0001031203-20-000009.txt : 20200505 0001031203-20-000009.hdr.sgml : 20200505 20200505080842 ACCESSION NUMBER: 0001031203-20-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200505 DATE AS OF CHANGE: 20200505 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: 20846898 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 a2020q1earningsrelease.htm 8-K Document
false0001031203 0001031203 2020-05-05 2020-05-05



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): May 5, 2020
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 May 5, 2020, Group 1 Automotive, Inc., a Delaware corporation, issued a press release announcing its financial results for the three months ended March 31, 2020. 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.
Exhibit No.
 
Description
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)




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.
 
 
 
 
 
 
 
Date:
 
May 5, 2020
 
By:
 
/s/ John C. Rickel
 
 
 
 
 
 
 
John C. Rickel
 
 
 
 
 
 
 
Senior Vice President and Chief Financial Officer



 EX-99.1 2 a2020q1exhibit991.htm PRESS RELEASE OF GROUP 1 AUTOMOTIVE, INC., DATED AS OF MAY 5, 2020 Exhibit

Exhibit 99.1

gp1logoa11.gif                     
                                        
FOR IMMEDIATE RELEASE
Group 1 Automotive Announces First Quarter 2020 Financial Results
Provides Operational Update for COVID-19 Business Practices
HOUSTON, May 5, 2020 - Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported 2020 first quarter net income of $29.8 million, diluted earnings per common share of $1.61, adjusted net income (a non-GAAP measure) of $30.6 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $1.66. The Company’s 2020 first quarter total revenue was $2.7 billion.
First quarter 2020 adjusted net income and diluted earnings per share excluded a net after-tax adjustment of $0.8 million, or $0.05 per share, primarily related to severance costs in Brazil associated with downsizing the operation due to COVID-19. First quarter 2019 excluded a net after-tax gain of approximately $0.5 million, or $0.02 cents per common share, which was primarily comprised of $3.8 million of net after-tax gains related to dealership and real estate dispositions, partially offset by $1.9 million in after-tax losses related to legal matters, and $1.5 million in after-tax catastrophic losses related to hail storms. Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.
“Beginning in early March 2020, all three of our regions were negatively impacted by “shelter in place” mandates in most of the cities where we operate. Up until that time, we were operating at record sales and profit levels in both the U.S. and the U.K.,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “By mid-March, our U.K. operations were virtually closed except for emergency service work and many of our U.S. showrooms were closed. Although most of our U.S. workshops remained open, service work declined dramatically as customers stayed home as instructed by local governments. Our Brazilian dealerships were entirely closed for much of March though some workshops have been permitted to open in April. Since the second week of March, our focus has turned to fulfilling customer needs within local government mandates and re-sizing our business to dramatically lower activity levels.”
Consolidated Results for First Quarter 2020 (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 decreased -4.2 percent (-3.2 percent), to $2.7 billion.
▪
Total gross profit decreased -3.5 percent (-2.7 percent), to $416.5 million.
▪
New vehicle revenues decreased -5.1 percent (-3.8 percent) on a -9.0 percent decrease in unit sales.
▪
Retail used vehicle revenues decreased -4.9 percent (-4.2 percent) on -5.3 percent lower unit sales.
▪
Parts and service gross profit was about flat at -0.2 percent (+0.4 percent) on revenue growth of +0.4 percent (+1.0 percent). U.S. Same Store parts and service revenues and gross profit grew +1.6 percent and +0.9 percent, respectively.
▪
Finance and Insurance (F&I) gross profit per retail unit (PRU) increased +6.8 percent (+7.4 percent), to $1,559. U.S. Same Store F&I gross profit PRU grew +8.3 percent, or $144, to $1,880.
▪
Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 280 basis points, to 78.7 percent. Adjusted SG&A as a percent of gross profit increased 240 basis points, to 78.5 percent.



1

Segment Results for First Quarter 2020 (year-over-year comparable basis)
▪
United States:
The Company’s U.S. operations accounted for 74.6 percent of total revenues and 81.8 percent of total gross profit. Total U.S. revenues decreased -2.7 percent, to $2.0 billion. Total gross profit decreased -1.7 percent, to $340.9 million. Same Store U.S. total gross profit decreased -3.0 percent, to $333.6 million.
◦
Parts and service revenues increased +2.4 percent and gross profit increased by +1.9 percent. Same Store parts and service revenues grew +1.6 percent. Same Store part and service gross profits increased +0.9 percent, to $160.0 million.
◦
F&I revenues increased +1.3 percent, to $97.4 million. F&I gross profit PRU grew $141, to $1,868, or +8.2 percent. Same Store F&I gross profit PRU increased $144, to $1,880, or +8.3 percent.
◦
SG&A expenses as a percent of gross profit increased 170 basis points, to 75.5 percent. Adjusted SG&A expenses as a percent of gross profit increased 130 basis points, to 75.5 percent.
▪
United Kingdom:
The Company’s U.K. operations accounted for 22.0 percent of total revenues and 15.6 percent of total gross profit. Total Same Store U.K. revenues decreased -12.4 percent (-10.5 percent), to $539.9 million. Same Store total gross profit decreased -14.7 percent (decreased -12.7 percent), to $58.5 million. Same Store SG&A expenses as a percent of gross profit increased 820 basis points, to 89.5 percent.
▪
Brazil:
The Company’s Brazilian operations accounted for 3.4 percent of total revenues and 2.6 percent of total gross profit. The Company’s Same Store new vehicle revenues decreased -9.0 percent (+7.1 percent), with units down -7.3 percent. On a constant currency basis, Same Store total revenues increased +8.7 percent, driven by constant currency revenue growth of +20.3 percent in total used vehicles, +7.1 percent in new vehicles, and +3.5 percent in F&I. Same Store SG&A expenses as a percent of gross profit increased 780 basis points, to 98.7 percent. Adjusted Same Store SG&A as a percent of gross profit decreased 50 basis points to 90.4 percent.
Operational Update: Pandemic Business Practices
Our primary focus is a commitment to the safety of our customers and employees in order to provide essential services to those needing vehicles and/or parts & service work during these challenging times. Since mid-March 2020, almost all of our 119 U.S. dealerships and collision centers have been deemed “essential businesses” in compliance with applicable national, state, and/or municipal orders. In almost all cases, our service operations are permitted to be open to facilitate customer repairs and most of our stores are also able to offer vehicle sales on an appointment or remote delivery basis. The capabilities we have developed with our Acceleride® platform to support online sales over the past 18 months are providing important benefits during this time of limited showroom availability. In the U.K., we are following national directives that have closed our 50 dealerships with the exception of providing repair services to essential workers. Brazil has allowed most of our dealerships to re-open for aftersales operations after a period of total closure, and we anticipate in-person sales resuming shortly.
To protect our people and to be compliant with the evolving nature of mandates across our markets in the U.S., U.K., and Brazil, most of our office and field support staff have transitioned to working from home. To promote a productive and organized integration of telecommuting, the Company established communication policies and methods to facilitate secure, routine, and efficient access to information, team members, and management.
For those employees that are not able to work remotely, we have worked to implement a variety of standards to promote safety and to provide protective equipment in our offices, dealership showrooms, service departments, and collision centers.

