PAG 8-K Q2 2019 Earnings

0001019849-19-000021.txt : 20190730 0001019849-19-000021.hdr.sgml : 20190730 20190730115538 ACCESSION NUMBER: 0001019849-19-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20190730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190730 DATE AS OF CHANGE: 20190730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENSKE AUTOMOTIVE GROUP, INC. CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 19984000 BUSINESS ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 BUSINESS PHONE: 248-648-2500 MAIL ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 FORMER COMPANY: FORMER CONFORMED NAME: UNITED AUTO GROUP INC DATE OF NAME CHANGE: 19960726 8-K 1 pag-20190730x8k.htm 8-K PAG 8-K Q2 2019 Earnings

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported):	July 30, 2019

Penske Automotive Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware	1-12297	22-3086739
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

2555 Telegraph Road, Bloomfield Hills, Michigan		48302
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:		248-648-2500

	Not Applicable
Former name or former address, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Voting Common Stock, par value $0.0001 per share	PAG	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2019, we issued a press release announcing our second quarter 2019 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 7.01 “Regulation FD Disclosure.”

On July 30, 2019, we issued a press release announcing our second quarter 2019 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.

Item 8.01 Other Events.

Investors and others should note that we announce material financial information using our company website (www.penskeautomotive.com), our investor relations website (investors.penskeautomotive.com), SEC filings, press releases, public conference calls and webcasts. Information about Penske Automotive, its business, and its results of operations may also be announced by posts on the following social media channels:

Penske Automotive’s Twitter feed (www.twitter.com/penskecarscorp)

Penske Automotive’s Facebook page (www.facebook.com/penskecars)

Penske Automotive’s Social website (www.penskesocial.com)

The information that we post on these social media channels could be deemed to be material information. As a result, we encourage investors, the media, and others interested in Penske Automotive to review the information that we post on these social media channels. These channels may be updated from time to time on Penske Automotive’s investor relations website.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press Release.

Exhibit Index


Exhibit No.		Description
99.1		Press Release.

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.

July 30, 2019	By:	/s/ Shane M. Spradlin
		Name: Shane M. Spradlin
		Title: Executive Vice President

EX-99.1 2 pag-20190730ex9919e7616.htm EX-99.1 Exhibit 99_1


$C:\Users\109186\Desktop\Capture1.PNG$		Penske Automotive Group, Inc. 2555 Telegraph Road Bloomfield Hills, MI 48302-0954

FOR IMMEDIATE RELEASE	$C:\Users\014dbryan\Desktop\IG_Glyph_Fill.jpg$

PENSKE AUTOMOTIVE REPORTS SECOND QUARTER 2019 RESULTS

U.K. Market Conditions and BREXIT Impact Second Quarter Results

Income From Continuing Operations of $117.7 million and Related Earnings Per Share of $1.42

Acquires Warner Truck Centers - Expected to Add $1.1 Billion in Annualized Revenues

1.7 Million Shares Repurchased During Second Quarter

BLOOMFIELD HILLS, MI, July 30, 2019 – Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced second quarter and six months 2019 results, and the acquisition of Warner Truck Centers, which is expected to add over $1.1 billion in annualized revenues. For the three months ended June 30, 2019, the company reported income from continuing operations attributable to common shareholders of $117.7 million, or $1.42 per share, compared to $134.6 million, or $1.58 per share in the prior year.

Chairman Roger Penske said, “Our U.S. retail automotive, North American commercial truck dealership business, and investment in Penske Truck Leasing each performed very well during the second quarter. However, weak market conditions in the U.K. from BREXIT and the timing of customer deliveries in Australia impacted second quarter results. During the second quarter, new vehicle registrations in the U.K. market declined approximately 5%, including a nearly 7% decline in private/retail registrations, which significantly impacted our new vehicle sales volume. Additionally, an over-supply of used vehicles in the U.K. market negatively impacted used vehicle market values and our margins. As a result, the company’s second quarter results were negatively impacted by approximately 16 cents per share, including foreign exchange.” Penske continued, “As the U.K. continues to address Brexit we have implemented cost saving initiatives which are expected to help mitigate further weakness in the U.K. market.”


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Commercial Truck Dealership Acquisition

In July 2019, the company’s Premier Truck Group subsidiary acquired Warner Truck Centers (www.warnertc.com), a retailer of Freightliner and Western Star medium and heavy-duty commercial trucks located in Utah and Idaho.

