![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Group 1 Automotive Inc | NYSE:GPI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.93 | -1.17% | 333.22 | 341.32 | 332.445 | 340.00 | 146,314 | 01:00:00 |
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
76-0506313
|
|
(State of other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
800 Gessner,
|
Suite 500
|
|
77024
|
Houston,
|
TX
|
|
(Zip code)
|
(Address of principal executive offices)
|
|
|
Large accelerated filer
|
þ
|
|
¨
|
Accelerated filer
|
|
|
|
||
Non-accelerated filer
|
¨
|
|
☐
|
Smaller reporting company
|
|
|
|
|
|
|
|
|
☐
|
Emerging growth company
|
|
|
|
GLOSSARY OF DEFINITIONS
|
||
Item 1.
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
Terms
|
|
Definitions
|
ASC
|
|
Accounting Standards Codification
|
ASU
|
|
Accounting Standards Update
|
Brexit
|
|
Withdrawal of the U.K. from the EU
|
BRL
|
|
Brazilian Real (R$)
|
COVID-19 pandemic
|
|
Coronavirus disease first emerging in December 2019 and resulting in the ongoing global pandemic in 2020
|
EPS
|
|
Earnings per share
|
EU
|
|
European Union
|
F&I
|
|
Finance, insurance and other
|
FASB
|
|
Financial Accounting Standards Board
|
FMCC
|
|
Ford Motor Credit Company
|
GBP
|
|
British Pound Sterling (£)
|
LIBOR
|
|
London Interbank Offered Rate
|
OEM
|
|
Original equipment manufacturer
|
PRU
|
|
Per retail unit
|
ROU
|
|
Right-of-use
|
RSA
|
|
Restricted stock award
|
SEC
|
|
Securities and Exchange Commission
|
SG&A
|
|
Selling, general and administrative
|
USD
|
|
United States Dollar
|
U.K.
|
|
United Kingdom
|
U.S.
|
|
United States of America
|
U.S. GAAP
|
|
Accounting principles generally accepted in the U.S.
|
WHO
|
|
World Health Organization
|
WLTP
|
|
Worldwide Harmonised Light Vehicle Test Procedure
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
REVENUES:
|
|
|
|
|
||||
New vehicle retail sales
|
|
$
|
1,342.2
|
|
|
$
|
1,414.5
|
|
Used vehicle retail sales
|
|
779.0
|
|
|
819.2
|
|
||
Used vehicle wholesale sales
|
|
86.5
|
|
|
92.1
|
|
||
Parts and service sales
|
|
370.6
|
|
|
369.2
|
|
||
Finance, insurance and other, net
|
|
112.5
|
|
|
113.4
|
|
||
Total revenues
|
|
2,690.8
|
|
|
2,808.4
|
|
||
COST OF SALES:
|
|
|
|
|
||||
New vehicle retail sales
|
|
1,279.4
|
|
|
1,343.1
|
|
||
Used vehicle retail sales
|
|
736.9
|
|
|
771.4
|
|
||
Used vehicle wholesale sales
|
|
85.5
|
|
|
91.7
|
|
||
Parts and service sales
|
|
172.6
|
|
|
170.7
|
|
||
Total cost of sales
|
|
2,274.3
|
|
|
2,376.9
|
|
||
GROSS PROFIT
|
|
416.5
|
|
|
431.5
|
|
||
Selling, general and administrative expenses
|
|
328.0
|
|
|
327.7
|
|
||
Depreciation and amortization expense
|
|
18.6
|
|
|
17.0
|
|
||
INCOME (LOSS) FROM OPERATIONS
|
|
69.9
|
|
|
86.8
|
|
||
INTEREST EXPENSE:
|
|
|
|
|
||||
Floorplan interest expense
|
|
12.9
|
|
|
15.7
|
|
||
Other interest expense, net
|
|
18.1
|
|
|
18.9
|
|
||
INCOME (LOSS) BEFORE INCOME TAXES
|
|
38.9
|
|
|
52.2
|
|
||
