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Group 1 Automotive Reports Fourth Quarter and Full Year 2023 Financial Results
  • Full year revenues reach all-time high of $17.9 billion; a 10.2% increase over the comparable prior year period
  • Current quarter new vehicle units sold increased 14.8% over the comparable prior year period
  • Current quarter diluted earnings per common share from continuing operations of $7.87 and current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $9.50

HOUSTON, Jan. 31, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 199 dealerships located in the U.S. and U.K., today reported  financial results for the fourth quarter of 2023 ("current quarter") and full year 2023 ("current year").

Current quarter net income from continuing operations was $108.8 million. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $131.2 million. Current quarter diluted earnings per common share from continuing operations was $7.87. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.50. Current quarter new vehicle revenues were a record of $2.3 billion and parts and service continued to produce year-over-year growth.

Current year total revenues of $17.9 billion were the highest in Company history, with growth across all lines of business. Current year total gross profit exceeded $3.0 billion, an all-time record driven by gross profit of $1.2 billion by our parts and service business. In addition, the Company delivered record new and used vehicle units sold for the current year. The U.K. delivered record current year revenues of $3.1 billion, driven by all lines of service and record gross profit, driven by new vehicles and parts and service.

"Our U.S. team produced another strong quarter and full year results. We continue to execute well in this evolving U.S. market. We experienced challenges in our U.K. operations during the current quarter with used vehicles and recognize we have some work ahead of us to bring our costs back in-line with recent trends," said Daryl Kenningham, Group 1's President and Chief Executive Officer. "We are focused on reducing costs in the U.K. in the first quarter of 2024, with an expectation of reducing our U.K. headcount by approximately 10%."

Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between  continuing and discontinued operations are included in the accompanying financial tables.

Current Quarter Results Overview

Total revenues for the current quarter were $4.5 billion, a 10.1% increase compared to $4.1 billion for the fourth quarter of 2022 ("prior year quarter").

Net income from continuing operations for the current quarter was $108.8 million, a 30.6% decrease compared to $156.7 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $131.2 million, a 17.2% decrease compared to $158.4 million for the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was $7.87, a 26.8% decrease compared to $10.75 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.50, a 12.6% decrease compared to $10.86 for the prior year quarter.

New vehicle units sold increased 14.8%. However, declining new vehicle margins, increased SG&A as a percentage of gross profit and higher interest expense pressured net income and earnings per common share versus the prior year quarter. Specifically, SG&A as a percentage of gross profit increased 7.5% in the U.K., driven by higher SG&A expenses and lower margins on new and used vehicles. During the current quarter, our U.K. operations began a rebalancing of our used vehicle inventory in response to market changes, which generated losses on used vehicle wholesale sales in the current quarter, which are expected to continue into the quarterly period ended March 31, 2024. Despite the current quarter challenges, our U.K. team, delivered record current year revenues, driven by all lines of service and record gross profit, driven by new vehicles and parts and service.

Fourth Quarter 2023

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

4Q23

Change

4Q23

Change

Total revenues

$4.5B

+10.1 %

$4.2B

+6.2 %

Total gross profit ("GP")

$730.6M

+1.6 %

$690.0M

(1.5) %

NV units sold

45,827

+14.8 %

43,087

+10.6 %

NV GP per retail unit ("PRU")

$4,025

(22.5) %

$3,986

(23.3) %

Used vehicle ("UV") retail units sold

44,656

+2.5 %

42,534

+0.4 %

UV retail GP PRU

$1,434

+3.5 %

$1,413

+1.2 %

Parts & service ("P&S") GP

$299.3M

+6.5 %

$287.0M

+5.6 %

P&S Gross Margin ("GM")

54.9 %

+0.7 %

54.6 %

0.3 %

Finance and Insurance ("F&I") revenues

$187.1M

+8.4 %

$175.6M

+4.1 %

F&I GP PRU

$2,068

0.0 %

$2,051

(1.1) %

Selling, General and Administrative ("SG&A") expenses as a % of GP

66.7 %

+364 bps

67.4 %

+454 bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

66.5 %

+353 bps

66.8 %

+404 bps

Full Year 2023 Results Overview

Current year total revenues were a record $17.9 billion, a 10.2% increase compared to $16.2 billion for the full year 2022 ("prior year").

Current year net income from continuing operations was $602.0 million, a 20.2% decrease compared to $754.2 million for the prior year. Current year adjusted net income from continuing operations (a non-GAAP measure) was $623.3 million, a 14.5% decrease compared to $728.7 million for the prior year.

Current year diluted earnings per common share from continuing operations was $42.75, a 9.6% decrease compared to $47.31 for the prior year. Current year adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $44.27, a 3.2% decrease compared to $45.71 for the prior year. Current year and prior year adjusted diluted earnings per common share from continuing operations exclude adjusted diluted (loss) earnings per common share from discontinued operations of $(0.03) and $0.14, respectively.

As a result of lower new and used vehicle margins, increased SG&A expenses, and higher interest costs, net income and earnings per common share were adversely impacted versus the prior year.

Full Year 2023

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

FY23

Change

FY23

Change

Total revenues

$17.9B

+10.2 %

$16.8B

+6.1 %

Total GP

$3.0B

+1.9 %

$2.9B

(1.2) %

NV units sold

175,566

+13.5 %

165,659

10.0 %

NV GP PRU

$4,369

(18.1) %

$4,312

(19.4) %

UV retail units sold

187,656

+1.6 %

178,782

(0.8) %

UV retail GP PRU

$1,604

(5.6) %

$1,596

(6.5) %

P&S GP

$1.2B

+10.0 %

$1,159.8M

+8.1 %

P&S GM

54.6 %

(0.3) %

54.5 %

(0.4) %

F&I revenues

$741.9M

+2.7 %

$700.4M

(0.7) %

F&I GP PRU

$2,043

(4.0) %

$2,033

(4.6) %

SG&A expenses as a % of GP

63.8 %

+365 bps

64.6 %

+336 bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

64.2 %

+283 bps

64.2 %

+310 bps

Corporate Development

A major contributor to our success and a driver of incremental value creation for our shareholders is the speed and efficiency at which we have been able to integrate new acquisitions into our existing operations. In the current year, the Company successfully acquired and integrated dealership operations with total expected annual revenues of approximately $1.1 billion, including the resolution in the current quarter of the previously pending acquisition of a Subaru dealership in New Hampshire. This acquisition is expected to generate $65.0 million of annual revenues.

In the current quarter, the Company disposed of a Land Rover and Volvo dealership in Louisiana. These dealerships generated approximately $45.0 million in annual revenues.

Share Repurchases

During the current quarter, the Company repurchased 160,968 shares at an average price per common share of $262.25, for a total of $42.2 million, excluding excise taxes of $0.4 million. During the current year, the Company repurchased 729,582 shares, representing approximately 5.1% of the Company's outstanding common shares at January 1 of the current year, at an average price per common share of $236.78, for a total of $172.8 million, excluding excise taxes of $1.5 million. During the period January 1, 2022 to December 31, 2023, the Company repurchased 3,750,605 shares, at an average price per common share of $185.04, for a total of $694.0 million, representing approximately 21.8% of the common shares outstanding at the commencement of the period.

As of December 31, 2023, the Company had an aggregate 13.7 million outstanding common shares and unvested restricted stock awards. The Company currently has $143.3 million remaining on its Board authorized common 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.

Fourth Quarter and Full Year 2023 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10:00 a.m. ET to discuss the fourth quarter and full year 2023 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at http://www.group1corp.com/company-presentations

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic:         1-888-317-6003

International:    1-412-317-6061

Passcode:         1057644

A telephonic replay will be available following the call through February 7, 2024, by dialing:

Domestic:         1-877-344-7529

International:    1-412-317-0088

Replay Code:   5094882

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 199 automotive dealerships, 267 franchises, and 41 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, 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.

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

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, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements 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, on a timely basis, if at all and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the armed conflicts in Ukraine and the Middle East, (j) the impacts of any potential global recession, (k) our ability to maintain sufficient liquidity to operate, and (l) 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:

Terry Bratton

Manager, Investor Relations

Group 1 Automotive, Inc.

ir@group1auto.com 

Media contacts:

Pete DeLongchamps

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

Group 1 Automotive, Inc.

pdelongchamps@group1auto.com 

or

Clint Woods

Pierpont Communications, Inc.