Warner Truck Centers consist of six dealership locations, including a flagship operation in Salt Lake City, Utah. “This is an outstanding acquisition for our business and our customers, further solidifying our relationship with Daimler Trucks North America,” said Premier Truck Group President Richard Shearing. “Warner Truck Centers operate within key transportation corridors across the central northern U.S. market, providing our business with additional scale and leverage opportunities through an expanded footprint now representing 25 dealerships.”

Roger Penske, Penske Automotive Group Chair and CEO, said, “We welcome Warner Truck Centers to the Penske team. The acquisition of Warner Truck Centers nearly doubles our retail commercial truck dealership revenue and enhances the company’s diversification while providing the opportunity for future growth and increased profitability.”

Automotive Retail Second Quarter

Same-Store Retail Unit Sales -4.4% to 125,951

New unit retail sales -9.0%, Used unit retail sales -0.5%

Same-Store Retail Revenue -4.6%; Excluding Foreign Exchange -2.1%

New -8.3%; Excluding Foreign Exchange -6.2%

Used -1.9%; Excluding Foreign Exchange +1.2%

Finance & Insurance +2.3%; Excluding Foreign Exchange +5.0%

Service & Parts +1.0%; Excluding Foreign Exchange +3.1%

Same-Store Average Gross Profit Per Unit

New $3,133, +$18/unit; Excluding Foreign Exchange $3,216, +$101/unit

Used $1,406, -$140/unit; Excluding Foreign Exchange $1,445, -$101/unit

Finance & Insurance $1,302, +$85/unit; Excluding Foreign Exchange $1,336, +$119/unit

For the six months ended June 30, 2019, the company reported income from continuing operations attributable to common shareholders of $217.8 million, or $2.60 per share, compared to $242.6 million, or $2.84 per share in the prior year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.07.


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Used Supercenter Operations

For the three months ended June 30, 2019, the used supercenters retailed 17,775 used units and generated $312.1 million in revenue compared to retail unit sales of 18,832 and revenue of $346.7 million in the same period last year. The second quarter unit decline is mainly attributable to market conditions and the decline in used vehicle market values in the U.K. For the six months ended June 30, 2019, the used supercenters retailed 35,815 used units and generated $626.5 million in revenue compared to retail unit sales of 37,505 and revenue of $677.8 million in the same period last year.

Retail Commercial Truck Operations

For the three months ended June 30, 2019, total medium and heavy-duty units retailed increased 23.2%, and revenue increased 26.0% to $426.8 million. For the six months ended June 30, 2019, total medium and heavy-duty truck units retailed increased 16.9% and revenue increased 20.3% to $759.1 million. Same-store revenue increased 26.1% and 19.7% for the three and six months ended June 30, 2019, respectively.

Penske Truck Leasing

Penske Truck Leasing Co., L.P. (“PTL”) is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three and six months ended June 30, 2019, the company recorded $38.0 million and $63.8 million in earnings from this investment compared to $35.0 million and $51.0 million for the same periods last year, respectively.

Dividend and Share Repurchases

On July 17, 2019, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.40 per share, the 33rd consecutive increase in the quarterly dividend.

During the three months ended June 30, 2019, the company repurchased 1,706,866 shares for $76.2 million, or an average of $44.66 per share. For the six months ended June 30, 2019, the company repurchased 2,965,214 shares for $130.6 million, or an average of $44.03 per share. As of June 30, 2019, the company had a remaining share repurchase authorization of approximately $74.4 million.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2019 on Tuesday, July 30, 2019, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230‑1085 – [International, please dial (612) 288‑0329]. The call will also be simultaneously broadcast over the Internet through the Investor’s section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2019


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financial results has been posted to the company’s website. To access the presentation or to listen to the company’s webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 27,000 people worldwide and is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company’s disclosures and provide a meaningful presentation of the company’s results from its core business operations excluding the impact of items not related to the company’s ongoing core business operations, and improve the period-to-period comparability of the company’s results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company’s financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s product availability, future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom’s potential departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to WLTP, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the


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outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group’s business, markets, conditions and other uncertainties, which could affect Penske Automotive Group’s future performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10 K for the year ended December 31, 2018, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Find a vehicle: http://www.penskecars.com

