0001031203-19-000026.txt : 20191024 0001031203-19-000026.hdr.sgml : 20191024 20191024074532 ACCESSION NUMBER: 0001031203-19-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191024 DATE AS OF CHANGE: 20191024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GROUP 1 AUTOMOTIVE INC CENTRAL INDEX KEY: 0001031203 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 760506313 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13461 FILM NUMBER: 191164843 BUSINESS ADDRESS: STREET 1: 800 GESSNER STREET 2: SUITE 500 CITY: HOUSTON STATE: TX ZIP: 77024 BUSINESS PHONE: 713-647-5700 MAIL ADDRESS: STREET 1: 800 GESSNER STREET 2: SUITE 500 CITY: HOUSTON STATE: TX ZIP: 77024 8-K 1 a2019q3earningsrelease.htm FORM 8-K Document
false0001031203 0001031203 2019-10-24 2019-10-24



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): October 24, 2019
Group 1 Automotive, Inc.
(Exact name of Registrant as specified in its charter)

Delaware
 
1-13461
 
76-0506313
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
800 Gessner, Suite 500
Houston, Texas 77024
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (713) 647-5700
N/A
(Former name or former address, if changed since last report)
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 40.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Ticker symbol(s)
 
Name of exchange on which registered
Common stock, par value $0.01 per share
 
GPI
 
New York Stock Exchange
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 that 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 October 24, 2019, Group 1 Automotive, Inc., a Delaware corporation, issued a press release announcing its financial results for the three and nine months ended September 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
As provided in General Instruction B.2. of Form 8-K, the information in this Item 2.02 (including the press release attached as Exhibit 99.1 and incorporated by reference in this Item 2.02) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is included with this Current Report on Form 8-K:




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, thereunto duly authorized. 
 
 
 
 
 
Group 1 Automotive, Inc.
 
 
 
October 24, 2019
 
By:
 
/s/ John C. Rickel
Date
 
 
 
John C. Rickel, Senior Vice President and Chief Financial Officer



 EX-99.1 2 a2019q3exhibit991.htm 2019 Q3 EARNINGS RELEASE Exhibit

Exhibit 99.1

gp1logoa11.gif                                                                 
FOR IMMEDIATE RELEASE

Group 1 Automotive Announces Third Quarter 2019 Financial Results
U.S. Revenue Jumps 10% Driven by 15% Used Vehicle Growth
HOUSTON, October 24, 2019 - Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported 2019 third quarter net income of $38.0 million, diluted earnings per common share of $2.04, adjusted net income (a non-GAAP measure) of $56.4 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $3.02. The Company’s 2019 third quarter total revenue was an all-time quarterly record of $3.1 billion.
Third quarter 2019 adjusted net income and diluted earnings per share exclude approximately $18.4 million of net after-tax adjustments, or $0.98 per common share, for non-core items. These adjustments consist of catastrophic event costs of approximately $9.0 million after-tax, or $0.48 per common share, non-cash asset impairments of $8.3 million, or $0.44 per common share, and a net loss on real estate and dealership transactions of $1.1 million, or $0.06 per common share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
“Our achievement of new quarterly records for total revenue and adjusted EPS in a flat U.S. new vehicle sales market, as well as a U.K. market in political turmoil, is a testimony to the strong operating execution of our entire team - especially in the U.S.,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “Same Store U.S. gross profit growth of 16.6% in total used vehicles and 9.9% in parts and service are both remarkable performances, which drove one of the best quarters in our Company’s history.”
Consolidated Results for Third Quarter 2019 (year-over-year comparable basis)
For ease of comparison, we have included constant currency metrics (a non-GAAP measure) both below (shown in parenthesis) and in the financial tables that follow:
▪
Total revenue increased 7.9 percent (9.1 percent), to an all-time quarterly record of $3.1 billion.
▪
Total gross profit increased 7.0 percent (7.9 percent), to an all-time quarterly record of $465.6 million.
▪
New vehicle revenues increased 7.3 percent (8.4 percent) on a 2.4 percent increase in unit sales. New vehicle gross profit decreased 3.1 percent (1.9 percent), to $75.2 million. U.S. Same Store new unit sales increased 2.9 percent, outperforming the industry, which was about flat.
▪
Retail used vehicle revenues increased 9.8 percent (11.1 percent) on 9.6 percent higher unit sales. Retail used vehicle gross profit increased 8.2 percent (9.2 percent), to $54.2 million. Total used vehicle gross profit was up 9.6 percent (10.5 percent), to $54.6 million. U.S. Same Store retail used vehicle revenue increased 14.1 percent, driven by an 11.9 percent increase in unit sales and retail used gross profit increased 16.4 percent, reflecting the volume growth and a $54 per unit improvement in gross profit, to $1,386 per unit.
▪
Parts and service gross profit increased 8.7 percent (9.6 percent) on revenue growth of 8.2 percent (9.1 percent). U.S. Same Store parts and service revenues and gross profit grew 9.6 percent and 9.9 percent, respectively.
▪
Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 3.9 percent (4.5 percent), to $1,485. U.S. Same Store F&I gross profit PRU grew 3.2 percent, to $1,751.
▪
Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 320 basis points, to 76.0 percent. Adjusted Same Store SG&A as a percent of gross profit increased 10 basis points, to 72.8 percent.




1

Segment Results for Third Quarter 2019 (year-over-year comparable basis)
▪
United States:
The Company’s U.S. operations accounted for 77.7 percent of total revenues and 83.1 percent of total gross profit. Total U.S. revenues were $2.4 billion, an increase of 10.1 percent. Retail used vehicle revenues increased 15.0 percent, F&I revenues increased 10.9 percent, parts and service revenues increased 8.8 percent, and new vehicle revenues increased 7.9 percent.
Total gross profit grew 9.8 percent, to $387.0 million. Parts and service Same Store gross profit grew an all-time record of 9.9 percent, to $168.0 million. Same Store used vehicle gross profit grew 16.4 percent, to $42.5 million. Same Store used retail unit sales grew 11.9 percent, as Val-U-Line ® retail unit sales grew 10.3 percent and represented 10.8 percent of our quarterly used unit sales. Same Store total used vehicle gross profit PRU increased $55, or 5.1 percent, to $1,127. Same Store F&I gross profit PRU increased $54, or 3.2 percent per unit, to $1,751.
SG&A expenses as a percent of gross profit increased 500 basis points, to 73.7 percent. Same Store adjusted SG&A expenses as a percent of gross profit increased 40 basis points, to 70.4 percent.
“Group 1’s strategic initiatives in the areas of omnichannel capabilities, expanded used vehicle offerings with our Val-U-Line® brand, and increased service capacity have been the key drivers of significantly improved profitability in our U.S. operations,” said Daryl Kenningham, Group 1’s president of U.S. operations. “We are continuing to demonstrate that by focusing on used vehicles and aftersales operations, we can deliver significant profit improvements in our U.S. business.”
▪
United Kingdom:
The Company’s U.K. operations accounted for 18.7 percent of total revenues and 14.0 percent of total gross profit. Total Same Store U.K. revenues decreased 2.3 percent (increased 3.2 percent), to $547.6 million. Same Store total gross profit decreased 8.7 percent (decreased 3.6 percent), to $59.6 million. Continued weakness in consumer confidence and the overall auto market due to Brexit continues to exert downward pressure on new vehicle sales volumes and margins.
SG&A expenses as a percent of gross profit increased 160 basis points, to 88.5 percent. Same Store SG&A expenses as a percent of gross profit increased 40 basis points, to 85.7 percent. On a sequential basis, adjusted SG&A as a percent of gross profit declined 440 basis points as cost reduction actions began to gain traction.
▪
Brazil:
The Company’s Brazilian operations accounted for 3.6 percent of total revenues and 2.9 percent of total gross profit. The Company’s Same Store new vehicle revenues increased 5.1 percent (6.1 percent), with units down 1.3 percent due to a product cycle lull in certain key brands. Same Store total revenues increased 9.5 percent (10.2 percent), with the increase driven by constant currency revenue growth of 27.8 percent in total used vehicles, 6.1 percent in new vehicles, and 5.4 percent in parts & service. SG&A expenses as a percent of gross profit decreased 25.6 percentage points, to 81.6 percent. Adjusted Same Store SG&A expenses as a percent of gross profit decreased 130 basis points, to 81.8 percent.
Corporate Development
In October 2019, the Company opened a four-story flagship Jaguar-Land Rover dealership at the junction of two of the busiest roadways in northwest London. This open point increases the Company’s Jaguar-Land Rover dealership count to four in the U.K. and nine worldwide. The new Jaguar-Land Rover dealership is expected to generate approximately $85 million in annual revenues.

In September 2019, the Company opened a new standalone collision center in Atlanta, Georgia. We now operate 30 collision centers in the U.S. and continue to explore opportunities for further expansion.


2

Also in September 2019, the Company disposed of a Volkswagen franchise in Texas, which generated approximately $40 million in trailing-twelve-month revenues.

Year-to-date 2019, the Company has acquired 13 franchises, which are expected to generate an estimated $340 million in annual revenues; and the Company has disposed of 12 franchises that generated approximately $240 million in trailing-twelve-month revenues.
Third Quarter 2019 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 10 a.m. ET to discuss the third quarter financial results and the Company’s outlook and strategy.
The conference call will be simulcast live on the Internet at www.group1auto.com, then click on ‘Investor Relations’ and then ‘Events’ or through this link: http://www.group1corp.com/events. A webcast replay will be available for 30 days.
The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:
Domestic:     1-888-317-6003
International:     1-412-317-6061
Conference ID:    3340290
A telephonic replay will be available following the call through October 31, 2019 by dialing:
Domestic:     1-877-344-7529
International:     1-412-317-0088
Replay ID:    10135910
ABOUT GROUP 1 AUTOMOTIVE INC.
Group 1 owns and operates 184 automotive dealerships, 240 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may” or “will” and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) our ability to retain key personnel, and (j) uncertainty of the outcome and potential impact of Brexit. 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 SEC, including our Annual Report on Form 10-K, Quarterly Reports

3

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, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company’s financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted income 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 disclosures are reported as zero balances or may not compute due to rounding.
SOURCE: Group 1 Automotive, Inc.


4

Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com

5


















































6

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
REVENUES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
1,652.2

 
$
1,539.5

 
$
112.7

 
7.3
 %
Used vehicle retail sales
 
869.7

 
792.4

 
77.3

 
9.8
 %
Used vehicle wholesale sales
 
85.3

 
86.6

 
(1.3
)
 
(1.5
)%
Parts and service sales
 
383.5

 
354.5

 
29.0

 
8.2
 %
Finance, insurance and other, net
 
127.6

 
116.1

 
11.5

 
9.9
 %
Total revenues
 
3,118.3

 
2,889.1

 
229.2

 
7.9
 %
COST OF SALES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
1,577.0

 
1,461.9

 
115.1

 
7.9
 %
Used vehicle retail sales
 
815.5

 
742.3

 
73.2

 
9.9
 %
Used vehicle wholesale sales
 
84.9

 
86.9

 
(2.0
)
 
(2.3
)%
Parts and service sales
 
175.3

 
162.9

 
12.4

 
7.6
 %
Total cost of sales
 
2,652.7

 
2,454.0

 
198.7

 
8.1
 %
GROSS PROFIT
 
465.6

 
435.1

 
30.5

 
7.0
 %
Selling, general and administrative expenses
 
354.0

 
316.8

 
37.2

 
11.7
 %
Depreciation and amortization expense
 
18.0

 
16.9

 
1.1

 
6.5
 %
Asset impairments
 
10.3

 
23.2

 
(12.9
)
 
(55.6
)%
INCOME (LOSS) FROM OPERATIONS
 
83.3

 
78.2

 
5.1

 
6.5
 %
INTEREST EXPENSE
 
 
 
 
 
 
 
 
Floorplan interest expense
 
15.4

 
14.7

 
0.7

 
4.8
 %
Other interest expense, net
 
18.9

 
19.1

 
(0.2
)
 
(1.0
)%
INCOME (LOSS) BEFORE INCOME TAXES
 
49.0

 
44.4

 
4.6

 
10.4
 %
(Benefit) provision for income taxes
 
11.0

 
9.6

 
1.4

 
14.6
 %
NET INCOME (LOSS)
 
$
38.0

 
$
34.8

 
$
3.2

 
9.2
 %
Less: earnings allocated to participating securities
 
1.4

 
1.2

 
0.2

 
16.7
 %
Earnings available to diluted common shares
 
$
36.6

 
$
33.6

 
$
3.0

 
8.9
 %
DILUTED EARNINGS (LOSS) PER SHARE
 
$
2.04

 
$
1.74

 
$
0.30

 
17.2
 %
Weighted average dilutive common shares outstanding
 
18.0

 
19.3

 
(1.3
)
 
(6.7
)%
Weighted average participating securities
 
0.7

 
0.6

 
0.1

 
16.7
 %
Total weighted average shares
 
18.7

 
19.9

 
(1.2
)
 
(6.0
)%
Effective tax rate
 
22.4
%
 
21.6
%
 
0.8
%
 





1

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
REVENUES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
4,632.2