(Benefit) provision for income taxes
|
|
9.1
|
|
|
13.5
|
|
||
NET INCOME (LOSS)
|
|
$
|
29.8
|
|
|
$
|
38.6
|
|
BASIC EARNINGS (LOSS) PER SHARE
|
|
$
|
1.62
|
|
|
$
|
2.09
|
|
Weighted average common shares outstanding
|
|
17.8
|
|
|
17.8
|
|
||
DILUTED EARNINGS (LOSS) PER SHARE
|
|
$
|
1.61
|
|
|
$
|
2.08
|
|
Weighted average dilutive common shares outstanding
|
|
17.8
|
|
|
17.8
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
NET INCOME (LOSS)
|
|
$
|
29.8
|
|
|
$
|
38.6
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
||||
Foreign currency translation adjustment
|
|
(27.9
|
)
|
|
3.6
|
|
||
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
|
|
|
|
|
||||
Unrealized gain (loss) arising during the period, net of tax benefit (provision) of $9.7 and $1.3, respectively
|
|
(31.6
|
)
|
|
(4.2
|
)
|
||
Reclassification adjustment for (gain) loss included in interest expense, net of tax benefit (provision) of $0.2 and ($0.1), respectively
|
|
0.5
|
|
|
(0.3
|
)
|
||
Unrealized gain (loss) on interest rate risk management activities, net of tax
|
|
(31.1
|
)
|
|
(4.6
|
)
|
||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
(59.0
|
)
|
|
(1.0
|
)
|
||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(29.3
|
)
|
|
$
|
37.7
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE, December 31, 2019
|
|
25,486,711
|
|
|
$
|
0.3
|
|
|
$
|
295.3
|
|
|
$
|
1,542.4
|
|
|
$
|
(147.0
|
)
|
|
$
|
(435.3
|
)
|
|
$
|
1,255.7
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.8
|
|
|
—
|
|
|
—
|
|
|
29.8
|
|
||||||
Other comprehensive income (loss), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.0
|
)
|
|
—
|
|
|
(59.0
|
)
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.9
|
)
|
|
(48.9
|
)
|
||||||
Net issuance of treasury shares to stock compensation plans
|
|
(38,436
|
)
|
|
—
|
|
|
(12.7
|
)
|
|
—
|
|
|
—
|
|
|
10.2
|
|
|
(2.5
|
)
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
5.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.1
|
|
||||||
Dividends declared ($0.30 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
||||||
BALANCE, March 31, 2020
|
|
25,448,275
|
|
|
$
|
0.3
|
|
|
$
|
287.8
|
|
|
$
|
1,566.7
|
|
|
$
|
(206.0
|
)
|
|
$
|
(474.1
|
)
|
|
$
|
1,174.6
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE, December 31, 2018
|
|
25,494,328
|
|
|
$
|
0.3
|
|
|
$
|
292.8
|
|
|
$
|
1,394.8
|
|
|
$
|
(137.8
|
)
|
|
$
|
(454.4
|
)
|
|
$
|
1,095.7
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.6
|
|
|
—
|
|
|
—
|
|
|
38.6
|
|
||||||
Other comprehensive income (loss), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.0
|
)
|
|
—
|
|
|
(1.0
|
)
|
||||||
Net issuance of treasury shares to stock compensation plans
|
|
28,055
|
|
|
—
|
|
|
(11.7
|
)
|
|
—
|
|
|
—
|
|
|
10.9
|
|
|
(0.8
|
)
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
||||||
Dividends declared ($0.26 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
||||||