2

The Company is actively monitoring government and CDC guidelines enhance and promote safety processes. Plexiglass shields have been installed where needed to ensure proper distancing. Hand sanitizer is supplied for staff and accessible for use in customer areas. High-touch surfaces within Company facilities are being frequently treated with disinfectant spray. The Company’s parts & service technicians are also provided with disinfectant spray to clean accessed door handles, steering wheels, vehicle levers, etc., of customer vehicles in which they are working. Two cotton washable/reusable masks are being provided to staff members in compliance with orders to reserve N95 masks for the medical community. While gloves are provided to staff, the Company is also providing plastic seat covers and steering wheel wraps as well as “sandwich” style bags to further reduce risks of cross-contamination when interacting with small items such as keys, levers within vehicles (gearbox, turn signal, wipers, etc.) and pens. Many of our OEM’s have provided specific processes for cleaning and disinfecting customer service vehicles.
The Company has also initiated several best practices for promoting additional safety for both our staff and customers. Reduced hours and split shifts are being assigned. Meetings are being conducted by video and teleconference. Service techs are occupying every other service bay or ramp (lift), and are texting part orders needed for their service work, rather than interacting at the shop-parts counters. Customer appointments are also being scheduled in such a way to ensure space for social distancing within the facility. If there is concern over customer proximity in service department lounges, customers are asked to wait in their vehicles before proceeding to those areas. The Company is also offering free pickup and delivery options at all of our U.S. stores for service work and at-home purchase completion for vehicle sales delivery. Approximately 20 percent of our vehicle purchases are now being completed via home deliveries.
While it is unknown when the pandemic crisis will end, for the protection of our employees, customers, and the community, the Company intends to continue with these protocols for the foreseeable future.
Liquidity & Capital Resources Update
As of March 31, 2020, the Company had $19 million of cash on hand and another $83 million that was invested in our floorplan-offset accounts, bringing total cash liquidity to $102 million. In addition, there was $258 million of additional borrowing capacity on our U.S. syndicated acquisition line, bringing total immediate liquidity to $360 million at the end of the first quarter 2020.
We currently have approximately $225 million in U.S. liquidity before an additional $50 million of mortgage funding in process, and ample local liquidity in the U.K. and Brazil. We do not have any material debt maturities before our 5.00% bonds are due in June of 2022, and our $1.75 billion U.S. credit facility was extended in 2019 through June of 2024. The Company does not anticipate any material liquidity constraints or issues with its ability to remain in compliance with its revolving credit facility and debt covenants. Our U.S. credit facility rent-adjusted leverage ratio was 3.31 at the end of the first quarter, leaving plenty of cushion under the 5.50 limit.
As previously announced in April 2020, we redeemed all $300 million of our 5.25% bonds due 2023. This redemption was funded through acquisition line borrowings, mortgage borrowings, and cash on hand. We funded over $130 million of mortgages in April, with another $50 million in process and planned to be funded in May. Additionally, as also announced in April 2020, the Company suspended its dividend and canceled its share repurchase program, as well as implemented capital expenditure deferrals, to preserve liquidity.
Outlook
Prior to March, both the U.S. and the U.K. were on track for record first quarter 2020 results, with U.S. Same Store revenues up 10.7 percent reflecting strength in all areas of the business and U.K. Same Store revenue up 3.8 percent, including a very strong order bank for March delivery. Only 65 percent of our sold U.K. order bank was delivered prior to the shutdown order. As the market shutdowns began to roll-out, March U.S. sales dropped sharply, with new and used volumes dropping approximately 50 percent across most markets and parts and service revenues declining about 50 percent as well. This pace continued in early April, but recently has begun to show signs of improvement in the U.S. For the last week of April, U.S. retail unit sales were down approximately 25 percent and parts and services revenues were down about 30 percent as compared with the same week a year ago. In the U.K., shelter in place orders remain in effect across the country and our stores are closed except for providing service to essential workers’ vehicles. This service does not generate material gross profit. Expansion of operations within the U.K. is not anticipated until sometime in mid-to-late May.

3

In all regions, we have taken aggressive actions to reduce costs, with about 4,800 employees furloughed in the U.S., 2,800 employees (over 90 percent of the workforce) furloughed in the U.K., and over 450 employees terminated or furloughed in Brazil. In addition, other costs have also been significantly reduced in all three markets including cuts of as much as 50 percent in management, all remaining Board cash compensation, over 75 percent reduction in advertising expense, and cuts across all other cost categories. As we are starting to see improvements in our weekly sales pace in the U.S., we have begun to recall some of our furloughed workers, with plans to add back 495 positions by June.
While the potential long-term impact of COVID-19 pandemic is difficult to predict, we expect our second quarter results to be significantly lower than the prior year. Moving forward, we anticipate service will recover more quickly than vehicle sales, with both beginning to recover in the late spring and summer months as shelter in place policies continue to be lifted and consumers transition to more normal habits.
First Quarter 2020 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 10 a.m. ET to discuss the first quarter 2020 financial results. 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:    9778036
A telephonic replay will be available following the call through May 12, 2020 by dialing:
Domestic:     1-877-344-7529
International:     1-412-317-0088
Replay ID:    10143292
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 186 automotive dealerships, 242 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.

4

FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations, 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, (j) the impacts of COVID-19 on our business, (k) the impacts of any potential global recession and (l) our ability to maintain sufficient liquidity to operate. 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 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 earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

5

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.
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


6

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
Increase/(Decrease)
 
% Change
REVENUES:
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
1,342.2

 
$
1,414.5

 
$
(72.3
)
 
(5.1
)%
Used vehicle retail sales
 
779.0

 
819.2

 
(40.2
)
 
(4.9
)%
Used vehicle wholesale sales
 
86.5

 
92.1

 
(5.6
)
 
(6.1
)%
Parts and service sales
 
370.6

 
369.2

 
1.4

 
0.4
 %
Finance, insurance and other, net
 
112.5

 
113.4

 
(0.9
)
 
(0.8
)%
Total revenues
 
2,690.8

 
2,808.4

 
(117.6
)
 
(4.2
)%
COST OF SALES:
 
 
 
 
 
 
 
 
New vehicle retail sales
 
1,279.4

 
1,343.1

 
(63.7
)
 
(4.7
)%
Used vehicle retail sales
 
736.9

 
771.4

 
(34.5
)
 
(4.5
)%
Used vehicle wholesale sales
 
85.5

 
91.7

 
(6.2
)
 
(6.7
)%
Parts and service sales
 
172.6

 
170.7

 
1.9

 
1.1
 %
Total cost of sales
 
2,274.3

 
2,376.9

 
(102.5
)
 
(4.3
)%
GROSS PROFIT
 
416.5

 
431.5

 
(15.1
)
 
(3.5
)%
Selling, general and administrative expenses
 
328.0

 
327.7

 
0.2

 
0.1
 %
Depreciation and amortization expense
 
18.6

 
17.0

 
1.6

 
9.5
 %
INCOME (LOSS) FROM OPERATIONS
 
69.9

 
86.8

 
(16.9
)
 
(19.5
)%
INTEREST EXPENSE:
 
 
 
 
 
 
 
 
Floorplan interest expense
 
12.9

 
15.7

 
(2.8
)
 
(18.1
)%
Other interest expense, net
 
18.1

 
18.9

 
(0.8
)
 
(4.1
)%
INCOME (LOSS) BEFORE INCOME TAXES
 
38.9

 
52.2

 
(13.3
)
 
(25.5
)%
(Benefit) provision for income taxes
 
9.1

 
13.5

 
(4.4
)
 
(32.6
)%
NET INCOME (LOSS)
 
$
29.8

 
$
38.6

 
$
(8.9
)
 
(22.9
)%
Less: Earnings (loss) allocated to participating securities
 
1.1

 
1.5

 
(0.4
)
 
(27.2
)%
Net income (loss) available to diluted common shares
 
$
28.7

 
$
37.2

 
$
(8.5
)
 
(22.8
)%
DILUTED EARNINGS (LOSS) PER SHARE
 
$
1.61

 
$
2.08

 
$
(0.47
)
 
(22.6
)%
Weighted average dilutive common shares outstanding
 
17.8

 
17.8

 
—

 
(0.2
)%
Weighted average participating securities
 
0.7

 
0.7

 
—

 
(4.4
)%
Total weighted average shares
 
18.5

 
18.6

 
(0.1
)
 
(0.4
)%
Effective tax rate
 
23.4
%
 
25.9
%
 
(2.5
)%
 





7

Group 1 Automotive, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)
 
 
 
 
 
 
 
 
 
 
 
March 31,
2020
 
December 31, 2019
 
Increase/(Decrease)
 
% Change
ASSETS
CURRENT ASSETS:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
19.2

 
$
23.8

 
$
(4.6
)
 
(19.4
)%
Contracts-in-transit and vehicle receivables, net of allowance of $0.3 and $0.3, respectively
 
115.5

 
253.8

 
(138.3
)
 
(54.5
)%
Accounts and notes receivable, net of allowance of $3.4 and $2.8, respectively
 
177.1

 
225.1

 
(48.0
)
 
(21.3
)%
Inventories, net
 
1,992.6

 
1,901.7

 
90.8

 
4.8
 %
Prepaid expenses
 
82.6

 
96.4

 
(13.8
)
 
(14.3
)%
Other current assets
 
12.3

 
15.5

 
(3.2
)
 
(20.5
)%
TOTAL CURRENT ASSETS
 
2,399.3

 
2,516.3

 
(117.0
)
 
(4.7
)%
Property and equipment, net of accumulated depreciation of $405.7 and $400.2, respectively
 
1,549.0

 
1,547.1

 
1.9

 
0.1
 %
Operating lease assets
 
218.7

 
220.1

 
(1.4
)
 
(0.6
)%
Goodwill
 
999.8

 
1,008.3

 
(8.5
)
 
(0.8
)%
Intangible franchise rights
 
251.7

 
253.5

 
(1.9
)
 
(0.7
)%
Other long-term assets
 
22.5

 
24.8

 
(2.3
)
 
(9.2
)%
TOTAL ASSETS
 
$
5,441.1

 
$
5,570.2

 
$
(129.1
)
 
(2.3
)%
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
 
 
 