Engage Penske Automotive: http://www.penskesocial.com

Like Penske Automotive on Facebook: https://facebook.com/penskecars

Follow Penske Automotive on Twitter: https://twitter.com/penskecars

Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:


J.D. Carlson	Anthony R. Pordon
Executive Vice President and	Executive Vice President Investor Relations
Chief Financial Officer	and Corporate Development
Penske Automotive Group, Inc.	Penske Automotive Group, Inc.
248-648-2810	248-648-2540
jcarlson@penskeautomotive.com	tpordon@penskeautomotive.com

# # #


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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019		2018		Change		2019		2018		Change
Revenue	$	5,755.8	$	5,940.3	(3.1)	%	$	11,320.2	$	11,687.2	(3.1)	%
Cost of Sales		4,888.0		5,050.5	(3.2)	%		9,600.9		9,933.0	(3.3)	%
Gross Profit	$	867.8	$	889.8	(2.5)	%	$	1,719.3	$	1,754.2	(2.0)	%
SG&A Expenses		668.9		675.4	(1.0)	%		1,335.3		1,338.5	(0.2)	%
Depreciation		27.1		25.7	5.4	%		53.5		51.3	4.3	%
Operating Income	$	171.8	$	188.7	(9.0)	%	$	330.5	$	364.4	(9.3)	%
Floor Plan Interest Expense		(21.0)		(19.9)	5.5	%		(42.8)		(38.8)	10.3	%
Other Interest Expense		(30.4)		(28.6)	6.3	%		(60.3)		(58.4)	3.3	%
Equity in Earnings of Affiliates		39.5		36.0	9.7	%		66.3		53.3	24.4	%
Income from Continuing Operations Before Income Taxes	$	159.9	$	176.2	(9.3)	%	$	293.7	$	320.5	(8.4)	%
Income Taxes		(41.5)		(41.0)	1.2	%		(76.2)		(77.6)	(1.8)	%
Income from Continuing Operations	$	118.4	$	135.2	(12.4)	%	$	217.5	$	242.9	(10.5)	%
Income from Discontinued Operations, net of tax		0.1		—	nm			0.2		0.1	nm
Net Income	$	118.5	$	135.2	(12.4)	%	$	217.7	$	243.0	(10.4)	%
Less: Income (Loss) Attributable to Non-Controlling Interests		0.7		0.6	nm			(0.3)		0.3	nm
Net Income Attributable to Common Shareholders	$	117.8	$	134.6	(12.5)	%	$	218.0	$	242.7	(10.2)	%

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	118.4	$	135.2	(12.4)	%	$	217.5	$	242.9	(10.5)	%
Less: Income (Loss) Attributable to Non-Controlling Interests		0.7		0.6	nm			(0.3)		0.3	nm
Income from Continuing Operations, net of tax	$	117.7	$	134.6	(12.6)	%	$	217.8	$	242.6	(10.2)	%
Income from Discontinued Operations, net of tax		0.1		—	nm			0.2		0.1	nm
Net Income Attributable to Common Shareholders	$	117.8	$	134.6	(12.5)	%	$	218.0	$	242.7	(10.2)	%
Income from Continuing Operations Per Share	$	1.42	$	1.58	(10.1)	%	$	2.60	$	2.84	(8.5)	%
Income Per Share	$	1.42	$	1.58	(10.1)	%	$	2.61	$	2.84	(8.1)	%
Weighted Average Shares Outstanding		82.9		85.0	(2.5)	%		83.7		85.5	(2.1)	%

nm – not meaningful


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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)


	June 30,		December 31,
	2019		2018
Assets:
Cash and Cash Equivalents	$	43.8	$	39.4
Accounts Receivable, Net		944.4		929.1
Inventories		3,978.0		4,040.1
Other Current Assets		109.1		86.6
Total Current Assets		5,075.3		5,095.2
Property and Equipment, Net		2,308.9		2,250.0
Operating Lease Right-of-Use Assets		2,380.9		—
Intangibles		2,235.0		2,238.2
Other Long-Term Assets		1,361.0		1,321.1
Total Assets	$	13,361.1	$	10,904.5

