Group 1 Automotive Announces Record Second Quarter 2021 Financial Results

Rhea-AI Summary

Group 1 Automotive (NYSE: GPI) reported record second-quarter 2021 results, with net income per diluted share reaching $10.35, a 533.9% increase from Q2 2020. Total revenues surged 73.6% to $3.7 billion, driven by strong vehicle sales despite supply disruptions. Adjusted net income also saw a significant rise to $10.31 per diluted share, reflecting solid growth in both new and used vehicle sales, along with improvements in gross profit. The company continues to expand, acquiring franchises and expecting substantial incremental revenues in the upcoming years.

Positive

• Net income per diluted share rose 533.9% to $10.35.
• Total revenues increased 73.6% to $3.7 billion.
• New vehicle revenues up 74.6% with a 62.0% increase in units sold.
• Used vehicle retail revenues increased 86.5% with a 47.4% rise in units.
• Acquisition of nine franchises in the U.K. expected to generate $300 million in annual revenues.

Negative

• New vehicle supply disruption continues to impact vehicle sales volume.

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

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

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

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

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

Reported:

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

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

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

Share Repurchase Authorization

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

Corporate Development

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

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

Second Quarter 2021 Earnings Conference Call Details

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

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

Domestic:	1-888-317-6003
International:	1-412-317-6061
Conference ID:	3896520

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

Domestic:	1-877-344-7529
International:	1-412-317-0088
Replay ID:	10158175

ABOUT GROUP 1 AUTOMOTIVE, INC.

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

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

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

SOURCE: Group 1 Automotive, Inc.

Investor contacts:

Sheila Roth

Manager, Investor Relations

Group 1 Automotive, Inc.

713-647-5741 | sroth@group1auto.com

Media contacts:

Pete DeLongchamps

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

Group 1 Automotive, Inc.

713-647-5770 | pdelongchamps@group1auto.com

or

Clint Woods

Pierpont Communications, Inc.

713-627-2223 | cwoods@piercom.com

 

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
		Three Months Ended June 30,
		2021				2020				Increase/(Decrease)				% Change
REVENUES:
New vehicle retail sales		$	1,855.3			$	1,062.7			$	792.6			74.6	%
Used vehicle retail sales		1,195.6				641.2				554.4				86.5	%
Used vehicle wholesale sales		96.4				48.7				47.7				98.0	%
Parts and service sales		392.1				282.0				110.2				39.1	%
Finance, insurance and other, net		161.0				96.7				64.3				66.5	%
Total revenues		3,700.4				2,131.2				1,569.2				73.6	%
COST OF SALES:
New vehicle retail sales		1,690.0				998.9				691.1				69.2	%
Used vehicle retail sales		1,086.5				594.9				491.6				82.6	%
Used vehicle wholesale sales		87.2				46.6				40.6				87.1	%
Parts and service sales		175.4				132.0				43.4				32.9	%
Total cost of sales		3,039.2				1,772.4				1,266.8				71.5	%
GROSS PROFIT		661.3				358.8				302.4				84.3	%
Selling, general and administrative expenses		376.7				237.2				139.5				58.8	%
Depreciation and amortization expense		18.8				18.8				—				0.2	%
Asset impairments		—				23.8				(23.8)				(100.0)	%
INCOME FROM OPERATIONS		265.8				79.0				186.7				236.3	%
Floorplan interest expense		8.8				10.1				(1.3)				(13.2)	%
Other interest expense, net		13.7				16.2				(2.5)				(15.3)	%
Loss on extinguishment of debt		—				10.4				(10.4)				(100.0)	%
INCOME BEFORE INCOME TAXES		243.2				42.3				200.9				474.6	%
Provision for income taxes		52.3				12.2				40.1				329.9	%
NET INCOME		$	191.0			$	30.2			$	160.8			532.9	%
Less: Earnings allocated to participating securities		6.4				1.1				5.3				490.0	%
Net income available to diluted common shares		$	184.5			$	29.1			$	155.5			534.5	%
DILUTED EARNINGS PER SHARE		$	10.35			$	1.63			$	8.72			533.9	%
Weighted average dilutive common shares outstanding		17.8				17.8				—				0.1	%
Weighted average participating securities		0.6				0.7				—				(6.6)	%
Total weighted average shares		18.5				18.5				—				(0.1)	%
Effective tax rate		21.5		%		28.7		%		(7.2)		%

 

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
		Six Months Ended June 30,
		2021				2020				Increase/(Decrease)				% Change
REVENUES:
New vehicle retail sales		$	3,398.7			$	2,404.8			$	993.8			41.3	%
Used vehicle retail sales		2,094.4				1,420.3				674.1				47.5	%
Used vehicle wholesale sales		176.6				135.2				41.4				30.7	%
Parts and service sales		752.8				652.6				100.2				15.4	%
Finance, insurance and other, net		288.0				209.2				78.8				37.7	%
Total revenues		6,710.5				4,822.0				1,888.4				39.2	%
COST OF SALES:
New vehicle retail sales		3,134.4				2,278.3				856.1				37.6	%
Used vehicle retail sales		1,925.7				1,331.8				593.8				44.6	%
Used vehicle wholesale sales		163.5				132.1				31.4				23.8	%
Parts and service sales		335.0				304.5				30.4				10.0	%
Total cost of sales		5,558.5				4,046.7				1,511.8				37.4	%
GROSS PROFIT		1,151.9				775.3				376.7				48.6	%
Selling, general and administrative expenses		695.2				565.1				130.0				23.0	%
Depreciation and amortization expense		38.3				37.4				0.9				2.4	%
Asset impairments		—				23.8				(23.8)				(100.0)	%
INCOME FROM OPERATIONS		418.5				148.9				269.6				181.0	%
Floorplan interest expense		16.4				23.0				(6.6)				(28.8)	%
Other interest expense, net		27.5				34.3				(6.8)				(19.9)	%
Loss on extinguishment of debt		—				10.4				(10.4)				(100.0)	%
INCOME BEFORE INCOME TAXES		374.6				81.2				293.4				361.2	%
Provision for income taxes		81.7				21.3				60.4				284.1	%
NET INCOME		$	292.9			$	60.0			$	233.0			388.6	%
Less: Earnings allocated to participating securities		9.9				2.1				7.8				361.1	%
Net income available to diluted common shares		$	283.0			$	57.8			$	225.2			389.6	%
DILUTED EARNINGS PER SHARE		$	15.88			$	3.25			$	12.63			389.1	%
Weighted average dilutive common shares outstanding		17.8				17.8				—				0.1	%
Weighted average participating securities		0.6				0.7				—				(6.4)	%
Total weighted average shares		18.5				18.5				—				(0.1)	%
Effective tax rate		21.8		%		26.2		%		(4.4)		%

 

Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
		June 30, 2021				December 31, 2020				Increase/(Decrease)				% Change
SELECTED BALANCE SHEET INFORMATION:
(In millions)
Cash and cash equivalents		$	198.7			$	87.3			$	111.4			127.7	%
Inventories, net		$	1,030.2			$	1,468.0			$	(437.8)			(29.8)	%
Floorplan notes payable, net (1)		$	498.5			$	1,095.0			$	(596.5)			(54.5)	%
Total debt		$	1,381.3			$	1,351.4			$	29.9			2.2	%
Total equity		$	1,754.0			$	1,449.6			$	304.4			21.0	%
(1) Amounts are net of offset accounts of $326.1 and $176.4, respectively.

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021			2020
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
United States		79.4	%		82.9	%		79.2	%		75.1	%
United Kingdom		17.2	%		14.5	%		17.5	%		20.6	%
Brazil		3.4	%		2.6	%		3.3	%		4.3	%
NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Lexus		25.8	%		22.8	%		25.9	%		23.1	%
Volkswagen/Audi/Porsche/SEAT/SKODA		15.3	%		11.7	%		14.8	%		14.2	%
BMW/MINI		11.7	%		10.5	%		11.1	%		11.2	%
Honda/Acura		10.3	%		9.9	%		10.0	%		9.6	%
Ford/Lincoln		7.6	%		12.3	%		8.5	%		11.1	%
Chevrolet/GMC/Buick/Cadillac		6.6	%		8.7	%		6.9	%		7.6	%
Nissan		5.8	%		5.9	%		5.5	%		5.6	%
Hyundai/Kia/Genesis		5.7	%		4.8	%		5.3	%		4.4	%
Mercedes-Benz/smart/Sprinter		4.5	%		5.3	%		4.8	%		5.3	%
Chrysler/Dodge/Jeep/RAM		3.9	%		4.9	%		4.0	%		4.1	%
Jaguar/Land Rover		1.7	%		1.7	%		2.0	%		2.2	%
Other		1.1	%		1.6	%		1.3	%		1.7	%
		100.0	%		100.0	%		100.0	%		100.0	%

 