 
 
 
 
 
Floorplan notes payable — credit facility and other, net of offset account of $82.6 and $106.8, respectively
 
$
1,168.6

 
$
1,144.4

 
$
24.2

 
2.1
 %
Floorplan notes payable — manufacturer affiliates, net of offset account of $0.2 and $4.1, respectively
 
484.9

 
459.9

 
25.0

 
5.4
 %
Current maturities of long-term debt
 
354.7

 
59.1

 
295.5

 
499.6
 %
Current operating lease liabilities
 
24.4

 
24.6

 
(0.2
)
 
(1.0
)%
Accounts payable
 
410.7

 
527.5

 
(116.8
)
 
(22.1
)%
Accrued expenses and other current liabilities
 
197.1

 
206.7

 
(9.6
)
 
(4.6
)%
TOTAL CURRENT LIABILITIES
 
2,640.4

 
2,422.3

 
218.1

 
9.0
 %
Long-term debt
 
1,137.7

 
1,432.1

 
(294.4
)
 
(20.6
)%
Long-term operating lease liabilities
 
208.9

 
210.7

 
(1.8
)
 
(0.9
)%
Deferred income taxes
 
135.8

 
145.7

 
(9.9
)
 
(6.8
)%
Other long-term liabilities
 
143.6

 
103.6

 
40.0

 
38.6
 %
STOCKHOLDERS’ EQUITY:
 
 
 
 
 

 
 
Common stock
 
0.3

 
0.3

 
—

 
(0.2
)%
Additional paid-in capital
 
287.8

 
295.3

 
(7.6
)
 
(2.6
)%
Retained earnings
 
1,566.7

 
1,542.4

 
24.3

 
1.6
 %
Accumulated other comprehensive income (loss)
 
(206.0
)
 
(147.0
)
 
(59.0
)
 
40.2
 %
Treasury stock
 
(474.1
)
 
(435.3
)
 
(38.7
)
 
8.9
 %
TOTAL STOCKHOLDERS’ EQUITY
 
1,174.6

 
1,255.7

 
(81.1
)
 
(6.5
)%
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
5,441.1

 
$
5,570.2

 
$
(129.1
)
 
(2.3
)%

8

Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
 
2020 (%)
 
2019 (%)
New vehicle unit sales geographic mix
 
 
 
Region
Geographic Market
 
 
 
 
United States
Texas
 
34.9
 
34.3
 
Oklahoma
 
6.8
 
6.1
 
California
 
4.8
 
5.3
 
Georgia
 
4.5
 
4.2
 
Massachusetts
 
4.4
 
4.3
 
Florida
 
2.6
 
2.7
 
Louisiana
 
2.1
 
2.3
 
South Carolina
 
1.8
 
1.6
 
New Hampshire
 
1.7
 
1.6
 
New Jersey
 
1.6
 
1.8
 
Kansas
 
1.1
 
1.0
 
New Mexico
 
1.1
 
0.2
 
Mississippi
 
1.0
 
1.2
 
Alabama
 
0.5
 
0.7
 
Maryland
 
0.4
 
0.4
 
 
 
69.3
 
67.9
 
 
 
 
 
 
International
United Kingdom
 
25.1
 
26.6
 
Brazil
 
5.6
 
5.5
 
 
 
100.0
 
100.0
 
 
 
 
 
New vehicle unit sales brand mix
 
 
 
Toyota/Lexus
 
23.3
 
23.1
Volkswagen/Audi/Porsche/SEAT/SKODA
 
16.1
 
15.1
BMW/MINI
 
11.7
 
12.5
Ford/Lincoln
 
10.1
 
10.6
Honda/Acura
 
9.4
 
10.9
Chevrolet/GMC/Buick/Cadillac
 
6.8
 
6.3
Nissan
 
5.4
 
6.0
Mercedes-Benz/Smart/Sprinter
 
5.3
 
5.4
Hyundai/Kia/Genesis
 
4.1
 
3.5
Chrysler/Dodge/Jeep/RAM
 
3.5
 
3.1
Jaguar/Land Rover
 
2.5
 
2.5
Other
 
1.7
 
1.0
 
 
100.0
 
100.0


9


Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,342.2

 
$
1,414.5

 
$
(72.3
)
 
(5.1
)%
 
 
$
(19.2
)
 
(3.8
)%
Used vehicle retail sales
779.0

 
819.2

 
(40.2
)
 
(4.9
)%
 
 
(5.7
)
 
(4.2
)%
Used vehicle wholesale sales
86.5

 
92.1

 
(5.6
)
 
(6.1
)%
 
 
(1.0
)
 
(5.0
)%
Total used
865.6

 
911.3

 
(45.8
)
 
(5.0
)%
 
 
(6.7
)
 
(4.3
)%
Parts and service sales
370.6

 
369.2

 
1.4

 
0.4
 %
 
 
(2.4
)
 
1.0
 %
F&I, net
112.5

 
113.4

 
(0.9
)
 
(0.8
)%
 
 
(0.6
)
 
(0.3
)%
Total revenues
$
2,690.8

 
$
2,808.4

 
$
(117.6
)
 
(4.2
)%
 
 
$
(29.0
)
 
(3.2
)%
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
62.8

 
$
71.4

 
$
(8.6
)
 
(12.0
)%
 
 
$
(1.1
)
 
(10.5
)%
Used vehicle retail sales
42.1

 
47.8

 
(5.7
)
 
(11.8
)%
 
 
(0.3
)
 
(11.2
)%
Used vehicle wholesale sales
1.0

 
0.5

 
0.5

 
121.7
 %
 
 
—

 
128.8
 %
Total used
43.1

 
48.3

 
(5.1
)
 
(10.6
)%
 
 
(0.4
)
 
(9.9
)%
Parts and service sales
198.0

 
198.5

 
(0.4
)
 
(0.2
)%
 
 
(1.2
)
 
0.4
 %
F&I, net
112.5

 
113.4

 
(0.9
)
 
(0.8
)%
 
 
(0.6
)
 
(0.3
)%
Total gross profit
$
416.5

 
$
431.5

 
$
(15.1
)
 
(3.5
)%
 
 
$
(3.3
)
 
(2.7
)%
Gross margin:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.7
%
 
5.0
%
 
(0.4
)%
 
 
 
 
 
 
 
Used vehicle retail sales
5.4
%
 
5.8
%
 
(0.4
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
1.2
%
 
0.5
%
 
0.7
 %
 
 
 
 
 
 
 
Total used
5.0
%
 
5.3
%
 
(0.3
)%
 
 
 
 
 
 
 
Parts and service sales
53.4
%
 
53.8
%
 
(0.3
)%
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.5
%
 
15.4
%
 
0.1
 %
 
 
 
 
 
 
 
Units sold:
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
35,360

 
38,874

 
(3,514
)
 
(9.0
)%
 
 
 
 
 
Retail used vehicles sold
36,790

 
38,836

 
(2,046
)
 
(5.3
)%
 
 
 
 
 
Wholesale used vehicles sold
12,086

 
12,989

 
(903
)
 
(7.0
)%
 
 
 
 
 
Total used
48,876

 
51,825

 
(2,949
)
 
(5.7
)%
 
 
 
 
 
Average sales price per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
37,957

 
$
36,386

 
$
1,571

 
4.3
 %
 
 
$
(544
)
 
5.8
 %
Used vehicle retail
$
21,175

 
$
21,094

 
$
82

 
0.4
 %
 
 
$
(155
)
 
1.1
 %
Gross profit per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,777

 
$
1,836

 
$
(60
)
 
(3.3
)%
 
 
$
(31
)
 
(1.6
)%
Used vehicle retail sales
$
1,146

 
$
1,231

 
$
(85
)
 
(6.9
)%
 
 
$
(9
)
 
(6.2
)%
Used vehicle wholesale sales
$
83

 
$
35

 
$
48

 
138.3
 %
 
 
$
(3
)
 
145.9
 %
Total used
$
883

 
$
931

 
$
(48
)
 
(5.2
)%
 
 
$
(7
)
 
(4.4
)%
F&I PRU
$
1,559

 
$
1,459

 
$
100

 
6.8
 %
 
 
$
(9
)
 
7.4
 %
Other:
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
328.0

 
$
327.7

 
$
0.2

 
0.1
 %
 
 
$
(3.0
)
 
1.0
 %
Adjusted SG&A expenses (1)
$
327.1

 
$
328.5

 
$
(1.5
)
 
(0.5
)%
 
 
$
(2.7
)
 
0.4
 %
SG&A as % gross profit
78.7
%
 
75.9
%
 
2.8
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
78.5
%
 
76.1
%
 
2.4
 %
 
 
 
 
 
 
 
