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Group 1 Automotive Reports Third Quarter 2024 Financial Results

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Group 1 Automotive (NYSE: GPI) reported its Q3 2024 financial results with record quarterly revenues of $5.2 billion, up 11.0% year-over-year, and record gross profit of $852.7 million, up 8.4%. The company posted diluted earnings per share from continuing operations of $8.68 and adjusted EPS of $9.90. Net income from continuing operations was $117.1 million, down 28.6% from prior year. The quarter saw significant expansion in the UK with acquisitions adding 58 dealerships, though results were impacted by higher interest expense, depreciation, and global stop sales on certain BMW and Lexus models. The company repurchased 85,245 shares for $29.8 million during the quarter.

Group 1 Automotive (NYSE: GPI) ha riportato i risultati finanziari del terzo trimestre del 2024, registrando ricavi trimestrali record di 5,2 miliardi di dollari, in aumento dell'11,0% rispetto all'anno precedente, e un utile lordo record di 852,7 milioni di dollari, in crescita dell'8,4%. L'azienda ha riportato un utile per azione diluito dalle operazioni continuative di 8,68 dollari e un EPS rettificato di 9,90 dollari. Il reddito netto dalle operazioni continuative è stato di 117,1 milioni di dollari, in calo del 28,6% rispetto all'anno precedente. Durante il trimestre si è registrata un'espansione significativa nel Regno Unito con acquisizioni che hanno aggiunto 58 concessionarie, anche se i risultati sono stati influenzati da spese per interessi più elevate, ammortamenti e fermo globale delle vendite su alcuni modelli BMW e Lexus. L'azienda ha riacquistato 85.245 azioni per 29,8 milioni di dollari durante il trimestre.

Group 1 Automotive (NYSE: GPI) reportó sus resultados financieros del tercer trimestre de 2024, con ingresos trimestrales récord de $5.2 mil millones, un aumento del 11.0% interanual, y un beneficio bruto récord de $852.7 millones, un incremento del 8.4%. La compañía mostró ganancias por acción diluidas de operaciones continuas de $8.68 y EPS ajustado de $9.90. El ingreso neto de operaciones continuas fue de $117.1 millones, lo que representa una disminución del 28.6% en comparación con el año anterior. Durante el trimestre, se observó una expansión significativa en el Reino Unido con adquisiciones que añadieron 58 concesionarios, aunque los resultados se vieron afectados por mayores gastos por intereses, depreciación y un cese global de ventas en ciertos modelos de BMW y Lexus. La compañía recompró 85,245 acciones por un total de $29.8 millones durante el trimestre.

Group 1 Automotive (NYSE: GPI)는 2024년 3분기 재무 결과를 발표했으며, 분기 매출이 52억 달러로 기록을 세우고 작년 대비 11.0% 증가했으며, 총 이익은 8억 5천 2백 70만 달러로 8.4% 증가했습니다. 회사는 계속 운영에서 희석된 주당순이익이 $8.68이고 조정 주당순이익이 $9.90를 기록했습니다. 계속 운영에서의 순이익은 $1억 1천 7백 10만 달러로 작년 대비 28.6% 감소했습니다. 이 분기에는 영국에서 58개의 딜러십이 추가되는 중요한 확장이 있었지만, 결과는 높은 이자 비용, 감가상각 및 특정 BMW 및 Lexus 모델에 대한 글로벌 판매 중단에 영향을 받았습니다. 회사는 분기 동안 85,245주를 $2천 9백 80만 달러에 재매입했습니다.

Group 1 Automotive (NYSE: GPI) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec des revenus trimestriels record de 5,2 milliards de dollars, en hausse de 11,0% par rapport à l'année précédente, et un bénéfice brut record de 852,7 millions de dollars, en hausse de 8,4%. L'entreprise a publié un bénéfice par action dilué des opérations continues de 8,68 dollars et un BPA ajusté de 9,90 dollars. Le revenu net des opérations continues était de 117,1 millions de dollars, en baisse de 28,6% par rapport à l'année précédente. Ce trimestre a vu une expansion significative au Royaume-Uni avec des acquisitions ajoutant 58 concessions, bien que les résultats aient été affectés par des charges d'intérêt plus élevées, des amortissements et un arrêt des ventes mondiales sur certains modèles de BMW et Lexus. L'entreprise a racheté 85 245 actions pour 29,8 millions de dollars durant le trimestre.

Group 1 Automotive (NYSE: GPI) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit Rekordumsätzen von 5,2 Milliarden Dollar, was einem Anstieg von 11,0% im Vergleich zum Vorjahr entspricht, und einem Rekordbruttogewinn von 852,7 Millionen Dollar, was einem Anstieg von 8,4% entspricht. Das Unternehmen berichtete von einem verwässerten Gewinn pro Aktie aus fortgeführten Geschäften von 8,68 Dollar und einem bereinigten EPS von 9,90 Dollar. Der Nettogewinn aus fortgeführten Geschäften betrug 117,1 Millionen Dollar, was einem Rückgang von 28,6% gegenüber dem Vorjahr entspricht. Das Quartal erlebte eine signifikante Expansion im Vereinigten Königreich mit Akquisitionen, die 58 Händler hinzufügten, obwohl die Ergebnisse durch höhere Zinsaufwendungen, Abschreibungen und einen globalen Verkaufsstopp für bestimmte BMW- und Lexus-Modelle beeinträchtigt wurden. Das Unternehmen hat im Quartal 85.245 Aktien zum Preis von 29,8 Millionen Dollar zurückgekauft.

Positive
  • Record quarterly revenues of $5.2 billion, up 11.0% YoY
  • Record gross profit of $852.7 million, up 8.4% YoY
  • Parts & service gross profit increased 17.0% to $367.0M
  • Strategic UK acquisitions expected to add $2.9B in annual revenues
  • New and used vehicle units sold reached quarterly records
Negative
  • Net income decreased 28.6% to $117.1 million YoY
  • Diluted EPS declined 25.6% to $8.68 YoY
  • New vehicle gross profit per unit dropped 20.5% to $3,407
  • SG&A expenses as % of gross profit increased 621 basis points
  • Same store total revenues declined 1.8%

Insights

Group 1 Automotive's Q3 2024 results present a mixed picture. While the company achieved record quarterly revenues of $5.2 billion (11% YoY increase) and gross profit of $852.7 million (8.4% YoY increase), adjusted earnings per share declined 18% to $9.90. The earnings decline was primarily driven by higher interest expenses and depreciation.

The company's aggressive expansion in the UK market, adding 58 dealerships through strategic acquisitions, demonstrates strong growth momentum. These acquisitions are expected to generate approximately $2.9 billion in annual revenues. However, challenges include GPU (gross profit per unit) declines, global stop sales affecting luxury brands and weather-related disruptions. The increase in SG&A expenses as a percentage of gross profit (410 basis points) signals potential operational efficiency concerns.

The automotive retail landscape shows evolving dynamics with Group 1's performance metrics. Notable is the 18.6% increase in new vehicle units sold to 53,775, despite a significant 20.5% decline in new vehicle gross profit per unit to $3,407. The parts & service segment remains robust with 17% growth in gross profit to $367 million, demonstrating strong aftermarket performance.

The company's strategic focus on UK expansion through acquisitions, bringing total year-to-date acquired revenue potential to $3.9 billion, positions it for market share growth. However, the 28.6% decrease in net income despite revenue growth suggests margin pressures and integration costs that warrant monitoring.

  • Current quarter diluted earnings per common share from continuing operations of $8.68 and current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $9.90
  • Gross profit of $852.7 million from total revenues of $5.2 billion, both quarterly records, and an 8.4% and 11.0% increase, respectively, over the comparable prior year period

HOUSTON, Oct. 30, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250 automotive retailer with 260 dealerships located in the U.S. and U.K., today reported financial results for the third quarter of 2024 ("current quarter").

Current quarter net income from continuing operations was $117.1 million. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.5 million. Current quarter diluted earnings per common share from continuing operations was $8.68. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.90. Current quarter adjusted diluted earnings per common share from continuing operations excludes $14.8 million in pre-tax acquisition costs incurred during the current quarter.

"We continue to grow revenues through acquisitions. During the quarter, we executed strategic U.K. transactions which added 58 dealerships. We are excited to expand our operations across the broader U.K. with great brands, and will continue to explore growth-oriented opportunities," said Daryl Kenningham, Group 1's President and Chief Executive Officer. "We were pleased to have set quarterly records for new and used vehicle units sold, while GPUs only declined $161 and $63, sequentially from the second quarter, for new and used vehicles, respectively. Global stop sales on certain vehicle models with luxury manufacturers BMW and Lexus impacted sales during the quarter. Weather events in Texas early in the quarter and in the southeast later in the quarter also impacted our business."

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

Current Quarter Results Overview

Total revenues for the current quarter were $5.2 billion, a 11.0% increase compared to $4.7 billion for the third quarter of 2023 ("prior year quarter").

Net income from continuing operations for the current quarter was $117.1 million, a 28.6% decrease compared to $164.1 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.5 million, a 21.4% decrease compared to $169.8 million for the prior year quarter. In the current quarter, net income from continuing operations and adjusted net income from continuing operations were primarily impacted by higher interest expense and depreciation versus the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was $8.68, a 25.6% decrease compared to $11.67 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.90, an 18.0% decrease compared to $12.07 for the prior year quarter.

