EX-99.1 2 pag-20210210ex99188328f.htm EX-99.1

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Penske Automotive Group, Inc.
2555 Telegraph Road
Bloomfield Hills, MI 48302-0954

FOR IMMEDIATE RELEASE

PENSKE AUTOMOTIVE REPORTS RECORD RESULTS

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BLOOMFIELD HILLS, MI, February 10, 2021 – Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced fourth quarter and full year 2020 results. For the three months ended December 31, 2020, the company reported a 97% increase in income from continuing operations attributable to common shareholders to $200.1 million, and a 99% increase in related earnings per share to $2.49. This compares to income from continuing operations attributable to common shareholders of $101.6 million, or $1.25 per share in the prior year. Fourth quarter income from continuing operations and related earnings per share include a net benefit of $0.2 million, related to a gain on dealership sales, partially offset by a loss on debt extinguishment and U.S. and foreign tax legislation changes. Excluding this net benefit, adjusted income from continuing operations increased 96.8% to $199.9 million, and related earnings per share increased 99.2% to $2.49. Foreign exchange

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positively impacted earnings per share by $0.02. Revenue was $5.8 billion compared to $5.9 billion in the same period last year.

Commenting on the company’s results, Chairman Roger Penske said, “I am very pleased to report 97% earnings growth for the fourth quarter. Our results were driven by same-store retail automotive margin expansion, growth in our commercial truck dealership profitability, and continued strong performance from Penske Transportation Solutions. Coupled with the benefit from expense reductions, adjusted selling, general, and administrative expenses as a percentage of gross profit declined 800 basis-points. Additionally, in 2020 our business generated $708 million in earnings before taxes, an all-time record. Our strong cash flow during the year provided us with the opportunity to paydown $670 million of non-vehicle long-term debt and reduce our debt to total capitalization to 34% from 46%.”

For the twelve months ended December 31, 2020, the company reported income from continuing operations attributable to common shareholders of $543.2 million, or $6.74 per share, compared to $435.5 million, or $5.28 per share in the prior year. Foreign exchange positively impacted earnings per share by $0.03. Revenue was $20.4 billion compared to $23.2 billion in the same period last year. For the twelve months ended December 31, 2020, income from continuing operations and related earnings per share include a net benefit of $8.3 million, or $0.10 per share, from an income tax benefit related to various U.S. and foreign tax legislation changes and a gain on dealership sales, partially offset by a loss on debt extinguishment. Excluding this net benefit, adjusted income from continuing operations increased 22.8% to $534.9 million, and related earnings per share increased 25.8% to $6.64.

Operational Highlights – Fourth Quarter 2020

Retail automotive same-store revenue increased 0.6%
Retail automotive same-store gross profit increased 5.7%
Retail automotive earnings before taxes increased 126.5%
Retail automotive same-store variable gross profit per unit retailed increased 24.5%
Total gross margin increased 80 basis points to 15.5%
Adjusted SG&A expenses declined $46.6 million and SG&A as a percentage of gross profit declined 800 basis points to 71.1%

Long-Term Debt

During 2020, we reduced our long-term debt by $670 million. We repaid in full, at scheduled maturity, our $300 million 3.75% senior subordinated notes and redeemed our $300 million 5.375% senior subordinated notes due in 2024. We also redeemed our $550 million 5.75% senior subordinated notes due 2022 with the proceeds of the newly issued $550 million in aggregate principal amount 3.50% senior subordinated notes due 2025. We expect the payoff and refinancing of these notes will generate

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annualized interest expense savings of approximately $27 million. As of December 31, 2020, non-vehicle long-term debt to total capitalization was reduced to 34% from 46% at the end of the prior year.

Used Vehicle SuperCenters

Penske Automotive Group opened a greenfield used vehicle SuperCenter site in Nottingham, U.K. during the fourth quarter and now operates seventeen Used Vehicle SuperCenters. For the three months ended December 31, 2020, same-store variable gross profit per unit retailed increased 20.4% to $2,351. Retail unit sales decreased by 22.6% to 11,923 while revenue decreased by 16.4% to $244.7 million largely as a result of COVID-related government-mandated closures in the U.K. For the twelve months ended December 31, 2020, SuperCenter retail unit sales decreased by 25.0% to 53,207 and revenue decreased by 17.0% to $1.0 billion.

