

   

226.4

   

211.6

%

   

36.3

   

177.7

%

Parts and service sales

47.0

   

21.4

   

25.6

   

119.7

%

   

5.1

   

95.8

%

F&I, net

15.7

   

6.3

   

9.5

   

151.1

%

   

1.7

   

123.9

%

  Total revenues

$

697.3

   

$

260.9

   

$

436.5

   

167.3

%

   

$

76.0

   

138.2

%

Gross profit:

                       

New vehicle retail sales

$

18.4

   

$

5.8

   

$

12.6

   

215.9

%

   

$

2.0

   

181.4

%

Used vehicle retail sales

20.8

   

4.8

   

16.0

   

331.9

%

   

2.3

   

285.1

%

Used vehicle wholesale sales

2.5

   

0.3

   

2.2

   

NM

   

0.3

   

NM

  Total used

23.3

   

5.2

   

18.2

   

351.5

%

   

2.5

   

302.9

%

Parts and service sales

29.2

   

11.7

   

17.5

   

149.3

%

   

3.2

   

122.2

%

F&I, net

15.7

   

6.3

   

9.5

   

151.1

%

   

1.7

   

123.9

%

  Total gross profit

$

86.7

   

$

29.0

   

$

57.7

   

199.1

%

   

$

9.4

   

166.6

%

Gross margin:

                       

New vehicle retail sales

6.1

%

 

4.6

%

 

1.5

%

             

Used vehicle retail sales

6.9

%

 

5.3

%

 

1.7

%

             

Used vehicle wholesale sales

7.7

%

 

2.3

%

 

5.5

%

             

  Total used

7.0

%

 

4.8

%

 

2.2

%

             

Parts and service sales

62.2

%

 

54.8

%

 

7.4

%

             

  Total gross margin

12.4

%

 

11.1

%

 

1.3

%

             

Units sold:

                       

Retail new vehicles sold

7,395

   

3,791

   

3,604

   

95.1

%

         

Retail used vehicles sold

10,494

   

3,969

   

6,525

   

164.4

%

         

Wholesale used vehicles sold

4,124

   

1,809

   

2,315

   

128.0

%

         

  Total used

14,618

   

5,778

   

8,840

   

153.0

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,727

   

$

33,284

   

$

7,443

   

22.4

%

   

$

4,455

   

9.0

%

Used vehicle retail

$

28,672

   

$

23,131

   

$

5,541

   

24.0

%

   

$

3,114

   

10.5

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,484

   

$

1,533

   

$

950

   

62.0

%

   

$

271

   

44.3

%

Used vehicle retail sales

$

1,984

   

$

1,215

   

$

770

   

63.3

%

   

$

215

   

45.7

%

Used vehicle wholesale sales

$

611

   

$

192

   

$

419

   

NM

   

$

64

   

NM

  Total used

$

1,597

   

$

895

   

$

702

   

78.5

%

   

$

172

   

59.2

%

F&I PRU

$

879

   

$

807

   

$

72

   

8.9

%

   

$

95

   

(2.9)

%

Other:

                       

SG&A expenses

$

54.9

   

$

27.3

   

$

27.5

   

100.7

%

   

$

6.1

   

78.4

%

Adjusted SG&A expenses (1)

$

54.9

   

$

26.1

   

$

28.8

   

110.1

%

   

$

6.1

   

86.7

%

SG&A as % gross profit

63.3

%

 

94.4

%

 

(31.1)

%

             

Adjusted SG&A as % gross profit (1)

63.3

%

 

90.2

%

 

(26.8)

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

564.2

   

$

421.4

   

$

142.8

   

33.9

%

   

$

52.2

   

21.5

%

Used vehicle retail sales

492.0

   

279.6

   

212.4

   

76.0

%

   

41.7

   

61.1

%

Used vehicle wholesale sales

60.3

   

51.0

   

9.3

   

18.3

%

   

5.0

   

8.5

%

  Total used

552.3

   

330.6

   

221.7

   

67.1

%

   

46.7

   

53.0

%

Parts and service sales

101.8

   

74.1

   

27.7

   

37.3

%

   

8.4

   

25.9

%

F&I, net

26.3

   

19.5

   

6.8

   

35.0

%

   

2.4

   

22.8

%

  Total revenues

$

1,244.5

   

$

845.5

   

$

399.0

   

47.2

%

   

$

110.2

   

34.2

%

Gross profit:

                       

New vehicle retail sales

$

33.1

   

