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Group 1 Automotive Reports Third Quarter 2024 Financial Results
  • Current quarter diluted earnings per common share from continuing operations of $8.68 and current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $9.90
  • Gross profit of $852.7 million from total revenues of $5.2 billion, both quarterly records, and an 8.4% and 11.0% increase, respectively, over the comparable prior year period

HOUSTON, Oct. 30, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250 automotive retailer with 260 dealerships located in the U.S. and U.K., today reported financial results for the third quarter of 2024 ("current quarter").

Current quarter net income from continuing operations was $117.1 million. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.5 million. Current quarter diluted earnings per common share from continuing operations was $8.68. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.90. Current quarter adjusted diluted earnings per common share from continuing operations excludes $14.8 million in pre-tax acquisition costs incurred during the current quarter.

"We continue to grow revenues through acquisitions. During the quarter, we executed strategic U.K. transactions which added 58 dealerships. We are excited to expand our operations across the broader U.K. with great brands, and will continue to explore growth-oriented opportunities," said Daryl Kenningham, Group 1's President and Chief Executive Officer. "We were pleased to have set quarterly records for new and used vehicle units sold, while GPUs only declined $161 and $63, sequentially from the second quarter, for new and used vehicles, respectively. Global stop sales on certain vehicle models with luxury manufacturers BMW and Lexus impacted sales during the quarter. Weather events in Texas early in the quarter and in the southeast later in the quarter also impacted our business."

Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables. 

Current Quarter Results Overview

Total revenues for the current quarter were $5.2 billion, a 11.0% increase compared to $4.7 billion for the third quarter of 2023 ("prior year quarter").

Net income from continuing operations for the current quarter was $117.1 million, a 28.6% decrease compared to $164.1 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.5 million, a 21.4% decrease compared to $169.8 million for the prior year quarter. In the current quarter, net income from continuing operations and adjusted net income from continuing operations were primarily impacted by higher interest expense and depreciation versus the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was $8.68, a 25.6% decrease compared to $11.67 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.90, an 18.0% decrease compared to $12.07 for the prior year quarter.

Third Quarter 2024

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP
measure)

Reported:

3Q24

Change

3Q24

Change

Total revenues

$5.2B

+11.0 %

$4.5B

(1.8) %

Total gross profit ("GP")

$852.7M

+8.4 %

$737.5M

(3.5) %

NV units sold

53,775

+18.6 %

44,411

+0.5 %

NV GP per retail unit ("PRU")

$3,407

(20.5) %

$3,449

(19.5) %

Used vehicle ("UV") retail units sold

55,907

+10.1 %

47,635

(3.3) %

UV retail GP PRU

$1,574

(1.7) %

$1,530

(5.3) %

Parts & service ("P&S") GP

$367.0M

+17.0 %

$318.8M

+4.9 %

P&S Gross Margin ("GM")

55.6 %

+0.3 %

55.1 %

(0.2) %

Finance and Insurance ("F&I") revenues

$214.1M

+7.4 %

$192.6M

(0.6) %

F&I GP PRU

$1,952

(5.9) %

$2,093

+0.9 %

Selling, General and Administrative ("SG&A") expenses as a % of GP

69.4 %

+621 bps

68.4 %

+456 bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

67.5 %

+410 bps

66.2 %

+313 bps

Corporate Development

We remain focused on quickly and efficiently integrating our acquisitions into our existing operations to drive incremental value creation for our shareholders.

In July 2024, the Company acquired four Mercedes-Benz dealerships located in the U.K. This acquisition is expected to generate $105.0 million in annual revenues with new car sales recorded as net revenue under the agency model.

In August 2024, the Company completed the acquisition of Inchcape Retail automotive operations in the U.K. This acquisition is expected to generate $2.7 billion in annual revenues.

In October 2024, the Company acquired a BMW/MINI dealership located in the U.K. This acquisition is expected to generate approximately $125.0 million in annual revenues.

Year-to-date, the Company has successfully acquired and is in the process of integrating dealership operations with total expected annual revenues of approximately $3.9 billion.

During the current quarter, the Company disposed of one dealership located in California. This disposed dealership generated approximately $65.0 million in annual revenues, bringing year-to-date total disposed annual revenues for the Company to $400.0 million.

Share Repurchases

During the current quarter, the Company repurchased 85,245 shares at an average price per common share of $349.55, for a total of $29.8 million, excluding excise taxes of $0.3 million.

During the nine months ended September 30, 2024, the Company repurchased 438,165 shares, representing approximately 3.2% of the Company's outstanding common shares at January 1 of the current year, at an average price per common share of $295.80, for a total of $129.6 million, excluding excise taxes of $1.1 million.

As of September 30, 2024, the Company had an aggregate 13.3 million outstanding common shares and unvested restricted stock awards. As of September 30, 2024, the Company had $174.8 million remaining on its Board authorized common share repurchase program.

Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

Third Quarter 2024 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10:00 a.m. ET to discuss the third quarter 2024 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at http://www.group1corp.com/company-presentations

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic:

1-888-317-6003

International:

1-412-317-6061

Passcode:

2417011

A telephonic replay will be available following the call through November 6, 2024, by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay Code:

5473305

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 260 automotive dealerships, 338 franchises, and 44 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, 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.

Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, and www.facebook.com/group1auto

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 and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements 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, on a timely basis, if at all and the risks associated therewith, (h) our ability to successfully integrate recent and future acquisitions and realize the expected benefits from consummated acquisitions, (i) foreign exchange controls and currency fluctuations, (j) the armed conflicts in Ukraine and the Middle East, (k) the impacts of continued inflation and potential changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, (l) our ability to maintain sufficient liquidity to operate, (m) a material failure in or breach of our vendors' information technology systems and other cybersecurity incidents, and (n) the receipt of any insurance or other recoveries. 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 Securities and Exchange Commission, 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, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, snow-storm, and employment compensation costs associated with the CDK outage. 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.

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 amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.

Investor contacts:

Terry Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com 

Media contacts:

Pete DeLongchamps
Senior Vice President, Financial Services and Manufacturer Relations
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com 

Kimberly Barta
Head of Marketing and Communications
Group 1 Automotive, Inc.
kbarta@group1auto.com

or

Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended September 30,

   

2024

 

2023

 

Increase/
(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       2,567.6

 

$       2,264.5

 

$          303.0

 

13.4 %

Used vehicle retail sales

 

1,656.5

 

1,559.6

 

96.9

 

6.2 %

Used vehicle wholesale sales

 

123.2

 

114.7

 

8.5

 

7.4 %

Parts and service sales

 

660.0

 

566.9

 

93.1

 

16.4 %

Finance, insurance and other, net

 

214.1

 

199.4

 

14.7

 

7.4 %

Total revenues

 

5,221.4

 

4,705.1

 

516.3

 

11.0 %

COST OF SALES:

               

New vehicle retail sales

 

2,384.4

 

2,070.2

 

314.1

 

15.2 %

Used vehicle retail sales

 

1,568.5

 

1,478.2

 

90.3

 

6.1 %

Used vehicle wholesale sales

 

122.8

 

117.1

 

5.7

 

4.9 %

Parts and service sales

 

293.1

 

253.4

 

39.6

 

15.6 %

Total cost of sales

 

4,368.7

 

3,918.9

 

449.8

 

11.5 %

GROSS PROFIT

 

852.7

 

786.2

 

66.4

 

8.4 %

Selling, general and administrative expenses

 

591.6

 

496.7

 

94.9

 

19.1 %

Depreciation and amortization expense

 

29.5

 

23.1

 

6.4

 

27.8 %

Asset impairments

 

 

4.8

 

(4.8)

 

(100.0) %

INCOME FROM OPERATIONS

 

231.6

 

261.6

 

(30.0)

 

(11.5) %

Floorplan interest expense

 

31.1

 

16.5

 

14.6

 

88.7 %

Other interest expense, net

 

39.8

 

26.5

 

13.3

 

50.1 %

Other expense (income)

 

1.1

 

(1.9)

 

3.0

 

157.2 %

INCOME BEFORE INCOME TAXES

 

159.6

 

220.5

 

(60.9)

 

(27.6) %

Provision for income taxes

 

42.5

 

56.4

 

(13.9)

 

(24.7) %

Net income from continuing operations

 

117.1

 

164.1

 

(47.0)

 

(28.6) %

Net income (loss) from discontinued operations

 

0.2

 

(0.2)

 

0.4

 

178.8 %

NET INCOME

 

$          117.3

 

$          163.9

 

$          (46.6)

 

(28.4) %

Less: Earnings allocated to participating securities

 

2.4

 

4.0

 

(1.6)

 

(40.6) %

Net income available to diluted common shares

 

$          114.9

 

$          159.9

 

$          (45.0)

 

(28.1) %

Diluted earnings per share from continuing operations

 

$            8.68

 

$          11.67

 

$          (2.99)

 

(25.6) %

Diluted earnings (loss) per share from discontinued operations

 

$            0.01

 

$           (0.02)

 

$           0.03

 

182.2 %

DILUTED EARNINGS PER SHARE

 

$            8.69

 

$          11.65

 

$          (2.96)

 

(25.4) %

Weighted average dilutive common shares outstanding

 

13.2

 

13.7

 

(0.5)

 

(3.7) %

Weighted average participating securities

 

0.3

 

0.3

 

(0.1)

 

(20.4) %

Total weighted average shares

 

13.5

 

14.1

 

(0.6)

 

(4.1) %

Effective tax rate on continuing operations

 

26.6 %

 

25.6 %

 

1.0 %

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Nine Months Ended September 30,

   

2024

 

2023

 

Increase/
(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       7,114.3

 

$       6,463.4

 

$          650.9

 

10.1 %

Used vehicle retail sales

 

4,526.5

 

4,359.0

 

167.4

 

3.8 %

Used vehicle wholesale sales

 

333.5

 

339.2

 

(5.6)

 

(1.7) %

Parts and service sales

 

1,810.8

 

1,677.3

 

133.5

 

8.0 %

Finance, insurance and other, net

 

603.1

 

554.8

 

48.3

 

8.7 %

Total revenues

 

14,388.3

 

13,393.7

 

994.6

 

7.4 %

COST OF SALES:

               

New vehicle retail sales

 

6,601.6

 

5,880.9

 

720.7

 