Liabilities and Equity:
Floor Plan Notes Payable	$	2,350.3	$	2,362.2
Floor Plan Notes Payable – Non-Trade		1,435.5		1,428.6
Accounts Payable		638.5		598.2
Accrued Expenses and Other Current Liabilities		651.8		566.6
Current Portion Long-Term Debt		93.3		92.0
Liabilities Held for Sale		0.5		0.7
Total Current Liabilities		5,169.9		5,048.3
Long-Term Debt		2,134.2		2,124.7
Long-Term Operating Lease Liabilities		2,330.3		—
Other Long-Term Liabilities		1,065.7		1,096.8
Total Liabilities		10,700.1		8,269.8
Equity		2,661.0		2,634.7
Total Liabilities and Equity	$	13,361.1	$	10,904.5

Supplemental Balance Sheet Information
New vehicle days' supply		78		72
Used vehicle days' supply		47		57


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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Geographic Revenue Mix:
North America		57.9	%		55.4	%		56.4	%		54.2	%
U.K.		33.5	%		35.5	%		35.1	%		36.8	%
Other International		8.6	%		9.1	%		8.5	%		9.0	%
Total		100.0	%		100.0	%		100.0	%		100.0	%

Revenue: (Amounts in Millions)
Retail Automotive	$	5,196.3		$	5,455.5		$	10,287.5		$	10,751.5
Retail Commercial Trucks		426.8			338.8			759.1			631.2
Commercial Vehicles Australia/Power Systems and Other		132.7			146.0			273.6			304.5
Total	$	5,755.8		$	5,940.3		$	11,320.2		$	11,687.2

Gross Profit: (Amounts in Millions)
Retail Automotive	$	774.9		$	798.0		$	1,536.4		$	1,576.3
Retail Commercial Trucks		58.5			52.4			112.9			99.0
Commercial Vehicles Australia/Power Systems and Other		34.4			39.4			70.0			78.9
Total	$	867.8		$	889.8		$	1,719.3		$	1,754.2

Gross Margin:
Retail Automotive		14.9	%		14.6	%		14.9	%		14.7	%
Retail Commercial Trucks		13.7	%		15.5	%		14.9	%		15.7	%
Commercial Vehicles Australia/Power Systems and Other		25.9	%		27.0	%		25.6	%		25.9	%
Total		15.1	%		15.0	%		15.2	%		15.0	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,

	2019		2018		2019		2018
Operating Items as a Percentage of Revenue:
Gross Profit	15.1	%	15.0	%	15.2	%	15.0	%
Selling, General and Administrative Expenses	11.6	%	11.4	%	11.8	%	11.5	%
Operating Income	3.0	%	3.2	%	2.9	%	3.1	%
Income from Continuing Operations Before Income Taxes	2.8	%	3.0	%	2.6	%	2.7	%

Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses	77.1	%	75.9	%	77.7	%	76.3	%
Operating Income	19.8	%	21.2	%	19.2	%	20.8	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,

(Amounts in Millions)	2019		2018		2019		2018

EBITDA*	$	217.4	$	230.5	$	407.5	$	430.2
Floorplan Credits	$	9.1	$	10.3	$	17.6	$	18.8
Rent Expense	$	57.9	$	59.0	$	115.1	$	116.9
Capital Expenditures	$	71.4	$	54.1	$	134.5	$	118.8
Stock Repurchases	$	76.2	$	5.8	$	130.6	$	55.8

* See the following Non-GAAP reconciliation table.


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PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data – Revenue and Gross Profit Mix

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Retail Automotive Revenue Mix:
Premium:
BMW / MINI	23	%	23	%	23	%	22	%
Audi	12	%	13	%	12	%	14	%
Mercedes-Benz	10	%	9	%	10	%	9	%
Land Rover / Jaguar	9	%	9	%	9	%	9	%
Porsche	6	%	6	%	6	%	6	%
Ferrari / Maserati	3	%	3	%	3	%	3	%
Lexus	3	%	3	%	3	%	3	%
Acura	1	%	1	%	1	%	1	%
Bentley	1	%	1	%	1	%	1	%
Others	2	%	2	%	2	%	2	%
Total Premium	70	%	70	%	70	%	70	%
Volume Non-U.S.:
Toyota	10	%	9	%	10	%	9	%
Honda	7	%	7	%	6	%	6	%
Volkswagen	4	%	4	%	4	%	4	%
Nissan	1	%	1	%	1	%	1	%
Others	1	%	1	%	2	%	2	%
Total Volume Non-U.S.	23	%	22	%	23	%	22	%
U.S.:
General Motors / Chrysler / Ford	1	%	2	%	1	%	2	%
Stand-Alone Used	6	%	6	%	6	%	6	%
Total	100	%	100	%	100	%	100	%

