Group 1 Automotive Announces Record Third Quarter 2021 Financial Results

Rhea-AI Summary

Group 1 Automotive (GPI) achieved record net income for Q3 2021, reporting a net income per diluted share of $9.33, up 36.5% from $6.83 in Q3 2020. Adjusted net income per diluted share reached $9.62, a 38.0% increase year-over-year. Total revenues rose 15.4% to $3.5 billion with gross profit increasing 27.6% to $653.2 million. Vehicle margins remained strong, and the company anticipates continued demand into 2022. Group 1 is set to close on the acquisition of Prime Automotive Group, which will add significant annual revenues.

Positive

• Net income per diluted share increased 36.5% to $9.33.
• Total revenues rose 15.4% to $3.5 billion.
• Adjusted net income per diluted share reached $9.62, a 38.0% increase.
• Total gross profit increased 27.6% to $653.2 million.
• Acquisition of Prime Automotive Group expected to add $2.5 billion in revenues.

Negative

• New vehicle revenues decreased by 0.3%, despite rising margins.

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

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

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

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

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

Reported:

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

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

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

Corporate Development

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

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

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

Third Quarter 2021 Earnings Conference Call Details

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

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

Domestic:	1-888-317-6003
International:	1-412-317-6061
Conference ID:	3636071

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

Domestic:	1-877-344-7529
International:	1-412-317-0088
Replay ID:	10160522

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 191 automotive dealerships, 248 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 33 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 on our business, (j) the impacts of any potential global recession, (k) our ability to maintain sufficient liquidity to operate, (l) the risk that proposed transactions will not be consummated in a timely manner, (m) risks that any of the closing conditions to the Prime Acquisition may not be satisfied or may not be satisfied in a timely manner, and (n) our ability to successfully integrate recent and future acquisitions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

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

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

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

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

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

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

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

 

 

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
		Three Months Ended September 30,
		2021				2020				Increase/(Decrease)				% Change
REVENUES:
New vehicle retail sales		$	1,576.2			$	1,580.7			$	(4.5)			(0.3)	%
Used vehicle retail sales		1,248.3				867.2				381.1				44.0	%
Used vehicle wholesale sales		109.4				86.7				22.7				26.2	%
Parts and service sales		427.6				375.6				52.0				13.8	%
Finance, insurance and other, net		147.7				129.5				18.2				14.1	%
Total revenues		3,509.2				3,039.6				469.6				15.4	%
COST OF SALES:
New vehicle retail sales		1,408.5				1,481.5				(72.9)				(4.9)	%
Used vehicle retail sales		1,149.8				796.1				353.7				44.4	%
Used vehicle wholesale sales		101.8				80.7				21.0				26.0	%
Parts and service sales		195.9				169.4				26.6				15.7	%
Total cost of sales		2,856.0				2,527.7				328.3				13.0	%
GROSS PROFIT		653.2				512.0				141.3				27.6	%
Selling, general and administrative expenses		385.1				305.8				79.3				25.9	%
Depreciation and amortization expense		19.6				19.1				0.5				2.5	%
Asset impairments		1.7				—				1.7				—	%
INCOME FROM OPERATIONS		246.8				187.1				59.7				31.9	%
Floorplan interest expense		4.8				8.1				(3.3)				(40.9)	%
Other interest expense, net		13.2				14.6				(1.5)				(10.1)	%
Loss on extinguishment of debt		3.8				3.3				0.5				15.2	%
INCOME BEFORE INCOME TAXES		225.0				161.0				64.0				39.8	%
Provision for income taxes		52.9				34.6				18.3				53.1	%
NET INCOME		$	172.1			$	126.4			$	45.7			36.1	%
Less: Earnings allocated to participating securities		5.7				4.5				1.2				25.5	%
Net income available to diluted common shares		$	166.4			$	121.9			$	44.5			36.5	%
DILUTED EARNINGS PER SHARE		$	9.33			$	6.83			$	2.50			36.5	%
Weighted average dilutive common shares outstanding		17.8				17.8				—				—	%
Weighted average participating securities		0.6				0.7				(0.1)				(7.7)	%
Total weighted average shares		18.4				18.5				(0.1)				(0.3)	%
Effective tax rate		23.5		%		21.5		%		2.0		%

 

 

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
		Nine Months Ended September 30,
		2021				2020				Increase/(Decrease)				% Change
REVENUES:
New vehicle retail sales		$	4,974.9			$	3,985.5			$	989.3			24.8	%
Used vehicle retail sales		3,342.7				2,287.4				1,055.3				46.1	%
Used vehicle wholesale sales		286.0				221.9				64.1				28.9	%
Parts and service sales		1,180.4				1,028.2				152.2				14.8	%
Finance, insurance and other, net		435.7				338.7				97.1				28.7	%
Total revenues		10,219.7				7,861.7				2,358.0				30.0	%
COST OF SALES:
New vehicle retail sales		4,542.9				3,759.7				783.2				20.8	%
Used vehicle retail sales		3,075.5				2,127.9				947.5				44.5	%
Used vehicle wholesale sales		265.3				212.9				52.4				24.6	%
Parts and service sales		530.9				473.9				57.0				12.0	%
Total cost of sales		8,414.5				6,574.4				1,840.1				28.0	%
GROSS PROFIT		1,805.1				1,287.2				517.9				40.2	%
Selling, general and administrative expenses		1,080.3				870.9				209.3				24.0	%
Depreciation and amortization expense		57.9				56.5				1.4				2.4	%
Asset impairments		1.7				23.8				(22.1)				(92.8)	%
INCOME FROM OPERATIONS		665.3				336.0				329.3				98.0	%
Floorplan interest expense		21.2				31.1				(9.9)				(32.0)	%
Other interest expense, net		40.7				49.0				(8.3)				(17.0)	%
Loss on extinguishment of debt		3.8				13.7				(9.9)				(72.0)	%
INCOME BEFORE INCOME TAXES		599.6				242.2				357.4				147.6	%
Provision for income taxes		134.6				55.8				78.8				141.1	%
NET INCOME		$	465.0			$	186.4			$	278.7			149.5	%
Less: Earnings allocated to participating securities		15.6				6.7				8.9				132.8	%
Net income available to diluted common shares		$	449.4			$	179.7			$	269.7			150.1	%
DILUTED EARNINGS PER SHARE		$	25.21			$	10.08			$	15.12			150.0	%
Weighted average dilutive common shares outstanding		17.8				17.8				—				0.1	%
Weighted average participating securities		0.6				0.7				—				(6.8)	%
Total weighted average shares		18.5				18.5				—				(0.2)	%
Effective tax rate		22.4		%		23.1		%		(0.6)		%

 

 

Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
		September 30, 2021				December 31, 2020				Increase/(Decrease)				% Change
SELECTED BALANCE SHEET INFORMATION:
(In millions)
Cash and cash equivalents		$	296.9			$	87.3			$	209.7			240.3	%
Inventories, net		$	850.8			$	1,468.0			$	(617.2)			(42.0)	%
Floorplan notes payable, net (1)		$	317.9			$	1,095.0			$	(777.1)			(71.0)	%
Total debt		$	1,333.9			$	1,351.4			$	(17.5)			(1.3)	%
Total equity		$	1,918.6			$	1,449.6			$	469.0			32.4	%
(1) Amounts are net of offset accounts of $334.7 and $176.4, respectively.

 

		Three Months Ended September 30,						Nine Months Ended September 30,
		2021			2020			2021			2020
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
United States		74.0	%		70.2	%		77.6	%		73.2	%
United Kingdom		21.0	%		26.8	%		18.6	%		23.0	%
Brazil		5.0	%		3.0	%		3.8	%		3.8	%
NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Lexus		26.5	%		22.7	%		26.1	%		22.9	%
Volkswagen/Audi/Porsche/SEAT/SKODA		16.4	%		17.7	%		15.3	%		15.6	%
BMW/MINI		12.6	%		11.8	%		11.6	%		11.4	%
Honda/Acura		9.4	%		8.5	%		9.8	%		9.2	%
Ford/Lincoln		7.8	%		10.1	%		8.3	%		10.7	%
Chevrolet/GMC/Buick/Cadillac		5.9	%		7.1	%		6.6	%		7.4	%
Nissan		5.5	%		4.7	%		5.5	%		5.3	%
Hyundai/Kia/Genesis		5.1	%		4.3	%		5.2	%		4.4	%
Mercedes-Benz/smart/Sprinter		3.9	%		5.3	%		4.5	%		5.3	%
Chrysler/Dodge/Jeep/RAM		3.7	%		4.0	%		3.9	%		4.0	%
Jaguar/Land Rover		1.6	%		2.5	%		1.8	%		2.3	%
Other		1.5	%		1.3	%		1.4	%		1.5	%
		100.0	%		100.0	%		100.0	%		100.0	%

 

		September 30, 2021		December 31, 2020		September 30, 2020
DAYS' SUPPLY IN INVENTORY (1):
Consolidated
New vehicle inventory		14		52		41
Used vehicle inventory		30		37		35
U.S.
New vehicle inventory		11		48		52
Used vehicle inventory		25		32		33
U.K.
New vehicle inventory		19		102		20
Used vehicle inventory		42		52		37
Brazil
New vehicle inventory		23		27		41
Used vehicle inventory		49		51		44

