☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
76-0506313
|
|
(State of other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
800 Gessner,
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Suite 500
|
|
77024
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Houston,
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TX
|
|
(Zip code)
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(Address of principal executive offices)
|
|
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Large accelerated filer
|
þ
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|
¨
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Accelerated filer
|
|
|
|
||
Non-accelerated filer
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¨
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|
☐
|
Smaller reporting company
|
|
|
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|
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☐
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Emerging growth company
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GLOSSARY OF DEFINITIONS
|
||
Item 1.
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
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||
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|
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Item 1.
|
||
Item 1A.
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||
Item 2.
|
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Item 6.
|
||
Terms
|
|
Definitions
|
ASC
|
|
Accounting Standards Codification
|
ASU
|
|
Accounting Standards Update
|
Brexit
|
|
Withdrawal of the U.K. from the European Union
|
BRL
|
|
Brazilian Real (R$)
|
COVID-19 pandemic
|
|
Coronavirus disease first emerging in December 2019 and resulting in the ongoing global pandemic in 2020
|
EPS
|
|
Earnings per share
|
F&I
|
|
Finance, insurance and other
|
FASB
|
|
Financial Accounting Standards Board
|
FMCC
|
|
Ford Motor Credit Company
|
GBP
|
|
British Pound Sterling (£)
|
LIBOR
|
|
London Interbank Offered Rate
|
OEM
|
|
Original equipment manufacturer
|
PRU
|
|
Per retail unit
|
ROU
|
|
Right-of-use
|
RSA
|
|
Restricted stock award
|
SEC
|
|
Securities and Exchange Commission
|
SG&A
|
|
Selling, general and administrative
|
USD
|
|
United States Dollar
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U.K.
|
|
United Kingdom
|
U.S.
|
|
United States of America
|
U.S. GAAP
|
|
Accounting principles generally accepted in the U.S.
|
WHO
|
|
World Health Organization
|
WACC
|
|
Weighted average cost of capital
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
||||||||
New vehicle retail sales
|
|
$
|
1,062.7
|
|
|
$
|
1,565.4
|
|
|
$
|
2,404.8
|
|
|
$
|
2,979.9
|
|
Used vehicle retail sales
|
|
641.2
|
|
|
838.9
|
|
|
1,420.3
|
|
|
1,658.1
|
|
||||
Used vehicle wholesale sales
|
|
48.7
|
|
|
96.0
|
|
|
135.2
|
|
|
188.1
|
|
||||
Parts and service sales
|
|
282.0
|
|
|
378.2
|
|
|
652.6
|
|
|
747.3
|
|
||||
Finance, insurance and other, net
|
|
96.7
|
|
|
127.3
|
|
|
209.2
|
|
|
240.6
|
|
||||
Total revenues
|
|
2,131.2
|
|
|
3,005.7
|
|
|
4,822.0
|
|
|
5,814.1
|
|
||||
COST OF SALES:
|
|
|
|
|
|
|
|
|
||||||||
New vehicle retail sales
|
|
998.9
|
|
|
1,495.7
|
|
|
2,278.3
|
|
|
2,838.8
|
|
||||
Used vehicle retail sales
|
|
594.9
|
|
|
785.6
|
|
|
1,331.8
|
|
|
1,557.0
|
|
||||
Used vehicle wholesale sales
|
|
46.6
|
|
|
96.1
|
|
|
132.1
|
|
|
187.8
|
|
||||
Parts and service sales
|
|
132.0
|
|
|
174.1
|
|
|
304.5
|
|
|
344.8
|
|
||||
Total cost of sales
|
|
1,772.4
|
|
|
2,551.4
|
|
|
4,046.7
|
|
|
4,928.3
|
|
||||
GROSS PROFIT
|
|
358.8
|
|
|
454.3
|
|
|
775.3
|
|
|
885.8
|
|
||||
Selling, general and administrative expenses
|
|
237.2
|
|
|
338.7
|
|
|
565.1
|
|
|
666.4
|
|
||||
Depreciation and amortization expense
|
|
18.8
|
|
|
17.9
|
|
|
37.4
|
|
|
34.9
|
|
||||
Asset impairments
|
|
23.8
|
|
|
0.5
|
|
|
23.8
|
|
|
0.5
|
|
||||
INCOME (LOSS) FROM OPERATIONS
|
|
79.0
|
|
|
97.1
|
|
|
148.9
|
|
|
183.9
|
|
||||
Floorplan interest expense
|
|
10.1
|
|
|
15.9
|
|
|
23.0
|
|
|
31.6
|
|
||||
Other interest expense, net
|
|
16.2
|
|
|
18.0
|
|
|
34.3
|
|
|
36.9
|
|
||||
(Gain) loss on extinguishment of debt
|
|
10.4
|
|
|
—
|
|
|
10.4
|
|
|
—
|
|
||||
INCOME (LOSS) BEFORE INCOME TAXES
|
|
42.3
|
|
|
63.2
|
|
|
81.2
|
|
|
115.4
|
|
||||
(Benefit) provision for income taxes
|
|
12.2
|
|
|
14.0
|
|
|
21.3
|
|
|
27.5
|
|
||||
NET INCOME (LOSS)
|
|
$
|
30.2
|
|
|
$
|
49.2
|
|
|
$
|
60.0
|
|
|
$
|
87.9
|
|
BASIC EARNINGS (LOSS) PER SHARE
|
|
$
|
1.64
|
|
|
$
|
2.65
|
|
|
$
|
3.25
|
|
|
$
|
4.74
|
|
Weighted average common shares outstanding
|
|
17.8
|
|
|
17.9
|
|
|
17.8
|
|
|
17.9
|
|
||||
DILUTED EARNINGS (LOSS) PER SHARE
|
|
$
|
1.63
|
|
|
$
|
2.64
|
|
|
$
|
3.25
|
|
|
$
|
4.73
|
|
Weighted average dilutive common shares outstanding
|
|
17.8
|
|
|
17.9
|
|
|
17.8
|
|
|
17.9
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
NET INCOME (LOSS)
|
|
$
|
30.2
|
|
|
$
|
49.2
|
|
|
$
|
60.0
|
|
|
$
|
87.9
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
|
(2.5
|
)
|
|
(4.0
|
)
|
|
(30.4
|
)
|
|
(0.4
|
)
|
||||
Net unrealized gain (loss) on interest rate risk management activities, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) arising during the period, net of tax benefit (provision) of $1.5, $2.9, $11.2 and $4.3, respectively
|
|
(7.0
|
)
|
|
(9.5
|
)
|
|
(38.6
|
)
|
|
(13.7
|
)
|
||||
Reclassification adjustment for (gain) loss included in interest expense, net of tax benefit (provision) of $0.7, ($0.1), $0.9 and ($0.2), respectively
|
|
2.1
|
|
|
(0.3
|
)
|
|
2.7
|
|
|
(0.7
|
)
|
||||
Unrealized gain (loss) on interest rate risk management activities, net of tax
|
|
(4.9
|
)
|
|
(9.8
|
)
|
|
(36.0
|
)
|
|
(14.3
|
)
|
||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
(7.3
|
)
|
|
(13.8
|
)
|
|
(66.4
|
)
|
|
(14.8
|
)
|
||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
22.8
|
|
|
$
|
35.4
|
|
|
$
|
(6.4
|
)
|
|
$
|
73.1
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE, MARCH 31, 2020
|
|
25,448,275
|
|
|
$
|
0.3
|
|
|
$
|
287.8
|
|
|
$
|
1,566.7
|
|
|
$
|
(206.0
|
)
|
|
$
|
(474.1
|
)
|
|
$
|
1,174.6
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.2
|
|
|
—
|
|
|
—
|
|
|
30.2
|
|
||||||
Other comprehensive income (loss), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.3
|
)
|
|
—
|
|
|
(7.3
|
)
|
||||||
Net issuance of treasury shares to stock compensation plans
|
|
(8,693
|
)
|
|
—
|
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
6.2
|
|
|
1.8
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.6
|
|
||||||
BALANCE, JUNE 30, 2020
|
|
25,439,581
|
|
|
$
|
0.3
|
|
|
$
|
300.0
|
|
|
$
|
1,596.9
|
|
|
$
|
(213.3
|
)
|
|
$
|
(467.9
|
)
|
|
$
|
1,215.9
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE, DECEMBER 31, 2019
|
|
25,486,711
|
|
|
$
|
0.3
|
|
|
$
|
295.3
|
|
|
$
|
1,542.4
|
|
|
$
|
(147.0
|
)
|
|
$
|
(435.3
|
)
|
|
$
|
1,255.7
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60.0
|
|
|
—
|
|
|
—
|
|
|
60.0
|
|
||||||
Other comprehensive income (loss), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66.4
|
)
|
|
—
|
|
|
(66.4
|
)
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.9
|
)
|
|
(48.9
|
)
|
||||||
Net issuance of treasury shares to stock compensation plans
|
|
(47,129
|
)
|
|
—
|
|
|
(17.0
|
)
|
|
—
|
|
|
—
|
|
|
16.3
|
|
|
(0.7
|
)
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
21.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.7
|
|
||||||
Dividends declared ($0.30 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
||||||
BALANCE, JUNE 30, 2020
|
|
25,439,581
|
|
|
$
|
0.3
|
|
|
$
|
300.0
|
|
|
$
|
1,596.9
|
|
|
$
|
(213.3
|
)
|
|
$
|
(467.9
|
)
|
|
$
|
1,215.9
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE, MARCH 31, 2019
|
|
25,522,383
|
|
|
$
|
0.3
|
|
|
$
|
287.1
|
|
|
$
|
1,422.6
|
|
|
$
|
(138.7
|
)
|
|
$
|
(443.5
|
)
|
|
$
|
1,127.7
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49.2
|
|
|
—
|
|
|
—
|
|
|
49.2
|
|
||||||
Other comprehensive income (loss), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.8
|
)
|
|
—
|
|
|
(13.8
|
)
|
||||||
Net issuance of treasury shares to stock compensation plans
|
|
(12,102
|
)
|
|
—
|
|
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
|
4.7
|
|
|
1.8
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
3.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.9
|
|
||||||
Dividends declared ($0.26 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
||||||
BALANCE, JUNE 30, 2019
|
|
25,510,280
|
|
|
$
|
0.3
|
|
|
$
|
288.2
|
|
|
$
|
1,467.0
|
|
|
$
|
(152.5
|
)
|
|
$
|
(438.8
|
)
|
|
$
|
1,164.1
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE, DECEMBER 31, 2018
|
|
25,494,328
|
|
|
$
|
0.3
|
|
|
$
|
292.8
|
|
|
$
|
1,394.8
|
|
|
$
|
(137.8
|
)
|
|
$
|
(454.4
|
)
|
|
$
|
1,095.7
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87.9
|
|
|
—
|
|
|
—
|
|
|
87.9
|
|
||||||
Other comprehensive income (loss), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.8
|
)
|
|
—
|
|
|
(14.8
|
)
|
||||||
Net issuance of treasury shares to stock compensation plans
|
|
15,953
|
|
|
—
|
|
|
(14.6
|
)
|
|
—
|
|
|
—
|
|
|
15.6
|
|
|
1.0
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
10.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.0
|
|
||||||
Dividends declared ($0.52 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.7
|
)
|
|
—
|
|
|
—
|
|
|
(9.7
|
)
|
||||||
ASC 842 cumulative adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
||||||
BALANCE, JUNE 30, 2019
|
|
25,510,280
|
|
|
$
|
0.3
|
|
|
$
|
288.2
|
|
|
$
|
1,467.0
|
|
|
$
|
(152.5
|
)
|
|
$
|
(438.8
|
)
|
|
$
|
1,164.1
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
60.0
|
|
|
$
|
87.9
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
37.4
|
|
|
34.9
|
|
||
Change in operating lease assets
|
|
12.9
|
|
|
14.4
|
|
||
Deferred income taxes
|
|
(3.0
|
)
|
|
5.1
|
|
||
Asset impairments
|
|
23.8
|
|
|
0.5
|
|
||
Stock-based compensation
|
|
21.7
|
|
|
10.0
|
|
||
Amortization of debt discount and issue costs
|
|
1.9
|
|
|
2.1
|
|
||
(Gain) loss on disposition of assets
|
|
—
|
|
|
(6.0
|
)
|
||
(Gain) loss on extinguishment of debt
|
|
10.4
|
|
|
—
|
|
||
Other
|
|
1.7
|
|
|
0.5
|
|
||
Changes in assets and liabilities, net of acquisitions and dispositions:
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
|
(48.0
|
)
|
|
77.3
|
|
||
Accounts and notes receivables
|
|
64.8
|
|
|
4.6
|
|
||
Inventories
|
|
536.7
|
|
|
31.7
|
|
||
Contracts-in-transit and vehicle receivables
|
|
77.2
|
|
|
12.4
|
|
||
Prepaid expenses and other assets
|
|
(4.8
|
)
|
|
(16.5
|
)
|
||
Floorplan notes payable — manufacturer affiliates
|
|
(90.3
|
)
|
|
8.8
|
|
||
Deferred revenues
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
Operating lease liabilities
|
|
(13.8
|
)
|
|
(14.5
|
)
|
||
Net cash provided by (used in) operating activities
|
|
688.2
|
|
|
252.9
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Cash paid for acquisitions, net of cash received
|
|
(1.3
|
)
|
|
—
|
|
||
Proceeds from disposition of franchises, property and equipment
|
|
0.6
|
|
|
37.9
|
|
||
Purchases of property and equipment
|
|
(60.5
|
)
|
|
(109.2
|
)
|
||
Other
|
|
—
|
|
|
(0.3
|
)
|
||
Net cash provided by (used in) investing activities
|
|
(61.2
|
)
|
|
(71.6
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Borrowings on credit facility — floorplan line and other
|
|
2,946.3
|
|
|
3,306.5
|
|
||
Repayments on credit facility — floorplan line and other
|
|
(3,381.4
|
)
|
|
(3,425.4
|
)
|
||
Borrowings on credit facility — acquisition line
|
|
284.0
|
|
|
124.2
|
|
||
Repayments on credit facility — acquisition line
|
|
(215.2
|
)
|
|
(117.9
|
)
|
||
Debt issue costs
|
|
(1.2
|
)
|
|
(3.1
|
)
|
||
Repayments of senior notes
|
|
(307.9
|
)
|
|
—
|
|
||
Borrowings on other debt
|
|
41.2
|
|
|
76.9
|
|
||
Principal payments on other debt
|
|
(63.6
|
)
|
|
(90.2
|
)
|
||
Borrowings on debt related to real estate
|
|
188.6
|
|
|
33.2
|
|
||
Principal payments on debt related to real estate
|
|
(14.6
|
)
|
|
(53.3
|
)
|
||
Proceeds from employee stock purchase plan
|
|
4.5
|
|
|
4.3
|
|
||
Payment of tax withholding for stock-based awards
|
|
(5.1
|
)
|
|
(3.3
|
)
|
||
Repurchases of common stock, amounts based on settlement date
|
|
(48.9
|
)
|
|
—
|
|
||
Dividends paid
|
|
(5.5
|
)
|
|
(9.7
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(579.0
|
)
|
|
(157.8
|
)
|
||
Effect of exchange rate changes on cash
|
|
(3.4
|
)
|
|
(0.8
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
44.6
|
|
|
22.8
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
|
|
28.1
|
|
|
18.7