$

17.8

   

$

15.3

   

86.1

%

   

$

3.2

   

67.9

%

Used vehicle retail sales

29.0

   

13.9

   

15.1

   

108.3

%

   

2.5

   

90.0

%

Used vehicle wholesale sales

2.4

   

0.3

   

2.1

   

NM

   

0.2

   

NM

  Total used

31.4

   

14.2

   

17.2

   

120.7

%

   

2.8

   

101.2

%

Parts and service sales

61.2

   

40.5

   

20.7

   

51.2

%

   

5.1

   

38.6

%

F&I, net

26.3

   

19.5

   

6.8

   

35.0

%

   

2.4

   

22.8

%

  Total gross profit

$

152.0

   

$

92.0

   

$

60.0

   

65.3

%

   

$

13.5

   

50.6

%

Gross margin:

                       

New vehicle retail sales

5.9

%

 

4.2

%

 

1.6

%

             

Used vehicle retail sales

5.9

%

 

5.0

%

 

0.9

%

             

Used vehicle wholesale sales

4.0

%

 

0.6

%

 

3.4

%

             

  Total used

5.7

%

 

4.3

%

 

1.4

%

             

Parts and service sales

60.2

%

 

54.6

%

 

5.5

%

             

  Total gross margin

12.2

%

 

10.9

%

 

1.3

%

             

Units sold:

                       

Retail new vehicles sold

13,927

   

12,631

   

1,296

   

10.3

%

         

Retail used vehicles sold

17,580

   

11,922

   

5,658

   

47.5

%

         

Wholesale used vehicles sold

7,249

   

6,358

   

891

   

14.0

%

         

  Total used

24,829

   

18,280

   

6,549

   

35.8

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,509

   

$

33,363

   

$

7,146

   

21.4

%

   

$

3,750

   

10.2

%

Used vehicle retail

$

27,988

   

$

23,452

   

$

4,536

   

19.3

%

   

$

2,370

   

9.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,379

   

$

1,409

   

$

969

   

68.8

%

   

$

232

   

52.3

%

Used vehicle retail sales

$

1,648

   

$

1,167

   

$

481

   

41.3

%

   

$

145

   

28.8

%

Used vehicle wholesale sales

$

333

   

$

49

   

$

284

   

NM

   

$

31

   

NM

  Total used

$

1,264

   

$

778

   

$

486

   

62.5

%

   

$

112

   

48.1

%

F&I PRU

$

834

   

$

793

   

$

41

   

5.2

%

   

$

75

   

(4.3)

%

Other:

                       

SG&A expenses

$

103.1

   

$

85.1

   

$

17.9

   

21.0

%

   

$

9.0

   

10.5

%

Adjusted SG&A expenses (1)

$

103.1

   

$

83.9

   

$

19.1

   

22.8

%

   

$

9.0

   

12.1

%

SG&A as % gross profit

67.8

%

 

92.6

%

 

(24.8)

%

             

Adjusted SG&A as % gross profit (1)

67.8

%

 

91.3

%

 

(23.5)

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

49.8

   

$

19.8

   

$

30.0

   

151.8

%

   

$

0.6

   

148.5

%

Used vehicle retail sales

11.8

   

7.4

   

4.4

   

59.0

%

   

0.1

   

57.2

%

Used vehicle wholesale sales

2.6

   

2.9

   

(0.2)

   

(8.3)

%

   

0.1

   

(10.9)

%

  Total used

14.5

   

10.3

   

4.2

   

40.3

%

   

0.2

   

38.1

%

Parts and service sales

9.2

   

5.9

   

3.3

   

55.9

%

   

0.1

   

53.4

%

F&I, net

1.4

   

0.6

   

0.8

   

139.1

%

   

   

136.2

%

  Total revenues

$

74.8

   

$

36.6

   

$

38.3

   

104.6

%

   

$

1.0

   

101.8

%

Gross profit:

                       

New vehicle retail sales

$

5.2

   

$

1.4

   

$

3.8

   

274.3

%

   

$

0.1

   

270.4

%

Used vehicle retail sales

1.0

   

0.4

   

0.6

   

128.5

%

   

   

127.1

%

Used vehicle wholesale sales

0.2

   

0.1

   

0.1

   

149.8

%

   

   

145.5

%

  Total used

1.2

   

0.5

   

0.7

   

131.8

%

   

   

130.0

%

Parts and service sales

4.0

   

2.5

   