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

 

 

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
	Three Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,576.2			$	1,580.7			$	(4.5)			(0.3)	%			$	21.4			(1.6)	%
Used vehicle retail sales	1,248.3				867.2				381.1				44.0	%			21.4				41.5	%
Used vehicle wholesale sales	109.4				86.7				22.7				26.2	%			2.5				23.3	%
Total used	1,357.7				953.9				403.8				42.3	%			23.9				39.8	%
Parts and service sales	427.6				375.6				52.0				13.8	%			4.3				12.7	%
F&I, net	147.7				129.5				18.2				14.1	%			1.0				13.3	%
Total revenues	$	3,509.2			$	3,039.6			$	469.6			15.4	%			$	50.8			13.8	%
Gross profit:
New vehicle retail sales	$	167.7			$	99.2			$	68.4			69.0	%			$	1.5			67.4	%
Used vehicle retail sales	98.6				71.1				27.5				38.6	%			1.5				36.5	%
Used vehicle wholesale sales	7.6				5.9				1.7				28.1	%			0.3				23.4	%
Total used	106.2				77.0				29.1				37.8	%			1.8				35.5	%
Parts and service sales	231.7				206.2				25.5				12.3	%			2.6				11.1	%
F&I, net	147.7				129.5				18.2				14.1	%			1.0				13.3	%
Total gross profit	$	653.2			$	512.0			$	141.3			27.6	%			$	7.0			26.2	%
Gross margin:
New vehicle retail sales	10.6		%		6.3		%		4.4		%
Used vehicle retail sales	7.9		%		8.2		%		(0.3)		%
Used vehicle wholesale sales	7.0		%		6.9		%		0.1		%
Total used	7.8		%		8.1		%		(0.3)		%
Parts and service sales	54.2		%		54.9		%		(0.7)		%
Total gross margin	18.6		%		16.8		%		1.8		%
Units sold:
Retail new vehicles sold	35,126				39,869				(4,743)				(11.9)	%
Retail used vehicles sold	43,240				38,347				4,893				12.8	%
Wholesale used vehicles sold	11,261				11,581				(320)				(2.8)	%
Total used	54,501				49,928				4,573				9.2	%
Average sales price per unit sold:
New vehicle retail	$	44,872			$	39,647			$	5,226			13.2	%			$	609			11.6	%
Used vehicle retail	$	28,870			$	22,614			$	6,256			27.7	%			$	494			25.5	%
Gross profit per unit sold:
New vehicle retail sales	$	4,773			$	2,489			$	2,285			91.8	%			$	43			90.1	%
Used vehicle retail sales	$	2,279			$	1,854			$	425			23.0	%			$	36			21.0	%
Used vehicle wholesale sales	$	676			$	513			$	163			31.7	%			$	25			26.9	%
Total used	$	1,948			$	1,543			$	405			26.3	%			$	33			24.1	%
F&I PRU	$	1,885			$	1,655			$	229			13.9	%			$	13			13.1	%
Other:
SG&A expenses	$	385.1			$	305.8			$	79.3			25.9	%			$	4.5			24.5	%
Adjusted SG&A expenses (1)	$	383.9			$	305.8			$	78.1			25.5	%			$	4.5			24.1	%
SG&A as % gross profit	59.0		%		59.7		%		(0.8)		%
Adjusted SG&A as % gross profit (1)	58.8		%		59.7		%		(1.0)		%
Operating margin %	7.0		%		6.2		%		0.9		%
Adjusted operating margin % (1)	7.1		%		6.2		%		1.0		%
Pretax margin %	6.4		%		5.3		%		1.1		%
Adjusted pretax margin % (1)	6.6		%		5.4		%		1.2		%
Floorplan expense:
Floorplan interest expense	$	4.8			$	8.1			$	(3.3)			(40.9)	%			$	0.1			(42.4)	%
Less: Floorplan assistance (2)	12.2				12.7				(0.5)				(4.0)	%			—				(4.0)	%
Net floorplan expense	$	(7.4)			$	(4.6)			$	(2.8)							$	0.1
Adjusted floorplan interest expense (1)	$	5.7			$	8.1			$	(2.4)			(30.0)	%			$	0.1			(31.5)	%

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

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

 

 

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
	Nine Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	4,974.9			$	3,985.5			$	989.3			24.8	%			$	57.2			23.4	%
Used vehicle retail sales	3,342.7				2,287.4				1,055.3				46.1	%			58.3				43.6	%
Used vehicle wholesale sales	286.0				221.9				64.1				28.9	%			6.9				25.8	%
Total used	3,628.7				2,509.3				1,119.4				44.6	%			65.2				42.0	%
Parts and service sales	1,180.4				1,028.2				152.2				14.8	%			10.8				13.7	%
F&I, net	435.7				338.7				97.1				28.7	%			2.9				27.8	%
Total revenues	$	10,219.7			$	7,861.7			$	2,358.0			30.0	%			$	136.9			28.3	%
Gross profit:
New vehicle retail sales	$	432.0			$	225.8			$	206.2			91.3	%			$	3.4			89.8	%
Used vehicle retail sales	267.3				159.5				107.8				67.6	%			3.7				65.2	%
Used vehicle wholesale sales	20.7				9.0				11.7				130.3	%			0.4				125.4	%
Total used	287.9				168.5				119.5				70.9	%			4.2				68.4	%
Parts and service sales	649.5				554.2				95.2				17.2	%			6.8				15.9	%
F&I, net	435.7				338.7				97.1				28.7	%			2.9				27.8	%
Total gross profit	$	1,805.1			$	1,287.2			$	517.9			40.2	%			$	17.3			38.9	%
Gross margin:
New vehicle retail sales	8.7		%		5.7		%		3.0		%
Used vehicle retail sales	8.0		%		7.0		%		1.0		%
Used vehicle wholesale sales	7.2		%		4.0		%		3.2		%
Total used	7.9		%		6.7		%		1.2		%
Parts and service sales	55.0		%		53.9		%		1.1		%
Total gross margin	17.7		%		16.4		%		1.3		%
Units sold:
Retail new vehicles sold	114,882				101,701				13,181				13.0	%
Retail used vehicles sold	126,301				105,665				20,636				19.5	%
Wholesale used vehicles sold	32,038				30,970				1,068				3.4	%
Total used	158,339				136,635				21,704				15.9	%
Average sales price per unit sold:
New vehicle retail	$	43,304			$	39,189			$	4,115			10.5	%			$	498			9.2	%
Used vehicle retail	$	26,466			$	21,648			$	4,818			22.3	%			$	462			20.1	%
Gross profit per unit sold:
New vehicle retail sales	$	3,760			$	2,220			$	1,540			69.3	%			$	29			68.0	%
Used vehicle retail sales	$	2,116			$	1,510			$	607			40.2	%			$	29			38.2	%
Used vehicle wholesale sales	$	645			$	290			$	355			122.6	%			$	14			117.9	%
Total used	$	1,819			$	1,233			$	585			47.5	%			$	26			45.3	%
F&I PRU	$	1,807			$	1,633			$	174			10.6	%			$	12			9.9	%
Other:
SG&A expenses	$	1,080.3			$	870.9			$	209.3			24.0	%			$	11.7			22.7	%
Adjusted SG&A expenses (1)	$	1,078.9			$	858.3			$	220.7			25.7	%			$	11.6			24.4	%
SG&A as % gross profit	59.8		%		67.7		%		(7.8)		%
Adjusted SG&A as % gross profit (1)	59.8		%		66.7		%		(6.9)		%
Operating margin %	6.5		%		4.3		%		2.2		%
Adjusted operating margin % (1)	6.5		%		4.7		%		1.8		%
Pretax margin %	5.9		%		3.1		%		2.8		%
Adjusted pretax margin % (1)	5.9		%		3.7		%		2.2		%
Floorplan expense:
Floorplan interest expense	$	21.2			$	31.1			$	(9.9)			(32.0)	%			$	0.3			(33.1)	%
Less: Floorplan assistance (2)	40.6				33.0				7.6				22.9	%			—				22.9	%
Net floorplan expense	$	(19.5)			$	(1.9)			$	(17.5)							$	0.3
Adjusted floorplan interest expense (1)	$	19.7			$	31.1			$	(11.4)			(36.6)	%			$	0.3			(37.7)	%

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

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

 

 

Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
		Three Months Ended September 30,
		2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales		$	1,208.5			$	1,172.2			$	36.3			3.1	%
Used vehicle retail sales		902.3				608.2				294.1				48.4	%
Used vehicle wholesale sales		68.0				44.8				23.2				51.8	%
Total used		970.3				653.0				317.4				48.6	%
Parts and service sales		353.1				306.4				46.7				15.3	%
F&I, net		130.5				113.0				17.4				15.4	%
Total revenues		$	2,662.4			$	2,244.6			$	417.8			18.6	%
Gross profit:
New vehicle retail sales		$	140.0			$	79.8			$	60.2			75.5	%
Used vehicle retail sales		73.1				52.8				20.2				38.3	%
Used vehicle wholesale sales		3.2				3.7				(0.5)				(13.6)	%
Total used		76.3				56.6				19.7				34.9	%
Parts and service sales		188.2				166.3				21.9				13.2	%
F&I, net		130.5				113.0				17.4				15.4	%
Total gross profit		$	535.0			$	415.7			$	119.3			28.7	%
Gross margin:
New vehicle retail sales		11.6		%		6.8		%		4.8		%
Used vehicle retail sales		8.1		%		8.7		%		(0.6)		%
Used vehicle wholesale sales		4.8		%		8.3		%		(3.6)		%
Total used		7.9		%		8.7		%		(0.8)		%
Parts and service sales		53.3		%		54.3		%		(1.0)		%
Total gross margin		20.1		%		18.5		%		1.6		%
Units sold:
Retail new vehicles sold		25,984				27,980				(1,996)				(7.1)	%
Retail used vehicles sold		31,704				27,694				4,010				14.5	%
Wholesale used vehicles sold		6,758				6,195				563				9.1	%
Total used		38,462				33,889				4,573				13.5	%
Average sales price per unit sold:
New vehicle retail		$	46,510			$	41,895			$	4,614			11.0	%
Used vehicle retail		$	28,461			$	21,961			$	6,500			29.6	%
Gross profit per unit sold:
New vehicle retail sales		$	5,388			$	2,852			$	2,536			88.9	%
Used vehicle retail sales		$	2,305			$	1,908			$	397			20.8	%
Used vehicle wholesale sales		$	478			$	603			$	(125)			(20.8)	%
Total used		$	1,984			$	1,669			$	315			18.9	%
F&I PRU		$	2,261			$	2,030			$	231			11.4	%
Other:
SG&A expenses		$	308.7			$	245.2			$	63.5			25.9	%
Adjusted SG&A expenses (1)		$	308.1			$	245.2			$	62.8			25.6	%
SG&A as % gross profit		57.7		%		59.0		%		(1.3)		%
Adjusted SG&A as % gross profit (1)		57.6		%		59.0		%		(1.4)		%

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

 

 

Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
		Nine Months Ended September 30,
		2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales		$	3,958.9			$	3,076.3			$	882.6			28.7	%
Used vehicle retail sales		2,481.7				1,719.4				762.3				44.3	%
Used vehicle wholesale sales		179.6				122.1				57.5				47.0	%
Total used		2,661.3				1,841.5				819.8				44.5	%
Parts and service sales		982.0				865.2				116.8				13.5	%
F&I, net		389.4				300.2				89.2				29.7	%
Total revenues		$	7,991.6			$	6,083.3			$	1,908.4			31.4	%
Gross profit:
New vehicle retail sales		$	362.6			$	183.6			$	179.0			97.5	%
Used vehicle retail sales		210.7				125.7				85.0				67.6	%
Used vehicle wholesale sales		13.6				6.2				7.4				119.9	%
Total used		224.3				131.9				92.4				70.0	%
Parts and service sales		535.1				465.4				69.7				15.0	%
F&I, net		389.4				300.2				89.2				29.7	%
Total gross profit		$	1,511.4			$	1,081.1			$	430.3			39.8	%
Gross margin:
New vehicle retail sales		9.2		%		6.0		%		3.2		%
Used vehicle retail sales		8.5		%		7.3		%		1.2		%
Used vehicle wholesale sales		7.6		%		5.0		%		2.5		%
Total used		8.4		%		7.2		%		1.3		%
Parts and service sales		54.5		%		53.8		%		0.7		%
Total gross margin		18.9		%		17.8		%		1.1		%
Units sold:
Retail new vehicles sold		89,183				74,412				14,771				19.9	%
Retail used vehicles sold		96,143				81,494				14,649				18.0	%
Wholesale used vehicles sold		19,804				18,372				1,432				7.8	%
Total used		115,947				99,866				16,081				16.1	%
Average sales price per unit sold:
New vehicle retail		$	44,391			$	41,342			$	3,049			7.4	%
Used vehicle retail		$	25,813			$	21,099			$	4,714			22.3	%
Gross profit per unit sold:
New vehicle retail sales		$	4,066			$	2,467			$	1,599			64.8	%
Used vehicle retail sales		$	2,192			$	1,543			$	649			42.1	%
Used vehicle wholesale sales		$	685			$	336			$	349			104.0	%
Total used		$	1,934			$	1,321			$	614			46.5	%
F&I PRU		$	2,101			$	1,926			$	176			9.1	%
Other:
SG&A expenses		$	883.0			$	706.0			$	177.0			25.1	%
Adjusted SG&A expenses (1)		$	882.8			$	695.4			$	187.3			26.9	%
SG&A as % gross profit		58.4		%		65.3		%		(6.9)		%
Adjusted SG&A as % gross profit (1)		58.4		%		64.3		%		(5.9)		%

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

 

 

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Three Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	305.4			$	376.6			$	(71.2)			(18.9)	%			$	19.8			(24.2)	%
Used vehicle retail sales	328.0				248.1				80.0				32.2	%			20.9				23.8	%
Used vehicle wholesale sales	38.1				39.5				(1.4)				(3.6)	%			2.4				(9.8)	%
Total used	366.1				287.6				78.5				27.3	%			23.3				19.2	%
Parts and service sales	63.4				61.3				2.1				3.4	%			4.0				(3.2)	%
F&I, net	15.6				15.4				0.2				1.4	%			1.0				(5.1)	%
Total revenues	$	750.4			$	740.8			$	9.6			1.3	%			$	48.2			(5.2)	%
Gross profit:
New vehicle retail sales	$	21.5			$	16.8			$	4.7			27.9	%			$	1.4			19.7	%
Used vehicle retail sales	23.9				17.2				6.7				39.0	%			1.5				30.3	%
Used vehicle wholesale sales	4.1				2.0				2.1				106.1	%			0.3				92.7	%
Total used	28.1				19.2				8.9				46.0	%			1.8				36.8	%
Parts and service sales	38.5				36.2				2.3				6.3	%			2.5				(0.5)	%
F&I, net	15.6				15.4				0.2				1.4	%			1.0				(5.1)	%
Total gross profit	$	103.7			$	87.6			$	16.0			18.3	%			$	6.6			10.8	%
Gross margin:
New vehicle retail sales	7.0		%		4.5		%		2.6		%
Used vehicle retail sales	7.3		%		6.9		%		0.4		%
Used vehicle wholesale sales	10.9		%		5.1		%		5.8		%
Total used	7.7		%		6.7		%		1.0		%
Parts and service sales	60.8		%		59.1		%		1.6		%
Total gross margin	13.8		%		11.8		%		2.0		%
Units sold:
Retail new vehicles sold	7,381				10,689				(3,308)				(30.9)	%
Retail used vehicles sold	10,810				10,101				709				7.0	%
Wholesale used vehicles sold	4,202				5,104				(902)				(17.7)	%
Total used	15,012				15,205				(193)				(1.3)	%
Average sales price per unit sold:
New vehicle retail	$	41,370			$	35,230			$	6,140			17.4	%			$	2,677			9.8	%
Used vehicle retail	$	30,346			$	24,561			$	5,785			23.6	%			$	1,932			15.7	%
Gross profit per unit sold:
New vehicle retail sales	$	2,910			$	1,571			$	1,338			85.2	%			$	185			73.4	%
Used vehicle retail sales	$	2,215			$	1,706			$	509			29.9	%			$	139			21.7	%
Used vehicle wholesale sales	$	987			$	394			$	593			NM				$	64			134.0	%
Total used	$	1,872			$	1,266			$	606			47.9	%			$	118			38.6	%
F&I PRU	$	857			$	739			$	117			15.9	%			$	55			8.5	%
Other:
SG&A expenses	$	67.6			$	53.7			$	13.9			25.9	%			$	4.2			18.0	%
Adjusted SG&A expenses (1)	$	67.0			$	53.7			$	13.3			24.9	%			$	4.2			17.0	%
SG&A as % gross profit	65.2		%		61.2		%		3.9		%
Adjusted SG&A as % gross profit (1)	64.6		%		61.2		%		3.4		%

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

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Nine Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	869.7			$	800.1			$	69.6			8.7	%			$	70.1			(0.1)	%
Used vehicle retail sales	820.5				529.7				290.8				54.9	%			62.0				43.2	%
Used vehicle wholesale sales	98.4				90.6				7.8				8.7	%			7.4				0.5	%
Total used	919.0				620.3				298.7				48.1	%			69.4				37.0	%
Parts and service sales	170.2				139.5				30.6				22.0	%			12.8				12.8	%
F&I, net	41.9				35.1				6.8				19.5	%			3.3				10.0	%
Total revenues	$	2,000.7			$	1,595.0			$	405.7			25.4	%			$	156.2			15.6	%
Gross profit:
New vehicle retail sales	$	54.6			$	34.7			$	19.9			57.4	%			$	4.5			44.4	%
Used vehicle retail sales	52.9				31.3				21.7				69.3	%			4.0				56.6	%
Used vehicle wholesale sales	6.5				2.3				4.2				NM				0.5				NM
Total used	59.5				33.6				25.8				76.9	%			4.4				63.7	%
Parts and service sales	102.1				78.5				23.6				30.1	%			7.7				20.3	%
F&I, net	41.9				35.1				6.8				19.5	%			3.3				10.0	%
Total gross profit	$	258.1			$	181.9			$	76.2			41.9	%			$	19.9			30.9	%
Gross margin:
New vehicle retail sales	6.3		%		4.3		%		1.9		%
Used vehicle retail sales	6.5		%		5.9		%		0.5		%
Used vehicle wholesale sales	6.6		%		2.6		%		4.0		%
Total used	6.5		%		5.4		%		1.1		%
Parts and service sales	60.0		%		56.3		%		3.7		%
Total gross margin	12.9		%		11.4		%		1.5		%
Units sold:
Retail new vehicles sold	21,316				23,424				(2,108)				(9.0)	%
Retail used vehicles sold	28,416				22,165				6,251				28.2	%
Wholesale used vehicles sold	11,464				11,517				(53)				(0.5)	%
Total used	39,880				33,682				6,198				18.4	%
Average sales price per unit sold:
New vehicle retail	$	40,800			$	34,157			$	6,644			19.5	%			$	3,288			9.8	%
Used vehicle retail	$	28,876			$	23,899			$	4,977			20.8	%			$	2,181			11.7	%
Gross profit per unit sold:
New vehicle retail sales	$	2,563			$	1,482			$	1,081			72.9	%			$	211			58.7	%
Used vehicle retail sales	$	1,863			$	1,411			$	452			32.0	%			$	140			22.1	%
Used vehicle wholesale sales	$	568			$	203			$	365			NM				$	41			NM
Total used	$	1,491			$	998			$	493			49.4	%			$	111			38.2	%
F&I PRU	$	842			$	769			$	73			9.5	%			$	67			0.8	%
Other:
SG&A expenses	$	173.3			$	141.8			$	31.4			22.2	%			$	13.5			12.6	%
Adjusted SG&A expenses (1)	$	172.1			$	140.6			$	31.5			22.4	%			$	13.4			12.9	%
SG&A as % gross profit	67.1		%		78.0		%		(10.8)		%
Adjusted SG&A as % gross profit (1)	66.7		%		77.3		%		(10.6)		%

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

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Three Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	62.3			$	31.9			$	30.5			95.6	%			$	1.6			90.5	%
Used vehicle retail sales	18.0				10.9				7.0				64.6	%			0.5				60.3	%
Used vehicle wholesale sales	3.3				2.4				0.9				36.7	%			0.1				33.2	%
Total used	21.3				13.4				7.9				59.5	%			0.6				55.3	%
Parts and service sales	11.1				8.0				3.2				39.9	%			0.3				36.2	%
F&I, net	1.7				1.1				0.6				54.5	%			—				50.1	%
Total revenues	$	96.4			$	54.3			$	42.2			77.7	%			$	2.5			73.0	%
Gross profit:
New vehicle retail sales	$	6.2			$	2.6			$	3.5			134.6	%			$	0.2			128.6	%
Used vehicle retail sales	1.5				1.0				0.5				49.4	%			—				45.2	%
Used vehicle wholesale sales	0.2				0.2				—				21.5	%			—				18.1	%
Total used	1.8				1.2				0.5				44.9	%			—				40.9	%
Parts and service sales	4.9				3.7				1.2				33.3	%			0.1				29.7	%
F&I, net	1.7				1.1				0.6				54.5	%			—				50.1	%
Total gross profit	$	14.5			$	8.6			$	5.9			68.7	%			$	0.4			64.1	%
Gross margin:
New vehicle retail sales	9.9		%		8.3		%		1.6		%
Used vehicle retail sales	8.4		%		9.3		%		(0.9)		%
Used vehicle wholesale sales	7.1		%		8.0		%		(0.9)		%
Total used	8.2		%		9.1		%		(0.8)		%
Parts and service sales	43.9		%		46.1		%		(2.2)		%
Total gross margin	15.0		%		15.8		%		(0.8)		%
Units sold:
Retail new vehicles sold	1,761				1,200				561				46.8	%
Retail used vehicles sold	726				552				174				31.5	%
Wholesale used vehicles sold	301				282				19				6.7	%
Total used	1,027				834				193				23.1	%
Average sales price per unit sold:
New vehicle retail	$	35,394			$	26,558			$	8,836			33.3	%			$	924			29.8	%
Used vehicle retail	$	24,732			$	19,766			$	4,967			25.1	%			$	644			21.9	%
Gross profit per unit sold:
New vehicle retail sales	$	3,510			$	2,196			$	1,314			59.8	%			$	90			55.7	%
Used vehicle retail sales	$	2,090			$	1,840			$	250			13.6	%			$	58			10.4	%
Used vehicle wholesale sales	$	792			$	696			$	96			13.8	%			$	22			10.7	%
Total used	$	1,709			$	1,453			$	256			17.6	%			$	47			14.4	%
F&I PRU	$	675			$	621			$	55			8.9	%			$	19			5.7	%
Other:
SG&A expenses	$	8.8			$	6.9			$	2.0			28.5	%			$	0.2			25.0	%
SG&A as % gross profit	60.9		%		79.9		%		(19.0)		%

 

 

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Nine Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	146.3			$	109.1			$	37.1			34.0	%			$	(12.9)			45.9	%
Used vehicle retail sales	40.5				38.3				2.1				5.6	%			(3.7)				15.2	%
Used vehicle wholesale sales	8.0				9.2				(1.2)				(12.8)	%			(0.5)				(7.0)	%
Total used	48.4				47.5				1.0				2.0	%			(4.2)				10.8	%
Parts and service sales	28.2				23.4				4.8				20.4	%			(1.9)				28.6	%
F&I, net	4.4				3.4				1.1				31.1	%			(0.4)				42.8	%
Total revenues	$	227.3			$	183.4			$	43.9			23.9	%			$	(19.4)			34.5	%
Gross profit:
New vehicle retail sales	$	14.8			$	7.5			$	7.2			95.9	%			$	(1.1)			111.0	%
Used vehicle retail sales	3.6				2.5				1.1				44.2	%			(0.2)				54.1	%
Used vehicle wholesale sales	0.6				0.5				0.1				26.5	%			—				34.7	%
Total used	4.2				3.0				1.2				41.3	%			(0.3)				51.0	%
Parts and service sales	12.3				10.3				1.9				18.8	%			(0.8)				26.8	%
F&I, net	4.4				3.4				1.1				31.1	%			(0.4)				42.8	%
Total gross profit	$	35.7			$	24.2			$	11.5			47.3	%			$	(2.6)			58.1	%
Gross margin:
New vehicle retail sales	10.1		%		6.9		%		3.2		%
Used vehicle retail sales	8.9		%		6.5		%		2.4		%
Used vehicle wholesale sales	7.6		%		5.2		%		2.4		%
Total used	8.7		%		6.3		%		2.4		%
Parts and service sales	43.5		%		44.1		%		(0.6)		%
Total gross margin	15.7		%		13.2		%		2.5		%
Units sold:
Retail new vehicles sold	4,383				3,865				518				13.4	%
Retail used vehicles sold	1,742				2,006				(264)				(13.2)	%
Wholesale used vehicles sold	770				1,081				(311)				(28.8)	%
Total used	2,512				3,087				(575)				(18.6)	%
Average sales price per unit sold:
New vehicle retail	$	33,370			$	28,238			$	5,133			18.2	%			$	(2,947)			28.6	%
Used vehicle retail	$	23,222			$	19,100			$	4,122			21.6	%			$	(2,106)			32.6	%
Gross profit per unit sold:
New vehicle retail sales	$	3,368			$	1,950			$	1,419			72.8	%			$	(260)			86.1	%
Used vehicle retail sales	$	2,067			$	1,245			$	822			66.0	%			$	(143)			77.5	%
Used vehicle wholesale sales	$	789			$	444			$	345			77.6	%			$	(51)			89.1	%
Total used	$	1,676			$	965			$	711			73.7	%			$	(115)			85.6	%
F&I PRU	$	724			$	576			$	148			25.7	%			$	(64)			36.9	%
Other:
SG&A expenses	$	24.0			$	23.1			$	0.9			4.0	%			$	(1.8)			11.8	%
Adjusted SG&A expenses (1)	$	24.0			$	22.2			$	1.8			8.1	%			$	(1.8)			16.1	%
SG&A as % gross profit	67.3		%		95.3		%		(28.0)		%
Adjusted SG&A as % gross profit (1)	67.3		%		91.7		%		(24.4)		%

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

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
		Three Months Ended September 30,
		2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales		$	1,530.1			$	1,565.4			$	(35.3)			(2.3)	%			$	19.5			(3.5)	%
Used vehicle retail sales		1,199.9				857.6				342.3				39.9	%			18.8				37.7	%
Used vehicle wholesale sales		105.0				85.5				19.5				22.8	%			2.3				20.1	%
Total used		1,304.9				943.1				361.8				38.4	%			21.1				36.1	%
Parts and service sales		416.6				368.8				47.8				13.0	%			3.9				11.9	%
F&I, net		145.1				128.1				17.0				13.3	%			1.0				12.5	%
Total revenues		$	3,396.7			$	3,005.4			$	391.2			13.0	%			$	45.5			11.5	%
Gross profit:
New vehicle retail sales		$	163.8			$	98.3			$	65.4			66.6	%			$	1.4			65.1	%
Used vehicle retail sales		94.6				70.5				24.1				34.2	%			1.4				32.2	%
Used vehicle wholesale sales		7.3				5.9				1.4				23.3	%			0.3				18.8	%
Total used		101.8				76.4				25.5				33.3	%			1.7				31.2	%
Parts and service sales		225.1				202.3				22.7				11.2	%			2.3				10.1	%
F&I, net		145.1				128.1				17.0				13.3	%			1.0				12.5	%
Total gross profit		$	635.8			$	505.1			$	130.6			25.9	%			$	6.3			24.6	%
Gross margin:
New vehicle retail sales		10.7		%		6.3		%		4.4		%
Used vehicle retail sales		7.9		%		8.2		%		(0.3)		%
Used vehicle wholesale sales		6.9		%		6.9		%		—		%
Total used		7.8		%		8.1		%		(0.3)		%
Parts and service sales		54.0		%		54.9		%		(0.8)		%
Total gross margin		18.7		%		16.8		%		1.9		%
Units sold:
Retail new vehicles sold		33,795				39,431				(5,636)				(14.3)	%
Retail used vehicles sold		41,219				37,819				3,400				9.0	%
Wholesale used vehicles sold		10,581				11,415				(834)				(7.3)	%
Total used		51,800				49,234				2,566				5.2	%
Average sales price per unit sold:
New vehicle retail		$	45,275			$	39,700			$	5,575			14.0	%			$	578			12.6	%
Used vehicle retail		$	29,110			$	22,676			$	6,433			28.4	%			$	455			26.4	%
Gross profit per unit sold:
New vehicle retail sales		$	4,846			$	2,493			$	2,352			94.3	%			$	41			92.7	%
Used vehicle retail sales		$	2,294			$	1,863			$	431			23.1	%			$	34			21.3	%
Used vehicle wholesale sales		$	687			$	516			$	171			33.1	%			$	25			28.1	%
Total used		$	1,966			$	1,551			$	415			26.7	%			$	32			24.7	%
F&I PRU		$	1,934			$	1,658			$	276			16.6	%			$	13			15.9	%
Other:
SG&A expenses		$	372.2			$	300.7			$	71.5			23.8	%			$	3.9			22.5	%
Adjusted SG&A expenses (1)		$	371.0			$	300.7			$	70.3			23.4	%			$	3.9			22.1	%
SG&A as % gross profit		58.5		%		59.5		%		(1.0)		%
Adjusted SG&A as % gross profit (1)		58.4		%		59.5		%		(1.2)		%
Operating margin %		7.1		%		6.2		%		1.0		%
Adjusted operating margin % (1)		7.2		%		6.2		%		1.1		%

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

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
		Nine Months Ended September 30,
		2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales		$	4,910.5			$	3,947.3			$	963.2			24.4	%			$	55.0			23.0	%
Used vehicle retail sales		3,286.3				2,260.6				1,025.7				45.4	%			55.4				42.9	%
Used vehicle wholesale sales		281.0				219.3				61.7				28.1	%			6.6				25.1	%
Total used		3,567.3				2,479.9				1,087.4				43.8	%			62.0				41.3	%
Parts and service sales		1,160.2				1,011.4				148.8				14.7	%			9.9				13.7	%
F&I, net		432.0				335.1				96.9				28.9	%			2.8				28.1	%
Total revenues		$	10,070.0			$	7,773.7			$	2,296.3			29.5	%			$	130.5			27.9	%
Gross profit:
New vehicle retail sales		$	426.5			$	223.5			$	202.9			90.8	%			$	3.2			89.3	%
Used vehicle retail sales		262.0				158.1				103.9				65.7	%			3.6				63.4	%
Used vehicle wholesale sales		20.2				8.9				11.3				126.8	%			0.4				122.0	%
Total used		282.2				167.0				115.2				68.9	%			4.0				66.6	%
Parts and service sales		638.0				545.1				92.9				17.0	%			6.4				15.9	%
F&I, net		432.0				335.1				96.9				28.9	%			2.8				28.1	%
Total gross profit		$	1,778.7			$	1,270.8			$	507.9			40.0	%			$	16.4			38.7	%
Gross margin:
New vehicle retail sales		8.7		%		5.7		%		3.0		%
Used vehicle retail sales		8.0		%		7.0		%		1.0		%
Used vehicle wholesale sales		7.2		%		4.1		%		3.1		%
Total used		7.9		%		6.7		%		1.2		%
Parts and service sales		55.0		%		53.9		%		1.1		%
Total gross margin		17.7		%		16.3		%		1.3		%
Units sold:
Retail new vehicles sold		113,055				100,629				12,426				12.3	%
Retail used vehicles sold		123,905				104,166				19,739				18.9	%
Wholesale used vehicles sold		31,226				30,553				673				2.2	%
Total used		155,131				134,719				20,412				15.2	%
Average sales price per unit sold:
New vehicle retail		$	43,434			$	39,226			$	4,208			10.7	%			$	486			9.5	%
Used vehicle retail		$	26,523			$	21,702			$	4,821			22.2	%			$	447			20.2	%
Gross profit per unit sold:
New vehicle retail sales		$	3,772			$	2,221			$	1,551			69.8	%			$	28			68.5	%
Used vehicle retail sales		$	2,115			$	1,518			$	596			39.3	%			$	29			37.4	%
Used vehicle wholesale sales		$	647			$	291			$	355			121.9	%			$	14			117.2	%
Total used		$	1,819			$	1,240			$	579			46.7	%			$	26			44.6	%
F&I PRU		$	1,823			$	1,636			$	187			11.4	%			$	12			10.7	%
Other:
SG&A expenses		$	1,061.8			$	856.1			$	205.7			24.0	%			$	10.9			22.8	%
Adjusted SG&A expenses (1)		$	1,059.4			$	843.5			$	215.9			25.6	%			$	10.8			24.3	%
SG&A as % gross profit		59.7		%		67.4		%		(7.7)		%
Adjusted SG&A as % gross profit (1)		59.6		%		66.4		%		(6.8)		%
Operating margin %		6.5		%		4.3		%		2.2		%
Adjusted operating margin % (1)		6.6		%		4.8		%		1.8		%

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

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
	Three Months Ended September 30,
	2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales	$	1,191.1			$	1,158.8			$	32.3			2.8	%
Used vehicle retail sales	894.3				600.7				293.6				48.9	%
Used vehicle wholesale sales	67.2				43.8				23.5				53.7	%
Total used	961.5				644.4				317.1				49.2	%
Parts and service sales	349.6				302.8				46.8				15.5	%
F&I, net	129.0				111.8				17.3				15.5	%
Total revenues	$	2,631.3			$	2,217.8			$	413.5			18.6	%
Gross profit:
New vehicle retail sales	$	138.0			$	79.0			$	59.1			74.8	%
Used vehicle retail sales	71.5				52.4				19.2				36.6	%
Used vehicle wholesale sales	3.0				3.7				(0.7)				(18.8)	%
Total used	74.5				56.1				18.5				33.0	%
Parts and service sales	186.0				164.0				21.9				13.4	%
F&I, net	129.0				111.8				17.3				15.5	%
Total gross profit	$	527.6			$	410.8			$	116.7			28.4	%
Gross margin:
New vehicle retail sales	11.6		%		6.8		%		4.8		%
Used vehicle retail sales	8.0		%		8.7		%		(0.7)		%
Used vehicle wholesale sales	4.5		%		8.4		%		(4.0)		%
Total used	7.8		%		8.7		%		(0.9)		%
Parts and service sales	53.2		%		54.2		%		(1.0)		%
Total gross margin	20.0		%		18.5		%		1.5		%
Units sold:
Retail new vehicles sold	25,522				27,626				(2,104)				(7.6)	%
Retail used vehicles sold	31,366				27,299				4,067				14.9	%
Wholesale used vehicles sold	6,611				6,076				535				8.8	%
Total used	37,977				33,375				4,602				13.8	%
Average sales price per unit sold:
New vehicle retail	$	46,670			$	41,947			$	4,723			11.3	%
Used vehicle retail	$	28,512			$	22,003			$	6,509			29.6	%
Gross profit per unit sold:
New vehicle retail sales	$	5,409			$	2,858			$	2,551			89.2	%
Used vehicle retail sales	$	2,280			$	1,918			$	362			18.9	%
Used vehicle wholesale sales	$	454			$	608			$	(154)			(25.4)	%
Total used	$	1,962			$	1,679			$	283			16.8	%
F&I PRU	$	2,268			$	2,035			$	234			11.5	%
Other:
SG&A expenses	$	304.5			$	241.6			$	62.9			26.0	%
Adjusted SG&A expenses (1)	$	303.9			$	241.6			$	62.3			25.8	%
SG&A as % gross profit	57.7		%		58.8		%		(1.1)		%
Adjusted SG&A as % gross profit (1)	57.6		%		58.8		%		(1.2)		%

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

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
	Nine Months Ended September 30,
	2021				2020				Increase/(Decrease)				% Change
Revenues:
New vehicle retail sales	$	3,923.4			$	3,042.0			$	881.4			29.0	%
Used vehicle retail sales	2,466.2				1,696.7				769.5				45.4	%
Used vehicle wholesale sales	178.2				119.8				58.4				48.8	%
Total used	2,644.4				1,816.5				827.9				45.6	%
Parts and service sales	974.3				855.8				118.5				13.8	%
F&I, net	386.9				297.0				89.9				30.3	%
Total revenues	$	7,929.1			$	6,011.4			$	1,917.7			31.9	%
Gross profit:
New vehicle retail sales	$	359.0			$	181.5			$	177.6			97.8	%
Used vehicle retail sales	207.9				124.6				83.3				66.8	%
Used vehicle wholesale sales	13.1				6.1				7.0				115.2	%
Total used	221.1				130.7				90.3				69.1	%
Parts and service sales	530.3				459.7				70.6				15.4	%
F&I, net	386.9				297.0				89.9				30.3	%
Total gross profit	$	1,497.3			$	1,068.9			$	428.4			40.1	%
Gross margin:
New vehicle retail sales	9.2		%		6.0		%		3.2		%
Used vehicle retail sales	8.4		%		7.3		%		1.1		%
Used vehicle wholesale sales	7.4		%		5.1		%		2.3		%
Total used	8.4		%		7.2		%		1.2		%
Parts and service sales	54.4		%		53.7		%		0.7		%
Total gross margin	18.9		%		17.8		%		1.1		%
Units sold:
Retail new vehicles sold	88,233				73,528				14,705				20.0	%
Retail used vehicles sold	95,456				80,270				15,186				18.9	%
Wholesale used vehicles sold	19,538				18,057				1,481				8.2	%
Total used	114,994				98,327				16,667				17.0	%
Average sales price per unit sold:
New vehicle retail	$	44,467			$	41,372			$	3,094			7.5	%
Used vehicle retail	$	25,836			$	21,138			$	4,698			22.2	%
Gross profit per unit sold:
New vehicle retail sales	$	4,069			$	2,468			$	1,601			64.9	%
Used vehicle retail sales	$	2,178			$	1,553			$	625			40.3	%
Used vehicle wholesale sales	$	673			$	338			$	334			98.9	%
Total used	$	1,922			$	1,330			$	593			44.6	%
F&I PRU	$	2,106			$	1,931			$	175			9.1	%
Other:
SG&A expenses	$	875.9			$	695.8			$	180.2			25.9	%
Adjusted SG&A expenses (1)	$	874.1			$	685.2			$	188.9			27.6	%
SG&A as % gross profit	58.5		%		65.1		%		(6.6)		%
Adjusted SG&A as % gross profit (1)	58.4		%		64.1		%		(5.7)		%

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

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Three Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	276.6			$	374.7			$	(98.1)			(26.2)	%			$	17.9			(31.0)	%
Used vehicle retail sales	287.6				246.0				41.6				16.9	%			18.3				9.5	%
Used vehicle wholesale sales	34.5				39.3				(4.9)				(12.4)	%			2.2				(18.0)	%
Total used	322.1				285.4				36.7				12.9	%			20.5				5.7	%
Parts and service sales	55.9				58.1				(2.1)				(3.7)	%			3.6				(9.8)	%
F&I, net	14.4				15.3				(0.9)				(5.8)	%			0.9				(11.8)	%
Total revenues	$	669.0			$	733.4			$	(64.4)			(8.8)	%			$	43.0			(14.6)	%
Gross profit:
New vehicle retail sales	$	19.5			$	16.7			$	2.8			16.8	%			$	1.2			9.4	%
Used vehicle retail sales	21.5				17.1				4.4				25.9	%			1.3				18.0	%
Used vehicle wholesale sales	4.0				2.0				2.0				101.1	%			0.3				88.0	%
Total used	25.6				19.1				6.5				33.8	%			1.6				25.4	%
Parts and service sales	34.2				34.6				(0.4)				(1.2)	%			2.2				(7.5)	%
F&I, net	14.4				15.3				(0.9)				(5.8)	%			0.9				(11.8)	%
Total gross profit	$	93.7			$	85.7			$	8.0			9.3	%			$	5.9			2.4	%
Gross margin:
New vehicle retail sales	7.1		%		4.5		%		2.6		%
Used vehicle retail sales	7.5		%		6.9		%		0.5		%
Used vehicle wholesale sales	11.7		%		5.1		%		6.6		%
Total used	7.9		%		6.7		%		1.2		%
Parts and service sales	61.2		%		59.7		%		1.6		%
Total gross margin	14.0		%		11.7		%		2.3		%
Units sold:
Retail new vehicles sold	6,512				10,605				(4,093)				(38.6)	%
Retail used vehicles sold	9,127				9,968				(841)				(8.4)	%
Wholesale used vehicles sold	3,669				5,057				(1,388)				(27.4)	%
Total used	12,796				15,025				(2,229)				(14.8)	%
Average sales price per unit sold:
New vehicle retail	$	42,479			$	35,333			$	7,146			20.2	%			$	2,748			12.4	%
Used vehicle retail	$	31,513			$	24,681			$	6,831			27.7	%			$	2,006			19.6	%
Gross profit per unit sold:
New vehicle retail sales	$	3,000			$	1,577			$	1,423			90.3	%			$	190			78.2	%
Used vehicle retail sales	$	2,358			$	1,715			$	643			37.5	%			$	148			28.9	%
Used vehicle wholesale sales	$	1,099			$	396			$	703			NM				$	72			NM
Total used	$	1,997			$	1,271			$	726			57.1	%			$	126			47.2	%
F&I PRU	$	919			$	742			$	177			23.9	%			$	58			16.0	%
Other:
SG&A expenses	$	58.9			$	52.2			$	6.8			12.9	%			$	3.7			5.8	%
Adjusted SG&A expenses (1)	$	58.4			$	52.2			$	6.2			11.9	%			$	3.7			4.8	%
SG&A as % gross profit	62.9		%		60.9		%		2.0		%
Adjusted SG&A as % gross profit (1)	62.3		%		60.9		%		1.4		%

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

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
	Nine Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	840.8			$	796.1			$	44.7			5.6	%			$	67.9			(2.9)	%
Used vehicle retail sales	779.6				525.6				254.0				48.3	%			59.0				37.1	%
Used vehicle wholesale sales	94.7				90.3				4.4				4.9	%			7.1				(3.0)	%
Total used	874.4				615.9				258.5				42.0	%			66.2				31.2	%
Parts and service sales	157.7				132.2				25.5				19.3	%			11.8				10.3	%
F&I, net	40.6				34.7				5.9				17.0	%			3.2				7.7	%
Total revenues	$	1,913.5			$	1,578.9			$	334.6			21.2	%			$	149.8			11.7	%
Gross profit:
New vehicle retail sales	$	52.7			$	34.5			$	18.1			52.6	%			$	4.3			40.0	%
Used vehicle retail sales	50.5				31.0				19.5				62.8	%			3.8				50.6	%
Used vehicle wholesale sales	6.4				2.3				4.1				NM				0.5				NM
Total used	56.9				33.3				23.6				70.9	%			4.3				58.0	%
Parts and service sales	95.5				75.1				20.3				27.1	%			7.2				17.5	%
F&I, net	40.6				34.7				5.9				17.0	%			3.2				7.7	%
Total gross profit	$	245.7			$	177.7			$	68.0			38.3	%			$	19.0			27.6	%
Gross margin:
New vehicle retail sales	6.3		%		4.3		%		1.9		%
Used vehicle retail sales	6.5		%		5.9		%		0.6		%
Used vehicle wholesale sales	6.8		%		2.6		%		4.2		%
Total used	6.5		%		5.4		%		1.1		%
Parts and service sales	60.5		%		56.8		%		3.7		%
Total gross margin	12.8		%		11.3		%		1.6		%
Units sold:
Retail new vehicles sold	20,439				23,236				(2,797)				(12.0)	%
Retail used vehicles sold	26,707				21,890				4,817				22.0	%
Wholesale used vehicles sold	10,918				11,415				(497)				(4.4)	%
Total used	37,625				33,305				4,320				13.0	%
Average sales price per unit sold:
New vehicle retail	$	41,137			$	34,262			$	6,875			20.1	%			$	3,322			10.4	%
Used vehicle retail	$	29,192			$	24,012			$	5,181			21.6	%			$	2,211			12.4	%
Gross profit per unit sold:
New vehicle retail sales	$	2,577			$	1,486			$	1,091			73.4	%			$	212			59.1	%
Used vehicle retail sales	$	1,890			$	1,416			$	474			33.5	%			$	142			23.4	%
Used vehicle wholesale sales	$	590			$	203			$	387			NM				$	43			NM
Total used	$	1,513			$	1,001			$	513			51.2	%			$	113			39.9	%
F&I PRU	$	862			$	769			$	93			12.0	%			$	68			3.1	%
Other:
SG&A expenses	$	162.0			$	137.3			$	24.7			18.0	%			$	12.7			8.8	%
Adjusted SG&A expenses (1)	$	161.4			$	136.1			$	25.3			18.6	%			$	12.6			9.4	%
SG&A as % gross profit	65.9		%		77.3		%		(11.4)		%
Adjusted SG&A as % gross profit (1)	65.7		%		76.6		%		(10.9)		%

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

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Three Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	62.3			$	31.9			$	30.5			95.6	%			$	1.6			90.5	%
Used vehicle retail sales	18.0				10.9				7.0				64.6	%			0.5				60.3	%
Used vehicle wholesale sales	3.3				2.4				0.9				36.7	%			0.1				33.2	%
Total used	21.3				13.4				7.9				59.5	%			0.6				55.3	%
Parts and service sales	11.1				7.9				3.2				39.9	%			0.3				36.2	%
F&I, net	1.7				1.1				0.6				54.5	%			—				50.1	%
Total revenues	$	96.4			$	54.3			$	42.2			77.7	%			$	2.5			73.1	%
Gross profit:
New vehicle retail sales	$	6.2			$	2.6			$	3.5			134.6	%			$	0.2			128.6	%
Used vehicle retail sales	1.5				1.0				0.5				49.4	%			—				45.2	%
Used vehicle wholesale sales	0.2				0.2				—				21.5	%			—				18.1	%
Total used	1.8				1.2				0.5				44.9	%			—				40.9	%
Parts and service sales	4.9				3.7				1.2				33.4	%			0.1				29.7	%
F&I, net	1.7				1.1				0.6				54.5	%			—				50.1	%
Total gross profit	$	14.5			$	8.6			$	5.9			68.7	%			$	0.4			64.1	%
Gross margin:
New vehicle retail sales	9.9		%		8.3		%		1.6		%
Used vehicle retail sales	8.4		%		9.3		%		(0.9)		%
Used vehicle wholesale sales	7.1		%		8.0		%		(0.9)		%
Total used	8.2		%		9.1		%		(0.8)		%
Parts and service sales	43.9		%		46.1		%		(2.2)		%
Total gross margin	15.0		%		15.8		%		(0.8)		%
Units sold:
Retail new vehicles sold	1,761				1,200				561				46.8	%
Retail used vehicles sold	726				552				174				31.5	%
Wholesale used vehicles sold	301				282				19				6.7	%
Total used	1,027				834				193				23.1	%
Average sales price per unit sold:
New vehicle retail	$	35,394			$	26,558			$	8,836			33.3	%			$	924			29.8	%
Used vehicle retail	$	24,732			$	19,766			$	4,967			25.1	%			$	644			21.9	%
Gross profit per unit sold:
New vehicle retail sales	$	3,510			$	2,196			$	1,314			59.8	%			$	90			55.7	%
Used vehicle retail sales	$	2,090			$	1,840			$	250			13.6	%			$	58			10.4	%
Used vehicle wholesale sales	$	792			$	696			$	96			13.8	%			$	22			10.7	%
Total used	$	1,709			$	1,453			$	256			17.6	%			$	47			14.4	%
F&I PRU	$	675			$	621			$	55			8.9	%			$	19			5.7	%
Other:
SG&A expenses	$	8.8			$	6.9			$	1.9			27.7	%			$	0.2			24.2	%
SG&A as % gross profit	60.4		%		79.8		%		(19.4)		%

 

 

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
	Nine Months Ended September 30,
	2021				2020				Increase/ (Decrease)				% Change				Currency Impact on Current Period Results				Constant Currency % Change
Revenues:
New vehicle retail sales	$	146.3			$	109.1			$	37.1			34.0	%			$	(12.9)			45.9	%
Used vehicle retail sales	40.5				38.3				2.2				5.7	%			(3.7)				15.2	%
Used vehicle wholesale sales	8.0				9.2				(1.2)				(12.8)	%			(0.5)				(7.0)	%
Total used	48.4				47.4				1.0				2.1	%			(4.2)				10.9	%
Parts and service sales	28.2				23.4				4.8				20.5	%			(1.9)				28.6	%
F&I, net	4.4				3.4				1.1				31.1	%			(0.4)				42.8	%
Total revenues	$	227.3			$	183.4			$	44.0			24.0	%			$	(19.4)			34.5	%
Gross profit:
New vehicle retail sales	$	14.8			$	7.5			$	7.2			95.9	%			$	(1.1)			111.0	%
Used vehicle retail sales	3.6				2.5				1.1				44.5	%			(0.2)				54.5	%
Used vehicle wholesale sales	0.6				0.5				0.1				26.5	%			—				34.7	%
Total used	4.2				3.0				1.2				41.6	%			(0.3)				51.3	%
Parts and service sales	12.3				10.3				1.9				18.8	%			(0.8)				26.8	%
F&I, net	4.4				3.4				1.1				31.1	%			(0.4)				42.8	%
Total gross profit	$	35.7			$	24.2			$	11.5			47.3	%			$	(2.6)			58.1	%
Gross margin:
New vehicle retail sales	10.1		%		6.9		%		3.2		%
Used vehicle retail sales	8.9		%		6.5		%		2.4		%
Used vehicle wholesale sales	7.6		%		5.2		%		2.4		%
Total used	8.7		%		6.3		%		2.4		%
Parts and service sales	43.5		%		44.1		%		(0.6)		%
Total gross margin	15.7		%		13.2		%		2.5		%
Units sold:
Retail new vehicles sold	4,383				3,865				518				13.4	%
Retail used vehicles sold	1,742				2,006				(264)				(13.2)	%
Wholesale used vehicles sold	770				1,081				(311)				(28.8)	%
Total used	2,512				3,087				(575)				(18.6)	%
Average sales price per unit sold:
New vehicle retail	$	33,370			$	28,238			$	5,133			18.2	%			$	(2,947)			28.6	%
Used vehicle retail	$	23,222			$	19,086			$	4,136			21.7	%			$	(2,107)			32.7	%
Gross profit per unit sold:
New vehicle retail sales	$	3,368			$	1,950			$	1,419			72.8	%			$	(260)			86.1	%
Used vehicle retail sales	$	2,070			$	1,244			$	826			66.4	%			$	(143)			77.9	%
Used vehicle wholesale sales	$	789			$	444			$	345			77.6	%			$	(51)			89.1	%
Total used	$	1,677			$	964			$	713			74.0	%			$	(115)			85.9	%
F&I PRU	$	724			$	576			$	148			25.7	%			$	(64)			36.9	%
Other:
SG&A expenses	$	23.9			$	23.0			$	0.9			3.7	%			$	(1.8)			11.4	%
Adjusted SG&A expenses (1)	$	23.9			$	22.1			$	1.7			7.8	%			$	(1.8)			15.8	%
SG&A as % gross profit	66.9		%		95.1		%		(28.1)		%
Adjusted SG&A as % gross profit (1)	66.9		%		91.4		%		(24.5)		%

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

 

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Three Months Ended September 30, 2021
		U.S. GAAP				Non-cash gain on interest rate swaps				Catastrophic events				Acquisition costs				Legal matters				Asset impairments				Loss on extinguishment of debt				Non-GAAP adjusted
SG&A expenses		$	385.1			$	—			$	(0.6)			$	(4.3)			$	3.7			$	—			$	—			$	383.9
Asset impairments		$	1.7			$	—			$	—			$	—			$	—			$	(1.7)			$	—			$	—
Income (loss) from operations		$	246.8			$	—			$	0.6			$	4.3			$	(3.7)			$	1.7			$	—			$	249.7
Floorplan interest expense		$	4.8			$	0.9			$	—			$	—			$	—			$	—			$	—			$	5.7
Loss on extinguishment of debt		$	3.8			$	—			$	—			$	—			$	—			$	—			$	(3.8)			$	—
Income (loss) before income taxes		$	225.0			$	(0.9)			$	0.6			$	4.3			$	(3.7)			$	1.7			$	3.8			$	230.9
Less: Provision (benefit) for income taxes		52.9				(0.2)				0.1				0.9				(0.8)				0.4				—				53.4
Net income (loss)		172.1				(0.7)				0.4				3.4				(2.9)				1.3				3.8				177.5
Less: Earnings (loss) allocated to participating securities		5.7				—				—				0.1				(0.1)				—				0.1				5.9
Net income (loss) available to diluted common shares		$	166.4			$	(0.7)			$	0.4			$	3.3			$	(2.8)			$	1.3			$	3.7			$	171.7
Diluted income (loss) per common share		$	9.33			$	(0.04)			$	0.02			$	0.18			$	(0.16)			$	0.07			$	0.21			$	9.62
Effective tax rate		23.5		%																										23.1		%
SG&A as % gross profit (1)		59.0		%																										58.8		%
Operating margin (2)		7.0		%																										7.1		%
Pretax margin (3)		6.4		%																										6.6		%
Same Store SG&A expenses		$	372.2			$	—			$	(0.6)			$	(4.3)			$	3.7			$	—			$	—			$	371.0
Same Store SG&A as % gross profit (1)		58.5		%																										58.4		%
Same Store income (loss) from operations		$	242.8			$	—			$	0.6			$	4.3			$	(3.7)			$	1.7			$	—			$	245.7
Same Store operating margin (2)		7.1		%																										7.2		%

(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 and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, asset impairment charges, a non-cash gain on interest rate swaps and loss on extinguishment of debt .