713-627-2223 | cwoods@piercom.com 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended December 31,

   

2023

 

2022

 

Increase/
(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       2,311.2

 

$       1,972.8

 

$          338.4

 

17.2 %

Used vehicle retail sales

 

1,334.5

 

1,319.4

 

15.1

 

1.1 %

Used vehicle wholesale sales

 

102.3

 

85.7

 

16.6

 

19.3 %

Parts and service sales

 

545.0

 

518.4

 

26.5

 

5.1 %

Finance, insurance and other, net

 

187.1

 

172.7

 

14.5

 

8.4 %

   Total revenues

 

4,480.0

 

4,069.0

 

411.1

 

10.1 %

COST OF SALES:

               

New vehicle retail sales

 

2,126.7

 

1,765.4

 

361.3

 

20.5 %

Used vehicle retail sales

 

1,270.4

 

1,259.0

 

11.4

 

0.9 %

Used vehicle wholesale sales

 

106.6

 

87.8

 

18.8

 

21.4 %

Parts and service sales

 

245.7

 

237.3

 

8.4

 

3.5 %

   Total cost of sales

 

3,749.4

 

3,349.5

 

399.9

 

11.9 %

GROSS PROFIT

 

730.6

 

719.4

 

11.2

 

1.6 %

Selling, general and administrative expenses

 

487.4

 

453.8

 

33.7

 

7.4 %

Depreciation and amortization expense

 

23.4

 

22.4

 

0.9

 

4.2 %

Asset impairments

 

25.1

 

1.3

 

23.8

 

1,801.5 %

INCOME FROM OPERATIONS

 

194.7

 

241.9

 

(47.2)

 

(19.5) %

Floorplan interest expense

 

19.4

 

9.6

 

9.7

 

101.4 %

Other interest expense, net

 

27.7

 

22.0

 

5.7

 

25.8 %

Other expense

 

2.2

 

4.6

 

(2.4)

 

(52.2) %

INCOME BEFORE INCOME TAXES

 

145.4

 

205.7

 

(60.2)

 

(29.3) %

Provision for income taxes

 

36.6

 

48.9

 

(12.3)

 

(25.1) %

Net income from continuing operations

 

108.8

 

156.7

 

(47.9)

 

(30.6) %

Net (loss) income from discontinued operations

 

 

0.2

 

(0.3)

 

(122.3) %

NET INCOME

 

$          108.8

 

$          157.0

 

$          (48.2)

 

(30.7) %

Less: Earnings allocated to participating securities

 

2.6

 

4.6

 

(2.0)

 

(43.5) %

Net income available to diluted common shares

 

$          106.2

 

$          152.4

 

$          (46.2)

 

(30.3) %

Diluted earnings per share from continuing operations

 

$            7.87

 

$          10.75

 

$          (2.88)

 

(26.8) %

Diluted (loss) earnings per share from discontinued operations

 

$               —

 

$            0.01

 

$          (0.02)

 

(123.5) %

DILUTED EARNINGS PER SHARE

 

$            7.87

 

$          10.76

 

$          (2.89)

 

(26.9) %

Weighted average dilutive common shares outstanding

 

13.5

 

14.2

 

(0.7)

 

(4.7) %

Weighted average participating securities

 

0.3

 

0.4

 

(0.1)

 

(22.6) %

      Total weighted average shares

 

13.8

 

14.6

 

(0.8)

 

(5.2) %

Effective tax rate on continuing operations

 

25.2 %

 

23.8 %

 

1.4 %

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Years Ended December 31,

   

2023

 

2022

 

Increase/
(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       8,774.6

 

$       7,452.5

 

$       1,322.0

 

17.7 %

Used vehicle retail sales

 

5,693.5

 

5,673.3

 

20.2

 

0.4 %

Used vehicle wholesale sales

 

441.4

 

364.6

 

76.9

 

21.1 %

Parts and service sales

 

2,222.3

 

2,009.5

 

212.7

 

10.6 %

Finance, insurance and other, net

 

741.9

 

722.2

 

19.7

 

2.7 %

   Total revenues

 

17,873.7

 

16,222.1

 

1,651.6

 

10.2 %

COST OF SALES:

               

New vehicle retail sales

 

8,007.6

 

6,627.0

 

1,380.6

 

20.8 %

Used vehicle retail sales

 

5,392.6

 

5,359.6

 

33.0

 

0.6 %

Used vehicle wholesale sales

 

445.2

 

364.6

 

80.7

 

22.1 %

Parts and service sales

 

1,008.0

 

905.8

 

102.2

 

11.3 %

   Total cost of sales

 

14,853.4

 

13,256.9

 

1,596.5

 

12.0 %

GROSS PROFIT

 

3,020.3

 

2,965.2

 

55.1

 

1.9 %

Selling, general and administrative expenses

 

1,926.8

 

1,783.3

 

143.4

 

8.0 %

Depreciation and amortization expense

 

92.0

 

88.4

 

3.7

 

4.1 %

Asset impairments

 

32.9

 

2.1

 

30.7

 

1,440.6 %

INCOME FROM OPERATIONS

 

968.6

 

1,091.4

 

(122.7)

 

(11.2) %

Floorplan interest expense

 

64.1

 

27.3

 

36.8

 

134.9 %

Other interest expense, net

 

99.8

 

77.5

 

22.3

 

28.7 %

Other expense (income), net

 

4.5

 

1.2

 

3.3

 

273.4 %

INCOME BEFORE INCOME TAXES

 

800.2

 

985.3

 

(185.1)

 

(18.8) %

Provision for income taxes

 

198.2

 

231.1

 

(32.9)

 

(14.2) %

Net income from continuing operations

 

602.0

 

754.2

 

(152.3)

 

(20.2) %

Net loss from discontinued operations

 

(0.4)

 

(2.7)

 

2.3

 

(86.6) %

NET INCOME

 

$          601.6

 

$          751.5

 

$         (149.9)

 

(19.9) %

Less: Earnings allocated to participating securities

 

14.8

 

21.2

 

(6.4)

 

(30.4) %

Net income available to diluted common shares

 

$          586.9

 

$          730.3

 

$         (143.5)

 

(19.6) %

Diluted earnings per share from continuing operations

 

$          42.75

 

$          47.31

 

$           (4.55)

 

(9.6) %

Diluted loss per share from discontinued operations

 

$           (0.03)

 

$           (0.17)

 

$            0.14

 

(84.8) %

DILUTED EARNINGS PER SHARE

 

$          42.73

 

$          47.14

 

$           (4.41)

 

(9.4) %

Weighted average dilutive common shares outstanding

 

13.7

 

15.5

 

(1.8)

 

(11.4) %

Weighted average participating securities

 

0.3

 

0.5

 

(0.1)

 

(23.2) %

   Total weighted average shares

 

14.1

 

15.9

 

(1.9)

 

(11.7) %

Effective tax rate on continuing operations

 

24.8 %

 

23.5 %

 

1.3 %

   

 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)

                 
   

December 31, 2023

 

December 31, 2022

 

Increase/(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$                        57.2

 

$                        47.9

 

$                       9.4

 

19.5 %

Inventories, net

 

$                   1,963.4

 

$                   1,356.6

 

$                   606.8

 

44.7 %

Floorplan notes payable, net (1)

 

$                   1,565.4

 

$                   1,005.2

 

$                   560.3

 

55.7 %

Total debt

 

$                   2,098.8

 

$                   2,082.5

 

$                     16.3

 

0.8 %

Total equity

 

$                   2,674.4

 

$                   2,237.5

 

$                   436.9

 

19.5 %

(1) Amounts are net of offset accounts of $275.2 and $153.6, respectively.

 

   

Three Months Ended December 31,

 

Years Ended December 31,

   

2023

 

2022

 

2023

 

2022

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

83.3 %

 

80.3 %

 

81.3 %

 

80.8 %

United Kingdom

 

16.7 %

 

19.7 %

 

18.7 %

 

19.2 %

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

26.7 %

 

24.5 %

 

24.0 %

 

24.4 %

Volkswagen/Audi/Porsche/SEAT/SKODA

 

13.4 %

 

15.2 %

 

15.2 %

 

15.6 %

BMW/MINI

 

12.8 %

 

14.7 %

 

11.8 %

 

13.3 %

Chevrolet/GMC/Buick

 

9.3 %

 

7.0 %

 

9.0 %

 

6.6 %

Ford/Lincoln

 

6.9 %

 

8.1 %

 

7.5 %

 

8.2 %

Honda/Acura

 

7.3 %

 

6.7 %

 

7.5 %

 

6.8 %

Mercedes-Benz/Sprinter

 

6.0 %

 

5.9 %

 

6.2 %

 

6.1 %

Hyundai/Kia/Genesis

 

5.1 %

 

4.6 %

 

5.2 %

 

4.8 %

Chrysler/Dodge/Jeep/RAM

 

3.1 %

 

3.8 %

 

3.7 %

 

4.8 %

Nissan

 

2.9 %

 

3.8 %

 

3.6 %

 

3.7 %

Subaru

 

3.3 %

 

2.6 %

 

2.9 %

 

2.6 %

Jaguar/Land Rover

 

1.6 %

 

1.6 %

 

1.7 %

 

1.6 %

Mazda

 

1.3 %

 

1.2 %

 

1.2 %

 

1.2 %

Other

 

0.3 %

 

0.3 %

 

0.3 %

 

0.3 %

   

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

   

December 31, 2023

 

December 31, 2022

DAYS' SUPPLY IN INVENTORY (1):

       

Consolidated

       

New vehicle inventory

 

37

 

24

Used vehicle inventory

 

35

 

34

U.S.

       

New vehicle inventory

 

36

 

21

Used vehicle inventory

 

29

 

28

U.K.