1.6

   

63.9

%

   

0.1

   

61.5

%

F&I, net

1.4

   

0.6

   

0.8

   

139.1

%

   

   

136.2

%

  Total gross profit

$

11.8

   

$

4.9

   

$

6.9

   

138.8

%

   

$

0.2

   

135.7

%

Gross margin:

                       

New vehicle retail sales

10.4

%

 

7.0

%

 

3.4

%

             

Used vehicle retail sales

8.3

%

 

5.8

%

 

2.5

%

             

Used vehicle wholesale sales

7.6

%

 

2.8

%

 

4.8

%

             

  Total used

8.2

%

 

4.9

%

 

3.2

%

             

Parts and service sales

43.9

%

 

41.8

%

 

2.2

%

             

  Total gross margin

15.8

%

 

13.5

%

 

2.3

%

             

Units sold:

                       

Retail new vehicles sold

1,451

   

694

   

757

   

109.1

%

         

Retail used vehicles sold

500

   

356

   

144

   

40.4

%

         

Wholesale used vehicles sold

235

   

324

   

(89)

   

(27.5)

%

         

  Total used

735

   

680

   

55

   

8.1

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

34,313

   

$

28,495

   

$

5,818

   

20.4

%

   

$

438

   

18.9

%

Used vehicle retail

$

23,671

   

$

20,905

   

$

2,766

   

13.2

%

   

$

273

   

11.9

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,578

   

$

1,999

   

$

1,579

   

79.0

%

   

$

38

   

77.1

%

Used vehicle retail sales

$

1,959

   

$

1,204

   

$

755

   

62.7

%

   

$

12

   

61.7

%

Used vehicle wholesale sales

$

850

   

$

247

   

$

603

   

NM

   

$

15

   

NM

  Total used

$

1,605

   

$

748

   

$

856

   

114.5

%

   

$

13

   

112.8

%

F&I PRU

$

707

   

$

550

   

$

158

   

28.7

%

   

$

8

   

27.1

%

Other:

                       

SG&A expenses

$

8.0

   

$

5.6

   

$

2.3

   

41.7

%

   

$

0.1

   

39.9

%

SG&A as % gross profit

67.6

%

 

114.0

%

 

(46.4)

%

             

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

83.9

   

$

77.3

   

$

6.7

   

8.6

%

   

$

(12.4)

   

24.7

%

Used vehicle retail sales

22.5

   

27.4

   

(4.9)

   

(17.8)

%

   

(3.4)

   

(5.4)

%

Used vehicle wholesale sales

4.6

   

6.7

   

(2.1)

   

(30.8)

%

   

(0.5)

   

(23.3)

%

  Total used

27.1

   

34.1

   

(7.0)

   

(20.4)

%

   

(3.9)

   

(9.0)

%

Parts and service sales

17.1

   

15.5

   

1.6

   

10.4

%

   

(2.1)

   

24.2

%

F&I, net

2.8

   

2.3

   

0.5

   

20.1

%

   

(0.4)

   

38.8

%

  Total revenues

$

130.9

   

$

129.1

   

$

1.8

   

1.4

%

   

$

(18.8)

   

16.0

%

Gross profit:

                       

New vehicle retail sales

$

8.6

   

$

4.9

   

$

3.7

   

75.1

%

   

$

(1.2)

   

100.2

%

Used vehicle retail sales

2.1

   

1.5

   

0.6

   

41.1

%

   

(0.3)

   

61.8

%

Used vehicle wholesale sales

0.4

   

0.3

   

0.1

   

30.0

%

   

(0.1)

   

47.8

%

  Total used

2.5

   

1.8

   

0.7

   

39.3

%

   

(0.4)

   

59.5

%

Parts and service sales

7.4

   

6.7

   

0.7

   

10.8

%

   

(0.9)

   

25.0

%

F&I, net

2.8

   

2.3

   

0.5

   

20.1

%

   

(0.4)

   

38.8

%

  Total gross profit

$

21.2

   

$

15.6

   

$

5.6

   

35.5

%

   

$

(2.9)

   

54.3

%

Gross margin:

                       

New vehicle retail sales

10.2

%

 

6.3

%

 

3.9

%

             

Used vehicle retail sales

9.3

%

 

5.4

%

 

3.9

%

             

Used vehicle wholesale sales

7.9

%

 

4.2

%

 

3.7

%

             

  Total used

9.1

%

 

5.2

%

 

3.9

%

             