 
$
4,608.7

 
$
23.5

 
0.5
 %
Used vehicle retail sales
 
2,527.8

 
2,394.8

 
133.0

 
5.6
 %
Used vehicle wholesale sales
 
273.4

 
283.4

 
(10.0
)
 
(3.5
)%
Parts and service sales
 
1,130.8

 
1,062.1

 
68.7

 
6.5
 %
Finance, insurance and other, net
 
368.2

 
343.5

 
24.7

 
7.2
 %
Total revenues
 
8,932.4

 
8,692.5

 
239.9

 
2.8
 %
COST OF SALES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
4,415.7

 
4,379.1

 
36.6

 
0.8
 %
Used vehicle retail sales
 
2,372.5

 
2,250.0

 
122.5

 
5.4
 %
Used vehicle wholesale sales
 
272.7

 
281.8

 
(9.1
)
 
(3.2
)%
Parts and service sales
 
520.1

 
488.6

 
31.5

 
6.4
 %
Total cost of sales
 
7,581.0

 
7,399.5

 
181.5

 
2.5
 %
GROSS PROFIT
 
1,351.4

 
1,293.0

 
58.4

 
4.5
 %
Selling, general and administrative expenses
 
1,020.4

 
949.2

 
71.2

 
7.5
 %
Depreciation and amortization expense
 
53.0

 
50.0

 
3.0

 
6.0
 %
Asset impairments
 
10.8

 
27.4

 
(16.6
)
 
(60.6
)%
INCOME (LOSS) FROM OPERATIONS
 
267.2

 
266.4

 
0.8

 
0.3
 %
INTEREST EXPENSE
 
 
 
 
 
 
 
 
Floorplan interest expense
 
47.0

 
43.3

 
3.7

 
8.5
 %
Other interest expense, net
 
55.8

 
57.4

 
(1.6
)
 
(2.8
)%
INCOME (LOSS) BEFORE INCOME TAXES
 
164.4

 
165.7

 
(1.3
)
 
(0.8
)%
(Benefit) provision for income taxes
 
38.5

 
38.6

 
(0.1
)
 
(0.3
)%
NET INCOME (LOSS)
 
$
125.9

 
$
127.1

 
$
(1.2
)
 
(0.9
)%
Less: earnings allocated to participating securities
 
4.7

 
4.3

 
0.4

 
9.3
 %
Earnings available to diluted common shares
 
$
121.2

 
$
122.8

 
$
(1.6
)
 
(1.3
)%
DILUTED EARNINGS (LOSS) PER SHARE
 
$
6.77

 
$
6.18

 
$
0.59

 
9.5
 %
Weighted average dilutive common shares outstanding
 
17.9

 
19.9

 
(2.0
)
 
(10.1
)%
Weighted average participating securities
 
0.7

 
0.7

 
—

 
—
 %
Total weighted average shares
 
18.6

 
20.6

 
(2.0
)
 
(9.7
)%
Effective tax rate
 
23.4
%
 
23.3
%
 
0.1
%
 





2

Group 1 Automotive, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
September 30,
2019
 
December 31, 2018
 
Increase/(Decrease)
 
% Change
ASSETS
CURRENT ASSETS
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
41.0

 
$
15.9

 
$
25.1

 
157.9
 %
Contracts in transit and vehicle receivables, net
 
256.2

 
265.7

 
(9.5
)
 
(3.6
)%
Accounts and notes receivable, net
 
222.2

 
194.0

 
28.2

 
14.5
 %
Inventories, net
 
1,792.7

 
1,844.1

 
(51.4
)
 
(2.8
)%
Prepaid expenses and other current assets
 
74.4

 
82.7

 
(8.3
)
 
(10.0
)%
TOTAL CURRENT ASSETS
 
2,386.5

 
2,402.4

 
(15.9
)
 
(0.7
)%
Property and equipment, net
 
1,484.8

 
1,347.8

 
137.0

 
10.2
 %
Operating lease assets
 
204.7

 
—

 
204.7

 
100.0
 %
Goodwill
 
979.0

 
963.9

 
15.1

 
1.6
 %
Intangible franchise rights
 
252.9

 
259.6

 
(6.7
)
 
(2.6
)%
Other assets
 
21.1

 
27.4

 
(6.3
)
 
(23.0
)%
TOTAL ASSETS
 
$
5,329.0

 
$
5,001.1

 
$
327.9

 
6.6
 %
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Floorplan notes payable - credit facility and other
 
$
1,224.8

 
$
1,292.5

 
$
(67.7
)
 
(5.2
)%
Offset account related to floorplan notes payable - credit facility
 
(25.0
)
 
(33.6
)
 
8.6

 
(25.6
)%
Floorplan notes payable - manufacturer affiliates
 
410.7

 
417.9

 
(7.2
)
 
(1.7
)%
Offset account related to floorplan notes payable - manufacturer affiliates
 
(0.2
)
 
(0.1
)
 
(0.1
)
 
100.0
 %
Current maturities of long-term debt
 
66.0

 
93.0

 
(27.0
)
 
(29.0
)%
Current operating lease liabilities
 
23.9

 
—

 
23.9

 
100.0
 %
Accounts payable
 
483.3

 
419.4

 
63.9

 
15.2
 %
Accrued expenses and other current liabilities
 
213.8

 
197.6

 
16.2

 
8.2
 %
TOTAL CURRENT LIABILITIES
 
2,397.3

 
2,386.7

 
10.6

 
0.4
 %
5.00% Senior Notes (principal of $550.0)
 
545.1

 
543.7

 
1.4

 
0.3
 %
5.25% Senior Notes (principal of $300.0)
 
297.2

 
296.7

 
0.5

 
0.2
 %
Acquisition line
 
49.2

 
31.8

 
17.4

 
54.7
 %
Real estate related and other long-term debt, net of current maturities
 
356.8

 
366.7

 
(9.9
)
 
(2.7
)%
Finance leases, net of current maturities
 
59.7

 
42.5

 
17.2

 
40.5
 %
Operating lease liabilities, net of current portion
 
195.5

 
—

 
195.5

 
100.0
 %
Deferred income taxes
 
131.4

 
134.7

 
(3.3
)
 
(2.4
)%
Other liabilities
 
110.5

 
102.6

 
7.9

 
7.7
 %
STOCKHOLDERS’ EQUITY
 
 
 
 
 

 
 
Common stock
 
0.3

 
0.3

 
—

 
—
 %
Additional paid-in capital
 
291.9

 
292.8

 
(0.9
)
 
(0.3
)%
Retained earnings
 
1,499.8

 
1,394.8

 
105.0

 
7.5
 %
Accumulated other comprehensive income (loss)
 
(169.5
)
 
(137.8
)
 
(31.7
)
 
23.0
 %
Treasury stock
 
(436.2
)
 
(454.4
)
 
18.2

 
(4.0
)%
TOTAL STOCKHOLDERS’ EQUITY
 
1,186.3

 
1,095.7

 
90.6

 
8.3
 %
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
5,329.0

 
$
5,001.1

 
$
327.9

 
6.6
 %

3

Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2019 (%)
 
2018 (%)
 
2019 (%)
 
2018 (%)
New vehicle unit sales geographic mix
 
 
 
 
 
 
 
Region
Geographic Market
 
 
 
 
 
 
 
 
United States
Texas
 
36.6

 
37.2

 
35.8

 
35.8

 
Oklahoma
 
7.1

 
6.7

 
6.7

 
6.2

 
California
 
5.6

 
5.8

 
5.6

 
6.2

 
Massachusetts
 
5.1

 
5.2

 
4.7

 
4.9

 
Georgia
 
4.8

 
4.7

 
4.5

 
4.5

 
Florida
 
2.5

 
2.9

 
2.6

 
2.6

 
Louisiana
 
2.4

 
2.2

 
2.4

 
2.0

 
New Hampshire
 
2.0

 
2.0

 
1.8

 
1.9

 
New Jersey
 
1.8

 
1.5

 
1.8

 
1.6

 
South Carolina
 
1.8

 
1.6

 
1.7

 
1.6

 
Mississippi
 
1.2

 
1.2

 
1.2

 
1.2

 
Kansas
 
1.2

 
1.4

 
1.1

 
1.4

 
Alabama
 
0.7

 
0.7

 
0.7

 
0.7

 
Maryland
 
0.5

 
0.4

 
0.5

 
0.4

 
New Mexico
 
0.7

 
0.1

 
0.4

 
0.1

 
 
 
74.0

 
73.6

 
71.5

 
71.1

 
 
 
 
 
 
 
 
 
 
International
United Kingdom
 
20.9

 
21.4

 
23.0

 
23.9

 
Brazil
 
5.1

 
5.0

 
5.5

 
5.0

 
 
 
100.0

 
100.0

 
100.0

 
100.0

 
 
 
 
 
 
 
 
 
New vehicle unit sales brand mix
 
 
 
 
 
 
 
Toyota/Lexus
 
25.7

 
27.1

 
24.6

 
25.0

Volkswagen/Audi/Porsche/SEAT/SKODA
 
13.3

 
13.0

 
13.9

 
14.1

BMW/MINI
 
11.9

 
11.5

 
12.1

 
12.1

Honda/Acura
 
10.5

 
9.5

 
10.6

 
9.3

Ford/Lincoln
 
10.6

 
11.0

 
10.6

 
11.1

Chevrolet/GMC/Buick/Cadillac
 
6.7

 
5.6

 
6.6

 
5.7

Nissan
 
6.1

 
6.8

 
6.1

 
6.5

Mercedes-Benz/smart/Sprinter
 
4.9

 
4.2

 
5.1

 
4.7

Hyundai/Kia/Genesis
 
3.9

 
4.0

 
3.8

 
3.9

Chrysler/Dodge/Jeep/RAM
 
3.7

 
3.9

 
3.4

 
4.0

Jaguar/Land Rover
 
1.8

 
1.7

 
2.0

 
1.8

Other
 
0.9

 
1.7

 
1.2

 
1.8

 
 
100.0

 
100.0

 
100.0

 
100.0



4


Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
1,291.7

 
$
1,196.6

 
$
95.1

 
7.9
 %
Used vehicle retail sales
 
657.6

 
572.0

 
85.6

 
15.0
 %
Used vehicle wholesale sales
 
45.9

 
40.7

 
5.2

 
12.8
 %
Total used
 
703.5

 
612.7

 
90.8

 
14.8
 %
Parts and service sales
 
314.9

 
289.3

 
25.6

 
8.8
 %
Finance, insurance and other, net
 
112.7

 
101.6

 
11.1

 
10.9
 %
Total revenues
 
$
2,422.8

 
$
2,200.2

 
$
222.6

 
10.1
 %
Gross profit
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
58.6

 
$
57.3

 
$
1.3

 
2.3
 %
Used vehicle retail sales
 
43.5

 
37.2

 
6.3

 
16.9
 %
Used vehicle wholesale sales
 
0.4

 
0.4

 
—

 
—
 %
Total used
 
43.9

 
37.6

 
6.3

 
16.8
 %
Parts and service sales
 
171.8

 
156.0

 
15.8

 
10.1
 %
Finance, insurance and other, net
 
112.7

 
101.6

 
11.1

 
10.9
 %
Total gross profit
 
$
387.0

 
$
352.5

 
$
34.5

 
9.8
 %
Gross margin
 
 
 
 
 
 
 

New vehicle retail sales
 
4.5
%
 
4.8
%
 
(0.3
)%
 

Used vehicle retail sales
 
6.6
%
 
6.5
%
 
0.1
 %
 

Used vehicle wholesale sales
 
0.9
%
 
1.0
%
 
(0.1
)%
 

Total used
 
6.2
%
 
6.1
%
 
0.1
 %
 

Parts and service sales
 
54.6
%
 
53.9
%
 
0.7
 %
 

Finance, insurance and other, net
 
100.0
%
 
100.0
%
 
—
 %
 

Total gross margin
 
16.0
%
 
16.0
%
 
—
 %
 

Units sold
 
 
 
 
 
 
 

Retail new vehicles sold
 
33,041

 
32,058

 
983

 
3.1
 %
Retail used vehicles sold
 
31,505

 
28,125

 
3,380

 
12.0
 %
Wholesale used vehicles sold
 
7,565

 
7,118

 
447

 
6.3
 %
Total used
 
39,070

 
35,243

 
3,827

 
10.9
 %
Average sales price per unit sold
 
 
 
 
 
 
 

New vehicle retail
 
$
39,094

 
$
37,326

 
$
1,768

 
4.7
 %
Used vehicle retail
 
$
20,873

 
$
20,338

 
$
535

 
2.6
 %
Gross profit per unit sold
 
 
 
 
 
 
 

New vehicle retail sales
 
$
1,774

 
$
1,787

 
$
(13
)
 
(0.7
)%
Used vehicle retail sales
 
$
1,381

 
$
1,323

 
$
58

 
4.4
 %
Used vehicle wholesale sales
 
$
53

 
$
56

 
$
(3
)
 
(5.4
)%
Total used
 
$
1,124

 
$
1,067

 
$
57

 
5.3
 %
Finance, insurance and other, net (per retail unit)
 
$
1,746

 
$
1,688

 
$
58

 
3.4
 %
Other
 
 
 
 
 
 
 
 
SG&A expenses
 
$
285.4

 
$
242.2

 
$
43.2

 
17.8
 %
Adjusted SG&A expenses (1)
 