Retail Commercial Truck Dealerships

Penske Automotive Group operates twenty-five medium and heavy-duty truck dealership locations in the U.S. and Canada offering primarily Freightliner and Western Star brands. For the three months ended December 31, 2020, earnings before taxes were $26.5 million compared to $21.0 million in the same period last year. During the quarter, total units retailed increased 16.0%, including a 1% increase in new units and a 106% increase in used units. For the twelve months ended December 31, 2020, earnings before taxes were $78.2 million compared to $86.5 million in the same period last year.

Penske Transportation Solutions

Penske Transportation Solutions (“PTS”) is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services and is an integral part of the North American supply chain, providing supply chain and transportation services to its customers. The company has a 28.9% ownership interest in the PTS partnership and accounts for its ownership interest using the equity method of accounting. In addition to equity income, the company receives cash distributions and may recognize cash tax benefits from time to time. For the three and twelve months ended December 31, 2020, the company recorded $56.5 million and $164.5 million in earnings compared to $36.4 million and $142.4 million for the same period last year. The 55.2% increase in the fourth quarter was principally driven by improved operating results in full-service leasing and logistics and a reduction in operating expenses.

Growth and Expansion

Currently, we are constructing new franchised dealerships and have identified acquisition targets which are expected to add $600 million in estimated annualized revenue. Specifically, in January, we opened our second Porsche dealership in the Washington D.C. market that is expected to generate $50 million in annualized revenue. We also have an Audi dealership under construction in Southern California

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and a Honda dealership under construction in Texas. Both are expected to open by the end of the year and collectively generate approximately $100 million in annualized revenue.

During the fourth quarter we opened one used vehicle SuperCenter in Nottingham, U.K. As we look out across the next three years, our goal is to grow the used SuperCenter operations from 17 locations to 40 by the end of 2023. We expect our used SuperCenters operations will generate at least 150,000 in unit sales and $2.5 to $3.0 billion in total revenue, more than doubling the size of the existing business while generating earnings before taxes of approximately $100 million.

Dividend and Share Repurchases

On January 26, 2021, we announced an increase in the quarterly dividend to $0.43 per share, payable on March 1, 2021 to shareholders of record as of February 10, 2021.

For the twelve months ended December 31, 2020, the company repurchased 1,027,736 shares for $34.4 million. Approximately $170.6 million remains available to repurchase shares under the company’s existing share repurchase authorization.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the fourth quarter of 2020 on Wednesday, February 10, 2021, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (866) 394-1455 – [International, please dial (516) 575-8644] using access code 8644058. The call will also be simultaneously broadcast over the Internet through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter 2020 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, the United Kingdom, 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 is a member of the Fortune 500 and Russell 1000 and 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 adjusted income from continuing operations, adjusted earnings per share, earnings before interest, taxes,

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depreciation, amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation, and amortization, and adjusted selling, general, and administrative expenses. 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 liquidity, and assessment of business conditions in light of the COVID-19 pandemic. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: the duration, severity and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the 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, 2019, 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.

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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

Twelve Months Ended

December 31,

December 31,

2020

2019

Change

2020

2019

Change

Revenue

$

5,812.1

$

5,881.4

 

(1.2)

%  

$

20,443.9

$

23,179.4

 

(11.8)

%  

Cost of Sales

 

4,913.7

 

5,014.9

 

(2.0)

%  

 

17,259.4

 

19,723.9

 

(12.5)

%  

Gross Profit

$

898.4

$

866.5

 

3.7

%  

$

3,184.5

$

3,455.5

 

(7.8)

%  

SG&A Expenses

 

625.8

 

685.1

 

(8.7)

%  

 

2,364.5

 

2,693.2

 

(12.2)

%  

Depreciation

 

30.1

 

28.6

 

5.2

%  

 

115.5

 

109.6

 

5.4

%  

Operating Income

$

242.5

$

152.8

 

58.7

%  

$

704.5

$

652.7

 

7.9

%  

Floor Plan Interest Expense

 

(8.9)

 

(20.3)

 

(56.2)

%  

 

(46.3)

 

(84.5)

 

(45.2)

%  

Other Interest Expense

 

(28.7)

 

(31.0)

 

(7.4)

%  

 

(119.6)

 

(124.2)

 

(3.7)

%  

Equity in Earnings of Affiliates

 

58.4

 

37.9

 

54.1

%  

 

169.0

 

147.5

 

14.6

%  

Income from Continuing Operations Before Income Taxes

$

263.3

$

139.4

 

88.9

%  

$

707.6

$

591.5

 