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
|
|
$
|
72.7
|
|
|
$
|
41.5
|
|
|
|
Three Months Ended June 30, 2020
|
|
|
Six Months Ended June 30, 2020
|
||||||||||||||||||||||||||||
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
New vehicle retail sales
|
|
$
|
915.7
|
|
|
$
|
127.2
|
|
|
$
|
19.8
|
|
|
$
|
1,062.7
|
|
|
|
$
|
1,904.1
|
|
|
$
|
423.5
|
|
|
$
|
77.3
|
|
|
$
|
2,404.8
|
|
Used vehicle retail sales
|
|
540.9
|
|
|
92.8
|
|
|
7.5
|
|
|
641.2
|
|
|
|
1,111.2
|
|
|
281.6
|
|
|
27.4
|
|
|
1,420.3
|
|
||||||||
Used vehicle wholesale sales
|
|
30.5
|
|
|
15.3
|
|
|
2.9
|
|
|
48.7
|
|
|
|
77.3
|
|
|
51.1
|
|
|
6.7
|
|
|
135.2
|
|
||||||||
Total new and used vehicle sales
|
|
1,487.1
|
|
|
235.3
|
|
|
30.1
|
|
|
1,752.5
|
|
|
|
3,092.6
|
|
|
756.2
|
|
|
111.4
|
|
|
3,960.3
|
|
||||||||
Parts and service sales (1)
|
|
254.2
|
|
|
21.8
|
|
|
5.9
|
|
|
282.0
|
|
|
|
558.9
|
|
|
78.3
|
|
|
15.5
|
|
|
652.6
|
|
||||||||
Finance, insurance and other, net (2)
|
|
89.8
|
|
|
6.4
|
|
|
0.6
|
|
|
96.7
|
|
|
|
187.2
|
|
|
19.7
|
|
|
2.3
|
|
|
209.2
|
|
||||||||
Total revenues
|
|
$
|
1,831.1
|
|
|
$
|
263.5
|
|
|
$
|
36.6
|
|
|
$
|
2,131.2
|
|
|
|
$
|
3,838.7
|
|
|
$
|
854.2
|
|
|
$
|
129.1
|
|
|
$
|
4,822.0
|
|
|
|
Three Months Ended June 30, 2019
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
New vehicle retail sales
|
|
$
|
1,188.8
|
|
|
$
|
302.2
|
|
|
$
|
74.4
|
|
|
$
|
1,565.4
|
|
|
|
$
|
2,220.5
|
|
|
$
|
620.8
|
|
|
$
|
138.5
|
|
|
$
|
2,979.9
|
|
Used vehicle retail sales
|
|
625.5
|
|
|
194.0
|
|
|
19.4
|
|
|
838.9
|
|
|
|
1,219.9
|
|
|
397.6
|
|
|
40.7
|
|
|
1,658.1
|
|
||||||||
Used vehicle wholesale sales
|
|
44.3
|
|
|
46.9
|
|
|
4.8
|
|
|
96.0
|
|
|
|
87.1
|
|
|
92.1
|
|
|
8.9
|
|
|
188.1
|
|
||||||||
Total new and used vehicle sales
|
|
1,858.5
|
|
|
543.1
|
|
|
98.6
|
|
|
2,500.3
|
|
|
|
3,527.5
|
|
|
1,110.5
|
|
|
188.1
|
|
|
4,826.1
|
|
||||||||
Parts and service sales (1)
|
|
309.6
|
|
|
56.4
|
|
|
12.2
|
|
|
378.2
|
|
|
|
607.2
|
|
|
115.9
|
|
|
24.2
|
|
|
747.3
|
|
||||||||
Finance, insurance and other, net (2)
|
|
110.5
|
|
|
15.0
|
|
|
1.8
|
|
|
127.3
|
|
|
|
206.7
|
|
|
30.2
|
|
|
3.8
|
|
|
240.6
|
|
||||||||
Total revenues
|
|
$
|
2,278.7
|
|
|
$
|
614.4
|
|
|
$
|
112.6
|
|
|
$
|
3,005.7
|
|
|
|
$
|
4,341.5
|
|
|
$
|
1,256.6
|
|
|
$
|
216.0
|
|
|
$
|
5,814.1
|
|
|
Three Months Ended June 30, 2020
|
|
|
Six Months Ended June 30, 2020
|
||||||||||||||||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||||||||||
Total revenues
|
$
|
1,831.1
|
|
|
$
|
263.5
|
|
|
$
|
36.6
|
|
|
$
|
2,131.2
|
|
|
|
$
|
3,838.7
|
|
|
$
|
854.2
|
|
|
$
|
129.1
|
|
|
$
|
4,822.0
|
|
Income (loss) before income taxes(1)
|
$
|
74.8
|
|
|
$
|
(19.7
|
)
|
|
$
|
(12.8
|
)
|
|
$
|
42.3
|
|
|
|
$
|
117.0
|
|
|
$
|
(22.3
|
)
|
|
$
|
(13.4
|
)
|
|
$
|
81.2
|
|
|
Three Months Ended June 30, 2019
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||||||||||
Total revenues
|
$
|
2,278.7
|
|
|
$
|
614.4
|
|
|
$
|
112.6
|
|
|
$
|
3,005.7
|
|
|
|
$
|
4,341.5
|
|
|
$
|
1,256.6
|
|
|
$
|
216.0
|
|
|
$
|
5,814.1
|
|
Income (loss) before income taxes(2)
|
$
|
63.8
|
|
|
$
|
(1.5
|
)
|
|
$
|
0.9
|
|
|
$
|
63.2
|
|
|
|
$
|
110.2
|
|
|
$
|
4.7
|
|
|
$
|
0.5
|
|
|
$
|
115.4
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Weighted average basic common shares outstanding
|
|
17,771,447
|
|
|
17,908,039
|
|
|
17,767,449
|
|
|
17,852,985
|
|
||||
Dilutive effect of stock-based awards and employee stock purchases
|
|
40,166
|
|
|
22,241
|
|
|
42,488
|
|
|
24,691
|
|
||||
Weighted average dilutive common shares
|
|
17,811,613
|
|
|
17,930,280
|
|
|
17,809,937
|
|
|
17,877,676
|
|
||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
30.2
|
|
|
$
|
49.2
|
|
|
$
|
60.0
|
|
|
$
|
87.9
|
|
Less: Earnings (loss) allocated to participating securities
|
|
1.1
|
|
|
1.8
|
|
|
2.2
|
|
|
3.3
|
|
||||
Net income (loss) available to basic common shares
|
|
$
|
29.1
|
|
|
$
|
47.4
|
|
|
$
|
57.8
|
|
|
$
|
84.6
|
|
Basic earnings (loss) per common share
|
|
$
|
1.64
|
|
|
$
|
2.65
|
|
|
$
|
3.25
|
|
|
$
|
4.74
|
|
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
30.2
|
|
|
$
|
49.2
|
|
|
$
|
60.0
|
|
|
$
|
87.9
|
|
Less: Earnings (loss) allocated to participating securities
|
|
1.1
|
|
|
1.8
|
|
|
2.1
|
|
|
3.3
|
|
||||
Net income (loss) available to diluted common shares
|
|
$
|
29.1
|
|
|
$
|
47.4
|
|
|
$
|
57.8
|
|
|
$
|
84.6
|
|
Diluted earnings (loss) per common share
|
|
$
|
1.63
|
|
|
$
|
2.64
|
|
|
$
|
3.25
|
|
|
$
|
4.73
|
|
•
|
Level 1 — Quoted prices for identical assets or liabilities in active markets.
|
•
|
Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
|
Carrying Value (1)
|
|
Fair Value
|
|
Carrying Value (1)
|
|
Fair Value
|
||||||||
5.00% Senior Notes
|
|
$
|
547.1
|
|
|
$
|
549.9
|
|
|
$
|
546.4
|
|
|
$
|
559.5
|
|
Real estate related
|
|
89.8
|
|
|
81.2
|
|
|
40.7
|
|
|
41.1
|
|
||||
Total
|
|
$
|
636.9
|
|
|
$
|
631.1
|
|
|
$
|
587.1
|
|
|
$
|
600.6
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
Assets:
|
|
|
|
|
||||
Other long-term assets
|
|
$
|
—
|
|
|
$
|
1.9
|
|
Total assets
|
|
$
|
—
|
|
|
$
|
1.9
|
|
Liabilities:
|
|
|
|
|
||||
Accrued expenses and other current liabilities
|
|
$
|
3.2
|
|
|
$
|
2.8
|
|
Long-term interest rate swap liabilities
|
|
49.3
|
|
|
4.4
|
|
||
Total liabilities
|
|
$
|
52.5
|
|
|
$
|
7.2
|
|
|
|
Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
|
||||||
|
|
Six Months Ended June 30,
|
||||||
Derivatives in Cash Flow Hedging Relationship
|
|
2020
|
|
2019
|
||||
Interest rate swaps
|
|
$
|
(38.6
|
)
|
|
$
|
(13.7
|
)
|
|
|
|
|
|
||||
|
|
Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
|
||||||
Location of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
|
|
Six Months Ended June 30,
|
||||||
|
2020
|
|
2019
|
|||||
Floorplan interest expense
|
|
$
|
(2.7
|
)
|
|
$
|
0.6
|
|
Other interest expense, net
|
|
$
|
(0.8
|
)
|
|
$
|
0.2
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
Contracts-in-transit and vehicle receivables, net
|
|
|
|
|
||||
Contracts-in-transit
|
|
$
|
114.5
|
|
|
$
|
169.9
|
|
Vehicle receivables
|
|
59.2
|
|
|
84.3
|
|
||
Total contracts-in-transit and vehicle receivables
|
|
173.7
|
|
|
254.1
|
|
||
Less: allowance for doubtful accounts (1)
|
|
0.4
|
|
|
0.3
|
|
||
Total contracts-in-transit and vehicle receivables, net
|
|
$
|
173.3
|
|
|
$
|
253.8
|
|
|
|
|
|
|
||||
Accounts and notes receivables, net
|
|
|
|
|
||||
Manufacturer receivables
|
|
$
|
74.4
|
|
|
$
|
124.0
|
|
Parts and service receivables
|
|
45.6
|
|
|
57.0
|
|
||
F&I receivables
|
|
20.3
|
|
|
28.3
|
|
||
Other
|
|
15.7
|
|
|
18.6
|
|
||
Total accounts and notes receivables
|
|
156.0
|
|
|
227.9
|
|
||
Less: allowance for doubtful accounts (1)
|
|
3.5
|
|
|
2.8
|
|
||
Total accounts and notes receivables, net
|
|
$
|
152.5
|
|
|
$
|
225.1
|
|
|
|
|
|
|
||||
Within Other current assets and Other long-term assets
|
|
|
|
|
||||
Total contract assets, net (1), (2)
|
|
$
|
25.3
|
|
|
$
|
21.6
|
|
|
|
Goodwill
|
||||||||||||||
|
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
||||||||
Balance, December 31, 2019 (1)
|
|
$
|
902.3
|
|
|
$
|
92.1
|
|
|
$
|
13.9
|
|
|
$
|
1,008.3
|
|
Additions and adjustments
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
||||
Disposals
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Impairments
|
|
—
|
|
|
—
|
|
|
(10.7
|
)
|
|
(10.7
|
)
|
||||
Currency translation
|
|
—
|
|
|
(6.0
|
)
|
|
(3.1
|
)
|
|
(9.1
|
)
|
||||
Balance, June 30, 2020
|
|
$
|
903.6
|
|
|
$
|
86.1
|
|
|
$
|
—
|
|
|
$
|
989.7
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
5.00% Senior Notes due June 1, 2022
|
|
$
|
550.0
|
|
|
$
|
550.0
|
|
5.25% Senior Notes redeemed April 2, 2020 (1)
|
|
—
|
|
|
300.0
|
|
||
Acquisition Line
|
|
136.6
|
|
|
72.5
|
|
||
Real estate related
|
|
620.6
|
|
|
453.3
|
|
||
Finance leases
|
|
90.0
|
|
|
83.0
|
|
||
Other
|
|
25.4
|
|
|
42.8
|
|
||
Total debt
|
|
1,422.6
|
|
|
1,501.7
|
|
||
Less: unamortized discount on 5.00% and 5.25% Notes (1)
|
|
(2.9
|
)
|
|
(5.6
|
)
|
||
Less: unamortized debt issuance costs
|
|
(4.4
|
)
|
|
(4.8
|
)
|
||
Less: current maturities
|
|
(54.6
|
)
|
|
(59.1
|
)
|
||
Long-term debt
|
|
$
|
1,360.7
|
|
|
$
|
1,432.1
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
Revolving credit facility — floorplan notes payable
|
|
$
|
763.7
|
|
|
$
|
1,206.0
|
|
Revolving credit facility — floorplan notes payable offset account
|
|
(99.7
|
)
|
|
(106.8
|
)
|
||
Revolving credit facility — floorplan notes payable, net
|
|
664.0
|
|
|
1,099.1
|
|
||
Other non-manufacturer facilities
|
|
32.6
|
|
|
45.3
|
|
||
Floorplan notes payable — credit facility and other, net
|
|
$
|
696.6
|
|
|
$
|
1,144.4
|
|
|
|
|
|
|
||||
FMCC facility
|
|
$
|
137.1
|
|
|
$
|
208.5
|
|
FMCC facility offset account
|
|
(8.1
|
)
|
|
(4.1
|
)
|
||
FMCC facility, net
|
|
129.0
|
|
|
204.5
|
|
||
Other manufacturer affiliate facilities
|
|
228.7
|
|
|
255.4
|
|
||
Floorplan notes payable — manufacturer affiliates, net
|
|
$
|
357.7
|
|
|
$
|
459.9
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
ROU assets obtained in exchange for lease obligations:
|
|
|
|
|
||||
Operating leases, initial recognition
|
|
$
|
3.1
|
|
|
$
|
5.3
|
|
Operating leases, modifications and remeasurements
|
|
$
|
18.1
|
|
|
$
|
(10.7
|
)
|
Finance leases, initial recognition
|
|
$
|
13.8
|
|
|
$
|
0.4
|
|
Finance leases, modifications and remeasurements
|
|
$
|
(1.5
|
)
|
|
$
|
8.3
|
|
|
|
Six Months Ended June 30, 2020
|
||||||||||
|
|
Accumulated income (loss) on foreign currency translation
|
|
Accumulated income (loss) on interest rate swaps
|
|
Total
|
||||||
Balance, December 31, 2019
|
|
$
|
(142.9
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
(147.0
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
||||||
Pre-tax
|
|
(30.4
|
)
|
|
(49.8
|
)
|
|
(80.2
|
)
|
|||
Tax effect
|
|
—
|
|
|
11.2
|
|
|
11.2
|
|
|||
Amount reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Floorplan interest expense (pre-tax)
|
|
—
|
|
|
2.7
|
|
|
2.7
|
|
|||
Other interest expense, net (pre-tax)
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
|||
Provision (benefit) for income taxes
|
|
—
|
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|||
Net current period other comprehensive income (loss)
|
|
(30.4
|
)
|
|
(36.0
|
)
|
|
(66.4
|
)
|
|||
Balance, June 30, 2020
|
|
$
|
(173.2
|
)
|
|
$
|
(40.1
|
)
|
|
$
|
(213.3
|
)
|
|
|
Six Months Ended June 30, 2019
|
||||||||||
|
|
Accumulated income (loss) on foreign currency translation
|
|
Accumulated income (loss) on interest rate swaps
|
|
Total
|
||||||
Balance, December 31, 2018
|
|
$
|
(146.7
|
)
|
|
$
|
8.9
|
|
|
$
|
(137.8
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
||||||
Pre-tax
|
|
(0.4
|
)
|
|
(17.9
|
)
|
|
(18.4
|
)
|
|||
Tax effect
|
|
—
|
|
|
4.3
|
|
|
4.3
|
|
|||
Amount reclassified from accumulated other comprehensive income (loss) to
|
|
|
|
|
|
|
||||||
Floorplan interest expense (pre-tax)
|
|
—
|
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|||
Other interest expense (pre-tax)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|||
Provision (benefit) for income taxes
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|||
Net current period other comprehensive income (loss)
|
|
(0.4
|
)
|
|
(14.3
|
)
|
|
(14.8
|
)
|
|||
Balance, June 30, 2019
|
|
$
|
(147.1
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
(152.5
|
)
|
•
|
Gross profit from the sale of used vehicles depends primarily on a dealership’s ability to obtain a high-quality supply of used vehicles at reasonable prices. Our new vehicle operations generally provide our used vehicle operations with a large supply of high-quality trade-ins and off-lease vehicles, which are our best source of used vehicle inventory. Our dealerships supplement their used vehicle inventory with direct purchases from customers, purchases at auctions, including manufacturer-sponsored auctions available only to franchised dealers.
|
•
|
Our data-driven pricing strategies ensure that our used vehicles are priced at market to generate more traffic to our websites. We review our market pricing on a regular basis and work to limit discounting from our advertised prices.
|
•
|
We will continue efforts to expand our “Val-U-Line®” sales program, a strategic used vehicle initiative that targets a growing customer niche and enables us to retail lower cost, higher mileage units that would otherwise have been sent to auction. The Val-U-Line® initiative is expected to increase used retail volume by leveraging our scale, internal on-line buying center, internal auction capability and transportation infrastructure.
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,062.7
|
|
|
$
|
1,565.4
|
|
|
$
|
(502.7
|
)
|
|
(32.1
|
)%
|
|
|
$
|
(11.0
|
)
|
|
(31.4
|
)%
|
Used vehicle retail sales
|
641.2
|
|
|
838.9
|
|
|
(197.7
|
)
|
|
(23.6
|
)%
|
|
|
(5.6
|
)
|
|
(22.9
|
)%
|
||||
Used vehicle wholesale sales
|
48.7
|
|
|
96.0
|
|
|
(47.3
|
)
|
|
(49.3
|
)%
|
|
|
(1.6
|
)
|
|
(47.7
|
)%
|
||||
Total used
|
689.9
|
|
|
934.9
|
|
|
(245.0
|
)
|
|
(26.2
|
)%
|
|
|
(7.2
|
)
|
|
(25.4
|
)%
|
||||
Parts and service sales
|
282.0
|
|
|
378.2
|
|
|
(96.2
|
)
|
|
(25.4
|
)%
|
|
|
(2.9
|
)
|
|
(24.7
|
)%
|
||||
F&I, net
|
96.7
|
|
|
127.3
|
|
|
(30.5
|
)
|
|
(24.0
|
)%
|
|
|
(0.4
|
)
|
|
(23.7
|
)%
|
||||
Total revenues
|
$
|
2,131.2
|
|
|
$
|
3,005.7
|
|
|
$
|
(874.5
|
)
|
|
(29.1
|
)%
|
|
|
$
|
(21.4
|
)
|
|
(28.4
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
63.8
|
|
|
$
|
69.7
|
|
|
$
|
(5.9
|
)
|
|
(8.5
|
)%
|
|
|
$
|
(0.7
|
)
|
|
(7.6
|
)%
|
Used vehicle retail sales
|
46.3
|
|
|
53.3
|
|
|
(7.0
|
)
|
|
(13.2
|
)%
|
|
|
(0.3
|
)
|
|
(12.6
|
)%
|
||||
Used vehicle wholesale sales
|
2.0
|
|
|
(0.1
|
)
|
|
2.1
|
|
|
2,271.7
|
%
|
|
|
—
|
|
|
2,312.8
|
%
|
||||
Total used
|
48.3
|
|
|
53.2
|
|
|
(4.9
|
)
|
|
(9.2
|
)%
|
|
|
(0.4
|
)
|
|
(8.5
|
)%
|
||||
Parts and service sales
|
150.0
|
|
|
204.1
|
|
|
(54.1
|
)
|
|
(26.5
|
)%
|
|
|
(1.3
|
)
|
|
(25.9
|
)%
|
||||
F&I, net
|
96.7
|
|
|
127.3
|
|
|
(30.5
|
)
|
|
(24.0
|
)%
|
|
|
(0.4
|
)
|
|
(23.7
|
)%
|
||||
Total gross profit
|
$
|
358.8
|
|
|
$
|
454.3
|
|
|
$
|
(95.4
|
)
|
|
(21.0
|
)%
|
|
|
$
|
(2.7
|
)
|
|
(20.4
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
6.0
|
%
|
|
4.5
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
7.2
|
%
|
|
6.4
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
4.2
|
%
|
|
(0.1
|
)%
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
7.0
|
%
|
|
5.7
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
53.2
|
%
|
|
54.0
|
%
|
|
(0.8
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
16.8
|
%
|
|
15.1
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
26,472
|
|
|
42,093
|
|
|
(15,621
|
)
|
|
(37.1
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
30,528
|
|
|
39,745
|
|
|
(9,217
|
)
|
|
(23.2
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
7,303
|
|
|
13,084
|
|
|
(5,781
|
)
|
|
(44.2
|
)%
|
|
|
|
|
|
||||||
Total used
|
37,831
|
|
|
52,829
|
|
|
(14,998
|
)
|
|
(28.4
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
40,143
|
|
|
$
|
37,189
|
|
|
$
|
2,955
|
|
|
7.9
|
%
|
|
|
$
|
(414
|
)
|
|
9.1
|
%
|
Used vehicle retail
|
$
|
21,004
|
|
|
$
|
21,107
|
|
|
$
|
(103
|
)
|
|
(0.5
|
)%
|
|
|
$
|
(184
|
)
|
|
0.4
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
2,409
|
|
|
$
|
1,656
|
|
|
$
|
753
|
|
|
45.5
|
%
|
|
|
$
|
(25
|
)
|
|
47.0
|
%
|
Used vehicle retail sales
|
$
|
1,516
|
|
|
$
|
1,341
|
|
|
$
|
175
|
|
|
13.1
|
%
|
|
|
$
|
(10
|
)
|
|
13.8
|
%
|
Used vehicle wholesale sales
|
$
|
278
|
|
|
$
|
(7
|
)
|
|
$
|
285
|
|
|
3,990.7
|
%
|
|
|
$
|
(5
|
)
|
|
4,064.4
|
%
|
Total used
|
$
|
1,277
|
|
|
$
|
1,007
|
|
|
$
|
270
|
|
|
26.8
|
%
|
|
|
$
|
(9
|
)
|
|
27.7
|
%
|
F&I PRU
|
$
|
1,697
|
|
|
$
|
1,555
|
|
|
$
|
142
|
|
|
9.1
|
%
|
|
|
$
|
(7
|
)
|
|
9.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
237.2
|
|
|
$
|
338.7
|
|
|
$
|
(101.5
|
)
|
|
(30.0
|
)%
|
|
|
$
|
(3.0
|
)
|
|
(29.1
|
)%
|
SG&A as % gross profit
|
66.1
|
%
|
|
74.6
|
%
|
|
(8.5
|
)%
|
|
|
|
|
|
|
|
|||||||
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Floorplan interest expense
|
$
|
10.1
|
|
|
$
|
15.9
|
|
|
$
|
(5.8
|
)
|
|
(36.4
|
)%
|
|
|
$
|
(0.1
|
)
|
|
(35.5
|
)%
|
Less: floorplan assistance (1)
|
9.8
|
|
|
11.8
|
|
|
(2.0
|
)
|
|
(16.9
|
)%
|
|
|
—
|
|
|
(16.9
|
)%
|
||||
Net floorplan expense
|
$
|
0.3
|
|
|
$
|
4.1
|
|
|
$
|
(3.8
|
)
|
|
(92.3
|
)%
|
|
|
$
|
(0.1
|
)
|
|
(88.8
|
)%
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,034.4
|
|
|
$
|
1,549.6
|
|
|
$
|
(515.1
|
)
|
|
(33.2
|
)%
|
|
|
$
|
(10.6
|
)
|
|
(32.6
|
)%
|
Used vehicle retail sales
|
620.3
|
|
|
827.1
|
|
|
(206.8
|
)
|
|
(25.0
|
)%
|
|
|
(5.4
|
)
|
|
(24.4
|
)%
|
||||
Used vehicle wholesale sales
|
46.9
|
|
|
92.3
|
|
|
(45.3
|
)
|
|
(49.1
|
)%
|
|
|
(1.5
|
)
|
|
(47.4
|
)%
|
||||
Total used
|
667.2
|
|
|
919.4
|
|
|
(252.1
|
)
|
|
(27.4
|
)%
|
|
|
(6.9
|
)
|
|
(26.7
|
)%
|
||||
Parts and service sales
|
275.3
|
|
|
371.9
|
|
|
(96.6
|
)
|
|
(26.0
|
)%
|
|
|
(2.8
|
)
|
|
(25.2
|
)%
|
||||
F&I, net
|
95.3
|
|
|
126.2
|
|
|
(30.9
|
)
|
|
(24.5
|
)%
|
|
|
(0.4
|
)
|
|
(24.2
|
)%
|
||||
Total revenues
|
$
|
2,072.2
|
|
|
$
|
2,966.9
|
|
|
$
|
(894.7
|
)
|
|
(30.2
|
)%
|
|
|
$
|
(20.8
|
)
|
|
(29.5
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
61.4
|
|
|
$
|
69.3
|
|
|
$
|
(7.9
|
)
|
|
(11.5
|
)%
|
|
|
$
|
(0.7
|
)
|
|
(10.5
|
)%
|
Used vehicle retail sales
|
44.9
|
|
|
52.8
|
|
|
(7.9
|
)
|
|
(15.0
|
)%
|
|
|
(0.3
|
)
|
|
(14.4
|
)%
|
||||
Used vehicle wholesale sales
|
2.0
|
|
|
—
|
|
|
2.1
|
|
|
4,571.6
|
%
|
|
|
—
|
|
|
4,656.5
|
%
|
||||
Total used
|
46.9
|
|
|
52.8
|
|
|
(5.8
|
)
|
|
(11.1
|
)%
|
|
|
(0.3
|
)
|
|
(10.4
|
)%
|
||||
Parts and service sales
|
146.3
|
|
|
201.0
|
|
|
(54.7
|
)
|
|
(27.2
|
)%
|
|
|
(1.2
|
)
|
|
(26.6
|
)%
|
||||
F&I, net
|
95.3
|
|
|
126.2
|
|
|
(30.9
|
)
|
|
(24.5
|
)%
|
|
|
(0.4
|
)
|
|
(24.2
|
)%
|
||||
Total gross profit
|
$
|
349.9
|
|
|
$
|
449.3
|
|
|
$
|
(99.3
|
)
|
|
(22.1
|
)%
|
|
|
$
|
(2.6
|
)
|
|
(21.5
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
5.9
|
%
|
|
4.5
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
7.2
|
%
|
|
6.4
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
4.3
|
%
|
|
—
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
7.0
|
%
|
|
5.7
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
53.1
|
%
|
|
54.0
|
%
|
|
(0.9
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
16.9
|
%
|
|
15.1
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
25,767
|
|
|
41,632
|
|
|
(15,865
|
)
|
|
(38.1
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
29,647
|
|
|
39,109
|
|
|
(9,462
|
)
|
|
(24.2
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
7,103
|
|
|
12,792
|
|
|
(5,689
|
)
|
|
(44.5
|
)%
|
|
|
|
|
|
||||||
Total used
|
36,750
|
|
|
51,901
|
|
|
(15,151
|
)
|
|
(29.2
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
40,145
|
|
|
$
|
37,220
|
|
|
$
|
2,925
|
|
|
7.9
|
%
|
|
|
$
|
(413
|
)
|
|
9.0
|
%
|
Used vehicle retail
|
$
|
20,921
|
|
|
$
|
21,148
|
|
|
$
|
(227
|
)
|
|
(1.1
|
)%
|
|
|
$
|
(182
|
)
|
|
(0.2
|
)%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
2,383
|
|
|
$
|
1,666
|
|
|
$
|
717
|
|
|
43.1
|
%
|
|
|
$
|
(25
|
)
|
|
44.6
|
%
|
Used vehicle retail sales
|
$
|
1,514
|
|
|
$
|
1,350
|
|
|
$
|
164
|
|
|
12.1
|
%
|
|
|
$
|
(10
|
)
|
|
12.9
|
%
|
Used vehicle wholesale sales
|
$
|
286
|
|
|
$
|
(4
|
)
|
|
$
|
290
|
|
|
8,153.1
|
%
|
|
|
$
|
(5
|
)
|
|
8,305.9
|
%
|
Total used
|
$
|
1,277
|
|
|
$
|
1,017
|
|
|
$
|
260
|
|
|
25.6
|
%
|
|
|
$
|
(9
|
)
|
|
26.5
|
%
|
F&I PRU
|
$
|
1,720
|
|
|
$
|
1,563
|
|
|
$
|
157
|
|
|
10.1
|
%
|
|
|
$
|
(7
|
)
|
|
10.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
229.5
|
|
|
$
|
333.9
|
|
|
$
|
(104.4
|
)
|
|
(31.3
|
)%
|
|
|
$
|
(2.9
|
)
|
|
(30.4
|
)%
|
SG&A as % gross profit
|
65.6
|
%
|
|
74.3
|
%
|
|
(8.7
|
)%
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
2,404.8
|
|
|
$
|
2,979.9
|
|
|
$
|
(575.0
|
)
|
|
(19.3
|
)%
|
|
|
$
|
(27.7
|
)
|
|
(18.4
|
)%
|
Used vehicle retail sales
|
1,420.3
|
|
|
1,658.1
|
|
|
(237.8
|
)
|
|
(14.3
|
)%
|
|
|
(10.5
|
)
|
|
(13.7
|
)%
|
||||
Used vehicle wholesale sales
|
135.2
|
|
|
188.1
|
|
|
(53.0
|
)
|
|
(28.2
|
)%
|
|
|
(2.5
|
)
|
|
(26.8
|
)%
|
||||
Total used
|
1,555.4
|
|
|
1,846.2
|
|
|
(290.8
|
)
|
|
(15.8
|
)%
|
|
|
(13.0
|
)
|
|
(15.0
|
)%
|
||||
Parts and service sales
|
652.6
|
|
|
747.3
|
|
|
(94.8
|
)
|
|
(12.7
|
)%
|
|
|
(5.0
|
)
|
|
(12.0
|
)%
|
||||
F&I, net
|
209.2
|
|
|
240.6
|
|
|
(31.5
|
)
|
|
(13.1
|
)%
|
|
|
(0.9
|
)
|
|
(12.7
|
)%
|
||||
Total revenues
|
$
|
4,822.0
|
|
|
$
|
5,814.1
|
|
|
$
|
(992.1
|
)
|
|
(17.1
|
)%
|
|
|
$
|
(46.6
|
)
|
|
(16.3
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
126.6
|
|
|
$
|
141.1
|
|
|
$
|
(14.5
|
)
|
|
(10.3
|
)%
|
|
|
$
|
(1.7
|
)
|
|
(9.1
|
)%
|
Used vehicle retail sales
|
88.4
|
|
|
101.1
|
|
|
(12.7
|
)
|
|
(12.5
|
)%
|
|
|
(0.6
|
)
|
|
(11.9
|
)%
|
||||
Used vehicle wholesale sales
|
3.0
|
|
|
0.4
|
|
|
2.7
|
|
|
747.0
|
%
|
|
|
(0.1
|
)
|
|
766.1
|
%
|
||||
Total used
|
91.5
|
|
|
101.5
|
|
|
(10.0
|
)
|
|
(9.9
|
)%
|
|
|
(0.7
|
)
|
|
(9.2
|
)%
|
||||
Parts and service sales
|
348.0
|
|
|
402.6
|
|
|
(54.5
|
)
|
|
(13.5
|
)%
|
|
|
(2.3
|
)
|
|
(13.0
|
)%
|
||||
F&I, net
|
209.2
|
|
|
240.6
|
|
|
(31.5
|
)
|
|
(13.1
|
)%
|
|
|
(0.9
|
)
|
|
(12.7
|
)%
|
||||
Total gross profit
|
$
|
775.3
|
|
|
$
|
885.8
|
|
|
$
|
(110.5
|
)
|
|
(12.5
|
)%
|
|
|
$
|
(5.6
|
)
|
|
(11.8
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
5.3
|
%
|
|
4.7
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
6.2
|
%
|
|
6.1
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
2.2
|
%
|
|
0.2
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
5.9
|
%
|
|
5.5
|
%
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
53.3
|
%
|
|
53.9
|
%
|
|
(0.5
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
16.1
|
%
|
|
15.2
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
61,832
|
|
|
80,967
|
|
|
(19,135
|
)
|
|
(23.6
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
67,318
|
|
|
78,581
|
|
|
(11,263
|
)
|
|
(14.3
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
19,389
|
|
|
26,073
|
|
|
(6,684
|
)
|
|
(25.6
|
)%
|
|
|
|
|
|
||||||
Total used
|
86,707
|
|
|
104,654
|
|
|
(17,947
|
)
|
|
(17.1
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
38,893
|
|
|
$
|
36,803
|
|
|
$
|
2,090
|
|
|
5.7
|
%
|
|
|
$
|
(449
|
)
|
|
6.9
|
%
|
Used vehicle retail
|
$
|
21,098
|
|
|
$
|
21,101
|
|
|
$
|
(3
|
)
|
|
—
|
%
|
|
|
$
|
(156
|
)
|
|
0.7
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
2,047
|
|
|
$
|
1,743
|
|
|
$
|
305
|
|
|
17.5
|
%
|
|
|
$
|
(27
|
)
|
|
19.1
|
%
|
Used vehicle retail sales
|
$
|
1,314
|
|
|
$
|
1,287
|
|
|
$
|
27
|
|
|
2.1
|
%
|
|
|
$
|
(9
|
)
|
|
2.8
|
%
|
Used vehicle wholesale sales
|
$
|
156
|
|
|
$
|
14
|
|
|
$
|
143
|
|
|
1,039.0
|
%
|
|
|
$
|
(4
|
)
|
|
1,064.6
|
%
|
Total used
|
$
|
1,055
|
|
|
$
|
969
|
|
|
$
|
85
|
|
|
8.8
|
%
|
|
|
$
|
(8
|
)
|
|
9.6
|
%
|
F&I PRU
|
$
|
1,620
|
|
|
$
|
1,508
|
|
|
$
|
111
|
|
|
7.4
|
%
|
|
|
$
|
(7
|
)
|
|
7.9
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
565.1
|
|
|
$
|
666.4
|
|
|
$
|
(101.3
|
)
|
|
(15.2
|
)%
|
|
|
$
|
(5.7
|
)
|
|
(14.3
|
)%
|
SG&A as % gross profit
|
72.9
|
%
|
|
75.2
|
%
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|
|
||||||
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Floorplan interest expense
|
$
|
23.0
|
|
|
$
|
31.6
|
|
|
$
|
(8.7
|
)
|
|
(27.3
|
)%
|
|
|
$
|
(0.2
|
)
|
|
(26.7
|
)%
|
Less: floorplan assistance (1)
|
20.4
|
|
|
22.3
|
|
|
(1.9
|
)
|
|
(8.6
|
)%
|
|
|
—
|
|
|
(8.6
|
)%
|
||||
Net floorplan expense
|
$
|
2.6
|
|
|
$
|
9.4
|
|
|
$
|
(6.7
|
)
|
|
(72.0
|
)%
|
|
|
$
|
(0.2
|
)
|
|
(70.0
|
)%
|
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
New vehicle retail sales
|
$
|
2,332.9
|
|
|
$
|
2,943.4
|
|
|
$
|
(610.5
|
)
|
|
(20.7
|
)%
|
|
|
$
|
(26.9
|
)
|
|
(19.8
|
)%
|
|
Used vehicle retail sales
|
1,373.1
|
|
|
1,631.0
|
|
|
(258.0
|
)
|
|
(15.8
|
)%
|
|
|
(10.2
|
)
|
|
(15.2
|
)%
|
|||||
Used vehicle wholesale sales
|
129.9
|
|
|
180.8
|
|
|
(50.9
|
)
|
|
(28.2
|
)%
|
|
|
(2.4
|
)
|
|
(26.8
|
)%
|
|||||
Total used
|
1,502.9
|
|
|
1,811.9
|
|
|
(308.9
|
)
|
|
(17.0
|
)%
|
|
|
(12.6
|
)
|
|
(16.4
|
)%
|
|||||
Parts and service sales
|
632.9
|
|
|
732.3
|
|
|
(99.4
|
)
|
|
(13.6
|
)%
|
|
|
(4.9
|
)
|
|
(12.9
|
)%
|
|||||
F&I, net
|
205.7
|
|
|
238.4
|
|
|
(32.7
|
)
|
|
(13.7
|
)%
|
|
|
(0.9
|
)
|
|
(13.3
|
)%
|
|||||
Total revenues
|
$
|
4,674.4
|
|
|
$
|
5,725.9
|
|
|
$
|
(1,051.5
|
)
|
|
(18.4
|
)%
|
|
|
$
|
(45.3
|
)
|
|
(17.6
|
)%
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
New vehicle retail sales
|
$
|
121.1
|
|
|
$
|
139.8
|
|
|
$
|