		June 30, 2021		December 31, 2020		June 30, 2020
DAYS' SUPPLY IN INVENTORY (1):
Consolidated
New vehicle inventory		20		52		61
Used vehicle inventory		32		37		29
U.S.
New vehicle inventory		16		48		64
Used vehicle inventory		29		32		25
U.K.
New vehicle inventory		31		102		49
Used vehicle inventory		39		52		38
Brazil
New vehicle inventory		32		27		81
Used vehicle inventory		54		51		61

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

 

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
	Three Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,855.3			$	1,062.7			$	792.6			74.6	%			$	33.6			71.4	%
Used vehicle retail sales	1,195.6				641.2				554.4				86.5	%			32.8				81.3	%
Used vehicle wholesale sales	96.4				48.7				47.7				98.0	%			3.6				90.6	%
Total used	1,292.0				689.9				602.1				87.3	%			36.5				82.0	%
Parts and service sales	392.1				282.0				110.2				39.1	%			5.6				37.1	%
F&I, net	161.0				96.7				64.3				66.5	%			1.7				64.7	%
Total revenues	$	3,700.4			$	2,131.2			$	1,569.2			73.6	%			$	77.4			70.0	%
Gross profit:
New vehicle retail sales	$	165.3			$	63.8			$	101.5			159.2	%			$	2.1			155.9	%
Used vehicle retail sales	109.1				46.3				62.8				135.8	%			2.3				130.9	%
Used vehicle wholesale sales	9.1				2.0				7.1				NM				0.3				NM
Total used	118.2				48.3				69.9				144.7	%			2.5				139.5	%
Parts and service sales	216.7				150.0				66.7				44.5	%			3.4				42.2	%
F&I, net	161.0				96.7				64.3				66.5	%			1.7				64.7	%
Total gross profit	$	661.3			$	358.8			$	302.4			84.3	%			$	9.8			81.6	%
Gross margin:
New vehicle retail sales	8.9		%		6.0		%		2.9		%
Used vehicle retail sales	9.1		%		7.2		%		1.9		%
Used vehicle wholesale sales	9.5		%		4.2		%		5.3		%
Total used	9.2		%		7.0		%		2.1		%
Parts and service sales	55.3		%		53.2		%		2.1		%
Total gross margin	17.9		%		16.8		%		1.0		%
Units sold:
Retail new vehicles sold	42,893				26,472				16,421				62.0	%
Retail used vehicles sold	45,002				30,528				14,474				47.4	%
Wholesale used vehicles sold	10,965				7,303				3,662				50.1	%
Total used	55,967				37,831				18,136				47.9	%
Average sales price per unit sold:
New vehicle retail	$	43,254			$	40,143			$	3,111			7.8	%			$	783			5.8	%
Used vehicle retail	$	26,568			$	21,004			$	5,564			26.5	%			$	729			23.0	%
Gross profit per unit sold:
New vehicle retail sales	$	3,853			$	2,409			$	1,444			59.9	%			$	48			58.0	%
Used vehicle retail sales	$	2,425			$	1,516			$	909			59.9	%			$	50			56.6	%
Used vehicle wholesale sales	$	832			$	278			$	554			NM				$	24			NM
Total used	$	2,113			$	1,277			$	836			65.4	%			$	45			61.9	%
F&I PRU	$	1,832			$	1,697			$	135			8.0	%			$	20			6.8	%
Other:
SG&A expenses	$	376.7			$	237.2			$	139.5			58.8	%			$	6.3			56.2	%
Adjusted SG&A expenses (1)	$	377.5			$	225.4			$	152.1			67.5	%			$	6.3			64.7	%
SG&A as % gross profit	57.0		%		66.1		%		(9.1)		%
Adjusted SG&A as % gross profit (1)	57.1		%		62.8		%		(5.7)		%
Operating margin %	7.2		%		3.7		%		3.5		%
Adjusted operating margin % (1)	7.2		%		5.4		%		1.8		%
Pretax margin %	6.6		%		2.0		%		4.6		%
Adjusted pretax margin % (1)	6.6		%		4.1		%		2.5		%
Floorplan expense:
Floorplan interest expense	$	8.8			$	10.1			$	(1.3)			(13.2)	%			$	0.2			(14.9)	%
Less: Floorplan assistance (2)	15.3				9.8				5.4				55.5	%			—				55.5	%
Net floorplan expense	$	(6.5)			$	0.3			$	(6.8)							$	0.2
Adjusted floorplan interest expense (1)	$	6.5			$	10.1			$	(3.7)			(36.1)	%			$	0.2			(37.8)	%

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

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
	Six Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	3,398.7			$	2,404.8			$	993.8			41.3	%			$	39.9			39.7	%
Used vehicle retail sales	2,094.4				1,420.3				674.1				47.5	%			38.4				44.8	%
Used vehicle wholesale sales	176.6				135.2				41.4				30.7	%			4.5				27.3	%
Total used	2,271.0				1,555.4				715.6				46.0	%			42.9				43.2	%
Parts and service sales	752.8				652.6				100.2				15.4	%			6.7				14.3	%
F&I, net	288.0				209.2				78.8				37.7	%			1.9				36.8	%
Total revenues	$	6,710.5			$	4,822.0			$	1,888.4			39.2	%			$	91.9			37.3	%
Gross profit:
New vehicle retail sales	$	264.3			$	126.6			$	137.7			108.8	%			$	2.0			107.2	%
Used vehicle retail sales	168.7				88.4				80.3				90.8	%			2.2				88.3	%
Used vehicle wholesale sales	13.1				3.0				10.0				NM				0.2				NM
Total used	181.8				91.5				90.3				98.7	%			2.4				96.1	%
Parts and service sales	417.8				348.0				69.8				20.0	%			4.4				18.8	%
F&I, net	288.0				209.2				78.8				37.7	%			1.9				36.8	%
Total gross profit	$	1,151.9			$	775.3			$	376.7			48.6	%			$	10.8			47.2	%
Gross margin:
New vehicle retail sales	7.8		%		5.3		%		2.5		%
Used vehicle retail sales	8.1		%		6.2		%		1.8		%
Used vehicle wholesale sales	7.4		%		2.2		%		5.2		%
Total used	8.0		%		5.9		%		2.1		%
Parts and service sales	55.5		%		53.3		%		2.2		%
Total gross margin	17.2		%		16.1		%		1.1		%
Units sold:
Retail new vehicles sold	79,756				61,832				17,924				29.0	%
Retail used vehicles sold	83,061				67,318				15,743				23.4	%
Wholesale used vehicles sold	20,777				19,389				1,388				7.2	%
Total used	103,838				86,707				17,131				19.8	%
Average sales price per unit sold:
New vehicle retail	$	42,613			$	38,893			$	3,720			9.6	%			$	500			8.3	%
Used vehicle retail	$	25,215			$	21,098			$	4,117			19.5	%			$	462			17.3	%
Gross profit per unit sold:
New vehicle retail sales	$	3,314			$	2,047			$	1,267			61.9	%			$	25			60.6	%
Used vehicle retail sales	$	2,031			$	1,314			$	718			54.6	%			$	27			52.6	%
Used vehicle wholesale sales	$	628			$	156			$	472			NM				$	8			NM
Total used	$	1,751			$	1,055			$	696			66.0	%			$	23			63.8	%
F&I PRU	$	1,769			$	1,620			$	149			9.2	%			$	12			8.5	%
Other:
SG&A expenses	$	695.2			$	565.1			$	130.0			23.0	%			$	7.3			21.7	%
Adjusted SG&A expenses (1)	$	695.0			$	552.5			$	142.5			25.8	%			$	7.2			24.5	%
SG&A as % gross profit	60.3		%		72.9		%		(12.5)		%
Adjusted SG&A as % gross profit (1)	60.3		%		71.3		%		(10.9)		%
Operating margin %	6.2		%		3.1		%		3.1		%
Adjusted operating margin % (1)	6.2		%		3.8		%		2.4		%
Pretax margin %	5.6		%		1.7		%		3.9		%
Adjusted pretax margin % (1)	5.6		%		2.7		%		3.0		%
Floorplan expense:
Floorplan interest expense	$	16.4			$	23.0			$	(6.6)			(28.8)	%			$	0.3			(30.0)	%
Less: Floorplan assistance (2)	28.5				20.4				8.1				39.6	%			—				39.6	%
Net floorplan expense	$	(12.1)			$	2.6			$	(14.7)							$	0.3
Adjusted floorplan interest expense (1)	$	14.0			$	23.0			$	(9.0)			(38.9)	%			$	0.3			(40.1)	%