19.6

%  

Income Taxes

 

(62.0)

 

(38.1)

 

62.7

%  

 

(162.7)

 

(156.7)

 

3.8

%  

Income from Continuing Operations

$

201.3

$

101.3

 

98.7

%  

$

544.9

$

434.8

 

25.3

%  

Income from Discontinued Operations, net of tax

 

0.1

 

 

nm

 

0.4

 

0.3

 

nm

Net Income

$

201.4

$

101.3

 

98.8

%  

$

545.3

$

435.1

 

25.3

%  

Less: Income (Loss) Attributable to Non-Controlling Interests

 

1.2

 

(0.3)

 

nm

 

1.7

 

(0.7)

 

nm

Net Income Attributable to Common Shareholders

$

200.2

$

101.6

 

97.0

%  

$

543.6

$

435.8

 

24.7

%  

Amounts Attributable to Common Shareholders:

Reported Income from Continuing Operations

$

201.3

$

101.3

 

98.7

%  

$

544.9

$

434.8

 

25.3

%  

Less: Income (Loss) Attributable to Non-Controlling Interests

 

1.2

 

(0.3)

 

nm

 

1.7

 

(0.7)

 

nm

Income from Continuing Operations, net of tax

$

200.1

$

101.6

 

96.9

%  

$

543.2

$

435.5

 

24.7

%  

Income from Discontinued Operations, net of tax

 

0.1

 

 

nm

 

0.4

 

0.3

 

nm

Net Income Attributable to Common Shareholders

$

200.2

$

101.6

 

97.0

%  

$

543.6

$

435.8

 

24.7

%  

Income from Continuing Operations Per Share

$

2.49

$

1.25

 

99.2

%  

$

6.74

$

5.28

 

27.7

%  

Income Per Share

$

2.49

$

1.25

 

99.2

%  

$

6.74

$

5.28

 

27.7

%  

Weighted Average Shares Outstanding

 

80.4

 

81.1

 

(0.9)

%  

 

80.6

 

82.5

 

(2.3)

%  

nm – not meaningful

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)

    

December 31,

    

December 31,

2020

2019

Assets:

Cash and Cash Equivalents

$

49.5

$

28.1

Accounts Receivable, Net

 

806.9

 

960.3

Inventories

 

3,425.6

 

4,260.7

Other Current Assets

 

126.8

 

85.0

Total Current Assets

 

4,408.8

 

5,334.1

Property and Equipment, Net

 

2,404.4

 

2,366.4

Operating Lease Right-of-Use Assets

 

2,416.5

 

2,360.5

Intangibles

 

2,491.8

 

2,463.2

Other Long-Term Assets

 

1,525.7

 

1,418.5

Total Assets

$

13,247.2

$

13,942.7

Liabilities and Equity:

Floor Plan Notes Payable

$

1,780.5

$

2,412.5

Floor Plan Notes Payable – Non-Trade

 

1,363.8

 

1,594.0

Accounts Payable

 

675.4

 

638.8

Accrued Expenses and Other Current Liabilities

 

767.2

 

701.9

Current Portion Long-Term Debt

 

87.5

 

103.3

Liabilities Held for Sale

 

0.5

 

0.5

Total Current Liabilities

 

4,674.9

 

5,451.0

Long-Term Debt

 

1,602.1

 

2,257.0

Long-Term Operating Lease Liabilities

 

2,350.3

 

2,301.2

Other Long-Term Liabilities

 

1,293.8

 

1,121.9

Total Liabilities

 

9,921.1

 

11,131.1

Equity

 

3,326.1

 

2,811.6

Total Liabilities and Equity

$

13,247.2

$

13,942.7

Supplemental Balance Sheet Information

New vehicle days' supply

50

71

Used vehicle days' supply

48

52

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Cash Flow

Amounts in Millions

(Unaudited)

Twelve Months Ended

December 31,

    

2020

    

2019

Operating Activities:

 

Net cash provided by continuing operating activities

 

1,201.5

 

518.3

Investing Activities:

Purchase of equipment and improvements

 

(185.9)

 

(245.3)

Proceeds from sale of dealerships

40.6

22.8

Proceeds from sale-leaseback transactions

18.9

Proceeds from sale of equipment and improvements

19.8

8.6

Acquisitions net, including repayment of sellers’ floor plan notes payable of $0 and $138.5, respectively

 

 

(326.9)

Other

(11.0)