(18.7
|
)
|
|
(13.4
|
)%
|
|
|
$
|
(1.6
|
)
|
|
(12.2
|
)%
|
|
Used vehicle retail sales
|
85.5
|
|
|
100.2
|
|
|
(14.6
|
)
|
|
(14.6
|
)%
|
|
|
(0.6
|
)
|
|
(14.0
|
)%
|
|||||
Used vehicle wholesale sales
|
3.0
|
|
|
0.6
|
|
|
2.5
|
|
|
436.5
|
%
|
|
|
(0.1
|
)
|
|
448.6
|
%
|
|||||
Total used
|
88.6
|
|
|
100.7
|
|
|
(12.2
|
)
|
|
(12.1
|
)%
|
|
|
(0.6
|
)
|
|
(11.4
|
)%
|
|||||
Parts and service sales
|
337.4
|
|
|
395.2
|
|
|
(57.9
|
)
|
|
(14.6
|
)%
|
|
|
(2.2
|
)
|
|
(14.1
|
)%
|
|||||
F&I, net
|
205.7
|
|
|
238.4
|
|
|
(32.7
|
)
|
|
(13.7
|
)%
|
|
|
(0.9
|
)
|
|
(13.3
|
)%
|
|||||
Total gross profit
|
$
|
752.8
|
|
|
$
|
874.2
|
|
|
$
|
(121.4
|
)
|
|
(13.9
|
)%
|
|
|
$
|
(5.4
|
)
|
|
(13.3
|
)%
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
New vehicle retail sales
|
5.2
|
%
|
|
4.8
|
%
|
|
0.4
|
%
|
|
|
|
|
|
|
|
||||||||
Used vehicle retail sales
|
6.2
|
%
|
|
6.1
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
||||||||
Used vehicle wholesale sales
|
2.3
|
%
|
|
0.3
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
||||||||
Total used
|
5.9
|
%
|
|
5.6
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
||||||||
Parts and service sales
|
53.3
|
%
|
|
54.0
|
%
|
|
(0.7
|
)%
|
|
|
|
|
|
|
|
||||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
||||||||
Total gross margin
|
16.1
|
%
|
|
15.3
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
||||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Retail new vehicles sold
|
59,921
|
|
|
79,538
|
|
|
(19,617
|
)
|
|
(24.7
|
)%
|
|
|
|
|
|
|||||||
Retail used vehicles sold
|
65,316
|
|
|
77,152
|
|
|
(11,836
|
)
|
|
(15.3
|
)%
|
|
|
|
|
|
|||||||
Wholesale used vehicles sold
|
18,718
|
|
|
25,384
|
|
|
(6,666
|
)
|
|
(26.3
|
)%
|
|
|
|
|
|
|||||||
Total used
|
84,034
|
|
|
102,536
|
|
|
(18,502
|
)
|
|
(18.0
|
)%
|
|
|
|
|
|
|||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
New vehicle retail
|
$
|
38,932
|
|
|
$
|
37,006
|
|
|
$
|
1,926
|
|
|
5.2
|
%
|
|
|
$
|
(449
|
)
|
|
6.4
|
%
|
|
Used vehicle retail
|
$
|
21,022
|
|
|
$
|
21,140
|
|
|
$
|
(119
|
)
|
|
(0.6
|
)%
|
|
|
$
|
(156
|
)
|
|
0.2
|
%
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
New vehicle retail sales
|
$
|
2,021
|
|
|
$
|
1,758
|
|
|
$
|
263
|
|
|
14.9
|
%
|
|
|
$
|
(27
|
)
|
|
16.5
|
%
|
|
Used vehicle retail sales
|
$
|
1,310
|
|
|
$
|
1,298
|
|
|
$
|
11
|
|
|
0.9
|
%
|
|
|
$
|
(9
|
)
|
|
1.6
|
%
|
|
Used vehicle wholesale sales
|
$
|
162
|
|
|
$
|
22
|
|
|
$
|
140
|
|
|
627.6
|
%
|
|
|
$
|
(4
|
)
|
|
643.9
|
%
|
|
Total used
|
$
|
1,054
|
|
|
$
|
982
|
|
|
$
|
72
|
|
|
7.3
|
%
|
|
|
$
|
(8
|
)
|
|
8.1
|
%
|
|
F&I PRU
|
$
|
1,643
|
|
|
$
|
1,521
|
|
|
$
|
121
|
|
|
8.0
|
%
|
|
|
$
|
(7
|
)
|
|
8.4
|
%
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SG&A expenses
|
$
|
544.5
|
|
|
$
|
657.3
|
|
|
$
|
(112.8
|
)
|
|
(17.2
|
)%
|
|
|
$
|
(5.5
|
)
|
|
(16.3
|
)%
|
|
SG&A as % gross profit
|
72.3
|
%
|
|
75.2
|
%
|
|
(2.9
|
)%
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
$
|
915.7
|
|
|
$
|
1,188.8
|
|
|
$
|
(273.1
|
)
|
|
(23.0
|
)%
|
Used vehicle retail sales
|
|
540.9
|
|
|
625.5
|
|
|
(84.5
|
)
|
|
(13.5
|
)%
|
|||
Used vehicle wholesale sales
|
|
30.5
|
|
|
44.3
|
|
|
(13.8
|
)
|
|
(31.1
|
)%
|
|||
Total used
|
|
571.4
|
|
|
669.7
|
|
|
(98.3
|
)
|
|
(14.7
|
)%
|
|||
Parts and service sales
|
|
254.2
|
|
|
309.6
|
|
|
(55.4
|
)
|
|
(17.9
|
)%
|
|||
F&I, net
|
|
89.8
|
|
|
110.5
|
|
|
(20.7
|
)
|
|
(18.8
|
)%
|
|||
Total revenues
|
|
$
|
1,831.1
|
|
|
$
|
2,278.7
|
|
|
$
|
(447.6
|
)
|
|
(19.6
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
$
|
56.5
|
|
|
$
|
54.8
|
|
|
$
|
1.8
|
|
|
3.2
|
%
|
Used vehicle retail sales
|
|
41.0
|
|
|
43.3
|
|
|
(2.4
|
)
|
|
(5.5
|
)%
|
|||
Used vehicle wholesale sales
|
|
1.6
|
|
|
0.9
|
|
|
0.7
|
|
|
73.8
|
%
|
|||
Total used
|
|
42.6
|
|
|
44.2
|
|
|
(1.7
|
)
|
|
(3.8
|
)%
|
|||
Parts and service sales
|
|
135.6
|
|
|
167.2
|
|
|
(31.6
|
)
|
|
(18.9
|
)%
|
|||
F&I, net
|
|
89.8
|
|
|
110.5
|
|
|
(20.7
|
)
|
|
(18.8
|
)%
|
|||
Total gross profit
|
|
$
|
324.5
|
|
|
$
|
376.7
|
|
|
$
|
(52.2
|
)
|
|
(13.9
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
6.2
|
%
|
|
4.6
|
%
|
|
1.6
|
%
|
|
|
||||
Used vehicle retail sales
|
|
7.6
|
%
|
|
6.9
|
%
|
|
0.6
|
%
|
|
|
||||
Used vehicle wholesale sales
|
|
5.2
|
%
|
|
2.1
|
%
|
|
3.2
|
%
|
|
|
||||
Total used
|
|
7.4
|
%
|
|
6.6
|
%
|
|
0.8
|
%
|
|
|
||||
Parts and service sales
|
|
53.3
|
%
|
|
54.0
|
%
|
|
(0.7
|
)%
|
|
|
||||
F&I, net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
||||
Total gross margin
|
|
17.7
|
%
|
|
16.5
|
%
|
|
1.2
|
%
|
|
|
||||
Units sold:
|
|
|
|
|
|
|
|
|
|||||||
Retail new vehicles sold
|
|
21,937
|
|
|
30,318
|
|
|
(8,381
|
)
|
|
(27.6
|
)%
|
|||
Retail used vehicles sold
|
|
26,132
|
|
|
30,477
|
|
|
(4,345
|
)
|
|
(14.3
|
)%
|
|||
Wholesale used vehicles sold
|
|
5,150
|
|
|
6,828
|
|
|
(1,678
|
)
|
|
(24.6
|
)%
|
|||
Total used
|
|
31,282
|
|
|
37,305
|
|
|
(6,023
|
)
|
|
(16.1
|
)%
|
|||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail
|
|
$
|
41,742
|
|
|
$
|
39,211
|
|
|
$
|
2,531
|
|
|
6.5
|
%
|
Used vehicle retail
|
|
$
|
20,699
|
|
|
$
|
20,522
|
|
|
$
|
177
|
|
|
0.9
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
$
|
2,576
|
|
|
$
|
1,806
|
|
|
$
|
771
|
|
|
42.7
|
%
|
Used vehicle retail sales
|
|
$
|
1,568
|
|
|
$
|
1,422
|
|
|
$
|
146
|
|
|
10.3
|
%
|
Used vehicle wholesale sales
|
|
$
|
311
|
|
|
$
|
135
|
|
|
$
|
176
|
|
|
130.4
|
%
|
Total used
|
|
$
|
1,361
|
|
|
$
|
1,186
|
|
|
$
|
175
|
|
|
14.7
|
%
|
F&I PRU
|
|
$
|
1,868
|
|
|
$
|
1,818
|
|
|
$
|
50
|
|
|
2.7
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|||||||
SG&A expenses
|
|
$
|
203.3
|
|
|
$
|
268.1
|
|
|
$
|
(64.8
|
)
|
|
(24.2
|
)%
|
SG&A as % gross profit
|
|
62.6
|
%
|
|
71.2
|
%
|
|
(8.5
|
)%
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
$
|
898.0
|
|
|
$
|
1,184.7
|
|
|
$
|
(286.7
|
)
|
|
(24.2
|
)%
|
Used vehicle retail sales
|
527.2
|
|
|
619.7
|
|
|
(92.5
|
)
|
|
(14.9
|
)%
|
|||
Used vehicle wholesale sales
|
29.9
|
|
|
43.4
|
|
|
(13.5
|
)
|
|
(31.2
|
)%
|
|||
Total used
|
557.1
|
|
|
663.1
|
|
|
(106.0
|
)
|
|
(16.0
|
)%
|
|||
Parts and service sales
|
249.3
|
|
|
308.0
|
|
|
(58.6
|
)
|
|
(19.0
|
)%
|
|||
F&I, net
|
88.8
|
|
|
109.8
|
|
|
(21.0
|
)
|
|
(19.1
|
)%
|
|||
Total revenues
|
$
|
1,793.3
|
|
|
$
|
2,265.6
|
|
|
$
|
(472.4
|
)
|
|
(20.8
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
$
|
54.7
|
|
|
$
|
54.5
|
|
|
$
|
0.1
|
|
|
0.2
|
%
|
Used vehicle retail sales
|
39.9
|
|
|
42.9
|
|
|
(3.0
|
)
|
|
(7.1
|
)%
|
|||
Used vehicle wholesale sales
|
1.6
|
|
|
0.9
|
|
|
0.7
|
|
|
73.9
|
%
|
|||
Total used
|
41.5
|
|
|
43.9
|
|
|
(2.4
|
)
|
|
(5.4
|
)%
|
|||
Parts and service sales
|
133.0
|
|
|
166.3
|
|
|
(33.3
|
)
|
|
(20.0
|
)%
|
|||
F&I, net
|
88.8
|
|
|
109.8
|
|
|
(21.0
|
)
|
|
(19.1
|
)%
|
|||
Total gross profit
|
$
|
317.9
|
|
|
$
|
374.5
|
|
|
$
|
(56.6
|
)
|
|
(15.1
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
6.1
|
%
|
|
4.6
|
%
|
|
1.5
|
%
|
|
|
||||
Used vehicle retail sales
|
7.6
|
%
|
|
6.9
|
%
|
|
0.6
|
%
|
|
|
||||
Used vehicle wholesale sales
|
5.4
|
%
|
|
2.1
|
%
|
|
3.3
|
%
|
|
|
||||
Total used
|
7.4
|
%
|
|
6.6
|
%
|
|
0.8
|
%
|
|
|
||||
Parts and service sales
|
53.3
|
%
|
|
54.0
|
%
|
|
(0.7
|
)%
|
|
|
||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
||||
Total gross margin
|
17.7
|
%
|
|
16.5
|
%
|
|
1.2
|
%
|
|
|
||||
Units sold:
|
|
|
|
|
|
|
|
|||||||
Retail new vehicles sold
|
21,583
|
|
|
30,171
|
|
|
(8,588
|
)
|
|
(28.5
|
)%
|
|||
Retail used vehicles sold
|
25,616
|
|
|
30,055
|
|
|
(4,439
|
)
|
|
(14.8
|
)%
|
|||
Wholesale used vehicles sold
|
5,087
|
|
|
6,723
|
|
|
(1,636
|
)
|
|
(24.3
|
)%
|
|||
Total used
|
30,703
|
|
|
36,778
|
|
|
(6,075
|
)
|
|
(16.5
|
)%
|
|||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail
|
$
|
41,608
|
|
|
$
|
39,267
|
|
|
$
|
2,341
|
|
|
6.0
|
%
|
Used vehicle retail
|
$
|
20,581
|
|
|
$
|
20,618
|
|
|
$
|
(37
|
)
|
|
(0.2
|
)%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
$
|
2,533
|
|
|
$
|
1,808
|
|
|
$
|
725
|
|
|
40.1
|
%
|
Used vehicle retail sales
|
$
|
1,557
|
|
|
$
|
1,429
|
|
|
$
|
129
|
|
|
9.0
|
%
|
Used vehicle wholesale sales
|
$
|
316
|
|
|
$
|
137
|
|
|
$
|
178
|
|
|
129.8
|
%
|
Total used
|
$
|
1,351
|
|
|
$
|
1,193
|
|
|
$
|
159
|
|
|
13.3
|
%
|
F&I PRU
|
$
|
1,882
|
|
|
$
|
1,824
|
|
|
$
|
58
|
|
|
3.2
|
%
|
Other:
|
|
|
|
|
|
|
|
|||||||
SG&A expenses
|
$
|
199.1
|
|
|
$
|
266.3
|
|
|
$
|
(67.1
|
)
|
|
(25.2
|
)%
|
SG&A as % gross profit
|
62.6
|
%
|
|
71.1
|
%
|
|
(8.5
|
)%
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
$
|
1,904.1
|
|
|
$
|
2,220.5
|
|
|
$
|
(316.5
|
)
|
|
(14.3
|
)%
|
Used vehicle retail sales
|
|
1,111.2
|
|
|
1,219.9
|
|
|
(108.6
|
)
|
|
(8.9
|
)%
|
|||
Used vehicle wholesale sales
|
|
77.3
|
|
|
87.1
|
|
|
(9.8
|
)
|
|
(11.2
|
)%
|
|||
Total used
|
|
1,188.6
|
|
|
1,307.0
|
|
|
(118.4
|
)
|
|
(9.1
|
)%
|
|||
Parts and service sales
|
|
558.9
|
|
|
607.2
|
|
|
(48.4
|
)
|
|
(8.0
|
)%
|
|||
F&I, net
|
|
187.2
|
|
|
206.7
|
|
|
(19.5
|
)
|
|
(9.4
|
)%
|
|||
Total revenues
|
|
$
|
3,838.7
|
|
|
$
|
4,341.5
|
|
|
$
|
(502.8
|
)
|
|
(11.6
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
$
|
103.8
|
|
|
$
|
105.6
|
|
|
$
|
(1.8
|
)
|
|
(1.7
|
)%
|
Used vehicle retail sales
|
|
72.9
|
|
|
81.6
|
|
|
(8.7
|
)
|
|
(10.7
|
)%
|
|||
Used vehicle wholesale sales
|
|
2.4
|
|
|
2.1
|
|
|
0.3
|
|
|
16.4
|
%
|
|||
Total used
|
|
75.3
|
|
|
83.7
|
|
|
(8.4
|
)
|
|
(10.0
|
)%
|
|||
Parts and service sales
|
|
299.1
|
|
|
327.7
|
|
|
(28.6
|
)
|
|
(8.7
|
)%
|
|||
F&I, net
|
|
187.2
|
|
|
206.7
|
|
|
(19.5
|
)
|
|
(9.4
|
)%
|
|||
Total gross profit
|
|
$
|
665.4
|
|
|
$
|
723.6
|
|
|
$
|
(58.2
|
)
|
|
(8.0
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
5.5
|
%
|
|
4.8
|
%
|
|
0.7
|
%
|
|
|
||||
Used vehicle retail sales
|
|
6.6
|
%
|
|
6.7
|
%
|
|
(0.1
|
)%
|
|
|
||||
Used vehicle wholesale sales
|
|
3.1
|
%
|
|
2.4
|
%
|
|
0.7
|
%
|
|
|
||||
Total used
|
|
6.3
|
%
|
|
6.4
|
%
|
|
(0.1
|
)%
|
|
|
||||
Parts and service sales
|
|
53.5
|
%
|
|
54.0
|
%
|
|
(0.4
|
)%
|
|
|
||||
F&I, net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
||||
Total gross margin
|
|
17.3
|
%
|
|
16.7
|
%
|
|
0.7
|
%
|
|
|
||||
Units sold:
|
|
|
|
|
|
|
|
|
|||||||
Retail new vehicles sold
|
|
46,432
|
|
|
56,708
|
|
|
(10,276
|
)
|
|
(18.1
|
)%
|
|||
Retail used vehicles sold
|
|
53,800
|
|
|
59,794
|
|
|
(5,994
|
)
|
|
(10.0
|
)%
|
|||
Wholesale used vehicles sold
|
|
12,177
|
|
|
13,978
|
|
|
(1,801
|
)
|
|
(12.9
|
)%
|
|||
Total used
|
|
65,977
|
|
|
73,772
|
|
|
(7,795
|
)
|
|
(10.6
|
)%
|
|||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail
|
|
$
|
41,008
|
|
|
$
|
39,157
|
|
|
$
|
1,850
|
|
|
4.7
|
%
|
Used vehicle retail
|
|
$
|
20,655
|
|
|
$
|
20,401
|
|
|
$
|
254
|
|
|
1.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
|
$
|
2,235
|
|
|
$
|
1,861
|
|
|
$
|
374
|
|
|
20.1
|
%
|
Used vehicle retail sales
|
|
$
|
1,355
|
|
|
$
|
1,365
|
|
|
$
|
(10
|
)
|
|
(0.7
|
)%
|
Used vehicle wholesale sales
|
|
$
|
199
|
|
|
$
|
149
|
|
|
$
|
50
|
|
|
33.6
|
%
|
Total used
|
|
$
|
1,142
|
|
|
$
|
1,135
|
|
|
$
|
7
|
|
|
0.6
|
%
|
F&I PRU
|
|
$
|
1,868
|
|
|
$
|
1,774
|
|
|
$
|
93
|
|
|
5.3
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|||||||
SG&A expenses
|
|
$
|
460.8
|
|
|
$
|
524.2
|
|
|
$
|
(63.5
|
)
|
|
(12.1
|
)%
|
SG&A as % gross profit
|
|
69.2
|
%
|
|
72.4
|
%
|
|
(3.2
|
)%
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
$
|
1,868.4
|
|
|
$
|
2,208.7
|
|
|
$
|
(340.3
|
)
|
|
(15.4
|
)%
|
Used vehicle retail sales
|
1,085.2
|
|
|
1,207.6
|
|
|
(122.3
|
)
|
|
(10.1
|
)%
|
|||
Used vehicle wholesale sales
|
76.2
|
|
|
85.0
|
|
|
(8.8
|
)
|
|
(10.3
|
)%
|
|||
Total used
|
1,161.5
|
|
|
1,292.5
|
|
|
(131.1
|
)
|
|
(10.1
|
)%
|
|||
Parts and service sales
|
547.7
|
|
|
601.6
|
|
|
(53.9
|
)
|
|
(9.0
|
)%
|
|||
F&I, net
|
185.4
|
|
|
205.4
|
|
|
(20.0
|
)
|
|
(9.7
|
)%
|
|||
Total revenues
|
$
|
3,763.0
|
|
|
$
|
4,308.2
|
|
|
$
|
(545.2
|
)
|
|
(12.7
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
$
|
99.8
|
|
|
$
|
105.0
|
|
|
$
|
(5.2
|
)
|
|
(5.0
|
)%
|
Used vehicle retail sales
|
71.0
|
|
|
80.9
|
|
|
(9.9
|
)
|
|
(12.3
|
)%
|
|||
Used vehicle wholesale sales
|
2.4
|
|
|
2.1
|
|
|
0.3
|
|
|
15.9
|
%
|
|||
Total used
|
73.4
|
|
|
83.0
|
|
|
(9.6
|
)
|
|
(11.6
|
)%
|
|||
Parts and service sales
|
293.0
|
|
|
324.9
|
|
|
(31.9
|
)
|
|
(9.8
|
)%
|
|||
F&I, net
|
185.4
|
|
|
205.4
|
|
|
(20.0
|
)
|
|
(9.7
|
)%
|
|||
Total gross profit
|
$
|
651.6
|
|
|
$
|
718.3
|
|
|
$
|
(66.7
|
)
|
|
(9.3
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
5.3
|
%
|
|
4.8
|
%
|
|
0.6
|
%
|
|
|
||||
Used vehicle retail sales
|
6.5
|
%
|
|
6.7
|
%
|
|
(0.2
|
)%
|
|
|
||||
Used vehicle wholesale sales
|
3.2
|
%
|
|
2.5
|
%
|
|
0.7
|
%
|
|
|
||||
Total used
|
6.3
|
%
|
|
6.4
|
%
|
|
(0.1
|
)%
|
|
|
||||
Parts and service sales
|
53.5
|
%
|
|
54.0
|
%
|
|
(0.5
|
)%
|
|
|
||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
||||
Total gross margin
|
17.3
|
%
|
|
16.7
|
%
|
|
0.6
|
%
|
|
|
||||
Units sold:
|
|
|
|
|
|
|
|
|||||||
Retail new vehicles sold
|
45,737
|
|
|
56,316
|
|
|
(10,579
|
)
|
|
(18.8
|
)%
|
|||
Retail used vehicles sold
|
52,826
|
|
|
58,923
|
|
|
(6,097
|
)
|
|
(10.3
|
)%
|
|||
Wholesale used vehicles sold
|
12,047
|
|
|
13,685
|
|
|
(1,638
|
)
|
|
(12.0
|
)%
|
|||
Total used
|
64,873
|
|
|
72,608
|
|
|
(7,735
|
)
|
|
(10.7
|
)%
|
|||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail
|
$
|
40,851
|
|
|
$
|
39,220
|
|
|
$
|
1,631
|
|
|
4.2
|
%
|
Used vehicle retail
|
$
|
20,544
|
|
|
$
|
20,494
|
|
|
$
|
50
|
|
|
0.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|||||||
New vehicle retail sales
|
$
|
2,181
|
|
|
$
|
1,865
|
|
|
$
|
317
|
|
|
17.0
|
%
|
Used vehicle retail sales
|
$
|
1,343
|
|
|
$
|
1,373
|
|
|
$
|
(30
|
)
|
|
(2.2
|
)%
|
Used vehicle wholesale sales
|
$
|
203
|
|
|
$
|
154
|
|
|
$
|
49
|
|
|
31.7
|
%
|
Total used
|
$
|
1,132
|
|
|
$
|
1,143
|
|
|
$
|
(12
|
)
|
|
(1.0
|
)%
|
F&I PRU
|
$
|
1,881
|
|
|
$
|
1,782
|
|
|
$
|
99
|
|
|
5.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|||||||
SG&A expenses
|
$
|
451.2
|
|
|
$
|
522.5
|
|
|
$
|
(71.3
|
)
|
|
(13.7
|
)%
|
SG&A as % gross profit
|
69.2
|
%
|
|
72.7
|
%
|
|
(3.5
|
)%
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
127.2
|
|
|
$
|
302.2
|
|
|
$
|
(175.0
|
)
|
|
(57.9
|
)%
|
|
|
$
|
(3.9
|
)
|
|
(56.6
|
)%
|
Used vehicle retail sales
|
92.8
|
|
|
194.0
|
|
|
(101.2
|
)
|
|
(52.2
|
)%
|
|
|
(3.0
|
)
|
|
(50.6
|
)%
|
||||
Used vehicle wholesale sales
|
15.3
|
|
|
46.9
|
|
|
(31.6
|
)
|
|
(67.5
|
)%
|
|
|
(0.5
|
)
|
|
(66.4
|
)%
|
||||
Total used
|
108.1
|
|
|
240.9
|
|
|
(132.8
|
)
|
|
(55.1
|
)%
|
|
|
(3.5
|
)
|
|
(53.7
|
)%
|
||||
Parts and service sales
|
21.8
|
|
|
56.4
|
|
|
(34.5
|
)
|
|
(61.3
|
)%
|
|
|
(0.7
|
)
|
|
(60.0
|
)%
|
||||
F&I, net
|
6.4
|
|
|
15.0
|
|
|
(8.6
|
)
|
|
(57.4
|
)%
|
|
|
(0.2
|
)
|
|
(56.2
|
)%
|
||||
Total revenues
|
$
|
263.5
|
|
|
$
|
614.4
|
|
|
$
|
(350.9
|
)
|
|
(57.1
|
)%
|
|
|
$
|
(8.3
|
)
|
|
(55.8
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
5.9
|
|
|
$
|
10.6
|
|
|
$
|
(4.8
|
)
|
|
(44.8
|
)%
|
|
|
$
|
(0.2
|
)
|
|
(43.2
|
)%
|
Used vehicle retail sales
|
4.9
|
|
|
8.3
|
|
|
(3.4
|
)
|
|
(41.1
|
)%
|
|
|
(0.2
|
)
|
|
(39.1
|
)%
|
||||
Used vehicle wholesale sales
|
0.4
|
|
|
(1.3
|
)
|
|
1.6
|
|
|
127.3
|
%
|
|
|
—
|
|
|
128.0
|
%
|
||||
Total used
|
5.2
|
|
|
7.0
|
|
|
(1.8
|
)
|
|
(25.2
|
)%
|
|
|
(0.2
|
)
|
|
(22.8
|
)%
|
||||
Parts and service sales
|
11.9
|
|
|
31.5
|
|
|
(19.5
|
)
|
|
(62.1
|
)%
|
|
|
(0.4
|
)
|
|
(60.9
|
)%
|
||||
F&I, net
|
6.4
|
|
|
15.0
|
|
|
(8.6
|
)
|
|
(57.4
|
)%
|
|
|
(0.2
|
)
|
|
(56.2
|
)%
|
||||
Total gross profit
|
$
|
29.4
|
|
|
$
|
64.1
|
|
|
$
|
(34.7
|
)
|
|
(54.1
|
)%
|
|
|
$
|
(0.9
|
)
|
|
(52.7
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
4.6
|
%
|
|
3.5
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.3
|
%
|
|
4.3
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
2.3
|
%
|
|
(2.7
|
)%
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
4.8
|
%
|
|
2.9
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
54.7
|
%
|
|
55.9
|
%
|
|
(1.2
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
11.2
|
%
|
|
10.4
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
3,841
|
|
|
9,266
|
|
|
(5,425
|
)
|
|
(58.5
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
4,040
|
|
|
8,280
|
|
|
(4,240
|
)
|
|
(51.2
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
1,829
|
|
|
5,772
|
|
|
(3,943
|
)
|
|
(68.3
|
)%
|
|
|
|
|
|
||||||
Total used
|
5,869
|
|
|
14,052
|
|
|
(8,183
|
)
|
|
(58.2
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
33,119
|
|
|
$
|
32,617
|
|
|
$
|
502
|
|
|
1.5
|
%
|
|
|
$
|
(1,012
|
)
|
|
4.6
|
%
|
Used vehicle retail
|
$
|
22,978
|
|
|
$
|
23,431
|
|
|
$
|
(453
|
)
|
|
(1.9
|
)%
|
|
|
$
|
(740
|
)
|
|
1.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,527
|
|
|
$
|
1,147
|
|
|
$
|
380
|
|
|
33.2
|
%
|
|
|
$
|
(45
|
)
|
|
37.1
|
%
|
Used vehicle retail sales
|
$
|
1,209
|
|
|
$
|
1,001
|
|
|
$
|
208
|
|
|
20.8
|
%
|
|
|
$
|
(40
|
)
|
|
24.8
|
%
|
Used vehicle wholesale sales
|
$
|
192
|
|
|
$
|
(223
|
)
|
|
$
|
415
|
|
|
186.1
|
%
|
|
|
$
|
(5
|
)
|
|
188.2
|
%
|
Total used
|
$
|
892
|
|
|
$
|
498
|
|
|
$
|
394
|
|
|
79.1
|
%
|
|
|
$
|
(29
|
)
|
|
84.9
|
%
|
F&I PRU
|
$
|
808
|
|
|
$
|
853
|
|
|
$
|
(45
|
)
|
|
(5.2
|
)%
|
|
|
$
|
(23
|
)
|
|
(2.6
|
)%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
28.3
|
|
|
$
|
59.0
|
|
|
$
|
(30.7
|
)
|
|
(52.1
|
)%
|
|
|
$
|
(1.0
|
)
|
|
(50.4
|
)%
|
SG&A as % gross profit
|
96.2
|
%
|
|
92.1
|
%
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
116.6
|
|
|
$
|
292.3
|
|
|
$
|
(175.7
|
)
|
|
(60.1
|
)%
|
|
|
$
|
(3.6
|
)
|
|
(58.9
|
)%
|
Used vehicle retail sales
|
85.6
|
|
|
189.0
|
|
|
(103.4
|
)
|
|
(54.7
|
)%
|
|
|
(2.8
|
)
|
|
(53.3
|
)%
|
||||
Used vehicle wholesale sales
|
14.2
|
|
|
45.6
|
|
|
(31.4
|
)
|
|
(68.8
|
)%
|
|
|
(0.5
|
)
|
|
(67.8
|
)%
|
||||
Total used
|
99.8
|
|
|
234.6
|
|
|
(134.8
|
)
|
|
(57.5
|
)%
|
|
|
(3.2
|
)
|
|
(56.1
|
)%
|
||||
Parts and service sales
|
20.0
|
|
|
52.0
|
|
|
(32.0
|
)
|
|
(61.5
|
)%
|
|
|
(0.6
|
)
|
|
(60.2
|
)%
|
||||
F&I, net
|
5.9
|
|
|
14.6
|
|
|
(8.7
|
)
|
|
(59.3
|
)%
|
|
|
(0.2
|
)
|
|
(58.2
|
)%
|
||||
Total revenues
|
$
|
242.4
|
|
|
$
|
593.5
|
|
|
$
|
(351.1
|
)
|
|
(59.2
|
)%
|
|
|
$
|
(7.6
|
)
|
|
(57.9
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
5.3
|
|
|
$
|
10.5
|
|
|
$
|
(5.1
|
)
|
|
(49.0
|
)%
|
|
|
$
|
(0.2
|
)
|
|
(47.5
|
)%
|
Used vehicle retail sales
|
4.6
|
|
|
8.4
|
|
|
(3.8
|
)
|
|
(45.3
|
)%
|
|
|
(0.2
|
)
|
|
(43.5
|
)%
|
||||
Used vehicle wholesale sales
|
0.3
|
|
|
(1.2
|
)
|
|
1.6
|
|
|
127.8
|
%
|
|
|
—
|
|
|
128.5
|
%
|
||||
Total used
|
4.9
|
|
|
7.1
|
|
|
(2.2
|
)
|
|
(30.8
|
)%
|
|
|
(0.2
|
)
|
|
(28.6
|
)%
|
||||
Parts and service sales
|
10.9
|
|
|
29.5
|
|
|
(18.6
|
)
|
|
(63.1
|
)%
|
|
|
(0.3
|
)
|
|
(61.9
|
)%
|
||||
F&I, net
|
5.9
|
|
|
14.6
|
|
|
(8.7
|
)
|
|
(59.3
|
)%
|
|
|
(0.2
|
)
|
|
(58.2
|
)%
|
||||
Total gross profit
|
$
|
27.1
|
|
|
$
|
61.6
|
|
|
$
|
(34.6
|
)
|
|
(56.1
|
)%
|
|
|
$
|
(0.8
|
)
|
|
(54.7
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
4.6
|
%
|
|
3.6
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.3
|
%
|
|
4.4
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
2.4
|
%
|
|
(2.7
|
)%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
4.9
|
%
|
|
3.0
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
54.3
|
%
|
|
56.6
|
%
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
11.2
|
%
|
|
10.4
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
3,490
|
|
|
8,983
|
|
|
(5,493
|
)
|
|
(61.1
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
3,675
|
|
|
8,111
|
|
|
(4,436
|
)
|
|
(54.7
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
1,692
|
|
|
5,630
|
|
|
(3,938
|
)
|
|
(69.9
|
)%
|
|
|
|
|
|
||||||
Total used
|
5,367
|
|
|
13,741
|
|
|
(8,374
|
)
|
|
(60.9
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
33,416
|
|
|
$
|
32,537
|
|
|
$
|
879
|
|
|
2.7
|
%
|
|
|
$
|
(1,022
|
)
|
|
5.8
|
%
|
Used vehicle retail
|
$
|
23,295
|
|
|
$
|
23,305
|
|
|
$
|
(10
|
)
|
|
—
|
%
|
|
|
$
|
(749
|
)
|
|
3.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,533
|
|
|
$
|
1,169
|
|
|
$
|
364
|
|
|
31.2
|
%
|
|
|
$
|
(45
|
)
|
|
35.1
|
%
|
Used vehicle retail sales
|
$
|
1,244
|
|
|
$
|
1,030
|
|
|
$
|
214
|
|
|
20.8
|
%
|
|
|
$
|
(41
|
)
|
|
24.7
|
%
|
Used vehicle wholesale sales
|
$
|
205
|
|
|
$
|
(221
|
)
|
|
$
|
426
|
|
|
192.5
|
%
|
|
|
$
|
(5
|
)
|
|
194.8
|
%
|
Total used
|
$
|
917
|
|
|
$
|
518
|
|
|
$
|
399
|
|
|
77.1
|
%
|
|
|
$
|
(30
|
)
|
|
82.9
|
%
|
F&I PRU
|
$
|
827
|
|
|
$
|
853
|
|
|
$
|
(26
|
)
|
|
(3.0
|
)%
|
|
|
$
|
(23
|
)
|
|
(0.3
|
)%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
24.8
|
|
|
$
|
55.9
|
|
|
$
|
(31.1
|
)
|
|
(55.7
|
)%
|
|
|
$
|
(0.9
|
)
|
|
(54.1
|
)%
|
SG&A as % gross profit
|
91.5
|
%
|
|
90.6
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
423.5
|
|
|
$
|
620.8
|
|
|
$
|
(197.3
|
)
|
|
(31.8
|
)%
|
|
|
$
|
(11.5
|
)
|
|
(29.9
|
)%
|
Used vehicle retail sales
|
281.6
|
|
|
397.6
|
|
|
(115.9
|
)
|
|
(29.2
|
)%
|
|
|
(4.7
|
)
|
|
(28.0
|
)%
|
||||
Used vehicle wholesale sales
|
51.1
|
|
|
92.1
|
|
|
(41.1
|
)
|
|
(44.6
|
)%
|
|
|
(0.8
|
)
|
|
(43.7
|
)%
|
||||
Total used
|
332.7
|
|
|
489.7
|
|
|
(157.0
|
)
|
|
(32.1
|
)%
|
|
|
(5.5
|
)
|
|
(30.9
|
)%
|
||||
Parts and service sales
|
78.3
|
|
|
115.9
|
|
|
(37.7
|
)
|
|
(32.5
|
)%
|
|
|
(1.3
|
)
|
|
(31.4
|
)%
|
||||
F&I, net
|
19.7
|
|
|
30.2
|
|
|
(10.5
|
)
|
|
(34.7
|
)%
|
|
|
(0.4
|
)
|
|
(33.3
|
)%
|
||||
Total revenues
|
$
|
854.2
|
|
|
$
|
1,256.6
|
|
|
$
|
(402.4
|
)
|
|
(32.0
|
)%
|
|
|
$
|
(18.7
|
)
|
|
(30.5
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
17.9
|
|
|
$
|
27.4
|
|
|
$
|
(9.5
|
)
|
|
(34.6
|
)%
|
|
|
$
|
(0.6
|
)
|
|
(32.3
|
)%
|
Used vehicle retail sales
|
14.0
|
|
|
16.6
|
|
|
(2.5
|
)
|
|
(15.3
|
)%
|
|
|
(0.3
|
)
|
|
(13.6
|
)%
|
||||
Used vehicle wholesale sales
|
0.3
|
|
|
(2.3
|
)
|
|
2.6
|
|
|
113.9
|
%
|
|
|
—
|
|
|
114.1
|
%
|
||||
Total used
|
14.4
|
|
|
14.3
|
|
|
0.1
|
|
|
0.6
|
%
|
|
|
(0.3
|
)
|
|
2.5
|
%
|
||||
Parts and service sales
|
42.3
|
|
|
64.2
|
|
|
(22.0
|
)
|
|
(34.2
|
)%
|
|
|
(0.7
|
)
|
|
(33.1
|
)%
|
||||
F&I, net
|
19.7
|
|
|
30.2
|
|
|
(10.5
|
)
|
|
(34.7
|
)%
|
|
|
(0.4
|
)
|
|
(33.3
|
)%
|
||||
Total gross profit
|
$
|
94.2
|
|
|
$
|
136.1
|
|
|
$
|
(41.8
|
)
|
|
(30.7
|
)%
|
|
|
$
|
(2.1
|
)
|
|
(29.2
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
4.2
|
%
|
|
4.4
|
%
|
|
(0.2
|
)%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.0
|
%
|
|
4.2
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
0.6
|
%
|
|
(2.5
|
)%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
4.3
|
%
|
|
2.9
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
54.0
|
%
|
|
55.4
|
%
|
|
(1.4
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
11.0
|
%
|
|
10.8
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
12,735
|
|
|
19,610
|
|
|
(6,875
|
)
|
|
(35.1
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
12,064
|
|
|
16,711
|
|
|
(4,647
|
)
|
|
(27.8
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
6,413
|
|
|
11,139
|
|
|
(4,726
|
)
|
|
(42.4
|
)%
|
|
|
|
|
|
||||||
Total used
|
18,477
|
|
|
27,850
|
|
|
(9,373
|
)
|
|
(33.7
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
33,255
|
|
|
$
|
31,657
|
|
|
$
|
1,598
|
|
|
5.0
|
%
|
|
|
$
|
(900
|
)
|
|
7.9
|
%
|
Used vehicle retail
|
$
|
23,344
|
|
|
$
|
23,791
|
|
|
$
|
(447
|
)
|
|
(1.9
|
)%
|
|
|
$
|
(388
|
)
|
|
(0.2
|
)%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,407
|
|
|
$
|
1,397
|
|
|
$
|
10
|
|
|
0.7
|
%
|
|
|
$
|
(50
|
)
|
|
4.3
|
%
|
Used vehicle retail sales
|
$
|
1,164
|
|
|
$
|
992
|
|
|
$
|
172
|
|
|
17.4
|
%
|
|
|
$
|
(23
|
)
|
|
19.6
|
%
|
Used vehicle wholesale sales
|
$
|
50
|
|
|
$
|
(206
|
)
|
|
$
|
256
|
|
|
124.2
|
%
|
|
|
$
|
(1
|
)
|
|
124.4
|
%
|
Total used
|
$
|
777
|
|
|
$
|
513
|
|
|
$
|
265
|
|
|
51.6
|
%
|
|
|
$
|
(15
|
)
|
|
54.5
|
%
|
F&I PRU
|
$
|
794
|
|
|
$
|
830
|
|
|
$
|
(37
|
)
|
|
(4.4
|
)%
|
|
|
$
|
(18
|
)
|
|
(2.3
|
)%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
88.2
|
|
|
$
|
118.2
|
|
|
$
|
(30.1
|
)
|
|
(25.4
|
)%
|
|
|
$
|
(1.8
|
)
|
|
(23.9
|
)%
|
SG&A as % gross profit
|
93.5
|
%
|
|
86.9
|
%
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
387.2
|
|
|
$
|
599.0
|
|
|
$
|
(211.8
|
)
|
|
(35.4
|
)%
|
|
|
$
|
(10.6
|
)
|
|
(33.6
|
)%
|
Used vehicle retail sales
|
260.4
|
|
|
385.4
|
|
|
(125.0
|
)
|
|
(32.4
|
)%
|
|
|
(4.3
|
)
|
|
(31.3
|
)%
|
||||
Used vehicle wholesale sales
|
46.9
|
|
|
89.1
|
|
|
(42.1
|
)
|
|
(47.3
|
)%
|
|
|
(0.8
|
)
|
|
(46.5
|
)%
|
||||
Total used
|
307.4
|
|
|
474.5
|
|
|
(167.1
|
)
|
|
(35.2
|
)%
|
|
|
(5.1
|
)
|
|
(34.1
|
)%
|
||||
Parts and service sales
|
69.7
|
|
|
107.1
|
|
|
(37.3
|
)
|
|
(34.9
|
)%
|
|
|
(1.2
|
)
|
|
(33.8
|
)%
|
||||
F&I, net
|
18.0
|
|
|
29.3
|
|
|
(11.3
|
)
|
|
(38.5
|
)%
|
|
|
(0.4
|
)
|
|
(37.1
|
)%
|
||||
Total revenues
|
$
|
782.3
|
|
|
$
|
1,209.9
|
|
|
$
|
(427.6
|
)
|
|
(35.3
|
)%
|
|
|
$
|
(17.3
|
)
|
|
(33.9
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
16.4
|
|
|
$
|
26.7
|
|
|
$
|
(10.3
|
)
|
|
(38.5
|
)%
|
|
|
$
|
(0.6
|
)
|
|
(36.2
|
)%
|
Used vehicle retail sales
|
13.1
|
|
|
16.3
|
|
|
(3.3
|
)
|
|
(19.9
|
)%
|
|
|
(0.3
|
)
|
|
(18.3
|
)%
|
||||
Used vehicle wholesale sales
|
0.3
|
|
|
(2.1
|
)
|
|
2.4
|
|
|
114.3
|
%
|
|
|
—
|
|
|
114.5
|
%
|
||||
Total used
|
13.4
|
|
|
14.2
|
|
|
(0.9
|
)
|
|
(6.0
|
)%
|
|
|
(0.3
|
)
|
|
(4.2
|
)%
|
||||
Parts and service sales
|
37.7
|
|
|
60.0
|
|
|
(22.2
|
)
|
|
(37.1
|
)%
|
|
|
(0.7
|
)
|
|
(36.0
|
)%
|
||||
F&I, net
|
18.0
|
|
|
29.3
|
|
|
(11.3
|
)
|
|
(38.5
|
)%
|
|
|
(0.4
|
)
|
|
(37.1
|
)%
|
||||
Total gross profit
|
$
|
85.6
|
|
|
$
|
130.2
|
|
|
$
|
(44.6
|
)
|
|
(34.3
|
)%
|
|
|
$
|
(1.9
|
)
|
|
(32.8
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
4.2
|
%
|
|
4.5
|
%
|
|
(0.2
|
)%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.0
|
%
|
|
4.2
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
0.6
|
%
|
|
(2.4
|
)%
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|||||||
Total used
|
4.4
|
%
|
|
3.0
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
54.1
|
%
|
|
56.0
|
%
|
|
(1.9
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
10.9
|
%
|
|
10.8
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
11,519
|
|
|
18,618
|
|
|
(7,099
|
)
|
|
(38.1
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
11,036
|
|
|
16,228
|
|
|
(5,192
|
)
|
|
(32.0
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
5,872
|
|
|
10,810
|
|
|
(4,938
|
)
|
|
(45.7
|
)%
|
|
|
|
|
|
||||||
Total used
|
16,908
|
|
|
27,038
|
|
|
(10,130
|
)
|
|
(37.5
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
33,613
|
|
|
$
|
32,173
|
|
|
$
|
1,440
|
|
|
4.5
|
%
|
|
|
$
|
(920
|
)
|
|
7.3
|
%
|
Used vehicle retail
|
$
|
23,598
|
|
|
$
|
23,750
|
|
|
$
|
(152
|
)
|
|
(0.6
|
)%
|
|
|
$
|
(394
|
)
|
|
1.0
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,425
|
|
|
$
|
1,433
|
|
|
$
|
(8
|
)
|
|
(0.5
|
)%
|
|
|
$
|
(51
|
)
|
|
3.0
|
%
|
Used vehicle retail sales
|
$
|
1,186
|
|
|
$
|
1,007
|
|
|
$
|
179
|
|
|
17.8
|
%
|
|
|
$
|
(23
|
)
|
|
20.1
|
%
|
Used vehicle wholesale sales
|
$
|
51
|
|
|
$
|
(194
|
)
|
|
$
|
246
|
|
|
126.4
|
%
|
|
|
$
|
(1
|
)
|
|
126.7
|
%
|
Total used
|
$
|
792
|
|
|
$
|
527
|
|
|
$
|
265
|
|
|
50.4
|
%
|
|
|
$
|
(15
|
)
|
|
53.3
|
%
|
F&I PRU
|
$
|
799
|
|
|
$
|
841
|
|
|
$
|
(42
|
)
|
|
(5.0
|
)%
|
|
|
$
|
(18
|
)
|
|
(2.8
|
)%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
77.1
|
|
|
$
|
111.6
|
|
|
$
|
(34.4
|
)
|
|
(30.9
|
)%
|
|
|
$
|
(1.6
|
)
|
|
(29.5
|
)%
|
SG&A as % gross profit
|
90.1
|
%
|
|
85.7
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
19.8
|
|
|
$
|
74.4
|
|
|
$
|
(54.6
|
)
|
|
(73.4
|
)%
|
|
|
$
|
(7.1
|
)
|
|
(63.9
|
)%
|
Used vehicle retail sales
|
7.5
|
|
|
19.4
|
|
|
(12.0
|
)
|
|
(61.6
|
)%
|
|
|
(2.6
|
)
|
|
(48.0
|
)%
|
||||
Used vehicle wholesale sales
|
2.9
|
|
|
4.8
|
|
|
(2.0
|
)
|
|
(40.5
|
)%
|
|
|
(1.1
|
)
|
|
(18.5
|
)%
|
||||
Total used
|
10.3
|
|
|
24.3
|
|
|
(13.9
|
)
|
|
(57.4
|
)%
|
|
|
(3.7
|
)
|
|
(42.1
|
)%
|
||||
Parts and service sales
|
5.9
|
|
|
12.2
|
|
|
(6.3
|
)
|
|
(51.5
|
)%
|
|
|
(2.2
|
)
|
|
(33.7
|
)%
|
||||
F&I, net
|
0.6
|
|
|
1.8
|
|
|
(1.2
|
)
|
|
(67.7
|
)%
|
|
|
(0.2
|
)
|
|
(56.0
|
)%
|
||||
Total revenues
|
$
|
36.6
|
|
|
$
|
112.6
|
|
|
$
|
(76.0
|
)
|
|
(67.5
|
)%
|
|
|
$
|
(13.2
|
)
|
|
(55.8
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1.4
|
|
|
$
|
4.3
|
|
|
$
|
(2.9
|
)
|
|
(67.9
|
)%
|
|
|
$
|
(0.5
|
)
|
|
(56.6
|
)%
|
Used vehicle retail sales
|
0.4
|
|
|
1.7
|
|
|
(1.2
|
)
|
|
(74.2
|
)%
|
|
|
(0.1
|
)
|
|
(65.3
|
)%
|
||||
Used vehicle wholesale sales
|
0.1
|
|
|
0.3
|
|
|
(0.2
|
)
|
|
(70.7
|
)%
|
|
|
—
|
|
|
(59.8
|
)%
|
||||
Total used
|
0.5
|
|
|
1.9
|
|
|
(1.4
|
)
|
|
(73.7
|
)%
|
|
|
(0.2
|
)
|
|
(64.5
|
)%
|
||||
Parts and service sales
|
2.5
|
|
|
5.4
|
|
|
(2.9
|
)
|
|
(54.5
|
)%
|
|
|
(0.9
|
)
|
|
(37.8
|
)%
|
||||
F&I, net
|
0.6
|
|
|
1.8
|
|
|
(1.2
|
)
|
|
(67.7
|
)%
|
|
|
(0.2
|
)
|
|
(56.0
|
)%
|
||||
Total gross profit
|
$
|
4.9
|
|
|
$
|
13.5
|
|
|
$
|
(8.5
|
)
|
|
(63.3
|
)%
|
|
|
$
|
(1.8
|
)
|
|
(50.1
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
7.0
|
%
|
|
5.8
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.8
|
%
|
|
8.6
|
%
|
|
(2.8
|
)%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
2.8
|
%
|
|
5.7
|
%
|
|
(2.9
|
)%
|
|
|
|
|
|
|
|
|||||||
Total used
|
4.9
|
%
|
|
8.0
|
%
|
|
(3.1
|
)%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
41.8
|
%
|
|
44.5
|
%
|
|
(2.7
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
13.5
|
%
|
|
12.0
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
694
|
|
|
2,509
|
|
|
(1,815
|
)
|
|
(72.3
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
356
|
|
|
988
|
|
|
(632
|
)
|
|
(64.0
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
324
|
|
|
484
|
|
|
(160
|
)
|
|
(33.1
|
)%
|
|
|
|
|
|
||||||
Total used
|
680
|
|
|
1,472
|
|
|
(792
|
)
|
|
(53.8
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
28,495
|
|
|
$
|
29,637
|
|
|
$
|
(1,141
|
)
|
|
(3.9
|
)%
|
|
|
$
|
(10,198
|
)
|
|
30.6
|
%
|
Used vehicle retail
|
$
|
20,983
|
|
|
$
|
19,673
|
|
|
$
|
1,311
|
|
|
6.7
|
%
|
|
|
$
|
(7,400
|
)
|
|
44.3
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,999
|
|
|
$
|
1,725
|
|
|
$
|
274
|
|
|
15.9
|
%
|
|
|
$
|
(710
|
)
|
|
57.0
|
%
|
Used vehicle retail sales
|
$
|
1,213
|
|
|
$
|
1,693
|
|
|
$
|
(480
|
)
|
|
(28.4
|
)%
|
|
|
$
|
(419
|
)
|
|
(3.6
|
)%
|
Used vehicle wholesale sales
|
$
|
247
|
|
|
$
|
565
|
|
|
$
|
(318
|
)
|
|
(56.3
|
)%
|
|
|
$
|
(92
|
)
|
|
(39.9
|
)%
|
Total used
|
$
|
752
|
|
|
$
|
1,322
|
|
|
$
|
(570
|
)
|
|
(43.1
|
)%
|
|
|
$
|
(264
|
)
|
|
(23.2
|
)%
|
F&I PRU
|
$
|
550
|
|
|
$
|
511
|
|
|
$
|
39
|
|
|
7.5
|
%
|
|
|
$
|
(199
|
)
|
|
46.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
5.6
|
|
|
$
|
11.6
|
|
|
$
|
(6.0
|
)
|
|
(51.5
|
)%
|
|
|
$
|
(2.1
|
)
|
|
(33.7
|
)%
|
SG&A as % gross profit
|
114.0
|
%
|
|
86.1
|
%
|
|
27.9
|
%
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
19.8
|
|
|
$
|
72.5
|
|
|
$
|
(52.8
|
)
|
|
(72.7
|
)%
|
|
|
$
|
(7.1
|
)
|
|
(63.0
|
)%
|
Used vehicle retail sales
|
7.4
|
|
|
18.4
|
|
|
(10.9
|
)
|
|
(59.5
|
)%
|
|
|
(2.6
|
)
|
|
(45.2
|
)%
|
||||
Used vehicle wholesale sales
|
2.9
|
|
|
3.3
|
|
|
(0.4
|
)
|
|
(12.8
|
)%
|
|
|
(1.1
|
)
|
|
19.5
|
%
|
||||
Total used
|
10.3
|
|
|
21.7
|
|
|
(11.4
|
)
|
|
(52.4
|
)%
|
|
|
(3.7
|
)
|
|
(35.4
|
)%
|
||||
Parts and service sales
|
5.9
|
|
|
11.9
|
|
|
(6.0
|
)
|
|
(50.3
|
)%
|
|
|
(2.2
|
)
|
|
(32.0
|
)%
|
||||
F&I, net
|
0.6
|
|
|
1.7
|
|
|
(1.2
|
)
|
|
(67.0
|
)%
|
|
|
(0.2
|
)
|
|
(55.0
|
)%
|
||||
Total revenues
|
$
|
36.6
|
|
|
$
|
107.8
|
|
|
$
|
(71.3
|
)
|
|
(66.1
|
)%
|
|
|
$
|
(13.1
|
)
|
|
(53.9
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1.4
|
|
|
$
|
4.3
|
|
|
$
|
(2.9
|
)
|
|
(67.8
|
)%
|
|
|
$
|
(0.5
|
)
|
|
(56.4
|
)%
|
Used vehicle retail sales
|
0.4
|
|
|
1.5
|
|
|
(1.1
|
)
|
|
(71.7
|
)%
|
|
|
(0.1
|
)
|
|
(61.9
|
)%
|
||||
Used vehicle wholesale sales
|
0.1
|
|
|
0.3
|
|
|
(0.2
|
)
|
|
(71.1
|
)%
|
|
|
—
|
|
|
(60.3
|
)%
|
||||
Total used
|
0.5
|
|
|
1.8
|
|
|
(1.3
|
)
|
|
(71.6
|
)%
|
|
|
(0.2
|
)
|
|
(61.7
|
)%
|
||||
Parts and service sales
|
2.5
|
|
|
5.2
|
|
|
(2.8
|
)
|
|
(53.1
|
)%
|
|
|
(0.9
|
)
|
|
(35.9
|
)%
|
||||
F&I, net
|
0.6
|
|
|
1.7
|
|
|
(1.2
|
)
|
|
(67.0
|
)%
|
|
|
(0.2
|
)
|
|
(55.0
|
)%
|
||||
Total gross profit
|
$
|
4.9
|
|
|
$
|
13.1
|
|
|
$
|
(8.2
|
)
|
|
(62.3
|
)%
|
|
|
$
|
(1.8
|
)
|
|
(48.7
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
7.0
|
%
|
|
5.9
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.8
|
%
|
|
8.3
|
%
|
|
(2.5
|
)%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
2.8
|
%
|
|
8.4
|
%
|
|
(5.6
|
)%
|
|
|
|
|
|
|
|
|||||||
Total used
|
4.9
|
%
|
|
8.3
|
%
|
|
(3.3
|
)%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
41.8
|
%
|
|
44.2
|
%
|
|
(2.5
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
13.5
|
%
|
|
12.1
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
694
|
|
|
2,478
|
|
|
(1,784
|
)
|
|
(72.0
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
356
|
|
|
943
|
|
|
(587
|
)
|
|
(62.2
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
324
|
|
|
439
|
|
|
(115
|
)
|
|
(26.2
|
)%
|
|
|
|
|
|
||||||
Total used
|
680
|
|
|
1,382
|
|
|
(702
|
)
|
|
(50.8
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
28,495
|
|
|
$
|
29,272
|
|
|
$
|
(777
|
)
|
|
(2.7
|
)%
|
|
|
$
|
(10,193
|
)
|
|
32.2
|
%
|
Used vehicle retail
|
$
|
20,905
|
|
|
$
|
19,490
|
|
|
$
|
1,415
|
|
|
7.3
|
%
|
|
|
$
|
(7,384
|
)
|
|
45.1
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,999
|
|
|
$
|
1,738
|
|
|
$
|
261
|
|
|
15.0
|
%
|
|
|
$
|
(709
|
)
|
|
55.8
|
%
|
Used vehicle retail sales
|
$
|
1,204
|
|
|
$
|
1,608
|
|
|
$
|
(404
|
)
|
|
(25.1
|
)%
|
|
|
$
|
(418
|
)
|
|
0.9
|
%
|
Used vehicle wholesale sales
|
$
|
247
|
|
|
$
|
630
|
|
|
$
|
(383
|
)
|
|
(60.8
|
)%
|
|
|
$
|
(92
|
)
|
|
(46.2
|
)%
|
Total used
|
$
|
748
|
|
|
$
|
1,297
|
|
|
$
|
(549
|
)
|
|
(42.3
|
)%
|
|
|
$
|
(263
|
)
|
|
(22.1
|
)%
|
F&I PRU
|
$
|
550
|
|
|
$
|
511
|
|
|
$
|
39
|
|
|
7.6
|
%
|
|
|
$
|
(199
|
)
|
|
46.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
5.6
|
|
|
$
|
11.8
|
|
|
$
|
(6.2
|
)
|
|
(52.3
|
)%
|
|
|
$
|
(2.1
|
)
|
|
(34.8
|
)%
|
SG&A as % gross profit
|
114.0
|
%
|
|
90.1
|
%
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
77.3
|
|
|
$
|
138.5
|
|
|
$
|
(61.3
|
)
|
|
(44.2
|
)%
|
|
|
$
|
(16.3
|
)
|
|
(32.5
|
)%
|
Used vehicle retail sales
|
27.4
|
|
|
40.7
|
|
|
(13.3
|
)
|
|
(32.6
|
)%
|
|
|
(5.8
|
)
|
|
(18.3
|
)%
|
||||
Used vehicle wholesale sales
|
6.7
|
|
|
8.9
|
|
|
(2.2
|
)
|
|
(24.3
|
)%
|
|
|
(1.6
|
)
|
|
(5.7
|
)%
|
||||
Total used
|
34.1
|
|
|
49.5
|
|
|
(15.4
|
)
|
|
(31.1
|
)%
|
|
|
(7.5
|
)
|
|
(16.0
|
)%
|
||||
Parts and service sales
|
15.5
|
|
|
24.2
|
|
|
(8.7
|
)
|
|
(36.1
|
)%
|
|
|
(3.7
|
)
|
|
(20.7
|
)%
|
||||
F&I, net
|
2.3
|
|
|
3.8
|
|
|
(1.5
|
)
|
|
(39.1
|
)%
|
|
|
(0.5
|
)
|
|
(26.2
|
)%
|
||||
Total revenues
|
$
|
129.1
|
|
|
$
|
216.0
|
|
|
$
|
(86.9
|
)
|
|
(40.2
|
)%
|
|
|
$
|
(28.0
|
)
|
|
(27.3
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
4.9
|
|
|
$
|
8.1
|
|
|
$
|
(3.2
|
)
|
|
(39.8
|
)%
|
|
|
$
|
(1.1
|
)
|
|
(26.9
|
)%
|
Used vehicle retail sales
|
1.5
|
|
|
2.9
|
|
|
(1.4
|
)
|
|
(49.1
|
)%
|
|
|
(0.3
|
)
|
|
(38.1
|
)%
|
||||
Used vehicle wholesale sales
|
0.3
|
|
|
0.6
|
|
|
(0.3
|
)
|
|
(50.2
|
)%
|
|
|
(0.1
|
)
|
|
(38.8
|
)%
|
||||
Total used
|
1.8
|
|
|
3.5
|
|
|
(1.7
|
)
|
|
(49.2
|
)%
|
|
|
(0.4
|
)
|
|
(38.2
|
)%
|
||||
Parts and service sales
|
6.7
|
|
|
10.7
|
|
|
(4.0
|
)
|
|
(37.6
|
)%
|
|
|
(1.6
|
)
|
|
(22.8
|
)%
|
||||
F&I, net
|
2.3
|
|
|
3.8
|
|
|
(1.5
|
)
|
|
(39.1
|
)%
|
|
|
(0.5
|
)
|
|
(26.2
|
)%
|
||||
Total gross profit
|
$
|
15.6
|
|
|
$
|
26.1
|
|
|
$
|
(10.4
|
)
|
|
(40.1
|
)%
|
|
|
$
|
(3.5
|
)
|
|
(26.6
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
6.3
|
%
|
|
5.9
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.4
|
%
|
|
7.2
|
%
|
|
(1.7
|
)%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
4.2
|
%
|
|
6.4
|
%
|
|
(2.2
|
)%
|
|
|
|
|
|
|
|
|||||||
Total used
|
5.2
|
%
|
|
7.0
|
%
|
|
(1.8
|
)%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
43.1
|
%
|
|
44.1
|
%
|
|
(1.0
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
12.1
|
%
|
|
12.1
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
2,665
|
|
|
4,649
|
|
|
(1,984
|
)
|
|
(42.7
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
1,454
|
|
|
2,076
|
|
|
(622
|
)
|
|
(30.0
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
799
|
|
|
956
|
|
|
(157
|
)
|
|
(16.4
|
)%
|
|
|
|
|
|
||||||
Total used
|
2,253
|
|
|
3,032
|
|
|
(779
|
)
|
|
(25.7
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
28,994
|
|
|
$
|
29,798
|
|
|
$
|
(804
|
)
|
|
(2.7
|
)%
|
|
|
$
|
(6,111
|
)
|
|
17.8
|
%
|
Used vehicle retail
|
$
|
18,847
|
|
|
$
|
19,586
|
|
|
$
|
(739
|
)
|
|
(3.8
|
)%
|
|
|
$
|
(4,014
|
)
|
|
16.7
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,839
|
|
|
$
|
1,752
|
|
|
$
|
87
|
|
|
5.0
|
%
|
|
|
$
|
(396
|
)
|
|
27.6
|
%
|
Used vehicle retail sales
|
$
|
1,019
|
|
|
$
|
1,402
|
|
|
$
|
(382
|
)
|
|
(27.3
|
)%
|
|
|
$
|
(219
|
)
|
|
(11.6
|
)%
|
Used vehicle wholesale sales
|
$
|
356
|
|
|
$
|
597
|
|
|
$
|
(241
|
)
|
|
(40.4
|
)%
|
|
|
$
|
(81
|
)
|
|
(26.8
|
)%
|
Total used
|
$
|
784
|
|
|
$
|
1,148
|
|
|
$
|
(364
|
)
|
|
(31.7
|
)%
|
|
|
$
|
(170
|
)
|
|
(16.9
|
)%
|
F&I PRU
|
$
|
557
|
|
|
$
|
561
|
|
|
$
|
(4
|
)
|
|
(0.6
|
)%
|
|
|
$
|
(118
|
)
|
|
20.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
16.2
|
|
|
$
|
24.0
|
|
|
$
|
(7.7
|
)
|
|
(32.3
|
)%
|
|
|
$
|
(3.9
|
)
|
|
(16.0
|
)%
|
SG&A as % gross profit
|
103.8
|
%
|
|
91.9
|
%
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency Impact on Current Period Results
|
|
Constant Currency % Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
77.3
|
|
|
$
|
135.7
|
|
|
$
|
(58.4
|
)
|
|
(43.1
|
)%
|
|
|
$
|
(16.3
|
)
|
|
(31.1
|
)%
|
Used vehicle retail sales
|
27.4
|
|
|
38.0
|
|
|
(10.7
|
)
|
|
(28.0
|
)%
|
|
|
(5.8
|
)
|
|
(12.7
|
)%
|
||||
Used vehicle wholesale sales
|
6.7
|
|
|
6.8
|
|
|
—
|
|
|
(0.7
|
)%
|
|
|
(1.7
|
)
|
|
24.0
|
%
|
||||
Total used
|
34.1
|
|
|
44.8
|
|
|
(10.7
|
)
|
|
(23.9
|
)%
|
|
|
(7.5
|
)
|
|
(7.2
|
)%
|
||||
Parts and service sales
|
15.5
|
|
|
23.6
|
|
|
(8.1
|
)
|
|
(34.5
|
)%
|
|
|
(3.7
|
)
|
|
(18.8
|
)%
|
||||
F&I, net
|
2.3
|
|
|
3.7
|
|
|
(1.4
|
)
|
|
(37.9
|
)%
|
|
|
(0.5
|
)
|
|
(24.7
|
)%
|
||||
Total revenues
|
$
|
129.1
|
|
|
$
|
207.8
|
|
|
$
|
(78.7
|
)
|
|
(37.9
|
)%
|
|
|
$
|
(28.0
|
)
|
|
(24.4
|
)%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
4.9
|
|
|
$
|
8.1
|
|
|
$
|
(3.2
|
)
|
|
(39.8
|
)%
|
|
|
$
|
(1.1
|
)
|
|
(26.8
|
)%
|
Used vehicle retail sales
|
1.5
|
|
|
2.9
|
|
|
(1.4
|
)
|
|
(49.3
|
)%
|
|
|
(0.3
|
)
|
|
(38.2
|
)%
|
||||
Used vehicle wholesale sales
|
0.3
|
|
|
0.6
|
|
|
(0.3
|
)
|
|
(48.6
|
)%
|
|
|
(0.1
|
)
|
|
(37.0
|
)%
|
||||
Total used
|
1.8
|
|
|
3.5
|
|
|
(1.7
|
)
|
|
(49.2
|
)%
|
|
|
(0.4
|
)
|
|
(38.0
|
)%
|
||||
Parts and service sales
|
6.7
|
|
|
10.3
|
|
|
(3.7
|
)
|
|
(35.6
|
)%
|
|
|
(1.6
|
)
|
|
(20.4
|
)%
|
||||
F&I, net
|
2.3
|
|
|
3.7
|
|
|
(1.4
|
)
|
|
(37.9
|
)%
|
|
|
(0.5
|
)
|
|
(24.7
|
)%
|
||||
Total gross profit
|
$
|
15.6
|
|
|
$
|
25.7
|
|
|
$
|
(10.0
|
)
|
|
(39.1
|
)%
|
|
|
$
|
(3.5
|
)
|
|
(25.4
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
6.3
|
%
|
|
6.0
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|||||||
Used vehicle retail sales
|
5.4
|
%
|
|
7.7
|
%
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|
|||||||
Used vehicle wholesale sales
|
4.2
|
%
|
|
8.2
|
%
|
|
(3.9
|
)%
|
|
|
|
|
|
|
|
|||||||
Total used
|
5.2
|
%
|
|
7.7
|
%
|
|
(2.6
|
)%
|
|
|
|
|
|
|
|
|||||||
Parts and service sales
|
43.1
|
%
|
|
43.9
|
%
|
|
(0.7
|
)%
|
|
|
|
|
|
|
|
|||||||
F&I, net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|||||||
Total gross margin
|
12.1
|
%
|
|
12.3
|
%
|
|
(0.2
|
)%
|
|
|
|
|
|
|
|
|||||||
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles sold
|
2,665
|
|
|
4,604
|
|
|
(1,939
|
)
|
|
(42.1
|
)%
|
|
|
|
|
|
||||||
Retail used vehicles sold
|
1,454
|
|
|
2,001
|
|
|
(547
|
)
|
|
(27.3
|
)%
|
|
|
|
|
|
||||||
Wholesale used vehicles sold
|
799
|
|
|
889
|
|
|
(90
|
)
|
|
(10.1
|
)%
|
|
|
|
|
|
||||||
Total used
|
2,253
|
|
|
2,890
|
|
|
(637
|
)
|
|
(22.0
|
)%
|
|
|
|
|
|
||||||
Average sales price per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail
|
$
|
28,994
|
|
|
$
|
29,474
|
|
|
$
|
(480
|
)
|
|
(1.6
|
)%
|
|
|
$
|
(6,113
|
)
|
|
19.1
|
%
|
Used vehicle retail
|
$
|
18,828
|
|
|
$
|
19,011
|
|
|
$
|
(183
|
)
|
|
(1.0
|
)%
|
|
|
$
|
(4,008
|
)
|
|
20.1
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle retail sales
|
$
|
1,839
|
|
|
$
|
1,768
|
|
|
$
|
71
|
|
|
4.0
|
%
|
|
|
$
|
(396
|
)
|
|
26.4
|
%
|
Used vehicle retail sales
|
$
|
1,018
|
|
|
$
|
1,458
|
|
|
$
|
(440
|
)
|
|
(30.2
|
)%
|
|
|
$
|
(221
|
)
|
|
(15.0
|
)%
|
Used vehicle wholesale sales
|
$
|
356
|
|
|
$
|
622
|
|
|
$
|
(267
|
)
|
|
(42.9
|
)%
|
|
|
$
|
(81
|
)
|
|
(29.9
|
)%
|
Total used
|
$
|
783
|
|
|
$
|
1,201
|
|
|
$
|
(418
|
)
|
|
(34.8
|
)%
|
|
|
$
|
(172
|
)
|
|
(20.5
|
)%
|
F&I PRU
|
$
|
557
|
|
|
$
|
560
|
|
|
$
|
(3
|
)
|
|
(0.5
|
)%
|
|
|
$
|
(118
|
)
|
|
20.7
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SG&A expenses
|
$
|
16.2
|
|
|
$
|
23.2
|
|
|
$
|
(7.0
|
)
|
|
(30.3
|
)%
|
|
|
$
|
(3.9
|
)
|
|
(13.5
|
)%
|
SG&A as % gross profit
|
103.5
|
%
|
|
90.5
|
%
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|||||||||
|
|
2020
|
|
2019
|
|
% Change
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) operating activities:
|
|
$
|
688.2
|
|
|
$
|
252.9
|
|
|
172.1
|
%
|
Change in Floorplan notes payable — credit facilities and other, excluding floorplan offset and net acquisition and disposition
|
|
(450.8
|
)
|
|
(68.7
|
)
|
|
|
|||
Change in Floorplan notes payable — manufacturer affiliates associated with net acquisition and disposition and floorplan offset activity
|
|
0.2
|
|
|
0.1
|
|
|
|
|||
Adjusted net cash provided by (used in) operating activities
|
|
$
|
237.6
|
|
|
$
|
184.3
|
|
|
28.9
|
%
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) investing activities:
|
|
$
|
(61.2
|
)
|
|
$
|
(71.6
|
)
|
|
14.6
|
%
|
Change in proceeds from disposition of franchises, property and equipment, associated with Floorplan notes payable
|
|
—
|
|
|
(15.7
|
)
|
|
|
|||
Adjusted net cash provided by (used in) investing activities
|
|
$
|
(61.2
|
)
|
|
$
|
(87.3
|
)
|
|
29.9
|
%
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) financing activities:
|
|
$
|
(579.0
|
)
|
|
$
|
(157.8
|
)
|
|
(267.0
|
)%
|
Change in Floorplan notes payable, excluding floorplan offset
|
|
450.7
|
|
|
84.4
|
|
|
|
|||
Adjusted net cash provided by (used in) financing activities
|
|
$
|
(128.3
|
)
|
|
$
|
(73.4
|
)
|
|
(74.8
|
)%
|
|
|
Total
Commitment
|
|
Outstanding
|
|
Available
|
||||||
Floorplan line (1)
|
|
$
|
1,396.0
|
|
|
$
|
664.0
|
|
|
$
|
732.0
|
|
Acquisition line (2)
|
|
349.0
|
|
|
155.7
|
|
|
193.3
|
|
|||
Total Revolving Credit Facility
|
|
1,745.0
|
|
|
819.7
|
|
|
925.3
|
|
|||
FMCC facility (3)
|
|
300.0
|
|
|
129.0
|
|
|
171.0
|
|
|||
Total U.S. credit facilities (4)
|
|
$
|
2,045.0
|
|
|
$
|
948.7
|
|
|
$
|
1,096.3
|
|
|
As of June 30, 2020
|
|
|
Required
|
Actual
|
Total adjusted leverage ratio
|
< 5.50
|
2.99
|
Fixed charge coverage ratio
|
> 1.20
|
3.42
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
Current assets (1)
|
|
$
|
1,435.4
|
|
|
$
|
2,024.6
|
|
Long-term assets
|
|
$
|
2,549.6
|
|
|
$
|
2,506.5
|
|
|
|
|
|
|
||||
Current liabilities
|
|
$
|
1,301.9
|
|
|
$
|
1,874.7
|
|
Long-term liabilities
|
|
$
|
1,645.9
|
|
|
$
|
1,644.9
|
|
|
|
Six Months Ended June 30, 2020
|
|
Year Ended December 31, 2019
|
||||
Revenues
|
|
$
|
3,838.7
|
|
|
$
|
9,184.2
|
|
Gross profit
|
|
$
|
665.4
|
|
|
$
|
1,494.8
|
|
Income (loss) from operations
|
|
$
|
179.6
|
|
|
$
|
354.0
|
|
Net income (loss)
|
|
$
|
171.4
|
|
|
$
|
354.8
|
|
Exhibit
Number
|
|
|
|
Description
|
|
|
|
|
|
|
—
|
|
Amended and Restated Certificate of Incorporation of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 3.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2015)
|
|
|
—
|
|
Third Amended and Restated Bylaws of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 3.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed April 6, 2017)
|
|
|
—
|
|
Incentive, Compensation, Confidentiality, Non-Disclosure and Non-Compete Agreement dated June 6, 2011, between Group 1 Automotive, Inc. and Darryl Kenningham
|
|
|
—
|
|
Transition and Separation Agreement, effective June 1, 2020, between Group 1 Automotive, Inc. and John C. Rickel
|
|
|
—
|
|
Offer Letter, dated June 1, 2020, between Group 1 Automotive, Inc. and Daniel McHenry
|
|
|
—
|
|
List of Subsidiary Guarantors (incorporated by reference to Exhibit 22 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) filed May 8, 2020)
|
|
|
—
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
—
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
—
|
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
—
|
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS*
|
|
—
|
|
XBRL Instance Document
|
101.SCH*
|
|
—
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
—
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
—
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
—
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
—
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
104*
|
|
—
|
|
Cover Page Interactive Data File (formatted in Inline XBRL and contained in exhibit 101)
|
*
|
|
Filed or furnished herewith
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
|
|
|
Date:
|
August 3, 2020
|
By:
|
/s/ John C. Rickel
|
|
|
|
John C. Rickel
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and Principal Financial and Accounting
|
|
|
|
and Accounting Officer)
|
1.
|
INCENTIVE COMPENSATION
|
2.
|
OWNERSHIP AND PROTECTION OF INFORMATION; COPYRIGHTS
|
3.
|
NON-COMPETITION OBLIGATIONS
|
4.
|
TERMINATION
|
5.
|
MISCELLANEOUS
|
DATE: 5-6-11
|
|
GROUP 1 AUTOMOTIVE, INC.
|
|
By:
|
/s/ James B. O’Hara
|
|
Name:
|
James B. O’Hara
|
|
Title:
|
VP-HR
|
|
|
|
DATE: 5-5-11
|
|
/s/ Daryl Kenningham
|
|
|
Daryl Kenningham
|
1.
|
Employee is currently employed by the Company, pursuant to an Employment Agreement between Employee and the Company dated January 1, 2009 (the “Employment Agreement”). Group 1 and Employee hereby agree that, subject to the terms of this Agreement, effective as of August 14, 2020 (the “Transition Date”), and so long as Employee remains employed through such date, Employee shall become Corporate Finance Director and shall serve in that capacity until his retirement on December 31, 2020 (the “Retirement Date”). Between the Effective Date and the Transition Date (such period, the “Initial Period”) and from the Transition Date through the Retirement Date (such period, the “Transition Period,” and cumulatively with the Initial Period, the “Term”), unless earlier terminated pursuant to Section 3 below, Employee will continue to serve in the following roles and perform the duties commensurate with the applicable position, for the respective periods during the Term: (a) as the Senior Vice President, Chief Financial Officer of the Company during the Initial Period, and (b) as the Corporate Finance Director of the Company during the Transition Period.
|
1.
|
Resignation; Release: In return for the Company’s agreement to enter into this Agreement and, provided that Employee is still employed by the Company at the end of the Initial Period, (a) the Company agrees to employ Employee as Corporate Finance Director beginning on the Transition Date and (b) subject to other promises as outlined herein, Employee (i) agrees to accept the terms of this Agreement, (ii) has delivered, together with the execution of this Agreement, a letter of retirement, attached hereto as Exhibit “A,” and (iii) agrees to execute on December 31, 2020, the Release and Waiver of Claims Agreement (“Release,” attached hereto as Exhibit “B”).
|
2.
|