12.3 %

Used vehicle retail sales

 

4,275.7

 

4,122.2

 

153.6

 

3.7 %

Used vehicle wholesale sales

 

335.2

 

338.6

 

(3.5)

 

(1.0) %

Parts and service sales

 

814.0

 

762.3

 

51.6

 

6.8 %

Total cost of sales

 

12,026.5

 

11,104.0

 

922.5

 

8.3 %

GROSS PROFIT

 

2,361.8

 

2,289.7

 

72.2

 

3.2 %

Selling, general and administrative expenses

 

1,564.9

 

1,439.4

 

125.5

 

8.7 %

Depreciation and amortization expense

 

81.6

 

68.6

 

12.9

 

18.8 %

Asset impairments

 

 

7.7

 

(7.7)

 

(100.0) %

INCOME FROM OPERATIONS

 

715.4

 

773.9

 

(58.5)

 

(7.6) %

Floorplan interest expense

 

76.3

 

44.7

 

31.6

 

70.6 %

Other interest expense, net

 

102.5

 

72.1

 

30.4

 

42.1 %

Other expense

 

0.7

 

2.3

 

(1.6)

 

(69.4) %

INCOME BEFORE INCOME TAXES

 

535.8

 

654.8

 

(118.9)

 

(18.2) %

Provision for income taxes

 

133.5

 

161.6

 

(28.1)

 

(17.4) %

Net income from continuing operations

 

402.4

 

493.2

 

(90.8)

 

(18.4) %

Net income (loss) from discontinued operations

 

1.0

 

(0.3)

 

1.3

 

405.1 %

NET INCOME

 

$          403.3

 

$          492.9

 

$           (89.5)

 

(18.2) %

Less: Earnings allocated to participating securities

 

8.6

 

12.2

 

(3.6)

 

(29.5) %

Net income available to diluted common shares

 

$          394.7

 

$          480.6

 

$           (85.9)

 

(17.9) %

Diluted earnings per share from continuing operations

 

$          29.61

 

$          34.81

 

$           (5.20)

 

(14.9) %

Diluted earnings (loss) per share from discontinued operations

 

$            0.07

 

$           (0.02)

 

$            0.09

 

418.1 %

DILUTED EARNINGS PER SHARE

 

$          29.68

 

$          34.79

 

$           (5.11)

 

(14.7) %

Weighted average dilutive common shares outstanding

 

13.3

 

13.8

 

(0.5)

 

(3.7) %

Weighted average participating securities

 

0.3

 

0.4

 

(0.1)

 

(17.3) %

Total weighted average shares

 

13.6

 

14.2

 

(0.6)

 

(4.1) %

Effective tax rate on continuing operations

 

24.9 %

 

24.7 %

 

0.2 %

   

 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)

                 
   

September 30, 2024

 

December 31, 2023

 

Increase/
(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$                        58.7

 

$                        57.2

 

$                       1.5

 

2.6 %

Inventories, net

 

$                   2,752.2

 

$                   1,963.4

 

$                   788.8

 

40.2 %

Floorplan notes payable, net (1)

 

$                   2,269.5

 

$                   1,565.4

 

$                   704.1

 

45.0 %

Total debt

 

$                   2,891.1

 

$                   2,098.8

 

$                   792.3

 

37.8 %

Total equity

 

$                   2,976.2

 

$                   2,674.4

 

$                   301.8

 

11.3 %

                 

(1) Amounts are net of offset accounts of $99.8 and $275.2, respectively.

 

   

Three Months Ended September 30,

 

Nine Months Ended September 30,

   

2024

 

2023

 

2024

 

2023

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

73.8 %

 

81.8 %

 

78.4 %

 

80.7 %

United Kingdom

 

26.2 %

 

18.2 %

 

21.6 %

 

19.3 %

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

23.8 %

 

24.0 %

 

25.2 %

 

23.1 %

Volkswagen/Audi/Porsche/SEAT/SKODA

 

16.3 %

 

15.5 %

 

14.5 %

 

15.9 %

BMW/MINI

 

9.6 %

 

10.7 %

 

10.6 %

 

11.4 %

Honda/Acura

 

9.4 %

 

7.4 %

 

9.4 %

 

7.6 %

Chevrolet/GMC/Buick

 

9.0 %

 

10.2 %

 

9.2 %

 

8.8 %

Ford/Lincoln

 

6.9 %

 

7.3 %

 

7.1 %

 

7.8 %

Mercedes-Benz/Sprinter

 

8.9 %

 

6.0 %

 

6.9 %

 

6.3 %

Hyundai/Kia/Genesis

 

5.3 %

 

5.7 %

 

5.6 %

 

5.3 %

Subaru

 

3.2 %

 

2.8 %

 

3.3 %

 

2.7 %

Chrysler/Dodge/Jeep/RAM

 

1.9 %

 

3.7 %

 

2.3 %

 

4.0 %

Nissan

 

1.9 %

 

3.7 %

 

2.3 %

 

3.9 %

Jaguar/Land Rover

 

2.3 %

 

1.6 %

 

2.1 %

 

1.7 %

Mazda

 

1.2 %

 

1.2 %

 

1.2 %

 

1.2 %

Other

 

0.2 %

 

0.4 %

 

0.2 %

 

0.4 %

   

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

   

September 30, 2024

 

December 31, 2023

 

September 30, 2023

DAYS' SUPPLY IN INVENTORY (1):

           

Consolidated

           

New vehicle inventory

 

43

 

37

 

28

Used vehicle inventory

 

38

 

35

 

34

U.S.

           

New vehicle inventory

 

56

 

36

 

30

Used vehicle inventory

 

30

 

29

 

29

U.K.

           

New vehicle inventory

 

23

 

48

 

22

Used vehicle inventory

 

54

 

58

 

48

(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency % Change

Revenues:

                       

New vehicle retail sales

$   2,567.6

 

$   2,264.5

 

$      303.0

 

13.4 %

   

$           19.9

 

12.5 %

Used vehicle retail sales

1,656.5

 

1,559.6

 

96.9

 

6.2 %

   

14.2

 

5.3 %

Used vehicle wholesale sales

123.2

 

114.7

 

8.5

 

7.4 %

   

1.1

 

6.4 %

Total used

1,779.7

 

1,674.3

 

105.4

 

6.3 %

   

15.4

 

5.4 %

Parts and service sales

660.0

 

566.9

 

93.1

 

16.4 %

   

3.7

 

15.8 %

F&I, net

214.1

 

199.4

 

14.7

 

7.4 %

   

0.9

 

6.9 %

Total revenues

$   5,221.4

 

$   4,705.1

 

$      516.3

 

11.0 %

   

$           39.8

 

10.1 %

Gross profit:

                       

New vehicle retail sales

$      183.2

 

$      194.3

 

$      (11.1)

 

(5.7) %

   

$             1.7

 

(6.6) %

Used vehicle retail sales

88.0

 

81.4

 

6.6

 

8.2 %

   

0.7

 

7.3 %

Used vehicle wholesale sales

0.4

 

(2.3)

 

2.7

 

117.2 %

   

 

118.0 %

Total used

88.4

 

79.0

 

9.4

 

11.9 %

   

0.7

 

11.0 %

Parts and service sales

367.0

 

313.5

 

53.4

 

17.0 %

   

2.2

 

16.3 %

F&I, net

214.1

 

199.4

 

14.7

 

7.4 %

   

0.9

 

6.9 %

Total gross profit

$      852.7

 

$      786.2

 

$        66.4

 

8.4 %

   

$            5.6

 

7.7 %

Gross margin:

                       

New vehicle retail sales

7.1 %

 

8.6 %

 

(1.4) %

             

Used vehicle retail sales

5.3 %

 

5.2 %

 

0.1 %

             

Used vehicle wholesale sales

0.3 %

 

(2.0) %

 

2.4 %

             

Total used

5.0 %

 

4.7 %

 

0.2 %

             

Parts and service sales

55.6 %

 

55.3 %

 

0.3 %

             

Total gross margin

16.3 %

 

16.7 %

 

(0.4) %

             

Units sold:

                       

Retail new vehicles sold (1)

53,775

 

45,350

 

8,425

 

18.6 %

         

Retail used vehicles sold

55,907

 

50,799

 

5,108

 

10.1 %

         

Wholesale used vehicles sold

14,220

 

11,740

 

2,480

 

21.1 %

         

Total used

70,127

 

62,539

 

7,588

 

12.1 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    48,390

 

$    50,300

 

$     (1,910)

 

(3.8) %

   

$           372

 

(4.5) %

Used vehicle retail

$    29,630

 

$    30,701

 

$     (1,071)

 

(3.5) %

   

$           254

 

(4.3) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,407

 

$      4,285

 

$        (878)

 

(20.5) %

   

$             32

 

(21.2) %

Used vehicle retail sales

$      1,574

 

$      1,602

 

$          (28)

 

(1.7) %

   

$             13

 

(2.5) %

Used vehicle wholesale sales

$           28

 

$        (199)

 

$         227

 

114.2 %

   

$              (1)

 

114.9 %

Total used

$      1,261

 

$      1,264

 

$            (3)

 

(0.3) %

   

$             10

 

(1.0) %

F&I PRU

$      1,952

 

$      2,073

 

$        (121)

 

(5.9) %

   

$               9

 

(6.3) %

Other:

                       

SG&A expenses

$      591.6

 

$      496.7

 

$        94.9

 

19.1 %

   

$            4.3

 

18.2 %

Adjusted SG&A expenses (2)

$      575.9

 

$      498.8

 

$        77.1

 

15.5 %

   

$            4.1

 

14.6 %

SG&A as % gross profit

69.4 %

 

63.2 %

 

6.2 %

             

Adjusted SG&A as % gross profit (2)

67.5 %

 

63.4 %

 

4.1 %

             

Operating margin %

4.4 %

 

5.6 %

 

(1.1) %

             

Adjusted operating margin % (2)

4.8 %

 

5.6 %

 

(0.9) %

             

Pretax margin %

3.1 %

 

4.7 %

 

(1.6) %

             

Adjusted pretax margin % (2)

3.4 %

 

4.8 %

 

(1.4) %

             

Floorplan expense:

                       

Floorplan interest expense

$        31.1

 

$        16.5

 

$        14.6

 

88.7 %

   

$            0.2

 