       

New vehicle inventory

 

48

 

36

Used vehicle inventory

 

58

 

63

(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 December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    2,311.2

 

$    1,972.8

 

$       338.4

 

17.2 %

   

$            17.7

 

16.3 %

Used vehicle retail sales

1,334.5

 

1,319.4

 

15.1

 

1.1 %

   

15.2

 

— %

Used vehicle wholesale sales

102.3

 

85.7

 

16.6

 

19.3 %

   

1.6

 

17.5 %

   Total used

1,436.8

 

1,405.1

 

31.7

 

2.3 %

   

16.8

 

1.1 %

Parts and service sales

545.0

 

518.4

 

26.5

 

5.1 %

   

3.9

 

4.4 %

F&I, net

187.1

 

172.7

 

14.5

 

8.4 %

   

0.9

 

7.9 %

   Total revenues

$    4,480.0

 

$    4,069.0

 

$       411.1

 

10.1 %

   

$            39.2

 

9.1 %

Gross profit:

                       

New vehicle retail sales

$       184.5

 

$       207.4

 

$       (22.9)

 

(11.1) %

   

$              1.4

 

(11.7) %

Used vehicle retail sales

64.1

 

60.4

 

3.7

 

6.1 %

   

0.6

 

5.1 %

Used vehicle wholesale sales

(4.3)

 

(2.1)

 

(2.2)

 

(108.0) %

   

(0.1)

 

(102.7) %

Total used

59.8

 

58.3

 

1.5

 

2.5 %

   

0.5

 

1.7 %

Parts and service sales

299.3

 

281.1

 

18.2

 

6.5 %

   

2.2

 

5.7 %

F&I, net

187.1

 

172.7

 

14.5

 

8.4 %

   

0.9

 

7.9 %

   Total gross profit

$       730.6

 

$       719.4

 

$         11.2

 

1.6 %

   

$              4.8

 

0.9 %

Gross margin:

                       

New vehicle retail sales

8.0 %

 

10.5 %

 

(2.5) %

             

Used vehicle retail sales

4.8 %

 

4.6 %

 

0.2 %

             

Used vehicle wholesale sales

(4.2) %

 

(2.4) %

 

(1.8) %

             

      Total used

4.2 %

 

4.1 %

 

— %

             

Parts and service sales

54.9 %

 

54.2 %

 

0.7 %

             

Total gross margin

16.3 %

 

17.7 %

 

(1.4) %

             

Units sold:

                       

Retail new vehicles sold (1)

45,827

 

39,922

 

5,905

 

14.8 %

         

Retail used vehicles sold

44,656

 

43,560

 

1,096

 

2.5 %

         

Wholesale used vehicles sold

11,156

 

9,003

 

2,153

 

23.9 %

         

   Total used

55,812

 

52,563

 

3,249

 

6.2 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     50,760

 

$     49,416

 

$       1,344

 

2.7 %

   

$             713

 

1.3 %

Used vehicle retail

$     29,884

 

$     30,289

 

$         (405)

 

(1.3) %

   

$             340

 

(2.5) %

Gross profit per unit sold:

                       

New vehicle retail sales

$       4,025

 

$       5,195

 

$      (1,170)

 

(22.5) %

   

$               30

 

(23.1) %

Used vehicle retail sales

$       1,434

 

$       1,386

 

$            49

 

3.5 %

   

$               13

 

2.5 %

Used vehicle wholesale sales

$         (386)

 

$         (230)

 

$         (156)

 

(67.9) %

   

$              (10)

 

(63.6) %

   Total used

$       1,071

 

$       1,109

 

$           (39)

 

(3.5) %

   

$                 9

 

(4.3) %

F&I PRU

$       2,068

 

$       2,068

 

$            —

 

— %

   

$                 9

 

(0.5) %

Other:

                       

SG&A expenses

$       487.4

 

$       453.8

 

$         33.7

 

7.4 %

   

$              3.9

 

6.6 %

Adjusted SG&A expenses (2)

$       485.7

 

$       452.9

 

$         32.8

 

7.2 %

   

$              4.1

 

6.3 %

SG&A as % gross profit

66.7 %

 

63.1 %

 

3.6 %

             

Adjusted SG&A as % gross profit (2)

66.5 %

 

62.9 %

 

3.5 %

             

Operating margin %

4.3 %

 

5.9 %

 

(1.6) %

             

Adjusted operating margin % (2)

5.0 %

 

6.0 %

 

(1.0) %

             

Pretax margin %

3.2 %

 

5.1 %

 

(1.8) %

             

Adjusted pretax margin % (2)

3.9 %

 

5.1 %

 

(1.3) %

             

Floorplan expense:

                       

Floorplan interest expense

$         19.4

 

$          9.6

 

$           9.7

 

101.4 %

   

$              0.1

 

99.8 %

Less: Floorplan assistance (3)

19.3

 

13.9

 

5.5

 

39.3 %

   

 

39.3 %

   Net floorplan expense

$            —

 

$         (4.3)

 

$           4.3

       

$              0.1

   
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

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

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

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Years Ended December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    8,774.6

 

$    7,452.5

 

$    1,322.0

 

17.7 %

   

$            13.9

 

17.6 %

Used vehicle retail sales

5,693.5

 

5,673.3

 

20.2

 

0.4 %

   

3.7

 

0.3 %

Used vehicle wholesale sales

441.4

 

364.6

 

76.9

 

21.1 %

   

0.1

 

21.1 %

   Total used

6,135.0

 

6,037.9

 

97.1

 

1.6 %

   

3.8

 

1.5 %

Parts and service sales

2,222.3

 

2,009.5

 

212.7

 

10.6 %

   

2.5

 

10.5 %

F&I, net

741.9

 

722.2

 

19.7

 

2.7 %

   

0.4

 

2.7 %

   Total revenues

$  17,873.7

 

$  16,222.1

 

$    1,651.6

 

10.2 %

   

$            20.4

 

10.1 %

Gross profit:

                       

New vehicle retail sales

$       767.0

 

$       825.6

 

$       (58.6)

 

(7.1) %

   

$              1.5

 

(7.3) %

Used vehicle retail sales

300.9

 

313.8

 

(12.8)

 

(4.1) %

   

0.1

 

(4.1) %

Used vehicle wholesale sales

(3.8)

 

 

(3.8)

 

NM

   

 

NM

   Total used

297.2

 

313.8

 

(16.6)

 

(5.3) %

   

 

(5.3) %

Parts and service sales

1,214.2

 

1,103.7

 

110.5

 

10.0 %

   

1.3

 

9.9 %

F&I, net

741.9

 

722.2

 

19.7

 

2.7 %

   

0.4

 

2.7 %

   Total gross profit

$    3,020.3

 

$    2,965.2

 

$         55.1

 

1.9 %

   

$              3.1

 

1.8 %

Gross margin:

                       

New vehicle retail sales

8.7 %

 

11.1 %

 

(2.3) %

             

Used vehicle retail sales

5.3 %

 

5.5 %

 

(0.2) %

             

Used vehicle wholesale sales

(0.9) %

 

— %

 

(0.9) %

             

   Total used

4.8 %

 

5.2 %

 

(0.4) %

             

Parts and service sales

54.6 %

 

54.9 %

 

(0.3) %

             

   Total gross margin

16.9 %

 

18.3 %

 

(1.4) %

             

Units sold:

                       

Retail new vehicles sold (1)

175,566

 

154,714

 

20,852

 

13.5 %

         

Retail used vehicles sold

187,656

 

184,700

 

2,956

 

1.6 %

         

Wholesale used vehicles sold

43,763

 

37,072

 

6,691

 

18.0 %

         

   Total used

231,419

 

221,772

 

9,647

 

4.3 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     50,325

 

$     48,170

 

$       2,156

 

4.5 %

   

$             426

 

3.6 %

Used vehicle retail

$     30,340

 

$     30,716

 

$         (376)

 

(1.2) %

   

$               20

 

(1.3) %

Gross profit per unit sold:

                       

New vehicle retail sales

$       4,369

 

$       5,336

 

$         (967)

 

(18.1) %

   

$                 9

 

(18.3) %

Used vehicle retail sales

$       1,604

 

$       1,699

 

$           (95)

 

(5.6) %

   

$               —

 

(5.6) %

Used vehicle wholesale sales

$           (86)

 

$            —

 

$           (86)

 

NM

   

$                (1)

 

NM

   Total used

$       1,284

 

$       1,415

 

$         (131)

 

(9.2) %

   

$               —

 

(9.2) %

F&I PRU

$       2,043

 

$       2,128

 

$           (85)

 

(4.0) %

   

$                 1

 

(4.1) %

Other:

                       

SG&A expenses

$    1,926.8

 

$    1,783.3

 

$       143.4

 

8.0 %

   

$              2.7

 

7.9 %

Adjusted SG&A expenses (2)

$    1,938.4

 

$    1,819.2

 

$       119.2

 

6.5 %

   

$              2.5

 

6.4 %

SG&A as % gross profit

63.8 %

 

60.1 %

 

3.7 %

             

Adjusted SG&A as % gross profit (2)

64.2 %

 

61.4 %

 

2.8 %

             

Operating margin %

5.4 %

 

6.7 %

 

(1.3) %

             

Adjusted operating margin % (2)

5.5 %

 

6.5 %

 

(1.0) %

             

Pretax margin %

4.5 %

 

6.1 %

 

(1.6) %

             

Adjusted pretax margin % (2)

4.6 %

 

5.9 %

 

(1.3) %

             

Floorplan expense:

                       

Floorplan interest expense

$         64.1

 

$         27.3

 

$         36.8

 

134.9 %

   

$              0.1

 

134.5 %

Less: Floorplan assistance (3)

71.2

 

56.0

 

15.2

 

27.2 %

   

 