(10.8)

Net cash used in continuing investing activities

 

(136.5)

 

(532.7)

Financing Activities:

Proceeds from borrowings under U.S. credit agreement revolving credit line

 

1,797.0

 

1,808.0

Repayments under U.S. credit agreement revolving credit line

 

(1,734.0)

 

(1,793.0)

Issuance of 3.50% senior subordinated notes

550.0

Repayment of 3.75% senior subordinated notes

(300.0)

Repayment of 5.375% senior subordinated notes

(300.0)

Repayment of 5.75% senior subordinated notes

(550.0)

Net (repayments) borrowings of other long-term debt

 

(144.4)

 

115.4

Net (repayments) borrowings of floor plan notes payable — non-trade

 

(230.2)

 

177.5

Payments for contingent consideration

(31.6)

Repurchases of common stock

 

(29.4)

 

(169.2)

Dividends

 

(68.1)

 

(130.8)

Payment of debt issuance costs

 

(8.1)

 

(0.4)

Other

(5.1)

(4.9)

Net cash (used in) provided by continuing financing activities

 

(1,053.9)

 

2.6

Net cash provided by discontinued operations

 

0.3

 

0.3

Effect of exchange rate changes on cash and cash equivalents

10.0

0.2

Net change in cash and cash equivalents

 

21.4

 

(11.3)

Cash and cash equivalents, beginning of period

 

28.1

 

39.4

Cash and cash equivalents, end of period

$

49.5

$

28.1

Supplemental disclosures of cash flow information:

Cash paid for:

Interest

$

168.5

$

204.9

Income taxes

 

17.9

 

92.4

Non cash activities:

Contingent consideration

$

10.6

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)

Three Months Ended

Twelve Months Ended

 

December 31,

December 31,

 

    

2020

    

2019

    

2020

    

2019

 

Geographic Revenue Mix:

North America

 

61.3

%  

62.4

%  

60.3

%  

59.3

%

U.K.

 

29.9

%  

29.3

%  

31.0

%  

32.6

%

Other International

 

8.8

%  

8.3

%  

8.7

%  

8.1

%

Total

 

100.0

%  

100.0

%  

100.0

%  

100.0

%

Revenue: (Amounts in Millions)

Retail Automotive

$

5,100.7

$

5,162.7

$

17,928.8

$

20,615.8

Retail Commercial Trucks

 

579.4

 

599.1

 

2,060.9

 

2,050.5

Commercial Vehicles Australia/Power Systems and Other

 

132.0

 

119.6

 

454.2

 

513.1

Total

$

5,812.1

$

5,881.4

$

20,443.9

$

23,179.4

Gross Profit: (Amounts in Millions)

Retail Automotive

$

787.2

$

755.1

$

2,781.3

$

3,038.9

Retail Commercial Trucks

 

78.8

 

78.3

 

280.9

 

277.8

Commercial Vehicles Australia/Power Systems and Other

 

32.4

 

33.1

 

122.3

 

138.8

Total

$

898.4

$

866.5

$

3,184.5

$

3,455.5

Gross Margin:

Retail Automotive

 

15.4

%  

 

14.6

%  

 

15.5

%  

 

14.7

%

Retail Commercial Trucks

 

13.6

%  

 

13.1

%

 

13.6

%  

 

13.5

%

Commercial Vehicles Australia/Power Systems and Other

 

24.5

%  

 

27.7

%  

 

26.9

%  

 

27.1

%

Total

 

15.5

%  

 

14.7

%  

 

15.6

%  

 

14.9

%

Three Months Ended

Twelve Months Ended

December 31,

December 31,

    

    

    

    

    

2020

2019

2020

2019

Operating Items as a Percentage of Revenue:

Gross Profit

 

15.5

%  

14.7

%  

15.6

%  

14.9

%  

Selling, General and Administrative Expenses

 

10.8

%  

11.6

%  

11.6

%  

11.6

%  

Operating Income

 

4.2

%  

2.6

%  

3.4

%  

2.8

%  

Income from Continuing Operations Before Income Taxes

 

4.5

%  

2.4

%  

3.5

%  

2.6

%  

Operating Items as a Percentage of Total Gross Profit:

Selling, General and Administrative Expenses

 

69.7

%  

79.1

%  

74.3

%  

77.9

%  

Operating Income

 

27.0

%  

17.6

%  

22.1

%  

18.9

%  

Three Months Ended

Twelve Months Ended

December 31,

December 31,

    