Operating margin %
2.6
%
 
3.1
%
 
(0.5
)%
 
 
 
 
 
 
 
Adjusted operating margin % (1)
2.6
%
 
3.1
%
 
(0.4
)%
 
 
 
 
 
 
 
Pretax margin %
1.4
%
 
1.9
%
 
(0.4
)%
 
 
 
 
 
 
 
Adjusted pretax margin % (1)
1.5
%
 
1.8
%
 
(0.3
)%
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
12.9

 
$
15.7

 
$
(2.8
)
 
(18.1
)%
 
 
$
—

 
(17.8
)%
Less: Floorplan assistance
10.6

 
10.5

 
0.1

 
0.8
 %
 
 
—

 
0.8
 %
Net floorplan expense
$
2.3

 
$
5.2

 
$
(2.9
)
 
(56.0
)%
 
 
$
—

 
(55.2
)%
Other interest expense, net
$
18.1

 
$
18.9

 
$
(0.8
)
 
(4.1
)%
 
 
$
(0.1
)
 
(3.7
)%
(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 - U.S.
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
Increase/(Decrease)
 
% Change
Revenues:
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
988.4

 
$
1,031.7

 
$
(43.4
)
 
(4.2
)%
Used vehicle retail sales
 
570.3

 
594.4

 
(24.1
)
 
(4.1
)%
Used vehicle wholesale sales
 
46.8

 
42.8

 
4.0

 
9.3
 %
Total used
 
617.1

 
637.2

 
(20.1
)
 
(3.2
)%
Parts and service sales
 
304.6

 
297.6

 
7.0

 
2.4
 %
F&I, net
 
97.4

 
96.2

 
1.2

 
1.3
 %
Total revenues
 
$
2,007.6

 
$
2,062.8

 
$
(55.2
)
 
(2.7
)%
Gross profit:
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
47.3

 
$
50.8

 
$
(3.5
)
 
(7.0
)%
Used vehicle retail sales
 
31.9

 
38.3

 
(6.3
)
 
(16.6
)%
Used vehicle wholesale sales
 
0.8

 
1.2

 
(0.3
)
 
(28.9
)%
Total used
 
32.8

 
39.4

 
(6.7
)
 
(16.9
)%
Parts and service sales
 
163.5

 
160.5

 
3.0

 
1.9
 %
F&I, net
 
97.4

 
96.2

 
1.2

 
1.3
 %
Total gross profit
 
$
340.9

 
$
346.9

 
$
(6.0
)
 
(1.7
)%
Gross margin:
 
 
 
 
 
 
 

New vehicle retail sales
 
4.8
%
 
4.9
%
 
(0.1
)%
 

Used vehicle retail sales
 
5.6
%
 
6.4
%
 
(0.8
)%
 

Used vehicle wholesale sales
 
1.8
%
 
2.7
%
 
(1.0
)%
 

Total used
 
5.3
%
 
6.2
%
 
(0.9
)%
 

Parts and service sales
 
53.7
%
 
53.9
%
 
(0.2
)%
 

F&I, net
 
100.0
%
 
100.0
%
 
—
 %
 

Total gross margin
 
17.0
%
 
16.8
%
 
0.2
 %
 

Units sold:
 
 
 
 
 
 
 

Retail new vehicles sold
 
24,495

 
26,390

 
(1,895
)
 
(7.2
)%
Retail used vehicles sold
 
27,668

 
29,317

 
(1,649
)
 
(5.6
)%
Wholesale used vehicles sold
 
7,027

 
7,150

 
(123
)
 
(1.7
)%
Total used
 
34,695

 
36,467

 
(1,772
)
 
(4.9
)%
Average sales price per unit sold:
 
 
 
 
 
 
 

New vehicle retail
 
$
40,350

 
$
39,096

 
$
1,254

 
3.2
 %
Used vehicle retail
 
$
20,613

 
$
20,276

 
$
338

 
1.7
 %
Gross profit per unit sold:
 
 
 
 
 
 
 

New vehicle retail sales
 
$
1,929

 
$
1,925

 
$
4

 
0.2
 %
Used vehicle retail sales
 
$
1,154

 
$
1,306

 
$
(152
)
 
(11.6
)%
Used vehicle wholesale sales
 
$
118

 
$
163

 
$
(45
)
 
(27.7
)%
Total used
 
$
944

 
$
1,082

 
$
(137
)
 
(12.7
)%
F&I PRU
 
$
1,868

 
$
1,727

 
$
141

 
8.2
 %
Other:
 
 
 
 
 
 
 
 
SG&A expenses
 
$
257.5

 
$
256.2

 
$
1.4

 
0.5
 %
Adjusted SG&A expenses (1)
 
$
257.5

 
$
257.6

 
$
(0.1
)
 
—
 %
SG&A as % gross profit
 
75.5
%
 
73.8
%
 
1.7
 %
 

Adjusted SG&A as % gross profit (1)
 
75.5
%
 
74.2
%
 
1.3
 %
 

Interest expense:
 
 
 
 
 
 
 

Floorplan interest expense
 
$
11.0

 
$
14.0

 
$
(3.0
)
 
(21.6
)%
Less: Floorplan assistance
 
10.4

 
10.3

 
0.1

 
1.0
 %
Net floorplan expense
 
$
0.5

 
$
3.7

 
$
(3.1
)
 
(85.4
)%
Other interest expense, net
 
$
16.0

 
$
17.2

 
$
(1.2
)
 
(6.8
)%
(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.

11

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
296.3

 
$
318.6

 
$
(22.3
)
 
(7.0
)%
 
 
$
(9.1
)
 
(4.1
)%
Used vehicle retail sales
188.8

 
203.6

 
(14.8
)
 
(7.3
)%
 
 
(2.3
)
 
(6.2
)%
Used vehicle wholesale sales
35.8

 
45.3

 
(9.4
)
 
(20.8
)%
 
 
(0.4
)
 
(19.8
)%
Total used
224.6

 
248.8

 
(24.2
)
 
(9.7
)%
 
 
(2.7
)
 
(8.6
)%
Parts and service sales
56.4

 
59.6

 
(3.1
)
 
(5.3
)%
 
 
(0.8
)
 
(3.9
)%
F&I, net
13.3

 
15.2

 
(1.9
)
 
(12.4
)%
 
 
(0.3
)
 
(10.3
)%
Total revenues
$
590.7

 
$
642.2

 
$
(51.5
)
 
(8.0
)%
 
 
$
(12.9
)
 
(6.0
)%
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
12.1

 
$
16.8

 
$
(4.7
)
 
(28.1
)%
 
 
$
(0.5
)
 
(25.2
)%
Used vehicle retail sales
9.2

 
8.3

 
0.9

 
10.5
 %
 
 
(0.1
)
 
12.1
 %
Used vehicle wholesale sales
—

 
(1.0
)
 
1.0

 
96.9
 %
 
 
—

 
96.4
 %
Total used
9.1

 
7.3

 
1.9

 
25.4
 %
 
 
(0.1
)
 
27.2
 %
Parts and service sales
30.3

 
32.7

 
(2.4
)
 
(7.4
)%
 
 
(0.5
)
 
(5.9
)%
F&I, net
13.3

 
15.2

 
(1.9
)
 
(12.4
)%
 
 
(0.3
)
 
(10.3
)%
Total gross profit
$
64.8

 
$
72.0

 
$
(7.2
)
 
(9.9
)%
 
 
$
(1.4
)
 
(8.0
)%
Gross margin:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.1
 %
 
5.3
 %
 
(1.2
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.9
 %
 
4.1
 %
 
0.8
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
(0.1
)%
 
(2.2
)%
 
2.1
 %
 
 
 
 
 
 
 
Total used
4.1
 %
 
2.9
 %
 
1.1
 %
 
 
 
 
 
 
 
Parts and service sales
53.7
 %
 
55.0
 %
 
(1.2
)%
 
 
 
 
 
 
 
F&I, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.0
 %
 
11.2
 %
 
(0.2
)%
 
 
 
 
 
 
 
Units sold:
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
8,894

 
10,344

 
(1,450
)
 
(14.0
)%
 
 
 
 
 
Retail used vehicles sold
8,024

 
8,431

 
(407
)
 
(4.8
)%
 
 
 
 
 
Wholesale used vehicles sold
4,584

 
5,367

 
(783
)
 
(14.6
)%
 
 
 
 
 
Total used
12,608

 
13,798

 
(1,190
)
 
(8.6
)%
 
 
 
 
 
Average sales price per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
33,314

 
$
30,798

 
$
2,517

 
8.2
 %
 
 
$
(1,021
)
 
11.5
 %
Used vehicle retail
$
23,528

 
$
24,144

 
$
(616
)
 