ASC 842 cumulative adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
||||||
BALANCE, March 31, 2019
|
|
25,522,383
|
|
|
$
|
0.3
|
|
|
$
|
287.1
|
|
|
$
|
1,422.6
|
|
|
$
|
(138.7
|
)
|
|
$
|
(443.5
|
)
|
|
$
|
1,127.7
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
29.8
|
|
|
$
|
38.6
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
18.6
|
|
|
17.0
|
|
||
Change in operating lease assets
|
|
6.4
|
|
|
7.6
|
|
||
Deferred income taxes
|
|
(0.4
|
)
|
|
4.1
|
|
||
Stock-based compensation
|
|
5.1
|
|
|
6.1
|
|
||
Amortization of debt discount and issue costs
|
|
1.0
|
|
|
0.9
|
|
||
(Gain) loss on disposition of assets
|
|
—
|
|
|
(5.8
|
)
|
||
Other
|
|
0.4
|
|
|
0.2
|
|
||
Changes in assets and liabilities, net of acquisitions and dispositions:
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
|
(98.1
|
)
|
|
101.6
|
|
||
Accounts and notes receivable
|
|
41.6
|
|
|
9.2
|
|
||
Inventories
|
|
(125.7
|
)
|
|
(28.1
|
)
|
||
Contracts-in-transit and vehicle receivables
|
|
135.2
|
|
|
5.1
|
|
||
Prepaid expenses and other assets
|
|
1.8
|
|
|
(17.7
|
)
|
||
Floorplan notes payable — manufacturer affiliates
|
|
35.9
|
|
|
(2.5
|
)
|
||
Deferred revenues
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||
Operating lease liabilities
|
|
(7.3
|
)
|
|
(8.4
|
)
|
||
Net cash provided by (used in) operating activities
|
|
44.1
|
|
|
127.9
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Proceeds from disposition of franchises, property and equipment
|
|
0.5
|
|
|
35.1
|
|
||
Purchases of property and equipment
|
|
(31.6
|
)
|
|
(41.7
|
)
|
||
Other
|
|
—
|
|
|
(0.2
|
)
|
||
Net cash provided by (used in) investing activities
|
|
(31.1
|
)
|
|
(6.8
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Borrowings on credit facility — floorplan line and other
|
|
1,691.6
|
|
|
1,631.5
|
|
||
Repayments on credit facility — floorplan line and other
|
|
(1,665.6
|
)
|
|
(1,697.5
|
)
|
||
Borrowings on credit facility — acquisition line
|
|
30.0
|
|
|
107.8
|
|
||
Repayments on credit facility — acquisition line
|
|
(30.0
|
)
|
|
(111.5
|
)
|
||
Debt issue costs
|
|
(0.1
|
)
|
|
—
|
|
||
Borrowings on other debt
|
|
27.3
|
|
|
20.3
|
|
||
Principal payments on other debt
|
|
(26.0
|
)
|
|
(26.7
|
)
|
||
Borrowings on debt related to real estate
|
|
18.9
|
|
|
—
|
|
||
Principal payments on debt related to real estate
|
|
(7.6
|
)
|
|
(20.9
|
)
|
||
Proceeds from employee stock purchase plan
|
|
2.5
|
|
|
2.1
|
|
||
Payment of tax withholding for stock-based awards
|
|
(5.0
|
)
|
|
(2.9
|
)
|
||
Repurchases of common stock, amounts based on settlement date
|
|
(48.9
|
)
|
|
—
|
|
||
Dividends paid
|
|
(5.5
|
)
|
|
(4.8
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(18.5
|
)
|
|
(102.5
|
)
|
||
Effect of exchange rate changes on cash
|
|
(3.4
|
)
|
|
(0.5
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
(8.9
|
)
|
|
18.1
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
|
|
28.1
|
|
|
18.7