    

    

    

    

(Amounts in Millions)

2020

2019

2020

2019

EBITDA (1)

$

322.1

$

199.0

 

$

942.7

$

825.3

 

Floorplan Credits

$

11.8

$

9.9

 

$

39.1

$

37.2

 

Rent Expense

$

58.7

$

58.6

 

$

231.8

$

232.0

 

Stock Repurchases

$

$

 

$

34.4

$

174.1


(1)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

Twelve Months Ended

 

December 31,

December 31,

 

    

2020

    

2019

    

2020

    

2019

 

Retail Automotive Revenue Mix:

Premium:

BMW / MINI

 

24

%  

24

%  

23

%  

23

%

Audi

 

12

%  

12

%  

12

%  

12

%

Mercedes-Benz

 

10

%  

10

%  

10

%  

10

%

Land Rover / Jaguar

 

9

%  

8

%  

9

%  

9

%

Porsche

 

8

%  

7

%  

7

%  

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

 

73

%  

71

%  

71

%  

70

%

Volume Non-U.S.:

Toyota

 

11

%  

10

%  

11

%  

10

%

Honda

 

5

%  

6

%  

6

%  

6

%

Volkswagen

 

2

%  

3

%  

2

%  

4

%

Nissan

 

1

%  

1

%  

1

%  

1

%

Others

 

2

%  

2

%  

2

%  

2

%

Total Volume Non-U.S.

 

21

%  

22

%  

22

%  

23

%

U.S.:

General Motors / Chrysler / Ford

 

1

%  

1

%  

1

%  

1

%

Stand-Alone Used

5

%  

6

%  

6

%  

6

%

Total

 

100

%  

100

%  

100

%  

100

%

Retail Automotive Geographic Revenue Mix:

U.S.

 

58

%  

60

%  

57

%  

57

%

U.K.

 

34

%  

33

%  

36

%  

37

%

Other International

 

8

%  

7

%  

7

%  

6

%

Total

 

100

%  

100

%  

100

%  

100

%

Retail Automotive Geographic Gross Profit Mix:

U.S.

 

62

%  

63

%  

63

%  

61

%

U.K.

 

31

%  

31

%  

32

%  

33

%

Other International

 

7

%  

6

%  

5

%  

6

%

Total

 

100

%  

100

%  

100

%  

100

%

11

Graphic


PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

    

2020

    

2019

Change

    

    

2020

    

2019

 

Change

Retail Automotive Units:

New Retail

 

52,041

 

55,974

(7.0)

%  

 

 

178,437

 

222,704

(19.9)

%  

Used Retail

 

57,013

 

65,284

(12.7)

%  

 

 

233,469

 

284,190

(17.8)

%  

Total

 

109,054

 

121,258

(10.1)

%  

 

 

411,906

 

506,894

(18.7)

%  

Retail Automotive Revenue: (Amounts in Millions)

New Vehicles

$

2,480.7

$

2,445.4

1.4

%  

$

8,080.5

$

9,329.5

(13.4)

%  

Used Vehicles

 

1,674.9

 

1,712.0

(2.2)

%  

 

6,414.7

 

7,241.2

(11.4)

%  

Finance and Insurance, Net

 

160.5

 

160.6

(0.1)

%  

 

576.3

 

652.1

(11.6)

%  

Service and Parts

 

503.4

 

541.9

(7.1)

%  

 

1,883.7

 

2,195.9

(14.2)

%  

Fleet and Wholesale

 

281.2

 

302.8

(7.1)

%  

 

973.6

 

1,197.1

(18.7)

%  

Total Revenue

$

5,100.7

$

5,162.7

(1.2)

%  

$

17,928.8

$

20,615.8

(13.0)

%  

Retail Automotive Gross Profit: (Amounts in Millions)

New Vehicles

$

215.2

$

183.9

17.0

%  

$

652.8

$

695.6

(6.2)

%  

Used Vehicles

 

104.0

 

81.9

27.0

%  

 

388.9

 

366.1

6.2

%  

Finance and Insurance, Net

 

160.5

 

160.6

(0.1)

%  

 

576.3

 

652.1

(11.6)

%  

Service and Parts

 

300.4

 

324.4

(7.4)

%  

 

1,127.4

 

1,305.8

(13.7)

%  

Fleet and Wholesale

 

7.1

 

4.3

65.1

%  

 

35.9

 