27.2 %

   Net floorplan expense

$          (7.1)

 

$        (28.7)

 

$         21.6

       

$              0.1

   
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

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

(3) 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 December 31,

   

2023

 

2022

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$       1,989.3

 

$       1,656.7

 

$          332.6

 

20.1 %

Used vehicle retail sales

 

1,065.2

 

1,083.9

 

(18.7)

 

(1.7) %

Used vehicle wholesale sales

 

72.2

 

61.1

 

11.1

 

18.1 %

   Total used

 

1,137.4

 

1,145.0

 

(7.6)

 

(0.7) %

Parts and service sales

 

473.9

 

453.6

 

20.3

 

4.5 %

F&I, net

 

172.0

 

158.8

 

13.1

 

8.3 %

   Total revenues

 

$       3,772.5

 

$       3,414.2

 

$          358.3

 

10.5 %

Gross profit:

               

New vehicle retail sales

 

$          156.4

 

$          175.0

 

$           (18.6)

 

(10.6) %

Used vehicle retail sales

 

53.3

 

47.3

 

5.9

 

12.5 %

Used vehicle wholesale sales

 

(0.5)

 

(1.2)

 

0.8

 

62.0 %

   Total used

 

52.8

 

46.1

 

6.7

 

14.5 %

Parts and service sales

 

259.0

 

245.9

 

13.1

 

5.3 %

F&I, net

 

172.0

 

158.8

 

13.1

 

8.3 %

   Total gross profit

 

$          640.2

 

$          625.8

 

$            14.3

 

2.3 %

Gross margin:

               

New vehicle retail sales

 

7.9 %

 

10.6 %

 

(2.7) %

   

Used vehicle retail sales

 

5.0 %

 

4.4 %

 

0.6 %

   

Used vehicle wholesale sales

 

(0.6) %

 

(2.0) %

 

1.4 %

   

   Total used

 

4.6 %

 

4.0 %

 

0.6 %

   

Parts and service sales

 

54.7 %

 

54.2 %

 

0.5 %

   

   Total gross margin

 

17.0 %

 

18.3 %

 

(1.4) %

   

Units sold:

               

Retail new vehicles sold

 

38,152

 

32,064

 

6,088

 

19.0 %

Retail used vehicles sold

 

35,195

 

34,997

 

198

 

0.6 %

Wholesale used vehicles sold

 

8,160

 

6,563

 

1,597

 

24.3 %

   Total used

 

43,355

 

41,560

 

1,795

 

4.3 %

Average sales price per unit sold:

               

New vehicle retail

 

$        52,141

 

$        51,670

 

$             472

 

0.9 %

Used vehicle retail

 

$        30,266

 

$        30,971

 

$            (705)

 

(2.3) %

Gross profit per unit sold:

               

New vehicle retail sales

 

$          4,099

 

$          5,458

 

$         (1,358)

 

(24.9) %

Used vehicle retail sales

 

$          1,513

 

$          1,353

 

$             161

 

11.9 %

Used vehicle wholesale sales

 

$              (57)

 

$            (188)

 

$             130

 

69.5 %

   Total used

 

$          1,218

 

$          1,110

 

$             108

 

9.7 %

F&I PRU

 

$          2,345

 

$          2,369

 

$              (24)

 

(1.0) %

Other:

               

SG&A expenses

 

$          413.1

 

$          383.8

 

$            29.2

 

7.6 %

Adjusted SG&A expenses (1)

 

$          408.7

 

$          383.0

 

$            25.7

 

6.7 %

SG&A as % gross profit

 

64.5 %

 

61.3 %

 

3.2 %

   

Adjusted SG&A as % gross profit (1)

 

63.8 %

 

61.2 %

 

2.6 %

   
 

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Years Ended December 31,

   

2023

 

2022

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$       7,433.6

 

$       6,238.5

 

$       1,195.0

 

19.2 %

Used vehicle retail sales

 

4,458.7

 

4,531.5

 

(72.8)

 

(1.6) %

Used vehicle wholesale sales

 

314.4

 

238.8

 

75.6

 

31.7 %

   Total used

 

4,773.1

 

4,770.2

 

2.8

 

0.1 %

Parts and service sales

 

1,933.3

 

1,761.4

 

171.9

 

9.8 %

F&I, net

 

674.3

 

656.9

 

17.3

 

2.6 %

   Total revenues

 

$     14,814.2

 

$     13,427.1

 

$       1,387.1

 

10.3 %

Gross profit:

               

New vehicle retail sales

 

$          646.1

 

$          713.5

 

$           (67.4)

 

(9.4) %

Used vehicle retail sales

 

240.8

 

250.3

 

(9.5)

 

(3.8) %

Used vehicle wholesale sales

 

2.6

 

2.6

 

 

(1.9) %

   Total used

 

243.3

 

252.9

 

(9.6)

 

(3.8) %

Parts and service sales

 

1,046.4

 

959.0

 

87.5

 

9.1 %

F&I, net

 

674.3

 

656.9

 

17.3

 

2.6 %

   Total gross profit

 

$       2,610.1

 

$       2,582.3

 

$            27.8

 

1.1 %

Gross margin:

               

New vehicle retail sales

 

8.7 %

 

11.4 %

 

(2.7) %

   

Used vehicle retail sales

 

5.4 %

 

5.5 %

 

(0.1) %

   

Used vehicle wholesale sales

 

0.8 %

 

1.1 %

 

(0.3) %

   

   Total used

 

5.1 %

 

5.3 %

 

(0.2) %

   

Parts and service sales

 

54.1 %

 

54.4 %

 

(0.3) %

   

   Total gross margin

 

17.6 %

 

19.2 %

 

(1.6) %

   

Units sold:

               

Retail new vehicles sold

 

142,809

 

124,934

 

17,875

 

14.3 %

Retail used vehicles sold

 

145,617

 

145,632

 

(15)

 

— %

Wholesale used vehicles sold

 

31,456

 

25,076

 

6,380

 

25.4 %

   Total used

 

177,073

 

170,708

 

6,365

 

3.7 %

Average sales price per unit sold:

               

New vehicle retail

 

$        52,052

 

$        49,934

 

$          2,118

 

4.2 %

Used vehicle retail

 

$        30,619

 

$        31,116

 

$            (497)

 

(1.6) %

Gross profit per unit sold:

               

New vehicle retail sales

 

$          4,524

 

$          5,711

 

$         (1,187)

 

(20.8) %

Used vehicle retail sales

 

$          1,653

 

$          1,719

 

$              (65)

 

(3.8) %

Used vehicle wholesale sales

 

$               81

 

$             104

 

$              (23)

 

(21.8) %

   Total used

 

$          1,374

 

$          1,481

 

$            (107)

 

(7.3) %

F&I PRU

 

$          2,338

 

$          2,428

 

$              (90)

 

(3.7) %

Other:

               

SG&A expenses

 

$       1,622.9

 

$       1,516.9

 

$          106.0

 

7.0 %

Adjusted SG&A expenses (1)

 

$       1,630.8

 

$       1,551.3

 

$            79.5

 

5.1 %

SG&A as % gross profit

 

62.2 %

 

58.7 %

 

3.4 %

   

Adjusted SG&A as % gross profit (1)

 

62.5 %

 

60.1 %

 

2.4 %

   
 

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       321.9

 

$       316.0

 

$           5.8

 

1.8 %

   

$            17.7

 

(3.8) %

Used vehicle retail sales

269.3

 

235.5

 

33.8

 

14.3 %

   

15.2

 

7.9 %

Used vehicle wholesale sales

30.1

 

24.6

 

5.5

 

22.5 %

   

1.6

 

15.9 %

   Total used

299.4

 

260.1

 

39.3

 

15.1 %

   

16.8

 

8.7 %

Parts and service sales

71.1

 

64.8

 

6.3

 

9.7 %

   

3.9

 

3.6 %

F&I, net

15.2

 

13.8

 

1.3

 

9.7 %

   

0.9

 

3.5 %

   Total revenues

$       707.5

 

$       654.8

 

$         52.7

 

8.1 %

   

$            39.2

 

2.1 %

Gross profit:

                       

New vehicle retail sales

$         28.1

 

$         32.4

 

$          (4.3)

 

(13.4) %

   

$              1.4

 

(17.6) %

Used vehicle retail sales

10.8

 

13.0

 

(2.2)

 

(17.1) %

   

0.6

 

(21.7) %

Used vehicle wholesale sales

(3.8)

 

(0.8)

 

(3.0)

 

NM

   

(0.1)

 

NM

   Total used

7.0

 

12.2

 

(5.2)

 

(42.9) %

   

0.5

 

(46.9) %

Parts and service sales

40.3

 

35.2

 

5.1

 

14.4 %

   

2.2

 

8.0 %

F&I, net

15.2

 

13.8

 

1.3

 

9.7 %

   

0.9

 

3.5 %

   Total gross profit

$         90.5

 

$         93.6

 

$          (3.2)

 

(3.4) %

   

$              4.8

 

(8.5) %

Gross margin:

                       

New vehicle retail sales

8.7 %

 

10.2 %

 

(1.5) %

             

Used vehicle retail sales

4.0 %

 

5.5 %

 

(1.5) %

             

Used vehicle wholesale sales

(12.7) %

 

(3.4) %

 

(9.3) %

             