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
|
|
$
|
19.2
|
|
|
$
|
36.9
|
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
||||||||
New vehicle retail sales
|
|
$
|
988.4
|
|
|
$
|
296.3
|
|
|
$
|
57.5
|
|
|
$
|
1,342.2
|
|
Used vehicle retail sales
|
|
570.3
|
|
|
188.8
|
|
|
19.9
|
|
|
779.0
|
|
||||
Used vehicle wholesale sales
|
|
46.8
|
|
|
35.8
|
|
|
3.8
|
|
|
86.5
|
|
||||
Total new and used vehicle sales
|
|
1,605.5
|
|
|
520.9
|
|
|
81.3
|
|
|
2,207.7
|
|
||||
Parts and service sales (1)
|
|
304.6
|
|
|
56.4
|
|
|
9.6
|
|
|
370.6
|
|
||||
Finance, insurance and other, net (2)
|
|
97.4
|
|
|
13.3
|
|
|
1.7
|
|
|
112.5
|
|
||||
Total revenues
|
|
$
|
2,007.6
|
|
|
$
|
590.7
|
|
|
$
|
92.5
|
|
|
$
|
2,690.8
|
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
||||||||
New vehicle retail sales
|
|
$
|
1,031.7
|
|
|
$
|
318.6
|
|
|
$
|
64.2
|
|
|
$
|
1,414.5
|
|
Used vehicle retail sales
|
|
594.4
|
|
|
203.6
|
|
|
21.2
|
|
|
819.2
|
|
||||
Used vehicle wholesale sales
|
|
42.8
|
|
|
45.3
|
|
|
4.1
|
|
|
92.1
|
|
||||
Total new and used vehicle sales
|
|
1,669.0
|
|
|
567.4
|
|
|
89.4
|
|
|
2,325.8
|
|
||||
Parts and service sales (1)
|
|
297.6
|
|
|
59.6
|
|
|
12.0
|
|
|
369.2
|
|
||||
Finance, insurance and other, net (2)
|
|
96.2
|
|
|
15.2
|
|
|
2.0
|
|
|
113.4
|
|
||||
Total revenues
|
|
$
|
2,062.8
|
|
|
$
|
642.2
|
|
|
$
|
103.4
|
|
|
$
|
2,808.4
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||
Total revenues
|
$
|
2,007.6
|
|
|
$
|
590.7
|
|
|
$
|
92.5
|
|
|
$
|
2,690.8
|
|
Income (loss) before income taxes (1)
|
$
|
42.2
|
|
|
$
|
(2.7
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
38.9
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||
Total revenues
|
$
|
2,062.8
|
|
|
$
|
642.2
|
|
|
$
|
103.4
|
|
|
$
|
2,808.4
|
|
Income (loss) before income taxes (2)
|
$
|
46.4
|
|
|
$
|
6.2
|
|
|
$
|
(0.4
|
)
|
|
$
|
52.2
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Weighted average basic common shares outstanding
|
|
17,763,451
|
|
|
17,797,318
|
|
||
Dilutive effect of stock-based awards and employee stock purchases
|
|
44,810
|
|
|
52,016
|
|
||
Weighted average dilutive common shares
|
|
17,808,261
|
|
|
17,849,334
|
|
||
Basic:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
29.8
|
|
|
$
|
38.6
|
|
Less: Earnings (loss) allocated to participating securities
|
|
1.1
|
|
|
1.5
|
|
||
Net income (loss) available to basic common shares
|
|
$
|
28.7
|
|
|
$
|
37.2
|
|
Basic earnings (loss) per common share
|
|
$
|
1.62
|
|
|
$
|
2.09
|
|
Diluted:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
29.8
|
|
|
$
|
38.6
|
|
Less: Earnings (loss) allocated to participating securities
|
|
1.1
|
|
|
1.5
|
|
||
Net income (loss) available to diluted common shares
|
|
$
|
28.7
|
|
|
$
|
37.2
|
|
Diluted earnings (loss) per common share
|
|
$
|
1.61
|
|
|
$
|
2.08
|
|
•
|
Level 1 — Quoted prices for identical assets or liabilities in active markets.