Retail Automotive Geographic Revenue Mix:
U.S.	56	%	54	%	55	%	53	%
U.K.	37	%	39	%	38	%	40	%
Other International	7	%	7	%	7	%	7	%
Total	100	%	100	%	100	%	100	%

Retail Automotive Geographic Gross Profit Mix:
U.S.	61	%	59	%	59	%	58	%
U.K.	33	%	35	%	35	%	36	%
Other International	6	%	6	%	6	%	6	%
Total	100	%	100	%	100	%	100	%


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PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2019			2018			Change		2019			2018			Change
Retail Automotive Units:
New Retail		55,146			61,071		(9.7)	%		109,516			120,333		(9.0)	%
Used Retail		72,066			73,143		(1.5)	%		144,810			146,371		(1.1)	%
Total		127,212			134,214		(5.2)	%		254,326			266,704		(4.6)	%

Retail Automotive Revenue: (Amounts in Millions)
New Vehicles	$	2,310.4		$	2,528.6		(8.6)	%	$	4,541.6		$	4,975.4		(8.7)	%
Used Vehicles		1,852.7			1,896.9		(2.3)	%		3,704.7			3,763.7		(1.6)	%
Finance and Insurance, Net		165.5			162.9		1.6	%		325.5			323.7		0.6	%
Service and Parts		550.7			547.8		0.5	%		1,110.5			1,091.3		1.8	%
Fleet and Wholesale		317.0			319.3		(0.7)	%		605.2			597.4		1.3	%
Total Revenue	$	5,196.3		$	5,455.5		(4.8)	%	$	10,287.5		$	10,751.5		(4.3)	%

Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles	$	174.8		$	189.8		(7.9)	%	$	347.5		$	373.0		(6.8)	%
Used Vehicles		101.6			112.5		(9.7)	%		194.5			222.2		(12.5)	%
Finance and Insurance, Net		165.5			162.9		1.6	%		325.5			323.7		0.6	%
Service and Parts		328.3			328.2		0.0	%		659.7			646.3		2.1	%
Fleet and Wholesale		4.7			4.6		2.2	%		9.2			11.1		(17.1)	%
Total Gross Profit	$	774.9		$	798.0		(2.9)	%	$	1,536.4		$	1,576.3		(2.5)	%

Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles	$	41,896		$	41,404		1.2	%	$	41,470		$	41,347		0.3	%
Used Vehicles		25,708			25,934		(0.9)	%		25,583			25,713		(0.5)	%

Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles	$	3,170		$	3,109		2.0	%	$	3,173		$	3,100		2.4	%
Used Vehicles		1,410			1,538		(8.3)	%		1,343			1,518		(11.5)	%
Finance and Insurance		1,301			1,213		7.3	%		1,280			1,213		5.5	%

Retail Automotive Gross Margin:
New Vehicles		7.6	%		7.5	%	+10	bps		7.7	%		7.5	%	+20	bps
Used Vehicles		5.5	%		5.9	%	-40	bps		5.3	%		5.9	%	-60	bps
Service and Parts		59.6	%		59.9	%	-30	bps		59.4	%		59.2	%	+20	bps
Fleet and Wholesale		1.5	%		1.4	%	+10	bps		1.5	%		1.9	%	-40	bps
Total Gross Margin		14.9	%		14.6	%	+30	bps		14.9	%		14.7	%	+20	bps

Retail Automotive Revenue Mix Percentages:
New Vehicles		44.5	%		46.3	%	-180	bps		44.1	%		46.3	%	-220	bps
Used Vehicles		35.7	%		34.8	%	+90	bps		36.0	%		35.0	%	+100	bps
Finance and Insurance, Net		3.2	%		3.0	%	+20	bps		3.2	%		3.0	%	+20	bps
Service and Parts		10.6	%		10.0	%	+60	bps		10.8	%		10.2	%	+60	bps
Fleet and Wholesale		6.0	%		5.9	%	+10	bps		5.9	%		5.5	%	+40	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		22.6	%		23.8	%	-120	bps		22.6	%		23.7	%	-110	bps
Used Vehicles		13.1	%		14.1	%	-100	bps		12.7	%		14.1	%	-140	bps
Finance and Insurance, Net		21.4	%		20.4	%	+100	bps		21.2	%		20.5	%	+70	bps
Service and Parts		42.4	%		41.1	%	+130	bps		42.9	%		41.0	%	+190	bps
Fleet and Wholesale		0.5	%		0.6	%	-10	bps		0.6	%		0.7	%	-10	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