$
272.7

 
$
249.0

 
$
23.7

 
9.5
 %
SG&A as % gross profit
 
73.7
%
 
68.7
%
 
5.0
 %
 

Adjusted SG&A as % gross profit (1)
 
70.5
%
 
70.6
%
 
(0.1
)%
 

Interest expense
 
 
 
 
 
 
 

Floorplan interest expense
 
$
13.4

 
$
12.9

 
$
0.5

 
3.9
 %
Less: Floorplan assistance
 
13.2

 
11.7

 
1.5

 
12.8
 %
Net floorplan expense
 
$
0.2

 
$
1.2

 
$
(1.0
)
 
(83.3
)%
Other interest expense, net
 
$
16.5

 
$
17.2

 
$
(0.7
)
 
(4.1
)%
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

5

Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
3,512.1

 
$
3,433.4

 
$
78.7

 
2.3
 %
Used vehicle retail sales
 
1,877.6

 
1,727.8

 
149.8

 
8.7
 %
Used vehicle wholesale sales
 
133.0

 
137.5

 
(4.5
)
 
(3.3
)%
Total used
 
2,010.6

 
1,865.3

 
145.3

 
7.8
 %
Parts and service sales
 
922.2

 
862.6

 
59.6

 
6.9
 %
Finance, insurance and other, net
 
319.4

 
295.2

 
24.2

 
8.2
 %
Total revenues
 
$
6,764.3

 
$
6,456.5

 
$
307.8

 
4.8
 %
Gross profit
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
164.3

 
$
166.8

 
$
(2.5
)
 
(1.5
)%
Used vehicle retail sales
 
125.1

 
109.5

 
15.6

 
14.2
 %
Used vehicle wholesale sales
 
2.4

 
3.4

 
(1.0
)
 
(29.4
)%
Total used
 
127.5

 
112.9

 
14.6

 
12.9
 %
Parts and service sales
 
499.4

 
463.9

 
35.5

 
7.7
 %
Finance, insurance and other, net
 
319.4

 
295.2

 
24.2

 
8.2
 %
Total gross profit
 
$
1,110.6

 
$
1,038.8

 
$
71.8

 
6.9
 %
Gross margin
 
 
 
 
 
 
 

New vehicle retail sales
 
4.7
%
 
4.9
%
 
(0.2
)%
 

Used vehicle retail sales
 
6.7
%
 
6.3
%
 
0.4
 %
 

Used vehicle wholesale sales
 
1.8
%
 
2.5
%
 
(0.7
)%
 

Total used
 
6.3
%
 
6.1
%
 
0.2
 %
 

Parts and service sales
 
54.2
%
 
53.8
%
 
0.4
 %
 

Finance, insurance and other, net
 
100.0
%
 
100.0
%
 
—
 %
 

Total gross margin
 
16.4
%
 
16.1
%
 
0.3
 %
 

Units sold
 
 
 
 
 
 
 

Retail new vehicles sold
 
89,749

 
91,119

 
(1,370
)
 
(1.5
)%
Retail used vehicles sold
 
91,299

 
83,919

 
7,380

 
8.8
 %
Wholesale used vehicles sold
 
21,543

 
23,793

 
(2,250
)
 
(9.5
)%
Total used
 
112,842

 
107,712

 
5,130

 
4.8
 %
Average sales price per unit sold
 

 
 
 
 
 

New vehicle retail
 
$
39,132

 
$
37,680

 
$
1,452

 
3.9
 %
Used vehicle retail
 
$
20,565

 
$
20,589

 
$
(24
)
 
(0.1
)%
Gross profit per unit sold
 
 
 
 
 

 

New vehicle retail sales
 
$
1,831

 
$
1,831

 
$
—

 
—
 %
Used vehicle retail sales
 
$
1,370

 
$
1,305

 
$
65

 
5.0
 %
Used vehicle wholesale sales
 
$
111

 
$
143

 
$
(32
)
 
(22.4
)%
Total used
 
$
1,130

 
$
1,048

 
$
82

 
7.8
 %
Finance, insurance and other, net (per retail unit)
 
$
1,764

 
$
1,686

 
$
78

 
4.6
 %
Other
 
 
 
 
 
 
 
 
SG&A expenses
 
$
809.6

 
$
729.4

 
$
80.2

 
11.0
 %
Adjusted SG&A expenses (1)
 
$
794.4

 
$
748.5

 
$
45.9

 
6.1
 %
SG&A as % gross profit
 
72.9
%
 
70.2
%
 
2.7
 %
 

Adjusted SG&A as % gross profit (1)
 
71.5
%
 
72.1
%
 
(0.6
)%
 

Interest expense
 
 
 
 
 
 
 

Floorplan interest expense
 
$
41.2

 
$
38.0

 
$
3.2

 
8.4
 %
Less: Floorplan assistance
 
35.2

 
33.7

 
1.5

 
4.5
 %
Net floorplan expense
 
$
6.0

 
$
4.3

 
$
1.7

 
39.5
 %
Other interest expense, net
 
$
50.4

 
$
51.6

 
$
(1.2
)
 
(2.3
)%
(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.




6

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
290.7

 
$
278.0

 
$
12.7

 
4.6
 %
 
 
$
(16.4
)
 
10.5
 %
Used vehicle retail sales
189.3

 
200.1

 
(10.8
)
 
(5.4
)%
 
 
(10.8
)
 
—
 %
Used vehicle wholesale sales
35.0

 
41.7

 
(6.7
)
 
(16.1
)%
 
 
(1.9
)
 
(11.5
)%
Total used
224.3

 
241.8

 
(17.5
)
 
(7.2
)%
 
 
(12.7
)
 
(2.0
)%
Parts and service sales
56.6

 
53.8

 
2.8

 
5.2
 %
 
 
(3.2
)
 
11.1
 %
Finance, insurance and other, net
13.0

 
12.3

 
0.7

 
5.7
 %
 
 
(0.7
)
 
11.5
 %
Total revenues
$
584.6

 
$
585.9

 
$
(1.3
)
 
(0.2
)%
 
 
$
(33.0
)
 
5.4
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
12.1

 
$
15.1

 
$
(3.0
)
 
(19.9
)%
 
 
$
(0.8
)
 
(14.4
)%
Used vehicle retail sales
8.9

 
11.6

 
(2.7
)
 
(23.3
)%
 
 
(0.5
)
 
(19.0
)%
Used vehicle wholesale sales
(0.3
)
 
(0.8
)
 
0.5

 
62.5
 %
 
 
—

 
62.5
 %
Total used
8.6

 
10.8

 
(2.2
)
 
(20.4
)%
 
 
(0.5
)
 
(15.6
)%
Parts and service sales
31.3

 
30.5

 
0.8

 
2.6
 %
 
 
(1.8
)
 
8.4
 %
Finance, insurance and other, net
13.0

 
12.3

 
0.7

 
5.7
 %
 
 
(0.7
)
 
11.5
 %
Total gross profit
$
65.0

 
$
68.7

 
$
(3.7
)
 
(5.4
)%
 
 
$
(3.8
)
 
0.2
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.2
 %
 
5.4
 %
 
(1.2
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.7
 %
 
5.8
 %
 
(1.1
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
(0.9
)%
 
(1.9
)%
 
1.0
 %
 
 
 
 
 
 
 
Total used
3.8
 %
 
4.5
 %
 
(0.7
)%
 
 
 
 
 
 
 
Parts and service sales
55.3
 %
 
56.7
 %
 
(1.4
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.1
 %
 
11.7
 %
 
(0.6
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
9,329

 
9,333

 
(4
)
 
—
 %
 
 
 
 
 
Retail used vehicles sold
8,573

 
8,482

 
91

 
1.1
 %
 
 
 
 
 
Wholesale used vehicles sold
4,894

 
5,382

 
(488
)
 
(9.1
)%
 
 
 
 
 
Total used
13,467

 
13,864

 
(397
)
 
(2.9
)%
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
31,161

 
$
29,787

 
$
1,374

 
4.6
 %
 
 
$
(1,754
)
 
10.5
 %
Used vehicle retail
$
22,081

 
$
23,591

 
$
(1,510
)
 
(6.4
)%
 
 
$
(1,254
)
 
(1.1
)%
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,297

 
$
1,618

 
$
(321
)
 
(19.8
)%
 
 
$
(88
)
 
(14.4
)%
Used vehicle retail sales
$
1,038

 
$
1,368

 
$
(330
)
 
(24.1
)%
 
 
$
(58
)
 
(19.9
)%
Used vehicle wholesale sales
$
(61
)
 
$
(149
)
 
$
88

 
59.1
 %
 
 
$
(5
)
 
56.8
 %
Total used
$
639

 
$
779

 
$
(140
)
 
(18.0
)%
 
 
$
(38
)
 
(13.1
)%
Finance, insurance and other, net (per retail unit)
$
726

 
$
690

 
$
36

 
5.2
 %
 
 
$
(40
)
 
10.9
 %
Other
 
 
 
 


 
 
 
 
 
 
 
SG&A expenses
$
57.5

 
$
59.7

 
$
(2.2
)
 
(3.7
)%
 
 
$
(3.4
)
 
1.9
 %
Adjusted SG&A expenses (1)
$
57.0

 
$
59.7

 
$
(2.7
)
 
(4.5
)%
 
 
$
(3.3
)
 
1.1
 %
SG&A as % gross profit
88.5
 %
 
86.9
 %
 
1.6
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
87.7
 %
 
86.9
 %
 
0.8
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
1.8

 
$
1.6

 
$
0.2

 
12.5
 %
 
 
$
(0.2
)
 
24.9
 %
Less: Floorplan assistance
0.1

 
0.3

 
(0.2
)
 
(66.7
)%
 
 
—

 
(66.7
)%
Net floorplan expense
$
1.7

 
$
1.3

 
$
0.4

 
30.8
 %
 
 
$
(0.2
)
 
46.5
 %
Other interest expense, net
$
2.3

 
$
1.7

 
$
0.6

 
35.3
 %
 
 
$
(0.1
)
 
41.4
 %
(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.




7

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
911.6

 
$
971.1

 
$
(59.5
)
 
(6.1
)%
 
 
$
(56.6
)
 
(0.3
)%
Used vehicle retail sales
586.8

 
600.7

 
(13.9
)
 
(2.3
)%
 
 
(35.1
)
 
3.5
 %
Used vehicle wholesale sales
127.1

 
134.4

 
(7.3
)
 
(5.4
)%
 
 
(7.5
)
 
0.2
 %
Total used
713.9

 
735.1

 
(21.2
)
 
(2.9
)%
 
 
(42.6
)
 
2.9
 %
Parts and service sales
172.5

 
165.0

 
7.5

 
4.5
 %
 
 
(10.5
)
 
10.9
 %
Finance, insurance and other, net
43.2

 
42.3

 
0.9

 
2.1
 %
 
 
(2.7
)
 
8.4
 %
Total revenues
$
1,841.2

 
$
1,913.5

 
$
(72.3
)
 
(3.8
)%
 
 
$
(112.4
)
 
2.1
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
39.6

 
$
49.5

 
$
(9.9
)
 
(20.0
)%
 
 
$
(2.3
)
 
(15.4
)%
Used vehicle retail sales
25.5

 
31.3

 
(5.8
)
 
(18.5
)%
 
 
(1.5
)
 
(13.7
)%
Used vehicle wholesale sales
(2.6
)
 
(2.2
)
 
(0.4
)
 
(18.2
)%
 
 
0.1

 
(24.8
)%
Total used
22.9

 
29.1

 
(6.2
)
 
(21.3
)%
 
 
(1.4
)
 
(16.5
)%
Parts and service sales
95.5

 
94.1

 
1.4

 
1.5
 %
 
 
(5.7
)
 
7.6
 %
Finance, insurance and other, net
43.2

 
42.3

 
0.9

 
2.1
 %
 
 
(2.7
)
 
8.4
 %
Total gross profit
$
201.2

 
$
215.0

 
$
(13.8
)
 
(6.4
)%
 
 
$
(12.1
)
 
(0.8
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.3
 %
 
5.1
 %
 
(0.8
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.3
 %
 
5.2
 %
 
(0.9
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
(2.0
)%
 
(1.6
)%
 
(0.4
)%
 
 
 
 
 
 
 
Total used
3.2
 %
 
4.0
 %
 
(0.8
)%
 
 
 
 
 
 
 
Parts and service sales
55.4
 %
 
57.0
 %
 
(1.6
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
10.9
 %
 
11.2
 %
 
(0.3
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
28,939

 
30,697

 
(1,758
)
 
(5.7
)%
 
 
 
 
 
Retail used vehicles sold
25,284

 
24,818

 
466

 
1.9
 %
 
 
 
 
 
Wholesale used vehicles sold
16,033

 
16,924

 
(891
)
 
(5.3
)%
 
 
 
 
 
Total used
41,317

 
41,742

 
(425
)
 
(1.0
)%
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
31,501

 
$
31,635

 
$
(134
)
 
(0.4
)%
 
 
$
(1,955
)
 
5.8
 %
Used vehicle retail
$
23,208

 
$
24,204

 
$
(996
)
 
(4.1
)%
 
 
$
(1,390
)
 
1.6
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,368

 
$
1,613

 
$
(245
)
 
(15.2
)%
 
 
$
(79
)
 
(10.3
)%
Used vehicle retail sales
$
1,009

 
$
1,261

 
$
(252
)
 
(20.0
)%
 
 
$
(60
)
 
(15.2
)%
Used vehicle wholesale sales
$
(162
)
 
$
(130
)
 
$
(32
)
 
(24.6
)%
 
 
$
9

 
(31.7
)%
Total used
$
554

 
$
697

 
$
(143
)
 
(20.5
)%
 
 
$
(34
)
 
(15.7
)%
Finance, insurance and other, net (per retail unit)
$
797

 
$
762

 
$
35

 
4.6
 %
 
 
$
(49
)
 
11.0
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
175.8

 
$
181.6

 
$
(5.8
)
 
(3.2
)%
 
 
$
(10.7
)
 
2.7
 %
Adjusted SG&A expenses (1)
$
175.3

 
$
181.6

 
$
(6.3
)
 
(3.5
)%
 
 
$
(10.7
)
 
2.4
 %
SG&A as % gross profit
87.4
 %
 
84.5
 %
 
2.9
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
87.1
 %
 
84.5
 %
 
2.6
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
5.2

 
$
4.7

 
$
0.5

 
10.6
 %
 
 
$
(0.3
)
 
17.7
 %
Less: Floorplan assistance
0.4

 
0.8

 
(0.4
)
 
(50.0
)%
 
 
0.1

 
(54.8
)%
Net floorplan expense
$
4.8

 
$
3.9

 
$
0.9

 
23.1
 %
 
 
$
(0.4
)
 
33.2
 %
Other interest expense, net
$
5.4

 
$
5.0

 
$
0.4

 
8.0
 %
 
 
$
(0.4
)
 
15.0
 %
(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.