(2.6
)%
 
 
$
(281
)
 
(1.4
)%
Gross profit per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,356

 
$
1,621

 
$
(266
)
 
(16.4
)%
 
 
$
(54
)
 
(13.0
)%
Used vehicle retail sales
$
1,141

 
$
983

 
$
158

 
16.1
 %
 
 
$
(17
)
 
17.8
 %
Used vehicle wholesale sales
$
(7
)
 
$
(188
)
 
$
181

 
96.4
 %
 
 
$
1

 
95.8
 %
Total used
$
724

 
$
527

 
$
197

 
37.3
 %
 
 
$
(10
)
 
39.2
 %
F&I PRU
$
787

 
$
810

 
$
(22
)
 
(2.8
)%
 
 
$
(19
)
 
(0.4
)%
Other:
 
 
 
 


 
 
 
 
 
 
 
SG&A expenses
$
59.8

 
$
59.2

 
$
0.7

 
1.1
 %
 
 
$
(1.0
)
 
2.8
 %
SG&A as % gross profit
92.3
 %
 
82.2
 %
 
10.1
 %
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
1.8

 
$
1.6

 
$
0.2

 
9.7
 %
 
 
$
—

 
11.0
 %
Less: Floorplan assistance
0.1

 
0.2

 
—

 
(15.2
)%
 
 
—

 
(13.6
)%
Net floorplan expense
$
1.6

 
$
1.5

 
$
0.2

 
12.3
 %
 
 
$
—

 
13.6
 %
Other interest expense, net
$
1.9

 
$
1.6

 
$
0.3

 
22.1
 %
 
 
$
—

 
24.6
 %





12

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
57.5

 
$
64.2

 
$
(6.7
)
 
(10.4
)%
 
 
$
(10.2
)
 
5.4
 %
Used vehicle retail sales
19.9

 
21.2

 
(1.3
)
 
(6.1
)%
 
 
(3.4
)
 
10.1
 %
Used vehicle wholesale sales
3.8

 
4.1

 
(0.2
)
 
(5.0
)%
 
 
(0.6
)
 
10.0
 %
Total used
23.8

 
25.3

 
(1.5
)
 
(5.9
)%
 
 
(4.1
)
 
10.1
 %
Parts and service sales
9.6

 
12.0

 
(2.5
)
 
(20.4
)%
 
 
(1.6
)
 
(7.0
)%
F&I, net
1.7

 
2.0

 
(0.3
)
 
(13.4
)%
 
 
(0.3
)
 
1.8
 %
Total revenues
$
92.5

 
$
103.4

 
$
(10.9
)
 
(10.5
)%
 
 
$
(16.1
)
 
5.1
 %
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
3.5

 
$
3.8

 
$
(0.3
)
 
(7.9
)%
 
 
$
(0.6
)
 
8.2
 %
Used vehicle retail sales
1.1

 
1.2

 
(0.2
)
 
(15.1
)%
 
 
(0.2
)
 
0.1
 %
Used vehicle wholesale sales
0.2

 
0.3

 
(0.1
)
 
(31.3
)%
 
 
—

 
(18.7
)%
Total used
1.3

 
1.5

 
(0.3
)
 
(18.2
)%
 
 
(0.2
)
 
(3.5
)%
Parts and service sales
4.2

 
5.3

 
(1.1
)
 
(20.2
)%
 
 
(0.7
)
 
(6.8
)%
F&I, net
1.7

 
2.0

 
(0.3
)
 
(13.4
)%
 
 
(0.3
)
 
1.8
 %
Total gross profit
$
10.7

 
$
12.6

 
$
(1.9
)
 
(15.2
)%
 
 
$
(1.8
)
 
(0.5
)%
Gross margin:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.1
%
 
5.9
%
 
0.2
 %
 
 
 
 
 
 
 
Used vehicle retail sales
5.3
%
 
5.8
%
 
(0.6
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
5.3
%
 
7.3
%
 
(2.0
)%
 
 
 
 
 
 
 
Total used
5.3
%
 
6.1
%
 
(0.8
)%
 
 
 
 
 
 
 
Parts and service sales
43.9
%
 
43.8
%
 
0.1
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.5
%
 
12.2
%
 
(0.6
)%
 
 
 
 
 
 
 
Units sold:
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
1,971

 
2,140

 
(169
)
 
(7.9
)%
 
 
 
 
 
Retail used vehicles sold
1,098

 
1,088

 
10

 
0.9
 %
 
 
 
 
 
Wholesale used vehicles sold
475

 
472

 
3

 
0.6
 %
 
 
 
 
 
Total used
1,573

 
1,560

 
13

 
0.8
 %
 
 
 
 
 
Average sales price per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
29,169

 
$
29,987

 
$
(817
)
 
(2.7
)%
 
 
$
(5,154
)
 
14.5
 %
Used vehicle retail
$
18,154

 
$
19,508

 
$
(1,353
)
 
(6.9
)%
 
 
$
(3,137
)
 
9.1
 %
Gross profit per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,782

 
$
1,783

 
$
(1
)
 
—
 %
 
 
$
(313
)
 
17.5
 %
Used vehicle retail sales
$
957

 
$
1,137

 
$
(181
)
 
(15.9
)%
 
 
$
(172
)
 
(0.8
)%
Used vehicle wholesale sales
$
430

 
$
629

 
$
(199
)
 
(31.7
)%
 
 
$
(78
)
 
(19.2
)%
Total used
$
798

 
$
984

 
$
(186
)
 
(18.9
)%
 
 
$
(143
)
 
(4.3
)%
F&I PRU
$
560

 
$
615

 
$
(55
)
 
(8.9
)%
 
 
$
(98
)
 
7.1
 %
Other:
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
10.6

 
$
12.4

 
$
(1.8
)
 
(14.3
)%
 
 
$
(1.9
)
 
1.4
 %
Adjusted SG&A expenses (1)
$
9.7

 
$
11.8

 
$
(2.1
)
 
(17.7
)%
 
 
$
(1.7
)
 
(3.3
)%
SG&A as % gross profit
99.1
%
 
98.2
%
 
1.0
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
90.9
%
 
93.7
%
 
(2.8
)%
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
0.1

 
$
0.1

 
$
—

 
21.4
 %
 
 
$
—

 
43.8
 %
Other interest expense, net
$
0.2

 
$
0.2

 
$
—

 
22.4
 %
 
 
$
—

 
43.8
 %
(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.




13


Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,298.4

 
$
1,393.8

 
$
(95.4
)
 
(6.8
)%
 
 
$
(18.6
)
 
(5.5
)%
Used vehicle retail sales
752.8

 
803.9

 
(51.1
)
 
(6.4
)%
 
 
(5.6
)
 
(5.7
)%
Used vehicle wholesale sales
82.9

 
88.6

 
(5.6
)
 
(6.3
)%
 
 
(1.0
)
 
(5.2
)%
Total used
835.7

 
892.5

 
(56.8
)
 
(6.4
)%
 
 
(6.6
)
 
(5.6
)%
Parts and service sales
357.6

 
360.4

 
(2.8
)
 
(0.8
)%
 
 
(2.3
)
 
(0.1
)%
F&I, net
110.4

 
112.2

 
(1.8
)
 
(1.6
)%
 
 
(0.6
)
 
(1.1
)%
Total revenues
$
2,602.2

 
$
2,759.0

 
$
(156.8
)
 
(5.7
)%
 
 
$
(28.1
)
 
(4.7
)%
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
59.7

 
$
70.5

 
$
(10.8
)
 
(15.3
)%
 
 
$
(1.1
)
 
(13.8
)%
Used vehicle retail sales
40.6

 
47.3

 
(6.7
)
 
(14.2
)%
 
 
(0.3
)
 
(13.5
)%
Used vehicle wholesale sales
1.0

 
0.6

 
0.4

 
63.8
 %
 
 
—

 
69.1
 %
Total used
41.6

 
48.0

 
(6.3
)
 
(13.2
)%
 
 
(0.3
)
 
(12.4
)%
Parts and service sales
191.1

 
194.3

 
(3.2
)
 
(1.6
)%
 
 
(1.1
)
 
(1.1
)%
F&I, net
110.4

 
112.2

 
(1.8
)
 
(1.6
)%
 
 
(0.6
)
 
(1.1
)%
Total gross profit
$
402.8

 
$
424.9

 
$
(22.1
)
 
(5.2
)%
 
 
$
(3.2
)
 
(4.5
)%
Gross margin:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.6
%
 
5.1
%
 
(0.5
)%
 
 
 
 
 
 
 
Used vehicle retail sales
5.4
%
 
5.9
%
 
(0.5
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
1.2
%
 
0.7
%
 
0.5
 %
 
 
 
 
 
 
 
Total used
5.0
%
 
5.4
%
 
(0.4
)%
 
 
 
 
 
 
 
Parts and service sales
53.4
%
 
53.9
%
 
(0.5
)%
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.5
%
 
15.4
%
 
0.1
 %
 
 
 
 
 
 
 
Units sold:
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
34,154

 
37,906

 
(3,752
)
 
(9.9
)%
 
 
 
 
 
Retail used vehicles sold
35,669

 
38,043

 
(2,374
)
 
(6.2
)%
 
 
 
 
 
Wholesale used vehicles sold
11,615

 
12,592

 
(977
)
 
(7.8
)%
 
 
 
 
 
Total used
47,284

 
50,635

 
(3,351
)
 
(6.6
)%
 
 
 
 
 
Average sales price per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
38,017

 
$
36,771

 
$
1,246

 
3.4
 %
 
 
$
(544
)
 
4.9
 %
Used vehicle retail
$
21,105

 
$
21,132

 
$
(27
)
 
(0.1
)%
 
 
$
(156
)
 
0.6
 %
Gross profit per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,747

 
$
1,859

 
$
(112
)
 
(6.0
)%
 
 
$
(31
)
 
(4.3
)%
Used vehicle retail sales
$
1,140

 
$
1,245

 
$
(105
)
 
(8.4
)%
 
 
$
(9
)
 
(7.7
)%
Used vehicle wholesale sales
$
86

 
$
49

 
$
38

 
77.6
 %
 
 
$
(3
)
 
83.3
 %
Total used
$
881

 
$
947

 
$
(66
)
 
(7.0
)%
 
 
$
(7
)
 
(6.2
)%
F&I PRU
$
1,581

 
$
1,477

 
$
104

 
7.0
 %
 
 
$
(9
)
 
7.6
 %
Other:
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
315.0

 
$
323.4

 
$
(8.4
)
 
(2.6
)%
 
 
$
(2.9
)
 
(1.7
)%
Adjusted SG&A expenses (1)
$
314.1

 
$
320.6

 
$
(6.6
)
 
(2.1
)%
 
 
$
(2.6
)
 
(1.2
)%
SG&A as % gross profit
78.2
%
 
76.1
%
 
2.1
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
78.0
%
 
75.5
%
 
2.5
 %
 
 
 
 
 
 
 
Operating margin %
2.7
%
 
3.1
%
 
(0.4
)%
 
 
 
 
 
 
 
Adjusted operating margin % (1)
2.7
%
 
3.2
%
 
(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.S.
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
Increase/(Decrease)
 
% Change
Revenues:
 
 
 
 
 
 
 
New vehicle retail sales
$
970.4

 
$
1,024.0

 
$
(53.6
)
 
(5.2
)%
Used vehicle retail sales
558.0

 
587.9

 
(29.9
)
 
(5.1
)%
Used vehicle wholesale sales
46.4

 
41.6

 
4.8

 
11.5
 %
Total used
604.4

 
629.5

 
(25.1
)
 
(4.0
)%
Parts and service sales
298.4

 
293.6

 
4.7

 
1.6
 %
F&I, net
96.6

 
95.5

 
1.1

 
1.1
 %
Total revenues
$
1,969.7

 
$
2,042.6

 
$
(72.8
)
 
(3.6
)%
Gross profit:
 
 
 
 
 
 
 
New vehicle retail sales
$
45.1

 
$
50.5

 
$
(5.4
)
 
(10.6
)%
Used vehicle retail sales
31.1

 
38.0

 
(6.9
)
 
(18.1
)%
Used vehicle wholesale sales
0.8

 
1.2

 
(0.3
)
 
(29.2
)%
Total used
31.9

 
39.2

 
(7.2
)
 
(18.5
)%
Parts and service sales
160.0

 
158.7

 
1.4

 
0.9
 %
F&I, net
96.6

 
95.5

 
1.1

 
1.1
 %
Total gross profit
$
333.6

 
$
343.8

 
$
(10.2
)
 
(3.0
)%
Gross margin:
 
 
 
 
 
 
 
New vehicle retail sales
4.6
%
 
4.9
%
 
(0.3
)%
 
 
Used vehicle retail sales
5.6
%
 
6.5
%
 
(0.9
)%
 
 
Used vehicle wholesale sales
1.8
%
 
2.9
%
 
(1.0
)%
 
 
Total used
5.3
%
 
6.2
%
 
(0.9
)%
 
 
Parts and service sales
53.6
%
 
54.0
%
 
(0.4
)%
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
Total gross margin
16.9
%
 
16.8
%
 
0.1
 %
 
 
Units sold:
 
 
 
 
 
 
 
Retail new vehicles sold
24,154

 
26,145

 
(1,991
)
 
(7.6
)%
Retail used vehicles sold
27,210

 
28,868

 
(1,658
)
 
(5.7
)%
Wholesale used vehicles sold
6,960

 
6,962

 
(2
)
 
—
 %
Total used
34,170

 
35,830

 
(1,660
)
 
(4.6
)%
Average sales price per unit sold:
 
 
 
 
 
 
 
New vehicle retail
$
40,175

 
$
39,164

 
$
1,010

 
2.6
 %
Used vehicle retail
$
20,509

 
$
20,365

 
$
144

 
0.7
 %
Gross profit per unit sold:
 
 
 
 
 
 
 
New vehicle retail sales
$
1,867

 
$
1,930

 
$
(63
)
 
(3.3
)%
Used vehicle retail sales
$
1,142

 
$
1,315

 
$
(173
)
 
(13.1
)%
Used vehicle wholesale sales
$
121

 
$
171

 
$
(50
)
 
(29.2
)%
Total used
$
934

 
$
1,093

 
$
(159
)
 
(14.5
)%
F&I PRU
$
1,880

 
$
1,736

 
$
144

 
8.3
 %
Other:
 
 
 
 
 
 
 
SG&A expenses
$
252.0

 
$
256.2

 
$
(4.2
)
 
(1.6
)%
Adjusted SG&A expenses (1)
$
252.0

 
$
253.5

 
$
(1.5
)
 
(0.6
)%
SG&A as % gross profit
75.5
%
 
74.5
%
 
1.0
 %
 
 
Adjusted SG&A as % gross profit (1)
75.5
%
 
73.7
%
 
1.8
 %
 
 
(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.




15

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
270.6

 
$
306.7

 
$
(36.1
)
 
(11.8
)%
 
 
$
(8.4
)
 
(9.0
)%
Used vehicle retail sales
174.8

 
196.4

 
(21.6
)
 
(11.0
)%
 
 
(2.1
)
 
(9.9
)%
Used vehicle wholesale sales
32.7

 
43.5

 
(10.8
)
 
(24.8
)%
 
 
(0.4
)
 
(23.8
)%
Total used
207.6

 
239.9

 
(32.3
)
 
(13.5
)%
 
 
(2.5
)
 
(12.4
)%
Parts and service sales
49.7

 
55.1

 
(5.4
)
 
(9.8
)%
 
 
(0.7
)
 
(8.5
)%
F&I, net
12.1

 
14.7

 
(2.6
)
 
(17.9
)%
 
 
(0.3
)
 
(15.9
)%
Total revenues
$
539.9

 
$
616.4

 
$
(76.5
)
 
(12.4
)%
 
 
$
(11.9
)
 
(10.5
)%
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
11.1

 
$
16.2

 
$
(5.1
)
 
(31.6
)%
 
 
$
(0.5
)
 
(28.8
)%
Used vehicle retail sales
8.5

 
8.0

 
0.5

 
6.7
 %
 
 
(0.1
)
 
8.3
 %
Used vehicle wholesale sales
—

 
(0.9
)
 
0.8

 
94.7
 %
 
 
—

 
94.1
 %
Total used
8.5

 
7.1

 
1.3

 
18.8
 %
 
 
(0.1
)
 
20.6
 %
Parts and service sales
26.9

 
30.5

 
(3.6
)
 
(11.9
)%
 
 
(0.4
)
 
(10.6
)%
F&I, net
12.1

 
14.7

 
(2.6
)
 
(17.9
)%
 
 
(0.3
)
 
(15.9
)%
Total gross profit
$
58.5

 
$
68.6

 
$
(10.1
)
 
(14.7
)%
 
 
$
(1.3
)
 
(12.7
)%
Gross margin:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.1
 %
 
5.3
 %
 
(1.2
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.9
 %
 
4.1
 %
 
0.8
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
(0.1
)%
 
(2.0
)%
 
1.8
 %
 
 
 
 
 
 
 
Total used
4.1
 %
 
3.0
 %
 
1.1
 %
 
 
 
 
 
 
 
Parts and service sales
54.1
 %
 
55.4
 %
 
(1.3
)%
 
 
 