Third Quarter 2024

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP
measure)

Reported:

3Q24

Change

3Q24

Change

Total revenues

$5.2B

+11.0 %

$4.5B

(1.8) %

Total gross profit ("GP")

$852.7M

+8.4 %

$737.5M

(3.5) %

NV units sold

53,775

+18.6 %

44,411

+0.5 %

NV GP per retail unit ("PRU")

$3,407

(20.5) %

$3,449

(19.5) %

Used vehicle ("UV") retail units sold

55,907

+10.1 %

47,635

(3.3) %

UV retail GP PRU

$1,574

(1.7) %

$1,530

(5.3) %

Parts & service ("P&S") GP

$367.0M

+17.0 %

$318.8M

+4.9 %

P&S Gross Margin ("GM")

55.6 %

+0.3 %

55.1 %

(0.2) %

Finance and Insurance ("F&I") revenues

$214.1M

+7.4 %

$192.6M

(0.6) %

F&I GP PRU

$1,952

(5.9) %

$2,093

+0.9 %

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

69.4 %

+621 bps

68.4 %

+456 bps

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

67.5 %

+410 bps

66.2 %

+313 bps

Corporate Development

We remain focused on quickly and efficiently integrating our acquisitions into our existing operations to drive incremental value creation for our shareholders.

In July 2024, the Company acquired four Mercedes-Benz dealerships located in the U.K. This acquisition is expected to generate $105.0 million in annual revenues with new car sales recorded as net revenue under the agency model.

In August 2024, the Company completed the acquisition of Inchcape Retail automotive operations in the U.K. This acquisition is expected to generate $2.7 billion in annual revenues.

In October 2024, the Company acquired a BMW/MINI dealership located in the U.K. This acquisition is expected to generate approximately $125.0 million in annual revenues.

Year-to-date, the Company has successfully acquired and is in the process of integrating dealership operations with total expected annual revenues of approximately $3.9 billion.

During the current quarter, the Company disposed of one dealership located in California. This disposed dealership generated approximately $65.0 million in annual revenues, bringing year-to-date total disposed annual revenues for the Company to $400.0 million.

Share Repurchases

During the current quarter, the Company repurchased 85,245 shares at an average price per common share of $349.55, for a total of $29.8 million, excluding excise taxes of $0.3 million.

During the nine months ended September 30, 2024, the Company repurchased 438,165 shares, representing approximately 3.2% of the Company's outstanding common shares at January 1 of the current year, at an average price per common share of $295.80, for a total of $129.6 million, excluding excise taxes of $1.1 million.

As of September 30, 2024, the Company had an aggregate 13.3 million outstanding common shares and unvested restricted stock awards. As of September 30, 2024, the Company had $174.8 million remaining on its Board authorized common share repurchase program.

Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

Third Quarter 2024 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10:00 a.m. ET to discuss the third quarter 2024 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at http://www.group1corp.com/company-presentations. 

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

Domestic:

1-888-317-6003

International:

1-412-317-6061

Passcode:

2417011

A telephonic replay will be available following the call through November 6, 2024, by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay Code:

5473305

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 260 automotive dealerships, 338 franchises, and 44 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions, on a timely basis, if at all and the risks associated therewith, (h) our ability to successfully integrate recent and future acquisitions and realize the expected benefits from consummated acquisitions, (i) foreign exchange controls and currency fluctuations, (j) the armed conflicts in Ukraine and the Middle East, (k) the impacts of continued inflation and potential changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, (l) our ability to maintain sufficient liquidity to operate, (m) a material failure in or breach of our vendors' information technology systems and other cybersecurity incidents, and (n) the receipt of any insurance or other recoveries. 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, snow-storm, and employment compensation costs associated with the CDK outage. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

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

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

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

Investor contacts:

Terry Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com 

Media contacts:

Pete DeLongchamps
Senior Vice President, Financial Services and Manufacturer Relations
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com 

Kimberly Barta
Head of Marketing and Communications
Group 1 Automotive, Inc.
kbarta@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,



2024


2023


Increase/
(Decrease)


% Change

REVENUES:









New vehicle retail sales


$       2,567.6


$       2,264.5


$          303.0


13.4 %

Used vehicle retail sales


1,656.5


1,559.6


96.9


6.2 %

Used vehicle wholesale sales


123.2


114.7


8.5


7.4 %

Parts and service sales


660.0


566.9


93.1


16.4 %

Finance, insurance and other, net


214.1


199.4


14.7


7.4 %

Total revenues


5,221.4


4,705.1


516.3


11.0 %

COST OF SALES:









New vehicle retail sales


2,384.4


2,070.2


314.1


15.2 %

Used vehicle retail sales


1,568.5


1,478.2


90.3


6.1 %

Used vehicle wholesale sales


122.8


117.1


5.7


4.9 %

Parts and service sales


293.1


253.4


39.6


15.6 %

Total cost of sales


4,368.7


3,918.9


449.8


11.5 %

GROSS PROFIT


852.7


786.2


66.4


8.4 %

Selling, general and administrative expenses


591.6


496.7


94.9


19.1 %

Depreciation and amortization expense


29.5


23.1


6.4


27.8 %

Asset impairments


—


4.8


(4.8)


(100.0) %

INCOME FROM OPERATIONS


231.6


261.6


(30.0)


(11.5) %

Floorplan interest expense


31.1


16.5


14.6


88.7 %

Other interest expense, net


39.8


26.5


13.3


50.1 %

Other expense (income)


1.1


(1.9)


3.0


157.2 %

INCOME BEFORE INCOME TAXES


159.6


220.5


(60.9)


(27.6) %

Provision for income taxes


42.5


56.4


(13.9)


(24.7) %

Net income from continuing operations


117.1


164.1


(47.0)


(28.6) %

Net income (loss) from discontinued operations


0.2


(0.2)


0.4


178.8 %

NET INCOME


$          117.3


$          163.9


$          (46.6)


(28.4) %

Less: Earnings allocated to participating securities


2.4


4.0


(1.6)


(40.6) %

Net income available to diluted common shares


$          114.9


$          159.9


$          (45.0)


(28.1) %

Diluted earnings per share from continuing operations


$            8.68


$          11.67


$          (2.99)


(25.6) %

Diluted earnings (loss) per share from discontinued operations


$            0.01


$           (0.02)


$           0.03


182.2 %

DILUTED EARNINGS PER SHARE


$            8.69


$          11.65


$          (2.96)


(25.4) %

Weighted average dilutive common shares outstanding


13.2


13.7


(0.5)


(3.7) %

Weighted average participating securities


0.3


0.3


(0.1)


(20.4) %

Total weighted average shares


13.5


14.1


(0.6)


(4.1) %

Effective tax rate on continuing operations


26.6 %


25.6 %


1.0 %



 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Nine Months Ended September 30,



2024


2023


Increase/
(Decrease)


% Change

REVENUES:









New vehicle retail sales


$       7,114.3


$       6,463.4


$          650.9


10.1 %

Used vehicle retail sales


4,526.5


4,359.0


167.4


3.8 %

Used vehicle wholesale sales


333.5


339.2


(5.6)


(1.7) %

Parts and service sales


1,810.8


1,677.3


133.5


8.0 %

Finance, insurance and other, net


603.1


554.8


48.3


8.7 %

Total revenues


14,388.3


13,393.7


994.6


7.4 %

COST OF SALES:









New vehicle retail sales


6,601.6


5,880.9


720.7


12.3 %

Used vehicle retail sales


4,275.7


4,122.2


153.6


3.7 %

Used vehicle wholesale sales


335.2


338.6


(3.5)


(1.0) %

Parts and service sales


814.0


762.3


51.6


6.8 %

Total cost of sales


12,026.5


11,104.0


922.5


8.3 %

GROSS PROFIT


2,361.8


2,289.7


72.2


3.2 %

Selling, general and administrative expenses


1,564.9


1,439.4


125.5


8.7 %

Depreciation and amortization expense


81.6


68.6


12.9


18.8 %

Asset impairments


—


7.7


(7.7)


(100.0) %

INCOME FROM OPERATIONS


715.4


773.9


(58.5)


(7.6) %

Floorplan interest expense


76.3


44.7


31.6


70.6 %

Other interest expense, net


102.5


72.1


30.4


42.1 %

Other expense


0.7


2.3


(1.6)


(69.4) %

INCOME BEFORE INCOME TAXES


535.8


654.8


(118.9)


(18.2) %

Provision for income taxes


133.5


161.6


(28.1)


(17.4) %

Net income from continuing operations


402.4


493.2


(90.8)


(18.4) %

Net income (loss) from discontinued operations


1.0


(0.3)


1.3


405.1 %

NET INCOME


$          403.3


$          492.9


$           (89.5)


(18.2) %

Less: Earnings allocated to participating securities


8.6


12.2


(3.6)


(29.5) %

Net income available to diluted common shares


$          394.7


$          480.6


$           (85.9)


(17.9) %

Diluted earnings per share from continuing operations


$          29.61


$          34.81


$           (5.20)


(14.9) %

Diluted earnings (loss) per share from discontinued operations


$            0.07


$           (0.02)


$            0.09


418.1 %

DILUTED EARNINGS PER SHARE


$          29.68


$          34.79


$           (5.11)


(14.7) %

Weighted average dilutive common shares outstanding


13.3


13.8


(0.5)


(3.7) %

Weighted average participating securities


0.3


0.4


(0.1)


(17.3) %

Total weighted average shares


13.6


14.2


(0.6)


(4.1) %

Effective tax rate on continuing operations


24.9 %


24.7 %


0.2 %



 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)












September 30, 2024


December 31, 2023


Increase/
(Decrease)


% Change

SELECTED BALANCE SHEET INFORMATION:







(In millions)









Cash and cash equivalents


$                        58.7


$                        57.2


$                       1.5


2.6 %

Inventories, net


$                   2,752.2


$                   1,963.4


$                   788.8


40.2 %

Floorplan notes payable, net (1)


$                   2,269.5


$                   1,565.4


$                   704.1


45.0 %

Total debt


$                   2,891.1


$                   2,098.8


$                   792.3


37.8 %

Total equity


$                   2,976.2


$                   2,674.4


$                   301.8


11.3 %










(1) Amounts are net of offset accounts of $99.8 and $275.2, respectively.