19.3

86.0

%  

Total Gross Profit

$

787.2

$

755.1

4.3

%  

$

2,781.3

$

3,038.9

(8.5)

%  

Retail Automotive Revenue Per Vehicle Retailed:

New Vehicles

$

47,669

$

43,689

9.1

%  

$

45,285

$

41,892

8.1

%  

Used Vehicles

 

29,380

 

26,224

12.0

%  

 

27,476

 

25,480

7.8

%  

Retail Automotive Gross Profit Per Vehicle Retailed:

New Vehicles

$

4,136

$

3,286

25.9

%  

$

3,659

$

3,124

17.1

%  

Used Vehicles

 

1,823

 

1,255

45.3

%  

 

1,666

 

1,288

29.3

%  

Finance and Insurance

 

1,470

 

1,324

11.0

%  

 

1,399

 

1,287

8.7

%  

Retail Automotive Gross Margin:

New Vehicles

8.7

%  

7.5

%  

+120

bps

8.1

%  

7.5

%  

60

bps

Used Vehicles

6.2

%  

4.8

%  

+140

bps

6.1

%  

5.1

%  

+100

bps

Service and Parts

59.7

%  

59.9

%  

(20)

bps

59.9

%  

59.5

%  

40

bps

Fleet and Wholesale

2.5

%  

1.4

%  

+110

bps

3.7

%  

1.6

%  

+210

bps

Total Gross Margin

15.4

%  

14.6

%  

80

bps

15.5

%  

14.7

%  

80

bps

Retail Automotive Revenue Mix Percentages:

New Vehicles

48.6

%  

47.4

%  

+120

bps

45.1

%  

45.3

%

(20)

bps

Used Vehicles

32.8

%  

33.2

%  

(40)

bps

35.8

%  

35.1

%

70

bps

Finance and Insurance, Net

3.1

%  

3.1

%  

---

bps

3.2

%  

3.2

%

---

bps

Service and Parts

9.9

%  

10.5

%  

(60)

bps

10.5

%  

10.7

%

(20)

bps

Fleet and Wholesale

5.6

%  

5.8

%  

(20)

bps

5.4

%  

5.7

%

(30)

bps

Total

100.0

%  

100.0

%  

100.0

%  

100.0

%

Retail Automotive Gross Profit Mix Percentages:

New Vehicles

27.3

%  

24.4

%  

+290

bps

23.5

%  

22.9

%

60

bps

Used Vehicles

13.2

%  

10.8

%  

+240

bps

14.0

%  

12.0

%

+200

bps

Finance and Insurance, Net

20.4

%  

21.3

%  

(90)

bps

20.7

%  

21.5

%

(80)

bps

Service and Parts

38.2

%  

43.0

%  

(480)

bps

40.5

%  

43.0

%

(250)

bps

Fleet and Wholesale

0.9

%  

0.5

%  

40

bps

1.3

%  

0.6

%

70

bps

Total

100.0

%  

100.0

%  

100.0

%  

100.0

%

12

Graphic


PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

    

2020

    

2019

Change

    

    

2020

    

2019

 

Change

Retail Automotive Same-Store Units:

New Retail

 

51,751

 

54,257

(4.6)

%  

 

 

176,153

 

212,848

(17.2)

%  

Used Retail

 

55,901

 

63,538

(12.0)

%  

 

 

226,920

 

273,732

(17.1)

%  

Total

 

107,652

 

117,795

(8.6)

%  

 

 

403,073

 

486,580

(17.2)

%  

Retail Automotive Same-Store Revenue: (Amounts in Millions)

New Vehicles

$

2,471.8

$

2,388.0

3.5

%  

$

8,007.2

$

9,013.4

(11.2)

%  

Used Vehicles

 

1,655.3

 

1,673.5

(1.1)

%  

 

6,289.4

 

7,015.2

(10.3)

%  

Finance and Insurance, Net

 

158.7

 

157.4

0.8

%  

 

566.1

 

634.0

(10.7)

%  

Service and Parts

 

501.2

 

530.8

(5.6)

%  

 

1,867.4

 

2,134.3

(12.5)

%  

Fleet and Wholesale

 

279.1

 

285.0

(2.1)

%  

 

953.2

 

1,148.3

(17.0)

%  

Total Revenue

$

5,066.1

$

5,034.7

0.6

%  

$

17,683.3

$

19,945.2

(11.3)

%  

Retail Automotive Same-Store Gross Profit: (Amounts in Millions)