UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
On March 30, 2020, we issued a press release addressing certain aspects of the impact of COVID-19 on the company, and actions that the company is taking to address those impacts. A copy of the press release is filed as Exhibit 99.1 and incorporated herein by reference.
The Company is supplementing the risk factors previously disclosed in its Form 10-K with the following risk factor:
COVID-19 has disrupted, and may continue to disrupt, our business, which could adversely affect our financial performance
The outbreak of COVID-19 to multiple countries across the globe, including North America, Europe and Australia, has adversely impacted the U.S., U.K. and global economy. We have experienced disruptions to our business thus far from COVID-19, and the pandemic continues to spread in most of our markets. Governmental authorities are taking increasingly severe countermeasures to slow the outbreak, including a number of shelter-in-place orders and large-scale restrictions on travel. We anticipate that most of our repair services will continue to be deemed essential under such restrictions, but the pandemic is a highly fluid and rapidly evolving situation and we cannot anticipate with any certainty the length, scope or severity of such restrictions in each of the jurisdictions that we operate.
The full impact that COVID-19 will have on our business cannot be predicted at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease and other unintended consequences. This impact could include changes in customer demand; our relationship with, and the financial and operational capacities of, vehicle manufacturers, captive finance companies and other suppliers; workforce availability; risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms); the adequacy of our cash flow and earnings and other conditions which may affect our liquidity; our ability to pay our quarterly dividend at prior levels; and disruptions to our technology network and other critical systems, including our dealer management systems and software or other facilities or equipment.
We believe that business disruption relating to the COVID-19 pandemic will continue to negatively impact the global economy and may materially affect our businesses as outlined above, all of which would adversely impact our business and results of operations.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 Press Release.
Exhibit Index
Exhibit No. |
| Description |
99.1 |
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104 | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Penske Automotive Group, Inc. | ||
March 30, 2020 | By: | /s/ Shane M. Spradlin | |
Name: Shane M. Spradlin | |||
Title: Executive Vice President | |||