 



Three Months Ended September 30,


Nine Months Ended September 30,



2024


2023


2024


2023

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:







United States


73.8 %


81.8 %


78.4 %


80.7 %

United Kingdom


26.2 %


18.2 %


21.6 %


19.3 %










NEW VEHICLE UNIT SALES BRAND MIX:







Toyota/Lexus


23.8 %


24.0 %


25.2 %


23.1 %

Volkswagen/Audi/Porsche/SEAT/SKODA


16.3 %


15.5 %


14.5 %


15.9 %

BMW/MINI


9.6 %


10.7 %


10.6 %


11.4 %

Honda/Acura


9.4 %


7.4 %


9.4 %


7.6 %

Chevrolet/GMC/Buick


9.0 %


10.2 %


9.2 %


8.8 %

Ford/Lincoln


6.9 %


7.3 %


7.1 %


7.8 %

Mercedes-Benz/Sprinter


8.9 %


6.0 %


6.9 %


6.3 %

Hyundai/Kia/Genesis


5.3 %


5.7 %


5.6 %


5.3 %

Subaru


3.2 %


2.8 %


3.3 %


2.7 %

Chrysler/Dodge/Jeep/RAM


1.9 %


3.7 %


2.3 %


4.0 %

Nissan


1.9 %


3.7 %


2.3 %


3.9 %

Jaguar/Land Rover


2.3 %


1.6 %


2.1 %


1.7 %

Mazda


1.2 %


1.2 %


1.2 %


1.2 %

Other


0.2 %


0.4 %


0.2 %


0.4 %



100.0 %


100.0 %


100.0 %


100.0 %

 



September 30, 2024


December 31, 2023


September 30, 2023

DAYS' SUPPLY IN INVENTORY (1):







Consolidated







New vehicle inventory


43


37


28

Used vehicle inventory


38


35


34

U.S.







New vehicle inventory


56


36


30

Used vehicle inventory


30


29


29

U.K.







New vehicle inventory


23


48


22

Used vehicle inventory


54


58


48

(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,


2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency % Change

Revenues:













New vehicle retail sales

$   2,567.6


$   2,264.5


$      303.0


13.4 %



$           19.9


12.5 %

Used vehicle retail sales

1,656.5


1,559.6


96.9


6.2 %



14.2


5.3 %

Used vehicle wholesale sales

123.2


114.7


8.5


7.4 %



1.1


6.4 %

Total used

1,779.7


1,674.3


105.4


6.3 %



15.4


5.4 %

Parts and service sales

660.0


566.9


93.1


16.4 %



3.7


15.8 %

F&I, net

214.1


199.4


14.7


7.4 %



0.9


6.9 %

Total revenues

$   5,221.4


$   4,705.1


$      516.3


11.0 %



$           39.8


10.1 %

Gross profit:













New vehicle retail sales

$      183.2


$      194.3


$      (11.1)


(5.7) %



$             1.7


(6.6) %

Used vehicle retail sales

88.0


81.4


6.6


8.2 %



0.7


7.3 %

Used vehicle wholesale sales

0.4


(2.3)


2.7


117.2 %



—


118.0 %

Total used

88.4


79.0


9.4


11.9 %



0.7


11.0 %

Parts and service sales

367.0


313.5


53.4


17.0 %



2.2


16.3 %

F&I, net

214.1


199.4


14.7


7.4 %



0.9


6.9 %

Total gross profit

$      852.7


$      786.2


$        66.4


8.4 %



$            5.6


7.7 %

Gross margin:













New vehicle retail sales

7.1 %


8.6 %


(1.4) %








Used vehicle retail sales

5.3 %


5.2 %


0.1 %








Used vehicle wholesale sales

0.3 %


(2.0) %


2.4 %








Total used

5.0 %


4.7 %


0.2 %








Parts and service sales

55.6 %


55.3 %


0.3 %








Total gross margin

16.3 %


16.7 %


(0.4) %








Units sold:













Retail new vehicles sold (1)

53,775


45,350


8,425


18.6 %






Retail used vehicles sold

55,907


50,799


5,108


10.1 %






Wholesale used vehicles sold

14,220


11,740


2,480


21.1 %






Total used

70,127


62,539


7,588


12.1 %






Average sales price per unit sold:













New vehicle retail (1)

$    48,390


$    50,300


$     (1,910)


(3.8) %



$           372


(4.5) %

Used vehicle retail

$    29,630


$    30,701


$     (1,071)


(3.5) %



$           254


(4.3) %

Gross profit per unit sold:













New vehicle retail sales

$      3,407


$      4,285


$        (878)


(20.5) %



$             32


(21.2) %

Used vehicle retail sales

$      1,574


$      1,602


$          (28)


(1.7) %



$             13


(2.5) %

Used vehicle wholesale sales

$           28


$        (199)


$         227


114.2 %



$              (1)


114.9 %

Total used

$      1,261


$      1,264


$            (3)


(0.3) %



$             10


(1.0) %

F&I PRU

$      1,952


$      2,073


$        (121)


(5.9) %



$               9


(6.3) %

Other:













SG&A expenses

$      591.6


$      496.7


$        94.9


19.1 %



$            4.3


18.2 %

Adjusted SG&A expenses (2)

$      575.9


$      498.8


$        77.1


15.5 %



$            4.1


14.6 %

SG&A as % gross profit

69.4 %


63.2 %


6.2 %








Adjusted SG&A as % gross profit (2)

67.5 %


63.4 %


4.1 %








Operating margin %

4.4 %


5.6 %


(1.1) %








Adjusted operating margin % (2)

4.8 %


5.6 %


(0.9) %








Pretax margin %

3.1 %


4.7 %


(1.6) %








Adjusted pretax margin % (2)

3.4 %


4.8 %


(1.4) %








Floorplan expense:













Floorplan interest expense

$        31.1


$        16.5


$        14.6


88.7 %



$            0.2


87.6 %

Less: Floorplan assistance (3)

24.1


18.8


5.3


28.2 %



—


28.1 %

Net floorplan expense

$          7.0


$        (2.3)


$          9.3





$            0.2



 

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

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

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

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$   7,114.3


$   6,463.4


$      650.9


10.1 %



$           41.2


9.4 %

Used vehicle retail sales

4,526.5


4,359.0


167.4


3.8 %



32.7


3.1 %

Used vehicle wholesale sales

333.5


339.2


(5.6)


(1.7) %



2.6


(2.4) %

Total used

4,860.0


4,698.2


161.8


3.4 %



35.3


2.7 %

Parts and service sales

1,810.8


1,677.3


133.5


8.0 %



8.7


7.4 %

F&I, net

603.1


554.8


48.3


8.7 %



2.0


8.4 %

Total revenues

$ 14,388.3


$ 13,393.7


$      994.6


7.4 %



$           87.0


6.8 %

Gross profit:













New vehicle retail sales

$      512.8


$      582.5


$      (69.8)


(12.0) %



$             3.3


(12.5) %

Used vehicle retail sales

250.8


236.9


13.9


5.9 %



1.7


5.1 %

Used vehicle wholesale sales

(1.6)


0.5


(2.2)


NM



—


NM

Total used

249.1


237.4


11.7


4.9 %



1.7


4.2 %

Parts and service sales

996.8


915.0


81.9


8.9 %



5.0


8.4 %

F&I, net

603.1


554.8


48.3


8.7 %



2.0


8.4 %

Total gross profit

$   2,361.8


$   2,289.7


$        72.2


3.2 %



$           12.0


2.6 %

Gross margin:













New vehicle retail sales

7.2 %


9.0 %


(1.8) %








Used vehicle retail sales

5.5 %


5.4 %


0.1 %








Used vehicle wholesale sales

(0.5) %


0.2 %


(0.6) %








Total used

5.1 %


5.1 %


0.1 %








Parts and service sales

55.0 %


54.6 %


0.5 %








Total gross margin

16.4 %


17.1 %


(0.7) %








Units sold:













Retail new vehicles sold (1)

145,738


129,739


15,999


12.3 %






Retail used vehicles sold

154,350


143,000


11,350


7.9 %






Wholesale used vehicles sold

37,867


32,607


5,260


16.1 %






Total used

192,217


175,607


16,610


9.5 %






Average sales price per unit sold:













New vehicle retail (1)

$    49,318


$    50,172


$       (854)


(1.7) %



$           285


(2.3) %

Used vehicle retail

$    29,326


$    30,483


$    (1,157)


(3.8) %



$           212


(4.5) %

Gross profit per unit sold:













New vehicle retail sales

$      3,518


$      4,490


$       (972)


(21.6) %



$             23


(22.1) %

Used vehicle retail sales

$      1,625


$      1,657


$         (32)


(1.9) %



$             11


(2.6) %

Used vehicle wholesale sales

$          (43)


$           16


$         (59)


NM



$              (1)


NM

Total used

$      1,296


$      1,352


$         (56)


(4.1) %



$               9


(4.8) %

F&I PRU

$      2,010


$      2,034


$         (24)


(1.2) %



$               7


(1.5) %

Other:













SG&A expenses

$   1,564.9


$   1,439.4


$     125.5


8.7 %



$            9.3


8.1 %

Adjusted SG&A expenses (2)

$   1,584.2


$   1,452.7


$     131.6


9.1 %



$            9.0


8.4 %

SG&A as % gross profit

66.3 %


62.9 %


3.4 %








Adjusted SG&A as % gross profit (2)

67.1 %


63.4 %


3.6 %








Operating margin %

5.0 %


5.8 %


(0.8) %








Adjusted operating margin % (2)

4.9 %


5.7 %


(0.9) %








Pretax margin %

3.7 %


4.9 %


(1.2) %








Adjusted pretax margin % (2)

3.6 %


4.8 %


(1.2) %








Floorplan expense:













Floorplan interest expense

$        76.3


$        44.7


$       31.6


70.6 %



$           0.4


69.8 %

Less: Floorplan assistance (3)