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

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
		Three Months Ended June 30,
		2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales		$	1,504.4			$	915.7			$	588.7			64.3	%
Used vehicle retail sales		882.9				540.9				342.0				63.2	%
Used vehicle wholesale sales		61.2				30.5				30.7				100.5	%
Total used		944.1				571.4				372.7				65.2	%
Parts and service sales		332.6				254.2				78.4				30.8	%
F&I, net		143.9				89.8				54.1				60.3	%
Total revenues		$	2,924.9			$	1,831.1			$	1,093.8			59.7	%
Gross profit:
New vehicle retail sales		$	141.7			$	56.5			$	85.2			150.7	%
Used vehicle retail sales		87.3				41.0				46.4				113.2	%
Used vehicle wholesale sales		6.4				1.6				4.8				NM
Total used		93.7				42.6				51.2				120.2	%
Parts and service sales		181.7				135.6				46.1				34.0	%
F&I, net		143.9				89.8				54.1				60.3	%
Total gross profit		$	561.1			$	324.5			$	236.6			72.9	%
Gross margin:
New vehicle retail sales		9.4		%		6.2		%		3.2		%
Used vehicle retail sales		9.9		%		7.6		%		2.3		%
Used vehicle wholesale sales		10.5		%		5.2		%		5.2		%
Total used		9.9		%		7.4		%		2.5		%
Parts and service sales		54.6		%		53.3		%		1.3		%
Total gross margin		19.2		%		17.7		%		1.5		%
Units sold:
Retail new vehicles sold		34,047				21,937				12,110				55.2	%
Retail used vehicles sold		34,008				26,132				7,876				30.1	%
Wholesale used vehicles sold		6,606				5,150				1,456				28.3	%
Total used		40,614				31,282				9,332				29.8	%
Average sales price per unit sold:
New vehicle retail		$	44,185			$	41,742			$	2,443			5.9	%
Used vehicle retail		$	25,962			$	20,699			$	5,263			25.4	%
Gross profit per unit sold:
New vehicle retail sales		$	4,162			$	2,576			$	1,586			61.6	%
Used vehicle retail sales		$	2,568			$	1,568			$	1,000			63.8	%
Used vehicle wholesale sales		$	969			$	311			$	658			NM
Total used		$	2,308			$	1,361			$	947			69.6	%
F&I PRU		$	2,114			$	1,868			$	247			13.2	%
Other:
SG&A expenses		$	312.6			$	203.3			$	109.3			53.8	%
Adjusted SG&A expenses (1)		$	313.4			$	192.7			$	120.7			62.6	%
SG&A as % gross profit		55.7		%		62.6		%		(6.9)		%
Adjusted SG&A as % gross profit (1)		55.9		%		59.4		%		(3.5)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
		Six Months Ended June 30,
		2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales		$	2,750.4			$	1,904.1			$	846.3			44.4	%
Used vehicle retail sales		1,579.4				1,111.2				468.2				42.1	%
Used vehicle wholesale sales		111.6				77.3				34.2				44.3	%
Total used		1,691.0				1,188.6				502.4				42.3	%
Parts and service sales		628.9				558.9				70.0				12.5	%
F&I, net		259.0				187.2				71.8				38.3	%
Total revenues		$	5,329.3			$	3,838.7			$	1,490.6			38.8	%
Gross profit:
New vehicle retail sales		$	222.6			$	103.8			$	118.8			114.5	%
Used vehicle retail sales		137.6				72.9				64.7				88.8	%
Used vehicle wholesale sales		10.3				2.4				7.9				NM
Total used		148.0				75.3				72.6				96.4	%
Parts and service sales		346.8				299.1				47.7				16.0	%
F&I, net		259.0				187.2				71.8				38.3	%
Total gross profit		$	976.3			$	665.4			$	310.9			46.7	%
Gross margin:
New vehicle retail sales		8.1		%		5.5		%		2.6		%
Used vehicle retail sales		8.7		%		6.6		%		2.2		%
Used vehicle wholesale sales		9.3		%		3.1		%		6.1		%
Total used		8.8		%		6.3		%		2.4		%
Parts and service sales		55.1		%		53.5		%		1.6		%
Total gross margin		18.3		%		17.3		%		1.0		%
Units sold:
Retail new vehicles sold		63,199				46,432				16,767				36.1	%
Retail used vehicles sold		64,439				53,800				10,639				19.8	%
Wholesale used vehicles sold		13,046				12,177				869				7.1	%
Total used		77,485				65,977				11,508				17.4	%
Average sales price per unit sold:
New vehicle retail		$	43,520			$	41,008			$	2,512			6.1	%
Used vehicle retail		$	24,510			$	20,655			$	3,855			18.7	%
Gross profit per unit sold:
New vehicle retail sales		$	3,522			$	2,235			$	1,287			57.6	%
Used vehicle retail sales		$	2,136			$	1,355			$	781			57.6	%
Used vehicle wholesale sales		$	792			$	199			$	592			NM
Total used		$	1,910			$	1,142			$	768			67.3	%
F&I PRU		$	2,029			$	1,868			$	161			8.6	%
Other:
SG&A expenses		$	574.3			$	460.8			$	113.5			24.6	%
Adjusted SG&A expenses (1)		$	574.7			$	450.2			$	124.5			27.7	%
SG&A as % gross profit		58.8		%		69.2		%		(10.4)		%
Adjusted SG&A as % gross profit (1)		58.9		%		67.7		%		(8.8)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Three Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	301.2			$	127.2			$	174.0			136.8	%			$	32.9			110.9	%
Used vehicle retail sales	300.9				92.8				208.1				224.1	%			32.7				188.9	%
Used vehicle wholesale sales	32.5				15.3				17.3				113.2	%			3.6				89.9	%
Total used	333.4				108.1				225.3				208.5	%			36.3				174.9	%
Parts and service sales	50.3				21.8				28.5				130.5	%			5.5				105.4	%
F&I, net	15.7				6.4				9.4				147.1	%			1.7				120.3	%
Total revenues	$	700.7			$	263.5			$	437.2			165.9	%			$	76.4			136.9	%
Gross profit:
New vehicle retail sales	$	18.4			$	5.9			$	12.5			213.2	%			$	2.0			179.0	%
Used vehicle retail sales	20.8				4.9				15.9				326.2	%			2.3				280.1	%
Used vehicle wholesale sales	2.5				0.4				2.2				NM				0.3				NM
Total used	23.3				5.2				18.1				345.7	%			2.5				297.7	%
Parts and service sales	31.0				11.9				19.0				159.2	%			3.4				131.1	%
F&I, net	15.7				6.4				9.4				147.1	%			1.7				120.3	%
Total gross profit	$	88.4			$	29.4			$	59.0			200.6	%			$	9.6			167.9	%
Gross margin:
New vehicle retail sales	6.1		%		4.6		%		1.5		%
Used vehicle retail sales	6.9		%		5.3		%		1.7		%
Used vehicle wholesale sales	7.7		%		2.3		%		5.4		%
Total used	7.0		%		4.8		%		2.2		%
Parts and service sales	61.5		%		54.7		%		6.8		%
Total gross margin	12.6		%		11.2		%		1.5		%
Units sold:
Retail new vehicles sold	7,395				3,841				3,554				92.5	%
Retail used vehicles sold	10,494				4,040				6,454				159.8	%
Wholesale used vehicles sold	4,124				1,829				2,295				125.5	%
Total used	14,618				5,869				8,749				149.1	%
Average sales price per unit sold:
New vehicle retail	$	40,727			$	33,119			$	7,608			23.0	%			$	4,455			9.5	%
Used vehicle retail	$	28,672			$	22,978			$	5,694			24.8	%			$	3,114			11.2	%
Gross profit per unit sold:
New vehicle retail sales	$	2,484			$	1,527			$	957			62.7	%			$	271			44.9	%
Used vehicle retail sales	$	1,984			$	1,209			$	775			64.1	%			$	215			46.3	%
Used vehicle wholesale sales	$	611			$	192			$	419			NM				$	64			NM
Total used	$	1,597			$	892			$	705			79.0	%			$	172			59.7	%
F&I PRU	$	879			$	808			$	72			8.9	%			$	95			(2.9)	%
Other:
SG&A expenses	$	56.0			$	28.3			$	27.7			98.0	%			$	6.2			76.0	%
Adjusted SG&A expenses (1)	$	56.0			$	27.1			$	29.0			106.9	%			$	6.2			83.9	%
SG&A as % gross profit	63.4		%		96.2		%		(32.8)		%
Adjusted SG&A as % gross profit (1)	63.4		%		92.1		%		(28.7)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Six Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	564.3			$	423.5			$	140.8			33.3	%			$	52.3			20.9	%
Used vehicle retail sales	492.5				281.6				210.9				74.9	%			41.7				60.1	%
Used vehicle wholesale sales	60.4				51.1				9.3				18.1	%			5.0				8.3	%
Total used	552.8				332.7				220.1				66.2	%			46.7				52.1	%
Parts and service sales	106.8				78.3				28.5				36.5	%			8.8				25.2	%
F&I, net	26.3				19.7				6.6				33.6	%			2.4				21.5	%
Total revenues	$	1,250.3			$	854.2			$	396.1			46.4	%			$	110.7			33.4	%
Gross profit:
New vehicle retail sales	$	33.2			$	17.9			$	15.2			85.0	%			$	3.2			66.9	%
Used vehicle retail sales	29.0				14.0				15.0				106.5	%			2.6				88.3	%
Used vehicle wholesale sales	2.4				0.3				2.0				NM				0.2				NM
Total used	31.4				14.4				17.0				118.3	%			2.8				99.0	%
Parts and service sales	63.6				42.3				21.3				50.5	%			5.3				37.9	%
F&I, net	26.3				19.7				6.6				33.6	%			2.4				21.5	%
Total gross profit	$	154.4			$	94.2			$	60.2			63.8	%			$	13.7			49.3	%
Gross margin:
New vehicle retail sales	5.9		%		4.2		%		1.6		%
Used vehicle retail sales	5.9		%		5.0		%		0.9		%
Used vehicle wholesale sales	3.9		%		0.6		%		3.3		%
Total used	5.7		%		4.3		%		1.4		%
Parts and service sales	59.5		%		54.0		%		5.5		%
Total gross margin	12.3		%		11.0		%		1.3		%
Units sold:
Retail new vehicles sold	13,935				12,735				1,200				9.4	%
Retail used vehicles sold	17,606				12,064				5,542				45.9	%
Wholesale used vehicles sold	7,262				6,413				849				13.2	%
Total used	24,868				18,477				6,391				34.6	%
Average sales price per unit sold:
New vehicle retail	$	40,498			$	33,255			$	7,243			21.8	%			$	3,750			10.5	%
Used vehicle retail	$	27,973			$	23,344			$	4,629			19.8	%			$	2,371			9.7	%
Gross profit per unit sold:
New vehicle retail sales	$	2,379			$	1,407			$	972			69.1	%			$	233			52.5	%
Used vehicle retail sales	$	1,647			$	1,164			$	483			41.5	%			$	145			29.0	%
Used vehicle wholesale sales	$	325			$	50			$	275			NM				$	30			NM
Total used	$	1,261			$	777			$	483			62.2	%			$	111			47.9	%
F&I PRU	$	834			$	794			$	40			5.0	%			$	75			(4.5)	%
Other:
SG&A expenses	$	105.7			$	88.2			$	17.5			19.9	%			$	9.2			9.5	%
Adjusted SG&A expenses (1)	$	105.1			$	86.9			$	18.2			20.9	%			$	9.1			10.4	%
SG&A as % gross profit	68.4		%		93.5		%		(25.1)		%
Adjusted SG&A as % gross profit (1)	68.1		%		92.2		%		(24.2)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Three Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	49.8			$	19.8			$	30.0			151.8	%			$	0.6			148.5	%
Used vehicle retail sales	11.8				7.5				4.4				58.4	%			0.1				56.6	%
Used vehicle wholesale sales	2.6				2.9				(0.2)				(8.3)	%			0.1				(10.9)	%
Total used	14.5				10.3				4.1				39.9	%			0.2				37.7	%
Parts and service sales	9.2				5.9				3.3				55.9	%			0.1				53.4	%
F&I, net	1.4				0.6				0.8				139.1	%			—				136.2	%
Total revenues	$	74.8			$	36.6			$	38.2			104.5	%			$	1.0			101.6	%
Gross profit:
New vehicle retail sales	$	5.2			$	1.4			$	3.8			274.3	%			$	0.1			270.4	%
Used vehicle retail sales	1.0				0.4				0.5				126.0	%			—				124.6	%
Used vehicle wholesale sales	0.2				0.1				0.1				149.8	%			—				145.5	%
Total used	1.2				0.5				0.7				129.7	%			—				127.9	%
Parts and service sales	4.0				2.5				1.6				63.9	%			0.1				61.5	%
F&I, net	1.4				0.6				0.8				139.1	%			—				136.2	%
Total gross profit	$	11.8			$	4.9			$	6.8			138.6	%			$	0.2			135.5	%
Gross margin:
New vehicle retail sales	10.4		%		7.0		%		3.4		%
Used vehicle retail sales	8.2		%		5.8		%		2.5		%
Used vehicle wholesale sales	7.6		%		2.8		%		4.8		%
Total used	8.1		%		4.9		%		3.2		%
Parts and service sales	43.9		%		41.8		%		2.2		%
Total gross margin	15.7		%		13.5		%		2.3		%
Units sold:
Retail new vehicles sold	1,451				694				757				109.1	%
Retail used vehicles sold	500				356				144				40.4	%
Wholesale used vehicles sold	235				324				(89)				(27.5)	%
Total used	735				680				55				8.1	%
Average sales price per unit sold:
New vehicle retail	$	34,313			$	28,495			$	5,818			20.4	%			$	438			18.9	%
Used vehicle retail	$	23,671			$	20,983			$	2,687			12.8	%			$	271			11.5	%
Gross profit per unit sold:
New vehicle retail sales	$	3,578			$	1,999			$	1,579			79.0	%			$	38			77.1	%
Used vehicle retail sales	$	1,951			$	1,213			$	739			60.9	%			$	12			59.9	%
Used vehicle wholesale sales	$	850			$	247			$	603			NM				$	15			NM
Total used	$	1,599			$	752			$	847			112.6	%			$	13			110.8	%
F&I PRU	$	707			$	550			$	158			28.7	%			$	8			27.1	%
Other:
SG&A expenses	$	8.1			$	5.6			$	2.5			44.0	%			$	0.1			42.2	%
SG&A as % gross profit	68.8		%		114.0		%		(45.2)		%

