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Group 1 Automotive

800 Gessner
Houston, TX 77024

  • Sales: (713) 647-5700
Investor Relations

Group 1 Automotive Announces Record Third Quarter 2021 Financial Results

- Record Quarterly EPS of $9.33

- Total Revenues Increase 15%

HOUSTON, Oct. 28, 2021 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, with 191 dealerships located in the U.S., U.K., and Brazil, today reported an all-time record third quarter 2021 ("current quarter") net income per diluted share of $9.33, a 36.5% increase from $6.83 per diluted share as reported for third quarter 2020 ("prior year quarter"). 

Current quarter adjusted net income per diluted share (a non-GAAP measure) was an all-time quarterly record of $9.62, a 38.0% increase from $6.97 adjusted net income per diluted share for the prior year quarter, and an increase of 219.1% over the pre-pandemic third quarter of 2019.  Current quarter net income was $172.1 million, a 36.1% increase compared to net income of $126.4 million in the prior year quarter.  Current quarter adjusted net income (a non-GAAP measure) was $177.5 million, a 37.6% increase compared to adjusted net income of $129.0 million for the prior year quarter.  The Company's current quarter total revenues were $3.5 billion, a 15.4% increase compared to total revenues of $3.0 billion in the prior year quarter. 

"Continued strong vehicle margins, further improvement in our service volume, and diligent cost control delivered this quarter's impressive results," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer. "We continue to sell most new vehicles almost immediately upon manufacturer delivery.  Assuming no material change in consumer demand, this dynamic should continue throughout the fourth quarter and into 2022.  In addition to the recently announced dealership acquisition in the Dallas and Sacramento markets, we remain on track to close the purchase of the Prime Auto Group in November."

Current quarter adjusted net income and diluted earnings per share excluded net after-tax adjustments of $5.4 million, or $0.29 per common share, related to a loss on debt extinguishment of $3.8 million, or $0.21 per common share; acquisition costs of $3.4 million, or $0.18 per common share; an asset impairment charge of $1.3 million, or $0.07 per common share; and hurricane related losses of $0.4 million or $0.02 per common share.  These adjustments were partially offset by favorable legal settlements of $2.9 million, or $0.16 per common share; and a non-cash gain associated with certain interest rate swaps of $0.7 million, or $0.04 per common share.  Prior year quarter adjusted net income and diluted earnings per share excluded a net after-tax adjustment related to a loss on debt redemption of $2.6 million, or $0.14 per common share.  Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.

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

 

Reported:

  • Total revenues increased 15.4%, to $3.5 billion.
  • Total gross profit increased 27.6%, to $653.2 million.
  • New vehicle revenues only decreased 0.3%, despite an 11.9% decline in units sold, driven by an increase in gross profit per retail unit (PRU) of 91.8%, to $4,773
  • Used vehicle retail revenues increased 44.0%, driven by a 12.8% increase in units sold, and an increase in used vehicle retail gross profit PRU of 23.0%, to $2,279.
  • Parts and service gross profit increased 12.3%, on a 13.8% increase in revenue.
  • Finance and Insurance (F&I) gross profit PRU increased 13.9%, to $1,885.
  • Selling, General and Administrative (SG&A) expenses as a percentage of gross profit decreased 77 basis points, to 59.0%.  Adjusted SG&A expenses (a non-GAAP measure) as a percentage of gross profit decreased 96 basis points, to 58.8%.

 

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

  • Total revenues increased 11.5%. 
  • Total gross profit increased 24.6%.
  • New vehicle gross profit increased 65.1%, despite a 14.3% decrease in units sold, driven by an increase in new vehicle gross profit PRU of 92.7%.
  • Used vehicle retail gross profit increased 32.2%, as units sold increased 9.0%, and used vehicle retail gross profit PRU increased 21.3%.
  • Parts and service gross profit increased 10.1%.
  • F&I gross profit PRU increased 15.9%.
  • SG&A expenses as a percentage of gross profit decreased 98 basis points.  Adjusted SG&A expenses as a percentage of gross profit decreased 116 basis points.

 

Corporate Development

As previously announced in September 2021, the Company entered into a definitive agreement to purchase substantially all the assets, including real estate, of Prime Automotive Group, which includes 30 dealerships and three collision centers in the Northeastern U.S.  In 2020, the corresponding Prime dealerships generated $1.8 billion in annual revenues.  As previously announced in October 2021, the Company acquired two dealerships in Texas and one in California, which are expected to generate approximately $235 million in annualized revenues.

Year-to-date, Group 1 has completed transactions representing $655.0 million of acquired annual revenues, growing the Company's portfolio by 17 franchises.  With the Company's previously announced pending acquisition of Prime Automotive Group expected to close in November 2021, the Company's total acquired revenues are expected to be approximately $2.5 billion at the anticipated closing date, and Group 1's total dealership count would increase to 221 locations globally, which would include 150 U.S. locations. 

Year-to-date, the Company has disposed of four franchises, which generated approximately $70 million in trailing-twelve-month revenues.

Third 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 third 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: 

3636071

A telephonic replay will be available following the call through November 4, 2021 by dialing:

Domestic:   

1-877-344-7529

International:

1-412-317-0088

Replay ID:      

10160522

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 191 automotive dealerships, 248 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 33 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 often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 on our business, (j) the impacts of any potential global recession, (k) our ability to maintain sufficient liquidity to operate, (l) the risk that proposed transactions will not be consummated in a timely manner, (m) risks that any of the closing conditions to the Prime Acquisition may not be satisfied or may not be satisfied in a timely manner, and (n) our ability to successfully integrate recent and future acquisitions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

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

In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, 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 September 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

1,576.2

   

$

1,580.7

   

$

(4.5)

   

(0.3)

%

Used vehicle retail sales

 

1,248.3

   

867.2

   

381.1

   

44.0

%

Used vehicle wholesale sales

 

109.4

   

86.7

   

22.7

   

26.2

%

Parts and service sales

 

427.6

   

375.6

   

52.0

   

13.8

%

Finance, insurance and other, net

 

147.7

   

129.5

   

18.2

   

14.1

%

  Total revenues

 

3,509.2

   

3,039.6

   

469.6

   

15.4

%

COST OF SALES:

               

New vehicle retail sales

 

1,408.5

   

1,481.5

   

(72.9)

   

(4.9)

%

Used vehicle retail sales

 

1,149.8

   

796.1

   

353.7

   

44.4

%

Used vehicle wholesale sales

 

101.8

   

80.7

   

21.0

   

26.0

%

Parts and service sales

 

195.9

   

169.4

   

26.6

   

15.7

%

  Total cost of sales

 

2,856.0

   

2,527.7

   

328.3

   

13.0

%

GROSS PROFIT

 

653.2

   

512.0

   

141.3

   

27.6

%

Selling, general and administrative expenses

 

385.1

   

305.8

   

79.3

   

25.9

%

Depreciation and amortization expense

 

19.6

   

19.1

   

0.5

   

2.5

%

Asset impairments

 

1.7

   

   

1.7

   

%

INCOME FROM OPERATIONS

 

246.8

   

187.1

   

59.7

   

31.9

%

Floorplan interest expense

 

4.8

   

8.1

   

(3.3)

   

(40.9)

%

Other interest expense, net

 

13.2

   

14.6

   

(1.5)

   

(10.1)

%

Loss on extinguishment of debt

 

3.8

   

3.3

   

0.5

   

15.2

%

INCOME BEFORE INCOME TAXES

 

225.0

   

161.0

   

64.0

   

39.8

%

Provision for income taxes

 

52.9

   

34.6

   

18.3

   

53.1

%

NET INCOME

 

$

172.1

   

$

126.4

   

$

45.7

   

36.1

%

Less: Earnings allocated to participating securities

 

5.7

   

4.5

   

1.2

   

25.5

%

Net income available to diluted common shares

 

$

166.4

   

$

121.9

   

$

44.5

   

36.5

%

DILUTED EARNINGS PER SHARE

 

$

9.33

   

$

6.83

   

$

2.50

   

36.5

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.8

   

   

%

Weighted average participating securities

 

0.6

   

0.7

   

(0.1)

   

(7.7)

%

  Total weighted average shares

 

18.4

   

18.5

   

(0.1)

   

(0.3)

%

Effective tax rate

 

23.5

%

 

21.5

%

 

2.0

%

   

 

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Nine Months Ended September 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

4,974.9

   

$

3,985.5

   

$

989.3

   

24.8

%

Used vehicle retail sales

 

3,342.7

   

2,287.4

   

1,055.3

   

46.1

%

Used vehicle wholesale sales

 

286.0

   

221.9

   

64.1

   

28.9

%

Parts and service sales

 

1,180.4

   

1,028.2

   

152.2

   

14.8

%

Finance, insurance and other, net

 

435.7

   

338.7

   

97.1

   

28.7

%

  Total revenues

 

10,219.7

   

7,861.7

   

2,358.0

   

30.0

%

COST OF SALES:

               

New vehicle retail sales

 

4,542.9

   

3,759.7

   

783.2

   

20.8

%

Used vehicle retail sales

 

3,075.5

   

2,127.9

   

947.5

   

44.5

%

Used vehicle wholesale sales

 

265.3

   

212.9

   

52.4

   

24.6

%

Parts and service sales

 

530.9

   

473.9

   

57.0

   

12.0

%

  Total cost of sales

 

8,414.5

   

6,574.4

   

1,840.1

   

28.0

%

GROSS PROFIT

 

1,805.1

   

1,287.2

   

517.9

   

40.2

%

Selling, general and administrative expenses

 

1,080.3

   

870.9

   

209.3

   

24.0

%

Depreciation and amortization expense

 

57.9

   

56.5

   

1.4

   

2.4

%

Asset impairments

 

1.7

   

23.8

   

(22.1)

   

(92.8)

%

INCOME FROM OPERATIONS

 

665.3

   

336.0

   

329.3

   

98.0

%

Floorplan interest expense

 

21.2

   

31.1

   