	10	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2019			2018			Change		2019			2018			Change
Retail Automotive Same-Store Units:
New Retail		54,540			59,938		(9.0)	%		107,166			117,529		(8.8)	%
Used Retail		71,411			71,804		(0.5)	%		142,657			143,151		(0.3)	%
Total		125,951			131,742		(4.4)	%		249,823			260,680		(4.2)	%

Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	2,273.1		$	2,479.3		(8.3)	%	$	4,427.4		$	4,861.1		(8.9)	%
Used Vehicles		1,833.7			1,869.0		(1.9)	%		3,650.0			3,697.3		(1.3)	%
Finance and Insurance, Net		164.0			160.3		2.3	%		321.0			318.1		0.9	%
Service and Parts		541.9			536.5		1.0	%		1,086.3			1,065.1		2.0	%
Fleet and Wholesale		312.6			315.1		(0.8)	%		589.2			583.2		1.0	%
Total Revenue	$	5,125.3		$	5,360.2		(4.4)	%	$	10,073.9		$	10,524.8		(4.3)	%

Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	170.9		$	186.7		(8.5)	%	$	337.2		$	365.6		(7.8)	%
Used Vehicles		100.4			111.0		(9.5)	%		194.0			218.8		(11.3)	%
Finance and Insurance, Net		164.0			160.3		2.3	%		321.0			318.1		0.9	%
Service and Parts		323.2			321.9		0.4	%		645.2			630.8		2.3	%
Fleet and Wholesale		4.5			4.3		4.7	%		8.9			11.0		(19.1)	%
Total Gross Profit	$	763.0		$	784.2		(2.7)	%	$	1,506.3		$	1,544.3		(2.5)	%

Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	41,678		$	41,365		0.8	%	$	41,314		$	41,360		(0.1)	%
Used Vehicles		25,678			26,029		(1.3)	%		25,586			25,828		(0.9)	%

Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	3,133		$	3,115		0.6	%	$	3,146		$	3,111		1.1	%
Used Vehicles		1,406			1,546		(9.1)	%		1,360			1,529		(11.1)	%
Finance and Insurance		1,302			1,217		7.0	%		1,285			1,220		5.3	%

Retail Automotive Same-Store Gross Margin:
New Vehicles		7.5	%		7.5	%	---	bps		7.6	%		7.5	%	+10	bps
Used Vehicles		5.5	%		5.9	%	-40	bps		5.3	%		5.9	%	-60	bps
Service and Parts		59.6	%		60.0	%	-40	bps		59.4	%		59.2	%	+20	bps
Fleet and Wholesale		1.4	%		1.4	%	---	bps		1.5	%		1.9	%	-40	bps
Total Gross Margin		14.9	%		14.6	%	+30	bps		15.0	%		14.7	%	+30	bps

Retail Automotive Revenue Mix Percentages:
New Vehicles		44.4	%		46.3	%	-190	bps		43.9	%		46.2	%	-230	bps
Used Vehicles		35.8	%		34.9	%	+90	bps		36.2	%		35.1	%	+110	bps
Finance and Insurance, Net		3.2	%		3.0	%	+20	bps		3.2	%		3.0	%	+20	bps
Service and Parts		10.6	%		10.0	%	+60	bps		10.8	%		10.1	%	+70	bps
Fleet and Wholesale		6.0	%		5.8	%	+20	bps		5.9	%		5.6	%	+30	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		22.4	%		23.8	%	-140	bps		22.4	%		23.7	%	-130	bps
Used Vehicles		13.2	%		14.2	%	-100	bps		12.9	%		14.2	%	-130	bps
Finance and Insurance, Net		21.5	%		20.4	%	+110	bps		21.3	%		20.6	%	+70	bps
Service and Parts		42.4	%		41.0	%	+140	bps		42.8	%		40.8	%	+200	bps
Fleet and Wholesale		0.5	%		0.6	%	-10	bps		0.6	%		0.7	%	-10	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