87.6 %

Less: Floorplan assistance (3)

24.1

 

18.8

 

5.3

 

28.2 %

   

 

28.1 %

Net floorplan expense

$          7.0

 

$        (2.3)

 

$          9.3

       

$            0.2

   

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$   7,114.3

 

$   6,463.4

 

$      650.9

 

10.1 %

   

$           41.2

 

9.4 %

Used vehicle retail sales

4,526.5

 

4,359.0

 

167.4

 

3.8 %

   

32.7

 

3.1 %

Used vehicle wholesale sales

333.5

 

339.2

 

(5.6)

 

(1.7) %

   

2.6

 

(2.4) %

Total used

4,860.0

 

4,698.2

 

161.8

 

3.4 %

   

35.3

 

2.7 %

Parts and service sales

1,810.8

 

1,677.3

 

133.5

 

8.0 %

   

8.7

 

7.4 %

F&I, net

603.1

 

554.8

 

48.3

 

8.7 %

   

2.0

 

8.4 %

Total revenues

$ 14,388.3

 

$ 13,393.7

 

$      994.6

 

7.4 %

   

$           87.0

 

6.8 %

Gross profit:

                       

New vehicle retail sales

$      512.8

 

$      582.5

 

$      (69.8)

 

(12.0) %

   

$             3.3

 

(12.5) %

Used vehicle retail sales

250.8

 

236.9

 

13.9

 

5.9 %

   

1.7

 

5.1 %

Used vehicle wholesale sales

(1.6)

 

0.5

 

(2.2)

 

NM

   

 

NM

Total used

249.1

 

237.4

 

11.7

 

4.9 %

   

1.7

 

4.2 %

Parts and service sales

996.8

 

915.0

 

81.9

 

8.9 %

   

5.0

 

8.4 %

F&I, net

603.1

 

554.8

 

48.3

 

8.7 %

   

2.0

 

8.4 %

Total gross profit

$   2,361.8

 

$   2,289.7

 

$        72.2

 

3.2 %

   

$           12.0

 

2.6 %

Gross margin:

                       

New vehicle retail sales

7.2 %

 

9.0 %

 

(1.8) %

             

Used vehicle retail sales

5.5 %

 

5.4 %

 

0.1 %

             

Used vehicle wholesale sales

(0.5) %

 

0.2 %

 

(0.6) %

             

Total used

5.1 %

 

5.1 %

 

0.1 %

             

Parts and service sales

55.0 %

 

54.6 %

 

0.5 %

             

Total gross margin

16.4 %

 

17.1 %

 

(0.7) %

             

Units sold:

                       

Retail new vehicles sold (1)

145,738

 

129,739

 

15,999

 

12.3 %

         

Retail used vehicles sold

154,350

 

143,000

 

11,350

 

7.9 %

         

Wholesale used vehicles sold

37,867

 

32,607

 

5,260

 

16.1 %

         

Total used

192,217

 

175,607

 

16,610

 

9.5 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    49,318

 

$    50,172

 

$       (854)

 

(1.7) %

   

$           285

 

(2.3) %

Used vehicle retail

$    29,326

 

$    30,483

 

$    (1,157)

 

(3.8) %

   

$           212

 

(4.5) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,518

 

$      4,490

 

$       (972)

 

(21.6) %

   

$             23

 

(22.1) %

Used vehicle retail sales

$      1,625

 

$      1,657

 

$         (32)

 

(1.9) %

   

$             11

 

(2.6) %

Used vehicle wholesale sales

$          (43)

 

$           16

 

$         (59)

 

NM

   

$              (1)

 

NM

Total used

$      1,296

 

$      1,352

 

$         (56)

 

(4.1) %

   

$               9

 

(4.8) %

F&I PRU

$      2,010

 

$      2,034

 

$         (24)

 

(1.2) %

   

$               7

 

(1.5) %

Other:

                       

SG&A expenses

$   1,564.9

 

$   1,439.4

 

$     125.5

 

8.7 %

   

$            9.3

 

8.1 %

Adjusted SG&A expenses (2)

$   1,584.2

 

$   1,452.7

 

$     131.6

 

9.1 %

   

$            9.0

 

8.4 %

SG&A as % gross profit

66.3 %

 

62.9 %

 

3.4 %

             

Adjusted SG&A as % gross profit (2)

67.1 %

 

63.4 %

 

3.6 %

             

Operating margin %

5.0 %

 

5.8 %

 

(0.8) %

             

Adjusted operating margin % (2)

4.9 %

 

5.7 %

 

(0.9) %

             

Pretax margin %

3.7 %

 

4.9 %

 

(1.2) %

             

Adjusted pretax margin % (2)

3.6 %

 

4.8 %

 

(1.2) %

             

Floorplan expense:

                       

Floorplan interest expense

$        76.3

 

$        44.7

 

$       31.6

 

70.6 %

   

$           0.4

 

69.8 %

Less: Floorplan assistance (3)

63.4

 

51.9

 

11.6

 

22.3 %

   

 

22.2 %

Net floorplan expense

$        12.9

 

$        (7.1)

 

$        20.0

       

$            0.3

   

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

NM - not meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended September 30,

   

2024

 

2023

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$      2,016.8

 

$      1,920.2

 

$           96.6

 

5.0 %

Used vehicle retail sales

 

1,158.4

 

1,223.5

 

(65.2)

 

(5.3) %

Used vehicle wholesale sales

 

82.9

 

80.1

 

2.8

 

3.5 %

Total used

 

1,241.2

 

1,303.6

 

(62.4)

 

(4.8) %

Parts and service sales

 

528.4

 

494.4

 

34.0

 

6.9 %

F&I, net

 

184.6

 

181.5

 

3.2

 

1.8 %

Total revenues

 

$      3,971.1

 

$      3,899.7

 

$           71.5

 

1.8 %

Gross profit:

               

New vehicle retail sales

 

$         140.2

 

$         164.9

 

$         (24.7)

 

(15.0) %

Used vehicle retail sales

 

61.2

 

65.7

 

(4.5)

 

(6.8) %

Used vehicle wholesale sales

 

1.3

 

(0.4)

 

1.7

 

NM

Total used

 

62.5

 

65.3

 

(2.8)

 

(4.3) %

Parts and service sales

 

290.8

 

271.0

 

19.7

 

7.3 %

F&I, net

 

184.6

 

181.5

 

3.2

 

1.8 %

Total gross profit

 

$         678.1

 

$         682.7

 

$           (4.6)

 

(0.7) %

Gross margin:

               

New vehicle retail sales

 

7.0 %

 

8.6 %

 

(1.6) %

   

Used vehicle retail sales

 

5.3 %

 

5.4 %

 

(0.1) %

   

Used vehicle wholesale sales

 

1.5 %

 

(0.5) %

 

2.1 %

   

Total used

 

5.0 %

 

5.0 %

 

— %

   

Parts and service sales

 

55.0 %

 

54.8 %

 

0.2 %

   

Total gross margin

 

17.1 %

 

17.5 %

 

(0.4) %

   

Units sold:

               

Retail new vehicles sold

 

39,700

 

37,079

 

2,621

 

7.1 %

Retail used vehicles sold

 

38,775

 

39,676

 

(901)

 

(2.3) %

Wholesale used vehicles sold

 

9,577

 

8,380

 

1,197

 

14.3 %

Total used

 

48,352

 

48,056

 

296

 

0.6 %

Average sales price per unit sold:

               

New vehicle retail

 

$       50,801

 

$       51,786

 

$          (985)

 

(1.9) %

Used vehicle retail

 

$       29,874

 

$       30,838

 

$          (964)

 

(3.1) %

Gross profit per unit sold:

               

New vehicle retail sales

 

$         3,532

 

$         4,449

 

$          (917)

 

(20.6) %

Used vehicle retail sales

 

$         1,579

 

$         1,656

 

$            (77)

 

(4.7) %

Used vehicle wholesale sales

 

$            133

 

$             (51)

 

$           184

 

NM

Total used

 

$         1,293

 

$         1,359

 

$            (66)

 

(4.9) %

F&I PRU

 

$         2,353

 

$         2,364

 

$            (11)

 

(0.5) %

Other:

               

SG&A expenses

 

$         445.4

 

$         417.4

 

$           28.0

 

6.7 %

Adjusted SG&A expenses (1)

 

$         436.2

 

$         419.5

 

$           16.7

 

4.0 %

SG&A as % gross profit

 

65.7 %

 

61.1 %

 

4.5 %

   

Adjusted SG&A as % gross profit (1)

 

64.3 %

 

61.4 %

 

2.9 %

   

 

(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.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Nine Months Ended September 30,

   

2024

 

2023

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$      5,826.2

 

$      5,444.3

 

$         381.9

 

7.0 %

Used vehicle retail sales

 

3,409.7

 

3,393.5

 

16.3

 

0.5 %

Used vehicle wholesale sales

 

241.2

 

242.2

 

(1.0)

 

(0.4) %

Total used

 

3,650.9

 

3,635.7

 

15.2

 

0.4 %

Parts and service sales

 

1,521.0

 

1,459.4

 

61.6

 

4.2 %

F&I, net

 

539.9

 

502.3

 

37.6

 

7.5 %

Total revenues

 

$    11,538.0

 

$    11,041.7

 

$         496.4

 

4.5 %

Gross profit:

               

New vehicle retail sales

 

$         416.4

 

$         489.7

 

$         (73.4)

 

(15.0) %

Used vehicle retail sales

 

193.7

 

187.5

 

6.2

 

3.3 %

Used vehicle wholesale sales

 

3.9

 

3.0

 

0.9

 

30.8 %

Total used

 

197.6

 

190.5

 

7.1

 

3.7 %

Parts and service sales

 

831.1

 

787.4

 

43.7

 

5.5 %

F&I, net

 

539.9

 

502.3

 

37.6

 

7.5 %

Total gross profit

 

$      1,985.0

 

$      1,970.0

 

$           15.0

 

0.8 %

Gross margin:

               

New vehicle retail sales

 

7.1 %

 

9.0 %

 

(1.8) %

   

Used vehicle retail sales

 

5.7 %

 

5.5 %

 

0.2 %

   

Used vehicle wholesale sales

 

1.6 %

 

1.2 %

 

0.4 %

   

Total used

 

5.4 %

 

5.2 %

 