8

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
69.8

 
$
64.9

 
$
4.9

 
7.6
 %
 
 
$
(0.5
)
 
8.3
 %
Used vehicle retail sales
22.8

 
20.3

 
2.5

 
12.3
 %
 
 
(0.1
)
 
12.9
 %
Used vehicle wholesale sales
4.4

 
4.2

 
0.2

 
4.8
 %
 
 
—

 
4.8
 %
Total used
27.2

 
24.5

 
2.7

 
11.0
 %
 
 
(0.1
)
 
11.7
 %
Parts and service sales
12.0

 
11.4

 
0.6

 
5.3
 %
 
 
(0.1
)
 
5.9
 %
Finance, insurance and other, net
1.9

 
2.2

 
(0.3
)
 
(13.6
)%
 
 
—

 
(13.6
)%
Total revenues
$
110.9

 
$
103.0

 
$
7.9

 
7.7
 %
 
 
$
(0.7
)
 
8.4
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
4.5

 
$
5.2

 
$
(0.7
)
 
(13.5
)%
 
 
$
—

 
(13.5
)%
Used vehicle retail sales
1.8

 
1.3

 
0.5

 
38.5
 %
 
 
—

 
38.5
 %
Used vehicle wholesale sales
0.3

 
0.1

 
0.2

 
200.0
 %
 
 
0.1

 
88.2
 %
Total used
2.1

 
1.4

 
0.7

 
50.0
 %
 
 
0.1

 
44.3
 %
Parts and service sales
5.1

 
5.1

 
—

 
—
 %
 
 
—

 
—
 %
Finance, insurance and other, net
1.9

 
2.2

 
(0.3
)
 
(13.6
)%
 
 
—

 
(13.6
)%
Total gross profit
$
13.6

 
$
13.9

 
$
(0.3
)
 
(2.2
)%
 
 
$
0.1

 
(1.9
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.4
%
 
8.0
%
 
(1.6
)%
 
 
 
 
 
 
 
Used vehicle retail sales
7.9
%
 
6.4
%
 
1.5
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.8
%
 
2.4
%
 
4.4
 %
 
 
 
 
 
 
 
Total used
7.7
%
 
5.7
%
 
2.0
 %
 
 
 
 
 
 
 
Parts and service sales
42.5
%
 
44.7
%
 
(2.2
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
12.3
%
 
13.5
%
 
(1.2
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
2,262

 
2,193

 
69

 
3.1
 %
 
 
 
 
 
Retail used vehicles sold
1,219

 
1,069

 
150

 
14.0
 %
 
 
 
 
 
Wholesale used vehicles sold
430

 
402

 
28

 
7.0
 %
 
 
 
 
 
Total used
1,649

 
1,471

 
178

 
12.1
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,858

 
$
29,594

 
$
1,264

 
4.3
 %
 
 
$
(210
)
 
5.0
 %
Used vehicle retail
$
18,704

 
$
18,990

 
$
(286
)
 
(1.5
)%
 
 
$
(96
)
 
(1.0
)%
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,989

 
$
2,371

 
$
(382
)
 
(16.1
)%
 
 
$
(6
)
 
(15.9
)%
Used vehicle retail sales
$
1,477

 
$
1,216

 
$
261

 
21.5
 %
 
 
$
1

 
21.6
 %
Used vehicle wholesale sales
$
698

 
$
249

 
$
449

 
180.3
 %
 
 
$
135

 
76.0
 %
Total used
$
1,273

 
$
952

 
$
321

 
33.7
 %
 
 
$
37

 
28.7
 %
Finance, insurance and other, net (per retail unit)
$
546

 
$
674

 
$
(128
)
 
(19.0
)%
 
 
$
(1
)
 
(19.2
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
11.1

 
$
14.9

 
$
(3.8
)
 
(25.5
)%
 
 
$
0.1

 
(26.1
)%
Adjusted SG&A expenses (1)
$
11.1

 
$
11.8

 
$
(0.7
)
 
(5.9
)%
 
 
$
—

 
(5.9
)%
SG&A as % gross profit
81.6
%
 
107.2
%
 
(25.6
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
81.6
%
 
84.9
%
 
(3.3
)%
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
0.2

 
$
0.2

 
$
—

 
—
 %
 
 
$
—

 
—
 %
Other interest expense, net
$
0.1

 
$
0.2

 
$
(0.1
)
 
(50.0
)%
 
 
$
—

 
(50.0
)%
(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.



9

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Nine Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
208.5

 
$
204.2

 
$
4.3

 
2.1
 %
 
 
$
(17.7
)
 
10.8
 %
Used vehicle retail sales
63.4

 
66.3

 
(2.9
)
 
(4.4
)%
 
 
(5.6
)
 
4.1
 %
Used vehicle wholesale sales
13.3

 
11.5

 
1.8

 
15.7
 %
 
 
(0.9
)
 
23.6
 %
Total used
76.7

 
77.8

 
(1.1
)
 
(1.4
)%
 
 
(6.5
)
 
7.0
 %
Parts and service sales
36.1

 
34.5

 
1.6

 
4.6
 %
 
 
(3.0
)
 
13.5
 %
Finance, insurance and other, net
5.6

 
6.0

 
(0.4
)
 
(6.7
)%
 
 
(0.4
)
 
0.2
 %
Total revenues
$
326.9

 
$
322.5

 
$
4.4

 
1.4
 %
 
 
$
(27.6
)
 
10.0
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
12.6

 
$
13.3

 
$
(0.7
)
 
(5.3
)%
 
 
$
(0.9
)
 
1.8
 %
Used vehicle retail sales
4.7

 
4.0

 
0.7

 
17.5
 %
 
 
(0.4
)
 
26.2
 %
Used vehicle wholesale sales
0.9

 
0.4

 
0.5

 
125.0
 %
 
 
(0.1
)
 
150.9
 %
Total used
5.6

 
4.4

 
1.2

 
27.3
 %
 
 
(0.5
)
 
37.0
 %
Parts and service sales
15.8

 
15.5

 
0.3

 
1.9
 %
 
 
(1.3
)
 
10.6
 %
Finance, insurance and other, net
5.6

 
6.0

 
(0.4
)
 
(6.7
)%
 
 
(0.4
)
 
0.2
 %
Total gross profit
$
39.6

 
$
39.2

 
$
0.4

 
1.0
 %
 
 
$
(3.1
)
 
9.0
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.0
%
 
6.5
%
 
(0.5
)%
 
 
 
 
 
 
 
Used vehicle retail sales
7.4
%
 
6.0
%
 
1.4
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.8
%
 
3.5
%
 
3.3
 %
 
 
 
 
 
 
 
Total used
7.3
%
 
5.7
%
 
1.6
 %
 
 
 
 
 
 
 
Parts and service sales
43.8
%
 
44.9
%
 
(1.1
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
12.1
%
 
12.2
%
 
(0.1
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
6,911

 
6,429

 
482

 
7.5
 %
 
 
 
 
 
Retail used vehicles sold
3,295

 
3,163

 
132

 
4.2
 %
 
 
 
 
 
Wholesale used vehicles sold
1,386

 
1,081

 
305

 
28.2
 %
 
 
 
 
 
Total used
4,681

 
4,244

 
437

 
10.3
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,169

 
$
31,762

 
$
(1,593
)
 
(5.0
)%
 
 
$
(2,564
)
 
3.1
 %
Used vehicle retail
$
19,241

 
$
20,961

 
$
(1,720
)
 
(8.2
)%
 
 
$
(1,720
)
 
—
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,823

 
$
2,069

 
$
(246
)
 
(11.9
)%
 
 
$
(137
)
 
(5.3
)%
Used vehicle retail sales
$
1,426

 
$
1,265

 
$
161

 
12.7
 %
 
 
$
(109
)
 
21.1
 %
Used vehicle wholesale sales
$
649

 
$
370

 
$
279

 
75.4
 %
 
 
$
(60
)
 
95.7
 %
Total used
$
1,196

 
$
1,037

 
$
159

 
15.3
 %
 
 
$
(94
)
 
24.2
 %
Finance, insurance and other, net (per retail unit)
$
549

 
$
626

 
$
(77
)
 
(12.3
)%
 
 
$
(40
)
 
(5.8
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
35.0

 
$
38.2

 
$
(3.2
)
 
(8.4
)%
 
 
$
(2.3
)
 
(2.2
)%
Adjusted SG&A expenses (1)
$
35.0

 
$
34.5

 
$
0.5

 
1.4
 %
 
 
$
(2.8
)
 
9.4
 %
SG&A as % gross profit
88.4
%
 
97.4
%
 
(9.0
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
88.4
%
 
88.0
%
 
0.4
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
0.6

 
$
0.6

 
$
—

 
—
 %
 
 
$
—

 
—
 %
Other interest expense, net
$
—

 
$
0.8

 
$
(0.8
)
 
(100.0
)%
 
 
$
(0.1
)
 
(100.8
)%
(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.



10

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,652.2

 
$
1,539.5

 
$
112.7

 
7.3
 %
 
 
$
(16.9
)
 
8.4
 %
Used vehicle retail sales
869.7

 
792.4

 
77.3

 
9.8
 %
 
 
(10.9
)
 
11.1
 %
Used vehicle wholesale sales
85.3

 
86.6

 
(1.3
)
 
(1.5
)%
 
 
(1.9
)
 
0.7
 %
Total used
955.0

 
879.0

 
76.0

 
8.6
 %
 
 
(12.8
)
 
10.1
 %
Parts and service sales
383.5

 
354.5

 
29.0

 
8.2
 %
 
 
(3.2
)
 
9.1
 %
Finance, insurance and other, net
127.6

 
116.1

 
11.5

 
9.9
 %
 
 
(0.7
)
 
10.5
 %
Total revenues
$
3,118.3

 
$
2,889.1

 
$
229.2

 
7.9
 %
 
 
$
(33.6
)
 
9.1
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
75.2

 
$
77.6

 
$
(2.4
)
 
(3.1
)%
 
 
$
(0.9
)
 
(1.9
)%
Used vehicle retail sales
54.2

 
50.1

 
4.1

 
8.2
 %
 
 
(0.5
)
 
9.2
 %
Used vehicle wholesale sales
0.4

 
(0.3
)
 
0.7

 
233.3
 %
 
 
0.1

 
197.5
 %
Total used
54.6

 
49.8

 
4.8

 
9.6
 %
 
 
(0.4
)
 
10.5
 %
Parts and service sales
208.2

 
191.6

 
16.6

 
8.7
 %
 
 
(1.7
)
 
9.6
 %
Finance, insurance and other, net
127.6

 
116.1

 
11.5

 
9.9
 %
 
 
(0.7
)
 
10.5
 %
Total gross profit
$
465.6

 
$
435.1

 
$
30.5

 
7.0
 %
 
 
$
(3.7
)
 
7.9
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.6
%
 
5.0
 %
 
(0.4
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.2
%
 
6.3
 %
 
(0.1
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.5
%
 
(0.3
)%
 
0.8
 %
 
 
 
 
 
 
 
Total used
5.7
%
 
5.7
 %
 
—
 %
 
 
 
 
 
 
 
Parts and service sales
54.3
%
 
54.0
 %
 
0.3
 %
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
14.9
%
 
15.1
 %
 
(0.2
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
44,632

 
43,584

 
1,048

 
2.4
 %
 
 
 
 
 
Retail used vehicles sold
41,297

 
37,676

 
3,621

 
9.6
 %
 
 
 
 
 
Wholesale used vehicles sold
12,889

 
12,902

 
(13
)
 