|
•
|
Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
|
|
Carrying Value (1)
|
|
Fair Value
|
|
Carrying Value (1)
|
|
Fair Value
|
||||||||
5.00% Senior Notes
|
|
$
|
546.8
|
|
|
$
|
510.4
|
|
|
$
|
546.4
|
|
|
$
|
559.5
|
|
Real estate related
|
|
39.3
|
|
|
38.9
|
|
|
40.7
|
|
|
41.1
|
|
||||
Total
|
|
$
|
586.1
|
|
|
$
|
549.3
|
|
|
$
|
587.1
|
|
|
$
|
600.6
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets from interest rate risk management activities:
|
|
|
|
|
||||
Other long-term assets
|
|
$
|
—
|
|
|
$
|
1.9
|
|
Liabilities from interest rate risk management activities:
|
|
|
|
|
||||
Accrued expenses and other current liabilities
|
|
$
|
4.4
|
|
|
$
|
2.8
|
|
Long-term interest rate swap liabilities
|
|
41.7
|
|
|
4.4
|
|
||
Total long-term liabilities from interest rate risk management activities
|
|
$
|
46.1
|
|
|
$
|
7.2
|
|
|
|
Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
|
||||||
|
|
Three Months Ended March 31,
|
||||||
Derivatives in Cash Flow Hedging Relationship
|
|
2020
|
|
2019
|
||||
Interest rate swaps
|
|
$
|
(31.6
|
)
|
|
$
|
(4.2
|
)
|
|
|
|
|
|
||||
|
|
Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
|
||||||
Location of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
|||||
Floorplan interest expense, net
|
|
$
|
(0.6
|
)
|
|
$
|
0.3
|
|
Other interest expense, net
|
|
$
|
(0.1
|
)
|
|
$
|
0.1
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Contracts-in-transit and vehicle receivables, net
|
|
|
|
|
||||
Contracts-in-transit
|
|
$
|
67.0
|
|
|
$
|
169.9
|
|
Vehicle receivables
|
|
48.7
|
|
|
84.3
|
|
||
Total contracts-in-transit and vehicle receivables
|
|
115.8
|
|
|
254.1
|
|
||
Less: allowance for doubtful accounts (1)
|
|
0.3
|
|
|
0.3
|
|
||
Total contracts-in-transit and vehicle receivables, net
|
|
$
|
115.5
|
|
|
$
|
253.8
|
|
|
|
|
|
|
||||
Accounts and notes receivables, net
|
|
|
|
|
||||
Manufacturer receivables
|
|
$
|
97.5
|
|
|
$
|
124.0
|
|
Parts and service receivables
|
|
51.2
|
|
|
57.0
|
|
||
F&I receivables
|
|
19.0
|
|
|
28.3
|
|
||
Other
|
|
12.8
|
|
|
18.6
|
|
||
Total accounts and notes receivables
|
|
180.5
|
|
|
227.9
|
|
||
Less: allowance for doubtful accounts (1)
|
|
3.4
|
|
|
2.8
|
|
||
Total accounts and notes receivables, net
|
|
$
|
177.1
|
|
|
$
|
225.1
|
|
|
|
|
|
|
||||
Within Other current assets and Other long-term assets
|
|
|
|
|
||||
Total contract assets, net (1), (2)
|
|
$
|
22.7
|
|
|
$
|
21.6
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
5.00% Senior Notes due June 1, 2022
|
|
$
|
550.0
|
|
|
$
|
550.0
|
|
5.25% Senior Notes redeemed April 2, 2020 (1)
|
|
300.0
|
|
|
300.0
|
|
||
Acquisition Line
|
|
68.1
|
|
|
72.5
|
|
||
Real estate related
|
|
455.9
|
|
|
453.3
|
|
||
Finance leases
|
|
87.4
|
|
|
83.0
|
|
||
Other
|
|
38.4
|
|
|
42.8
|
|
||
Total debt
|
|
1,499.8
|
|
|
1,501.7
|
|
||
Less: unamortized discount on 5.00% and 5.25% Notes
|
|
(5.1
|
)
|
|
(5.6
|
)
|
||
Less: unamortized debt issuance costs
|
|
(2.3
|
)
|
|
(4.8
|
)
|
||
Less: current maturities (1)
|
|
(354.7
|
)
|
|
(59.1
|
)
|
||
Long-term debt
|
|
$
|
1,137.7
|
|
|
$
|
1,432.1
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Revolving credit facility — floorplan notes payable
|
|
$
|
1,207.8
|
|
|
$
|
1,206.0
|
|
Revolving credit facility — floorplan notes payable offset account
|
|
(82.6
|
)
|
|
(106.8
|
)
|
||