 

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Three Months Ended September 30, 2020
		U.S. GAAP				Loss on extinguishment of debt				Non-GAAP adjusted
Loss on extinguishment of debt		$	3.3			$	(3.3)			$	—
Income before income taxes		$	161.0			$	3.3			$	164.3
Less: Provision for income taxes		34.6				0.8				35.3
Net income		126.4				2.6				129.0
Less: Earnings allocated to participating securities		4.5				0.1				4.6
Net income available to diluted common shares		$	121.9			$	2.6			$	124.4
Diluted income per common share		$	6.83			$	0.14			$	6.97
Effective tax rate		21.5		%						21.5		%
Pretax margin (1)		5.3		%						5.4		%

(1) Adjusted pretax margin excludes the impact of loss on extinguishment of debt.

 

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Nine Months Ended September 30, 2021
		U.S. GAAP				Non-cash loss on interest rate swaps				Catastrophic events				Dealership and real estate transactions				Acquisition costs				Legal matters				Asset impairments				Tax rate changes				Loss on extinguishment of debt				Non-GAAP adjusted
SG&A expenses		$	1,080.3			$	—			$	(2.8)			$	1.1			$	(4.3)			$	4.7			$	—			$	—			$	—			$	1,078.9
Asset impairments		$	1.7			$	—			$	—			$	—			$	—			$	—			$	(1.7)			$	—			$	—			$	—
Income (loss) from operations		$	665.3			$	—			$	2.8			$	(1.1)			$	4.3			$	(4.7)			$	1.7			$	—			$	—			$	668.3
Floorplan interest expense		$	21.2			$	(1.4)			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	19.7
Loss on extinguishment of debt		$	3.8			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	(3.8)			$	—
Income (loss) before income taxes		$	599.6			$	1.4			$	2.8			$	(1.1)			$	4.3			$	(4.7)			$	1.7			$	—			$	3.8			$	608.0
Less: Provision (benefit) for income taxes		134.6				0.3				0.6				(0.3)				0.9				(1.0)				0.4				1.9				—				137.5
Net income (loss)		465.0				1.1				2.2				(0.8)					3.4			(3.7)				1.3				(1.9)				3.8				470.4
Less: Earnings (loss) allocated to participating securities		15.6				—				0.1				—				0.1				(0.1)				—				(0.1)				0.1				15.8
Net income (loss) available to diluted common shares		$	449.4			$	1.1			$	2.1			$	(0.8)			$	3.3			$	(3.5)			$	1.3			$	(1.8)			$	3.7			$	454.6
Diluted income (loss) per common share		$	25.21			$	0.06			$	0.12			$	(0.05)			$	0.18			$	(0.20)			$	0.07			$	(0.10)			$	0.21			$	25.50
Effective tax rate		22.4		%																																		22.6		%
SG&A as % gross profit (1)		59.8		%																																		59.8		%
Operating margin (2)		6.5		%																																		6.5		%
Pretax margin (3)		5.9		%																																		5.9		%
Same Store SG&A expenses		$	1,061.8			$	—			$	(2.8)			$	—			$	(4.3)			$	4.7			$	—			$	—			$	—			$	1,059.4
Same Store SG&A as % gross profit (1)		59.7		%																																		59.6		%
Same Store income (loss) from operations		$	658.3			$	—			$	2.8			$	—			$	4.3			$	(4.7)			$	1.7			$	—			$	—			$	662.5
Same Store operating margin (2)		6.5		%																																		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 and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, asset impairment charges, a non-cash loss on interest rate swaps and loss on extinguishment of debt.

 

 

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
		Nine Months Ended September 30, 2020
		U.S. GAAP				Severance costs				Out-of-period adjustment				Asset impairments				Loss on extinguishment of debt				Non-GAAP adjusted
SG&A expenses		$	870.9			$	(2.1)			$	(10.6)			$	—			$	—			$	858.3
Asset impairments		$	23.8			$	—			$	—			$	(23.8)			$	—			$	—
Income from operations		$	336.0			$	2.1			$	10.6			$	23.8			$	—			$	372.5
Loss on extinguishment of debt		$	13.7			$	—			$	—			$	—			$	(13.7)			$	—
Income before income taxes		$	242.2			$	2.1			$	10.6			$	23.8			$	13.7			$	292.4
Less: Provision for income taxes		55.8				0.3				0.8				3.3				3.0				63.3
Net income		186.4				1.8				9.7				20.6				10.7				229.2
Less: Earnings allocated to participating securities		6.7				0.1				0.4				0.7				0.4				8.2
Net income available to diluted common shares		$	179.7			$	1.7			$	9.4			$	19.8			$	10.3			$	220.9
Diluted income per common share		$	10.08			$	0.10			$	0.53			$	1.11			$	0.58			$	12.40
Effective tax rate		23.1		%																		21.6		%
SG&A as % gross profit (1)		67.7		%																		66.7		%
Operating margin (2)		4.3		%																		4.7		%
Pretax margin (3)		3.1		%																		3.7		%
Same Store SG&A expenses		$	856.1			$	(2.1)			$	(10.6)			$	—			$	—			$	843.5
Same Store SG&A as % gross profit (1)		67.4		%																		66.4		%
Same Store income from operations		$	335.6			$	2.1			$	10.6			$	23.8			$	—			$	372.1
Same Store operating margin (2)		4.3		%																		4.8		%

(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 and 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 September 30, 2021
		U.S. GAAP				Catastrophic events				Acquisition costs				Legal settlements				Non-GAAP adjusted
SG&A expenses		$	308.7			$	(0.6)			$	(3.8)			$	3.7			$	308.1
SG&A as % gross profit (1)		57.7		%														57.6		%
Same Store SG&A expenses		$	304.5			$	(0.6)			$	(3.8)			$	3.7			$	303.9
Same Store SG&A as % gross profit (1)		57.7		%														57.6		%

 

 

		Nine Months Ended September 30, 2021
		U.S. GAAP				Catastrophic events				Dealership and real estate transactions				Acquisition costs				Legal matters				Non-GAAP adjusted
SG&A expenses		$	883.0			$	(2.8)			$	1.7			$	(3.8)			$	4.7			$	882.8
SG&A as % gross profit (1)		58.4		%																		58.4		%
Same Store SG&A expenses		$	875.9			$	(2.8)			$	—			$	(3.8)			$	4.7			$	874.1
Same Store SG&A as % gross profit (1)		58.5		%																		58.4		%

 

 

		Nine Months Ended September 30, 2020
		U.S. GAAP				Out-of-period adjustment				Non-GAAP adjusted
SG&A expenses		$	706.0			$	(10.6)			$	695.4
SG&A as % gross profit (1)		65.3		%						64.3		%
Same Store SG&A expenses		$	695.8			$	(10.6)			$	685.2
Same Store SG&A as % gross profit (1)		65.1		%						64.1		%

(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 September 30, 2021
		U.S. GAAP				Acquisition costs				Non-GAAP Adjusted
SG&A expenses		$	67.6			$	(0.6)			$	67.0
SG&A as % gross profit (1)		65.2		%						64.6		%
Same Store SG&A expenses		$	58.9			$	(0.6)			$	58.4
Same Store SG&A as % gross profit (1)		62.9		%						62.3		%

 

 

		Nine Months Ended September 30, 2021
		U.S. GAAP				Dealership and real estate transactions				Acquisition costs				Non-GAAP Adjusted
SG&A expenses		$	173.3			$	(0.6)			$	(0.6)			$	172.1
SG&A as % gross profit (1)		67.1		%										66.7		%
Same Store SG&A expenses		$	162.0			$	—			$	(0.6)			$	161.4
Same Store SG&A as % gross profit (1)		65.9		%										65.7		%

 

 

		Nine Months Ended September 30, 2020
		U.S. GAAP				Severance costs				Non-GAAP Adjusted
SG&A expenses		$	141.8			$	(1.2)			$	140.6
SG&A as % gross profit (1)		78.0		%						77.3		%
Same Store SG&A expenses		$	137.3			$	(1.2)			$	136.1
Same Store SG&A as % gross profit (1)		77.3		%						76.6		%

(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)
		Nine Months Ended September 30, 2020
		U.S. GAAP				Severance costs				Non-GAAP adjusted
SG&A expenses		$	23.1			$	(0.9)			$	22.2
SG&A as % gross profit (1)		95.3		%						91.7		%
Same Store SG&A expenses		$	23.0			$	(0.9)			$	22.1
Same Store SG&A as % gross profit (1)		95.1		%						91.4		%

(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.