   Total used

2.3 %

 

4.7 %

 

(2.4) %

             

Parts and service sales

56.7 %

 

54.3 %

 

2.3 %

             

   Total gross margin

12.8 %

 

14.3 %

 

(1.5) %

             

Units sold:

                       

Retail new vehicles sold (1)

7,675

 

7,858

 

(183)

 

(2.3) %

         

Retail used vehicles sold

9,461

 

8,563

 

898

 

10.5 %

         

Wholesale used vehicles sold

2,996

 

2,440

 

556

 

22.8 %

         

   Total used

12,457

 

11,003

 

1,454

 

13.2 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     43,599

 

$     40,220

 

$       3,380

 

8.4 %

   

$          2,395

 

2.4 %

Used vehicle retail

$     28,461

 

$     27,501

 

$          960

 

3.5 %

   

$          1,603

 

(2.3) %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,656

 

$       4,122

 

$         (466)

 

(11.3) %

   

$             179

 

(15.6) %

Used vehicle retail sales

$       1,141

 

$       1,521

 

$         (380)

 

(25.0) %

   

$               64

 

(29.2) %

Used vehicle wholesale sales

$      (1,281)

 

$         (343)

 

$         (937)

 

NM

   

$              (37)

 

NM

   Total used

$          559

 

$       1,108

 

$         (549)

 

(49.6) %

   

$               40

 

(53.1) %

F&I PRU

$          885

 

$          841

 

$            43

 

5.2 %

   

$               50

 

(0.8) %

Other:

                       

SG&A expenses

$         74.3

 

$         69.9

 

$           4.4

 

6.3 %

   

$              3.9

 

0.7 %

Adjusted SG&A expenses (2)

$         77.0

 

$         69.9

 

$           7.1

 

10.1 %

   

$              4.1

 

4.3 %

SG&A as % gross profit

82.2 %

 

74.7 %

 

7.5 %

             

Adjusted SG&A as % gross profit (2)

85.1 %

 

74.7 %

 

10.4 %

             
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) 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)

                         
 

Years Ended December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    1,341.0

 

$    1,214.0

 

$       127.0

 

10.5 %

   

$            13.9

 

9.3 %

Used vehicle retail sales

1,234.8

 

1,141.8

 

93.0

 

8.1 %

   

3.7

 

7.8 %

Used vehicle wholesale sales

127.1

 

125.8

 

1.3

 

1.0 %

   

0.1

 

0.9 %

   Total used

1,361.9

 

1,267.6

 

94.3

 

7.4 %

   

3.8

 

7.1 %

Parts and service sales

289.0

 

248.2

 

40.8

 

16.4 %

   

2.5

 

15.4 %

F&I, net

67.6

 

65.2

 

2.4

 

3.7 %

   

0.4

 

3.1 %

   Total revenues

$    3,059.5

 

$    2,795.1

 

$       264.4

 

9.5 %

   

$            20.4

 

8.7 %

Gross profit:

                       

New vehicle retail sales

$       120.8

 

$       112.0

 

$           8.8

 

7.9 %

   

$              1.5

 

6.5 %

Used vehicle retail sales

60.2

 

63.5

 

(3.3)

 

(5.1) %

   

0.1

 

(5.2) %

Used vehicle wholesale sales

(6.3)

 

(2.6)

 

(3.7)

 

(142.5) %

   

 

(141.2) %

   Total used

53.9

 

60.9

 

(7.0)

 

(11.5) %

   

 

(11.5) %

Parts and service sales

167.8

 

144.7

 

23.1

 

15.9 %

   

1.3

 

15.1 %

F&I, net

67.6

 

65.2

 

2.4

 

3.7 %

   

0.4

 

3.1 %

   Total gross profit

$       410.1

 

$       382.9

 

$         27.3

 

7.1 %

   

$              3.1

 

6.3 %

Gross margin:

                       

New vehicle retail sales

9.0 %

 

9.2 %

 

(0.2) %

             

Used vehicle retail sales

4.9 %

 

5.6 %

 

(0.7) %

             

Used vehicle wholesale sales

(5.0) %

 

(2.1) %

 

(2.9) %

             

   Total used

4.0 %

 

4.8 %

 

(0.8) %

             

Parts and service sales

58.1 %

 

58.3 %

 

(0.2) %

             

   Total gross margin

13.4 %

 

13.7 %

 

(0.3) %

             

Units sold:

                       

Retail new vehicles sold (1)

32,757

 

29,780

 

2,977

 

10.0 %

         

Retail used vehicles sold

42,039

 

39,068

 

2,971

 

7.6 %

         

Wholesale used vehicles sold

12,307

 

11,996

 

311

 

2.6 %

         

   Total used

54,346

 

51,064

 

3,282

 

6.4 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     42,488

 

$     40,766

 

$       1,722

 

4.2 %

   

$             439

 

3.1 %

Used vehicle retail

$     29,373

 

$     29,227

 

$          147

 

0.5 %

   

$               88

 

0.2 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,689

 

$       3,762

 

$           (73)

 

(1.9) %

   

$               47

 

(3.2) %

Used vehicle retail sales

$       1,432

 

$       1,624

 

$         (193)

 

(11.9) %

   

$                 1

 

(11.9) %

Used vehicle wholesale sales

$         (514)

 

$         (217)

 

$         (297)

 

(136.4) %

   

$                (3)

 

(135.1) %

   Total used

$          991

 

$       1,192

 

$         (201)

 

(16.8) %

   

$               —

 

(16.9) %

F&I PRU

$          904

 

$          948

 

$           (44)

 

(4.6) %

   

$                 5

 

(5.1) %

Other:

                       

SG&A expenses

$       303.9

 

$       266.5

 

$         37.4

 

14.0 %

   

$              2.7

 

13.0 %

Adjusted SG&A expenses (2)

$       307.5

 

$       267.9

 

$         39.7

 

14.8 %

   

$              2.5

 

13.9 %

SG&A as % gross profit

74.1 %

 

69.6 %

 

4.5 %

             

Adjusted SG&A as % gross profit (2)

75.0 %

 

70.0 %

 

5.0 %

             
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended December 31,

   

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    2,148.6

 

$    1,924.2

 

$       224.5

 

11.7 %

   

$            17.7

 

10.7 %

Used vehicle retail sales

1,261.1

 

1,286.6

 

(25.5)

 

(2.0) %

   

15.2

 

(3.2) %

Used vehicle wholesale sales

96.2

 

83.1

 

13.1

 

15.8 %

   

1.6

 

13.9 %

   Total used

1,357.3

 

1,369.6

 

(12.3)

 

(0.9) %

   

16.8

 

(2.1) %

Parts and service sales

525.5

 

500.8

 

24.7

 

4.9 %

   

3.8

 

4.2 %

F&I, net

175.6

 

168.6

 

7.0

 

4.1 %

   

0.9

 

3.6 %

   Total revenues

$    4,207.0

 

$    3,963.1

 

$       243.8

 

6.2 %

   

$            39.1

 

5.2 %

Gross profit:

                       

New vehicle retail sales

$       171.8

 

$       202.6

 

$        (30.9)

 

(15.2) %

   

$              1.4

 

(15.9) %

Used vehicle retail sales

60.1

 

59.2

 

0.9

 

1.6 %

   

0.6

 

0.6 %

Used vehicle wholesale sales

(4.5)

 

(2.0)

 

(2.5)

 

(127.5) %

   

(0.1)

 

(121.9) %

   Total used

55.6

 

57.2

 

(1.6)

 

(2.7) %

   

0.5

 

(3.6) %

Parts and service sales

287.0

 

271.9

 

15.1

 

5.6 %

   

2.2

 

4.8 %

F&I, net

175.6

 

168.6

 

7.0

 

4.1 %

   

0.9

 

3.6 %

   Total gross profit

$       690.0

 

$       700.3

 

$        (10.3)

 

(1.5) %

   

$              4.8

 

(2.2) %

Gross margin:

                       

New vehicle retail sales

8.0 %

 

10.5 %

 

(2.5) %

             

Used vehicle retail sales

4.8 %

 

4.6 %

 

0.2 %

             

Used vehicle wholesale sales

(4.6) %

 

(2.4) %

 

(2.3) %

             

   Total used

4.1 %

 

4.2 %

 

(0.1) %

             

Parts and service sales

54.6 %

 

54.3 %

 

0.3 %

             

   Total gross margin

16.4 %

 

17.7 %

 

(1.3) %

             

Units sold:

                       

Retail new vehicles sold (1)

43,087

 

38,975

 

4,112

 

10.6 %

         

Retail used vehicles sold

42,534

 

42,367

 

167

 

0.4 %

         

Wholesale used vehicles sold

10,595

 

8,724

 

1,871

 

21.4 %

         

   Total used

53,129

 

51,091

 

2,038

 

4.0 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     50,211

 

$     49,369

 

$          842

 

1.7 %

   

$             755

 

0.2 %

Used vehicle retail

$     29,648

 

$     30,367

 

$         (718)

 

(2.4) %

   

$             356

 

(3.5) %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,986

 

$       5,199

 

$      (1,212)

 

(23.3) %

   

$               32

 

(23.9) %

Used vehicle retail sales

$       1,413

 

$       1,396

 

$            17

 

1.2 %

   

$               14

 