Revolving credit facility — floorplan notes payable, net
|
|
1,125.1
|
|
|
1,099.1
|
|
||
Other non-manufacturer facilities
|
|
43.5
|
|
|
45.3
|
|
||
Floorplan notes payable — credit facility and other, net
|
|
$
|
1,168.6
|
|
|
$
|
1,144.4
|
|
|
|
|
|
|
||||
FMCC facility
|
|
$
|
235.5
|
|
|
$
|
208.5
|
|
FMCC facility offset account
|
|
(0.2
|
)
|
|
(4.1
|
)
|
||
FMCC facility, net
|
|
235.4
|
|
|
204.5
|
|
||
Other manufacturer affiliate facilities
|
|
249.5
|
|
|
255.4
|
|
||
Floorplan notes payable — manufacturer affiliates, net
|
|
$
|
484.9
|
|
|
$
|
459.9
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
ROU assets obtained in exchange for lease obligations:
|
|
|
|
|
||||
Operating leases, initial recognition
|
|
$
|
0.1
|
|
|
$
|
4.3
|
|
Operating leases, modifications and remeasurements
|
|
$
|
11.9
|
|
|
$
|
0.7
|
|
Finance leases, initial recognition
|
|
$
|
10.0
|
|
|
$
|
—
|
|
Finance leases, modifications and remeasurements
|
|
$
|
(1.5
|
)
|
|
$
|
—
|
|
|
|
Three Months Ended March 31, 2020
|
||||||||||
|
|
Accumulated income (loss) on foreign currency translation
|
|
Accumulated income (loss) on interest rate swaps
|
|
Total
|
||||||
Balance, December 31, 2019
|
|
$
|
(142.9
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
(147.0
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
||||||
Pre-tax
|
|
(27.9
|
)
|
|
(41.3
|
)
|
|
(69.2
|
)
|
|||
Tax effect
|
|
—
|
|
|
9.7
|
|
|
9.7
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Floorplan interest expense (pre-tax)
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|||
Other interest expense, net (pre-tax)
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||
Provision (benefit) for income taxes
|
|
—
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|||
Net current period other comprehensive income (loss)
|
|
(27.9
|
)
|
|
(31.1
|
)
|
|
(59.0
|
)
|
|||
Balance, March 31, 2020
|
|
$
|
(170.8
|
)
|
|
$
|
(35.2
|
)
|
|
$
|
(206.0
|
)
|
|
|
Three Months Ended March 31, 2019
|
||||||||||
|
|
Accumulated income (loss) on foreign currency translation
|
|
Accumulated income (loss) on interest rate swaps
|
|
Total
|
||||||
Balance, December 31, 2018
|
|
$
|
(146.7
|
)
|
|
$
|
8.9
|
|
|
$
|
(137.8
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
||||||
Pre-tax
|
|
3.6
|
|
|
(5.6
|
)
|
|
(1.9
|
)
|
|||
Tax effect
|
|
—
|
|
|
1.3
|
|
|
1.3
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
|
||||||
Floorplan interest expense (pre-tax)
|
|
—
|
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|||
Other interest expense (pre-tax)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||
Provision (benefit) for income taxes
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||
Net current period other comprehensive income (loss)
|
|
3.6
|
|
|
(4.6
|
)
|
|
(1.0
|
)
|
|||
Balance, March 31, 2019
|
|
$
|
(143.1
|
)
|
|
$
|
4.4
|
|
|
$
|
(138.7
|
)
|
•
|
Gross profit from the sale of used vehicles depends primarily on a dealership’s ability to obtain a high-quality supply of used vehicles at reasonable prices. Our new vehicle operations generally provide our used vehicle operations with a large supply of high-quality trade-ins and off-lease vehicles, which are our best source of used vehicle inventory. Our dealerships supplement their used vehicle inventory with purchases at auctions, including manufacturer-sponsored auctions available only to franchised dealers.