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Six Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	83.9			$	77.3			$	6.7			8.6	%			$	(12.4)			24.7	%
Used vehicle retail sales	22.5				27.4				(4.9)				(17.9)	%			(3.4)				(5.6)	%
Used vehicle wholesale sales	4.6				6.7				(2.1)				(30.8)	%			(0.5)				(23.3)	%
Total used	27.1				34.1				(7.0)				(20.5)	%			(3.9)				(9.1)	%
Parts and service sales	17.1				15.5				1.6				10.4	%			(2.1)				24.2	%
F&I, net	2.8				2.3				0.5				20.1	%			(0.4)				38.8	%
Total revenues	$	130.9			$	129.1			$	1.8			1.4	%			$	(18.8)			15.9	%
Gross profit:
New vehicle retail sales	$	8.6			$	4.9			$	3.7			75.1	%			$	(1.2)			100.2	%
Used vehicle retail sales	2.1				1.5				0.6				40.6	%			(0.3)				61.1	%
Used vehicle wholesale sales	0.4				0.3				0.1				30.0	%			(0.1)				47.8	%
Total used	2.5				1.8				0.7				38.9	%			(0.4)				59.0	%
Parts and service sales	7.4				6.7				0.7				10.8	%			(0.9)				25.0	%
F&I, net	2.8				2.3				0.5				20.1	%			(0.4)				38.8	%
Total gross profit	$	21.2			$	15.6			$	5.5			35.5	%			$	(2.9)			54.3	%
Gross margin:
New vehicle retail sales	10.2		%		6.3		%		3.9		%
Used vehicle retail sales	9.3		%		5.4		%		3.9		%
Used vehicle wholesale sales	7.9		%		4.2		%		3.7		%
Total used	9.0		%		5.2		%		3.9		%
Parts and service sales	43.3		%		43.1		%		0.2		%
Total gross margin	16.2		%		12.1		%		4.1		%
Units sold:
Retail new vehicles sold	2,622				2,665				(43)				(1.6)	%
Retail used vehicles sold	1,016				1,454				(438)				(30.1)	%
Wholesale used vehicles sold	469				799				(330)				(41.3)	%
Total used	1,485				2,253				(768)				(34.1)	%
Average sales price per unit sold:
New vehicle retail	$	32,011			$	28,994			$	3,017			10.4	%			$	(4,728)			26.7	%
Used vehicle retail	$	22,143			$	18,847			$	3,296			17.5	%			$	(3,331)			35.2	%
Gross profit per unit sold:
New vehicle retail sales	$	3,273			$	1,839			$	1,434			78.0	%			$	(469)			103.5	%
Used vehicle retail sales	$	2,051			$	1,019			$	1,032			101.2	%			$	(300)			130.6	%
Used vehicle wholesale sales	$	788			$	356			$	432			NM				$	(108)			NM
Total used	$	1,652			$	784			$	868			110.7	%			$	(239)			141.2	%
F&I PRU	$	758			$	557			$	200			35.9	%			$	(118)			57.2	%
Other:
SG&A expenses	$	15.2			$	16.2			$	(1.0)			(6.4)	%			$	(1.9)			5.5	%
Adjusted SG&A expenses (1)	$	15.2			$	15.3			$	(0.1)			(1.0)	%			$	(1.9)			11.7	%
SG&A as % gross profit	71.7		%		103.8		%		(32.1)		%
Adjusted SG&A as % gross profit (1)	71.7		%		98.2		%		(26.4)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
		Three Months Ended June 30,
		2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales		$	1,837.5			$	1,049.8			$	787.7			75.0	%			$	33.6			71.8	%
Used vehicle retail sales		1,188.2				632.5				555.7				87.9	%			32.8				82.7	%
Used vehicle wholesale sales		95.8				48.2				47.6				98.7	%			3.6				91.2	%
Total used		1,284.0				680.7				603.3				88.6	%			36.5				83.3	%
Parts and service sales		385.5				278.5				107.0				38.4	%			5.3				36.5	%
F&I, net		159.9				95.5				64.4				67.4	%			1.7				65.6	%
Total revenues		$	3,666.9			$	2,104.5			$	1,562.4			74.2	%			$	77.1			70.6	%
Gross profit:
New vehicle retail sales		$	163.6			$	63.1			$	100.6			159.4	%			$	2.1			156.2	%
Used vehicle retail sales		107.8				45.8				62.1				135.6	%			2.3				130.7	%
Used vehicle wholesale sales		8.9				2.0				6.9				NM				0.3				NM
Total used		116.8				47.8				69.0				144.4	%			2.5				139.1	%
Parts and service sales		212.9				148.1				64.9				43.8	%			3.2				41.6	%
F&I, net		159.9				95.5				64.4				67.4	%			1.7				65.6	%
Total gross profit		$	653.3			$	354.4			$	298.8			84.3	%			$	9.6			81.6	%
Gross margin:
New vehicle retail sales		8.9		%		6.0		%		2.9		%
Used vehicle retail sales		9.1		%		7.2		%		1.8		%
Used vehicle wholesale sales		9.3		%		4.1		%		5.2		%
Total used		9.1		%		7.0		%		2.1		%
Parts and service sales		55.2		%		53.2		%		2.1		%
Total gross margin		17.8		%		16.8		%		1.0		%
Units sold:
Retail new vehicles sold		42,409				26,116				16,293				62.4	%
Retail used vehicles sold		44,659				30,016				14,643				48.8	%
Wholesale used vehicles sold		10,846				7,217				3,629				50.3	%
Total used		55,505				37,233				18,272				49.1	%
Average sales price per unit sold:
New vehicle retail		$	43,329			$	40,199			$	3,131			7.8	%			$	792			5.8	%
Used vehicle retail		$	26,606			$	21,072			$	5,534			26.3	%			$	735			22.8	%
Gross profit per unit sold:
New vehicle retail sales		$	3,858			$	2,415			$	1,443			59.8	%			$	49			57.8	%
Used vehicle retail sales		$	2,415			$	1,525			$	890			58.4	%			$	51			55.0	%
Used vehicle wholesale sales		$	823			$	277			$	546			NM				$	25			NM
Total used		$	2,104			$	1,283			$	821			64.0	%			$	46			60.4	%
F&I PRU		$	1,837			$	1,702			$	135			7.9	%			$	20			6.8	%
Other:
SG&A expenses		$	372.3			$	233.2			$	139.1			59.7	%			$	6.2			57.0	%
Adjusted SG&A expenses (1)		$	372.3			$	221.4			$	150.9			68.1	%			$	6.2			65.3	%
SG&A as % gross profit		57.0		%		65.8		%		(8.8)		%
Adjusted SG&A as % gross profit (1)		57.0		%		62.5		%		(5.5)		%
Operating margin %		7.2		%		3.8		%		3.4		%
Adjusted operating margin % (1)		7.2		%		5.4		%		1.7		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
		Six Months Ended June 30,
		2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales		$	3,380.4			$	2,381.9			$	998.6			41.9	%			$	39.8			40.3	%
Used vehicle retail sales		2,086.4				1,403.0				683.4				48.7	%			38.3				46.0	%
Used vehicle wholesale sales		176.0				133.7				42.2				31.6	%			4.5				28.2	%
Total used		2,262.4				1,536.8				725.6				47.2	%			42.8				44.4	%
Parts and service sales		743.6				642.6				101.0				15.7	%			6.3				14.7	%
F&I, net		286.9				207.0				79.9				38.6	%			1.9				37.7	%
Total revenues		$	6,673.3			$	4,768.3			$	1,905.0			40.0	%			$	91.4			38.0	%
Gross profit:
New vehicle retail sales		$	262.7			$	125.2			$	137.5			109.8	%			$	2.0			108.2	%
Used vehicle retail sales		167.4				87.7				79.8				91.0	%			2.2				88.5	%
Used vehicle wholesale sales		12.9				3.0				9.9				NM				0.2				NM
Total used		180.4				90.7				89.7				98.9	%			2.4				96.3	%
Parts and service sales		412.9				342.8				70.1				20.5	%			4.2				19.2	%
F&I, net		286.9				207.0				79.9				38.6	%			1.9				37.7	%
Total gross profit		$	1,142.9			$	765.7			$	377.2			49.3	%			$	10.6			47.9	%
Gross margin:
New vehicle retail sales		7.8		%		5.3		%		2.5		%
Used vehicle retail sales		8.0		%		6.2		%		1.8		%
Used vehicle wholesale sales		7.3		%		2.3		%		5.1		%
Total used		8.0		%		5.9		%		2.1		%
Parts and service sales		55.5		%		53.3		%		2.2		%
Total gross margin		17.1		%		16.1		%		1.1		%
Units sold:
Retail new vehicles sold		79,260				61,198				18,062				29.5	%
Retail used vehicles sold		82,686				66,347				16,339				24.6	%
Wholesale used vehicles sold		20,645				19,138				1,507				7.9	%
Total used		103,331				85,485				17,846				20.9	%
Average sales price per unit sold:
New vehicle retail		$	42,650			$	38,921			$	3,729			9.6	%			$	503			8.3	%
Used vehicle retail		$	25,233			$	21,147			$	4,086			19.3	%			$	463			17.1	%
Gross profit per unit sold:
New vehicle retail sales		$	3,315			$	2,046			$	1,268			62.0	%			$	25			60.7	%
Used vehicle retail sales		$	2,025			$	1,321			$	704			53.3	%			$	27			51.2	%
Used vehicle wholesale sales		$	626			$	157			$	469			NM				$	8			NM
Total used		$	1,745			$	1,061			$	685			64.6	%			$	23			62.4	%
F&I PRU		$	1,772			$	1,623			$	149			9.2	%			$	12			8.4	%
Other:
SG&A expenses		$	689.6			$	555.5			$	134.2			24.2	%			$	7.1			22.9	%
Adjusted SG&A expenses (1)		$	688.4			$	542.8			$	145.6			26.8	%			$	7.0			25.5	%
SG&A as % gross profit		60.3		%		72.5		%		(12.2)		%
Adjusted SG&A as % gross profit (1)		60.2		%		70.9		%		(10.7)		%
Operating margin %		6.2		%		3.1		%		3.1		%
Adjusted operating margin % (1)		6.2		%		3.9		%		2.3		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
	Three Months Ended June 30,
	2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales	$	1,486.6			$	903.9			$	582.7			64.5	%
Used vehicle retail sales	875.5				533.2				342.2				64.2	%
Used vehicle wholesale sales	60.6				30.1				30.5				101.2	%
Total used	936.1				563.4				372.7				66.2	%
Parts and service sales	329.3				251.2				78.1				31.1	%
F&I, net	142.8				88.7				54.1				61.0	%
Total revenues	$	2,894.8			$	1,807.1			$	1,087.7			60.2	%
Gross profit:
New vehicle retail sales	$	140.1			$	55.9			$	84.2			150.7	%
Used vehicle retail sales	86.0				40.5				45.5				112.3	%
Used vehicle wholesale sales	6.2				1.6				4.6				NM
Total used	92.2				42.1				50.2				119.1	%
Parts and service sales	179.6				133.9				45.8				34.2	%
F&I, net	142.8				88.7				54.1				61.0	%
Total gross profit	$	554.8			$	320.5			$	234.3			73.1	%
Gross margin:
New vehicle retail sales	9.4		%		6.2		%		3.2		%
Used vehicle retail sales	9.8		%		7.6		%		2.2		%
Used vehicle wholesale sales	10.2		%		5.2		%		5.0		%
Total used	9.9		%		7.5		%		2.4		%
Parts and service sales	54.6		%		53.3		%		1.3		%
Total gross margin	19.2		%		17.7		%		1.4		%
Units sold:
Retail new vehicles sold	33,563				21,631				11,932				55.2	%
Retail used vehicles sold	33,665				25,691				7,974				31.0	%
Wholesale used vehicles sold	6,487				5,084				1,403				27.6	%
Total used	40,152				30,775				9,377				30.5	%
Average sales price per unit sold:
New vehicle retail	$	44,292			$	41,786			$	2,506			6.0	%
Used vehicle retail	$	26,005			$	20,756			$	5,249			25.3	%
Gross profit per unit sold:
New vehicle retail sales	$	4,173			$	2,583			$	1,591			61.6	%
Used vehicle retail sales	$	2,556			$	1,577			$	978			62.0	%
Used vehicle wholesale sales	$	956			$	309			$	648			NM
Total used	$	2,297			$	1,368			$	930			68.0	%
F&I PRU	$	2,125			$	1,874			$	250			13.4	%
Other:
SG&A expenses	$	309.4			$	200.2			$	109.2			54.6	%
Adjusted SG&A expenses (1)	$	309.4			$	189.7			$	119.8			63.2	%
SG&A as % gross profit	55.8		%		62.5		%		(6.7)		%
Adjusted SG&A as % gross profit (1)	55.8		%		59.2		%		(3.4)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
	Six Months Ended June 30,
	2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales	$	2,732.3			$	1,883.2			$	849.1			45.1	%
Used vehicle retail sales	1,571.9				1,096.1				475.8				43.4	%
Used vehicle wholesale sales	111.0				76.0				35.0				46.0	%
Total used	1,682.9				1,172.1				510.8				43.6	%
Parts and service sales	624.8				553.1				71.7				13.0	%
F&I, net	257.9				185.2				72.6				39.2	%
Total revenues	$	5,297.9			$	3,793.6			$	1,504.3			39.7	%
Gross profit:
New vehicle retail sales	$	221.0			$	102.5			$	118.5			115.6	%
Used vehicle retail sales	136.4				72.3				64.1				88.7	%
Used vehicle wholesale sales	10.1				2.4				7.7				NM
Total used	146.5				74.7				71.8				96.2	%
Parts and service sales	344.3				295.6				48.7				16.5	%
F&I, net	257.9				185.2				72.6				39.2	%
Total gross profit	$	969.7			$	658.1			$	311.6			47.4	%
Gross margin:
New vehicle retail sales	8.1		%		5.4		%		2.6		%
Used vehicle retail sales	8.7		%		6.6		%		2.1		%
Used vehicle wholesale sales	9.1		%		3.2		%		6.0		%
Total used	8.7		%		6.4		%		2.3		%
Parts and service sales	55.1		%		53.5		%		1.7		%
Total gross margin	18.3		%		17.3		%		1.0		%
Units sold:
Retail new vehicles sold	62,711				45,902				16,809				36.6	%
Retail used vehicles sold	64,090				52,971				11,119				21.0	%
Wholesale used vehicles sold	12,927				11,981				946				7.9	%
Total used	77,017				64,952				12,065				18.6	%
Average sales price per unit sold:
New vehicle retail	$	43,570			$	41,026			$	2,544			6.2	%
Used vehicle retail	$	24,526			$	20,692			$	3,835			18.5	%
Gross profit per unit sold:
New vehicle retail sales	$	3,524			$	2,234			$	1,291			57.8	%
Used vehicle retail sales	$	2,128			$	1,364			$	764			56.0	%
Used vehicle wholesale sales	$	785			$	201			$	583			NM
Total used	$	1,903			$	1,150			$	753			65.5	%
F&I PRU	$	2,034			$	1,874			$	160			8.6	%
Other:
SG&A expenses	$	571.5			$	454.1			$	117.3			25.8	%
Adjusted SG&A expenses (1)	$	570.2			$	443.6			$	126.6			28.5	%
SG&A as % gross profit	58.9		%		69.0		%		(10.1)		%
Adjusted SG&A as % gross profit (1)	58.8		%		67.4		%		(8.6)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Three Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	301.2			$	126.2			$	175.0			138.7	%			$	32.9			112.6	%
Used vehicle retail sales	300.9				91.8				209.1				227.7	%			32.7				192.1	%
Used vehicle wholesale sales	32.5				15.2				17.3				113.9	%			3.6				90.5	%
Total used	333.4				107.0				226.4				211.6	%			36.3				177.7	%
Parts and service sales	47.0				21.4				25.6				119.7	%			5.1				95.8	%
F&I, net	15.7				6.3				9.5				151.1	%			1.7				123.9	%
Total revenues	$	697.3			$	260.9			$	436.5			167.3	%			$	76.0			138.2	%
Gross profit:
New vehicle retail sales	$	18.4			$	5.8			$	12.6			215.9	%			$	2.0			181.4	%
Used vehicle retail sales	20.8				4.8				16.0				331.9	%			2.3				285.1	%
Used vehicle wholesale sales	2.5				0.3				2.2				NM				0.3				NM
Total used	23.3				5.2				18.2				351.5	%			2.5				302.9	%
Parts and service sales	29.2				11.7				17.5				149.3	%			3.2				122.2	%
F&I, net	15.7				6.3				9.5				151.1	%			1.7				123.9	%
Total gross profit	$	86.7			$	29.0			$	57.7			199.1	%			$	9.4			166.6	%
Gross margin:
New vehicle retail sales	6.1		%		4.6		%		1.5		%
Used vehicle retail sales	6.9		%		5.3		%		1.7		%
Used vehicle wholesale sales	7.7		%		2.3		%		5.5		%
Total used	7.0		%		4.8		%		2.2		%
Parts and service sales	62.2		%		54.8		%		7.4		%
Total gross margin	12.4		%		11.1		%		1.3		%
Units sold:
Retail new vehicles sold	7,395				3,791				3,604				95.1	%
Retail used vehicles sold	10,494				3,969				6,525				164.4	%
Wholesale used vehicles sold	4,124				1,809				2,315				128.0	%
Total used	14,618				5,778				8,840				153.0	%
Average sales price per unit sold:
New vehicle retail	$	40,727			$	33,284			$	7,443			22.4	%			$	4,455			9.0	%
Used vehicle retail	$	28,672			$	23,131			$	5,541			24.0	%			$	3,114			10.5	%
Gross profit per unit sold:
New vehicle retail sales	$	2,484			$	1,533			$	950			62.0	%			$	271			44.3	%
Used vehicle retail sales	$	1,984			$	1,215			$	770			63.3	%			$	215			45.7	%
Used vehicle wholesale sales	$	611			$	192			$	419			NM				$	64			NM
Total used	$	1,597			$	895			$	702			78.5	%			$	172			59.2	%
F&I PRU	$	879			$	807			$	72			8.9	%			$	95			(2.9)	%
Other:
SG&A expenses	$	54.9			$	27.3			$	27.5			100.7	%			$	6.1			78.4	%
Adjusted SG&A expenses (1)	$	54.9			$	26.1			$	28.8			110.1	%			$	6.1			86.7	%
SG&A as % gross profit	63.3		%		94.4		%		(31.1)		%
Adjusted SG&A as % gross profit (1)	63.3		%		90.2		%		(26.8)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Six Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	564.2			$	421.4			$	142.8			33.9	%			$	52.2			21.5	%
Used vehicle retail sales	492.0				279.6				212.4				76.0	%			41.7				61.1	%
Used vehicle wholesale sales	60.3				51.0				9.3				18.3	%			5.0				8.5	%
Total used	552.3				330.6				221.7				67.1	%			46.7				53.0	%
Parts and service sales	101.8				74.1				27.7				37.3	%			8.4				25.9	%
F&I, net	26.3				19.5				6.8				35.0	%			2.4				22.8	%
Total revenues	$	1,244.5			$	845.5			$	399.0			47.2	%			$	110.2			34.2	%
Gross profit:
New vehicle retail sales	$	33.1			$	17.8			$	15.3			86.1	%			$	3.2			67.9	%
Used vehicle retail sales	29.0				13.9				15.1				108.3	%			2.5				90.0	%
Used vehicle wholesale sales	2.4				0.3				2.1				NM				0.2				NM
Total used	31.4				14.2				17.2				120.7	%			2.8				101.2	%
Parts and service sales	61.2				40.5				20.7				51.2	%			5.1				38.6	%
F&I, net	26.3				19.5				6.8				35.0	%			2.4				22.8	%
Total gross profit	$	152.0			$	92.0			$	60.0			65.3	%			$	13.5			50.6	%
Gross margin:
New vehicle retail sales	5.9		%		4.2		%		1.6		%
Used vehicle retail sales	5.9		%		5.0		%		0.9		%
Used vehicle wholesale sales	4.0		%		0.6		%		3.4		%
Total used	5.7		%		4.3		%		1.4		%
Parts and service sales	60.2		%		54.6		%		5.5		%
Total gross margin	12.2		%		10.9		%		1.3		%
Units sold:
Retail new vehicles sold	13,927				12,631				1,296				10.3	%
Retail used vehicles sold	17,580				11,922				5,658				47.5	%
Wholesale used vehicles sold	7,249				6,358				891				14.0	%
Total used	24,829				18,280				6,549				35.8	%
Average sales price per unit sold:
New vehicle retail	$	40,509			$	33,363			$	7,146			21.4	%			$	3,750			10.2	%
Used vehicle retail	$	27,988			$	23,452			$	4,536			19.3	%			$	2,370			9.2	%
Gross profit per unit sold:
New vehicle retail sales	$	2,379			$	1,409			$	969			68.8	%			$	232			52.3	%
Used vehicle retail sales	$	1,648			$	1,167			$	481			41.3	%			$	145			28.8	%
Used vehicle wholesale sales	$	333			$	49			$	284			NM				$	31			NM
Total used	$	1,264			$	778			$	486			62.5	%			$	112			48.1	%
F&I PRU	$	834			$	793			$	41			5.2	%			$	75			(4.3)	%
Other:
SG&A expenses	$	103.1			$	85.1			$	17.9			21.0	%			$	9.0			10.5	%
Adjusted SG&A expenses (1)	$	103.1			$	83.9			$	19.1			22.8	%			$	9.0			12.1	%
SG&A as % gross profit	67.8		%		92.6		%		(24.8)		%
Adjusted SG&A as % gross profit (1)	67.8		%		91.3		%		(23.5)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Three Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	49.8			$	19.8			$	30.0			151.8	%			$	0.6			148.5	%
Used vehicle retail sales	11.8				7.4				4.4				59.0	%			0.1				57.2	%
Used vehicle wholesale sales	2.6				2.9				(0.2)				(8.3)	%			0.1				(10.9)	%
Total used	14.5				10.3				4.2				40.3	%			0.2				38.1	%
Parts and service sales	9.2				5.9				3.3				55.9	%			0.1				53.4	%
F&I, net	1.4				0.6				0.8				139.1	%			—				136.2	%
Total revenues	$	74.8			$	36.6			$	38.3			104.6	%			$	1.0			101.8	%
Gross profit:
New vehicle retail sales	$	5.2			$	1.4			$	3.8			274.3	%			$	0.1			270.4	%
Used vehicle retail sales	1.0				0.4				0.6				128.5	%			—				127.1	%
Used vehicle wholesale sales	0.2				0.1				0.1				149.8	%			—				145.5	%
Total used	1.2				0.5				0.7				131.8	%			—				130.0	%
Parts and service sales	4.0				2.5				1.6				63.9	%			0.1				61.5	%
F&I, net	1.4				0.6				0.8				139.1	%			—				136.2	%
Total gross profit	$	11.8			$	4.9			$	6.9			138.8	%			$	0.2			135.7	%
Gross margin:
New vehicle retail sales	10.4		%		7.0		%		3.4		%
Used vehicle retail sales	8.3		%		5.8		%		2.5		%
Used vehicle wholesale sales	7.6		%		2.8		%		4.8		%
Total used	8.2		%		4.9		%		3.2		%
Parts and service sales	43.9		%		41.8		%		2.2		%
Total gross margin	15.8		%		13.5		%		2.3		%
Units sold:
Retail new vehicles sold	1,451				694				757				109.1	%
Retail used vehicles sold	500				356				144				40.4	%
Wholesale used vehicles sold	235				324				(89)				(27.5)	%
Total used	735				680				55				8.1	%
Average sales price per unit sold:
New vehicle retail	$	34,313			$	28,495			$	5,818			20.4	%			$	438			18.9	%
Used vehicle retail	$	23,671			$	20,905			$	2,766			13.2	%			$	273			11.9	%
Gross profit per unit sold:
New vehicle retail sales	$	3,578			$	1,999			$	1,579			79.0	%			$	38			77.1	%
Used vehicle retail sales	$	1,959			$	1,204			$	755			62.7	%			$	12			61.7	%
Used vehicle wholesale sales	$	850			$	247			$	603			NM				$	15			NM
Total used	$	1,605			$	748			$	856			114.5	%			$	13			112.8	%
F&I PRU	$	707			$	550			$	158			28.7	%			$	8			27.1	%
Other:
SG&A expenses	$	8.0			$	5.6			$	2.3			41.7	%			$	0.1			39.9	%
SG&A as % gross profit	67.6		%		114.0		%		(46.4)		%

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Six Months Ended June 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	83.9			$	77.3			$	6.7			8.6	%			$	(12.4)			24.7	%
Used vehicle retail sales	22.5				27.4				(4.9)				(17.8)	%			(3.4)				(5.4)	%
Used vehicle wholesale sales	4.6				6.7				(2.1)				(30.8)	%			(0.5)				(23.3)	%
Total used	27.1				34.1				(7.0)				(20.4)	%			(3.9)				(9.0)	%
Parts and service sales	17.1				15.5				1.6				10.4	%			(2.1)				24.2	%
F&I, net	2.8				2.3				0.5				20.1	%			(0.4)				38.8	%
Total revenues	$	130.9			$	129.1			$	1.8			1.4	%			$	(18.8)			16.0	%
Gross profit:
New vehicle retail sales	$	8.6			$	4.9			$	3.7			75.1	%			$	(1.2)			100.2	%
Used vehicle retail sales	2.1				1.5				0.6				41.1	%			(0.3)				61.8	%
Used vehicle wholesale sales	0.4				0.3				0.1				30.0	%			(0.1)				47.8	%
Total used	2.5				1.8				0.7				39.3	%			(0.4)				59.5	%
Parts and service sales	7.4				6.7				0.7				10.8	%			(0.9)				25.0	%
F&I, net	2.8				2.3				0.5				20.1	%			(0.4)				38.8	%
Total gross profit	$	21.2			$	15.6			$	5.6			35.5	%			$	(2.9)			54.3	%
Gross margin:
New vehicle retail sales	10.2		%		6.3		%		3.9		%
Used vehicle retail sales	9.3		%		5.4		%		3.9		%
Used vehicle wholesale sales	7.9		%		4.2		%		3.7		%
Total used	9.1		%		5.2		%		3.9		%
Parts and service sales	43.3		%		43.1		%		0.1		%
Total gross margin	16.2		%		12.1		%		4.1		%
Units sold:
Retail new vehicles sold	2,622				2,665				(43)				(1.6)	%
Retail used vehicles sold	1,016				1,454				(438)				(30.1)	%
Wholesale used vehicles sold	469				799				(330)				(41.3)	%
Total used	1,485				2,253				(768)				(34.1)	%
Average sales price per unit sold:
New vehicle retail	$	32,011			$	28,994			$	3,017			10.4	%			$	(4,728)			26.7	%
Used vehicle retail	$	22,143			$	18,828			$	3,315			17.6	%			$	(3,334)			35.3	%
Gross profit per unit sold:
New vehicle retail sales	$	3,273			$	1,839			$	1,434			78.0	%			$	(469)			103.5	%
Used vehicle retail sales	$	2,055			$	1,018			$	1,037			101.9	%			$	(301)			131.5	%
Used vehicle wholesale sales	$	788			$	356			$	432			NM				$	(108)			NM
Total used	$	1,655			$	783			$	872			111.4	%			$	(240)			142.0	%
F&I PRU	$	758			$	557			$	200			35.9	%			$	(118)			57.2	%
Other:
SG&A expenses	$	15.1			$	16.2			$	(1.0)			(6.5)	%			$	(1.9)			5.3	%
Adjusted SG&A expenses (1)	$	15.1			$	15.3			$	(0.2)			(1.1)	%			$	(1.9)			11.6	%
SG&A as % gross profit	71.4		%		103.5		%		(32.1)		%
Adjusted SG&A as % gross profit (1)	71.4		%		97.8		%		(26.4)		%

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Three Months Ended June 30, 2021
		U.S. GAAP				Non-cash loss on interest rate swaps				Dealership and real estate transactions				Tax rate changes				Non-GAAP adjusted
SG&A expenses		$	376.7			$	—			$	0.8			$	—			$	377.5
Income (loss) from operations		$	265.8			$	—			$	(0.8)			$	—			$	264.9
Floorplan interest expense		$	8.8			$	(2.3)			$	—			$	—			$	6.5
Income (loss) before income taxes		$	243.2			$	2.3			$	(0.8)			$	—			$	244.8
Less: Provision (benefit) for income taxes		52.3				0.5				(0.2)				1.9				54.6
Net income (loss)		191.0				1.8				(0.6)				(1.9)				190.2
Less: Earnings (loss) allocated to participating securities		6.4				0.1				—				(0.1)				6.4
Net income (loss) available to diluted common shares		$	184.5			$	1.7			$	(0.6)			$	(1.8)			$	183.8
Diluted income (loss) per common share		$	10.35			$	0.10			$	(0.03)			$	(0.10)			$	10.31
Effective tax rate		21.5		%														22.3		%
SG&A as % gross profit (1)		57.0		%														57.1		%
Operating margin (2)		7.2		%														7.2		%
Pretax margin (3)		6.6		%														6.6		%

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

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

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

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Three Months Ended June 30, 2020
		U.S. GAAP				Severance costs				Out-of-period adjustment				Asset impairments				Loss on extinguishment of debt				Non-GAAP adjusted
SG&A expenses		$	237.2			$	(1.2)			$	(10.6)			$	—			$	—			$	225.4
Asset impairments		$	23.8			$	—			$	—			$	(23.8)			$	—			$	—
Income from operations		$	79.0			$	1.2			$	10.6			$	23.8			$	—			$	114.6
Loss on extinguishment of debt		$	10.4			$	—			$	—			$	—			$	(10.4)			$	—
Income before income taxes		$	42.3			$	1.2			$	10.6			$	23.8			$	10.4			$	88.3
Less: Provision for income taxes		12.2				0.2				0.8				3.3				2.2				18.7
Net income		30.2				1.0				9.7				20.6				8.1				69.6
Less: Earnings allocated to participating securities		1.1				—				0.4				0.7				0.3				2.5
Net income available to diluted common shares		$	29.1			$	1.0			$	9.4			$	19.8			$	7.8			$	67.1
Diluted income per common share		$	1.63			$	0.05			$	0.53			$	1.11			$	0.44			$	3.77
Effective tax rate		28.7		%																		21.2		%
SG&A as % gross profit (1)		66.1		%																		62.8		%
Operating margin (2)		3.7		%																		5.4		%
Pretax margin (3)		2.0		%																		4.1		%
Same Store SG&A expenses		$	233.2			$	(1.2)			$	(10.6)			$	—			$	—			$	221.4
Same Store SG&A as % gross profit (1)		65.8		%																		62.5		%
Same Store income from operations		$	79.1			$	1.2			$	10.6			$	23.8			$	—			$	114.7
Same Store operating margin (2)		3.8		%																		5.4		%

(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, as well as asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and asset impairment charges, as well as loss on extinguishment of debt.

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Six Months Ended June 30, 2021
		U.S. GAAP				Non-cash loss on interest rate swaps				Catastrophic events				Dealership and real estate transactions				Legal matters				Tax rate changes				Non-GAAP adjusted
SG&A expenses		$	695.2			$	—			$	(2.2)			$	1.1			$	1.0			$	—			$	695.0
Income (loss) from operations		$	418.5			$	—			$	2.2			$	(1.1)			$	(1.0)			$	—			$	418.6
Floorplan interest expense		$	16.4			$	(2.3)			$	—			$	—			$	—			$	—			$	14.0
Income (loss) before income taxes		$	374.6			$	2.3			$	2.2			$	(1.1)			$	(1.0)			$	—			$	377.1
Less: Provision (benefit) for income taxes		81.7				0.5				0.5				(0.3)				(0.2)				1.9				84.2
Net income (loss)		292.9				1.8				1.7				(0.8)				(0.8)				(1.9)				292.9
Less: Earnings (loss) allocated to participating securities		9.9				0.1				0.1				—				—				(0.1)				9.9
Net income (loss) available to diluted common shares		$	283.0			$	1.7			$	1.7			$	(0.8)			$	(0.7)			$	(1.8)			$	283.0
Diluted income (loss) per common share		$	15.88			$	0.10			$	0.09			$	(0.05)			$	(0.04)			$	(0.10)			$	15.87
Effective tax rate		21.8		%																						22.3		%
SG&A as % gross profit (1)		60.3		%																						60.3		%
Operating margin (2)		6.2		%																						6.2		%
Pretax margin (3)		5.6		%																						5.6		%
Same Store SG&A expenses		$	689.6			$	—			$	(2.2)			$	—			$	1.0			$	—			$	688.4
Same Store SG&A as % gross profit (1)		60.3		%																						60.2		%
Same Store income (loss) from operations		$	415.6			$	—			$	2.2			$	—			$	(1.0)			$	—			$	416.8
Same Store operating margin (2)		6.2		%																						6.2		%

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

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

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

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Six Months Ended June 30, 2020
		U.S. GAAP				Severance costs				Out-of-period adjustment				Asset impairments				Loss on extinguishment of debt				Non-GAAP adjusted
SG&A expenses		$	565.1			$	(2.1)			$	(10.6)			$	—			$	—			$	552.5
Asset impairments		$	23.8			$	—			$	—			$	(23.8)			$	—			$	—
Income from operations		$	148.9			$	2.1			$	10.6			$	23.8			$	—			$	185.4
Loss on extinguishment of debt		$	10.4			$	—			$	—			$	—			$	(10.4)			$	—
Income before income taxes		$	81.2			$	2.1			$	10.6			$	23.8			$	10.4			$	128.1
Less: Provision for income taxes		21.3				0.3				0.8				3.3				2.2				27.9
Net income		60.0				1.8				9.7				20.6				8.1				100.2
Less: Earnings allocated to participating securities		2.1				0.1				0.4				0.7				0.3				3.6
Net income available to diluted common shares		$	57.8			$	1.7			$	9.4			$	19.8			$	7.8			$	96.6
Diluted income per common share		$	3.25			$	0.10			$	0.53			$	1.11			$	0.44			$	5.42
Effective tax rate		26.2		%																		21.8		%
SG&A as % gross profit (1)		72.9		%																		71.3		%
Operating margin (2)		3.1		%																		3.8		%
Pretax margin (3)		1.7		%																		2.7		%
Same Store SG&A expenses		$	555.5			$	(2.1)			$	(10.6)			$	—			$	—			$	542.8
Same Store SG&A as % gross profit (1)		72.5		%																		70.9		%
Same Store income from operations		$	149.8			$	2.1			$	10.6			$	23.8			$	—			$	186.3
Same Store operating margin (2)		3.1		%																		3.9		%

(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, as well as asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and asset impairment charges, as well as loss on extinguishment of debt.

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
(Unaudited)
(In millions)
		Three Months Ended June 30, 2021
		U.S. GAAP				Dealership and real estate transactions				Non-GAAP adjusted
SG&A expenses		$	312.6			$	0.8			$	313.4
SG&A as % gross profit (1)		55.7		%						55.9		%
Same Store SG&A expenses		$	309.4			$	—			$	309.4
Same Store SG&A as % gross profit (1)		55.8		%						55.8		%

		Three Months Ended June 30, 2020
		U.S. GAAP				Out-of-period adjustment				Non-GAAP adjusted
SG&A expenses		$	203.3			$	(10.6)			$	192.7
SG&A as % gross profit (1)		62.6		%						59.4		%
Same Store SG&A expenses		$	200.2			$	(10.6)			$	189.7
Same Store SG&A as % gross profit (1)		62.5		%						59.2		%

		Six Months Ended June 30, 2021
		U.S. GAAP				Catastrophic events				Dealership and real estate transactions				Legal matters				Non-GAAP adjusted
SG&A expenses		$	574.3			$	(2.2)			$	1.7			$	1.0			$	574.7
SG&A as % gross profit (1)		58.8		%														58.9		%
Same Store SG&A expenses		$	571.5			$	(2.2)			$	—			$	1.0			$	570.2
Same Store SG&A as % gross profit (1)		58.9		%														58.8		%

		Six Months Ended June 30, 2020
		U.S. GAAP				Out-of-period adjustment				Non-GAAP adjusted
SG&A expenses		$	460.8			$	(10.6)			$	450.2
SG&A as % gross profit (1)		69.2		%						67.7		%
Same Store SG&A expenses		$	454.1			$	(10.6)			$	443.6
Same Store SG&A as % gross profit (1)		69.0		%						67.4		%

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

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
(Unaudited)
(In millions)
		Three Months Ended June 30, 2020
		U.S. GAAP				Severance costs				Non-GAAP Adjusted
SG&A expenses		$	28.3			$	(1.2)			$	27.1
SG&A as % gross profit (1)		96.2		%						92.1		%
Same Store SG&A expenses		$	27.3			$	(1.2)			$	26.1
Same Store SG&A as % gross profit (1)		94.4		%						90.2		%

		Six Months Ended June 30, 2021
		U.S. GAAP				Dealership and real estate transactions				Non-GAAP Adjusted
SG&A expenses		$	105.7			$	(0.6)			$	105.1
SG&A as % gross profit (1)		68.4		%						68.1		%
Same Store SG&A expenses		$	103.1			$	—			$	103.1
Same Store SG&A as % gross profit (1)		67.8		%						67.8		%

		Six Months Ended June 30, 2020
		U.S. GAAP				Severance costs				Non-GAAP Adjusted
SG&A expenses		$	88.2			$	(1.2)			$	86.9
SG&A as % gross profit (1)		93.5		%						92.2		%
Same Store SG&A expenses		$	85.1			$	(1.2)			$	83.9
Same Store SG&A as % gross profit (1)		92.6		%						91.3		%

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

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Brazil
(Unaudited)
(In millions)
		Six Months Ended June 30, 2020
		U.S. GAAP				Severance costs				Non-GAAP adjusted
SG&A expenses		$	16.2			$	(0.9)			$	15.3
SG&A as % gross profit (1)		103.8		%						98.2		%
Same Store SG&A expenses		$	16.2			$	(0.9)			$	15.3
Same Store SG&A as % gross profit (1)		103.5		%						97.8		%

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

 

 

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SOURCE Group 1 Automotive, Inc.