(0.1
)%
 
 
 
 
 
Total used
54,186

 
50,578

 
3,608

 
7.1
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
37,018

 
$
35,323

 
$
1,695

 
4.8
 %
 
 
$
(380
)
 
5.9
 %
Used vehicle retail
$
21,060

 
$
21,032

 
$
28

 
0.1
 %
 
 
$
(265
)
 
1.4
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,685

 
$
1,780

 
$
(95
)
 
(5.3
)%
 
 
$
(20
)
 
(4.2
)%
Used vehicle retail sales
$
1,312

 
$
1,330

 
$
(18
)
 
(1.4
)%
 
 
$
(13
)
 
(0.4
)%
Used vehicle wholesale sales
$
31

 
$
(23
)
 
$
54

 
234.8
 %
 
 
$
6

 
197.6
 %
Total used
$
1,008

 
$
985

 
$
23

 
2.3
 %
 
 
$
(8
)
 
3.1
 %
Finance, insurance and other, net (per retail unit)
$
1,485

 
$
1,429

 
$
56

 
3.9
 %
 
 
$
(8
)
 
4.5
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
354.0

 
$
316.8

 
$
37.2

 
11.7
 %
 
 
$
(3.2
)
 
12.7
 %
Adjusted SG&A expenses (1)
$
340.8

 
$
320.5

 
$
20.3

 
6.3
 %
 
 
$
(3.3
)
 
7.4
 %
SG&A as % gross profit
76.0
%
 
72.8
 %
 
3.2
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
73.2
%
 
73.7
 %
 
(0.5
)%
 
 
 
 
 
 
 
Operating margin %
2.7
%
 
2.7
 %
 
—
 %
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.4
%
 
3.4
 %
 
—
 %
 
 
 
 
 
 
 
Pretax margin %
1.6
%
 
1.5
 %
 
0.1
 %
 
 
 
 
 
 
 
Adjusted pretax margin % (1)
2.3
%
 
2.2
 %
 
0.1
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
15.4

 
$
14.7

 
$
0.7

 
4.8
 %
 
 
$
—

 
4.8
 %
Less: Floorplan assistance
13.3

 
12.0

 
1.3

 
10.8
 %
 
 
—

 
10.8
 %
Net floorplan expense
$
2.1

 
$
2.7

 
$
(0.6
)
 
(22.2
)%
 
 
$
—

 
(22.2
)%
Other interest expense, net
$
18.9

 
$
19.1

 
$
(0.2
)
 
(1.0
)%
 
 
$
(0.1
)
 
(0.3
)%
(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.

11

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Nine Months Ended September 30,
 
2019

2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
4,632.2

 
$
4,608.7

 
$
23.5

 
0.5
 %
 
 
$
(74.5
)
 
2.1
 %
Used vehicle retail sales
2,527.8

 
2,394.8

 
133.0

 
5.6
 %
 
 
(40.7
)
 
7.3
 %
Used vehicle wholesale sales
273.4

 
283.4

 
(10.0
)
 
(3.5
)%
 
 
(8.4
)
 
(0.6
)%
Total used
2,801.2

 
2,678.2

 
123.0

 
4.6
 %
 
 
(49.1
)
 
6.4
 %
Parts and service sales
1,130.8

 
1,062.1

 
68.7

 
6.5
 %
 
 
(13.3
)
 
7.7
 %
Finance, insurance and other, net
368.2

 
343.5

 
24.7

 
7.2
 %
 
 
(3.0
)
 
8.1
 %
Total revenues
$
8,932.4

 
$
8,692.5

 
$
239.9

 
2.8
 %
 
 
$
(139.9
)
 
4.4
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
216.5

 
$
229.6

 
$
(13.1
)
 
(5.7
)%
 
 
$
(3.2
)
 
(4.3
)%
Used vehicle retail sales
155.3

 
144.8

 
10.5

 
7.3
 %
 
 
(1.9
)
 
8.6
 %
Used vehicle wholesale sales
0.7

 
1.6

 
(0.9
)
 
(56.3
)%
 
 
—

 
(56.3
)%
Total used
156.0

 
146.4

 
9.6

 
6.6
 %
 
 
(1.9
)
 
7.9
 %
Parts and service sales
610.7

 
573.5

 
37.2

 
6.5
 %
 
 
(7.0
)
 
7.7
 %
Finance, insurance and other, net
368.2

 
343.5

 
24.7

 
7.2
 %
 
 
(3.0
)
 
8.1
 %
Total gross profit
$
1,351.4

 
$
1,293.0

 
$
58.4

 
4.5
 %
 
 
$
(15.1
)
 
5.7
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.7
%
 
5.0
%
 
(0.3
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.1
%
 
6.0
%
 
0.1
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.3
%
 
0.6
%
 
(0.3
)%
 
 
 
 
 
 
 
Total used
5.6
%
 
5.5
%
 
0.1
 %
 
 
 
 
 
 
 
Parts and service sales
54.0
%
 
54.0
%
 
—
 %
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.1
%
 
14.9
%
 
0.2
 %
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
125,599

 
128,245

 
(2,646
)
 
(2.1
)%
 
 
 
 
 
Retail used vehicles sold
119,878

 
111,900

 
7,978

 
7.1
 %
 
 
 
 
 
Wholesale used vehicles sold
38,962

 
41,798

 
(2,836
)
 
(6.8
)%
 
 
 
 
 
Total used
158,840

 
153,698

 
5,142

 
3.3
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
36,881

 
$
35,937

 
$
944

 
2.6
 %
 
 
$
(593
)
 
4.3
 %
Used vehicle retail
$
21,086

 
$
21,401

 
$
(315
)
 
(1.5
)%
 
 
$
(340
)
 
0.1
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,724

 
$
1,790

 
$
(66
)
 
(3.7
)%
 
 
$
(25
)
 
(2.3
)%
Used vehicle retail sales
$
1,295

 
$
1,294

 
$
1

 
0.1
 %
 
 
$
(17
)
 
1.4
 %
Used vehicle wholesale sales
$
18

 
$
38

 
$
(20
)
 
(52.6
)%
 
 
$
1

 
(55.6
)%
Total used
$
982

 
$
953

 
$
29

 
3.0
 %
 
 
$
(13
)
 
4.4
 %
Finance, insurance and other, net (per retail unit)
$
1,500

 
$
1,430

 
$
70

 
4.9
 %
 
 
$
(12
)
 
5.7
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
1,020.4

 
$
949.2

 
$
71.2

 
7.5
 %
 
 
$
(13.0
)
 
8.9
 %
Adjusted SG&A expenses (1)
$
1,004.7

 
$
964.6

 
$
40.1

 
4.2
 %
 
 
$
(13.3
)
 
5.5
 %
SG&A as % gross profit
75.5
%
 
73.4
%
 
2.1
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
74.3
%
 
74.6
%
 
(0.3
)%
 
 
 
 
 
 
 
Operating margin %
3.0
%
 
3.1
%
 
(0.1
)%
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.3
%
 
3.2
%
 
0.1
 %
 
 
 
 
 
 
 
Pretax margin %
1.8
%
 
1.9
%
 
(0.1
)%
 
 
 
 
 
 
 
Adjusted pretax margin % (1)
2.1
%
 
2.0
%
 
0.1
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
47.0

 
$
43.3

 
$
3.7

 
8.5
 %
 
 
$
(0.3
)
 
9.2
 %
Less: Floorplan assistance
35.6

 
34.5

 
1.1

 
3.2
 %
 
 
0.1

 
3.2
 %
Net floorplan expense
$
11.4

 
$
8.8

 
$
2.6

 
29.5
 %
 
 
$
(0.4
)
 
32.9
 %
Other interest expense, net
$
55.8

 
$
57.4

 
$
(1.6
)
 
(2.8
)%
 
 
$
(0.4
)
 
(2.1
)%
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

12


Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
New vehicle retail sales
$
1,259.8

 
$
1,172.4

 
$
87.4

 
7.5
 %
Used vehicle retail sales
639.0

 
560.1

 
78.9

 
14.1
 %
Used vehicle wholesale sales
45.0

 
39.8

 
5.2

 
13.1
 %
Total used
684.0

 
599.9

 
84.1

 
14.0
 %
Parts and service sales
309.2

 
282.1

 
27.1

 
9.6
 %
Finance, insurance and other, net
110.1

 
99.6

 
10.5

 
10.5
 %
Total revenues
$
2,363.1

 
$
2,154.0

 
$
209.1

 
9.7
 %
Gross profit
 
 
 
 
 
 
 
New vehicle retail sales
$
56.3

 
$
56.4

 
$
(0.1
)
 
(0.2
)%
Used vehicle retail sales
42.5

 
36.5

 
6.0

 
16.4
 %
Used vehicle wholesale sales
0.4

 
0.3

 
0.1

 
33.3
 %
Total used
42.9

 
36.8

 
6.1

 
16.6
 %
Parts and service sales
168.0

 
152.8

 
15.2

 
9.9
 %
Finance, insurance and other, net
110.1

 
99.6

 
10.5

 
10.5
 %
Total gross profit
$
377.3

 
$
345.6

 
$
31.7

 
9.2
 %
Gross margin
 
 
 
 
 
 
 
New vehicle retail sales
4.5
%
 
4.8
%
 
(0.3
)%
 
 
Used vehicle retail sales
6.7
%
 
6.5
%
 
0.2
 %
 
 
Used vehicle wholesale sales
0.9
%
 
0.8
%
 
0.1
 %
 
 
Total used
6.3
%
 
6.1
%
 
0.2
 %
 
 
Parts and service sales
54.3
%
 
54.2
%
 
0.1
 %
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
Total gross margin
16.0
%
 
16.0
%
 
—
 %
 
 
Units sold
 
 
 
 
 
 
 
Retail new vehicles sold
32,212

 
31,311

 
901

 
2.9
 %
Retail used vehicles sold
30,664

 
27,396

 
3,268

 
11.9
 %
Wholesale used vehicles sold
7,401

 
6,929

 
472

 
6.8
 %
Total used
38,065

 
34,325

 
3,740

 
10.9
 %
Average sales price per unit sold
 
 
 
 
 
 
 
New vehicle retail
$
39,110

 
$
37,444

 
$
1,666

 
4.4
 %
Used vehicle retail
$
20,839

 
$
20,445

 
$
394

 
1.9
 %
Gross profit per unit sold
 
 
 
 
 
 
 
New vehicle retail sales
$
1,748

 
$
1,801

 
$
(53
)
 
(2.9
)%
Used vehicle retail sales
$
1,386

 
$
1,332

 
$
54

 
4.1
 %
Used vehicle wholesale sales
$
54

 
$
43

 
$
11

 
25.6
 %
Total used
$
1,127

 
$
1,072

 
$
55

 
5.1
 %
Finance, insurance and other, net (per retail unit)
$
1,751

 
$
1,697

 
$
54

 
3.2
 %
Other
 
 
 
 
 
 
 
SG&A expenses
$
278.1

 
$
238.7

 
$
39.4

 
16.5
 %
Adjusted SG&A expenses (1)
$
265.8

 
$
241.8

 
$
24.0

 
9.9
 %
SG&A as % gross profit
73.7
%
 
69.1
%
 
4.6
 %
 
 
Adjusted SG&A as % gross profit (1)
70.4
%
 
70.0
%
 
0.4
 %
 
 
(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.



13

Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
New vehicle retail sales
$
3,430.1

 
$
3,348.2

 
$
81.9

 
2.4
 %
Used vehicle retail sales
1,828.5

 
1,687.2

 
141.3

 
8.4
 %
Used vehicle wholesale sales
130.2

 
133.7

 
(3.5
)
 
(2.6
)%
Total used
1,958.7

 
1,820.9

 
137.8

 
7.6
 %
Parts and service sales
910.2

 
836.2

 
74.0

 
8.8
 %
Finance, insurance and other, net
311.9

 
289.0

 
22.9

 
7.9
 %
Total revenues
$
6,610.9

 
$
6,294.3

 
$
316.6

 
5.0
 %
Gross profit
 
 
 
 
 
 
 
New vehicle retail sales
$
159.3

 
$
162.6

 
$
(3.3
)
 
(2.0
)%
Used vehicle retail sales
122.6

 
107.0

 
15.6

 
14.6
 %
Used vehicle wholesale sales
2.4

 
3.4

 
(1.0
)
 
(29.4
)%
Total used
125.0

 
110.4

 
14.6

 
13.2
 %
Parts and service sales
491.0

 
451.6

 
39.4

 
8.7
 %
Finance, insurance and other, net
311.9

 
289.0

 
22.9

 
7.9
 %
Total gross profit
$
1,087.2

 
$
1,013.6

 
$
73.6

 
7.3
 %
Gross margin
 
 
 
 
 
 
 
New vehicle retail sales
4.6
%
 
4.9
%
 
(0.3
)%
 
 
Used vehicle retail sales
6.7
%
 
6.3
%
 
0.4
 %
 
 
Used vehicle wholesale sales
1.8
%
 
2.5
%
 
(0.7
)%
 
 
Total used
6.4
%
 
6.1
%
 
0.3
 %
 
 
Parts and service sales
53.9
%
 
54.0
%
 
(0.1
)%
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
Total gross margin
16.4
%
 
16.1
%
 
0.3
 %
 
 
Units sold
 
 
 
 
 
 
 
Retail new vehicles sold
87,369

 
88,913

 
(1,544
)
 
(1.7
)%
Retail used vehicles sold
88,826

 
81,846

 
6,980

 
8.5
 %
Wholesale used vehicles sold
20,940

 
23,158

 
(2,218
)
 
(9.6
)%
Total used
109,766

 
105,004

 
4,762

 
4.5
 %
Average sales price per unit sold
 
 
 
 
 
 
 
New vehicle retail
$
39,260

 
$
37,657

 
$
1,603

 
4.3
 %
Used vehicle retail
$
20,585

 
$
20,614

 
$
(29
)
 
(0.1
)%
Gross profit per unit sold
 
 
 
 
 
 
 
New vehicle retail sales
$
1,823

 
$
1,829

 
$
(6
)
 
(0.3
)%
Used vehicle retail sales
$
1,380

 
$
1,307

 
$
73

 
5.6
 %
Used vehicle wholesale sales
$
115

 
$
147

 
$
(32
)
 
(21.8
)%
Total used
$
1,139

 
$
1,051

 
$
88

 
8.4
 %
Finance, insurance and other, net (per retail unit)
$
1,770

 
$
1,692

 
$
78

 
4.6
 %
Other
 
 
 
 
 
 
 
SG&A expenses
$
794.2

 
$
728.4

 
$
65.8

 
9.0
 %
Adjusted SG&A expenses (1)
$
775.2

 
$
726.9

 
$
48.3

 
6.6
 %
SG&A as % gross profit
73.1
%
 
71.9
%
 
1.2
 %
 
 
Adjusted SG&A as % gross profit (1)
71.3
%
 
71.7
%
 
(0.4
)%
 
 
(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.