0.2 %

   

Parts and service sales

 

54.6 %

 

54.0 %

 

0.7 %

   

Total gross margin

 

17.2 %

 

17.8 %

 

(0.6) %

   

Units sold:

               

Retail new vehicles sold

 

114,314

 

104,657

 

9,657

 

9.2 %

Retail used vehicles sold

 

115,271

 

110,422

 

4,849

 

4.4 %

Wholesale used vehicles sold

 

27,629

 

23,296

 

4,333

 

18.6 %

Total used

 

142,900

 

133,718

 

9,182

 

6.9 %

Average sales price per unit sold:

               

New vehicle retail

 

$       50,967

 

$       52,020

 

$       (1,053)

 

(2.0) %

Used vehicle retail

 

$       29,580

 

$       30,732

 

$       (1,152)

 

(3.7) %

Gross profit per unit sold:

               

New vehicle retail sales

 

$         3,642

 

$         4,679

 

$       (1,037)

 

(22.2) %

Used vehicle retail sales

 

$         1,680

 

$         1,698

 

$            (18)

 

(1.1) %

Used vehicle wholesale sales

 

$            143

 

$            130

 

$             13

 

10.3 %

Total used

 

$         1,383

 

$         1,425

 

$            (42)

 

(2.9) %

F&I PRU

 

$         2,352

 

$         2,335

 

$             16

 

0.7 %

Other:

               

SG&A expenses

 

$      1,257.9

 

$      1,209.8

 

$          48.1

 

4.0 %

Adjusted SG&A expenses (1)

 

$      1,286.2

 

$      1,222.1

 

$          64.1

 

5.2 %

SG&A as % gross profit

 

63.4 %

 

61.4 %

 

2.0 %

   

Adjusted SG&A as % gross profit (1)

 

64.8 %

 

62.0 %

 

2.8 %

   

 

(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.

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$      550.7

 

$      344.4

 

$      206.4

 

59.9 %

   

$           19.9

 

54.2 %

Used vehicle retail sales

498.2

 

336.1

 

162.1

 

48.2 %

   

14.2

 

44.0 %

Used vehicle wholesale sales

40.3

 

34.6

 

5.7

 

16.4 %

   

1.1

 

13.1 %

Total used

538.5

 

370.7

 

167.8

 

45.3 %

   

15.4

 

41.1 %

Parts and service sales

131.6

 

72.5

 

59.1

 

81.4 %

   

3.7

 

76.3 %

F&I, net

29.4

 

17.9

 

11.6

 

64.6 %

   

0.9

 

59.3 %

Total revenues

$   1,250.3

 

$      805.5

 

$      444.8

 

55.2 %

   

$           39.8

 

50.3 %

Gross profit:

                       

New vehicle retail sales

$        43.0

 

$        29.4

 

$        13.6

 

46.4 %

   

$            1.7

 

40.6 %

Used vehicle retail sales

26.8

 

15.7

 

11.1

 

71.0 %

   

0.7

 

66.4 %

Used vehicle wholesale sales

(0.9)

 

(1.9)

 

1.0

 

54.3 %

   

 

55.2 %

Total used

25.9

 

13.8

 

12.2

 

88.3 %

   

0.7

 

83.2 %

Parts and service sales

76.2

 

42.5

 

33.7

 

79.3 %

   

2.2

 

74.0 %

F&I, net

29.4

 

17.9

 

11.6

 

64.6 %

   

0.9

 

59.3 %

Total gross profit

$      174.5

 

$      103.5

 

$        71.0

 

68.6 %

   

$            5.6

 

63.2 %

Gross margin:

                       

New vehicle retail sales

7.8 %

 

8.5 %

 

(0.7) %

             

Used vehicle retail sales

5.4 %

 

4.7 %

 

0.7 %

             

Used vehicle wholesale sales

(2.2) %

 

(5.5) %

 

3.3 %

             

Total used

4.8 %

 

3.7 %

 

1.1 %

             

Parts and service sales

57.9 %

 

58.6 %

 

(0.7) %

             

Total gross margin

14.0 %

 

12.9 %

 

1.1 %

             

Units sold:

                       

Retail new vehicles sold (1)

14,075

 

8,271

 

5,804

 

70.2 %

         

Retail used vehicles sold

17,132

 

11,123

 

6,009

 

54.0 %

         

Wholesale used vehicles sold

4,643

 

3,360

 

1,283

 

38.2 %

         

Total used

21,775

 

14,483

 

7,292

 

50.3 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    41,188

 

$    43,342

 

$    (2,154)

 

(5.0) %

   

$        1,485

 

(8.4) %

Used vehicle retail

$    29,078

 

$    30,213

 

$    (1,135)

 

(3.8) %

   

$           829

 

(6.5) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,055

 

$      3,551

 

$        (497)

 

(14.0) %

   

$           121

 

(17.4) %

Used vehicle retail sales

$      1,563

 

$      1,408

 

$         155

 

11.0 %

   

$             42

 

8.0 %

Used vehicle wholesale sales

$        (187)

 

$        (566)

 

$         379

 

66.9 %

   

$              (4)

 

67.6 %

Total used

$      1,190

 

$         950

 

$         240

 

25.3 %

   

$             32

 

21.8 %

F&I PRU

$         944

 

$         922

 

$           21

 

2.3 %

   

$             30

 

(1.0) %

Other:

                       

SG&A expenses

$      146.1

 

$        79.3

 

$        66.9

 

84.4 %

   

$            4.3

 

79.0 %

Adjusted SG&A expenses (2)

$      139.6

 

$        79.3

 

$        60.4

 

76.2 %

   

$            4.1

 

71.0 %

SG&A as % gross profit

83.7 %

 

76.6 %

 

7.1 %

             

Adjusted SG&A as % gross profit (2)

80.0 %

 

76.6 %

 

3.4 %

             

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Nine Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$   1,288.2

 

$   1,019.1

 

$      269.0

 

26.4 %

   

$           41.2

 

22.4 %

Used vehicle retail sales

1,116.7

 

965.6

 

151.2

 

15.7 %

   

32.7

 

12.3 %

Used vehicle wholesale sales

92.3

 

96.9

 

(4.6)

 

(4.8) %

   

2.6

 

(7.4) %

Total used

1,209.1

 

1,062.5

 

146.6

 

13.8 %

   

35.3

 

10.5 %

Parts and service sales

289.8

 

217.9

 

71.9

 

33.0 %

   

8.7

 

29.0 %

F&I, net

63.2

 

52.5

 

10.7

 

20.5 %

   

2.0

 

16.7 %

Total revenues

$   2,850.2

 

$   2,352.0

 

$      498.2

 

21.2 %

   

$           87.0

 

17.5 %

Gross profit:

                       

New vehicle retail sales

$        96.4

 

$        92.8

 

$         3.6

 

3.9 %

   

$            3.3

 

0.3 %

Used vehicle retail sales

57.1

 

49.4

 

7.7

 

15.6 %

   

1.7

 

12.1 %

Used vehicle wholesale sales

(5.6)

 

(2.5)

 

(3.1)

 

(124.2) %

   

 

(122.4) %

Total used

51.5

 

46.9

 

4.6

 

9.8 %

   

1.7

 

6.2 %

Parts and service sales

165.7

 

127.5

 

38.2

 

30.0 %

   

5.0

 

26.0 %

F&I, net

63.2

 

52.5

 

10.7

 

20.5 %

   

2.0

 

16.7 %

Total gross profit

$      376.8

 

$      319.7

 

$        57.2

 

17.9 %

   

$           12.0

 

14.1 %

Gross margin:

                       

New vehicle retail sales

7.5 %

 

9.1 %

 

(1.6) %

             

Used vehicle retail sales

5.1 %

 

5.1 %

 

— %

             

Used vehicle wholesale sales

(6.0) %

 

(2.6) %

 

(3.5) %

             

Total used

4.3 %

 

4.4 %

 

(0.2) %

             

Parts and service sales

57.2 %

 

58.5 %

 

(1.3) %

             

Total gross margin

13.2 %

 

13.6 %

 

(0.4) %

             

Units sold:

                       

Retail new vehicles sold (1)

31,424

 

25,082

 

6,342

 

25.3 %

         

Retail used vehicles sold

39,079

 

32,578

 

6,501

 

20.0 %

         

Wholesale used vehicles sold

10,238

 

9,311

 

927

 

10.0 %

         

Total used

49,317

 

41,889

 

7,428

 

17.7 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    43,001

 

$    42,149

 

$        852

 

2.0 %

   

$         1,375

 

(1.2) %

Used vehicle retail

$    28,577

 

$    29,639

 

$    (1,062)

 

(3.6) %

   

$            837

 

(6.4) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,067

 

$      3,699

 

$       (632)

 

(17.1) %

   

$            106

 

(19.9) %

Used vehicle retail sales

$      1,461

 

$      1,516

 

$         (55)

 

(3.7) %

   

$              44

 

(6.6) %

Used vehicle wholesale sales

$        (545)

 

$        (267)

 

$       (278)

 

(103.9) %

   

$               (4)

 

(102.2) %

Total used

$      1,044

 

$      1,120

 

$         (75)

 

(6.7) %

   

$              34

 

(9.8) %

F&I PRU

$         897

 

$         910

 

$         (13)

 

(1.5) %

   

$              28

 

(4.6) %

Other:

                       

SG&A expenses

$      307.0

 

$      229.6

 

$       77.4

 

33.7 %

   

$             9.3

 

29.7 %

Adjusted SG&A expenses (2)

$      298.0

 

$      230.5

 

$       67.5

 

29.3 %

   

$             9.0

 

25.4 %

SG&A as % gross profit

81.5 %

 

71.8 %

 

9.6 %

             

Adjusted SG&A as % gross profit (2)

79.1 %

 

72.1 %

 

7.0 %

             

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended September 30,

   

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$   2,209.3

 

$   2,208.6

 

$         0.7

 

— %

   

$           12.0

 

(0.5) %

Used vehicle retail sales

1,411.1

 

1,514.0

 

(102.8)

 

(6.8) %

   

8.3

 

(7.3) %

Used vehicle wholesale sales

100.6

 

110.5

 

(9.9)

 

(8.9) %

   

0.7

 

(9.5) %

Total used

1,511.8

 

1,624.5

 

(112.7)

 