0.2 %

Used vehicle wholesale sales

$         (421)

 

$         (225)

 

$         (196)

 

(87.4) %

   

$              (10)

 

(82.7) %

   Total used

$       1,047

 

$       1,119

 

$           (72)

 

(6.5) %

   

$                 9

 

(7.3) %

F&I PRU

$       2,051

 

$       2,073

 

$           (22)

 

(1.1) %

   

$               10

 

(1.6) %

Other:

                       

SG&A expenses

$       465.0

 

$       440.2

 

$         24.9

 

5.6 %

   

$              4.0

 

4.7 %

Adjusted SG&A expenses (2)

$       460.7

 

$       439.3

 

$         21.4

 

4.9 %

   

$              4.0

 

4.0 %

SG&A as % gross profit

67.4 %

 

62.9 %

 

4.5 %

             

Adjusted SG&A as % gross profit (2)

66.8 %

 

62.7 %

 

4.0 %

             

Operating margin %

4.2 %

 

6.0 %

 

(1.8) %

             

Adjusted operating margin % (2)

4.9 %

 

6.0 %

 

(1.1) %

             
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Years Ended December 31,

   

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    8,191.2

 

$    7,277.5

 

$       913.7

 

12.6 %

   

$            13.7

 

12.4 %

Used vehicle retail sales

5,378.4

 

5,553.7

 

(175.3)

 

(3.2) %

   

3.7

 

(3.2) %

Used vehicle wholesale sales

411.9

 

355.5

 

56.5

 

15.9 %

   

0.1

 

15.9 %

   Total used

5,790.3

 

5,909.1

 

(118.8)

 

(2.0) %

   

3.8

 

(2.1) %

Parts and service sales

2,128.9

 

1,952.6

 

176.3

 

9.0 %

   

2.4

 

8.9 %

F&I, net

700.4

 

705.4

 

(5.1)

 

(0.7) %

   

0.4

 

(0.8) %

Total revenues

$  16,810.8

 

$  15,844.6

 

$       966.2

 

6.1 %

   

$            20.1

 

6.0 %

Gross profit:

                       

New vehicle retail sales

$       714.3

 

$       806.1

 

$        (91.7)

 

(11.4) %

   

$              1.5

 

(11.6) %

Used vehicle retail sales

285.4

 

307.6

 

(22.2)

 

(7.2) %

   

0.1

 

(7.2) %

Used vehicle wholesale sales

(3.7)

 

0.2

 

(4.0)

 

NM

   

 

NM

   Total used

281.7

 

307.8

 

(26.2)

 

(8.5) %

   

 

(8.5) %

Parts and service sales

1,159.8

 

1,072.4

 

87.4

 

8.1 %

   

1.2

 

8.0 %

F&I, net

700.4

 

705.4

 

(5.1)

 

(0.7) %

   

0.4

 

(0.8) %

   Total gross profit

$    2,856.2

 

$    2,891.7

 

$        (35.5)

 

(1.2) %

   

$              3.0

 

(1.3) %

Gross margin:

                       

New vehicle retail sales

8.7 %

 

11.1 %

 

(2.4) %

             

Used vehicle retail sales

5.3 %

 

5.5 %

 

(0.2) %

             

Used vehicle wholesale sales

(0.9) %

 

0.1 %

 

(1.0) %

             

   Total used

4.9 %

 

5.2 %

 

(0.3) %

             

Parts and service sales

54.5 %

 

54.9 %

 

(0.4) %

             

   Total gross margin

17.0 %

 

18.3 %

 

(1.3) %

             

Units sold:

                       

Retail new vehicles sold (1)

165,659

 

150,652

 

15,007

 

10.0 %

         

Retail used vehicles sold

178,782

 

180,164

 

(1,382)

 

(0.8) %

         

Wholesale used vehicles sold

41,458

 

35,934

 

5,524

 

15.4 %

         

   Total used

220,240

 

216,098

 

4,142

 

1.9 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     49,810

 

$     48,307

 

$       1,503

 

3.1 %

   

$             446

 

2.2 %

Used vehicle retail

$     30,083

 

$     30,826

 

$         (742)

 

(2.4) %

   

$               21

 

(2.5) %

Gross profit per unit sold:

                       

New vehicle retail sales

$       4,312

 

$       5,350

 

$      (1,038)

 

(19.4) %

   

$                 9

 

(19.6) %

Used vehicle retail sales

$       1,596

 

$       1,707

 

$         (111)

 

(6.5) %

   

$               —

 

(6.5) %

Used vehicle wholesale sales

$           (89)

 

$              7

 

$           (96)

 

NM

   

$                (1)

 

NM

   Total used

$       1,279

 

$       1,424

 

$         (146)

 

(10.2) %

   

$               —

 

(10.2) %

F&I PRU

$       2,033

 

$       2,132

 

$           (99)

 

(4.6) %

   

$                 1

 

(4.7) %

Other:

                       

SG&A expenses

$    1,845.4

 

$    1,771.1

 

$         74.3

 

4.2 %

   

$              2.5

 

4.1 %

Adjusted SG&A expenses (2)

$    1,834.9

 

$    1,768.2

 

$         66.8

 

3.8 %

   

$              2.4

 

3.6 %

SG&A as % gross profit

64.6 %

 

61.2 %

 

3.4 %

             

Adjusted SG&A as % gross profit (2)

64.2 %

 

61.1 %

 

3.1 %

             

Operating margin %

5.3 %

 

6.5 %

 

(1.2) %

             

Adjusted operating margin % (2)

5.6 %

 

6.6 %

 

(1.0) %

             
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) 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 December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$       1,826.8

 

$       1,608.1

 

$          218.7

 

13.6 %

Used vehicle retail sales

991.8

 

1,051.1

 

(59.3)

 

(5.6) %

Used vehicle wholesale sales

66.1

 

58.5

 

7.6

 

13.0 %

   Total used

1,057.9

 

1,109.5

 

(51.6)

 

(4.7) %

Parts and service sales

456.9

 

438.5

 

18.5

 

4.2 %

F&I, net

160.4

 

154.8

 

5.6

 

3.6 %

   Total revenues

$       3,502.0

 

$       3,310.9

 

$          191.1

 

5.8 %

Gross profit:

             

New vehicle retail sales

$          143.7

 

$          170.2

 

$           (26.5)

 

(15.6) %

Used vehicle retail sales

49.3

 

46.1

 

3.2

 

6.9 %

Used vehicle wholesale sales

(0.6)

 

(1.1)

 

0.5

 

44.4 %

   Total used

48.7

 

45.0

 

3.7

 

8.2 %

Parts and service sales

247.9

 

237.8

 

10.1

 

4.3 %

F&I, net

160.4

 

154.8

 

5.6

 

3.6 %

   Total gross profit

$          600.7

 

$          607.8

 

$             (7.1)

 

(1.2) %

Gross margin:

             

New vehicle retail sales

7.9 %

 

10.6 %

 

(2.7) %

   

Used vehicle retail sales

5.0 %

 

4.4 %

 

0.6 %

   

Used vehicle wholesale sales

(0.9) %

 

(1.9) %

 

1.0 %

   

   Total used

4.6 %

 

4.1 %

 

0.5 %

   

Parts and service sales

54.3 %

 

54.2 %

 

— %

   

   Total gross margin

17.2 %

 

18.4 %

 

(1.2) %

   

Units sold:

             

Retail new vehicles sold

35,412

 

31,117

 

4,295

 

13.8 %

Retail used vehicles sold

33,073

 

33,804

 

(731)

 

(2.2) %

Wholesale used vehicles sold

7,599

 

6,284

 

1,315

 

20.9 %

   Total used

40,672

 

40,088

 

584

 

1.5 %

Average sales price per unit sold:

             

New vehicle retail

$        51,586

 

$        51,679

 

$              (93)

 

(0.2) %

Used vehicle retail

$        29,988

 

$        31,093

 

$         (1,105)

 

(3.6) %

Gross profit per unit sold:

             

New vehicle retail sales

$          4,058

 

$          5,470

 

$         (1,412)

 

(25.8) %

Used vehicle retail sales

$          1,491

 

$          1,365

 

$             126

 

9.2 %

Used vehicle wholesale sales

$              (82)

 

$            (179)

 

$               96

 

54.0 %

   Total used

$          1,197

 

$          1,123

 

$               74

 

6.6 %

F&I PRU

$          2,342

 

$          2,384

 

$              (42)

 

(1.8) %

Other:

             

SG&A expenses

$          389.4

 

$          371.4

 

$            18.0

 

4.8 %

Adjusted SG&A expenses (1)

$          385.1

 

$          370.6

 

$            14.5

 

3.9 %

SG&A as % gross profit

64.8 %

 

61.1 %

 

3.7 %

   

Adjusted SG&A as % gross profit (1)

64.1 %

 

61.0 %

 

3.1 %

   
 

(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 — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Years Ended December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$       6,869.4

 

$       6,065.6

 

$          803.8

 

13.3 %

Used vehicle retail sales

4,167.2

 

4,416.8

 

(249.5)

 

(5.6) %

Used vehicle wholesale sales

287.0

 

230.1

 

56.8

 

24.7 %

   Total used

4,454.2

 

4,646.9

 

(192.7)

 

(4.1) %

Parts and service sales

1,858.5

 

1,715.4

 