14

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
274.2

 
$
266.1

 
$
8.1

 
3.0
 %
 
 
$
(15.4
)
 
8.8
 %
Used vehicle retail sales
177.5

 
192.9

 
(15.4
)
 
(8.0
)%
 
 
(10.0
)
 
(2.8
)%
Used vehicle wholesale sales
33.4

 
39.9

 
(6.5
)
 
(16.3
)%
 
 
(1.9
)
 
(11.6
)%
Total used
210.9

 
232.8

 
(21.9
)
 
(9.4
)%
 
 
(11.9
)
 
(4.3
)%
Parts and service sales
50.4

 
49.6

 
0.8

 
1.6
 %
 
 
(2.8
)
 
7.3
 %
Finance, insurance and other, net
12.1

 
11.8

 
0.3

 
2.5
 %
 
 
(0.7
)
 
8.1
 %
Total revenues
$
547.6

 
$
560.3

 
$
(12.7
)
 
(2.3
)%
 
 
$
(30.8
)
 
3.2
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
11.3

 
$
14.7

 
$
(3.4
)
 
(23.1
)%
 
 
$
(0.8
)
 
(17.9
)%
Used vehicle retail sales
8.3

 
11.1

 
(2.8
)
 
(25.2
)%
 
 
(0.3
)
 
(22.1
)%
Used vehicle wholesale sales
(0.3
)
 
(0.7
)
 
0.4

 
57.1
 %
 
 
—

 
57.1
 %
Total used
8.0

 
10.4

 
(2.4
)
 
(23.1
)%
 
 
(0.3
)
 
(19.7
)%
Parts and service sales
28.2

 
28.4

 
(0.2
)
 
(0.7
)%
 
 
(1.6
)
 
4.8
 %
Finance, insurance and other, net
12.1

 
11.8

 
0.3

 
2.5
 %
 
 
(0.7
)
 
8.1
 %
Total gross profit
$
59.6

 
$
65.3

 
$
(5.7
)
 
(8.7
)%
 
 
$
(3.4
)
 
(3.6
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.1
 %
 
5.5
 %
 
(1.4
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.7
 %
 
5.8
 %
 
(1.1
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
(0.9
)%
 
(1.8
)%
 
0.9
 %
 
 
 
 
 
 
 
Total used
3.8
 %
 
4.5
 %
 
(0.7
)%
 
 
 
 
 
 
 
Parts and service sales
56.0
 %
 
57.3
 %
 
(1.3
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
10.9
 %
 
11.7
 %
 
(0.8
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
8,607

 
8,646

 
(39
)
 
(0.5
)%
 
 
 
 
 
Retail used vehicles sold
7,902

 
8,128

 
(226
)
 
(2.8
)%
 
 
 
 
 
Wholesale used vehicles sold
4,603

 
5,133

 
(530
)
 
(10.3
)%
 
 
 
 
 
Total used
12,505

 
13,261

 
(756
)
 
(5.7
)%
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
31,858

 
$
30,777

 
$
1,081

 
3.5
 %
 
 
$
(1,789
)
 
9.3
 %
Used vehicle retail
$
22,463

 
$
23,733

 
$
(1,270
)
 
(5.4
)%
 
 
$
(1,270
)
 
—
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,313

 
$
1,700

 
$
(387
)
 
(22.8
)%
 
 
$
(87
)
 
(17.6
)%
Used vehicle retail sales
$
1,050

 
$
1,366

 
$
(316
)
 
(23.1
)%
 
 
$
(43
)
 
(19.8
)%
Used vehicle wholesale sales
$
(65
)
 
$
(136
)
 
$
71

 
52.2
 %
 
 
$
(3
)
 
50.2
 %
Total used
$
640

 
$
784

 
$
(144
)
 
(18.4
)%
 
 
$
(28
)
 
(14.8
)%
Finance, insurance and other, net (per retail unit)
$
733

 
$
703

 
$
30

 
4.3
 %
 
 
$
(39
)
 
9.8
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
51.1

 
$
55.7

 
$
(4.6
)
 
(8.3
)%
 
 
$
(2.9
)
 
(3.0
)%
SG&A as % gross profit
85.7
 %
 
85.3
 %
 
0.4
 %
 
 
 
 
 
 
 





15

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Nine Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
853.1

 
$
923.9

 
$
(70.8
)
 
(7.7
)%
 
 
$
(53.1
)
 
(1.9
)%
Used vehicle retail sales
546.1

 
580.2

 
(34.1
)
 
(5.9
)%
 
 
(32.8
)
 
(0.2
)%
Used vehicle wholesale sales
120.6

 
130.2

 
(9.6
)
 
(7.4
)%
 
 
(7.1
)
 
(1.9
)%
Total used
666.7

 
710.4

 
(43.7
)
 
(6.2
)%
 
 
(39.9
)
 
(0.5
)%
Parts and service sales
154.7

 
152.8

 
1.9

 
1.2
 %
 
 
(9.3
)
 
7.3
 %
Finance, insurance and other, net
40.4

 
40.6

 
(0.2
)
 
(0.5
)%
 
 
(2.4
)
 
5.3
 %
Total revenues
$
1,714.9

 
$
1,827.7

 
$
(112.8
)
 
(6.2
)%
 
 
$
(104.7
)
 
(0.4
)%
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
37.3

 
$
48.0

 
$
(10.7
)
 
(22.3
)%
 
 
$
(2.2
)
 
(17.7
)%
Used vehicle retail sales
23.4

 
30.3

 
(6.9
)
 
(22.8
)%
 
 
(1.4
)
 
(18.1
)%
Used vehicle wholesale sales
(2.3
)
 
(1.8
)
 
(0.5
)
 
(27.8
)%
 
 
0.1

 
(35.9
)%
Total used
21.1

 
28.5

 
(7.4
)
 
(26.0
)%
 
 
(1.3
)
 
(21.5
)%
Parts and service sales
86.0

 
88.0

 
(2.0
)
 
(2.3
)%
 
 
(5.1
)
 
3.6
 %
Finance, insurance and other, net
40.4

 
40.6

 
(0.2
)
 
(0.5
)%
 
 
(2.4
)
 
5.3
 %
Total gross profit
$
184.8

 
$
205.1

 
$
(20.3
)
 
(9.9
)%
 
 
$
(11.0
)
 
(4.6
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.4
 %
 
5.2
 %
 
(0.8
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.3
 %
 
5.2
 %
 
(0.9
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
(1.9
)%
 
(1.4
)%
 
(0.5
)%
 
 
 
 
 
 
 
Total used
3.2
 %
 
4.0
 %
 
(0.8
)%
 
 
 
 
 
 
 
Parts and service sales
55.6
 %
 
57.6
 %
 
(2.0
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
10.8
 %
 
11.2
 %
 
(0.4
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
26,931

 
28,593

 
(1,662
)
 
(5.8
)%
 
 
 
 
 
Retail used vehicles sold
23,245

 
23,782

 
(537
)
 
(2.3
)%
 
 
 
 
 
Wholesale used vehicles sold
15,077

 
16,342

 
(1,265
)
 
(7.7
)%
 
 
 
 
 
Total used
38,322

 
40,124

 
(1,802
)
 
(4.5
)%
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
31,677

 
$
32,312

 
$
(635
)
 
(2.0
)%
 
 
$
(1,973
)
 
4.1
 %
Used vehicle retail
$
23,493

 
$
24,397

 
$
(904
)
 
(3.7
)%
 
 
$
(1,412
)
 
2.1
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,385

 
$
1,679

 
$
(294
)
 
(17.5
)%
 
 
$
(82
)
 
(12.6
)%
Used vehicle retail sales
$
1,007

 
$
1,274

 
$
(267
)
 
(21.0
)%
 
 
$
(60
)
 
(16.2
)%
Used vehicle wholesale sales
$
(153
)
 
$
(110
)
 
$
(43
)
 
(39.1
)%
 
 
$
9

 
(47.3
)%
Total used
$
551

 
$
710

 
$
(159
)
 
(22.4
)%
 
 
$
(32
)
 
(17.8
)%
Finance, insurance and other, net (per retail unit)
$
805

 
$
775

 
$
30

 
3.9
 %
 
 
$
(47
)
 
10.0
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
159.6

 
$
170.8

 
$
(11.2
)
 
(6.6
)%
 
 
$
(9.6
)
 
(0.9
)%
SG&A as % gross profit
86.4
 %
 
83.3
 %
 
3.1
 %
 
 
 
 
 
 
 




16

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
67.4

 
$
64.1

 
$
3.3

 
5.1
 %
 
 
$
(0.6
)
 
6.1
 %
Used vehicle retail sales
22.1

 
17.4

 
4.7

 
27.0
 %
 
 
(0.1
)
 
27.5
 %
Used vehicle wholesale sales
4.4

 
3.4

 
1.0

 
29.4
 %
 
 
—

 
29.4
 %
Total used
26.5

 
20.8

 
5.7

 
27.4
 %
 
 
(0.1
)
 
27.8
 %
Parts and service sales
11.7

 
11.1

 
0.6

 
5.4
 %
 
 
—

 
5.4
 %
Finance, insurance and other, net
1.8

 
2.1

 
(0.3
)
 
(14.3
)%
 
 
0.1

 
(17.1
)%
Total revenues
$
107.4

 
$
98.1

 
$
9.3

 
9.5
 %
 
 
$
(0.6
)
 
10.2
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
4.3

 
$
5.2

 
$
(0.9
)
 
(17.3
)%
 
 
$
(0.1
)
 
(15.0
)%
Used vehicle retail sales
1.7

 
1.1

 
0.6

 
54.5
 %
 
 
0.1

 
45.7
 %
Used vehicle wholesale sales
0.3

 
0.2

 
0.1

 
50.0
 %
 
 
(0.1
)
 
116.9
 %
Total used
2.0

 
1.3

 
0.7

 
53.8
 %
 
 
—

 
53.8
 %
Parts and service sales
5.1

 
5.0

 
0.1

 
2.0
 %
 
 
(0.1
)
 
3.3
 %
Finance, insurance and other, net
1.8

 
2.1

 
(0.3
)
 
(14.3
)%
 
 
0.1

 
(17.1
)%
Total gross profit
$
13.2

 
$
13.6

 
$
(0.4
)
 
(2.9
)%
 
 
$
(0.1
)
 
(2.0
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.4
%
 
8.1
%
 
(1.7
)%
 
 
 
 
 
 
 
Used vehicle retail sales
7.7
%
 
6.3
%
 
1.4
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.8
%
 
5.9
%
 
0.9
 %
 
 
 
 
 
 
 
Total used
7.5
%
 
6.2
%
 
1.3
 %
 
 
 
 
 
 
 
Parts and service sales
43.6
%
 
45.0
%
 
(1.4
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
12.3
%
 
13.9
%
 
(1.6
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
2,145

 
2,173

 
(28
)
 
(1.3
)%
 
 
 
 
 
Retail used vehicles sold
1,164

 
1,010

 
154

 
15.2
 %
 
 
 
 
 
Wholesale used vehicles sold
416

 
373

 
43

 
11.5
 %
 
 
 
 
 
Total used
1,580

 
1,383

 
197

 
14.2
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
31,422

 
$
29,498

 
$
1,924

 
6.5
 %
 
 
$
(286
)
 
7.5
 %
Used vehicle retail
$
18,986

 
$
17,228

 
$
1,758

 
10.2
 %
 
 
$
(76
)
 
10.6
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
2,005

 
$
2,393

 
$
(388
)
 
(16.2
)%
 
 
$
(59
)
 
(13.9
)%
Used vehicle retail sales
$
1,460

 
$
1,089

 
$
371

 
34.1
 %
 
 
$
64

 
26.5
 %
Used vehicle wholesale sales
$
721

 
$
536

 
$
185

 
34.5
 %
 
 
$
(181
)
 
94.5
 %
Total used
$
1,266

 
$
940

 
$
326

 
34.7
 %
 
 
$
(1
)
 
34.4
 %
Finance, insurance and other, net (per retail unit)
$
544

 
$
660

 
$
(116
)
 
(17.6
)%
 
 
$
19

 
(20.2
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
10.8

 
$
13.8

 
$
(3.0
)
 
(21.7
)%
 
 
$
(0.1
)
 
(20.9
)%
Adjusted SG&A expenses (1)
$
10.8

 
$
11.3

 
$
(0.5
)
 
(4.4
)%
 
 
$
(0.2
)
 
(3.0
)%
SG&A as % gross profit
81.8
%
 
101.5
%
 
(19.7
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
81.8
%
 
83.1
%
 
(1.3
)%
 
 
 
 
 
 
 
(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.