(6.9) %

   

9.0

 

(7.5) %

Parts and service sales

578.8

 

549.7

 

29.1

 

5.3 %

   

2.1

 

4.9 %

F&I, net

192.6

 

193.8

 

(1.1)

 

(0.6) %

   

0.5

 

(0.9) %

Total revenues

$   4,492.5

 

$   4,576.5

 

$      (84.0)

 

(1.8) %

   

$           23.5

 

(2.4) %

Gross profit:

                       

New vehicle retail sales

$      153.2

 

$      189.4

 

$      (36.2)

 

(19.1) %

   

$            0.9

 

(19.6) %

Used vehicle retail sales

72.9

 

79.6

 

(6.7)

 

(8.4) %

   

0.4

 

(8.9) %

Used vehicle wholesale sales

 

(2.2)

 

2.3

 

102.0 %

   

 

103.2 %

Total used

72.9

 

77.3

 

(4.4)

 

(5.7) %

   

0.3

 

(6.1) %

Parts and service sales

318.8

 

303.9

 

14.9

 

4.9 %

   

1.3

 

4.5 %

F&I, net

192.6

 

193.8

 

(1.1)

 

(0.6) %

   

0.5

 

(0.9) %

Total gross profit

$      737.5

 

$      764.4

 

$      (26.8)

 

(3.5) %

   

$            3.1

 

(3.9) %

Gross margin:

                       

New vehicle retail sales

6.9 %

 

8.6 %

 

(1.6) %

             

Used vehicle retail sales

5.2 %

 

5.3 %

 

(0.1) %

             

Used vehicle wholesale sales

— %

 

(2.0) %

 

2.1 %

             

Total used

4.8 %

 

4.8 %

 

0.1 %

             

Parts and service sales

55.1 %

 

55.3 %

 

(0.2) %

             

Total gross margin

16.4 %

 

16.7 %

 

(0.3) %

             

Units sold:

                       

Retail new vehicles sold (1)

44,411

 

44,185

 

226

 

0.5 %

         

Retail used vehicles sold

47,635

 

49,252

 

(1,617)

 

(3.3) %

         

Wholesale used vehicles sold

11,682

 

11,349

 

333

 

2.9 %

         

Total used

59,317

 

60,601

 

(1,284)

 

(2.1) %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    50,295

 

$    50,360

 

$         (66)

 

(0.1) %

   

$           272

 

(0.7) %

Used vehicle retail

$    29,624

 

$    30,739

 

$    (1,115)

 

(3.6) %

   

$           174

 

(4.2) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,449

 

$      4,287

 

$       (837)

 

(19.5) %

   

$             21

 

(20.0) %

Used vehicle retail sales

$      1,530

 

$      1,615

 

$         (85)

 

(5.3) %

   

$               8

 

(5.8) %

Used vehicle wholesale sales

$             4

 

$        (196)

 

$        200

 

101.9 %

   

$              (2)

 

103.1 %

Total used

$      1,229

 

$      1,276

 

$         (47)

 

(3.7) %

   

$               6

 

(4.1) %

F&I PRU

$      2,093

 

$      2,074

 

$          19

 

0.9 %

   

$               6

 

0.6 %

Other:

                       

SG&A expenses

$      504.3

 

$      487.8

 

$       16.5

 

3.4 %

   

$            2.4

 

2.9 %

Adjusted SG&A expenses (2)

$      488.1

 

$      481.9

 

$         6.2

 

1.3 %

   

$            2.2

 

0.8 %

SG&A as % gross profit

68.4 %

 

63.8 %

 

4.6 %

             

Adjusted SG&A as % gross profit (2)

66.2 %

 

63.0 %

 

3.1 %

             

Operating margin %

4.6 %

 

5.5 %

 

(0.8) %

             

Adjusted operating margin % (2)

5.0 %

 

5.7 %

 

(0.7) %

             

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Nine Months Ended September 30,

   

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$   6,344.2

 

$   6,251.4

 

$        92.8

 

1.5 %

   

$           30.6

 

1.0 %

Used vehicle retail sales

4,112.2

 

4,200.1

 

(87.9)

 

(2.1) %

   

23.7

 

(2.7) %

Used vehicle wholesale sales

297.5

 

323.3

 

(25.8)

 

(8.0) %

   

1.9

 

(8.6) %

Total used

4,409.6

 

4,523.4

 

(113.7)

 

(2.5) %

   

25.5

 

(3.1) %

Parts and service sales

1,665.8

 

1,613.5

 

52.4

 

3.2 %

   

6.1

 

2.9 %

F&I, net

551.3

 

534.6

 

16.7

 

3.1 %

   

1.4

 

2.9 %

Total revenues

$ 12,971.0

 

$ 12,922.9

 

$        48.2

 

0.4 %

   

$           63.5

 

(0.1) %

Gross profit:

                       

New vehicle retail sales

$      452.3

 

$      564.9

 

$    (112.6)

 

(19.9) %

   

$            2.3

 

(20.3) %

Used vehicle retail sales

225.6

 

229.2

 

(3.6)

 

(1.6) %

   

1.1

 

(2.1) %

Used vehicle wholesale sales

(2.4)

 

0.7

 

(3.1)

 

NM

   

(0.1)

 

NM

Total used

223.2

 

229.9

 

(6.7)

 

(2.9) %

   

1.1

 

(3.4) %

Parts and service sales

909.4

 

879.3

 

30.0

 

3.4 %

   

3.5

 

3.0 %

F&I, net

551.3

 

534.6

 

16.7

 

3.1 %

   

1.4

 

2.9 %

Total gross profit

$   2,136.2

 

$   2,208.7

 

$      (72.5)

 

(3.3) %

   

$            8.3

 

(3.7) %

Gross margin:

                       

New vehicle retail sales

7.1 %

 

9.0 %

 

(1.9) %

             

Used vehicle retail sales

5.5 %

 

5.5 %

 

— %

             

Used vehicle wholesale sales

(0.8) %

 

0.2 %

 

(1.0) %

             

Total used

5.1 %

 

5.1 %

 

— %

             

Parts and service sales

54.6 %

 

54.5 %

 

0.1 %

             

Total gross margin

16.5 %

 

17.1 %

 

(0.6) %

             

Units sold:

                       

Retail new vehicles sold (1)

128,043

 

125,426

 

2,617

 

2.1 %

         

Retail used vehicles sold

140,568

 

137,539

 

3,029

 

2.2 %

         

Wholesale used vehicles sold

33,668

 

31,281

 

2,387

 

7.6 %

         

Total used

174,236

 

168,820

 

5,416

 

3.2 %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    50,037

 

$    50,207

 

$       (170)

 

(0.3) %

   

$           241

 

(0.8) %

Used vehicle retail

$    29,254

 

$    30,537

 

$    (1,283)

 

(4.2) %

   

$           169

 

(4.8) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,533

 

$      4,504

 

$       (971)

 

(21.6) %

   

$             18

 

(22.0) %

Used vehicle retail sales

$      1,605

 

$      1,667

 

$         (62)

 

(3.7) %

   

$               8

 

(4.2) %

Used vehicle wholesale sales

$          (71)

 

$           21

 

$         (93)

 

NM

   

$              (2)

 

NM

Total used

$      1,281

 

$      1,362

 

$         (81)

 

(5.9) %

   

$               6

 

(6.4) %

F&I PRU

$      2,052

 

$      2,033

 

$          19

 

1.0 %

   

$               5

 

0.7 %

Other:

                       

SG&A expenses

$   1,461.2

 

$   1,398.6

 

$       62.6

 

4.5 %

   

$            6.4

 

4.0 %

Adjusted SG&A expenses (2)

$   1,427.5

 

$   1,392.4

 

$       35.1

 

2.5 %

   

$            6.0

 

2.1 %

SG&A as % gross profit

68.4 %

 

63.3 %

 

5.1 %

             

Adjusted SG&A as % gross profit (2)

66.8 %

 

63.0 %

 

3.8 %

             

Operating margin %

4.6 %

 

5.7 %

 

(1.1) %

             

Adjusted operating margin % (2)

4.9 %

 

5.8 %

 

(0.9) %

             

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

NM - not meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Three Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$      1,854.5

 

$      1,864.2

 

$           (9.8)

 

(0.5) %

Used vehicle retail sales

1,099.1

 

1,177.9

 

(78.8)

 

(6.7) %

Used vehicle wholesale sales

76.0

 

75.9

 

0.1

 

0.1 %

Total used

1,175.1

 

1,253.8

 

(78.7)

 

(6.3) %

Parts and service sales

498.9

 

479.9

 

19.0

 

4.0 %

F&I, net

174.7

 

175.9

 

(1.2)

 

(0.7) %

Total revenues

$      3,703.2

 

$      3,773.8

 

$         (70.6)

 

(1.9) %

Gross profit:

             

New vehicle retail sales

$         128.4

 

$         160.0

 

$         (31.6)

 

(19.8) %

Used vehicle retail sales

58.3

 

63.9

 

(5.6)

 

(8.8) %

Used vehicle wholesale sales

1.2

 

(0.3)

 

1.6

 

NM

Total used

59.5

 

63.6

 

(4.1)

 

(6.4) %

Parts and service sales

272.8

 

262.7

 

10.2

 

3.9 %

F&I, net

174.7

 

175.9

 

(1.2)

 

(0.7) %

Total gross profit

$         635.5

 

$         662.1

 

$         (26.7)

 

(4.0) %

Gross margin:

             

New vehicle retail sales

6.9 %

 

8.6 %

 

(1.7) %

   

Used vehicle retail sales

5.3 %

 

5.4 %

 

(0.1) %

   

Used vehicle wholesale sales

1.6 %

 

(0.4) %

 

2.0 %

   

Total used

5.1 %

 

5.1 %

 

— %

   

Parts and service sales

54.7 %

 

54.7 %

 

— %

   

Total gross margin

17.2 %

 

17.5 %

 

(0.4) %

   

Units sold:

             

Retail new vehicles sold

36,031

 

35,914

 

117

 

0.3 %

Retail used vehicles sold

36,597

 

38,129

 

(1,532)

 

(4.0) %

Wholesale used vehicles sold

8,753

 

7,989

 

764

 

9.6 %

Total used

45,350

 

46,118

 

(768)

 

(1.7) %

Average sales price per unit sold:

             

New vehicle retail

$       51,468

 

$       51,908

 

$          (440)

 

(0.8) %

Used vehicle retail

$       30,033

 

$       30,893

 

$          (860)

 

(2.8) %

Gross profit per unit sold:

             

New vehicle retail sales

$         3,563

 

$         4,456

 

$          (893)

 

(20.0) %

Used vehicle retail sales

$         1,593

 

$         1,676

 

$            (83)

 

(5.0) %

Used vehicle wholesale sales

$            141

 

$             (41)

 

$           181

 

NM

Total used

$         1,312

 

$         1,378

 

$            (66)

 

(4.8) %

F&I PRU

$         2,406

 

$         2,375

 

$             30

 

1.3 %

Other:

             

SG&A expenses

$         417.9

 

$         409.8

 

$            8.1

 

2.0 %

Adjusted SG&A expenses (1)

$         408.1

 

$         403.9

 

$            4.2

 

1.0 %

SG&A as % gross profit

65.8 %

 

61.9 %

 

3.9 %

   

Adjusted SG&A as % gross profit (1)

64.2 %

 

61.0 %

 

3.2 %

   

 

(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Nine Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$      5,252.0

 

$      5,232.3

 

$           19.7

 

0.4 %

Used vehicle retail sales

3,181.6

 

3,234.5

 

(52.9)

 

(1.6) %

Used vehicle wholesale sales

220.8

 

226.3

 

(5.6)

 

(2.5) %

Total used

3,402.4

 

3,460.9

 

(58.5)

 

(1.7) %

Parts and service sales

1,433.6

 

1,404.1

 

29.5

 

2.1 %

F&I, net

499.6

 

482.1

 

17.5

 

3.6 %

Total revenues

$    10,587.6

 

$    10,579.3

 

$            8.2

 

0.1 %

Gross profit:

             

New vehicle retail sales

$         374.1

 

$         472.1

 

$         (98.0)

 

(20.8) %

Used vehicle retail sales

180.7

 

179.8

 

0.9

 

0.5 %

Used vehicle wholesale sales

3.5

 

3.2

 

0.3

 

10.8 %

Total used

184.2

 

183.0

 

1.2

 

0.7 %

Parts and service sales

776.5

 

755.7

 

20.8

 

2.8 %

F&I, net

499.6

 

482.1

 

17.5

 

3.6 %

Total gross profit

$      1,834.5

 

$      1,892.9

 

$         (58.4)

 

(3.1) %

Gross margin:

             

New vehicle retail sales

7.1 %

 

9.0 %

 

(1.9) %

   

Used vehicle retail sales

5.7 %

 

5.6 %

 

0.1 %

   

Used vehicle wholesale sales

1.6 %

 

1.4 %

 

0.2 %

   

Total used

5.4 %

 

5.3 %

 

0.1 %

   

Parts and service sales

54.2 %

 

53.8 %

 

0.3 %

   

Total gross margin

17.3 %

 

17.9 %

 

(0.6) %

   

Units sold:

             

Retail new vehicles sold

102,314

 

100,344

 

1,970

 

2.0 %

Retail used vehicles sold

107,583

 

104,961

 

2,622

 

2.5 %

Wholesale used vehicles sold

25,144

 

21,970

 

3,174

 

14.4 %

Total used

132,727

 

126,931

 

5,796

 

4.6 %

Average sales price per unit sold:

             

New vehicle retail

$       51,332

 

$       52,143

 

$          (811)

 

(1.6) %

Used vehicle retail

$       29,573

 

$       30,816

 

$       (1,243)

 

(4.0) %

Gross profit per unit sold:

             

New vehicle retail sales

$         3,657

 

$         4,705

 

$       (1,048)

 

(22.3) %

Used vehicle retail sales

$         1,680

 

$         1,713

 

$            (34)

 

(2.0) %

Used vehicle wholesale sales

$            139

 

$            144

 

$              (5)

 

(3.2) %

Total used

$         1,388

 

$         1,442

 

$            (54)

 

(3.7) %

F&I PRU

$         2,380

 

$         2,348

 

$             32

 

1.4 %

Other:

             

SG&A expenses

$      1,216.7

 

$      1,171.9

 

$          44.9

 

3.8 %

Adjusted SG&A expenses (1)

$      1,192.1

 

$      1,165.7

 

$          26.4

 

2.3 %

SG&A as % gross profit

66.3 %

 

61.9 %

 

4.4 %

   

Adjusted SG&A as % gross profit (1)

65.0 %

 

61.6 %

 

3.4 %

   

 

(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.

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$      354.9

 

$      344.4

 

$        10.5

 

3.0 %

   

$           12.0

 

(0.4) %

Used vehicle retail sales

312.0

 

336.1

 

(24.0)

 

(7.2) %

   

8.3

 

(9.6) %

Used vehicle wholesale sales

24.7

 

34.6

 

(10.0)

 

(28.8) %

   

0.7

 

(30.7) %

Total used

336.7

 

370.7

 

(34.0)

 

(9.2) %

   

9.0

 

(11.6) %

Parts and service sales

79.9

 

69.8

 

10.1

 

14.4 %

   

2.1

 

11.4 %

F&I, net

17.9

 

17.9

 

 

0.1 %

   

0.5

 

(2.9) %

Total revenues

$      789.3

 

$      802.7

 

$      (13.4)

 

(1.7) %

   

$           23.5

 

(4.6) %

Gross profit:

                       

New vehicle retail sales

$        24.8

 

$        29.4

 

$        (4.6)

 

(15.5) %

   

$            0.9

 

(18.8) %

Used vehicle retail sales

14.6

 

15.7

 

(1.1)

 

(6.9) %

   

0.4

 

(9.2) %

Used vehicle wholesale sales

(1.2)

 

(1.9)

 

0.7

 

37.7 %

   

 

39.0 %

Total used

13.4

 

13.8

 

(0.4)

 

(2.6) %

   

0.3

 

(5.1) %

Parts and service sales

46.0

 

41.2

 

4.8

 

11.5 %

   

1.3

 

8.5 %

F&I, net

17.9

 

17.9

 

 

0.1 %

   

0.5

 

(2.9) %

Total gross profit

$      102.1

 

$      102.2

 

$        (0.2)

 

(0.2) %

   

$            3.1

 

(3.2) %

Gross margin:

                       

New vehicle retail sales

7.0 %

 

8.5 %

 

(1.5) %

             

Used vehicle retail sales

4.7 %

 

4.7 %

 

— %

             

Used vehicle wholesale sales

(4.8) %

 

(5.5) %

 

0.7 %

             

Total used

4.0 %

 

3.7 %

 

0.3 %

             

Parts and service sales

57.6 %

 

59.1 %

 

(1.5) %

             

Total gross margin

12.9 %

 

12.7 %

 

0.2 %

             

Units sold:

                       

Retail new vehicles sold (1)

8,380

 

8,271

 

109

 

1.3 %

         

Retail used vehicles sold

11,038

 

11,123

 

(85)

 

(0.8) %

         

Wholesale used vehicles sold

2,929

 

3,360

 

(431)

 

(12.8) %

         

Total used

13,967

 

14,483

 

(516)

 

(3.6) %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    44,920

 

$    43,342

 

$     1,578

 

3.6 %

   

$        1,517

 

0.1 %

Used vehicle retail

$    28,267

 

$    30,213

 

$    (1,946)

 

(6.4) %

   

$           753

 

(8.9) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      2,960

 

$      3,551

 

$       (591)

 

(16.6) %

   

$           113

 

(19.8) %

Used vehicle retail sales

$      1,322

 

$      1,408

 

$         (87)

 

(6.1) %

   

$             34

 

(8.5) %

Used vehicle wholesale sales

$        (405)

 

$        (566)

 

$        161

 

28.5 %

   

$              (9)

 

30.1 %

Total used

$         960

 

$         950

 

$            9

 

1.0 %

   

$             25

 

(1.6) %

F&I PRU

$         922

 

$         922

 

$           (1)

 

(0.1) %

   

$             28

 

(3.1) %

Other:

                       

SG&A expenses

$        86.4

 

$        78.0

 

$         8.4

 

10.8 %

   

$            2.4

 

7.8 %

Adjusted SG&A expenses (2)

$        79.9

 

$        78.0

 

$         2.0

 

2.5 %

   

$            2.2

 

(0.3) %

SG&A as % gross profit

84.7 %

 

76.3 %

 

8.4 %

             

Adjusted SG&A as % gross profit (2)

78.3 %

 

76.3 %

 

2.0 %

             

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2024

 

2023

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$   1,092.3

 

$   1,019.1

 

$        73.1

 

7.2 %

   

$           30.6

 

4.2 %

Used vehicle retail sales

930.6

 

965.6

 

(35.0)

 

(3.6) %

   

23.7

 

(6.1) %

Used vehicle wholesale sales

76.7

 

96.9

 

(20.3)

 

(20.9) %

   

1.9

 

(22.8) %

Total used

1,007.3

 

1,062.5

 

(55.2)

 

(5.2) %

   

25.5

 

(7.6) %

Parts and service sales

232.2

 

209.4

 

22.8

 

10.9 %

   

6.1

 

8.0 %

F&I, net

51.7

 

52.5

 

(0.8)

 

(1.5) %

   

1.4

 

(4.2) %

Total revenues

$   2,383.4

 

$   2,343.5

 

$        39.9

 

1.7 %

   

$           63.5

 

(1.0) %

Gross profit:

                       

New vehicle retail sales

$        78.2

 

$        92.8

 

$      (14.6)

 

(15.7) %

   

$            2.3

 

(18.2) %

Used vehicle retail sales

44.9

 

49.4

 

(4.5)

 

(9.1) %

   

1.1

 

(11.4) %

Used vehicle wholesale sales

(5.9)

 

(2.5)

 

(3.4)

 

(136.9) %

   

(0.1)

 

(134.7) %

Total used

39.0

 

46.9

 

(7.9)

 

(16.8) %

   

1.1

 

(19.2) %

Parts and service sales

132.8

 

123.6

 

9.2

 

7.4 %

   

3.5

 

4.6 %

F&I, net

51.7

 

52.5

 

(0.8)

 

(1.5) %

   

1.4

 

(4.2) %

Total gross profit

$      301.7

 

$      315.8

 

$      (14.1)