143.1

 

8.3 %

F&I, net

633.8

 

640.5

 

(6.7)

 

(1.0) %

   Total revenues

$     13,815.9

 

$     13,068.4

 

$          747.5

 

5.7 %

Gross profit:

             

New vehicle retail sales

$          595.5

 

$          694.2

 

$          (98.7)

 

(14.2) %

Used vehicle retail sales

227.0

 

244.5

 

(17.5)

 

(7.1) %

Used vehicle wholesale sales

2.7

 

2.8

 

(0.2)

 

(5.6) %

   Total used

229.7

 

247.3

 

(17.6)

 

(7.1) %

Parts and service sales

1,000.4

 

932.9

 

67.5

 

7.2 %

F&I, net

633.8

 

640.5

 

(6.7)

 

(1.0) %

   Total gross profit

$       2,459.4

 

$       2,514.9

 

$          (55.5)

 

(2.2) %

Gross margin:

             

New vehicle retail sales

8.7 %

 

11.4 %

 

(2.8) %

   

Used vehicle retail sales

5.4 %

 

5.5 %

 

(0.1) %

   

Used vehicle wholesale sales

0.9 %

 

1.2 %

 

(0.3) %

   

   Total used

5.2 %

 

5.3 %

 

(0.2) %

   

Parts and service sales

53.8 %

 

54.4 %

 

(0.6) %

   

   Total gross margin

17.8 %

 

19.2 %

 

(1.4) %

   

Units sold:

             

Retail new vehicles sold

133,330

 

120,958

 

12,372

 

10.2 %

Retail used vehicles sold

137,605

 

141,355

 

(3,750)

 

(2.7) %

Wholesale used vehicles sold

29,312

 

24,023

 

5,289

 

22.0 %

   Total used

166,917

 

165,378

 

1,539

 

0.9 %

Average sales price per unit sold:

             

New vehicle retail

$        51,522

 

$        50,146

 

$          1,375

 

2.7 %

Used vehicle retail

$        30,284

 

$        31,246

 

$            (962)

 

(3.1) %

Gross profit per unit sold:

             

New vehicle retail sales

$          4,466

 

$          5,739

 

$         (1,273)

 

(22.2) %

Used vehicle retail sales

$          1,650

 

$          1,729

 

$              (80)

 

(4.6) %

Used vehicle wholesale sales

$               91

 

$             118

 

$              (27)

 

(22.6) %

   Total used

$          1,376

 

$          1,495

 

$            (119)

 

(8.0) %

F&I PRU

$          2,339

 

$          2,442

 

$            (102)

 

(4.2) %

Other:

             

SG&A expenses

$       1,548.8

 

$       1,507.6

 

$            41.2

 

2.7 %

Adjusted SG&A expenses (1)

$       1,538.3

 

$       1,505.9

 

$            32.5

 

2.2 %

SG&A as % gross profit

63.0 %

 

59.9 %

 

3.0 %

   

Adjusted SG&A as % gross profit (1)

62.6 %

 

59.9 %

 

2.7 %

   
 

(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 December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       321.9

 

$       316.0

 

$           5.8

 

1.8 %

   

$            17.7

 

(3.8) %

Used vehicle retail sales

269.3

 

235.5

 

33.8

 

14.3 %

   

15.2

 

7.9 %

Used vehicle wholesale sales

30.1

 

24.6

 

5.5

 

22.5 %

   

1.6

 

15.9 %

   Total used

299.4

 

260.1

 

39.3

 

15.1 %

   

16.8

 

8.7 %

Parts and service sales

68.6

 

62.3

 

6.3

 

10.0 %

   

3.8

 

4.0 %

F&I, net

15.2

 

13.8

 

1.3

 

9.6 %

   

0.9

 

3.4 %

   Total revenues

$       705.0

 

$       652.3

 

$         52.7

 

8.1 %

   

$            39.1

 

2.1 %

Gross profit:

                       

New vehicle retail sales

$         28.1

 

$         32.4

 

$         (4.3)

 

(13.4) %

   

$              1.4

 

(17.6) %

Used vehicle retail sales

10.8

 

13.0

 

(2.2)

 

(17.1) %

   

0.6

 

(21.8) %

Used vehicle wholesale sales

(3.8)

 

(0.8)

 

(3.0)

 

NM

   

(0.1)

 

NM

   Total used

7.0

 

12.2

 

(5.2)

 

(42.9) %

   

0.5

 

(47.0) %

Parts and service sales

39.1

 

34.1

 

5.0

 

14.6 %

   

2.2

 

8.2 %

F&I, net

15.2

 

13.8

 

1.3

 

9.6 %

   

0.9

 

3.4 %

   Total gross profit

$         89.3

 

$         92.5

 

$         (3.2)

 

(3.5) %

   

$              4.8

 

(8.7) %

Gross margin:

                       

New vehicle retail sales

8.7 %

 

10.2 %

 

(1.5) %

             

Used vehicle retail sales

4.0 %

 

5.5 %

 

(1.5) %

             

Used vehicle wholesale sales

(12.7) %

 

(3.4) %

 

(9.3) %

             

   Total used

2.3 %

 

4.7 %

 

(2.4) %

             

Parts and service sales

57.1 %

 

54.8 %

 

2.3 %

             

   Total gross margin

12.7 %

 

14.2 %

 

(1.5) %

             

Units sold:

                       

Retail new vehicles sold (1)

7,675

 

7,858

 

(183)

 

(2.3) %

         

Retail used vehicles sold

9,461

 

8,563

 

898

 

10.5 %

         

Wholesale used vehicles sold

2,996

 

2,440

 

556

 

22.8 %

         

   Total used

12,457

 

11,003

 

1,454

 

13.2 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     43,599

 

$     40,220

 

$       3,379

 

8.4 %

   

$          2,395

 

2.4 %

Used vehicle retail

$     28,461

 

$     27,501

 

$          960

 

3.5 %

   

$          1,603

 

(2.3) %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,656

 

$       4,122

 

$         (466)

 

(11.3) %

   

$             179

 

(15.6) %

Used vehicle retail sales

$       1,141

 

$       1,521

 

$         (380)

 

(25.0) %

   

$               64

 

(29.2) %

Used vehicle wholesale sales

$      (1,281)

 

$         (343)

 

$         (937)

 

NM

   

$              (37)

 

NM

   Total used

$          558

 

$       1,108

 

$         (549)

 

(49.6) %

   

$               39

 

(53.2) %

F&I PRU

$          884

 

$          842

 

$            43

 

5.1 %

   

$               50

 

(0.9) %

Other:

                       

SG&A expenses

$         75.6

 

$         68.7

 

$           6.9

 

10.0 %

   

$              4.0

 

4.2 %

SG&A as % gross profit

84.7 %

 

74.3 %

 

10.4 %

             
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Years Ended December 31,

 

2023

 

2022

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    1,321.9

 

$    1,211.9

 

$       109.9

 

9.1 %

   

$            13.7

 

7.9 %

Used vehicle retail sales

1,211.2

 

1,136.9

 

74.3

 

6.5 %

   

3.7

 

6.2 %

Used vehicle wholesale sales

125.0

 

125.3

 

(0.4)

 

(0.3) %

   

0.1

 

(0.3) %

   Total used

1,336.1

 

1,262.2

 

73.9

 

5.9 %

   

3.8

 

5.6 %

Parts and service sales

270.4

 

237.2

 

33.2

 

14.0 %

   

2.4

 

13.0 %

F&I, net

66.5

 

64.9

 

1.6

 

2.5 %

   

0.4

 

1.9 %

   Total revenues

$    2,995.0

 

$    2,776.3

 

$       218.7

 

7.9 %

   

$            20.1

 

7.2 %

Gross profit:

                       

New vehicle retail sales

$       118.9

 

$       111.9

 

$           7.0

 

6.2 %

   

$              1.5

 

4.9 %

Used vehicle retail sales

58.4

 

63.1

 

(4.7)

 

(7.5) %

   

0.1

 

(7.6) %

Used vehicle wholesale sales

(6.4)

 

(2.6)

 

(3.8)

 

(147.2) %

   

 

(145.7) %

   Total used

52.0

 

60.5

 

(8.5)

 

(14.1) %

   

 

(14.1) %

Parts and service sales

159.4

 

139.5

 

19.9

 

14.3 %

   

1.2

 

13.4 %

F&I, net

66.5

 

64.9

 

1.6

 

2.5 %

   

0.4

 

1.9 %

   Total gross profit

$       396.8

 

$       376.8

 

$         20.0

 

5.3 %

   

$              3.0

 

4.5 %

Gross margin:

                       

New vehicle retail sales

9.0 %

 

9.2 %

 

(0.2) %

             

Used vehicle retail sales

4.8 %

 

5.6 %

 

(0.7) %

             

Used vehicle wholesale sales

(5.1) %

 

(2.1) %

 

(3.0) %

             

   Total used

3.9 %

 

4.8 %

 

(0.9) %

             

Parts and service sales

59.0 %

 

58.8 %

 

0.1 %

             

   Total gross margin

13.2 %

 

13.6 %

 

(0.3) %

             

Units sold:

                       

Retail new vehicles sold (1)

32,329

 

29,694

 

2,635

 

8.9 %

         

Retail used vehicles sold

41,177

 

38,809

 

2,368

 