 
 
 
 
F&I, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
10.8
 %
 
11.1
 %
 
(0.3
)%
 
 
 
 
 
 
 
Units sold:
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
8,029

 
9,635

 
(1,606
)
 
(16.7
)%
 
 
 
 
 
Retail used vehicles sold
7,361

 
8,117

 
(756
)
 
(9.3
)%
 
 
 
 
 
Wholesale used vehicles sold
4,180

 
5,180

 
(1,000
)
 
(19.3
)%
 
 
 
 
 
Total used
11,541

 
13,297

 
(1,756
)
 
(13.2
)%
 
 
 
 
 
Average sales price per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
33,699

 
$
31,834

 
$
1,865

 
5.9
 %
 
 
$
(1,047
)
 
9.1
 %
Used vehicle retail
$
23,749

 
$
24,195

 
$
(445
)
 
(1.8
)%
 
 
$
(289
)
 
(0.6
)%
Gross profit per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,379

 
$
1,680

 
$
(301
)
 
(17.9
)%
 
 
$
(57
)
 
(14.5
)%
Used vehicle retail sales
$
1,157

 
$
983

 
$
173

 
17.6
 %
 
 
$
(18
)
 
19.4
 %
Used vehicle wholesale sales
$
(11
)
 
$
(165
)
 
$
154

 
93.4
 %
 
 
$
1

 
92.7
 %
Total used
$
734

 
$
536

 
$
198

 
36.9
 %
 
 
$
(11
)
 
38.9
 %
F&I PRU
$
786

 
$
830

 
$
(44
)
 
(5.3
)%
 
 
$
(19
)
 
(3.0
)%
Other:
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
52.4

 
$
55.7

 
$
(3.3
)
 
(6.0
)%
 
 
$
(0.9
)
 
(4.4
)%
SG&A as % gross profit
89.5
 %
 
81.3
 %
 
8.2
 %
 
 
 
 
 
 
 





16

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit and per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
57.5

 
$
63.2

 
$
(5.7
)
 
(9.0
)%
 
 
$
(10.2
)
 
7.1
 %
Used vehicle retail sales
19.9

 
19.7

 
0.3

 
1.4
 %
 
 
(3.4
)
 
18.9
 %
Used vehicle wholesale sales
3.8

 
3.5

 
0.4

 
10.9
 %
 
 
(0.6
)
 
28.4
 %
Total used
23.8

 
23.1

 
0.7

 
2.8
 %
 
 
(4.1
)
 
20.3
 %
Parts and service sales
9.6

 
11.7

 
(2.2
)
 
(18.6
)%
 
 
(1.6
)
 
(4.8
)%
F&I, net
1.7

 
2.0

 
(0.2
)
 
(11.9
)%
 
 
(0.3
)
 
3.5
 %
Total revenues
$
92.5

 
$
100.0

 
$
(7.4
)
 
(7.4
)%
 
 
$
(16.1
)
 
8.7
 %
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
3.5

 
$
3.8

 
$
(0.3
)
 
(8.4
)%
 
 
$
(0.6
)
 
7.7
 %
Used vehicle retail sales
1.1

 
1.4

 
(0.3
)
 
(24.9
)%
 
 
(0.2
)
 
(11.6
)%
Used vehicle wholesale sales
0.2

 
0.3

 
(0.1
)
 
(26.2
)%
 
 
—

 
(12.8
)%
Total used
1.3

 
1.7

 
(0.4
)
 
(25.2
)%
 
 
(0.2
)
 
(11.8
)%
Parts and service sales
4.2

 
5.1

 
(0.9
)
 
(17.6
)%
 
 
(0.7
)
 
(3.8
)%
F&I, net
1.7

 
2.0

 
(0.2
)
 
(11.9
)%
 
 
(0.3
)
 
3.5
 %
Total gross profit
$
10.7

 
$
12.6

 
$
(1.9
)
 
(14.9
)%
 
 
$
(1.8
)
 
(0.2
)%
Gross margin:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.1
%
 
6.1
%
 
—
 %
 
 
 
 
 
 
 
Used vehicle retail sales
5.3
%
 
7.1
%
 
(1.8
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
5.3
%
 
8.0
%
 
(2.7
)%
 
 
 
 
 
 
 
Total used
5.3
%
 
7.3
%
 
(2.0
)%
 
 
 
 
 
 
 
Parts and service sales
44.0
%
 
43.5
%
 
0.5
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.5
%
 
12.6
%
 
(1.0
)%
 
 
 
 
 
 
 
Units sold:
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
1,971

 
2,126

 
(155
)
 
(7.3
)%
 
 
 
 
 
Retail used vehicles sold
1,098

 
1,058

 
40

 
3.8
 %
 
 
 
 
 
Wholesale used vehicles sold
475

 
450

 
25

 
5.6
 %
 
 
 
 
 
Total used
1,573

 
1,508

 
65

 
4.3
 %
 
 
 
 
 
Average sales price per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
29,169

 
$
29,709

 
$
(540
)
 
(1.8
)%
 
 
$
(5,158
)
 
15.5
 %
Used vehicle retail
$
18,154

 
$
18,584

 
$
(429
)
 
(2.3
)%
 
 
$
(3,141
)
 
14.6
 %
Gross profit per unit sold:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,782

 
$
1,803

 
$
(21
)
 
(1.1
)%
 
 
$
(312
)
 
16.2
 %
Used vehicle retail sales
$
957

 
$
1,323

 
$
(366
)
 
(27.7
)%
 
 
$
(171
)
 
(14.8
)%
Used vehicle wholesale sales
$
430

 
$
615

 
$
(185
)
 
(30.1
)%
 
 
$
(78
)
 
(17.4
)%
Total used
$
798

 
$
1,112

 
$
(314
)
 
(28.3
)%
 
 
$
(143
)
 
(15.4
)%
F&I PRU
$
560

 
$
613

 
$
(53
)
 
(8.6
)%
 
 
$
(98
)
 
7.4
 %
Other:
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
10.5

 
$
11.4

 
$
(0.9
)
 
(7.7
)%
 
 
$
(1.9
)
 
9.4
 %
Adjusted SG&A expenses (1)
$
9.7

 
$
11.4

 
$
(1.8
)
 
(15.4
)%
 
 
$
(1.7
)
 
(0.6
)%
SG&A as % gross profit
98.7
%
 
90.9
%
 
7.8
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
90.4
%
 
90.9
%
 
(0.5
)%
 
 
 
 
 
 
 
(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.





17


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (In millions, except per share amounts)
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
U.S. GAAP
 
Severance costs
 
Non-GAAP adjusted
SG&A expenses
 
$
328.0

 
$
(0.9
)
 
$
327.1

Income (loss) from operations
 
69.9

 
0.9

 
70.8

 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
38.9

 
$
0.9

 
$
39.8

Less: (Benefit) provision for income taxes
 
9.1

 
0.1

 
9.2

Net income (loss)
 
29.8

 
0.8

 
30.6

Less: Earnings (loss) allocated to participating securities
 
1.1

 
—

 
1.1

Net income (loss) available to diluted common shares
 
$
28.7

 
$
0.8

 
$
29.5

 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
1.61

 
$
0.04

 
$
1.66

 
 
 
 
 
 

Effective tax rate
 
23.4
%
 
 
 
23.2
%
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
78.7
%
 
 
 
78.5
%
Operating margin (2)
 
2.6
%
 
 
 
2.6
%
Pretax margin (2)
 
1.4
%
 
 
 
1.5
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
315.0

 
$
(0.9
)
 
$
314.1

Same Store SG&A as % gross profit (1)
 
78.2
%
 
 
 
78.0
%
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
70.1

 
$
0.9

 
$
71.0

Same Store operating margin (2)
 
2.7
%
 
 
 
2.7
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin exclude the impact of SG&A reconciling items above.