Role; Compensation & Benefits: Unless Employee’s employment earlier terminates pursuant to Section 3 below, (a) Employee shall continue to serve as Senior Vice President and Chief Financial Officer for Group 1 for the Initial Period, and (b) Employee shall serve as Corporate Finance Director for the Transition Period. During these periods of employment and subject to the foregoing sentence, Employee (i) will continue to be paid his regular salary, (ii) shall continue to participate in and receive all health and welfare benefits to which he is entitled as a Group 1 employee, including, but not limited to, those set forth in Section 4 below, and (iii) be provided with office space, computer access, and phone privileges. Except as otherwise provided in this Agreement, Employee acknowledges and agrees that Employee has no right to receive any additional form or type of remuneration of any kind or type that may be paid to other executives prior to the Retirement Date. For the sake of clarity, Employee shall not be eligible for an annual bonus for 2020 and shall not be entitled to receive any additional equity-based award grants following the Effective Date. During the Initial Period, Employee agrees to perform all duties as the Chief Financial Officer of the Company, including completion and execution of all filings with the Securities and Exchange Commission until the Transition Date (or the filing of the Company’s Form 10-Q for the second quarter of 2020 (the “Q2 Date”), whichever is later). During the Transition Period, Employee’s duties shall be at the discretion of the Chief Executive Officer of the Company, with a minimum time commitment of thirty (30) hours per week.
|
3.
|
Term: Both Group 1 and Employee expressly understand and agree that until the Retirement Date, unless terminated pursuant to the following sentence, Employee will remain employed (a) as the Senior Vice President and Chief Financial Officer of Group 1 through the Transition Date and (b) as the Company’s Corporate Finance Director from the Transition Date through the Retirement Date. A termination of employment prior to the Retirement Date, by either party, shall occur only in the event or occurrence of one of the following: (i) Employee’s death or “Disability” as such term is defined in the Employee’s Restricted Stock Agreement(s) (as such term is defined below) (a “Qualified Termination”), or (ii) a termination by the Company for “Cause” as such term is defined in the Employment Agreement. Prior to a termination of employment for Cause, the Parties shall follow any notice and cure provisions applicable under the Employment Agreement. If the Employee’s employment is terminated on the Retirement Date, or if Employee’s employment is terminated prior to the Retirement Date for any reason other than (A) for Cause, (B) on account of Employee’s death or Disability, or (C) any termination by Employee, then, subject to Employee’s entry into (and non-revocation in the time provided to do so), on the date of termination or within 21 days thereafter, a release of claims acceptable to the Company in a form (subject to adjustment by the Company to reflect applicable law, Employee’s particular terms and date of separation) similar to the Release, the Company agrees that any restricted stock award which has not vested and been released as of the date of termination (the “Restricted Stock”), will become vested on the “Compliance Expiration Date,” as such term is defined in the agreements evidencing the Restricted Stock (the “Restricted Stock Agreements”), under and subject to the Qualified Retirement provisions of the Restricted Stock Agreements or, if earlier, Employee’s death. These shares will become vested and nonforfeitable following such two-year holding period relating to the Compliance Expiration Date provided that the Employee satisfies the confidentiality, non-competition, and non-solicitation provisions contained in Exhibit A of the Restricted Stock Agreement. The Company acknowledges and agrees that the Compensation Committee of the Board of Directors has agreed to waive the age requirement of the Qualified Retirement provision under these circumstances. For the purpose of determining the timing of payments upon termination pursuant to this Section 3, “date of termination,” “termination of employment” and similar terms will mean “separation from service” within the meaning of Treasury Regulation § 1.409A-1(h). The Parties agree that, as of the Effective Date, all of Employee’s Performance Share Units that are then outstanding shall be forfeited, and Employee shall not be entitled to any payment thereunder.
|
4.
|
Rights Not Affected: This Agreement will not affect Employee’s rights in the Group 1 Automotive, Inc. Deferred Compensation Plan, the Executive Term Life & Accidental Death and Dismemberment Insurance, the Disability Income Insurance: Long Term Benefits, the Company’s 401(k) plans or any deferred compensation plan, or Employee’s ownership rights to shares of stock in the Company.
|
5.
|
Restrictive Covenants; Employee Obligations:
|
(a)
|
Employee acknowledges and reaffirms the continued effectiveness of the post-employment and non-competition obligations owed by Employee under Section 2 of the Incentive Compensation and Non-Compete Agreement, entered into between Employee and the Company as of June 2, 2006 (“Incentive Agreement”).
|
(b)
|
Employee reaffirms his commitment to maintain all confidentiality and non-disparagement obligations imposed under Sections 5 and 6.2 of the Employment Agreement and under Section 3 of the Incentive Agreement.
|
(c)
|
Employee has executed the attached retirement letter on the Effective Date. Employee agrees to execute any additional documents necessary to effectuate his resignation as Chief Financial Officer with Group 1 and to cooperate in any filings with the Securities and Exchange Commission related to his retirement.
|
(d)
|
Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict Employee from lawfully: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental authority regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Employee from any such governmental authority; (iii) testifying, participating or otherwise assisting in any action or proceeding by any such governmental authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires Employee to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that Employee has engaged in any such conduct.
|
6.
|
Prior Agreements: Except as otherwise specified herein, all other terms of Employee’s agreements with Group 1, including the terms of the Employment Agreement and the Incentive Agreement, remain in full force and effect during and after the Term, subject to the terms of those agreements; provided, however, that Employee agrees that nothing in this Agreement, including any action taken pursuant to this Agreement, shall entitle Employee to terminate employment under sections 3.3(i) or 3.3(ii) of the Employment Agreement. Employee further agrees that Employee’s termination of employment at any time following the Effective Date shall under no circumstances constitute an Involuntary Termination of employment under the Employment Agreement. For the avoidance of doubt, Employee acknowledges and agrees that the terms of the Company’s compensation recovery policy, which allows for clawback of certain performance-based payments under certain events, shall remain in full and effect during and after the Term.
|
7.
|
Severability: In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions of this Agreement shall not be affected thereby.
|
8.
|
Employee Indemnity Not Affected: The releases contained herein shall not affect Group 1’s obligation under law, to the extent applicable, to indemnify Employee as an employee for actions taken within the scope and course of Employee’s employment.
|
9.
|
Jurisdiction and Choice of Law: The Employee and Company agrees to use the Laws of Texas to enforce the terms of this Agreement and the matter shall be heard in Harris County, Texas. Employee agrees to service and personal jurisdiction in Harris County, Texas.
|
JOHN C. RICKEL (“EMPLOYEE”)
|
|
GROUP 1 AUTOMOTIVE, INC.
|
|
|
|
By: /s/ John C. Rickel
|
|
By: /s/ Darryl M. Burman
|
Dated: June 1, 2020
|
|
Dated: June 1, 2020
|
JOHN C RICKEL (“EMPLOYEE”)
|
|
GROUP 1 AUTOMOTIVE, INC.
|
|
|
|
By: _________________________________
|
|
By: ___________________________
|
Dated: _______________________________
|
|
Dated: ________________________
|
Daniel McHenry
|
|
Via Email
|
dmchenry@group1auto.co.uk
|
|
|
Base Annual Salary (paid semi-monthly)
|
|
$575,000
|
Less all applicable withholding and taxes. Initial Salary
will be reduced by 20% to $460,000 until full salary for
Senior Vice Presidents is restored to 100% by the
Compensation Committee.
|
|
|
|
|
|
Total Annual GPI Corporate Bonus Opportunity**
|
|
$661,250
|
Maximum 115% of base salary. Less all applicable withholding
and taxes.
|
|
|
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Initial Restricted Stock Grant
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$200,000
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Upon commencement of employment under the terms of your
Employment Agreement, you will be provided with an initial
Restricted Stock grant valued at the time of the grant at $200,000
upon execution of an Incentive Compensation
and Non-compete Agreement. Such shares will be subject to the
standard vesting schedule for all employee’s restricted stock grants as follows: 40% after 2 years, 20% after years 3,4 and 5.
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Vehicle Allowance (paid semi-monthly) and Demonstrator
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$15,000
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Group 1 will provide one car allowance ($1250.00/month) and
one demonstrator for your use. Demonstrator will be governed
by Group 1 demonstrator policy. Less all applicable withholding
and taxes.
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Relocation and Housing Assistance
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$75,000
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Group 1 will pay up to a $75,000 relocation allowance to cover
your relocation expenses, including incidentals and miscellaneous
moving expenses, from the United Kingdom to the
United States at any time within one year from your start date.
Additionally, the Company will agree to pay all rental expenses
Not to exceed $7,000 per month for up to one year from your start
date for temporary housing in Houston, Texas.
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/s/ Daniel McHenry
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June 1, 2020
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Daniel McHenry
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Date
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1.
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I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2020 of Group 1 Automotive, Inc. (“registrant”);
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Earl J. Hesterberg
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Earl J. Hesterberg
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Chief Executive Officer
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1.
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I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2020 of Group 1 Automotive, Inc. (“registrant”);
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ John C. Rickel
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John C. Rickel
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Chief Financial Officer
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Earl J. Hesterberg
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Earl J. Hesterberg
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Chief Executive Officer
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ John C. Rickel
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John C. Rickel
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Chief Financial Officer
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