 

(4.5) %

   

$            8.3

 

(7.1) %

Gross margin:

                       

New vehicle retail sales

7.2 %

 

9.1 %

 

(1.9) %

             

Used vehicle retail sales

4.8 %

 

5.1 %

 

(0.3) %

             

Used vehicle wholesale sales

(7.7) %

 

(2.6) %

 

(5.1) %

             

Total used

3.9 %

 

4.4 %

 

(0.5) %

             

Parts and service sales

57.2 %

 

59.0 %

 

(1.8) %

             

Total gross margin

12.7 %

 

13.5 %

 

(0.8) %

             

Units sold:

                       

Retail new vehicles sold (1)

25,729

 

25,082

 

647

 

2.6 %

         

Retail used vehicles sold

32,985

 

32,578

 

407

 

1.2 %

         

Wholesale used vehicles sold

8,524

 

9,311

 

(787)

 

(8.5) %

         

Total used

41,509

 

41,889

 

(380)

 

(0.9) %

         

Average sales price per unit sold:

                       

New vehicle retail (1)

$    44,608

 

$    42,149

 

$     2,458

 

5.8 %

   

$         1,251

 

2.9 %

Used vehicle retail

$    28,213

 

$    29,639

 

$    (1,426)

 

(4.8) %

   

$            718

 

(7.2) %

Gross profit per unit sold:

                       

New vehicle retail sales

$      3,039

 

$      3,699

 

$       (660)

 

(17.8) %

   

$              91

 

(20.3) %

Used vehicle retail sales

$      1,361

 

$      1,516

 

$       (155)

 

(10.2) %

   

$              35

 

(12.5) %

Used vehicle wholesale sales

$        (692)

 

$        (267)

 

$       (424)

 

NM

   

$               (6)

 

NM

Total used

$         940

 

$      1,120

 

$       (180)

 

(16.1) %

   

$              26

 

(18.4) %

F&I PRU

$         880

 

$         910

 

$         (30)

 

(3.3) %

   

$              24

 

(5.9) %

Other:

                       

SG&A expenses

$      244.4

 

$      226.7

 

$       17.7

 

7.8 %

   

$             6.4

 

5.0 %

Adjusted SG&A expenses (2)

$      235.4

 

$      226.7

 

$         8.7

 

3.9 %

   

$             6.0

 

1.2 %

SG&A as % gross profit

81.0 %

 

71.8 %

 

9.2 %

             

Adjusted SG&A as % gross profit (2)

78.0 %

 

71.8 %

 

6.2 %

             

 

(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended September 30, 2024

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real
estate
transactions

 

Severance
costs

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Accelerated
depreciation

 

Non-GAAP
adjusted

SG&A expenses

 

$     591.6

 

$              (0.7)

 

$              0.6

 

$          (0.4)

 

$         (14.8)

 

$            (0.3)

 

$                —

 

$     575.9

Depreciation and amortization expense

 

$       29.5

 

$                —

 

$               —

 

$             —

 

$             —

 

$               —

 

$              (1.3)

 

$       28.2

Income (loss) from operations

 

$     231.6

 

$               0.7

 

$             (0.6)

 

$            0.4

 

$          14.8

 

$             0.3

 

$               1.3

 

$     248.6

                                 

Income (loss) before income taxes

 

$     159.6

 

$               0.7

 

$             (0.6)

 

$            0.4

 

$          14.8

 

$             0.3

 

$               1.3

 

$     176.6

Less: Provision (benefit) for income taxes

 

42.5

 

0.2

 

(0.8)

 

0.1

 

0.7

 

0.1

 

0.3

 

43.1

Net income from continuing operations

 

117.1

 

0.6

 

0.2

 

0.3

 

14.2

 

0.2

 

1.0

 

133.5

Less: Earnings allocated to participating securities

 

2.4

 

 

 

 

0.3

 

 

 

2.7

Net income from continuing operations available to diluted common shares

 

$     114.7

 

$               0.5

 

$              0.2

 

$            0.3

 

$          13.9

 

$             0.2

 

$               1.0

 

$     130.8

                                 

Diluted earnings per common share from continuing operations

 

$       8.68

 

$             0.04

 

$            0.01

 

$          0.02

 

$          1.05

 

$           0.02

 

$             0.07

 

$       9.90

                                 

Effective tax rate

 

26.6 %

                         

24.4 %

                                 

SG&A as % gross profit (1)

 

69.4 %

                         

67.5 %

Operating margin (2)

 

4.4 %

                         

4.8 %

Pretax margin (3)

 

3.1 %

                         

3.4 %

                                 

Same Store SG&A expenses

 

$     504.3

 

$             (0.7)

 

$               —

 

$          (0.4)

 

$         (14.8)

 

$            (0.3)

 

$                —

 

$     488.1

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

 

68.4 %

                         

66.2 %

                                 

Same Store income from operations

 

$     208.1

 

$               0.7

 

$               —

 

$            0.4

 

$          14.8

 

$              0.3

 

$               1.3

 

$     225.7

Same Store operating margin (2)

 

4.6 %

                         

5.0 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net income from discontinued operations

 

$                      0.2

 

$                       —

 

$                      0.2

Less: Earnings allocated to participating securities

 

 

 

Net income from discontinued operations available to diluted common shares

 

$                      0.2

 

$                       —

 

$                      0.2

             

Net income

 

$                  117.3

 

$                    16.4

 

$                  133.7

Less: Earnings allocated to participating securities

 

2.4

 

0.3

 

2.7

Net income available to diluted common shares

 

$                  114.9

 

$                    16.1

 

$                  131.0

             

Diluted earnings per common share from discontinued operations

 

$                    0.01

 

$                       —

 

$                    0.01

Diluted earnings per common share from continuing operations

 

8.68

 

1.22

 

9.90

Diluted earnings per common share

 

$                    8.69

 

$                    1.22

 

$                    9.91

 

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

 

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended September 30, 2023

   

U.S. GAAP

 

Catastrophic
events

 

Dealership and
real estate
transactions

 

Legal items
and other
professional
fees

 

Asset
impairments
and
accelerated
depreciation

 

Non-GAAP
adjusted

SG&A expenses

 

$           496.7

 

$                 (1.5)

 

$                   7.9

 

$             (4.4)

 

$                    —

 

$           498.8

Depreciation and amortization expense

 

$             23.1

 

$                   —

 

$                    —

 

$               —

 

$                 (0.3)

 

$             22.8

Asset impairments

 

$               4.8

 

$                   —

 

$                    —

 

$               —

 

$                 (4.8)

 

$                —

Income (loss) from operations

 

$           261.6

 

$                  1.5

 

$                  (7.9)

 

$              4.4

 

$                  5.2

 

$           264.7

                         

Income (loss) before income taxes

 

$           220.5

 

$                  1.5

 

$                  (7.9)

 

$              4.4

 

$                  5.2

 

$           223.6

Less: Provision (benefit) for income taxes

 

56.4

 

0.4

 

(5.4)

 

1.1

 

1.3

 

53.8

Net income (loss) from continuing operations

 

164.1

 

1.1

 

(2.6)

 

3.3

 

3.9

 

169.8

Less: Earnings (loss) allocated to participating securities

 

4.0

 

 

(0.1)

 

0.1

 

0.1

 

4.2

Net income (loss) from continuing operations available to diluted common shares

 

$           160.1

 

$                  1.1

 

$                  (2.5)

 

$              3.2

 

$                  3.8

 

$           165.6

                         

Diluted earnings (loss) per common share from continuing operations

 

$           11.67

 

$                0.08

 

$                (0.18)

 

$            0.23

 

$                0.28

 

$           12.07

                         

Effective tax rate

 

25.6 %

                 

24.0 %

                         

SG&A as % gross profit (1)

 

63.2 %

                 

63.4 %

Operating margin (2)

 

5.6 %

                 

5.6 %

Pretax margin (3)

 

4.7 %

                 

4.8 %

                         

Same Store SG&A expenses

 

$           487.8

 

$                 (1.5)

 

$                    —

 

$             (4.4)

 

$                   —

 

$           481.9

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

 

63.8 %

                 

63.0 %

                         

Same Store income from operations

 

$           249.6

 

$                  1.5

 

$                    —

 

$              4.4

 

$                  5.2

 

$           260.7

Same Store operating margin (2)

 

5.5 %

                 

5.7 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net loss from discontinued operations

 

$                    (0.2)

 

$                       —

 

$                     (0.2)

Less: Loss allocated to participating securities

 

 

 

Net loss from discontinued operations available to diluted common shares

 

$                    (0.2)

 

$                       —

 

$                     (0.2)

             

Net income

 

$                  163.9

 

$                      5.7

 

$                  169.6

Less: Earnings allocated to participating securities

 

4.0

 

0.1

 

4.2

Net income available to diluted common shares

 

$                  159.9

 

$                      5.5

 

$                  165.4

             

Diluted loss per common share from discontinued operations

 

$                  (0.02)

 

$                       —

 

$                   (0.02)

Diluted earnings per common share from continuing operations

 

11.67

 

0.40

 

12.07

Diluted earnings per common share

 

$                  11.65

 

$                    0.40

 

$                  12.06

 

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

                                 
   

Nine Months Ended September 30, 2024

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real
estate
transactions

 

Severance
costs

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Accelerated
depreciation

 

Non-GAAP
adjusted

SG&A expenses

 

$    1,564.9

 

$             (9.8)

 

$             52.9

 

$           (1.0)

 

$         (19.3)

 

$            (3.5)

 

$                —

 

$    1,584.2

Depreciation and amortization expense

 

$         81.6

 

$                —

 

$                —

 

$              —

 

$              —

 

$               —

 

$             (5.5)

 

$         76.1

Income (loss) from operations

 

$       715.4

 

$               9.8

 

$           (52.9)

 

$             1.0

 

$           19.3

 

$              3.5

 

$               5.5

 

$       701.5

                                 

Income (loss) before income taxes

 

$       535.8

 

$               9.8

 

$           (52.9)

 

$             1.0

 

$           19.3

 

$              3.5

 

$               5.5

 

$       522.0

Less: Provision (benefit) for income taxes

 

133.5

 

2.4

 

(14.2)

 

0.2

 

1.3

 

0.9

 

1.3

 

125.3

Net income (loss) from continuing operations

 