17

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Nine Months Ended September 30,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
193.6

 
$
202.6

 
$
(9.0
)
 
(4.4
)%
 
 
$
(16.7
)
 
3.8
 %
Used vehicle retail sales
60.2

 
62.6

 
(2.4
)
 
(3.8
)%
 
 
(5.6
)
 
5.2
 %
Used vehicle wholesale sales
12.7

 
10.4

 
2.3

 
22.1
 %
 
 
(1.1
)
 
32.8
 %
Total used
72.9

 
73.0

 
(0.1
)
 
(0.1
)%
 
 
(6.7
)
 
9.1
 %
Parts and service sales
34.6

 
34.2

 
0.4

 
1.2
 %
 
 
(2.9
)
 
9.8
 %
Finance, insurance and other, net
5.1

 
6.0

 
(0.9
)
 
(15.0
)%
 
 
(0.4
)
 
(8.6
)%
Total revenues
$
306.2

 
$
315.8

 
$
(9.6
)
 
(3.0
)%
 
 
$
(26.7
)
 
5.4
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
11.9

 
$
13.2

 
$
(1.3
)
 
(9.8
)%
 
 
$
(0.8
)
 
(3.7
)%
Used vehicle retail sales
4.3

 
3.8

 
0.5

 
13.2
 %
 
 
(0.4
)
 
22.8
 %
Used vehicle wholesale sales
0.9

 
0.4

 
0.5

 
125.0
 %
 
 
(0.1
)
 
154.6
 %
Total used
5.2

 
4.2

 
1.0

 
23.8
 %
 
 
(0.5
)
 
34.7
 %
Parts and service sales
15.2

 
15.4

 
(0.2
)
 
(1.3
)%
 
 
(1.4
)
 
7.5
 %
Finance, insurance and other, net
5.1

 
6.0

 
(0.9
)
 
(15.0
)%
 
 
(0.4
)
 
(8.6
)%
Total gross profit
$
37.4

 
$
38.8

 
$
(1.4
)
 
(3.6
)%
 
 
$
(3.1
)
 
4.1
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.1
%
 
6.5
%
 
(0.4
)%
 
 
 
 
 
 
 
Used vehicle retail sales
7.1
%
 
6.1
%
 
1.0
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
7.1
%
 
3.8
%
 
3.3
 %
 
 
 
 
 
 
 
Total used
7.1
%
 
5.8
%
 
1.3
 %
 
 
 
 
 
 
 
Parts and service sales
43.9
%
 
45.0
%
 
(1.1
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
12.2
%
 
12.3
%
 
(0.1
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
6,296

 
6,390

 
(94
)
 
(1.5
)%
 
 
 
 
 
Retail used vehicles sold
3,083

 
3,088

 
(5
)
 
(0.2
)%
 
 
 
 
 
Wholesale used vehicles sold
1,253

 
1,043

 
210

 
20.1
 %
 
 
 
 
 
Total used
4,336

 
4,131

 
205

 
5.0
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,750

 
$
31,706

 
$
(956
)
 
(3.0
)%
 
 
$
(2,657
)
 
5.4
 %
Used vehicle retail
$
19,526

 
$
20,272

 
$
(746
)
 
(3.7
)%
 
 
$
(1,829
)
 
5.3
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,890

 
$
2,066

 
$
(176
)
 
(8.5
)%
 
 
$
(130
)
 
(2.2
)%
Used vehicle retail sales
$
1,395

 
$
1,231

 
$
164

 
13.3
 %
 
 
$
(123
)
 
23.0
 %
Used vehicle wholesale sales
$
718

 
$
384

 
$
334

 
87.0
 %
 
 
$
(75
)
 
111.9
 %
Total used
$
1,199

 
$
1,017

 
$
182

 
17.9
 %
 
 
$
(108
)
 
28.3
 %
Finance, insurance and other, net (per retail unit)
$
544

 
$
633

 
$
(89
)
 
(14.1
)%
 
 
$
(41
)
 
(7.6
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
33.5

 
$
36.8

 
$
(3.3
)
 
(9.0
)%
 
 
$
(2.4
)
 
(2.5
)%
Adjusted SG&A expenses (1)
$
33.5

 
$
33.9

 
$
(0.4
)
 
(1.2
)%
 
 
$
(2.7
)
 
6.8
 %
SG&A as % gross profit
89.6
%
 
94.8
%
 
(5.2
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
89.6
%
 
87.4
%
 
2.2
 %
 
 
 
 
 
 
 
(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.



18

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,601.4

 
$
1,502.6

 
$
98.8

 
6.6
 %
 
 
$
(16.0
)
 
7.6
 %
Used vehicle retail sales
838.6

 
770.4

 
68.2

 
8.9
 %
 
 
(10.1
)
 
10.2
 %
Used vehicle wholesale sales
82.8

 
83.1

 
(0.3
)
 
(0.4
)%
 
 
(1.9
)
 
1.9
 %
Total used
921.4

 
853.5

 
67.9

 
8.0
 %
 
 
(12.0
)
 
9.4
 %
Parts and service sales
371.3

 
342.8

 
28.5

 
8.3
 %
 
 
(2.8
)
 
9.1
 %
Finance, insurance and other, net
124.0

 
113.5

 
10.5

 
9.3
 %
 
 
(0.6
)
 
9.9
 %
Total revenues
$
3,018.1

 
$
2,812.4

 
$
205.7

 
7.3
 %
 
 
$
(31.4
)
 
8.4
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
71.9

 
$
76.3

 
$
(4.4
)
 
(5.8
)%
 
 
$
(0.9
)
 
(4.7
)%
Used vehicle retail sales
52.5

 
48.7

 
3.8

 
7.8
 %
 
 
(0.2
)
 
8.7
 %
Used vehicle wholesale sales
0.4

 
(0.2
)
 
0.6

 
300.0
 %
 
 
(0.1
)
 
300.0
 %
Total used
52.9

 
48.5

 
4.4

 
9.1
 %
 
 
(0.3
)
 
9.9
 %
Parts and service sales
201.3

 
186.2

 
15.1

 
8.1
 %
 
 
(1.7
)
 
8.9
 %
Finance, insurance and other, net
124.0

 
113.5

 
10.5

 
9.3
 %
 
 
(0.6
)
 
9.9
 %
Total gross profit
$
450.1

 
$
424.5

 
$
25.6

 
6.0
 %
 
 
$
(3.5
)
 
6.8
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.5
%
 
5.1
 %
 
(0.6
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.3
%
 
6.3
 %
 
—
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.5
%
 
(0.2
)%
 
0.7
 %
 
 
 
 
 
 
 
Total used
5.7
%
 
5.7
 %
 
—
 %
 
 
 
 
 
 
 
Parts and service sales
54.2
%
 
54.3
 %
 
(0.1
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
14.9
%
 
15.1
 %
 
(0.2
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
42,964

 
42,130

 
834

 
2.0
 %
 
 
 
 
 
Retail used vehicles sold
39,730

 
36,534

 
3,196

 
8.7
 %
 
 
 
 
 
Wholesale used vehicles sold
12,420

 
12,435

 
(15
)
 
(0.1
)%
 
 
 
 
 
Total used
52,150

 
48,969

 
3,181

 
6.5
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
37,273

 
$
35,666

 
$
1,607

 
4.5
 %
 
 
$
(369
)
 
5.5
 %
Used vehicle retail
$
21,107

 
$
21,087

 
$
20

 
0.1
 %
 
 
$
(257
)
 
1.3
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,673

 
$
1,811

 
$
(138
)
 
(7.6
)%
 
 
$
(19
)
 
(6.6
)%
Used vehicle retail sales
$
1,321

 
$
1,333

 
$
(12
)
 
(0.9
)%
 
 
$
(12
)
 
—
 %
Used vehicle wholesale sales
$
32

 
$
(16
)
 
$
48

 
300.0
 %
 
 
$
2

 
254.4
 %
Total used
$
1,014

 
$
990

 
$
24

 
2.4
 %
 
 
$
(8
)
 
3.2
 %
Finance, insurance and other, net (per retail unit)
$
1,500

 
$
1,443

 
$
57

 
4.0
 %
 
 
$
(8
)
 
4.5
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
340.0

 
$
308.2

 
$
31.8

 
10.3
 %
 
 
$
(3.0
)
 
11.3
 %
Adjusted SG&A expenses (1)
$
327.7

 
$
308.8

 
$
18.9

 
6.1
 %
 
 
$
(3.0
)
 
7.1
 %
SG&A as % gross profit
75.5
%
 
72.6
 %
 
2.9
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
72.8
%
 
72.7
 %
 
0.1
 %
 
 
 
 
 
 
 
Operating margin %
2.7
%
 
2.8
 %
 
(0.1
)%
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.5
%
 
3.5
 %
 
—
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



19

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
4,476.8

 
$
4,474.7

 
$
2.1

 
—
 %
 
 
$
(69.8
)
 
1.6
 %
Used vehicle retail sales
2,434.8

 
2,330.0

 
104.8

 
4.5
 %
 
 
(38.5
)
 
6.1
 %
Used vehicle wholesale sales
263.5

 
274.3

 
(10.8
)
 
(3.9
)%
 
 
(8.2
)
 
(0.9
)%
Total used
2,698.3

 
2,604.3

 
94.0

 
3.6
 %
 
 
(46.7
)
 
5.4
 %
Parts and service sales
1,099.5

 
1,023.2

 
76.3

 
7.5
 %
 
 
(12.2
)
 
8.7
 %
Finance, insurance and other, net
357.4

 
335.6

 
21.8

 
6.5
 %
 
 
(2.9
)
 
7.3
 %
Total revenues
$
8,632.0

 
$
8,437.8

 
$
194.2

 
2.3
 %
 
 
$
(131.6
)
 
3.9
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
208.5

 
$
223.8

 
$
(15.3
)
 
(6.8
)%
 
 
$
(2.9
)
 
(5.5
)%
Used vehicle retail sales
150.3

 
141.1

 
9.2

 
6.5
 %
 
 
(1.8
)
 
7.8
 %
Used vehicle wholesale sales
1.0

 
2.0

 
(1.0
)
 
(50.0
)%
 
 
—

 
(50.0
)%
Total used
151.3

 
143.1

 
8.2

 
5.7
 %
 
 
(1.8
)
 
7.0
 %
Parts and service sales
592.2

 
555.0

 
37.2

 
6.7
 %
 
 
(6.5
)
 
7.9
 %
Finance, insurance and other, net
357.4

 
335.6

 
21.8

 
6.5
 %
 
 
(2.9
)
 
7.3
 %
Total gross profit
$
1,309.4

 
$
1,257.5

 
$
51.9

 
4.1
 %
 
 
$
(14.1
)
 
5.2
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.7
%
 
5.0
%
 
(0.3
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.2
%
 
6.1
%
 
0.1
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.4
%
 
0.7
%
 
(0.3
)%
 
 
 
 
 
 
 
Total used
5.6
%
 
5.5
%
 
0.1
 %
 
 
 
 
 
 
 
Parts and service sales
53.9
%
 
54.2
%
 
(0.3
)%
 
 
 
 
 
 
 
Finance, insurance and other, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.2
%
 
14.9
%
 
0.3
 %
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
120,596

 
123,896

 
(3,300
)
 
(2.7
)%
 
 
 
 
 
Retail used vehicles sold
115,154

 
108,716

 
6,438

 
5.9
 %
 
 
 
 
 
Wholesale used vehicles sold
37,270

 
40,543

 
(3,273
)
 
(8.1
)%
 
 
 
 
 
Total used
152,424

 
149,259

 
3,165

 
2.1
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
37,122

 
$
36,117

 
$
1,005

 
2.8
 %
 
 
$
(580
)
 
4.4
 %
Used vehicle retail
$
21,144

 
$
21,432

 
$
(288
)
 
(1.3
)%
 
 
$
(334
)
 
0.2
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,729

 
$
1,806

 
$
(77
)
 
(4.3
)%
 
 
$
(24
)
 
(3.0
)%
Used vehicle retail sales
$
1,305

 
$
1,298

 
$
7

 
0.5
 %
 
 
$
(16
)
 
1.8
 %
Used vehicle wholesale sales
$
27

 
$
49

 
$
(22
)
 