	11	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2019			2018			Change		2019			2018			Change
Retail Commercial Truck Units:
New Retail		2,647			2,021		31.0	%		4,534			3,676		23.3	%
Used Retail		441			486		(9.3)	%		857			937		(8.5)	%
Total		3,088			2,507		23.2	%		5,391			4,613		16.9	%

Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles	$	296.0		$	210.7		40.5	%	$	503.4		$	381.1		32.1	%
Used Vehicles		27.6			27.3		1.1	%		51.7			53.8		(3.9)	%
Finance and Insurance, Net		2.9			3.6		(19.4)	%		5.9			6.8		(13.2)	%
Service and Parts		94.6			92.2		2.6	%		186.1			182.6		1.9	%
Other		5.7			5.0		14.0	%		12.0			6.9		73.9	%
Total Revenue	$	426.8		$	338.8		26.0	%	$	759.1		$	631.2		20.3	%

Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles	$	11.8		$	9.5		24.2	%	$	22.0		$	16.2		35.8	%
Used Vehicles		2.9			3.1		(6.5)	%		5.6			5.8		(3.4)	%
Finance and Insurance, Net		2.9			3.6		(19.4)	%		5.9			6.8		(13.2)	%
Service and Parts		37.3			35.9		3.9	%		73.4			69.9		5.0	%
Other		3.6			0.3		nm			6.0			0.3		nm
Total Gross Profit	$	58.5		$	52.4		11.6	%	$	112.9		$	99.0		14.0	%

Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles	$	111,818		$	104,263		7.2	%	$	111,014		$	103,685		7.1	%
Used Vehicles		62,693			56,175		11.6	%		60,430			57,394		5.3	%

Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles	$	4,461		$	4,673		(4.5)	%	$	4,848		$	4,400		10.2	%
Used Vehicles		6,575			6,469		1.6	%		6,566			6,161		6.6	%
Finance and Insurance		926			1,301		(28.8)	%		1,090			1,337		(18.5)	%

Retail Commercial Truck Gross Margin:
New Vehicles		4.0	%		4.5	%	-50	bps		4.4	%		4.3	%	+10	bps
Used Vehicles		10.5	%		11.4	%	-90	bps		10.8	%		10.8	%	---	bps
Service and Parts		39.4	%		38.9	%	+50	bps		39.4	%		38.3	%	+110	bps
Total Gross Margin		13.7	%		15.5	%	-180	bps		14.9	%		15.7	%	-80	bps

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		69.4	%		62.2	%	+720	bps		66.3	%		60.4	%	+590	bps
Used Vehicles		6.5	%		8.1	%	-160	bps		6.8	%		8.5	%	-170	bps
Finance and Insurance, Net		0.7	%		1.1	%	-40	bps		0.8	%		1.1	%	-30	bps
Service and Parts		22.2	%		27.2	%	-500	bps		24.5	%		28.9	%	-440	bps
Other		1.2	%		1.4	%	-20	bps		1.6	%		1.1	%	+50	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		20.2	%		18.1	%	+210	bps		19.5	%		16.4	%	+310	bps
Used Vehicles		5.0	%		5.9	%	-90	bps		5.0	%		5.9	%	-90	bps
Finance and Insurance, Net		5.0	%		6.9	%	-190	bps		5.2	%		6.9	%	-170	bps
Service and Parts		63.8	%		68.5	%	-470	bps		65.0	%		70.6	%	-560	bps
Other		6.0	%		0.6	%	+540	bps		5.3	%		0.2	%	+510	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


	12	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations Same-Store

(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2019			2018			Change		2019			2018			Change
Retail Commercial Truck Same-Store Units:
New Retail		2,647			2,021		31.0	%		4,465			3,646		22.5	%
Used Retail		441			486		(9.3)	%		846			936		(9.6)	%
Total		3,088			2,507		23.2	%		5,311			4,582		15.9	%

Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	296.0		$	210.7		40.5	%	$	495.2		$	377.5		31.2	%
Used Vehicles		27.6			27.3		1.1	%		51.4			53.7		(4.3)	%
Finance and Insurance, Net		2.9			3.6		(19.4)	%		5.8			6.1		(4.9)	%
Service and Parts		94.6			91.8		3.1	%		184.1			180.5		2.0	%
Other		5.7			5.0		14.0	%		12.0			7.6		57.9	%
Total Revenue	$	426.8		$	338.4		26.1	%	$	748.5		$	625.4		19.7	%

Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	11.8		$	9.5		24.2	%	$	21.4		$	15.9		34.6	%
Used Vehicles		2.9			3.1		(6.5)	%		5.6			5.8		(3.4)	%
Finance and Insurance, Net		2.9			3.6		(19.4)	%		5.8			6.1		(4.9)	%
Service and Parts		37.3			35.7		4.5	%		72.6			69.1		5.1	%
Other		3.6			0.2		nm			5.8			0.9		nm
Total Gross Profit	$	58.5		$	52.1		12.3	%	$	111.2		$	97.8		13.7	%

Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	111,818		$	104,263		7.2	%	$	110,909		$	103,545		7.1	%
Used Vehicles		62,693			56,175		11.6	%		60,721			57,390		5.8	%

Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	4,461		$	4,673		(4.5)	%	$	4,786		$	4,358		9.8	%
Used Vehicles		6,575			6,469		1.6	%		6,580			6,148		7.0	%
Finance and Insurance		926			1,301		(28.8)	%		1,097			1,337		(18.0)	%

Retail Commercial Truck Same-Store Gross Margin:
New Vehicles		4.0	%		4.5	%	-50	bps		4.3	%		4.2	%	+10	bps
Used Vehicles		10.5	%		11.4	%	-90	bps		10.9	%		10.8	%	+10	bps
Service and Parts		39.4	%		38.9	%	+50	bps		39.4	%		38.3	%	+110	bps
Total Gross Margin		13.7	%		15.4	%	-170	bps		14.9	%		15.6	%	-70	bps

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		69.3	%		62.3	%	+700	bps		66.2	%		60.4	%	+580	bps
Used Vehicles		6.4	%		8.1	%	-170	bps		6.9	%		8.6	%	-170	bps
Finance and Insurance, Net		0.7	%		1.1	%	-40	bps		0.8	%		1.0	%	-20	bps
Service and Parts		22.2	%		27.1	%	-490	bps		24.6	%		28.9	%	-430	bps
Other		1.4	%		1.4	%	+0	bps		1.5	%		1.1	%	+40	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		20.2	%		18.2	%	+200	bps		19.2	%		16.3	%	+290	bps
Used Vehicles		5.0	%		6.0	%	-100	bps		5.0	%		5.9	%	-90	bps
Finance and Insurance, Net		5.0	%		6.9	%	-190	bps		5.2	%		6.2	%	-100	bps
Service and Parts		63.8	%		68.6	%	-480	bps		65.3	%		70.7	%	-540	bps
Other		6.0	%		0.3	%	+570	bps		5.3	%		0.9	%	+440	bps
Total		100.0	%		100.0	%				100.0	%		100.0	%


	13	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliations

(Unaudited)

The following tables reconcile reported net income to earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three and six months ended June 30, 2019 and 2018:


	Three Months Ended
	June 30,				2019 vs. 2018
(Amounts in Millions)	2019		2018		Change		% Change

Net Income	$	118.5	$	135.2	$	(16.7)	(12.4)	%
Add: Depreciation		27.1		25.7		1.4	5.4	%
Other Interest Expense		30.4		28.6		1.8	6.3	%
Income Taxes		41.5		41.0		0.5	1.2	%
Income from Discontinued Operations, net of tax		(0.1)		—		(0.1)	—
EBITDA	$	217.4	$	230.5	$	(13.1)	(5.7)	%


	Six Months Ended
	June 30,				2019 vs. 2018
(Amounts in Millions)	2019		2018		Change		% Change

Net Income	$	217.7	$	243.0	$	(25.3)	(10.4)	%
Add: Depreciation		53.5		51.3		2.2	4.3	%
Other Interest Expense		60.3		58.4		1.9	3.3	%
Income Taxes		76.2		77.6		(1.4)	(1.8)	%
(Income) Loss from Discontinued Operations, net of tax		(0.2)		(0.1)		(0.1)	nm
EBITDA	$	407.5	$	430.2	$	(22.7)	(5.3)	%

nm – not meaningful

# # # # # # #


	14	$C:\Users\109186\Desktop\Capture1.PNG$

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