402.4

 

7.5

 

(38.7)

 

0.7

 

18.0

 

2.7

 

4.2

 

396.7

Less: Earnings (loss) allocated to participating securities

 

8.6

 

0.2

 

(0.8)

 

 

0.4

 

0.1

 

0.1

 

8.5

Net income (loss) from continuing operations available to diluted common shares

 

$       393.8

 

$               7.3

 

$           (37.9)

 

$             0.7

 

$           17.6

 

$              2.6

 

$               4.1

 

$       388.2

                                 

Diluted earnings (loss) per common share from continuing operations

 

$       29.61

 

$             0.55

 

$           (2.85)

 

$           0.05

 

$           1.33

 

$            0.20

 

$             0.31

 

$       29.19

                                 

Effective tax rate

 

24.9 %

                         

24.0 %

                                 

SG&A as % gross profit (1)

 

66.3 %

                         

67.1 %

Operating margin (2)

 

5.0 %

                         

4.9 %

Pretax margin (3)

 

3.7 %

                         

3.6 %

                                 

Same Store SG&A expenses

 

$    1,461.2

 

$             (9.8)

 

$                —

 

$           (1.0)

 

$         (19.3)

 

$            (3.5)

 

$                —

 

$ 1,427.5

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

 

68.4 %

                         

66.8 %

                                 

Same Store income from operations

 

$       601.0

 

$               9.8

 

$                —

 

$             1.0

 

$           19.3

 

$              3.5

 

$               5.5

 

$    640.1

Same Store operating margin (2)

 

4.6 %

                         

4.9 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net income from discontinued operations

 

$                 1.0

 

$                  —

 

$                 1.0

Less: Earnings allocated to participating securities

 

 

 

Net income from discontinued operations available to diluted common shares

 

$                 0.9

 

$                  —

 

$                 0.9

             

Net income (loss)

 

$             403.3

 

$               (5.7)

 

$             397.7

Less: Earnings (loss) allocated to participating securities

 

8.6

 

(0.1)

 

8.5

Net income (loss) available to diluted common shares

 

$             394.7

 

$               (5.5)

 

$             389.2

             

Diluted earnings per common share from discontinued operations

 

$               0.07

 

$                  —

 

$               0.07

Diluted earnings (loss) per common share from continuing operations

 

29.61

 

(0.42)

 

29.19

Diluted earnings (loss) per common share

 

$             29.68

 

$             (0.42)

 

$             29.26

 

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

 

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

                                 
   

Nine Months Ended September 30, 2023

   

U.S. GAAP

 

Non-cash
gain on
interest rate
swaps

 

Catastrophic
events

 

Dealership
and real
estate
transactions

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Asset
impairments
and
accelerated
depreciation

 

Non-GAAP
adjusted

SG&A expenses

 

$  1,439.4

 

$              —

 

$           (1.5)

 

$         19.4

 

$         (0.3)

 

$           (4.4)

 

$              —

 

$  1,452.7

Depreciation and amortization expense

 

$       68.6

 

$              —

 

$              —

 

$            —

 

$            —

 

$              —

 

$           (0.9)

 

$       67.8

Asset impairments

 

$         7.7

 

$              —

 

$              —

 

$            —

 

$            —

 

$              —

 

$           (7.7)

 

$         —

Income (loss) from operations

 

$     773.9

 

$              —

 

$             1.5

 

$        (19.4)

 

$           0.3

 

$             4.4

 

$             8.6

 

$     769.2

Other interest expense, net

 

$       72.1

 

$             4.0

 

$              —

 

$            —

 

$            —

 

$              —

 

$              —

 

$       76.2

                                 

Income (loss) before income taxes

 

$     654.8

 

$           (4.0)

 

$            1.5

 

$       (19.4)

 

$           0.3

 

$             4.4

 

$             8.6

 

$     646.1

Less: Provision (benefit) for income taxes

 

161.6

 

(0.9)

 

0.4

 

(10.3)

 

0.1

 

1.1

 

2.1

 

154.0

Net income (loss) from continuing operations

 

493.2

 

(3.1)

 

1.1

 

(9.1)

 

0.2

 

3.3

 

6.5

 

492.1

Less: Earnings (loss) allocated to participating securities

 

12.2

 

(0.1)

 

 

(0.2)

 

 

0.1

 

0.2

 

12.2

Net income (loss) from continuing operations available to diluted common shares

 

$     480.9

 

$           (3.0)

 

$            1.1

 

$         (8.9)

 

$           0.2

 

$             3.2

 

$             6.3

 

$     479.8

                                 

Diluted earnings (loss) per common share from continuing operations

 

$     34.81

 

$         (0.22)

 

$          0.08

 

$       (0.64)

 

$         0.01

 

$           0.23

 

$           0.46

 

$     34.73

                                 

Effective tax rate

 

24.7 %

                         

23.8 %

                                 

SG&A as % gross profit (1)

 

62.9 %

                         

63.4 %

Operating margin (2)

 

5.8 %

                         

5.7 %

Pretax margin (3)

 

4.9 %

                         

4.8 %

                                 

Same Store SG&A expenses

 

$  1,398.6

 

$              —

 

$          (1.5)

 

$           —

 

$         (0.3)

 

$           (4.4)

 

$              —

 

$  1,392.4

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

 

63.3 %

                         

63.0 %

                                 

Same Store income from operations

 

$     737.6

 

$              —

 

$            1.5

 

$            —

 

$           0.3

 

$             4.4

 

$             8.6

 

$     752.3

Same Store operating margin (2)

 

5.7 %

                         

5.8 %

 

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net loss from discontinued operations

 

$            (0.3)

 

$               —

 

$            (0.3)

Less: Loss allocated to participating securities

 

 

 

Net loss from discontinued operations available to diluted common shares

 

$            (0.3)

 

$               —

 

$            (0.3)

             

Net income (loss)

 

$          492.9

 

$            (1.1)

 

$          491.7

Less: Earnings allocated to participating securities

 

12.2

 

 

12.2

Net income (loss) available to diluted common shares

 

$          480.6

 

$            (1.1)

 

$          479.5

             

Diluted loss per common share from discontinued operations

 

$           (0.02)

 

$               —

 

$           (0.02)

Diluted earnings (loss) per common share from continuing operations

 

34.81

 

(0.08)

 

34.73

Diluted earnings (loss) per common share

 

$          34.79

 

$           (0.08)

 

$          34.71

 

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and a non-cash gain on interest rate swaps.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — U.S.

(Unaudited)

(In millions)

     
   

Three Months Ended September 30, 2024

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real estate
transactions

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Non-GAAP
adjusted

SG&A expenses

 

$      445.4

 

$            (0.7)

 

$                0.6

 

$           (8.7)

 

$            (0.3)

 

$      436.2

SG&A as % gross profit (1)

 

65.7 %

                 

64.3 %

                         

Same Store SG&A expenses

 

$      417.9

 

$            (0.7)

 

$                 —

 

$           (8.7)

 

$            (0.3)

 

$      408.1

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

 

65.8 %

                 

64.2 %

 

   

Three Months Ended September 30, 2023

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real estate
transactions

 

Legal items
and other
professional
fees

 

Non-GAAP
adjusted

SG&A expenses

 

$        417.4

 

$              (1.5)

 

$                7.9

 

$             (4.4)

 

$        419.5

SG&A as % gross profit (1)

 

61.1 %

             

61.4 %

                     

Same Store SG&A expenses

 

$        409.8

 

$              (1.5)

 

$                —

 

$             (4.4)

 

$        403.9

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

 

61.9 %

             

61.0 %

 

   

Nine Months Ended September 30, 2024

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real estate
transactions

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Non-GAAP
adjusted

SG&A expenses

 

$   1,257.9

 

$            (9.8)

 

$              52.9

 

$         (11.3)

 

$            (3.5)

 

$   1,286.2

SG&A as % gross profit (1)

 

63.4 %

                 

64.8 %

                         

Same Store SG&A expenses

 

$   1,216.7

 

$            (9.8)

 

$                 —

 

$         (11.3)

 

$            (3.5)

 

$   1,192.1

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

 

66.3 %

                 

65.0 %

 

   

Nine Months Ended September 30, 2023

   

U.S. GAAP

 

Catastrophic
events

 

Dealership
and real estate
transactions

 

Acquisition
costs

 

Legal items
and other
professional
fees

 

Non-GAAP
adjusted

SG&A expenses

 

$   1,209.8

 

$            (1.5)

 

$              18.4

 

$           (0.3)

 

$            (4.4)

 

$   1,222.1

SG&A as % gross profit (1)

 

61.4 %

                 

62.0 %

                         

Same Store SG&A expenses

 

$   1,171.9

 

$            (1.5)

 

$                 —

 

$           (0.3)

 

$            (4.4)

 

$   1,165.7

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

 

61.9 %

                 

61.6 %

 

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — U.K.

(Unaudited)

 (In millions)

                 
   

Three Months Ended September 30, 2024

   

U.S. GAAP

 

Severance costs

 

Acquisition costs

 

Non-GAAP
Adjusted

SG&A expenses

 

$               146.1

 

$                    (0.4)

 

$                    (6.1)

 

$               139.6

SG&A as % gross profit (1)

 

83.7 %

         

80.0 %

                 

Same Store SG&A expenses

 

$                86.4

 

$                    (0.4)

 

$                    (6.1)

 

$                79.9

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

 

84.7 %

         

78.3 %

 

   

Nine Months Ended September 30, 2024

   

U.S. GAAP

 

Severance costs

 

Acquisition costs

 

Non-GAAP
Adjusted

SG&A expenses

 

$               307.0

 

$                    (1.0)

 

$                    (8.0)

 

$               298.0

SG&A as % gross profit (1)

 

81.5 %

         

79.1 %

                 

Same Store SG&A expenses

 

$               244.4

 

$                    (1.0)

 

$                    (8.0)

 

$               235.4

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

 

81.0 %

         

78.0 %

 

   

Nine Months Ended September 30, 2023

   

U.S. GAAP

 

Dealership and
real estate
transactions

 

Non-GAAP
Adjusted

SG&A expenses

 

$                229.6

 

$                      0.9

 

$                230.5

SG&A as % gross profit (1)

 

71.8 %

     

72.1 %

 

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

 

SOURCE Group 1 Automotive, Inc.