63.4


51.9


11.6


22.3 %



—


22.2 %

Net floorplan expense

$        12.9


$        (7.1)


$        20.0





$            0.3



 

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

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

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

NM - not meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)












Three Months Ended September 30,



2024


2023


Increase/
(Decrease)


% Change

Revenues:









New vehicle retail sales


$      2,016.8


$      1,920.2


$           96.6


5.0 %

Used vehicle retail sales


1,158.4


1,223.5


(65.2)


(5.3) %

Used vehicle wholesale sales


82.9


80.1


2.8


3.5 %

Total used


1,241.2


1,303.6


(62.4)


(4.8) %

Parts and service sales


528.4


494.4


34.0


6.9 %

F&I, net


184.6


181.5


3.2


1.8 %

Total revenues


$      3,971.1


$      3,899.7


$           71.5


1.8 %

Gross profit:









New vehicle retail sales


$         140.2


$         164.9


$         (24.7)


(15.0) %

Used vehicle retail sales


61.2


65.7


(4.5)


(6.8) %

Used vehicle wholesale sales


1.3


(0.4)


1.7


NM

Total used


62.5


65.3


(2.8)


(4.3) %

Parts and service sales


290.8


271.0


19.7


7.3 %

F&I, net


184.6


181.5


3.2


1.8 %

Total gross profit


$         678.1


$         682.7


$           (4.6)


(0.7) %

Gross margin:









New vehicle retail sales


7.0 %


8.6 %


(1.6) %



Used vehicle retail sales


5.3 %


5.4 %


(0.1) %



Used vehicle wholesale sales


1.5 %


(0.5) %


2.1 %



Total used


5.0 %


5.0 %


— %



Parts and service sales


55.0 %


54.8 %


0.2 %



Total gross margin


17.1 %


17.5 %


(0.4) %



Units sold:









Retail new vehicles sold


39,700


37,079


2,621


7.1 %

Retail used vehicles sold


38,775


39,676


(901)


(2.3) %

Wholesale used vehicles sold


9,577


8,380


1,197


14.3 %

Total used


48,352


48,056


296


0.6 %

Average sales price per unit sold:









New vehicle retail


$       50,801


$       51,786


$          (985)


(1.9) %

Used vehicle retail


$       29,874


$       30,838


$          (964)


(3.1) %

Gross profit per unit sold:









New vehicle retail sales


$         3,532


$         4,449


$          (917)


(20.6) %

Used vehicle retail sales


$         1,579


$         1,656


$            (77)


(4.7) %

Used vehicle wholesale sales


$            133


$             (51)


$           184


NM

Total used


$         1,293


$         1,359


$            (66)


(4.9) %

F&I PRU


$         2,353


$         2,364


$            (11)


(0.5) %

Other:









SG&A expenses


$         445.4


$         417.4


$           28.0


6.7 %

Adjusted SG&A expenses (1)


$         436.2


$         419.5


$           16.7


4.0 %

SG&A as % gross profit


65.7 %


61.1 %


4.5 %



Adjusted SG&A as % gross profit (1)


64.3 %


61.4 %


2.9 %



 

(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.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)












Nine Months Ended September 30,



2024


2023


Increase/
(Decrease)


% Change

Revenues:









New vehicle retail sales


$      5,826.2


$      5,444.3


$         381.9


7.0 %

Used vehicle retail sales


3,409.7


3,393.5


16.3


0.5 %

Used vehicle wholesale sales


241.2


242.2


(1.0)


(0.4) %

Total used


3,650.9


3,635.7


15.2


0.4 %

Parts and service sales


1,521.0


1,459.4


61.6


4.2 %

F&I, net


539.9


502.3


37.6


7.5 %

Total revenues


$    11,538.0


$    11,041.7


$         496.4


4.5 %

Gross profit:









New vehicle retail sales


$         416.4


$         489.7


$         (73.4)


(15.0) %

Used vehicle retail sales


193.7


187.5


6.2


3.3 %

Used vehicle wholesale sales


3.9


3.0


0.9


30.8 %

Total used


197.6


190.5


7.1


3.7 %

Parts and service sales


831.1


787.4


43.7


5.5 %

F&I, net


539.9


502.3


37.6


7.5 %

Total gross profit


$      1,985.0


$      1,970.0


$           15.0


0.8 %

Gross margin:









New vehicle retail sales


7.1 %


9.0 %


(1.8) %



Used vehicle retail sales


5.7 %


5.5 %


0.2 %



Used vehicle wholesale sales


1.6 %


1.2 %


0.4 %



Total used


5.4 %


5.2 %


0.2 %



Parts and service sales


54.6 %


54.0 %


0.7 %



Total gross margin


17.2 %


17.8 %


(0.6) %



Units sold:









Retail new vehicles sold


114,314


104,657


9,657


9.2 %

Retail used vehicles sold


115,271


110,422


4,849


4.4 %

Wholesale used vehicles sold


27,629


23,296


4,333


18.6 %

Total used


142,900


133,718


9,182


6.9 %

Average sales price per unit sold:









New vehicle retail


$       50,967


$       52,020


$       (1,053)


(2.0) %

Used vehicle retail


$       29,580


$       30,732


$       (1,152)


(3.7) %

Gross profit per unit sold:









New vehicle retail sales


$         3,642


$         4,679


$       (1,037)


(22.2) %

Used vehicle retail sales


$         1,680


$         1,698


$            (18)


(1.1) %

Used vehicle wholesale sales


$            143


$            130


$             13


10.3 %

Total used


$         1,383


$         1,425


$            (42)


(2.9) %

F&I PRU


$         2,352


$         2,335


$             16


0.7 %

Other:









SG&A expenses


$      1,257.9


$      1,209.8


$          48.1


4.0 %

Adjusted SG&A expenses (1)


$      1,286.2


$      1,222.1


$          64.1


5.2 %

SG&A as % gross profit


63.4 %


61.4 %


2.0 %



Adjusted SG&A as % gross profit (1)


64.8 %


62.0 %


2.8 %



 

(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.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)




Three Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$      550.7


$      344.4


$      206.4


59.9 %



$           19.9


54.2 %

Used vehicle retail sales

498.2


336.1


162.1


48.2 %



14.2


44.0 %

Used vehicle wholesale sales

40.3


34.6


5.7


16.4 %



1.1


13.1 %

Total used

538.5


370.7


167.8


45.3 %



15.4


41.1 %

Parts and service sales

131.6


72.5


59.1


81.4 %



3.7


76.3 %

F&I, net

29.4


17.9


11.6


64.6 %



0.9


59.3 %

Total revenues

$   1,250.3


$      805.5


$      444.8


55.2 %



$           39.8


50.3 %

Gross profit:













New vehicle retail sales

$        43.0


$        29.4


$        13.6


46.4 %



$            1.7


40.6 %

Used vehicle retail sales

26.8


15.7


11.1


71.0 %



0.7


66.4 %

Used vehicle wholesale sales

(0.9)


(1.9)


1.0


54.3 %



—


55.2 %

Total used

25.9


13.8


12.2


88.3 %



0.7


83.2 %

Parts and service sales

76.2


42.5


33.7


79.3 %



2.2


74.0 %

F&I, net

29.4


17.9


11.6


64.6 %



0.9


59.3 %

Total gross profit

$      174.5


$      103.5


$        71.0


68.6 %



$            5.6


63.2 %

Gross margin:













New vehicle retail sales

7.8 %


8.5 %


(0.7) %








Used vehicle retail sales

5.4 %


4.7 %


0.7 %








Used vehicle wholesale sales

(2.2) %


(5.5) %


3.3 %








Total used

4.8 %


3.7 %


1.1 %








Parts and service sales

57.9 %


58.6 %


(0.7) %








Total gross margin

14.0 %


12.9 %


1.1 %








Units sold:













Retail new vehicles sold (1)

14,075


8,271


5,804


70.2 %






Retail used vehicles sold

17,132


11,123


6,009


54.0 %






Wholesale used vehicles sold

4,643


3,360


1,283


38.2 %






Total used

21,775


14,483


7,292


50.3 %






Average sales price per unit sold:













New vehicle retail (1)

$    41,188


$    43,342


$    (2,154)


(5.0) %



$        1,485


(8.4) %

Used vehicle retail

$    29,078


$    30,213


$    (1,135)


(3.8) %



$           829


(6.5) %

Gross profit per unit sold:













New vehicle retail sales

$      3,055


$      3,551


$        (497)


(14.0) %



$           121


(17.4) %

Used vehicle retail sales

$      1,563


$      1,408


$         155


11.0 %



$             42


8.0 %

Used vehicle wholesale sales

$        (187)


$        (566)


$         379


66.9 %



$              (4)


67.6 %

Total used

$      1,190


$         950


$         240


25.3 %



$             32


21.8 %

F&I PRU

$         944


$         922


$           21


2.3 %



$             30


(1.0) %

Other:













SG&A expenses

$      146.1


$        79.3


$        66.9


84.4 %



$            4.3


79.0 %

Adjusted SG&A expenses (2)

$      139.6


$        79.3


$        60.4


76.2 %



$            4.1


71.0 %

SG&A as % gross profit

83.7 %


76.6 %


7.1 %








Adjusted SG&A as % gross profit (2)

80.0 %


76.6 %


3.4 %








 

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

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)















Nine Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$   1,288.2


$   1,019.1


$      269.0


26.4 %



$           41.2


22.4 %

Used vehicle retail sales

1,116.7


965.6


151.2


15.7 %



32.7


12.3 %

Used vehicle wholesale sales

92.3


96.9


(4.6)


(4.8) %



2.6


(7.4) %

Total used

1,209.1


1,062.5


146.6


13.8 %



35.3


10.5 %

Parts and service sales

289.8


217.9


71.9


33.0 %



8.7


29.0 %

F&I, net

63.2


52.5


10.7


20.5 %



2.0


16.7 %

Total revenues

$   2,850.2


$   2,352.0


$      498.2


21.2 %



$           87.0


17.5 %

Gross profit:













New vehicle retail sales

$        96.4


$        92.8


$         3.6


3.9 %



$            3.3


0.3 %

Used vehicle retail sales

57.1


49.4


7.7


15.6 %



1.7


12.1 %

Used vehicle wholesale sales

(5.6)


(2.5)


(3.1)


(124.2) %



—


(122.4) %

Total used

51.5


46.9


4.6


9.8 %



1.7


6.2 %

Parts and service sales

165.7


127.5


38.2


30.0 %



5.0


26.0 %

F&I, net

63.2


52.5


10.7


20.5 %



2.0


16.7 %

Total gross profit

$      376.8


$      319.7


$        57.2


17.9 %



$           12.0


14.1 %

Gross margin:













New vehicle retail sales

7.5 %


9.1 %


(1.6) %








Used vehicle retail sales

5.1 %


5.1 %


— %








Used vehicle wholesale sales

(6.0) %


(2.6) %


(3.5) %








Total used

4.3 %


4.4 %


(0.2) %








Parts and service sales

57.2 %


58.5 %


(1.3) %








Total gross margin

13.2 %


13.6 %


(0.4) %








Units sold:













Retail new vehicles sold (1)

31,424


25,082


6,342


25.3 %






Retail used vehicles sold

39,079


32,578


6,501


20.0 %






Wholesale used vehicles sold

10,238


9,311


927


10.0 %






Total used

49,317


41,889


7,428


17.7 %






Average sales price per unit sold:













New vehicle retail (1)

$    43,001


$    42,149


$        852


2.0 %



$         1,375


(1.2) %

Used vehicle retail

$    28,577


$    29,639


$    (1,062)


(3.6) %



$            837


(6.4) %

Gross profit per unit sold:













New vehicle retail sales

$      3,067


$      3,699


$       (632)


(17.1) %



$            106


(19.9) %

Used vehicle retail sales

$      1,461


$      1,516


$         (55)


(3.7) %



$              44


(6.6) %

Used vehicle wholesale sales

$        (545)


$        (267)


$       (278)


(103.9) %



$               (4)


(102.2) %

Total used

$      1,044


$      1,120


$         (75)


(6.7) %



$              34


(9.8) %

F&I PRU

$         897


$         910


$         (13)


(1.5) %



$              28


(4.6) %

Other:













SG&A expenses

$      307.0


$      229.6


$       77.4


33.7 %



$             9.3


29.7 %

Adjusted SG&A expenses (2)

$      298.0


$      230.5


$       67.5


29.3 %



$             9.0


25.4 %

SG&A as % gross profit

81.5 %


71.8 %


9.6 %








Adjusted SG&A as % gross profit (2)

79.1 %


72.1 %


7.0 %








 

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

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

















Three Months Ended September 30,



2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$   2,209.3


$   2,208.6


$         0.7


— %



$           12.0


(0.5) %

Used vehicle retail sales

1,411.1


1,514.0


(102.8)


(6.8) %



8.3


(7.3) %

Used vehicle wholesale sales

100.6


110.5


(9.9)


(8.9) %



0.7


(9.5) %

Total used

1,511.8


1,624.5


(112.7)


(6.9) %



9.0


(7.5) %

Parts and service sales

578.8


549.7


29.1


5.3 %



2.1


4.9 %

F&I, net

192.6


193.8


(1.1)


(0.6) %



0.5


(0.9) %

Total revenues

$   4,492.5


$   4,576.5


$      (84.0)


(1.8) %



$           23.5


(2.4) %

Gross profit:













New vehicle retail sales

$      153.2


$      189.4


$      (36.2)


(19.1) %



$            0.9


(19.6) %

Used vehicle retail sales

72.9


79.6


(6.7)


(8.4) %



0.4


(8.9) %

Used vehicle wholesale sales

—


(2.2)


2.3


102.0 %



—


103.2 %

Total used

72.9


77.3


(4.4)


(5.7) %



0.3


(6.1) %

Parts and service sales

318.8


303.9


14.9


4.9 %



1.3


4.5 %

F&I, net

192.6


193.8


(1.1)


(0.6) %



0.5


(0.9) %

Total gross profit

$      737.5


$      764.4


$      (26.8)


(3.5) %



$            3.1


(3.9) %

Gross margin:













New vehicle retail sales

6.9 %


8.6 %


(1.6) %








Used vehicle retail sales

5.2 %


5.3 %


(0.1) %








Used vehicle wholesale sales

— %


(2.0) %


2.1 %








Total used

4.8 %


4.8 %


0.1 %








Parts and service sales

55.1 %


55.3 %


(0.2) %








Total gross margin

16.4 %


16.7 %


(0.3) %








Units sold:













Retail new vehicles sold (1)

44,411


44,185


226


0.5 %






Retail used vehicles sold

47,635


49,252


(1,617)


(3.3) %






Wholesale used vehicles sold

11,682


11,349


333


2.9 %






Total used

59,317


60,601


(1,284)


(2.1) %






Average sales price per unit sold:













New vehicle retail (1)

$    50,295


$    50,360


$         (66)


(0.1) %



$           272


(0.7) %

Used vehicle retail

$    29,624


$    30,739


$    (1,115)


(3.6) %



$           174


(4.2) %

Gross profit per unit sold:













New vehicle retail sales

$      3,449


$      4,287


$       (837)


(19.5) %



$             21


(20.0) %

Used vehicle retail sales

$      1,530


$      1,615


$         (85)


(5.3) %



$               8


(5.8) %

Used vehicle wholesale sales

$             4


$        (196)


$        200


101.9 %



$              (2)


103.1 %

Total used

$      1,229


$      1,276


$         (47)


(3.7) %



$               6


(4.1) %

F&I PRU

$      2,093


$      2,074


$          19


0.9 %



$               6


0.6 %

Other:













SG&A expenses

$      504.3


$      487.8


$       16.5


3.4 %



$            2.4


2.9 %

Adjusted SG&A expenses (2)

$      488.1


$      481.9


$         6.2


1.3 %



$            2.2


0.8 %

SG&A as % gross profit

68.4 %


63.8 %


4.6 %








Adjusted SG&A as % gross profit (2)

66.2 %


63.0 %


3.1 %








Operating margin %

4.6 %


5.5 %


(0.8) %








Adjusted operating margin % (2)

5.0 %


5.7 %


(0.7) %








 

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

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)






Nine Months Ended September 30,



2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$   6,344.2


$   6,251.4


$        92.8


1.5 %



$           30.6


1.0 %

Used vehicle retail sales

4,112.2


4,200.1


(87.9)


(2.1) %



23.7


(2.7) %

Used vehicle wholesale sales

297.5


323.3


(25.8)


(8.0) %



1.9


(8.6) %

Total used

4,409.6


4,523.4


(113.7)


(2.5) %



25.5


(3.1) %

Parts and service sales

1,665.8


1,613.5


52.4


3.2 %



6.1


2.9 %

F&I, net

551.3


534.6


16.7


3.1 %



1.4


2.9 %

Total revenues

$ 12,971.0


$ 12,922.9


$        48.2


0.4 %



$           63.5


(0.1) %

Gross profit:













New vehicle retail sales

$      452.3


$      564.9


$    (112.6)


(19.9) %



$            2.3


(20.3) %

Used vehicle retail sales

225.6


229.2


(3.6)


(1.6) %



1.1


(2.1) %

Used vehicle wholesale sales

(2.4)


0.7


(3.1)


NM



(0.1)


NM

Total used

223.2


229.9


(6.7)


(2.9) %



1.1


(3.4) %

Parts and service sales

909.4


879.3


30.0


3.4 %



3.5


3.0 %

F&I, net

551.3


534.6


16.7


3.1 %



1.4


2.9 %

Total gross profit

$   2,136.2


$   2,208.7


$      (72.5)


(3.3) %



$            8.3


(3.7) %

Gross margin:













New vehicle retail sales

7.1 %


9.0 %


(1.9) %








Used vehicle retail sales

5.5 %


5.5 %


— %








Used vehicle wholesale sales

(0.8) %


0.2 %


(1.0) %








Total used

5.1 %


5.1 %


— %








Parts and service sales

54.6 %


54.5 %


0.1 %








Total gross margin

16.5 %


17.1 %


(0.6) %








Units sold:













Retail new vehicles sold (1)

128,043


125,426


2,617


2.1 %






Retail used vehicles sold

140,568


137,539


3,029


2.2 %






Wholesale used vehicles sold

33,668


31,281


2,387


7.6 %






Total used

174,236


168,820


5,416


3.2 %






Average sales price per unit sold:













New vehicle retail (1)

$    50,037


$    50,207


$       (170)


(0.3) %



$           241


(0.8) %

Used vehicle retail

$    29,254


$    30,537


$    (1,283)


(4.2) %



$           169


(4.8) %

Gross profit per unit sold:













New vehicle retail sales

$      3,533


$      4,504


$       (971)


(21.6) %



$             18


(22.0) %

Used vehicle retail sales

$      1,605


$      1,667


$         (62)


(3.7) %



$               8


(4.2) %

Used vehicle wholesale sales

$          (71)


$           21


$         (93)


NM



$              (2)


NM

Total used

$      1,281


$      1,362


$         (81)


(5.9) %



$               6


(6.4) %

F&I PRU

$      2,052


$      2,033


$          19


1.0 %



$               5


0.7 %

Other:













SG&A expenses

$   1,461.2


$   1,398.6


$       62.6


4.5 %



$            6.4


4.0 %

Adjusted SG&A expenses (2)

$   1,427.5


$   1,392.4


$       35.1


2.5 %



$            6.0


2.1 %

SG&A as % gross profit

68.4 %


63.3 %


5.1 %








Adjusted SG&A as % gross profit (2)