(9.9)

   

(32.0)

%

Other interest expense, net

 

40.7

   

49.0

   

(8.3)

   

(17.0)

%

Loss on extinguishment of debt

 

3.8

   

13.7

   

(9.9)

   

(72.0)

%

INCOME BEFORE INCOME TAXES

 

599.6

   

242.2

   

357.4

   

147.6

%

Provision for income taxes

 

134.6

   

55.8

   

78.8

   

141.1

%

NET INCOME

 

$

465.0

   

$

186.4

   

$

278.7

   

149.5

%

Less: Earnings allocated to participating securities

 

15.6

   

6.7

   

8.9

   

132.8

%

Net income available to diluted common shares

 

$

449.4

   

$

179.7

   

$

269.7

   

150.1

%

DILUTED EARNINGS PER SHARE

 

$

25.21

   

$

10.08

   

$

15.12

   

150.0

%

Weighted average dilutive common shares outstanding

 

17.8

   

17.8

   

   

0.1

%

Weighted average participating securities

 

0.6

   

0.7

   

   

(6.8)

%

  Total weighted average shares

 

18.5

   

18.5

   

   

(0.2)

%

Effective tax rate

 

22.4

%

 

23.1

%

 

(0.6)

%

   

 

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                 
   

September 30, 2021

 

December 31, 2020

 

Increase/(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$

296.9

   

$

87.3

   

$

209.7

   

240.3

%

Inventories, net

 

$

850.8

   

$

1,468.0

   

$

(617.2)

   

(42.0)

%

Floorplan notes payable, net (1)

 

$

317.9

   

$

1,095.0

   

$

(777.1)

   

(71.0)

%

Total debt

 

$

1,333.9

   

$

1,351.4

   

$

(17.5)

   

(1.3)

%

Total equity

 

$

1,918.6

   

$

1,449.6

   

$

469.0

   

32.4

%

(1) Amounts are net of offset accounts of $334.7 and $176.4, respectively.

 

   

Three Months Ended September 30,

 

Nine Months Ended September 30,

   

2021

 

2020

 

2021

 

2020

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

74.0

%

 

70.2

%

 

77.6

%

 

73.2

%

United Kingdom

 

21.0

%

 

26.8

%

 

18.6

%

 

23.0

%

Brazil

 

5.0

%

 

3.0

%

 

3.8

%

 

3.8

%

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

26.5

%

 

22.7

%

 

26.1

%

 

22.9

%

Volkswagen/Audi/Porsche/SEAT/SKODA

 

16.4

%

 

17.7

%

 

15.3

%

 

15.6

%

BMW/MINI

 

12.6

%

 

11.8

%

 

11.6

%

 

11.4

%

Honda/Acura

 

9.4

%

 

8.5

%

 

9.8

%

 

9.2

%

Ford/Lincoln

 

7.8

%

 

10.1

%

 

8.3

%

 

10.7

%

Chevrolet/GMC/Buick/Cadillac

 

5.9

%

 

7.1

%

 

6.6

%

 

7.4

%

Nissan

 

5.5

%

 

4.7

%

 

5.5

%

 

5.3

%

Hyundai/Kia/Genesis

 

5.1

%

 

4.3

%

 

5.2

%

 

4.4

%

Mercedes-Benz/smart/Sprinter

 

3.9

%

 

5.3

%

 

4.5

%

 

5.3

%

Chrysler/Dodge/Jeep/RAM

 

3.7

%

 

4.0

%

 

3.9

%

 

4.0

%

Jaguar/Land Rover

 

1.6

%

 

2.5

%

 

1.8

%

 

2.3

%

Other

 

1.5

%

 

1.3

%

 

1.4

%

 

1.5

%

   

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

 

   

September 30, 2021

 

December 31, 2020

 

September 30, 2020

DAYS' SUPPLY IN INVENTORY (1):

           

Consolidated

           

New vehicle inventory

 

14

 

52

 

41

Used vehicle inventory

 

30

 

37

 

35

U.S.

           

New vehicle inventory

 

11

 

48

 

52

Used vehicle inventory

 

25

 

32

 

33

U.K.

           

New vehicle inventory

 

19

 

102

 

20

Used vehicle inventory

 

42

 

52

 

37

Brazil

           

New vehicle inventory

 

23

 

27

 

41

Used vehicle inventory

 

49

 

51

 

44

 

(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 September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

1,576.2

   

$

1,580.7

   

$

(4.5)

   

(0.3)

%

   

$

21.4

   

(1.6)

%

Used vehicle retail sales

1,248.3

   

867.2

   

381.1

   

44.0

%

   

21.4

   

41.5

%

Used vehicle wholesale sales

109.4

   

86.7

   

22.7

   

26.2

%

   

2.5

   

23.3

%

  Total used

1,357.7

   

953.9

   

403.8

   

42.3

%

   

23.9

   

39.8

%

Parts and service sales

427.6

   

375.6

   

52.0

   

13.8

%

   

4.3

   

12.7

%

F&I, net

147.7

   

129.5

   

18.2

   

14.1

%

   

1.0

   

13.3

%

  Total revenues

$

3,509.2

   

$

3,039.6

   

$

469.6

   

15.4

%

   

$

50.8

   

13.8

%

Gross profit:

                       

New vehicle retail sales

$

167.7

   

$

99.2

   

$

68.4

   

69.0

%

   

$

1.5

   

67.4

%

Used vehicle retail sales

98.6

   

71.1

   

27.5

   

38.6

%

   

1.5

   

36.5

%

Used vehicle wholesale sales

7.6

   

5.9

   

1.7

   

28.1

%

   

0.3

   

23.4

%

  Total used

106.2

   

77.0

   

29.1

   

37.8

%

   

1.8

   

35.5

%

Parts and service sales

231.7

   

206.2

   

25.5

   

12.3

%

   

2.6

   

11.1

%

F&I, net

147.7

   

129.5

   

18.2

   

14.1

%

   

1.0

   

13.3

%

  Total gross profit

$

653.2

   

$

512.0

   

$

141.3

   

27.6

%

   

$

7.0

   

26.2

%

Gross margin:

                       

New vehicle retail sales

10.6

%

 

6.3

%

 

4.4

%

             

Used vehicle retail sales

7.9

%

 

8.2

%

 

(0.3)

%

             

Used vehicle wholesale sales

7.0

%

 

6.9

%

 

0.1

%

             

  Total used

7.8

%

 

8.1

%

 

(0.3)

%

             

Parts and service sales

54.2

%

 

54.9

%

 

(0.7)

%

             

  Total gross margin

18.6

%

 

16.8

%

 

1.8

%

             

Units sold:

                       

Retail new vehicles sold

35,126

   

39,869

   

(4,743)

   

(11.9)

%

         

Retail used vehicles sold

43,240

   

38,347

   

4,893

   

12.8

%

         

Wholesale used vehicles sold

11,261

   

11,581

   

(320)

   

(2.8)

%

         

  Total used

54,501

   

49,928

   

4,573

   

9.2

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

44,872

   

$

39,647

   

$

5,226

   

13.2

%

   

$

609

   

11.6

%

Used vehicle retail

$

28,870

   

$

22,614

   

$

6,256

   

27.7

%

   

$

494

   

25.5

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

4,773

   

$

2,489

   

$

2,285

   

91.8

%

   

$

43

   

90.1

%

Used vehicle retail sales

$

2,279

   

$

1,854

   

$

425

   

23.0

%

   

$

36

   

21.0

%

Used vehicle wholesale sales

$

676

   

$

513

   

$

163

   

31.7

%

   

$

25

   

26.9

%

  Total used

$

1,948

   

$

1,543

   

$

405

   

26.3

%

   

$

33

   

24.1

%

F&I PRU

$

1,885

   

$

1,655

   

$

229

   

13.9

%

   

$

13

   

13.1

%

Other:

                       

SG&A expenses

$

385.1

   

$

305.8

   

$

79.3

   

25.9

%

   

$

4.5

   

24.5

%

Adjusted SG&A expenses (1)

$

383.9

   

$

305.8

   

$

78.1

   

25.5

%

   

$

4.5

   

24.1

%

SG&A as % gross profit

59.0

%

 

59.7

%

 

(0.8)

%

             

Adjusted SG&A as % gross profit (1)

58.8

%

 

59.7

%

 

(1.0)

%

             

Operating margin %

7.0

%

 

6.2

%

 

0.9

%

             

Adjusted operating margin % (1)

7.1

%

 

6.2

%

 

1.0

%

             

Pretax margin %

6.4

%

 

5.3

%

 

1.1

%

             

Adjusted pretax margin % (1)

6.6

%

 

5.4

%

 

1.2

%

             

Floorplan expense:

                       

Floorplan interest expense

$

4.8

   

$

8.1

   

$

(3.3)

   

(40.9)

%

   

$

0.1

   

(42.4)

%

Less: Floorplan assistance (2)

12.2

   

12.7

   

(0.5)

   

(4.0)

%

   

   

(4.0)

%

  Net floorplan expense

$

(7.4)

   

$

(4.6)

   

$

(2.8)

         

$

0.1

     

Adjusted floorplan interest expense (1)

$

5.7

   

$

8.1

   

$

(2.4)

   

(30.0)

%

   

$

0.1

   

(31.5)

%

 

(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.