(44.9
)%
 
 
$
(1
)
 
(42.8
)%
Total used
$
993

 
$
959

 
$
34

 
3.5
 %
 
 
$
(12
)
 
4.8
 %
Finance, insurance and other, net (per retail unit)
$
1,516

 
$
1,443

 
$
73

 
5.1
 %
 
 
$
(12
)
 
5.9
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
987.3

 
$
936.0

 
$
51.3

 
5.5
 %
 
 
$
(12.2
)
 
6.8
 %
Adjusted SG&A expenses (1)
$
968.3

 
$
931.6

 
$
36.7

 
3.9
 %
 
 
$
(12.5
)
 
5.3
 %
SG&A as % gross profit
75.4
%
 
74.4
%
 
1.0
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
73.9
%
 
74.1
%
 
(0.2
)%
 
 
 
 
 
 
 
Operating margin %
3.0
%
 
2.9
%
 
0.1
 %
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.4
%
 
3.3
%
 
0.1
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



20


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Non-cash asset impairments
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
354.0

 
$
(11.9
)
 
$
(1.3
)
 
$
—

 
$
340.8

Asset impairments
 
10.3

 
—

 
—

 
(10.3
)
 
—

Income (loss) from operations
 
83.3

 
11.9

 
1.3

 
10.3

 
106.8

 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
49.0

 
$
11.9

 
$
1.3

 
$
10.3

 
$
72.5

Less: (Benefit) provision for income taxes
 
11.0

 
2.9

 
0.2

 
2.0

 
16.1

Net income (loss)
 
38.0

 
9.0

 
1.1

 
8.3

 
56.4

Less: Adjusted earnings (loss) allocated to participating securities
 
1.4

 
0.3

 
0.1

 
0.3

 
2.1

Adjusted net income (loss) available to diluted common shares
 
$
36.6

 
$
8.7

 
$
1.0

 
$
8.0

 
$
54.3

 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
2.04

 
$
0.48

 
$
0.06

 
$
0.44

 
$
3.02

 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
22.4
%
 
 
 
 
 
 
 
22.2
%
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
76.0
%
 
 
 
 
 
 
 
73.2
%
Operating margin (2)
 
2.7
%
 
 
 
 
 
 
 
3.4
%
Pretax margin (2)
 
1.6
%
 
 
 
 
 
 
 
2.3
%
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
340.0

 
$
(11.9
)
 
$
(0.4
)
 
$
—

 
$
327.7

Same Store SG&A as % gross profit (1)
 
75.5
%
 
 
 
 
 
 
 
72.8
%
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
82.6

 
$
11.9

 
$
0.4

 
$
10.2

 
$
105.1

Same Store operating margin (2)
 
2.7
%
 
 
 
 
 
 
 
3.5
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges.




21

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Legal matters
 
Non-Cash asset impairments
 
Tax Rate Changes
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
316.8

 
$
5.4

 
$
(1.7
)
 
$
—

 
—

 
$
320.5

Asset impairments
 
23.2

 

 
—

 
(23.2
)
 
—

 
—

Income (loss) from operations
 
78.2

 
(5.4
)
 
1.7

 
23.2

 
—

 
97.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
44.4

 
$
(5.4
)
 
$
1.7

 
$
23.2

 
$
—

 
$
63.9

Less: (Benefit) provision for income taxes
 
9.6

 
(1.2
)
 
0.1

 
5.5

 
0.7

 
14.7

Net income (loss)
 
34.8

 
(4.2
)
 
1.6

 
17.7

 
(0.7
)
 
49.2

Less: Adjusted earnings (loss) allocated to participating securities
 
1.2

 
(0.1
)
 
0.1

 
0.6

 
—

 
1.8

Adjusted net income (loss) available to diluted common shares
 
$
33.6

 
$
(4.1
)
 
$
1.5

 
$
17.1

 
$
(0.7
)
 
$
47.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income per common share
 
$
1.74

 
$
(0.21
)
 
$
0.08

 
$
0.89

 
(0.03
)
 
$
2.47

 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
21.6
%
 
 
 
 
 
 
 
 
 
23.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
72.8
%
 
 
 
 
 
 
 
 
 
73.7
%
Operating margin (2)
 
2.7
%
 
 
 
 
 
 
 
 
 
3.4
%
Pretax margin (2)
 
1.5
%
 
 
 
 
 
 
 
 
 
2.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
308.2

 
$
1.7

 
(1.1
)
 
$
—

 
—

 
$
308.8

Same Store SG&A as % gross profit (1)
 
72.6
%
 
 
 
 
 
 
 
 
 
72.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store income from operations
 
$
77.8

 
$
(1.7
)
 
$
1.1

 
$
22.2

 
—

 
$
99.4

Same Store operating margin (2)
 
2.8
%
 
 
 
 
 
 
 
 
 
3.5
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges.





22

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-cash asset impairments
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
1,020.4

 
$
(17.8
)
 
$
4.1

 
$
(2.0
)
 
$
—

 
$
1,004.7

Asset impairments
 
10.8

 
—

 
—

 
—

 
(10.8
)
 
—

Income (loss) from operations
 
267.2

 
17.8

 
(4.1
)
 
2.0

 
10.8

 
293.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
164.4

 
$
17.8

 
$
(4.1
)
 
$
2.0

 
$
10.8

 
$
190.9

Less: (Benefit) provision for income taxes
 
38.5

 
4.4

 
(1.7
)
 
0.5

 
2.0

 
43.7

Net income (loss)
 
125.9

 
13.4

 
(2.4
)
 
1.5

 
8.8

 
147.2

Less: Adjusted earnings (loss) allocated to participating securities
 
4.7

 
0.5

 
(0.1
)
 
0.1

 
0.3

 
5.5

Adjusted net income (loss) available to diluted common shares
 
$
121.2

 
$
12.9

 
$
(2.3
)
 
$
1.4

 
$
8.5

 
$
141.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
6.77

 
$
0.73

 
$
(0.13
)
 
$
0.08

 
$
0.47

 
$
7.92

 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
23.4
%
 
 
 
 
 
 
 
 
 
22.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
75.5
%
 
 
 
 
 
 
 
 
 
74.3
%
Operating margin (2)
 
3.0
%
 
 
 
 
 
 
 
 
 
3.3
%
Pretax margin (2)
 
1.8
%
 
 
 
 
 
 
 
 
 
2.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
987.3

 
$
(17.9
)
 
$
0.7

 
$
(1.8
)
 
$
—

 
$
968.3

Same Store SG&A as % gross profit (1)
 
75.4
%
 
 
 
 
 
 
 
 
 
73.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
260.6

 
$
17.9

 
$
(0.7
)
 
$
1.8

 
$
10.7

 
$
290.3

Same Store operating margin (2)
 
3.0
%
 
 
 
 
 
 
 
 
 
3.4
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges.



23

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-cash asset impairments
 
Tax Rate Changes
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
949.2

 
$
(5.8
)
 
$
25.5

 
$
(4.3
)
 
$
—

 
$
—

 
$
964.6

Asset impairments
 
27.4

 
—

 

 
—

 
(27.4
)
 
—

 
—

Income (loss) from operations
 
266.4

 
5.8

 
(25.5
)
 
4.3

 
27.4

 
—

 
278.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
165.7

 
$
5.8

 
$
(25.5
)
 
$
4.3

 
$
27.4

 
$
—

 
$
177.7

Less: (Benefit) provision for income taxes
 
38.6

 
1.4

 
(6.2
)
 
0.7

 
6.6

 
0.7

 
41.8

Net income (loss)
 
127.1

 
4.4

 
(19.3
)
 
3.6

 
20.8

 
(0.7
)
 
135.9

Less: Adjusted earnings (loss) allocated to participating securities
 
4.3

 
0.1

 
(0.6
)
 
0.1

 
0.7

 
—

 
4.6

Adjusted net income (loss) available to diluted common shares
 
$
122.8

 
$
4.3

 
$
(18.7
)
 
$
3.5

 
$
20.1

 
$
(0.7
)
 
$
131.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
6.18

 
$
0.21

 
$
(0.94
)
 
$
0.18

 
$
1.00

 
$
(0.03
)
 
$
6.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
23.3
%
 
 
 
 
 
 
 
 
 
 
 
23.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
73.4
%
 
 
 
 
 
 
 
 
 
 
 
74.6
%
Operating margin (2)
 
3.1
%
 
 
 
 
 
 
 
 
 
 
 
3.2
%
Pretax margin (2)
 
1.9
%
 
 
 
 
 
 
 
 
 
 
 
2.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
936.0

 
$
(5.8
)
 
$
4.9

 
$
(3.5
)
 
$
—

 
$
—

 
$
931.6

Same Store SG&A as % gross profit (1)
 
74.4
%
 
 
 
 
 
 
 
 
 
 
 
74.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
248.4

 
$
5.8

 
$
(4.9
)
 
$
3.5

 
$
25.3

 
$
—

 
$
278.1

Same Store operating margin (2)
 
2.9
%
 
 
 
 
 
 
 
 
 
 
 
3.3
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges.




24

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
(Unaudited)
(Dollars in millions)
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
285.4

 
$
(11.9
)
 
$
(0.8
)
 
$
272.7

SG&A as % gross profit (1)
 
73.7
%
 
 
 
 
 
70.5
%
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
278.1

 
$
(11.9
)
 
$
(0.4
)
 
$
265.8

Same Store SG&A as % gross profit (1)
 
73.7
%
 
 
 
 
 
70.4
%
 
 
Three Months Ended September 30, 2018
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
242.2

 
$
5.4

 
$
1.4

 
$
249.0

SG&A as % gross profit (1)
 
68.7
%
 
 
 
 
 
70.6
%
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
238.7

 
$
1.7

 
$
1.4

 
$
241.8

Same Store SG&A as % gross profit (1)
 
69.1
%
 
 
 
 
 
70.0
%
 
 
Nine Months Ended September 30, 2019
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
809.6

 
$
(17.8
)
 
$
4.4

 
$
(1.8
)
 
$
794.4

SG&A as % gross profit (1)
 
72.9
%
 
 
 
 
 
 
 
71.5
%
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
794.2

 
$
(17.9
)
 
$
0.7

 
$
(1.8
)
 
$
775.2

Same Store SG&A as % gross profit (1)
 
73.1
%
 
 
 
 
 
 
 
71.3
%
 
 
Nine Months Ended September 30, 2018
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
729.4

 
$
(5.8
)
 
$
25.5

 
$
(0.6
)
 
$
748.5

SG&A as % gross profit (1)
 
70.2
%
 
 
 
 
 
 
 
72.1
%
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
728.4

 
$
(5.8
)
 
$
4.9

 
$
(0.6
)
 
$
726.9

Same Store SG&A as % gross profit (1)
 
71.9
%
 
 
 
 
 
 
 
71.7
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.






25

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
(Unaudited)
 (Dollars in millions)
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Non-GAAP Adjusted
Selling, general and administrative expenses
 
$
57.5

 
$
(0.5
)
 
$
57.0

SG&A as % gross profit (1)
 
88.5
%
 
 
 
87.7
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
51.1

 
$
—

 
$
51.1

Same Store SG&A as % gross profit (1)
 
85.7
%
 
 
 
85.7
%
 
 
Nine Months Ended September 30, 2019
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Non-GAAP Adjusted
Selling, general and administrative expenses
 
$
175.8

 
$
(0.5
)
 
$
175.3

SG&A as % gross profit (1)
 
87.4
%
 
 
 
87.1
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
159.6

 
$
—

 
$
159.6

Same Store SG&A as % gross profit (1)
 
86.4
%
 
 
 
86.4
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.




26

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Brazil
(Unaudited)
 (Dollars in millions)
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
U.S. GAAP
 
Legal matters
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
14.9

 
$
(3.1
)
 
$
11.8

SG&A as % gross profit (1)
 
107.2
%
 
 
 
84.9
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
13.8

 
$
(2.5
)
 
$
11.3

Same Store SG&A as % gross profit (1)
 
101.5
%
 
 
 
83.1
%
 
 
Nine Months Ended September 30, 2019
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
35.0

 
$
0.2

 
$
(0.2
)
 
$
35.0

SG&A as % gross profit (1)
 
88.4
%
 
 
 
 
 
88.4
%
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
33.5

 
$
—

 
$
—

 
$
33.5

Same Store SG&A as % gross profit (1)
 
89.6
%
 
 
 
 
 
89.6
%
 
 
Nine Months Ended September 30, 2018
 
 
U.S. GAAP
 
Legal matters
 
Non-GAAP adjusted
Selling, general and administrative expenses
 
$
38.2

 
$
(3.7
)
 
$
34.5

SG&A as % gross profit (1)
 
97.4
%
 
 
 
88.0
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
36.8

 
$
(2.9
)
 
$
33.9

Same Store SG&A as % gross profit (1)
 
94.8
%
 
 
 
87.4
%
(1) Adjusted SG&A excludes the impact of SG&A reconciling items above.





27
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Entity Tax Identification Number 76-0506313
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Entity Address, State or Province TX
Entity Address, Postal Zip Code 77024
City Area Code 713
Local Phone Number 647-5700
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Trading Symbol GPI
Security Exchange Name NYSE
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