18

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (In millions, except per share amounts)
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
SG&A expenses
 
$
327.7

 
$
(2.0
)
 
$
5.2

 
$
(2.4
)
 
$
328.5

Income (loss) from operations
 
86.8

 
2.0

 
(5.2
)
 
2.4

 
86.0

 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
52.2

 
$
2.0

 
$
(5.2
)
 
$
2.4

 
$
51.3

Less: (Benefit) provision for income taxes
 
13.5

 
0.5

 
(1.4
)
 
0.5

 
13.1

Net income (loss)
 
38.6

 
1.5

 
(3.8
)
 
1.9

 
38.2

Less: Earnings (loss) allocated to participating securities
 
1.5

 
0.1

 
(0.1
)
 
0.1

 
1.4

Net income (loss) available to diluted common shares
 
$
37.2

 
$
1.4

 
$
(3.7
)
 
$
1.8

 
$
36.7

 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
2.08

 
$
0.08

 
$
(0.21
)
 
$
0.10

 
$
2.06

 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
25.9
%
 
 
 
 
 
 
 
25.6
%
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
75.9
%
 
 
 
 
 
 
 
76.1
%
Operating margin (2)
 
3.1
%
 
 
 
 
 
 
 
3.1
%
Pretax margin (2)
 
1.9
%
 
 
 
 
 
 
 
1.8
%
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
323.4

 
$
(2.0
)
 
$
1.1

 
$
(1.8
)
 
$
320.6

Same Store SG&A as % gross profit (1)
 
76.1
%
 
 
 
 
 
 
 
75.5
%
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
84.8

 
$
2.0

 
$
(1.1
)
 
$
1.8

 
$
87.5

Same Store operating margin (2)
 
3.1
%
 
 
 
 
 
 
 
3.2
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin exclude the impact of SG&A reconciling items above.





19

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
(Unaudited)
(In millions)
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
SG&A expenses
 
$
256.2

 
$
(2.0
)
 
$
5.2

 
$
(1.8
)
 
$
257.6

SG&A as % gross profit (1)
 
73.8
%
 
 
 
 
 
 
 
74.2
%
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
256.2

 
$
(2.0
)
 
$
1.1

 
$
(1.8
)
 
$
253.5

Same Store SG&A as % gross profit (1)
 
74.5
%
 
 
 
 
 
 
 
73.7
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.


20

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Brazil
(Unaudited)
 (In millions)
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
U.S. GAAP
 
Severance costs
 
Non-GAAP adjusted
SG&A expenses
 
$
10.6

 
$
(0.9
)
 
$
9.7

SG&A as % gross profit (1)
 
99.1
%
 
 
 
90.9
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
10.5

 
$
(0.9
)
 
$
9.7

Same Store SG&A as % gross profit (1)
 
98.7
%
 
 
 
90.4
%
 
 
Three Months Ended March 31, 2019
 
 
U.S. GAAP
 
Legal matters
 
Non-GAAP adjusted
SG&A expenses
 
$
12.4

 
$
(0.6
)
 
$
11.8

SG&A as % gross profit (1)
 
98.2
%
 
 
 
93.7
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
11.4

 
$
—

 
$
11.4

Same Store SG&A as % gross profit (1)
 
90.9
%
 
 
 
90.9
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.


21
 EX-101.SCH 3 gpi-20200505.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 gpi-20200505_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 gpi-20200505_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 gpi-20200505_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover [Abstract] Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security Title of 12(b) Security Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 7 gpi-20200505_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 gp1logoa11.gif begin 644 gp1logoa11.gif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

'#8I4Z:.'3TZ'';#(\B/*"=-#'GRX\,8 M*"6A(7A#$LH;"L78]&B2ITJ+X%"YPN8GTT,QPY0IH[=T*;$8 "0QG$1,$M.K M39>&F>E0YE5Z^IK2"Z.I828Q2@&D(3@)#3%Z ,(H;/MV*=:E-XA1K.7JU;< M (PV+$GL;(P;,<+@" .@,4Z%/ \K#G/CQM9)4&,T%).IL)@8,0RLN,%93%2& M:(:9!L!5H%LTC34G="L&\>';DC"SEOCJ5;976QK_7!BCXXW&*AHKOZ'B !E M-89<0,6&(P5AY !P00WDQB(%&<8T=)"!IL)5'FAB?Q088# LU*$9RK>W#(FP /$:0@#<"$ , MXXFHP@T!&*#"0WUE$]P6V8RG8( &61A?0KI4QQ4 M )3%EI

KDG 45MYI> BE#C%+*+*./L'-UU)QYZG44(K((Y6;J MJ@*5UMA:N-J8"6PJ4!OMM0",1E^I^S%ZK6[,0EDM/=)4BDHV@#TY)V>4^D<, M#&V5B@:XUFT+V9A%($&<)YUB8 M9_J2)_!"[OAG*P!N'I3H,#A NL]'J0VCR3 5[U@0)IU%Y6M229VU'P"\3NSH MH 9)PK)\.>T,,D&I5;RJ@/ND%E\,+$^"R23#$&, 8-#V2:N[!2DC2:(F9Z), M9K&9?!!5R@"0F0%0'5!>=0L?7)AP![U!##'\*B3)VP9'2\R^I\[_MC?.^@;> M87C,(FWX0;/RG) R7HO!IT ,-C8>/62:Z)IV8E'&5"1/NNV>QY"*IGJGS(K(AO:Q@11J[&#LIE- M/( JP:66R_NHY/KI QE5]FET"E1WMX#?1SR0?-5[*Y[E5?K MGH_("K8:UJ-K/^1!,ZD_OD#23\O6/LZ#W6SV$8T1:<(CPXA&1M:E./)E;Q^$ MBY) C+0\@1@O4S:R7P4'8CRQ]4HOOK.;]C#(N'U<#UH"^@G0'.*YA'R,?NK) MTWC$4!B5=49[9A,A!$W&E>'!*B%&J5@8_W[U*Y% 4$WTR5-L>"*0'U5J@,ZK MFD5PQZ[ ; 83,5@!6K2S%"B1:&%(XXK&BJC #W40W!)# ME%,# T/="2,"2(+0(W%6; @FP2.Y3!ZL'@\JES(: M22;Q$20YK)P.C I2RGWA4CDBREE":%D>*9:R(=AX10,7\K5P+[C M2OR1"3PPD4C)IA.^A""-FE(TR#$+4@\_*.=\XS1AU#K316\6Y%? 0E13A$G( MK"7E5^EDIJ]^R/\09:BL,#_,I^4(@LA?:42JH1R?Z4)$J5",X:Q OG1S5.L:^3@B2F7 ]^DM"BM#2#A &_-AIQ=>,C134NN+T%VT>" M03F0JCA'(8FJQXU-J)M,P%@]L$'L@VGK'9PU"\8>R9MHC2RVCAQ /.],6'_! M=;Z3[4M'6=/RQ$S#'1H?Y( P@,DD2G46Q%:O_UD)TU=\L 8G7BVJQ+V%S5]U MG(D0L65?(8O9OF3C$?@N.&9@CO+I8B9%1",$$]=K)D*&,8P#>*=!.#"-F1AB M,X >F7^!;2][:)LQK!%#3.7*1.D69I3 Q*>1/X/@+@?BJ3.VMVQ=;C68"5+K M61RJ;2%TQ5NY*0/0!J!1.,GRCA @X;9,&@,-,&D G10@TQ-"1\PXD#'(5)^$M;&$TS+>ID(_\2"5/>956/J)5%5! [ end JSON 9 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "a2020q1earningsrelease.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "calculationLink": { "local": [ "gpi-20200505_cal.xml" ] }, "definitionLink": { "local": [ "gpi-20200505_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "a2020q1earningsrelease.htm" ] }, "labelLink": { "local": [ "gpi-20200505_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "gpi-20200505_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "gpi-20200505.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "gpi", "nsuri": "http://www.group1auto.com/20200505", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "a2020q1earningsrelease.htm", "contextRef": "D2020Q2May05", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Cover", "role": "http://www.group1auto.com/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "a2020q1earningsrelease.htm", "contextRef": "D2020Q2May05", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.group1auto.com/role/Cover" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 a2020q1earningsrelease_htm.xml IDEA: XBRL DOCUMENT 0001031203 2020-05-05 2020-05-05 false 0001031203 8-K 2020-05-05 Group 1 Automotive, Inc DE 1-13461 76-0506313 800 Gessner Suite 500 Houston TX 77024 713 647-5700 false false false false Common stock, par value $0.01 per share GPI NYSE false XML 13 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Cover
May 05, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 05, 2020
Entity Registrant Name Group 1 Automotive, Inc
Entity Central Index Key 0001031203
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 1-13461
Entity Tax Identification Number 76-0506313
Entity Address, Address Line One 800 Gessner
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77024
City Area Code 713
Local Phone Number 647-5700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol GPI
Security Exchange Name NYSE
Entity Emerging Growth Company false

EXCEL 14 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end ZIP 15 0001031203-20-000009-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001031203-20-000009-xbrl.zip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end XML 16 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 17 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 1 95 1 false 0 0 false 0 false false R1.htm 0001000 - Document - Cover Sheet http://www.group1auto.com/role/Cover Cover Cover 1 false false All Reports Book All Reports a2020q1earningsrelease.htm a2020q1exhibit991.htm gpi-20200505.xsd gpi-20200505_cal.xml gpi-20200505_def.xml gpi-20200505_lab.xml gpi-20200505_pre.xml http://xbrl.sec.gov/dei/2019-01-31 true true