66.8 %


63.0 %


3.8 %








Operating margin %

4.6 %


5.7 %


(1.1) %








Adjusted operating margin % (2)

4.9 %


5.8 %


(0.9) %








 

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

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

NM - not meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)










Three Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change

Revenues:








New vehicle retail sales

$      1,854.5


$      1,864.2


$           (9.8)


(0.5) %

Used vehicle retail sales

1,099.1


1,177.9


(78.8)


(6.7) %

Used vehicle wholesale sales

76.0


75.9


0.1


0.1 %

Total used

1,175.1


1,253.8


(78.7)


(6.3) %

Parts and service sales

498.9


479.9


19.0


4.0 %

F&I, net

174.7


175.9


(1.2)


(0.7) %

Total revenues

$      3,703.2


$      3,773.8


$         (70.6)


(1.9) %

Gross profit:








New vehicle retail sales

$         128.4


$         160.0


$         (31.6)


(19.8) %

Used vehicle retail sales

58.3


63.9


(5.6)


(8.8) %

Used vehicle wholesale sales

1.2


(0.3)


1.6


NM

Total used

59.5


63.6


(4.1)


(6.4) %

Parts and service sales

272.8


262.7


10.2


3.9 %

F&I, net

174.7


175.9


(1.2)


(0.7) %

Total gross profit

$         635.5


$         662.1


$         (26.7)


(4.0) %

Gross margin:








New vehicle retail sales

6.9 %


8.6 %


(1.7) %



Used vehicle retail sales

5.3 %


5.4 %


(0.1) %



Used vehicle wholesale sales

1.6 %


(0.4) %


2.0 %



Total used

5.1 %


5.1 %


— %



Parts and service sales

54.7 %


54.7 %


— %



Total gross margin

17.2 %


17.5 %


(0.4) %



Units sold:








Retail new vehicles sold

36,031


35,914


117


0.3 %

Retail used vehicles sold

36,597


38,129


(1,532)


(4.0) %

Wholesale used vehicles sold

8,753


7,989


764


9.6 %

Total used

45,350


46,118


(768)


(1.7) %

Average sales price per unit sold:








New vehicle retail

$       51,468


$       51,908


$          (440)


(0.8) %

Used vehicle retail

$       30,033


$       30,893


$          (860)


(2.8) %

Gross profit per unit sold:








New vehicle retail sales

$         3,563


$         4,456


$          (893)


(20.0) %

Used vehicle retail sales

$         1,593


$         1,676


$            (83)


(5.0) %

Used vehicle wholesale sales

$            141


$             (41)


$           181


NM

Total used

$         1,312


$         1,378


$            (66)


(4.8) %

F&I PRU

$         2,406


$         2,375


$             30


1.3 %

Other:








SG&A expenses

$         417.9


$         409.8


$            8.1


2.0 %

Adjusted SG&A expenses (1)

$         408.1


$         403.9


$            4.2


1.0 %

SG&A as % gross profit

65.8 %


61.9 %


3.9 %



Adjusted SG&A as % gross profit (1)

64.2 %


61.0 %


3.2 %



 

(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.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)










Nine Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change

Revenues:








New vehicle retail sales

$      5,252.0


$      5,232.3


$           19.7


0.4 %

Used vehicle retail sales

3,181.6


3,234.5


(52.9)


(1.6) %

Used vehicle wholesale sales

220.8


226.3


(5.6)


(2.5) %

Total used

3,402.4


3,460.9


(58.5)


(1.7) %

Parts and service sales

1,433.6


1,404.1


29.5


2.1 %

F&I, net

499.6


482.1


17.5


3.6 %

Total revenues

$    10,587.6


$    10,579.3


$            8.2


0.1 %

Gross profit:








New vehicle retail sales

$         374.1


$         472.1


$         (98.0)


(20.8) %

Used vehicle retail sales

180.7


179.8


0.9


0.5 %

Used vehicle wholesale sales

3.5


3.2


0.3


10.8 %

Total used

184.2


183.0


1.2


0.7 %

Parts and service sales

776.5


755.7


20.8


2.8 %

F&I, net

499.6


482.1


17.5


3.6 %

Total gross profit

$      1,834.5


$      1,892.9


$         (58.4)


(3.1) %

Gross margin:








New vehicle retail sales

7.1 %


9.0 %


(1.9) %



Used vehicle retail sales

5.7 %


5.6 %


0.1 %



Used vehicle wholesale sales

1.6 %


1.4 %


0.2 %



Total used

5.4 %


5.3 %


0.1 %



Parts and service sales

54.2 %


53.8 %


0.3 %



Total gross margin

17.3 %


17.9 %


(0.6) %



Units sold:








Retail new vehicles sold

102,314


100,344


1,970


2.0 %

Retail used vehicles sold

107,583


104,961


2,622


2.5 %

Wholesale used vehicles sold

25,144


21,970


3,174


14.4 %

Total used

132,727


126,931


5,796


4.6 %

Average sales price per unit sold:








New vehicle retail

$       51,332


$       52,143


$          (811)


(1.6) %

Used vehicle retail

$       29,573


$       30,816


$       (1,243)


(4.0) %

Gross profit per unit sold:








New vehicle retail sales

$         3,657


$         4,705


$       (1,048)


(22.3) %

Used vehicle retail sales

$         1,680


$         1,713


$            (34)


(2.0) %

Used vehicle wholesale sales

$            139


$            144


$              (5)


(3.2) %

Total used

$         1,388


$         1,442


$            (54)


(3.7) %

F&I PRU

$         2,380


$         2,348


$             32


1.4 %

Other:








SG&A expenses

$      1,216.7


$      1,171.9


$          44.9


3.8 %

Adjusted SG&A expenses (1)

$      1,192.1


$      1,165.7


$          26.4


2.3 %

SG&A as % gross profit

66.3 %


61.9 %


4.4 %



Adjusted SG&A as % gross profit (1)

65.0 %


61.6 %


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.

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)















Three Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$      354.9


$      344.4


$        10.5


3.0 %



$           12.0


(0.4) %

Used vehicle retail sales

312.0


336.1


(24.0)


(7.2) %



8.3


(9.6) %

Used vehicle wholesale sales

24.7


34.6


(10.0)


(28.8) %



0.7


(30.7) %

Total used

336.7


370.7


(34.0)


(9.2) %



9.0


(11.6) %

Parts and service sales

79.9


69.8


10.1


14.4 %



2.1


11.4 %

F&I, net

17.9


17.9


—


0.1 %



0.5


(2.9) %

Total revenues

$      789.3


$      802.7


$      (13.4)


(1.7) %



$           23.5


(4.6) %

Gross profit:













New vehicle retail sales

$        24.8


$        29.4


$        (4.6)


(15.5) %



$            0.9


(18.8) %

Used vehicle retail sales

14.6


15.7


(1.1)


(6.9) %



0.4


(9.2) %

Used vehicle wholesale sales

(1.2)


(1.9)


0.7


37.7 %



—


39.0 %

Total used

13.4


13.8


(0.4)


(2.6) %



0.3


(5.1) %

Parts and service sales

46.0


41.2


4.8


11.5 %



1.3


8.5 %

F&I, net

17.9


17.9


—


0.1 %



0.5


(2.9) %

Total gross profit

$      102.1


$      102.2


$        (0.2)


(0.2) %



$            3.1


(3.2) %

Gross margin:













New vehicle retail sales

7.0 %


8.5 %


(1.5) %








Used vehicle retail sales

4.7 %


4.7 %


— %








Used vehicle wholesale sales

(4.8) %


(5.5) %


0.7 %








Total used

4.0 %


3.7 %


0.3 %








Parts and service sales

57.6 %


59.1 %


(1.5) %








Total gross margin

12.9 %


12.7 %


0.2 %








Units sold:













Retail new vehicles sold (1)

8,380


8,271


109


1.3 %






Retail used vehicles sold

11,038


11,123


(85)


(0.8) %






Wholesale used vehicles sold

2,929


3,360


(431)


(12.8) %






Total used

13,967


14,483


(516)


(3.6) %






Average sales price per unit sold:













New vehicle retail (1)

$    44,920


$    43,342


$     1,578


3.6 %



$        1,517


0.1 %

Used vehicle retail

$    28,267


$    30,213


$    (1,946)


(6.4) %



$           753


(8.9) %

Gross profit per unit sold:













New vehicle retail sales

$      2,960


$      3,551


$       (591)


(16.6) %



$           113


(19.8) %

Used vehicle retail sales

$      1,322


$      1,408


$         (87)


(6.1) %



$             34


(8.5) %

Used vehicle wholesale sales

$        (405)


$        (566)


$        161


28.5 %



$              (9)


30.1 %

Total used

$         960


$         950


$            9


1.0 %



$             25


(1.6) %

F&I PRU

$         922


$         922


$           (1)


(0.1) %



$             28


(3.1) %

Other:













SG&A expenses

$        86.4


$        78.0


$         8.4


10.8 %



$            2.4


7.8 %

Adjusted SG&A expenses (2)

$        79.9


$        78.0


$         2.0


2.5 %



$            2.2


(0.3) %

SG&A as % gross profit

84.7 %


76.3 %


8.4 %








Adjusted SG&A as % gross profit (2)

78.3 %


76.3 %


2.0 %








 

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

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2024


2023


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$   1,092.3


$   1,019.1


$        73.1


7.2 %



$           30.6


4.2 %

Used vehicle retail sales

930.6


965.6


(35.0)


(3.6) %



23.7


(6.1) %

Used vehicle wholesale sales

76.7


96.9


(20.3)


(20.9) %



1.9


(22.8) %

Total used

1,007.3


1,062.5


(55.2)


(5.2) %



25.5


(7.6) %

Parts and service sales

232.2


209.4


22.8


10.9 %



6.1


8.0 %

F&I, net

51.7


52.5


(0.8)


(1.5) %



1.4


(4.2) %

Total revenues

$   2,383.4


$   2,343.5


$        39.9


1.7 %



$           63.5


(1.0) %

Gross profit:













New vehicle retail sales

$        78.2


$        92.8


$      (14.6)


(15.7) %



$            2.3


(18.2) %

Used vehicle retail sales

44.9


49.4


(4.5)


(9.1) %



1.1


(11.4) %

Used vehicle wholesale sales

(5.9)


(2.5)


(3.4)


(136.9) %



(0.1)


(134.7) %

Total used

39.0


46.9


(7.9)


(16.8) %



1.1


(19.2) %

Parts and service sales

132.8


123.6


9.2


7.4 %



3.5


4.6 %

F&I, net

51.7


52.5


(0.8)


(1.5) %



1.4


(4.2) %

Total gross profit

$      301.7


$      315.8


$      (14.1)


(4.5) %



$            8.3


(7.1) %

Gross margin:













New vehicle retail sales

7.2 %


9.1 %


(1.9) %








Used vehicle retail sales

4.8 %


5.1 %


(0.3) %








Used vehicle wholesale sales

(7.7) %


(2.6) %


(5.1) %








Total used

3.9 %


4.4 %


(0.5) %








Parts and service sales

57.2 %


59.0 %


(1.8) %








Total gross margin

12.7 %


13.5 %


(0.8) %








Units sold:













Retail new vehicles sold (1)

25,729


25,082


647


2.6 %






Retail used vehicles sold

32,985


32,578


407


1.2 %






Wholesale used vehicles sold

8,524


9,311


(787)


(8.5) %






Total used

41,509


41,889


(380)


(0.9) %






Average sales price per unit sold:













New vehicle retail (1)

$    44,608


$    42,149


$     2,458


5.8 %



$         1,251


2.9 %

Used vehicle retail

$    28,213


$    29,639


$    (1,426)


(4.8) %



$            718


(7.2) %

Gross profit per unit sold:













New vehicle retail sales

$      3,039


$      3,699


$       (660)


(17.8) %



$              91


(20.3) %

Used vehicle retail sales

$      1,361


$      1,516


$       (155)


(10.2) %



$              35


(12.5) %

Used vehicle wholesale sales

$        (692)


$        (267)


$       (424)


NM



$               (6)


NM

Total used

$         940


$      1,120


$       (180)


(16.1) %



$              26


(18.4) %

F&I PRU

$         880


$         910


$         (30)


(3.3) %



$              24


(5.9) %

Other:













SG&A expenses

$      244.4


$      226.7


$       17.7


7.8 %



$             6.4


5.0 %

Adjusted SG&A expenses (2)

$      235.4


$      226.7


$         8.7


3.9 %



$             6.0


1.2 %

SG&A as % gross profit

81.0 %


71.8 %


9.2 %








Adjusted SG&A as % gross profit (2)

78.0 %


71.8 %


6.2 %








 

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

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended September 30, 2024



U.S. GAAP


Catastrophic
events


Dealership
and real
estate
transactions


Severance
costs


Acquisition
costs


Legal items
and other
professional
fees


Accelerated
depreciation


Non-GAAP
adjusted

SG&A expenses


$     591.6


$              (0.7)


$              0.6


$          (0.4)


$         (14.8)


$            (0.3)


$                —


$     575.9

Depreciation and amortization expense


$       29.5


$                —


$               —


$             —


$             —


$               —


$              (1.3)


$       28.2

Income (loss) from operations


$     231.6


$               0.7


$             (0.6)


$            0.4


$          14.8


$             0.3


$               1.3


$     248.6


















Income (loss) before income taxes


$     159.6


$               0.7


$             (0.6)


$            0.4


$          14.8


$             0.3


$               1.3


$     176.6

Less: Provision (benefit) for income taxes


42.5


0.2


(0.8)


0.1


0.7


0.1


0.3


43.1

Net income from continuing operations


117.1


0.6


0.2


0.3


14.2


0.2


1.0


133.5

Less: Earnings allocated to participating securities


2.4


—


—


—


0.3


—


—


2.7

Net income from continuing operations available to diluted common shares


$     114.7


$               0.5


$              0.2


$            0.3


$          13.9


$             0.2


$               1.0


$     130.8


















Diluted earnings per common share from continuing operations


$       8.68


$             0.04


$            0.01


$          0.02


$          1.05


$           0.02


$             0.07


$       9.90


















Effective tax rate


26.6 %














24.4 %


















SG&A as % gross profit (1)


69.4 %














67.5 %

Operating margin (2)


4.4 %














4.8 %

Pretax margin (3)


3.1 %














3.4 %


















Same Store SG&A expenses


$     504.3


$             (0.7)


$               —


$          (0.4)


$         (14.8)


$            (0.3)


$                —


$     488.1

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


68.4 %














66.2 %


















Same Store income from operations


$     208.1


$               0.7


$               —


$            0.4


$          14.8


$              0.3


$               1.3


$     225.7

Same Store operating margin (2)


4.6 %














5.0 %

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net income from discontinued operations


$                      0.2


$                       —


$                      0.2

Less: Earnings allocated to participating securities


—


—


—

Net income from discontinued operations available to diluted common shares


$                      0.2


$                       —


$                      0.2








Net income


$                  117.3


$                    16.4


$                  133.7

Less: Earnings allocated to participating securities


2.4


0.3


2.7

Net income available to diluted common shares


$                  114.9


$                    16.1


$                  131.0








Diluted earnings per common share from discontinued operations


$                    0.01


$                       —


$                    0.01

Diluted earnings per common share from continuing operations


8.68


1.22


9.90

Diluted earnings per common share


$                    8.69


$                    1.22


$                    9.91

 

(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 and accelerated depreciation expense.

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

 

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended September 30, 2023



U.S. GAAP


Catastrophic
events


Dealership and
real estate
transactions


Legal items
and other
professional
fees


Asset
impairments
and
accelerated
depreciation


Non-GAAP
adjusted

SG&A expenses


$           496.7


$                 (1.5)


$                   7.9


$             (4.4)


$                    —


$           498.8

Depreciation and amortization expense


$             23.1


$                   —


$                    —


$               —


$                 (0.3)


$             22.8

Asset impairments


$               4.8


$                   —


$                    —


$               —


$                 (4.8)


$                —

Income (loss) from operations


$           261.6


$                  1.5


$                  (7.9)


$              4.4


$                  5.2


$           264.7














Income (loss) before income taxes


$           220.5


$                  1.5


$                  (7.9)


$              4.4


$                  5.2


$           223.6

Less: Provision (benefit) for income taxes


56.4


0.4


(5.4)


1.1


1.3


53.8

Net income (loss) from continuing operations


164.1


1.1


(2.6)


3.3


3.9


169.8

Less: Earnings (loss) allocated to participating securities


4.0


—


(0.1)


0.1


0.1


4.2

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


$           160.1


$                  1.1


$                  (2.5)


$              3.2


$                  3.8


$           165.6














Diluted earnings (loss) per common share from continuing operations


$           11.67


$                0.08


$                (0.18)


$            0.23


$                0.28


$           12.07














Effective tax rate


25.6 %










24.0 %














SG&A as % gross profit (1)


63.2 %










63.4 %

Operating margin (2)


5.6 %










5.6 %

Pretax margin (3)


4.7 %










4.8 %














Same Store SG&A expenses


$           487.8


$                 (1.5)


$                    —


$             (4.4)


$                   —


$           481.9

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


63.8 %










63.0 %














Same Store income from operations


$           249.6


$                  1.5


$                    —


$              4.4


$                  5.2


$           260.7

Same Store operating margin (2)


5.5 %










5.7 %

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net loss from discontinued operations


$                    (0.2)


$                       —


$                     (0.2)

Less: Loss allocated to participating securities


—


—


—

Net loss from discontinued operations available to diluted common shares


$                    (0.2)


$                       —


$                     (0.2)








Net income


$                  163.9


$                      5.7


$                  169.6

Less: Earnings allocated to participating securities


4.0


0.1


4.2

Net income available to diluted common shares


$                  159.9


$                      5.5


$                  165.4








Diluted loss per common share from discontinued operations


$                  (0.02)


$                       —


$                   (0.02)

Diluted earnings per common share from continuing operations


11.67


0.40


12.07

Diluted earnings per common share


$                  11.65


$                    0.40


$                  12.06

 

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

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

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)




















Nine Months Ended September 30, 2024



U.S. GAAP


Catastrophic
events


Dealership
and real
estate
transactions


Severance
costs


Acquisition
costs


Legal items
and other
professional
fees


Accelerated
depreciation


Non-GAAP
adjusted

SG&A expenses


$    1,564.9


$             (9.8)


$             52.9


$           (1.0)


$         (19.3)


$            (3.5)


$                —


$    1,584.2

Depreciation and amortization expense


$         81.6


$                —


$                —


$              —


$              —


$               —


$             (5.5)


$         76.1

Income (loss) from operations


$       715.4


$               9.8


$           (52.9)


$             1.0


$           19.3


$              3.5


$               5.5


$       701.5


















Income (loss) before income taxes


$       535.8


$               9.8


$           (52.9)


$             1.0


$           19.3


$              3.5


$               5.5


$       522.0

Less: Provision (benefit) for income taxes


133.5


2.4


(14.2)


0.2


1.3


0.9


1.3


125.3

Net income (loss) from continuing operations


402.4


7.5


(38.7)


0.7


18.0


2.7


4.2


396.7

Less: Earnings (loss) allocated to participating securities


8.6


0.2


(0.8)


—


0.4


0.1


0.1


8.5

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


$       393.8


$               7.3


$           (37.9)


$             0.7


$           17.6


$              2.6


$               4.1


$       388.2


















Diluted earnings (loss) per common share from continuing operations


$       29.61


$             0.55


$           (2.85)


$           0.05


$           1.33


$            0.20


$             0.31


$       29.19


















Effective tax rate


24.9 %














24.0 %


















SG&A as % gross profit (1)


66.3 %














67.1 %

Operating margin (2)


5.0 %














4.9 %

Pretax margin (3)


3.7 %














3.6 %


















Same Store SG&A expenses


$    1,461.2


$             (9.8)


$                —


$           (1.0)


$         (19.3)


$            (3.5)


$                —


$ 1,427.5

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


68.4 %














66.8 %


















Same Store income from operations


$       601.0


$               9.8


$                —


$             1.0


$           19.3


$              3.5


$               5.5


$    640.1

Same Store operating margin (2)


4.6 %














4.9 %

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net income from discontinued operations


$                 1.0


$                  —


$                 1.0

Less: Earnings allocated to participating securities


—


—


—

Net income from discontinued operations available to diluted common shares


$                 0.9


$                  —


$                 0.9








Net income (loss)


$             403.3


$               (5.7)


$             397.7

Less: Earnings (loss) allocated to participating securities


8.6


(0.1)


8.5

Net income (loss) available to diluted common shares


$             394.7


$               (5.5)


$             389.2








Diluted earnings per common share from discontinued operations


$               0.07


$                  —


$               0.07

Diluted earnings (loss) per common share from continuing operations


29.61


(0.42)


29.19

Diluted earnings (loss) per common share


$             29.68


$             (0.42)


$             29.26

 

(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 and accelerated depreciation expense.