(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)

   
 

Nine Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

4,974.9

   

$

3,985.5

   

$

989.3

   

24.8

%

   

$

57.2

   

23.4

%

Used vehicle retail sales

3,342.7

   

2,287.4

   

1,055.3

   

46.1

%

   

58.3

   

43.6

%

Used vehicle wholesale sales

286.0

   

221.9

   

64.1

   

28.9

%

   

6.9

   

25.8

%

  Total used

3,628.7

   

2,509.3

   

1,119.4

   

44.6

%

   

65.2

   

42.0

%

Parts and service sales

1,180.4

   

1,028.2

   

152.2

   

14.8

%

   

10.8

   

13.7

%

F&I, net

435.7

   

338.7

   

97.1

   

28.7

%

   

2.9

   

27.8

%

  Total revenues

$

10,219.7

   

$

7,861.7

   

$

2,358.0

   

30.0

%

   

$

136.9

   

28.3

%

Gross profit:

                       

New vehicle retail sales

$

432.0

   

$

225.8

   

$

206.2

   

91.3

%

   

$

3.4

   

89.8

%

Used vehicle retail sales

267.3

   

159.5

   

107.8

   

67.6

%

   

3.7

   

65.2

%

Used vehicle wholesale sales

20.7

   

9.0

   

11.7

   

130.3

%

   

0.4

   

125.4

%

  Total used

287.9

   

168.5

   

119.5

   

70.9

%

   

4.2

   

68.4

%

Parts and service sales

649.5

   

554.2

   

95.2

   

17.2

%

   

6.8

   

15.9

%

F&I, net

435.7

   

338.7

   

97.1

   

28.7

%

   

2.9

   

27.8

%

  Total gross profit

$

1,805.1

   

$

1,287.2

   

$

517.9

   

40.2

%

   

$

17.3

   

38.9

%

Gross margin:

                       

New vehicle retail sales

8.7

%

 

5.7

%

 

3.0

%

             

Used vehicle retail sales

8.0

%

 

7.0

%

 

1.0

%

             

Used vehicle wholesale sales

7.2

%

 

4.0

%

 

3.2

%

             

  Total used

7.9

%

 

6.7

%

 

1.2

%

             

Parts and service sales

55.0

%

 

53.9

%

 

1.1

%

             

  Total gross margin

17.7

%

 

16.4

%

 

1.3

%

             

Units sold:

                       

Retail new vehicles sold

114,882

   

101,701

   

13,181

   

13.0

%

         

Retail used vehicles sold

126,301

   

105,665

   

20,636

   

19.5

%

         

Wholesale used vehicles sold

32,038

   

30,970

   

1,068

   

3.4

%

         

  Total used

158,339

   

136,635

   

21,704

   

15.9

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

43,304

   

$

39,189

   

$

4,115

   

10.5

%

   

$

498

   

9.2

%

Used vehicle retail

$

26,466

   

$

21,648

   

$

4,818

   

22.3

%

   

$

462

   

20.1

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,760

   

$

2,220

   

$

1,540

   

69.3

%

   

$

29

   

68.0

%

Used vehicle retail sales

$

2,116

   

$

1,510

   

$

607

   

40.2

%

   

$

29

   

38.2

%

Used vehicle wholesale sales

$

645

   

$

290

   

$

355

   

122.6

%

   

$

14

   

117.9

%

  Total used

$

1,819

   

$

1,233

   

$

585

   

47.5

%

   

$

26

   

45.3

%

F&I PRU

$

1,807

   

$

1,633

   

$

174

   

10.6

%

   

$

12

   

9.9

%

Other:

                       

SG&A expenses

$

1,080.3

   

$

870.9

   

$

209.3

   

24.0

%

   

$

11.7

   

22.7

%

Adjusted SG&A expenses (1)

$

1,078.9

   

$

858.3

   

$

220.7

   

25.7

%

   

$

11.6

   

24.4

%

SG&A as % gross profit

59.8

%

 

67.7

%

 

(7.8)

%

             

Adjusted SG&A as % gross profit (1)

59.8

%

 

66.7

%

 

(6.9)

%

             

Operating margin %

6.5

%

 

4.3

%

 

2.2

%

             

Adjusted operating margin % (1)

6.5

%

 

4.7

%

 

1.8

%

             

Pretax margin %

5.9

%

 

3.1

%

 

2.8

%

             

Adjusted pretax margin % (1)

5.9

%

 

3.7

%

 

2.2

%

             

Floorplan expense:

                       

Floorplan interest expense

$

21.2

   

$

31.1

   

$

(9.9)

   

(32.0)

%

   

$

0.3

   

(33.1)

%

Less: Floorplan assistance (2)

40.6

   

33.0

   

7.6

   

22.9

%

   

   

22.9

%

  Net floorplan expense

$

(19.5)

   

$

(1.9)

   

$

(17.5)

         

$

0.3

     

Adjusted floorplan interest expense (1)

$

19.7

   

$

31.1

   

$

(11.4)

   

(36.6)

%

   

$

0.3

   

(37.7)

%

 

(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 - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended September 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

1,208.5

   

$

1,172.2

   

$

36.3

   

3.1

%

Used vehicle retail sales

 

902.3

   

608.2

   

294.1

   

48.4

%

Used vehicle wholesale sales

 

68.0

   

44.8

   

23.2

   

51.8

%

  Total used

 

970.3

   

653.0

   

317.4

   

48.6

%

Parts and service sales

 

353.1

   

306.4

   

46.7

   

15.3

%

F&I, net

 

130.5

   

113.0

   

17.4

   

15.4

%

  Total revenues

 

$

2,662.4

   

$

2,244.6

   

$

417.8

   

18.6

%

Gross profit:

               

New vehicle retail sales

 

$

140.0

   

$

79.8

   

$

60.2

   

75.5

%

Used vehicle retail sales

 

73.1

   

52.8

   

20.2

   

38.3

%

Used vehicle wholesale sales

 

3.2

   

3.7

   

(0.5)

   

(13.6)

%

  Total used

 

76.3

   

56.6

   

19.7

   

34.9

%

Parts and service sales

 

188.2

   

166.3

   

21.9

   

13.2

%

F&I, net

 

130.5

   

113.0

   

17.4

   

15.4

%

  Total gross profit

 

$

535.0

   

$

415.7

   

$

119.3

   

28.7

%

Gross margin:

               

New vehicle retail sales

 

11.6

%

 

6.8

%

 

4.8

%

   

Used vehicle retail sales

 

8.1

%

 

8.7

%

 

(0.6)

%

   

Used vehicle wholesale sales

 

4.8

%

 

8.3

%

 

(3.6)

%

   

  Total used

 

7.9

%

 

8.7

%

 

(0.8)

%

   

Parts and service sales

 

53.3

%

 

54.3

%

 

(1.0)

%

   

  Total gross margin

 

20.1

%

 

18.5

%

 

1.6

%

   

Units sold:

               

Retail new vehicles sold

 

25,984

   

27,980

   

(1,996)

   

(7.1)

%

Retail used vehicles sold

 

31,704

   

27,694

   

4,010

   

14.5

%

Wholesale used vehicles sold

 

6,758

   

6,195

   

563

   

9.1

%

  Total used

 

38,462

   

33,889

   

4,573

   

13.5

%

Average sales price per unit sold:

               

New vehicle retail

 

$

46,510

   

$

41,895

   

$

4,614

   

11.0

%

Used vehicle retail

 

$

28,461

   

$

21,961

   

$

6,500

   

29.6

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

5,388

   

$

2,852

   

$

2,536

   

88.9

%

Used vehicle retail sales

 

$

2,305

   

$

1,908

   

$

397

   

20.8

%

Used vehicle wholesale sales

 

$

478

   

$

603

   

$

(125)

   

(20.8)

%

  Total used

 

$

1,984

   

$

1,669

   

$

315

   

18.9

%

F&I PRU

 

$

2,261

   

$

2,030

   

$

231

   

11.4

%

Other:

               

SG&A expenses

 

$

308.7

   

$

245.2

   

$

63.5

   

25.9

%

Adjusted SG&A expenses (1)

 

$

308.1

   

$

245.2

   

$

62.8

   

25.6

%

SG&A as % gross profit

 

57.7

%

 

59.0

%

 

(1.3)

%

   

Adjusted SG&A as % gross profit (1)

 

57.6

%

 

59.0

%

 

(1.4)

%

   
 

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

 

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Nine Months Ended September 30,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

3,958.9

   

$

3,076.3

   

$

882.6

   

28.7

%

Used vehicle retail sales

 

2,481.7

   

1,719.4

   

762.3

   

44.3

%

Used vehicle wholesale sales

 

179.6

   

122.1

   

57.5

   

47.0

%

  Total used

 

2,661.3

   

1,841.5

   

819.8

   

44.5

%

Parts and service sales

 

982.0

   

865.2

   

116.8

   

13.5

%

F&I, net

 

389.4

   

300.2

   

89.2

   

29.7

%

  Total revenues

 

$

7,991.6

   

$

6,083.3

   

$

1,908.4

   

31.4

%

Gross profit:

               

New vehicle retail sales

 

$

362.6

   

$

183.6

   

$

179.0

   

97.5

%

Used vehicle retail sales

 

210.7

   

125.7

   

85.0

   

67.6

%

Used vehicle wholesale sales

 

13.6

   

6.2

   

7.4

   

119.9

%

  Total used

 

224.3

   

131.9

   

92.4

   

70.0

%

Parts and service sales

 

535.1

   

465.4

   

69.7

   

15.0

%

F&I, net

 

389.4

   

300.2

   

89.2

   

29.7

%

  Total gross profit

 

$

1,511.4

   

$

1,081.1

   

$

430.3

   

39.8

%

Gross margin:

               

New vehicle retail sales

 

9.2

%

 

6.0

%

 

3.2

%

   

Used vehicle retail sales

 

8.5

%

 

7.3

%

 

1.2

%

   

Used vehicle wholesale sales

 

7.6

%

 

5.0

%

 

2.5

%

   

  Total used

 

8.4

%

 

7.2

%

 

1.3

%

   

Parts and service sales

 

54.5

%

 

53.8

%

 

0.7

%

   

  Total gross margin

 

18.9

%

 

17.8

%

 

1.1

%

   

Units sold:

               

Retail new vehicles sold

 

89,183

   

74,412

   

14,771

   

19.9

%

Retail used vehicles sold

 

96,143

   

81,494

   

14,649

   

18.0

%

Wholesale used vehicles sold

 

19,804

   

18,372

   

1,432

   

7.8

%

  Total used

 

115,947

   

99,866

   

16,081

   

16.1

%

Average sales price per unit sold:

               