6.1 %

         

Wholesale used vehicles sold

12,146

 

11,911

 

235

 

2.0 %

         

   Total used

53,323

 

50,720

 

2,603

 

5.1 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$     42,458

 

$     40,814

 

$       1,644

 

4.0 %

   

$             440

 

3.0 %

Used vehicle retail

$     29,413

 

$     29,294

 

$          119

 

0.4 %

   

$               90

 

0.1 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,676

 

$       3,767

 

$           (91)

 

(2.4) %

   

$               47

 

(3.6) %

Used vehicle retail sales

$       1,418

 

$       1,626

 

$         (209)

 

(12.8) %

   

$                 1

 

(12.9) %

Used vehicle wholesale sales

$         (525)

 

$         (216)

 

$         (308)

 

(142.4) %

   

$                (3)

 

(140.9) %

   Total used

$          975

 

$       1,194

 

$         (218)

 

(18.3) %

   

$               —

 

(18.3) %

F&I PRU

$          905

 

$          948

 

$           (42)

 

(4.5) %

   

$                 5

 

(5.0) %

Other:

                       

SG&A expenses

$       296.6

 

$       263.6

 

$         33.0

 

12.5 %

   

$              2.5

 

11.6 %

SG&A as % gross profit

74.7 %

 

69.9 %

 

4.8 %

             
 

(1) Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended December 31, 2023

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real
estate
transactions

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

 Asset
impairments
and
accelerated
depreciation

 

Non-GAAP
adjusted

SG&A expenses

 

$   487.4

 

$           (2.0)

 

$           2.6

 

$        (0.6)

 

$          (1.7)

 

$              —

 

$   485.7

Depreciation and amortization expense

 

23.4

 

 

 

 

 

(0.3)

 

23.1

Asset impairments

 

25.1

 

 

 

 

 

(25.1)

 

Income (loss) from operations

 

194.7

 

2.0

 

(2.6)

 

0.6

 

1.7

 

25.4

 

221.9

                             

Income (loss) before income taxes

 

$   145.4

 

$             2.0

 

$          (2.6)

 

$          0.6

 

$            1.7

 

$           25.4

 

$   172.6

Less: Provision (benefit) for income
taxes

 

36.6

 

0.5

 

(2.6)

 

0.2

 

0.4

 

6.3

 

41.4

Net income from continuing operations

 

108.8

 

1.5

 

 

0.5

 

1.3

 

19.1

 

131.2

Less: Earnings allocated to participating
securities

 

2.6

 

 

 

 

 

0.5

 

3.1

Net income from continuing operations
available to diluted common shares

 

$   106.2

 

$             1.4

 

$            —

 

$          0.5

 

$            1.3

 

$           18.7

 

$   128.1

                             

Diluted earnings per common share from
continuing operations

 

$     7.87

 

$           0.11

 

$            —

 

$        0.03

 

$          0.09

 

$           1.39

 

$     9.50

                             

Effective tax rate

 

25.2 %

                     

24.0 %

                             

SG&A as % gross profit (1)

 

66.7 %

                     

66.5 %

Operating margin (2)

 

4.3 %

                     

5.0 %

Pretax margin (3)

 

3.2 %

                     

3.9 %

                             

Same Store SG&A expenses

 

$   465.0

 

$           (2.0)

 

$            —

 

$        (0.6)

 

$          (1.7)

 

$              —

 

$   460.7

Same Store SG&A as % gross profit (1)

 

67.4 %

                     

66.8 %

                             

Same Store income from operations

 

$   177.4

 

$             2.0

 

$            —

 

$          0.6

 

$            1.7

 

$           25.4

 

$   207.1

Same Store operating margin (2)

 

4.2 %

                     

4.9 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net loss from discontinued operations

 

$                   —

 

$                   —

 

$                   —

Less: Loss allocated to participating securities

 

 

 

Net loss from discontinued operations available to diluted common shares

 

$                   —

 

$                   —

 

$                   —

             

Net income

 

$              108.8

 

$                22.4

 

$              131.2

Less: Earnings allocated to participating securities

 

2.6

 

0.5

 

3.1

Net income available to diluted common shares

 

$              106.2

 

$                21.9

 

$              128.1

             

Diluted loss per common share from discontinued operations

 

$                   —

 

$                   —

 

$                   —

Diluted earnings per common share from continuing operations

 

7.87

 

1.62

 

9.50

Diluted earnings per common share

 

$                7.87

 

$                1.62

 

$                9.49

 

(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, accelerated depreciation expense and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended December 31, 2022

   

U.S. GAAP

 

Acquisition
Costs

 

Asset
impairments

 

Non-GAAP
adjusted

SG&A expenses

 

$             453.8

 

$                    (0.9)

 

$                      —

 

$             452.9

Asset impairments

 

$                 1.3

 

$                      —

 

$                    (1.3)

 

$                  —

Income from operations

 

$             241.9

 

$                     0.9

 

$                     1.3

 

$             244.1

                 

Income before income taxes

 

$             205.7

 

$                     0.9

 

$                     1.3

 

$             207.9

Less: Provision for income taxes

 

48.9

 

0.2

 

0.3

 

49.4

Net income from continuing operations

 

156.7

 

0.7

 

1.0

 

158.4

Less: Earnings allocated to participating securities

 

4.6

 

 

 

4.6

Net income from continuing operations available to diluted
common shares

 

$             152.2

 

$                     0.6

 

$                     1.0

 

$             153.8

                 

Diluted earnings per common share from continuing
operations

 

$             10.75

 

$                   0.05

 

$                   0.07

 

$             10.86

                 

Effective tax rate

 

23.8 %

         

23.8 %

                 

SG&A as % gross profit (1)

 

63.1 %

         

62.9 %

Operating margin (2)

 

5.9 %

         

6.0 %

Pretax margin (3)

 

5.1 %

         

5.1 %

                 

Same Store SG&A expenses

 

$             440.2

 

$                   (0.9)

 

$                      —

 

$             439.3

Same Store SG&A as % gross profit (1)

 

62.9 %

         

62.7 %

                 

Same Store income from operations

 

$             238.2

 

$                     0.9

 

$                     0.6

 

$             239.6

Same Store operating margin (2)

 

6.0 %

         

6.0 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net income from discontinued operations

 

$                   0.2

 

$                    —

 

$                   0.2

Less: Earnings allocated to participating securities

 

 

 

Net income from discontinued operations available to diluted common shares

 

$                   0.2

 

$                    —

 

$                   0.2

             

Net income

 

$               157.0

 

$                   1.7

 

$               158.6

Less: Earnings allocated to participating securities

 

4.6

 

 

4.6

Net income available to diluted common shares

 

$               152.4

 

$                   1.6

 

$               154.0

             

Diluted earnings per common share from discontinued operations

 

$                 0.01

 

$                    —

 

$                 0.01

Diluted earnings per common share from continuing operations

 

10.75

 

0.11

 

10.86

Diluted earnings per common share

 

$               10.76

 

$                 0.11

 

$               10.88

 

(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.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

                                 
   

Year Ended December 31, 2023

   

U.S. GAAP

 

Non-cash
gain on
interest rate
swaps

 

Catastrophic
events

 

Dealership
and real
estate
transactions

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Asset
impairments
and
accelerated
depreciation

 

Non-GAAP
adjusted

SG&A expenses

 

$  1,926.8

 

$           —

 

$        (3.4)

 

$         22.0

 

$      (0.9)

 

$         (6.1)

 

$              —

 

$ 1,938.4

Depreciation and amortization expense

 

92.0

 

 

 

 

 

 

(1.2)

 

90.8

Asset impairments

 

32.9

 

 

 

 

 

 

(32.9)

 

Income (loss) from operations

 

968.6

 

 

3.4

 

(22.0)

 

0.9

 

6.1

 

34.0

 

991.1

Other interest expense, net

 

99.8

 

4.0

 

 

 

 

 

 

103.8

                                 

Income (loss) before income taxes

 

$    800.2

 

$        (4.0)

 

$          3.4

 

$       (21.9)

 

$        0.9

 

$           6.1

 

$           34.0

 

$    818.7

Less: Provision (benefit) for
income taxes

 

198.2

 

(0.9)

 

0.8

 

(12.8)

 

0.2

 

1.5

 

8.4

 

195.4

Net income (loss) from continuing
operations

 

602.0

 

(3.1)

 

2.6

 

(9.1)

 

0.7

 

4.6

 

25.6

 

623.3

Less: Earnings (loss) allocated to
participating securities

 

14.8

 

(0.1)

 

0.1

 

(0.2)

 

 

0.1

 

0.6

 

15.3

Net income (loss) from continuing
operations available to diluted
common shares

 

$    587.2

 

$        (3.0)

 

$          2.5

 

$         (8.9)

 

$        0.7

 

$           4.5

 

$           25.0

 

$    608.0

                                 

Diluted earnings (loss) per
common share from continuing
operations

 

$    42.75

 

$      (0.22)

 

$        0.18

 

$       (0.65)

 

$      0.05

 

$         0.33

 

$           1.82

 

$    44.27

                                 

Effective tax rate

 

24.8 %

                         

23.9 %

                                 

SG&A as % gross profit (1)

 

63.8 %

                         

64.2 %

Operating margin (2)

 

5.4 %

                         

5.5 %