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


 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)




















Nine Months Ended September 30, 2023



U.S. GAAP


Non-cash
gain on
interest rate
swaps


Catastrophic
events


Dealership
and real
estate
transactions


Acquisition
costs


Legal items
and other
professional
fees


Asset
impairments
and
accelerated
depreciation


Non-GAAP
adjusted

SG&A expenses


$  1,439.4


$              —


$           (1.5)


$         19.4


$         (0.3)


$           (4.4)


$              —


$  1,452.7

Depreciation and amortization expense


$       68.6


$              —


$              —


$            —


$            —


$              —


$           (0.9)


$       67.8

Asset impairments


$         7.7


$              —


$              —


$            —


$            —


$              —


$           (7.7)


$         —

Income (loss) from operations


$     773.9


$              —


$             1.5


$        (19.4)


$           0.3


$             4.4


$             8.6


$     769.2

Other interest expense, net


$       72.1


$             4.0


$              —


$            —


$            —


$              —


$              —


$       76.2


















Income (loss) before income taxes


$     654.8


$           (4.0)


$            1.5


$       (19.4)


$           0.3


$             4.4


$             8.6


$     646.1

Less: Provision (benefit) for income taxes


161.6


(0.9)


0.4


(10.3)


0.1


1.1


2.1


154.0

Net income (loss) from continuing operations


493.2


(3.1)


1.1


(9.1)


0.2


3.3


6.5


492.1

Less: Earnings (loss) allocated to participating securities


12.2


(0.1)


—


(0.2)


—


0.1


0.2


12.2

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


$     480.9


$           (3.0)


$            1.1


$         (8.9)


$           0.2


$             3.2


$             6.3


$     479.8


















Diluted earnings (loss) per common share from continuing operations


$     34.81


$         (0.22)


$          0.08


$       (0.64)


$         0.01


$           0.23


$           0.46


$     34.73


















Effective tax rate


24.7 %














23.8 %


















SG&A as % gross profit (1)


62.9 %














63.4 %

Operating margin (2)


5.8 %














5.7 %

Pretax margin (3)


4.9 %














4.8 %


















Same Store SG&A expenses


$  1,398.6


$              —


$          (1.5)


$           —


$         (0.3)


$           (4.4)


$              —


$  1,392.4

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


63.3 %














63.0 %


















Same Store income from operations


$     737.6


$              —


$            1.5


$            —


$           0.3


$             4.4


$             8.6


$     752.3

Same Store operating margin (2)


5.7 %














5.8 %

 

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net loss from discontinued operations


$            (0.3)


$               —


$            (0.3)

Less: Loss allocated to participating securities


—


—


—

Net loss from discontinued operations available to diluted common shares


$            (0.3)


$               —


$            (0.3)








Net income (loss)


$          492.9


$            (1.1)


$          491.7

Less: Earnings allocated to participating securities


12.2


—


12.2

Net income (loss) available to diluted common shares


$          480.6


$            (1.1)


$          479.5








Diluted loss per common share from discontinued operations


$           (0.02)


$               —


$           (0.02)

Diluted earnings (loss) per common share from continuing operations


34.81


(0.08)


34.73

Diluted earnings (loss) per common share


$          34.79


$           (0.08)


$          34.71

 

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

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

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — U.S.

(Unaudited)

(In millions)






Three Months Ended September 30, 2024



U.S. GAAP


Catastrophic
events


Dealership
and real estate
transactions


Acquisition
costs


Legal items
and other
professional
fees


Non-GAAP
adjusted

SG&A expenses


$      445.4


$            (0.7)


$                0.6


$           (8.7)


$            (0.3)


$      436.2

SG&A as % gross profit (1)


65.7 %










64.3 %














Same Store SG&A expenses


$      417.9


$            (0.7)


$                 —


$           (8.7)


$            (0.3)


$      408.1

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


65.8 %










64.2 %

 



Three Months Ended September 30, 2023



U.S. GAAP


Catastrophic
events


Dealership
and real estate
transactions


Legal items
and other
professional
fees


Non-GAAP
adjusted

SG&A expenses


$        417.4


$              (1.5)


$                7.9


$             (4.4)


$        419.5

SG&A as % gross profit (1)


61.1 %








61.4 %












Same Store SG&A expenses


$        409.8


$              (1.5)


$                —


$             (4.4)


$        403.9

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


61.9 %








61.0 %

 



Nine Months Ended September 30, 2024



U.S. GAAP


Catastrophic
events


Dealership
and real estate
transactions


Acquisition
costs


Legal items
and other
professional
fees


Non-GAAP
adjusted

SG&A expenses


$   1,257.9


$            (9.8)


$              52.9


$         (11.3)


$            (3.5)


$   1,286.2

SG&A as % gross profit (1)


63.4 %










64.8 %














Same Store SG&A expenses


$   1,216.7


$            (9.8)


$                 —


$         (11.3)


$            (3.5)


$   1,192.1

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


66.3 %










65.0 %

 



Nine Months Ended September 30, 2023



U.S. GAAP


Catastrophic
events


Dealership
and real estate
transactions


Acquisition
costs


Legal items
and other
professional
fees


Non-GAAP
adjusted

SG&A expenses


$   1,209.8


$            (1.5)


$              18.4


$           (0.3)


$            (4.4)


$   1,222.1

SG&A as % gross profit (1)


61.4 %










62.0 %














Same Store SG&A expenses


$   1,171.9


$            (1.5)


$                 —


$           (0.3)


$            (4.4)


$   1,165.7

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


61.9 %










61.6 %

 

(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 — U.K.

(Unaudited)

 (In millions)












Three Months Ended September 30, 2024



U.S. GAAP


Severance costs


Acquisition costs


Non-GAAP
Adjusted

SG&A expenses


$               146.1


$                    (0.4)


$                    (6.1)


$               139.6

SG&A as % gross profit (1)


83.7 %






80.0 %










Same Store SG&A expenses


$                86.4


$                    (0.4)


$                    (6.1)


$                79.9

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


84.7 %






78.3 %

 



Nine Months Ended September 30, 2024



U.S. GAAP


Severance costs


Acquisition costs


Non-GAAP
Adjusted

SG&A expenses


$               307.0


$                    (1.0)


$                    (8.0)


$               298.0

SG&A as % gross profit (1)


81.5 %






79.1 %










Same Store SG&A expenses


$               244.4


$                    (1.0)


$                    (8.0)


$               235.4

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


81.0 %






78.0 %

 



Nine Months Ended September 30, 2023



U.S. GAAP


Dealership and
real estate
transactions


Non-GAAP
Adjusted

SG&A expenses


$                229.6


$                      0.9


$                230.5

SG&A as % gross profit (1)


71.8 %




72.1 %

 

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

 

Cision View original content:https://www.prnewswire.com/news-releases/group-1-automotive-reports-third-quarter-2024-financial-results-302290898.html

SOURCE Group 1 Automotive, Inc.

FAQ

What was Group 1 Automotive's (GPI) revenue in Q3 2024?

Group 1 Automotive reported record quarterly revenues of $5.2 billion in Q3 2024, representing an 11.0% increase from the same period last year.

How many dealerships did Group 1 Automotive (GPI) acquire in the UK during Q3 2024?

Group 1 Automotive executed strategic UK transactions which added 58 dealerships during Q3 2024, including the acquisition of Inchcape Retail automotive operations.

What was Group 1 Automotive's (GPI) earnings per share in Q3 2024?

Group 1 Automotive reported diluted earnings per share from continuing operations of $8.68 and adjusted diluted earnings per share of $9.90 in Q3 2024.

How much did Group 1 Automotive (GPI) spend on share repurchases in Q3 2024?

Group 1 Automotive repurchased 85,245 shares at an average price of $349.55 per share, totaling $29.8 million, excluding excise taxes of $0.3 million.

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Group 1 Automotive, Inc.

NYSE:GPI

GPI Rankings

#1240 Ranked by Market Cap
#2032 Ranked by Dividends

GPI Latest News

Nov 12, 2024
Group 1 Automotive Board Approves New Share Repurchase Authorization & Declares Quarterly Dividend
Oct 8, 2024
Group 1 Automotive Schedules Release of Third Quarter 2024 Financial Results
Oct 1, 2024
Group 1 Automotive Announces the Acquisition of Soper of Lincoln BMW/MINI in the U.K.
Oct 1, 2024
Group 1 Automotive Appoints Mark Raban as CEO of U.K. Operations
Aug 8, 2024
Group 1 Automotive Board Declares Quarterly Dividend

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