New vehicle retail

 

$

44,391

   

$

41,342

   

$

3,049

   

7.4

%

Used vehicle retail

 

$

25,813

   

$

21,099

   

$

4,714

   

22.3

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

4,066

   

$

2,467

   

$

1,599

   

64.8

%

Used vehicle retail sales

 

$

2,192

   

$

1,543

   

$

649

   

42.1

%

Used vehicle wholesale sales

 

$

685

   

$

336

   

$

349

   

104.0

%

  Total used

 

$

1,934

   

$

1,321

   

$

614

   

46.5

%

F&I PRU

 

$

2,101

   

$

1,926

   

$

176

   

9.1

%

Other:

               

SG&A expenses

 

$

883.0

   

$

706.0

   

$

177.0

   

25.1

%

Adjusted SG&A expenses (1)

 

$

882.8

   

$

695.4

   

$

187.3

   

26.9

%

SG&A as % gross profit

 

58.4

%

 

65.3

%

 

(6.9)

%

   

Adjusted SG&A as % gross profit (1)

 

58.4

%

 

64.3

%

 

(5.9)

%

   
 

(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)

   
 

Three Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

305.4

   

$

376.6

   

$

(71.2)

   

(18.9)

%

   

$

19.8

   

(24.2)

%

Used vehicle retail sales

328.0

   

248.1

   

80.0

   

32.2

%

   

20.9

   

23.8

%

Used vehicle wholesale sales

38.1

   

39.5

   

(1.4)

   

(3.6)

%

   

2.4

   

(9.8)

%

  Total used

366.1

   

287.6

   

78.5

   

27.3

%

   

23.3

   

19.2

%

Parts and service sales

63.4

   

61.3

   

2.1

   

3.4

%

   

4.0

   

(3.2)

%

F&I, net

15.6

   

15.4

   

0.2

   

1.4

%

   

1.0

   

(5.1)

%

  Total revenues

$

750.4

   

$

740.8

   

$

9.6

   

1.3

%

   

$

48.2

   

(5.2)

%

Gross profit:

                       

New vehicle retail sales

$

21.5

   

$

16.8

   

$

4.7

   

27.9

%

   

$

1.4

   

19.7

%

Used vehicle retail sales

23.9

   

17.2

   

6.7

   

39.0

%

   

1.5

   

30.3

%

Used vehicle wholesale sales

4.1

   

2.0

   

2.1

   

106.1

%

   

0.3

   

92.7

%

  Total used

28.1

   

19.2

   

8.9

   

46.0

%

   

1.8

   

36.8

%

Parts and service sales

38.5

   

36.2

   

2.3

   

6.3

%

   

2.5

   

(0.5)

%

F&I, net

15.6

   

15.4

   

0.2

   

1.4

%

   

1.0

   

(5.1)

%

  Total gross profit

$

103.7

   

$

87.6

   

$

16.0

   

18.3

%

   

$

6.6

   

10.8

%

Gross margin:

                       

New vehicle retail sales

7.0

%

 

4.5

%

 

2.6

%

             

Used vehicle retail sales

7.3

%

 

6.9

%

 

0.4

%

             

Used vehicle wholesale sales

10.9

%

 

5.1

%

 

5.8

%

             

  Total used

7.7

%

 

6.7

%

 

1.0

%

             

Parts and service sales

60.8

%

 

59.1

%

 

1.6

%

             

  Total gross margin

13.8

%

 

11.8

%

 

2.0

%

             

Units sold:

                       

Retail new vehicles sold

7,381

   

10,689

   

(3,308)

   

(30.9)

%

         

Retail used vehicles sold

10,810

   

10,101

   

709

   

7.0

%

         

Wholesale used vehicles sold

4,202

   

5,104

   

(902)

   

(17.7)

%

         

  Total used

15,012

   

15,205

   

(193)

   

(1.3)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

41,370

   

$

35,230

   

$

6,140

   

17.4

%

   

$

2,677

   

9.8

%

Used vehicle retail

$

30,346

   

$

24,561

   

$

5,785

   

23.6

%

   

$

1,932

   

15.7

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,910

   

$

1,571

   

$

1,338

   

85.2

%

   

$

185

   

73.4

%

Used vehicle retail sales

$

2,215

   

$

1,706

   

$

509

   

29.9

%

   

$

139

   

21.7

%

Used vehicle wholesale sales

$

987

   

$

394

   

$

593

   

NM

     

$

64

   

134.0

%

  Total used

$

1,872

   

$

1,266

   

$

606

   

47.9

%

   

$

118

   

38.6

%

F&I PRU

$

857

   

$

739

   

$

117

   

15.9

%

   

$

55

   

8.5

%

Other:

                       

SG&A expenses

$

67.6

   

$

53.7

   

$

13.9

   

25.9

%

   

$

4.2

   

18.0

%

Adjusted SG&A expenses (1)

$

67.0

   

$

53.7

   

$

13.3

   

24.9

%

   

$

4.2

   

17.0

%

SG&A as % gross profit

65.2

%

 

61.2

%

 

3.9

%

             

Adjusted SG&A as % gross profit (1)

64.6

%

 

61.2

%

 

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.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Nine Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

869.7

   

$

800.1

   

$

69.6

   

8.7

%

   

$

70.1

   

(0.1)

%

Used vehicle retail sales

820.5

   

529.7

   

290.8

   

54.9

%

   

62.0

   

43.2

%

Used vehicle wholesale sales

98.4

   

90.6

   

7.8

   

8.7

%

   

7.4

   

0.5

%

  Total used

919.0

   

620.3

   

298.7

   

48.1

%

   

69.4

   

37.0

%

Parts and service sales

170.2

   

139.5

   

30.6

   

22.0

%

   

12.8

   

12.8

%

F&I, net

41.9

   

35.1

   

6.8

   

19.5

%

   

3.3

   

10.0

%

  Total revenues

$

2,000.7

   

$

1,595.0

   

$

405.7

   

25.4

%

   

$

156.2

   

15.6

%

Gross profit:

                       

New vehicle retail sales

$

54.6

   

$

34.7

   

$

19.9

   

57.4

%

   

$

4.5

   

44.4

%

Used vehicle retail sales

52.9

   

31.3

   

21.7

   

69.3

%

   

4.0

   

56.6

%

Used vehicle wholesale sales

6.5

   

2.3

   

4.2

   

NM

     

0.5

   

NM

 

  Total used

59.5

   

33.6

   

25.8

   

76.9

%

   

4.4

   

63.7

%

Parts and service sales

102.1

   

78.5

   

23.6

   

30.1

%

   

7.7

   

20.3

%

F&I, net

41.9

   

35.1

   

6.8

   

19.5

%

   

3.3

   

10.0

%

  Total gross profit

$

258.1

   

$

181.9

   

$

76.2

   

41.9

%

   

$

19.9

   

30.9

%

Gross margin:

                       

New vehicle retail sales

6.3

%

 

4.3

%

 

1.9

%

             

Used vehicle retail sales

6.5

%

 

5.9

%

 

0.5

%

             

Used vehicle wholesale sales

6.6

%

 

2.6

%

 

4.0

%

             

  Total used

6.5

%

 

5.4

%

 

1.1

%

             

Parts and service sales

60.0

%

 

56.3

%

 

3.7

%

             

  Total gross margin

12.9

%

 

11.4

%

 

1.5

%

             

Units sold:

                       

Retail new vehicles sold

21,316

   

23,424

   

(2,108)

   

(9.0)

%

         

Retail used vehicles sold

28,416

   

22,165

   

6,251

   

28.2

%

         

Wholesale used vehicles sold

11,464

   

11,517

   

(53)

   

(0.5)

%

         

  Total used

39,880

   

33,682

   

6,198

   

18.4

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,800

   

$

34,157

   

$

6,644

   

19.5

%

   

$

3,288

   

9.8

%

Used vehicle retail

$

28,876

   

$

23,899

   

$

4,977

   

20.8

%

   

$

2,181

   

11.7

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,563

   

$

1,482

   

$

1,081

   

72.9

%

   

$

211

   

58.7

%

Used vehicle retail sales

$

1,863

   

$

1,411

   

$

452

   

32.0

%

   

$

140

   

22.1

%

Used vehicle wholesale sales

$

568

   

$

203

   

$

365

   

NM

     

$

41

   

NM

 

  Total used

$

1,491

   

$

998

   

$

493

   

49.4

%

   

$

111

   

38.2

%

F&I PRU

$

842

   

$

769

   

$

73

   

9.5

%

   

$

67

   

0.8

%

Other:

                       

SG&A expenses

$

173.3

   

$

141.8

   

$

31.4

   

22.2

%

   

$

13.5

   

12.6

%

Adjusted SG&A expenses (1)

$

172.1

   

$

140.6

   

$

31.5

   

22.4

%

   

$

13.4

   

12.9

%

SG&A as % gross profit

67.1

%

 

78.0

%

 

(10.8)

%

             

Adjusted SG&A as % gross profit (1)

66.7

%

 

77.3

%

 

(10.6)

%

             
 

(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.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

62.3

   

$

31.9

   

$

30.5

   

95.6

%

   

$

1.6

   

90.5

%

Used vehicle retail sales

18.0

   

10.9

   

7.0

   

64.6

%

   

0.5

   

60.3

%

Used vehicle wholesale sales

3.3

   

2.4

   

0.9

   

36.7

%

   

0.1

   

33.2

%

  Total used

21.3

   

13.4

   

7.9

   

59.5

%

   

0.6

   

55.3

%

Parts and service sales

11.1

   

8.0

   

3.2

   

39.9

%

   

0.3

   

36.2

%

F&I, net

1.7

   

1.1

   

0.6

   

54.5

%

   

   

50.1

%

  Total revenues

$

96.4

   

$

54.3

   

$

42.2

   

77.7

%

   

$

2.5

   

73.0

%

Gross profit:

                       

New vehicle retail sales

$

6.2

   

$

2.6

   

$

3.5

   

134.6

%

   

$

0.2

   

128.6

%

Used vehicle retail sales

1.5

   

1.0

   

0.5

   

49.4

%

   

   

45.2

%

Used vehicle wholesale sales

0.2

   

0.2

   

   

21.5

%

   

   

18.1

%

  Total used

1.8

   

1.2

   

0.5

   

44.9

%

   

   

40.9

%

Parts and service sales

4.9

   

3.7

   

1.2

   

33.3

%

   

0.1

   

29.7

%

F&I, net

1.7

   

1.1

   

0.6

   

54.5

%

   

   

50.1

%

  Total gross profit

$

14.5

   

$

8.6

   

$

5.9

   

68.7

%

   

$

0.4

   

64.1

%

Gross margin:

                       

New vehicle retail sales

9.9

%

 

8.3

%

 

1.6

%

             

Used vehicle retail sales

8.4

%

 

9.3

%

 

(0.9)

%

             

Used vehicle wholesale sales

7.1

%

 

8.0

%

 

(0.9)

%

             

  Total used

8.2

%

 

9.1

%

 

(0.8)

%

             

Parts and service sales

43.9

%

 

46.1

%

 

(2.2)

%

             

  Total gross margin

15.0

%

 

15.8

%

 

(0.8)

%

             

Units sold:

                       

Retail new vehicles sold

1,761

   

1,200

   

561

   

46.8

%

         

Retail used vehicles sold

726

   

552

   

174

   

31.5

%

         

Wholesale used vehicles sold

301

   

282

   

19

   

6.7

%

         

  Total used

1,027

   

834

   

193

   

23.1

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

35,394

   

$

26,558

   

$

8,836

   

33.3

%

   

$

924

   

29.8

%

Used vehicle retail

$

24,732

   

$

19,766

   

$

4,967

   

25.1

%

   

$

644

   

21.9

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,510

   

$

2,196

   

$

1,314

   

59.8

%

   

$

90

   

55.7

%

Used vehicle retail sales

$

2,090

   

$

1,840

   

$

250

   

13.6

%

   

$

58

   

10.4

%

Used vehicle wholesale sales

$

792

   

$

696

   

$

96

   

13.8

%

   

$

22

   

10.7

%

  Total used

$

1,709

   

$

1,453

   

$

256

   

17.6

%

   

$

47

   

14.4

%

F&I PRU

$

675

   

$

621

   

$

55

   

8.9

%

   

$

19

   

5.7

%

Other:

                       

SG&A expenses

$

8.8

   

$

6.9

   

$

2.0

   

28.5

%

   

$

0.2

   

25.0

%

SG&A as % gross profit

60.9

%

 

79.9

%

 

(19.0)

%

             

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

146.3

   

$

109.1

   

$

37.1

   

34.0

%

   

$

(12.9)

   

45.9

%

Used vehicle retail sales

40.5

   

38.3

   

2.1

   

5.6

%

   

(3.7)

   

15.2

%

Used vehicle wholesale sales

8.0

   

9.2

   

(1.2)

   

(12.8)

%

   

(0.5)

   

(7.0)

%

  Total used

48.4

   

47.5

   

1.0

   

2.0

%

   

(4.2)

   

10.8

%

Parts and service sales

28.2

   

23.4

   

4.8

   

20.4

%

   

(1.9)

   

28.6

%

F&I, net

4.4

   

3.4

   

1.1

   

31.1

%

   

(0.4)

   

42.8

%

  Total revenues

$

227.3

   

$

183.4

   

$

43.9

   

23.9

%

   

$

(19.4)

   

34.5

%

Gross profit:

                       

New vehicle retail sales

$

14.8

   

$

7.5

   

$

7.2

   

95.9

%

   

$

(1.1)

   

111.0

%

Used vehicle retail sales

3.6

   

2.5

   

1.1

   

44.2

%

   

(0.2)

   

54.1

%

Used vehicle wholesale sales

0.6

   

0.5

   

0.1

   

26.5

%

   

   

34.7

%

  Total used

4.2

   

3.0

   

1.2

   

41.3

%

   

(0.3)

   

51.0

%

Parts and service sales

12.3

   

10.3

   

1.9

   

18.8

%

   

(0.8)

   

26.8

%

F&I, net

4.4

   

3.4

   

1.1

   

31.1

%

   

(0.4)

   

42.8

%

  Total gross profit

$

35.7

   

$

24.2

   

$

11.5

   

47.3

%

   

$

(2.6)

   

58.1

%

Gross margin:

                       

New vehicle retail sales

10.1

%

 

6.9

%

 

3.2

%

             

Used vehicle retail sales

8.9

%

 

6.5

%

 

2.4

%

             

Used vehicle wholesale sales

7.6

%

 

5.2

%

 

2.4

%

             

  Total used

8.7

%

 

6.3

%

 

2.4

%

             

Parts and service sales

43.5

%

 

44.1

%

 

(0.6)

%

             

  Total gross margin

15.7

%

 

13.2

%

 

2.5

%

             

Units sold:

                       

Retail new vehicles sold

4,383

   

3,865

   

518

   

13.4

%

         

Retail used vehicles sold

1,742

   

2,006

   

(264)

   

(13.2)

%

         

Wholesale used vehicles sold

770

   

1,081

   

(311)

   

(28.8)

%

         

  Total used

2,512

   

3,087

   

(575)

   

(18.6)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

33,370

   

$

28,238

   

$

5,133

   

18.2

%

   

$

(2,947)

   

28.6

%

Used vehicle retail

$

23,222

   

$

19,100

   

$

4,122

   

21.6

%

   

$

(2,106)

   

32.6

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,368

   

$

1,950

   

$

1,419

   

72.8

%

   

$

(260)

   

86.1

%

Used vehicle retail sales

$

2,067

   

$

1,245

   

$

822

   

66.0

%

   

$

(143)

   

77.5

%

Used vehicle wholesale sales

$

789

   

$

444

   

$

345

   

77.6

%

   

$

(51)

   

89.1

%

  Total used

$

1,676

   

$

965

   

$

711

   

73.7

%

   

$

(115)

   

85.6

%

F&I PRU

$

724

   

$

576

   

$

148

   

25.7

%

   

$

(64)

   

36.9

%

Other:

                       

SG&A expenses

$

24.0

   

$

23.1

   

$

0.9

   

4.0

%

   

$

(1.8)

   

11.8

%

Adjusted SG&A expenses (1)

$

24.0

   

$

22.2

   

$

1.8

   

8.1

%

   

$

(1.8)

   

16.1

%

SG&A as % gross profit

67.3

%

 

95.3

%

 

(28.0)

%

             

Adjusted SG&A as % gross profit (1)

67.3

%

 

91.7

%

 

(24.4)

%

             
 

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

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended September 30,

   

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

1,530.1

   

$

1,565.4

   

$

(35.3)

   

(2.3)

%

   

$

19.5

   

(3.5)

%

Used vehicle retail sales

1,199.9

   

857.6

   

342.3

   

39.9

%

   

18.8

   

37.7

%

Used vehicle wholesale sales

105.0

   

85.5

   

19.5

   

22.8

%

   

2.3

   

20.1

%

  Total used

1,304.9

   

943.1

   

361.8

   

38.4

%

   

21.1

   

36.1

%

Parts and service sales

416.6

   

368.8

   

47.8

   

13.0

%

   

3.9

   

11.9

%

F&I, net

145.1

   

128.1

   

17.0

   

13.3

%

   

1.0

   

12.5

%

  Total revenues

$

3,396.7

   

$

3,005.4

   

$

391.2

   

13.0

%

   

$

45.5

   

11.5

%

Gross profit:

                       

New vehicle retail sales

$

163.8

   

$

98.3

   

$

65.4

   

66.6

%

   

$

1.4

   

65.1

%

Used vehicle retail sales

94.6

   

70.5

   

24.1

   

34.2

%

   

1.4

   

32.2

%

Used vehicle wholesale sales

7.3

   

5.9

   

1.4

   

23.3

%

   

0.3

   

18.8

%

  Total used

101.8

   

76.4

   

25.5

   

33.3

%

   

1.7

   

31.2

%

Parts and service sales

225.1

   

202.3

   

22.7

   

11.2

%

   

2.3

   

10.1

%

F&I, net

145.1

   

128.1

   

17.0

   

13.3

%

   

1.0

   

12.5

%

  Total gross profit

$

635.8

   

$

505.1

   

$

130.6

   

25.9

%

   

$

6.3

   

24.6

%

Gross margin:

                       

New vehicle retail sales

10.7

%

 

6.3

%

 

4.4

%

             

Used vehicle retail sales

7.9

%

 

8.2

%

 

(0.3)

%

             

Used vehicle wholesale sales

6.9

%

 

6.9

%

 

%

             

  Total used

7.8

%

 

8.1

%

 

(0.3)

%

             

Parts and service sales

54.0

%

 

54.9

%

 

(0.8)

%

             

  Total gross margin

18.7

%

 

16.8

%

 

1.9

%

             

Units sold:

                       

Retail new vehicles sold

33,795

   

39,431

   

(5,636)

   

(14.3)

%

         

Retail used vehicles sold

41,219

   

37,819

   

3,400

   

9.0

%

         

Wholesale used vehicles sold

10,581

   

11,415

   

(834)

   

(7.3)

%

         

  Total used

51,800

   

49,234

   

2,566

   

5.2

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

45,275

   

$

39,700

   

$

5,575

   

14.0

%

   

$

578

   

12.6

%

Used vehicle retail

$

29,110

   

$

22,676

   

$

6,433

   

28.4

%

   

$

455

   

26.4

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

4,846

   

$

2,493

   

$

2,352

   

94.3

%

   

$

41

   

92.7

%

Used vehicle retail sales

$

2,294

   

$

1,863

   

$

431

   

23.1

%

   

$

34

   

21.3

%

Used vehicle wholesale sales

$

687

   

$

516

   

$

171

   

33.1

%

   

$

25

   

28.1

%

  Total used

$

1,966

   

$

1,551

   

$

415

   

26.7

%

   

$

32

   

24.7

%

F&I PRU

$

1,934

   

$

1,658

   

$

276

   

16.6

%

   

$

13

   

15.9

%

Other:

                       

SG&A expenses

$

372.2

   

$

300.7

   

$

71.5

   

23.8

%

   

$

3.9

   

22.5

%

Adjusted SG&A expenses (1)

$

371.0

   

$

300.7

   

$

70.3

   

23.4

%

   

$

3.9

   

22.1

%

SG&A as % gross profit

58.5

%

 

59.5

%

 

(1.0)

%

             

Adjusted SG&A as % gross profit (1)

58.4

%

 

59.5

%

 

(1.2)

%

             

Operating margin %

7.1

%

 

6.2

%

 

1.0

%

             

Adjusted operating margin % (1)

7.2

%

 

6.2

%

 

1.1

%

             
 

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

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Nine Months Ended September 30,

   

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

4,910.5

   

$

3,947.3

   

$

963.2

   

24.4

%

   

$

55.0

   

23.0

%

Used vehicle retail sales

3,286.3

   

2,260.6

   

1,025.7

   

45.4

%

   

55.4

   

42.9

%

Used vehicle wholesale sales

281.0

   

219.3

   

61.7

   

28.1

%

   

6.6

   

25.1

%

  Total used

3,567.3

   

2,479.9

   

1,087.4

   

43.8

%

   

62.0

   

41.3

%

Parts and service sales

1,160.2

   

1,011.4

   

148.8

   

14.7

%

   

9.9

   

13.7

%

F&I, net

432.0

   

335.1

   

96.9

   

28.9

%

   

2.8

   

28.1

%

  Total revenues

$

10,070.0

   

$

7,773.7

   

$

2,296.3

   

29.5

%

   

$

130.5

   

27.9

%

Gross profit:

                       

New vehicle retail sales

$

426.5

   

$

223.5

   

$

202.9

   

90.8

%

   

$

3.2

   

89.3

%

Used vehicle retail sales

262.0

   

158.1

   

103.9

   

65.7

%

   

3.6

   

63.4

%

Used vehicle wholesale sales

20.2

   

8.9

   

11.3

   

126.8

%

   

0.4

   

122.0

%

  Total used

282.2

   

167.0

   

115.2

   

68.9

%

   

4.0

   

66.6

%

Parts and service sales

638.0

   

545.1

   

92.9

   

17.0

%

   

6.4

   

15.9

%

F&I, net

432.0

   

335.1

   

96.9

   

28.9

%

   

2.8

   

28.1

%

  Total gross profit

$

1,778.7

   

$

1,270.8

   

$

507.9

   

40.0

%

   

$

16.4

   

38.7

%

Gross margin:

                       

New vehicle retail sales

8.7

%

 

5.7

%

 

3.0

%

             

Used vehicle retail sales

8.0

%

 

7.0

%

 

1.0

%

             

Used vehicle wholesale sales

7.2

%

 

4.1

%

 

3.1

%

             

  Total used

7.9

%

 

6.7

%

 

1.2

%

             

Parts and service sales

55.0

%

 

53.9

%

 

1.1

%

             

  Total gross margin

17.7

%

 

16.3

%

 

1.3

%

             

Units sold:

                       

Retail new vehicles sold

113,055

   

100,629

   

12,426

   

12.3

%

         

Retail used vehicles sold

123,905

   

104,166

   

19,739

   

18.9

%

         

Wholesale used vehicles sold

31,226

   

30,553

   

673

   

2.2

%

         

  Total used

155,131

   

134,719

   

20,412

   

15.2

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

43,434

   

$

39,226

   

$

4,208

   

10.7

%

   

$

486

   

9.5

%

Used vehicle retail

$

26,523

   

$

21,702

   

$

4,821

   

22.2

%

   

$

447

   

20.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,772

   

$

2,221

   

$

1,551

   

69.8

%

   

$

28

   

68.5

%

Used vehicle retail sales

$

2,115

   

$

1,518

   

$

596

   

39.3

%

   

$

29

   

37.4

%

Used vehicle wholesale sales

$

647

   

$

291

   

$

355

   

121.9

%

   

$

14

   

117.2

%

  Total used

$

1,819

   

$

1,240

   

$

579

   

46.7

%

   

$

26

   

44.6

%

F&I PRU

$

1,823

   

$

1,636

   

$

187

   

11.4

%

   

$

12

   

10.7

%

Other:

                       

SG&A expenses

$

1,061.8

   

$

856.1

   

$

205.7

   

24.0

%

   

$

10.9

   

22.8

%

Adjusted SG&A expenses (1)

$

1,059.4

   

$

843.5

   

$

215.9

   

25.6

%

   

$

10.8

   

24.3

%

SG&A as % gross profit

59.7

%

 

67.4

%

 

(7.7)

%

             

Adjusted SG&A as % gross profit (1)

59.6

%

 

66.4

%

 

(6.8)

%

             

Operating margin %

6.5

%

 

4.3

%

 

2.2

%

             

Adjusted operating margin % (1)

6.6

%

 

4.8

%

 

1.8

%

             
 

(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 - U.S.

(Unaudited)

(In millions, except unit data)

               
 

Three Months Ended September 30,

 

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

1,191.1

   

$

1,158.8

   

$

32.3

   

2.8

%

Used vehicle retail sales

894.3

   

600.7

   

293.6

   

48.9

%

Used vehicle wholesale sales

67.2

   

43.8

   

23.5

   

53.7

%

  Total used

961.5

   

644.4

   

317.1

   

49.2

%

Parts and service sales

349.6

   

302.8

   

46.8

   

15.5

%

F&I, net

129.0

   

111.8

   

17.3

   

15.5

%

  Total revenues

$

2,631.3

   

$

2,217.8

   

$

413.5

   

18.6

%

Gross profit:

             

New vehicle retail sales

$

138.0

   

$

79.0

   

$

59.1

   

74.8

%

Used vehicle retail sales

71.5

   

52.4

   

19.2

   

36.6

%

Used vehicle wholesale sales

3.0

   

3.7

   

(0.7)

   

(18.8)

%

  Total used

74.5

   

56.1

   

18.5

   

33.0

%

Parts and service sales

186.0

   

164.0

   

21.9

   

13.4

%

F&I, net

129.0

   

111.8

   

17.3

   

15.5

%

  Total gross profit

$

527.6

   

$

410.8

   

$

116.7

   

28.4

%

Gross margin:

             

New vehicle retail sales

11.6

%

 

6.8

%

 

4.8

%

   

Used vehicle retail sales

8.0

%

 

8.7

%

 

(0.7)

%

   

Used vehicle wholesale sales

4.5

%

 

8.4

%

 

(4.0)

%

   

  Total used

7.8

%

 

8.7

%

 

(0.9)

%

   

Parts and service sales

53.2

%

 

54.2

%

 

(1.0)

%

   

  Total gross margin

20.0

%

 

18.5

%

 

1.5

%

   

Units sold:

             

Retail new vehicles sold

25,522

   

27,626

   

(2,104)

   

(7.6)

%

Retail used vehicles sold

31,366

   

27,299

   

4,067

   

14.9

%

Wholesale used vehicles sold

6,611

   

6,076

   

535

   

8.8

%

  Total used

37,977

   

33,375

   

4,602

   

13.8

%

Average sales price per unit sold:

             

New vehicle retail

$

46,670

   

$

41,947

   

$

4,723

   

11.3

%

Used vehicle retail

$

28,512

   

$

22,003

   

$

6,509

   

29.6

%

Gross profit per unit sold:

             

New vehicle retail sales

$

5,409

   

$

2,858

   

$

2,551

   

89.2

%

Used vehicle retail sales

$

2,280

   

$

1,918

   

$

362

   

18.9

%

Used vehicle wholesale sales

$

454

   

$

608

   

$

(154)

   

(25.4)

%

  Total used

$

1,962

   

$

1,679

   

$

283

   

16.8

%

F&I PRU

$

2,268

   

$

2,035

   

$

234

   

11.5

%

Other:

             

SG&A expenses

$

304.5

   

$

241.6

   

$

62.9

   

26.0

%

Adjusted SG&A expenses (1)

$

303.9

   

$

241.6

   

$

62.3

   

25.8

%

SG&A as % gross profit

57.7

%

 

58.8

%

 

(1.1)

%

   

Adjusted SG&A as % gross profit (1)

57.6

%

 

58.8

%

 

(1.2)

%

   
 

(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)

               
 

Nine Months Ended September 30,

 

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

3,923.4

   

$

3,042.0

   

$

881.4

   

29.0

%

Used vehicle retail sales

2,466.2

   

1,696.7

   

769.5

   

45.4

%

Used vehicle wholesale sales

178.2

   

119.8

   

58.4

   

48.8

%

  Total used

2,644.4

   

1,816.5

   

827.9

   

45.6

%

Parts and service sales

974.3

   

855.8

   

118.5

   

13.8

%

F&I, net

386.9

   

297.0

   

89.9

   

30.3

%

  Total revenues

$

7,929.1

   

$

6,011.4

   

$

1,917.7

   

31.9

%

Gross profit:

             

New vehicle retail sales

$

359.0

   

$

181.5

   

$

177.6

   

97.8

%

Used vehicle retail sales

207.9

   

124.6

   

83.3

   

66.8

%

Used vehicle wholesale sales

13.1

   

6.1

   

7.0

   

115.2

%

  Total used

221.1

   

130.7

   

90.3

   

69.1

%

Parts and service sales

530.3

   

459.7

   

70.6

   

15.4

%

F&I, net

386.9

   

297.0

   

89.9

   

30.3

%

  Total gross profit

$

1,497.3

   

$

1,068.9

   

$

428.4

   

40.1

%

Gross margin:

             

New vehicle retail sales

9.2

%

 

6.0

%

 

3.2

%

   

Used vehicle retail sales

8.4

%

 

7.3

%

 

1.1

%

   

Used vehicle wholesale sales

7.4

%

 

5.1

%

 

2.3

%

   

  Total used

8.4

%

 

7.2

%

 

1.2

%

   

Parts and service sales

54.4

%

 

53.7

%

 

0.7

%

   

  Total gross margin

18.9

%

 

17.8

%

 

1.1

%

   

Units sold:

             

Retail new vehicles sold

88,233

   

73,528

   

14,705

   

20.0

%

Retail used vehicles sold

95,456

   

80,270

   

15,186

   

18.9

%

Wholesale used vehicles sold

19,538

   

18,057

   

1,481

   

8.2

%

  Total used

114,994

   

98,327

   

16,667

   

17.0

%

Average sales price per unit sold:

             

New vehicle retail

$

44,467

   

$

41,372

   

$

3,094

   

7.5

%

Used vehicle retail

$

25,836

   

$

21,138

   

$

4,698

   

22.2

%

Gross profit per unit sold:

             

New vehicle retail sales

$

4,069

   

$

2,468

   

$

1,601

   

64.9

%

Used vehicle retail sales

$

2,178

   

$

1,553

   

$

625

   

40.3

%

Used vehicle wholesale sales

$

673

   

$

338

   

$

334

   

98.9

%

  Total used

$

1,922

   

$

1,330

   

$

593

   

44.6

%

F&I PRU

$

2,106

   

$

1,931

   

$

175

   

9.1

%

Other:

             

SG&A expenses

$

875.9

   

$

695.8

   

$

180.2

   

25.9

%

Adjusted SG&A expenses (1)

$

874.1

   

$

685.2

   

$

188.9

   

27.6

%

SG&A as % gross profit

58.5

%

 

65.1

%

 

(6.6)

%

   

Adjusted SG&A as % gross profit (1)

58.4

%

 

64.1

%

 

(5.7)

%

   
 

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

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

276.6

   

$

374.7

   

$

(98.1)

   

(26.2)

%

   

$

17.9

   

(31.0)

%

Used vehicle retail sales

287.6

   

246.0

   

41.6

   

16.9

%

   

18.3

   

9.5

%

Used vehicle wholesale sales

34.5

   

39.3

   

(4.9)

   

(12.4)

%

   

2.2

   

(18.0)

%

  Total used

322.1

   

285.4

   

36.7

   

12.9

%

   

20.5

   

5.7

%

Parts and service sales

55.9

   

58.1

   

(2.1)

   

(3.7)

%

   

3.6

   

(9.8)

%

F&I, net

14.4

   

15.3

   

(0.9)

   

(5.8)

%

   

0.9

   

(11.8)

%

  Total revenues

$

669.0

   

$

733.4

   

$

(64.4)

   

(8.8)

%

   

$

43.0

   

(14.6)

%

Gross profit:

                       

New vehicle retail sales

$

19.5

   

$

16.7

   

$

2.8

   

16.8

%

   

$

1.2

   

9.4

%

Used vehicle retail sales

21.5

   

17.1

   

4.4

   

25.9

%

   

1.3

   

18.0

%

Used vehicle wholesale sales

4.0

   

2.0

   

2.0

   

101.1

%

   

0.3

   

88.0

%

  Total used

25.6

   

19.1

   

6.5

   

33.8

%

   

1.6

   

25.4

%

Parts and service sales

34.2

   

34.6

   

(0.4)

   

(1.2)

%

   

2.2

   

(7.5)

%

F&I, net

14.4

   

15.3

   

(0.9)

   

(5.8)

%

   

0.9

   

(11.8)

%

  Total gross profit

$

93.7

   

$

85.7

   

$

8.0

   

9.3

%

   

$

5.9

   

2.4

%

Gross margin:

                       

New vehicle retail sales

7.1

%

 

4.5

%

 

2.6

%

             

Used vehicle retail sales

7.5

%

 

6.9

%

 

0.5

%

             

Used vehicle wholesale sales

11.7

%

 

5.1

%

 

6.6

%

             

  Total used

7.9

%

 

6.7

%

 

1.2

%

             

Parts and service sales

61.2

%

 

59.7

%

 

1.6

%

             

  Total gross margin

14.0

%

 

11.7

%

 

2.3

%

             

Units sold:

                       

Retail new vehicles sold

6,512

   

10,605

   

(4,093)

   

(38.6)

%

         

Retail used vehicles sold

9,127

   

9,968

   

(841)

   

(8.4)

%

         

Wholesale used vehicles sold

3,669

   

5,057

   

(1,388)

   

(27.4)

%

         

  Total used

12,796

   

15,025

   

(2,229)

   

(14.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

42,479

   

$

35,333

   

$

7,146

   

20.2

%

   

$

2,748

   

12.4

%

Used vehicle retail

$

31,513

   

$

24,681

   

$

6,831

   

27.7

%

   

$

2,006

   

19.6

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,000

   

$

1,577

   

$

1,423

   

90.3

%

   

$

190

   

78.2

%

Used vehicle retail sales

$

2,358

   

$

1,715

   

$

643

   

37.5

%

   

$

148

   

28.9

%

Used vehicle wholesale sales

$

1,099

   

$

396

   

$

703

   

NM

     

$

72

   

NM

 

  Total used

$

1,997

   

$

1,271

   

$

726

   

57.1

%

   

$

126

   

47.2

%

F&I PRU

$

919

   

$

742

   

$

177

   

23.9

%

   

$

58

   

16.0

%

Other:

                       

SG&A expenses

$

58.9

   

$

52.2

   

$

6.8

   

12.9

%

   

$

3.7

   

5.8

%

Adjusted SG&A expenses (1)

$

58.4

   

$

52.2

   

$

6.2

   

11.9

%

   

$

3.7

   

4.8

%

SG&A as % gross profit

62.9

%

 

60.9

%

 

2.0

%

             

Adjusted SG&A as % gross profit (1)

62.3

%

 

60.9

%

 

1.4

%

             
 

(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.K.

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

840.8

   

$

796.1

   

$

44.7

   

5.6

%

   

$

67.9

   

(2.9)

%

Used vehicle retail sales

779.6

   

525.6

   

254.0

   

48.3

%

   

59.0

   

37.1

%

Used vehicle wholesale sales

94.7

   

90.3

   

4.4

   

4.9

%

   

7.1

   

(3.0)

%

  Total used

874.4

   

615.9

   

258.5

   

42.0

%

   

66.2

   

31.2

%

Parts and service sales

157.7

   

132.2

   

25.5

   

19.3

%

   

11.8

   

10.3

%

F&I, net

40.6

   

34.7

   

5.9

   

17.0

%

   

3.2

   

7.7

%

  Total revenues

$

1,913.5

   

$

1,578.9

   

$

334.6

   

21.2

%

   

$

149.8

   

11.7

%

Gross profit:

                       

New vehicle retail sales

$

52.7

   

$

34.5

   

$

18.1

   

52.6

%

   

$

4.3

   

40.0

%

Used vehicle retail sales

50.5

   

31.0

   

19.5

   

62.8

%

   

3.8

   

50.6

%

Used vehicle wholesale sales

6.4

   

2.3

   

4.1

   

NM

     

0.5

   

NM

 

  Total used

56.9

   

33.3

   

23.6

   

70.9

%

   

4.3

   

58.0

%

Parts and service sales

95.5

   

75.1

   

20.3

   

27.1

%

   

7.2

   

17.5

%

F&I, net

40.6

   

34.7

   

5.9

   

17.0

%

   

3.2

   

7.7

%

  Total gross profit

$

245.7

   

$

177.7

   

$

68.0

   

38.3

%

   

$

19.0

   

27.6

%

Gross margin:

                       

New vehicle retail sales

6.3

%

 

4.3

%

 

1.9

%

             

Used vehicle retail sales

6.5

%

 

5.9

%

 

0.6

%

             

Used vehicle wholesale sales

6.8

%

 

2.6

%

 

4.2

%

             

  Total used

6.5

%

 

5.4

%

 

1.1

%

             

Parts and service sales

60.5

%

 

56.8

%

 

3.7

%

             

  Total gross margin

12.8

%

 

11.3

%

 

1.6

%

             

Units sold:

                       

Retail new vehicles sold

20,439

   

23,236

   

(2,797)

   

(12.0)

%

         

Retail used vehicles sold

26,707

   

21,890

   

4,817

   

22.0

%

         

Wholesale used vehicles sold

10,918

   

11,415

   

(497)

   

(4.4)

%

         

  Total used

37,625

   

33,305

   

4,320

   

13.0

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

41,137

   

$

34,262

   

$

6,875

   

20.1

%

   

$

3,322

   

10.4

%

Used vehicle retail

$

29,192

   

$

24,012

   

$

5,181

   

21.6

%

   

$

2,211

   

12.4

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,577

   

$

1,486

   

$

1,091

   

73.4

%

   

$

212

   

59.1

%

Used vehicle retail sales

$

1,890

   

$

1,416

   

$

474

   

33.5

%

   

$

142

   

23.4

%

Used vehicle wholesale sales

$

590

   

$

203

   

$

387

   

NM

     

$

43

   

NM

 

  Total used

$

1,513

   

$

1,001

   

$

513

   

51.2

%

   

$

113

   

39.9

%

F&I PRU

$

862

   

$

769

   

$

93

   

12.0

%

   

$

68

   

3.1

%

Other:

                       

SG&A expenses

$

162.0

   

$

137.3

   

$

24.7

   

18.0

%

   

$

12.7

   

8.8

%

Adjusted SG&A expenses (1)

$

161.4

   

$

136.1

   

$

25.3

   

18.6

%

   

$

12.6

   

9.4

%

SG&A as % gross profit

65.9

%

 

77.3

%

 

(11.4)

%

             

Adjusted SG&A as % gross profit (1)

65.7

%

 

76.6

%

 

(10.9)

%

             
 

(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.

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

62.3

   

$

31.9

   

$

30.5

   

95.6

%

   

$

1.6

   

90.5

%

Used vehicle retail sales

18.0

   

10.9

   

7.0

   

64.6

%

   

0.5

   

60.3

%

Used vehicle wholesale sales

3.3

   

2.4

   

0.9

   

36.7

%

   

0.1

   

33.2

%

  Total used

21.3

   

13.4

   

7.9

   

59.5

%

   

0.6

   

55.3

%

Parts and service sales

11.1

   

7.9

   

3.2

   

39.9

%

   

0.3

   

36.2

%

F&I, net

1.7

   

1.1

   

0.6

   

54.5

%

   

   

50.1

%

  Total revenues

$

96.4

   

$

54.3

   

$

42.2

   

77.7

%

   

$

2.5

   

73.1

%

Gross profit:

                       

New vehicle retail sales

$

6.2

   

$

2.6

   

$

3.5

   

134.6

%

   

$

0.2

   

128.6

%

Used vehicle retail sales

1.5

   

1.0

   

0.5

   

49.4

%

   

   

45.2

%

Used vehicle wholesale sales

0.2

   

0.2

   

   

21.5

%

   

   

18.1

%

  Total used

1.8

   

1.2

   

0.5

   

44.9

%

   

   

40.9

%

Parts and service sales

4.9

   

3.7

   

1.2

   

33.4

%

   

0.1

   

29.7

%

F&I, net

1.7

   

1.1

   

0.6

   

54.5

%

   

   

50.1

%

  Total gross profit

$

14.5

   

$

8.6

   

$

5.9

   

68.7

%

   

$

0.4

   

64.1

%

Gross margin:

                       

New vehicle retail sales

9.9

%

 

8.3

%

 

1.6

%

             

Used vehicle retail sales

8.4

%

 

9.3

%

 

(0.9)

%

             

Used vehicle wholesale sales

7.1

%

 

8.0

%

 

(0.9)

%

             

  Total used

8.2

%

 

9.1

%

 

(0.8)

%

             

Parts and service sales

43.9

%

 

46.1

%

 

(2.2)

%

             

  Total gross margin

15.0

%

 

15.8

%

 

(0.8)

%

             

Units sold:

                       

Retail new vehicles sold

1,761

   

1,200

   

561

   

46.8

%

         

Retail used vehicles sold

726

   

552

   

174

   

31.5

%

         

Wholesale used vehicles sold

301

   

282

   

19

   

6.7

%

         

  Total used

1,027

   

834

   

193

   

23.1

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

35,394

   

$

26,558

   

$

8,836

   

33.3

%

   

$

924

   

29.8

%

Used vehicle retail

$

24,732

   

$

19,766

   

$

4,967

   

25.1

%

   

$

644

   

21.9

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,510

   

$

2,196

   

$

1,314

   

59.8

%

   

$

90

   

55.7

%

Used vehicle retail sales

$

2,090

   

$

1,840

   

$

250

   

13.6

%

   

$

58

   

10.4

%

Used vehicle wholesale sales

$

792

   

$

696

   

$

96

   

13.8

%

   

$

22

   

10.7

%

  Total used

$

1,709

   

$

1,453

   

$

256

   

17.6

%

   

$

47

   

14.4

%

F&I PRU

$

675

   

$

621

   

$

55

   

8.9

%

   

$

19

   

5.7

%

Other:

                       

SG&A expenses

$

8.8

   

$

6.9

   

$

1.9

   

27.7

%

   

$

0.2

   

24.2

%

SG&A as % gross profit

60.4

%

 

79.8

%

 

(19.4)

%

             

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2021

 

2020

 

Increase/

(Decrease)

 

% Change

   

Currency

Impact on

Current

Period

Results

 

Constant

Currency %

Change

Revenues:

                       

New vehicle retail sales

$

146.3

   

$

109.1

   

$

37.1

   

34.0

%

   

$

(12.9)

   

45.9

%

Used vehicle retail sales

40.5

   

38.3

   

2.2

   

5.7

%

   

(3.7)

   

15.2

%

Used vehicle wholesale sales

8.0

   

9.2

   

(1.2)

   

(12.8)

%

   

(0.5)

   

(7.0)

%

  Total used

48.4

   

47.4

   

1.0

   

2.1

%

   

(4.2)

   

10.9

%

Parts and service sales

28.2

   

23.4

   

4.8

   

20.5

%

   

(1.9)

   

28.6

%

F&I, net

4.4

   

3.4

   

1.1

   

31.1

%

   

(0.4)

   

42.8

%

  Total revenues

$

227.3

   

$

183.4

   

$

44.0

   

24.0

%

   

$

(19.4)

   

34.5

%

Gross profit:

                       

New vehicle retail sales

$

14.8

   

$

7.5

   

$

7.2

   

95.9

%

   

$

(1.1)

   

111.0

%

Used vehicle retail sales

3.6

   

2.5

   

1.1

   

44.5

%

   

(0.2)

   

54.5

%

Used vehicle wholesale sales

0.6

   

0.5

   

0.1

   

26.5

%

   

   

34.7

%

  Total used

4.2

   

3.0

   

1.2

   

41.6

%

   

(0.3)

   

51.3

%

Parts and service sales

12.3

   

10.3

   

1.9

   

18.8

%

   

(0.8)

   

26.8

%

F&I, net

4.4

   

3.4

   

1.1

   

31.1

%

   

(0.4)

   

42.8

%

  Total gross profit

$

35.7

   

$

24.2

   

$

11.5

   

47.3

%

   

$

(2.6)

   

58.1

%

Gross margin:

                       

New vehicle retail sales

10.1

%

 

6.9

%

 

3.2

%

             

Used vehicle retail sales

8.9

%

 

6.5

%

 

2.4

%

             

Used vehicle wholesale sales

7.6

%

 

5.2

%

 

2.4

%

             

  Total used

8.7

%

 

6.3

%

 

2.4

%

             

Parts and service sales

43.5

%

 

44.1

%

 

(0.6)

%

             

  Total gross margin

15.7

%

 

13.2

%

 

2.5

%

             

Units sold:

                       

Retail new vehicles sold

4,383

   

3,865

   

518

   

13.4

%

         

Retail used vehicles sold

1,742

   

2,006

   

(264)

   

(13.2)

%

         

Wholesale used vehicles sold

770

   

1,081

   

(311)

   

(28.8)

%

         

  Total used

2,512

   

3,087

   

(575)

   

(18.6)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

33,370

   

$

28,238

   

$

5,133

   

18.2

%

   

$

(2,947)

   

28.6

%

Used vehicle retail

$

23,222

   

$

19,086

   

$

4,136

   

21.7

%

   

$

(2,107)

   

32.7

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,368

   

$

1,950

   

$

1,419

   

72.8

%

   

$

(260)

   

86.1

%

Used vehicle retail sales

$

2,070

   

$

1,244

   

$

826

   

66.4

%

   

$

(143)

   

77.9

%

Used vehicle wholesale sales

$

789

   

$

444

   

$

345

   

77.6

%

   

$

(51)

   

89.1

%

  Total used

$

1,677

   

$

964

   

$

713

   

74.0

%

   

$

(115)

   

85.9

%

F&I PRU

$

724

   

$

576

   

$

148

   

25.7

%

   

$

(64)

   

36.9

%

Other:

                       

SG&A expenses

$

23.9

   

$

23.0

   

$

0.9

   

3.7

%

   

$

(1.8)

   

11.4

%

Adjusted SG&A expenses (1)

$

23.9

   

$

22.1

   

$

1.7

   

7.8

%

   

$

(1.8)

   

15.8

%

SG&A as % gross profit

66.9

%

 

95.1

%

 

(28.1)

%

             

Adjusted SG&A as % gross profit (1)

66.9

%

 

91.4

%

 

(24.5)

%

             
 

(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.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended September 30, 2021

   

U.S. GAAP

 

Non-cash

gain on interest rate swaps

 

Catastrophic events

 

Acquisition costs

 

Legal

matters

 

 Asset impairments

 

Loss on extinguishment of debt

 

Non-GAAP adjusted

SG&A expenses

 

$

385.1

   

$

   

$

(0.6)

   

$

(4.3)

   

$

3.7

   

$

   

$

   

$

383.9

 

Asset impairments

 

$

1.7

   

$

   

$

   

$

   

$

   

$

(1.7)

   

$

   

$

 

Income (loss) from operations

 

$

246.8

   

$

   

$

0.6

   

$

4.3

   

$

(3.7)

   

$

1.7

   

$

   

$

249.7

 

Floorplan interest expense

 

$

4.8

   

$

0.9

   

$

   

$

   

$

   

$

   

$

   

$

5.7

 

Loss on extinguishment of debt

 

$

3.8

   

$

   

$

   

$

   

$

   

$

   

$

(3.8)

   

$

 
                                 

Income (loss) before income taxes

 

$

225.0

   

$

(0.9)

   

$

0.6

   

$

4.3

   

$

(3.7)

   

$

1.7

   

$

3.8

   

$

230.9

 

Less: Provision (benefit) for income taxes

 

52.9

   

(0.2)

   

0.1

   

0.9

   

(0.8)

   

0.4

   

   

53.4

 

Net income (loss)

 

172.1

   

(0.7)

   

0.4

   

3.4

   

(2.9)

   

1.3

   

3.8

   

177.5

 

Less: Earnings (loss) allocated to participating securities

 

5.7

   

   

   

0.1

   

(0.1)

   

   

0.1

   

5.9

 

Net income (loss) available to diluted common shares

 

$

166.4

   

$

(0.7)

   

$

0.4

   

$

3.3

   

$

(2.8)

   

$

1.3

   

$

3.7

   

$

171.7

 
                                 

Diluted income (loss) per common share

 

$

9.33

   

$

(0.04)

   

$

0.02

   

$

0.18

   

$

(0.16)

   

$

0.07

   

$

0.21

   

$

9.62

 
                                 

Effective tax rate

 

23.5

%

                         

23.1

%

                                 

SG&A as % gross profit (1)