|
•
|
Our data-driven pricing strategies ensure that our used vehicles are priced at market to generate more traffic to our websites. We review our market pricing on a regular basis and work to limit discounting from our advertised prices.
|
•
|
We will continue efforts to expand our “Val-U-Line®” sales program, a strategic used vehicle initiative that targets a growing customer niche and enables us to retail lower cost, higher mileage units that would otherwise have been sent to the auction. The Val-U-Line® initiative is expected to increase used retail volume by leveraging our scale, internal on-line buying center, internal auction capability and transportation infrastructure.
|
|
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
|
%
|
SG&A as % gross profit
|
78.7
|
%
|
|
75.9
|
%
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|||||||
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Floorplan interest expense
|
$
|
12.9
|
|
|
$
|
15.7
|
|
|
$
|
(2.8
|
)
|
|
(18.1
|
)%
|
|
|
$
|
—
|
|
|
(17.8
|
)%
|
Less: floorplan assistance (1)
|
10.6
|
|
|
10.5
|
|
|
0.1
|
|
|
0.8
|
%
|
|
|
—
|
|
|
0.8
|
%
|
||||
Net floorplan expense
|
$
|
2.3
|
|
|
$
|
5.2
|
|
|
$
|
(2.9
|
)
|
|
(56.0
|
)%
|
|
|
$
|
—
|
|
|
(55.2
|
)%
|
|
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
|
)%
|
SG&A as % gross profit
|
78.2
|
%
|
|
76.1
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
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
|
%
|
SG&A as % gross profit
|
|
75.5
|
%
|
|
73.8
|
%
|
|
1.7
|
%
|
|
|
|
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
|
)%
|
SG&A as % gross profit
|
75.5
|
%
|
|
74.5
|
%
|
|
1.0
|
%
|
|
|
|
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
|
%
|
|
|
|
|
|
|
|
|
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
|
%
|
|
|
|
|
|
|
|
|
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
|
%
|
SG&A as % gross profit
|
99.1
|
%
|
|
98.2
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
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
|
%
|
SG&A as % gross profit
|
98.7
|
%
|
|
90.9
|
%
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||||||
|
|
2020
|
|
2019
|
|
% Change
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) operating activities:
|
|
$
|
44.1
|
|
|
$
|
127.9
|
|
|
(65.6
|
)%
|
Change in Floorplan notes payable — credit facilities and other, excluding floorplan offset and net acquisition and disposition
|
|
11.8
|
|
|
(21.9
|
)
|
|
|
|||
Change in Floorplan notes payable — manufacturer affiliates associated with net acquisition and disposition and floorplan offset activity
|
|
(3.9
|
)
|
|
25.9
|
|
|
|
|||
Adjusted net cash provided by (used in) operating activities
|
|
$
|
51.9
|
|
|
$
|
132.0
|
|
|
(60.6
|
)%
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) investing activities:
|
|
$
|
(31.1
|
)
|
|
$
|
(6.8
|
)
|
|
(358.3
|
)%
|
Change in proceeds from disposition of franchises, property and equipment, associated with Floorplan notes payable
|
|
—
|
|
|
(15.7
|
)
|
|
|
|||
Adjusted net cash provided by (used in) investing activities
|
|
$
|
(31.1
|
)
|
|
$
|
(22.5
|
)
|
|
(38.4
|
)%
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) financing activities:
|
|
$
|
(18.5
|
)
|
|
$
|
(102.5
|
)
|
|
82.0
|
%