Parts and service sales

43.3

%

 

43.1

%

 

0.1

%

             

  Total gross margin

16.2

%

 

12.1

%

 

4.1

%

             

Units sold:

                       

Retail new vehicles sold

2,622

   

2,665

   

(43)

   

(1.6)

%

         

Retail used vehicles sold

1,016

   

1,454

   

(438)

   

(30.1)

%

         

Wholesale used vehicles sold

469

   

799

   

(330)

   

(41.3)

%

         

  Total used

1,485

   

2,253

   

(768)

   

(34.1)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

32,011

   

$

28,994

   

$

3,017

   

10.4

%

   

$

(4,728)

   

26.7

%

Used vehicle retail

$

22,143

   

$

18,828

   

$

3,315

   

17.6

%

   

$

(3,334)

   

35.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,273

   

$

1,839

   

$

1,434

   

78.0

%

   

$

(469)

   

103.5

%

Used vehicle retail sales

$

2,055

   

$

1,018

   

$

1,037

   

101.9

%

   

$

(301)

   

131.5

%

Used vehicle wholesale sales

$

788

   

$

356

   

$

432

   

NM

   

$

(108)

   

NM

  Total used

$

1,655

   

$

783

   

$

872

   

111.4

%

   

$

(240)

   

142.0

%

F&I PRU

$

758

   

$

557

   

$

200

   

35.9

%

   

$

(118)

   

57.2

%

Other:

                       

SG&A expenses

$

15.1

   

$

16.2

   

$

(1.0)

   

(6.5)

%

   

$

(1.9)

   

5.3

%

Adjusted SG&A expenses (1)

$

15.1

   

$

15.3

   

$

(0.2)

   

(1.1)

%

   

$

(1.9)

   

11.6

%

SG&A as % gross profit

71.4

%

 

103.5

%

 

(32.1)

%

             

Adjusted SG&A as % gross profit (1)

71.4

%

 

97.8

%

 

(26.4)

%

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended June 30, 2021

   

U.S. GAAP

 

Non-cash loss

on interest rate

swaps

 

Dealership and

real estate

transactions

 

Tax rate

changes

 

Non-GAAP

adjusted

SG&A expenses

 

$

376.7

   

$

   

$

0.8

   

$

   

$

377.5

 

Income (loss) from operations

 

$

265.8

   

$

   

$

(0.8)

   

$

   

$

264.9

 

Floorplan interest expense

 

$

8.8

   

$

(2.3)

   

$

   

$

   

$

6.5

 
                     

Income (loss) before income taxes

 

$

243.2

   

$

2.3

   

$

(0.8)

   

$

   

$

244.8

 

Less: Provision (benefit) for income taxes

 

52.3

   

0.5

   

(0.2)

   

1.9

   

54.6

 

Net income (loss)

 

191.0

   

1.8

   

(0.6)

   

(1.9)

   

190.2

 

Less: Earnings (loss) allocated to participating securities

 

6.4

   

0.1

   

   

(0.1)

   

6.4

 

Net income (loss) available to diluted common shares

 

$

184.5

   

$

1.7

   

$

(0.6)

   

$

(1.8)

   

$

183.8

 
                     

Diluted income (loss) per common share

 

$

10.35

   

$

0.10

   

$

(0.03)

   

$

(0.10)

   

$

10.31

 
                     

Effective tax rate

 

21.5

%

             

22.3

%

                     

SG&A as % gross profit (1)

 

57.0

%

             

57.1

%

Operating margin (2)

 

7.2

%

             

7.2

%

Pretax margin (3)

 

6.6

%

             

6.6

%

(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

(2) Adjusted operating margin excludes the impact of SG&A reconciling items above.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items above and a non-cash loss on interest rate swaps.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended June 30, 2020

   

U.S. GAAP

 

Severance

costs

 

Out-of-period

adjustment

 

Asset

impairments

 

Loss on

extinguishment

of debt

 

Non-GAAP

adjusted

SG&A expenses

 

$

237.2

   

$

(1.2)

   

$

(10.6)

   

$

   

$

   

$

225.4

 

Asset impairments

 

$

23.8

   

$

   

$

   

$

(23.8)

   

$

   

$

 

Income from operations

 

$

79.0

   

$

1.2

   

$

10.6

   

$

23.8

   

$

   

$

114.6

 

Loss on extinguishment of debt

 

$

10.4

   

$

   

$

   

$

   

$

(10.4)

   

$