|
Change in Floorplan notes payable, excluding floorplan offset
|
|
(7.9
|
)
|
|
11.7
|
|
|
|
|||
Adjusted net cash provided by (used in) financing activities
|
|
$
|
(26.4
|
)
|
|
$
|
(90.8
|
)
|
|
71.0
|
%
|
|
|
Total
Commitment
|
|
Outstanding
|
|
Available
|
||||||
Floorplan line (1)
|
|
$
|
1,396.0
|
|
|
$
|
1,125.1
|
|
|
$
|
270.9
|
|
Acquisition line (2)
|
|
349.0
|
|
|
91.2
|
|
|
257.8
|
|
|||
Total Revolving Credit Facility
|
|
1,745.0
|
|
|
1,216.3
|
|
|
528.7
|
|
|||
FMCC facility (3)
|
|
300.0
|
|
|
235.4
|
|
|
64.6
|
|
|||
Total U.S. credit facilities (4)
|
|
$
|
2,045.0
|
|
|
$
|
1,451.7
|
|
|
$
|
593.3
|
|
|
As of March 31, 2020
|
|
|
Required
|
Actual
|
Total adjusted leverage ratio
|
< 5.50
|
3.31
|
Fixed charge coverage ratio
|
> 1.20
|
2.92
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Current assets (1)
|
|
$
|
1,956.3
|
|
|
$
|
2,024.6
|
|
Long-term assets
|
|
$
|
2,545.0
|
|
|
$
|
2,506.5
|
|
|
|
|
|
|
||||
Current liabilities
|
|
$
|
2,137.5
|
|
|
$
|
1,874.7
|
|
Long-term liabilities
|
|
$
|
1,401.7
|
|
|
$
|
1,644.9
|
|
|
|
Three Months Ended March 31, 2020
|
|
Year Ended December 31, 2019
|
||||
Revenues
|
|
$
|
2,007.6
|
|
|
$
|
9,184.2
|
|
Gross profit
|
|
$
|
340.9
|
|
|
$
|
1,494.8
|
|
Income (loss) from operations
|
|
$
|
70.2
|
|
|
$
|
354.0
|
|
Net income (loss)
|
|
$
|
64.1
|
|
|
$
|
354.8
|
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (1)
|
||||||
January 1 - January 31, 2020 (2)
|
|
149,284
|
|
|
$
|
98.12
|
|
|
149,284
|
|
|
$
|
58.9
|
|
February 1 - February 29, 2020
|
|
119,575
|
|
|
$
|
94.42
|
|
|
119,575
|
|
|
$
|
100.0
|
|
March 1 - March 31, 2020
|
|
328,905
|
|
|
$
|
69.86
|
|
|
328,905
|
|
|
$
|
77.0
|
|
Total
|
|
597,764
|
|
|
|
|
597,764
|
|
|
|
Exhibit
Number
|
|
|
|
Description
|
|
|
|
|
|
|
—
|
|
Amended and Restated Certificate of Incorporation of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 3.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2015)
|
|
|
—
|
|
Third Amended and Restated Bylaws of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 3.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed April 6, 2017)
|
|
|
—
|
|
List of Subsidiary Guarantors
|
|
|
—
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
—
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
—
|
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
—
|
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS*
|
|
—
|
|
XBRL Instance Document
|
101.SCH*
|
|
—
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
—
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
—
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
—
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
—
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
104*
|
|
—
|
|
Cover Page Interactive Data File (formatted in Inline XBRL and contained in exhibit 101)
|
*
|
|
Filed or furnished herewith
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
|
|
|
Date:
|
May 8, 2020
|
By:
|
/s/ John C. Rickel
|
|
|
|
John C. Rickel
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and Principal Financial and Accounting
|
|
|
|
and Accounting Officer)
|
1 Year Group 1 Automotive Chart |
1 Month Group 1 Automotive Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions