☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 76-0506313 | ||||||||||
(State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
800 Gessner, | Suite 500 | 77024 | |||||||||
Houston, | TX | (Zip code) | |||||||||
(Address of principal executive offices) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Ticker symbol(s) | Name of exchange on which registered | ||||||||||||
Common stock, par value $0.01 per share | GPI | New York Stock Exchange |
Large accelerated filer | þ |
¨
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Accelerated filer | |||||||||||
Non-accelerated filer |
¨
|
☐
|
Smaller reporting company | |||||||||||
☐
|
Emerging growth company |
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
Terms | Definitions | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Brexit | Withdrawal of the U.K. from the EU | |||||||
BRL | Brazilian Real (R$) | |||||||
CODM | Chief Operating Decision Maker | |||||||
COVID-19 pandemic | Coronavirus disease first emerging in December 2019 and resulting in the ongoing global pandemic in 2020 and 2021 | |||||||
EPS | Earnings per share | |||||||
EU | European Union | |||||||
F&I | Finance, insurance and other | |||||||
FASB | Financial Accounting Standards Board | |||||||
FMCC | Ford Motor Credit Company | |||||||
GBP | British Pound Sterling (£) | |||||||
LIBOR | London Interbank Offered Rate | |||||||
NYSE | New York Stock Exchange | |||||||
OEM | Original equipment manufacturer | |||||||
PRU | Per Retail Unit | |||||||
ROU | Right-of-use | |||||||
RSA | Restricted stock award | |||||||
RSU | Restricted stock unit | |||||||
SAAR | Seasonally adjusted annual rate of vehicle sales | |||||||
SEC | Securities and Exchange Commission | |||||||
SG&A | Selling, general and administrative | |||||||
Tax Act |
Tax Cuts and Jobs Act
|
|||||||
USD | United States Dollar | |||||||
U.K. | United Kingdom | |||||||
U.S. | United States of America | |||||||
U.S. GAAP | Accounting principles generally accepted in the U.S. | |||||||
WACC | Weighted average cost of capital | |||||||
WHO | World Health Organization | |||||||
New vehicle unit sales geographic mix (%) | Franchises | ||||||||||||||||
Region | Geographic Market | ||||||||||||||||
United States | Texas | 37.8 | 74 | ||||||||||||||
Oklahoma | 7.5 | 20 | |||||||||||||||
California | 4.9 | 5 | |||||||||||||||
Georgia | 4.7 | 9 | |||||||||||||||
Massachusetts | 4.6 | 5 | |||||||||||||||
Florida | 2.7 | 4 | |||||||||||||||
Louisiana | 2.2 | 5 | |||||||||||||||
New Hampshire | 1.9 | 3 | |||||||||||||||
New Jersey | 1.9 | 4 | |||||||||||||||
South Carolina | 1.8 | 3 | |||||||||||||||
New Mexico | 1.3 | 9 | |||||||||||||||
Kansas | 1.2 | 3 | |||||||||||||||
Mississippi | 1.0 | 2 | |||||||||||||||
Alabama | 0.7 | 2 | |||||||||||||||
Maryland | 0.5 | 2 | |||||||||||||||
74.9 | 150 | ||||||||||||||||
International | United Kingdom | 21.2 | 67 | ||||||||||||||
Brazil | 3.9 | 22 | |||||||||||||||
100.0 | 239 |
Dealerships | ||||||||||||||
Region | Owned | Leased | ||||||||||||
United States | 83 | 34 | ||||||||||||
United Kingdom | 23 | 27 | ||||||||||||
Brazil | 5 | 12 | ||||||||||||
Total | 111 | 73 | ||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (1)
|
||||||||||||||||||||||
October 1 — October 31, 2020 | 22,799 | $ | 106.08 | 22,799 | $ | 197.6 | ||||||||||||||||||||
November 1 — November 30, 2020 | 86,789 | $ | 117.17 | 86,789 | $ | 187.4 | ||||||||||||||||||||
December 1 — December 31, 2020 | 156,220 | $ | 119.63 | 156,220 | $ | 168.7 | ||||||||||||||||||||
Total | 265,808 | 265,808 | ||||||||||||||||||||||||
Base Period | Indexed Returns for the Years Ended | |||||||||||||||||||||||||||||||||||||
Company /Index | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | ||||||||||||||||||||||||||||||||
Group 1 Automotive, Inc. | $ | 100.00 | $ | 104.49 | $ | 96.51 | $ | 72.81 | $ | 140.10 | $ | 184.83 | ||||||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 111.96 | $ | 136.40 | $ | 130.42 | $ | 171.49 | $ | 203.04 | ||||||||||||||||||||||||||
Peer Group | $ | 100.00 | $ | 96.27 | $ | 98.70 | $ | 77.06 | $ | 117.97 | $ | 173.03 | ||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 5,580.8 | $ | 6,314.1 | $ | (733.3) | (11.6) | % | $ | (37.5) | (11.0) | % | ||||||||||||||||||||||||||||||||
Used vehicle retail sales | 3,105.7 | 3,366.6 | (261.0) | (7.8) | % | (5.8) | (7.6) | % | ||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 308.1 | 355.2 | (47.1) | (13.3) | % | (2.3) | (12.6) | % | ||||||||||||||||||||||||||||||||||||
Total used | 3,413.7 | 3,721.8 | (308.1) | (8.3) | % | (8.1) | (8.1) | % | ||||||||||||||||||||||||||||||||||||
Parts and service sales | 1,389.3 | 1,510.0 | (120.7) | (8.0) | % | (7.1) | (7.5) | % | ||||||||||||||||||||||||||||||||||||
F&I, net | 467.9 | 497.9 | (29.9) | (6.0) | % | (1.1) | (5.8) | % | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 10,851.8 | $ | 12,043.8 | $ | (1,191.9) | (9.9) | % | $ | (53.8) | (9.4) | % | ||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 330.5 | $ | 300.8 | $ | 29.7 | 9.9 | % | $ | (3.1) | 10.9 | % | ||||||||||||||||||||||||||||||||
Used vehicle retail sales | 208.7 | 201.3 | 7.4 | 3.7 | % | (0.6) | 4.0 | % | ||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 11.0 | 1.0 | 10.0 | 991.6 | % | (0.3) | 1017.5 | % | ||||||||||||||||||||||||||||||||||||
Total used | 219.7 | 202.3 | 17.4 | 8.6 | % | (0.9) | 9.0 | % | ||||||||||||||||||||||||||||||||||||
Parts and service sales | 750.8 | 815.0 | (64.1) | (7.9) | % | (2.9) | (7.5) | % | ||||||||||||||||||||||||||||||||||||
F&I, net | 467.9 | 497.9 | (29.9) | (6.0) | % | (1.1) | (5.8) | % | ||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 1,769.0 | $ | 1,816.0 | $ | (47.0) | (2.6) | % | $ | (7.9) | (2.2) | % | ||||||||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | 5.9 | % | 4.8 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 6.7 | % | 6.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 3.6 | % | 0.3 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||||||
Total used | 6.4 | % | 5.4 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||
Parts and service sales | 54.0 | % | 54.0 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||||||||||||||||||||||||
Total gross margin | 16.3 | % | 15.1 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
Units sold: | ||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicles sold | 140,221 | 169,136 | (28,915) | (17.1) | % | |||||||||||||||||||||||||||||||||||||||
Retail used vehicles sold | 140,118 | 158,549 | (18,431) | (11.6) | % | |||||||||||||||||||||||||||||||||||||||
Wholesale used vehicles sold | 41,786 | 51,205 | (9,419) | (18.4) | % | |||||||||||||||||||||||||||||||||||||||
Total used | 181,904 | 209,754 | (27,850) | (13.3) | % | |||||||||||||||||||||||||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail | $ | 39,800 | $ | 37,332 | $ | 2,469 | 6.6 | % | $ | (268) | 7.3 | % | ||||||||||||||||||||||||||||||||
Used vehicle retail | $ | 22,165 | $ | 21,234 | $ | 931 | 4.4 | % | $ | (42) | 4.6 | % | ||||||||||||||||||||||||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 2,357 | $ | 1,778 | $ | 578 | 32.5 | % | $ | (22) | 33.7 | % | ||||||||||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,490 | $ | 1,270 | $ | 220 | 17.3 | % | $ | (4) | 17.6 | % | ||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 263 | $ | 20 | $ | 244 | 1,237.7 | % | $ | (6) | 1,269.3 | % | ||||||||||||||||||||||||||||||||
Total used | $ | 1208 | $ | 965 | $ | 243 | 25.2 | % | $ | (5) | 25.7 | % | ||||||||||||||||||||||||||||||||
F&I PRU | $ | 1,669 | $ | 1,519 | $ | 150 | 9.9 | % | $ | (4) | 10.1 | % | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 1,169.3 | $ | 1,358.4 | $ | (189.1) | (13.9) | % | $ | (7.3) | (13.4) | % | ||||||||||||||||||||||||||||||||
SG&A as % gross profit | 66.1 | % | 74.8 | % | (8.7) | % | ||||||||||||||||||||||||||||||||||||||
Floorplan expense: | ||||||||||||||||||||||||||||||||||||||||||||
Floorplan interest expense | $ | 39.5 | $ | 61.6 | $ | (22.1) | (35.8) | % | $ | (0.1) | (35.7) | % | ||||||||||||||||||||||||||||||||
Less: floorplan assistance (1)
|
47.3 | 49.1 | (1.8) | (3.7) | % | — | (3.7) | % | ||||||||||||||||||||||||||||||||||||
Net floorplan expense | $ | (7.8) | $ | 12.4 | $ | (20.2) | (162.6) | % | $ | (0.1) | (162.0) | % | ||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 5,463.0 | $ | 6,260.6 | $ | (797.7) | (12.7) | % | $ | (37.0) | (12.2) | % | |||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 3,023.6 | 3,328.2 | (304.6) | (9.2) | % | (5.7) | (9.0) | % | |||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 299.8 | 346.4 | (46.6) | (13.4) | % | (2.2) | (12.8) | % | |||||||||||||||||||||||||||||||||||||||
Total used | 3,323.4 | 3,674.6 | (351.2) | (9.6) | % | (7.9) | (9.3) | % | |||||||||||||||||||||||||||||||||||||||
Parts and service sales | 1,356.7 | 1,483.3 | (126.6) | (8.5) | % | (7.2) | (8.0) | % | |||||||||||||||||||||||||||||||||||||||
F&I, net | 461.9 | 494.3 | (32.4) | (6.6) | % | (1.1) | (6.3) | % | |||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 10,605.0 | $ | 11,912.9 | $ | (1,307.9) | (11.0) | % | $ | (53.1) | (10.5) | % | |||||||||||||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 321.3 | $ | 298.7 | $ | 22.6 | 7.6 | % | $ | (3.1) | 8.6 | % | |||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 203.7 | 199.9 | 3.7 | 1.9 | % | (0.6) | 2.2 | % | |||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 10.9 | 1.3 | 9.7 | 757.1 | % | (0.3) | 777.5 | % | |||||||||||||||||||||||||||||||||||||||
Total used | 214.6 | 201.2 | 13.4 | 6.7 | % | (0.9) | 7.1 | % | |||||||||||||||||||||||||||||||||||||||
Parts and service sales | 732.3 | 802.1 | (69.7) | (8.7) | % | (2.9) | (8.3) | % | |||||||||||||||||||||||||||||||||||||||
F&I, net | 461.9 | 494.3 | (32.4) | (6.6) | % | (1.1) | (6.3) | % | |||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 1,730.1 | $ | 1,796.3 | $ | (66.2) | (3.7) | % | $ | (7.9) | (3.2) | % | |||||||||||||||||||||||||||||||||||
Gross margin: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | 5.9 | % | 4.8 | % | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 6.7 | % | 6.0 | % | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 3.6 | % | 0.4 | % | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||
Total used | 6.5 | % | 5.5 | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 54.0 | % | 54.1 | % | (0.1) | % | |||||||||||||||||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | |||||||||||||||||||||||||||||||||||||||||
Total gross margin | 16.3 | % | 15.1 | % | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||
Units sold: | |||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicles sold | 137,302 | 167,245 | (29,943) | (17.9) | % | ||||||||||||||||||||||||||||||||||||||||||
Retail used vehicles sold | 136,865 | 156,539 | (19,674) | (12.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Wholesale used vehicles sold | 40,767 | 50,282 | (9,515) | (18.9) | % | ||||||||||||||||||||||||||||||||||||||||||
Total used | 177,632 | 206,821 | (29,189) | (14.1) | % | ||||||||||||||||||||||||||||||||||||||||||
Average sales price per unit sold: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail | $ | 39,788 | $ | 37,434 | $ | 2,354 | 6.3 | % | $ | (269) | 7.0 | % | |||||||||||||||||||||||||||||||||||
Used vehicle retail | $ | 22,092 | $ | 21,261 | $ | 830 | 3.9 | % | $ | (41) | 4.1 | % | |||||||||||||||||||||||||||||||||||
Gross profit per unit sold: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 2,340 | $ | 1,786 | $ | 554 | 31.0 | % | $ | (22) | 32.3 | % | |||||||||||||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,488 | $ | 1,277 | $ | 211 | 16.5 | % | $ | (4) | 16.9 | % | |||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 268 | $ | 25 | $ | 243 | 957.2 | % | $ | (6) | 982.3 | % | |||||||||||||||||||||||||||||||||||
Total used | $ | 1,208 | $ | 973 | $ | 235 | 24.2 | % | $ | (5) | 24.7 | % | |||||||||||||||||||||||||||||||||||
F&I PRU | $ | 1,685 | $ | 1,527 | $ | 158 | 10.3 | % | $ | (4) | 10.6 | % | |||||||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 1,143.0 | $ | 1,338.9 | $ | (195.9) | (14.6) | % | $ | (7.2) | (14.1) | % | |||||||||||||||||||||||||||||||||||
SG&A as % gross profit | 66.1 | % | 74.5 | % | (8.5) | % | |||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | |||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 4,406.6 | $ | 4,832.2 | $ | (425.6) | (8.8) | % | ||||||||||||||||||||||||
Used vehicle retail sales | 2,348.5 | 2,509.9 | (161.4) | (6.4) | % | |||||||||||||||||||||||||||
Used vehicle wholesale sales | 169.4 | 174.5 | (5.0) | (2.9) | % | |||||||||||||||||||||||||||
Total used | 2,517.9 | 2,684.4 | (166.5) | (6.2) | % | |||||||||||||||||||||||||||
Parts and service sales | 1,162.6 | 1,234.4 | (71.8) | (5.8) | % | |||||||||||||||||||||||||||
F&I, net | 416.3 | 433.2 | (16.9) | (3.9) | % | |||||||||||||||||||||||||||
Total revenues | $ | 8,503.4 | $ | 9,184.2 | $ | (680.8) | (7.4) | % | ||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 272.4 | $ | 228.8 | $ | 43.5 | 19.0 | % | ||||||||||||||||||||||||
Used vehicle retail sales | 162.8 | 161.7 | 1.1 | 0.7 | % | |||||||||||||||||||||||||||
Used vehicle wholesale sales | 7.7 | 2.5 | 5.2 | 207.5 | % | |||||||||||||||||||||||||||
Total used | 170.5 | 164.2 | 6.3 | 3.9 | % | |||||||||||||||||||||||||||
Parts and service sales | 626.8 | 668.5 | (41.8) | (6.2) | % | |||||||||||||||||||||||||||
F&I, net | 416.3 | 433.2 | (16.9) | (3.9) | % | |||||||||||||||||||||||||||
Total gross profit | $ | 1,486.0 | $ | 1,494.8 | $ | (8.8) | (0.6) | % | ||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||
New vehicle retail sales | 6.2 | % | 4.7 | % | 1.4 | % | ||||||||||||||||||||||||||
Used vehicle retail sales | 6.9 | % | 6.4 | % | 0.5 | % | ||||||||||||||||||||||||||
Used vehicle wholesale sales | 4.6 | % | 1.4 | % | 3.1 | % | ||||||||||||||||||||||||||
Total used | 6.8 | % | 6.1 | % | 0.7 | % | ||||||||||||||||||||||||||
Parts and service sales | 53.9 | % | 54.2 | % | (0.2) | % | ||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||||||||||||
Total gross margin | 17.5 | % | 16.3 | % | 1.2 | % | ||||||||||||||||||||||||||
Units sold: | ||||||||||||||||||||||||||||||||
Retail new vehicles sold | 105,022 | 122,096 | (17,074) | (14.0) | % | |||||||||||||||||||||||||||
Retail used vehicles sold | 108,411 | 121,016 | (12,605) | (10.4) | % | |||||||||||||||||||||||||||
Wholesale used vehicles sold | 24,679 | 28,577 | (3,898) | (13.6) | % | |||||||||||||||||||||||||||
Total used | 133,090 | 149,593 | (16,503) | (11.0) | % | |||||||||||||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||||||||||||
New vehicle retail | $ | 41,959 | $ | 39,577 | $ | 2,382 | 6.0 | % | ||||||||||||||||||||||||
Used vehicle retail | $ | 21,663 | $ | 20,740 | $ | 922 | 4.4 | % | ||||||||||||||||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 2,593 | $ | 1,874 | $ | 719 | 38.4 | % | ||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,502 | $ | 1,336 | $ | 166 | 12.4 | % | ||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 313 | $ | 88 | $ | 225 | 256.0 | % | ||||||||||||||||||||||||
Total used | $ | 1,281 | $ | 1,098 | $ | 184 | 16.7 | % | ||||||||||||||||||||||||
F&I PRU | $ | 1,951 | $ | 1,782 | $ | 169 | 9.5 | % | ||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||
SG&A expenses | $ | 947.0 | $ | 1,075.6 | $ | (128.5) | (12.0) | % | ||||||||||||||||||||||||
SG&A as % gross profit | 63.7 | % | 72.0 | % | (8.2) | % | ||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | Increase/(Decrease) | % Change | ||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
New vehicle retail sales | $ | 4,343.5 | $ | 4,806.3 | $ | (462.8) | (9.6) | % | |||||||||||||||||||||
Used vehicle retail sales | 2,299.4 | 2,489.2 | (189.8) | (7.6) | % | ||||||||||||||||||||||||
Used vehicle wholesale sales | 167.1 | 171.5 | (4.4) | (2.6) | % | ||||||||||||||||||||||||
Total used | 2,466.5 | 2,660.7 | (194.2) | (7.3) | % | ||||||||||||||||||||||||
Parts and service sales | 1,145.6 | 1,225.2 | (79.7) | (6.5) | % | ||||||||||||||||||||||||
F&I, net | 412.8 | 430.8 | (18.0) | (4.2) | % | ||||||||||||||||||||||||
Total revenues | $ | 8,368.4 | $ | 9,123.1 | $ | (754.6) | (8.3) | % | |||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||
New vehicle retail sales | $ | 265.5 | $ | 227.6 | $ | 37.9 | 16.7 | % | |||||||||||||||||||||
Used vehicle retail sales | 159.5 | 160.7 | (1.2) | (0.7) | % | ||||||||||||||||||||||||
Used vehicle wholesale sales | 7.7 | 2.5 | 5.2 | 204.5 | % | ||||||||||||||||||||||||
Total used | 167.2 | 163.2 | 4.0 | 2.5 | % | ||||||||||||||||||||||||
Parts and service sales | 616.6 | 663.7 | (47.1) | (7.1) | % | ||||||||||||||||||||||||
F&I, net | 412.8 | 430.8 | (18.0) | (4.2) | % | ||||||||||||||||||||||||
Total gross profit | $ | 1,462.2 | $ | 1,485.3 | $ | (23.1) | (1.6) | % | |||||||||||||||||||||
Gross margin: | |||||||||||||||||||||||||||||
New vehicle retail sales | 6.1 | % | 4.7 | % | 1.4 | % | |||||||||||||||||||||||
Used vehicle retail sales | 6.9 | % | 6.5 | % | 0.5 | % | |||||||||||||||||||||||
Used vehicle wholesale sales | 4.6 | % | 1.5 | % | 3.2 | % | |||||||||||||||||||||||
Total used | 6.8 | % | 6.1 | % | 0.6 | % | |||||||||||||||||||||||
Parts and service sales | 53.8 | % | 54.2 | % | (0.3) | % | |||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | |||||||||||||||||||||||
Total gross margin | 17.5 | % | 16.3 | % | 1.2 | % | |||||||||||||||||||||||
Units sold: | |||||||||||||||||||||||||||||
Retail new vehicles sold | 103,790 | 121,322 | (17,532) | (14.5) | % | ||||||||||||||||||||||||
Retail used vehicles sold | 106,611 | 119,655 | (13,044) | (10.9) | % | ||||||||||||||||||||||||
Wholesale used vehicles sold | 24,410 | 28,113 | (3,703) | (13.2) | % | ||||||||||||||||||||||||
Total used | 131,021 | 147,768 | (16,747) | (11.3) | % | ||||||||||||||||||||||||
Average sales price per unit sold: | |||||||||||||||||||||||||||||
New vehicle retail | $ | 41,849 | $ | 39,616 | $ | 2,233 | 5.6 | % | |||||||||||||||||||||
Used vehicle retail | $ | 21,568 | $ | 20,803 | $ | 765 | 3.7 | % | |||||||||||||||||||||
Gross profit per unit sold: | |||||||||||||||||||||||||||||
New vehicle retail sales | $ | 2,558 | $ | 1,876 | $ | 682 | 36.4 | % | |||||||||||||||||||||
Used vehicle retail sales | $ | 1,496 | $ | 1,343 | $ | 153 | 11.4 | % | |||||||||||||||||||||
Used vehicle wholesale sales | $ | 317 | $ | 90 | $ | 227 | 250.7 | % | |||||||||||||||||||||
Total used | $ | 1,276 | $ | 1,104 | $ | 172 | 15.6 | % | |||||||||||||||||||||
F&I PRU | $ | 1,962 | $ | 1,788 | $ | 174 | 9.8 | % | |||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
SG&A expenses | $ | 934.6 | $ | 1,068.9 | $ | (134.3) | (12.6) | % | |||||||||||||||||||||
SG&A as % gross profit | 63.9 | % | 72.0 | % | (8.0) | % | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 1,021.8 | $ | 1,195.1 | $ | (173.2) | (14.5) | % | $ | 3.7 | (14.8) | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 707.2 | 771.3 | (64.1) | (8.3) | % | 7.4 | (9.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 126.4 | 162.3 | (36.0) | (22.2) | % | 1.2 | (22.9) | % | ||||||||||||||||||||||||||||||||||||||||||
Total used | 833.5 | 933.7 | (100.1) | (10.7) | % | 8.5 | (11.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 194.8 | 227.9 | (33.1) | (14.5) | % | 2.2 | (15.5) | % | ||||||||||||||||||||||||||||||||||||||||||
F&I, net | 46.6 | 57.0 | (10.4) | (18.2) | % | 0.3 | (18.7) | % | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 2,096.8 | $ | 2,413.7 | $ | (316.8) | (13.1) | % | $ | 14.7 | (13.7) | % | ||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 47.0 | $ | 54.2 | $ | (7.2) | (13.4) | % | $ | — | (13.4) | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 42.1 | 33.7 | 8.4 | 24.9 | % | 0.5 | 23.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 2.5 | (2.7) | 5.2 | 190.8 | % | — | 191.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Total used | 44.6 | 31.0 | 13.6 | 43.8 | % | 0.5 | 42.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 109.9 | 125.4 | (15.5) | (12.4) | % | 1.3 | (13.4) | % | ||||||||||||||||||||||||||||||||||||||||||
F&I, net | 46.6 | 57.0 | (10.4) | (18.2) | % | 0.3 | (18.7) | % | ||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 248.1 | $ | 267.7 | $ | (19.6) | (7.3) | % | $ | 2.1 | (8.1) | % | ||||||||||||||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | 4.6 | % | 4.5 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 6.0 | % | 4.4 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 1.9 | % | (1.7) | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total used | 5.3 | % | 3.3 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 56.4 | % | 55.0 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total gross margin | 11.8 | % | 11.1 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Units sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicles sold | 29,684 | 37,565 | (7,881) | (21.0) | % | |||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicles sold | 29,091 | 33,121 | (4,030) | (12.2) | % | |||||||||||||||||||||||||||||||||||||||||||||
Wholesale used vehicles sold | 15,651 | 20,694 | (5,043) | (24.4) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total used | 44,742 | 53,815 | (9,073) | (16.9) | % | |||||||||||||||||||||||||||||||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail | $ | 34,424 | $ | 31,814 | $ | 2,610 | 8.2 | % | $ | 124 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail | $ | 24,309 | $ | 23,288 | $ | 1,021 | 4.4 | % | $ | 253 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 1,583 | $ | 1,443 | $ | 139 | 9.7 | % | $ | 2 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,448 | $ | 1,018 | $ | 430 | 42.2 | % | $ | 17 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 157 | $ | (131) | $ | 288 | 220.1 | % | $ | (1) | 220.6 | % | ||||||||||||||||||||||||||||||||||||||
Total used | $ | 997 | $ | 576 | $ | 420 | 72.9 | % | $ | 11 | 71.0 | % | ||||||||||||||||||||||||||||||||||||||
F&I PRU | $ | 793 | $ | 806 | $ | (13) | (1.6) | % | $ | 5 | (2.3) | % | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 191.2 | $ | 236.9 | $ | (45.6) | (19.3) | % | $ | 1.6 | (19.9) | % | ||||||||||||||||||||||||||||||||||||||
SG&A as % gross profit | 77.1 | % | 88.5 | % | (11.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 967.0 | $ | 1,170.3 | $ | (203.2) | (17.4) | % | $ | 4.2 | (17.7) | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 674.2 | 756.5 | (82.3) | (10.9) | % | 7.5 | (11.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 120.4 | 158.7 | (38.2) | (24.1) | % | 1.2 | (24.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 794.7 | 915.1 | (120.5) | (13.2) | % | 8.7 | (14.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 179.3 | 211.2 | (31.9) | (15.1) | % | 2.1 | (16.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 44.1 | 55.9 | (11.9) | (21.2) | % | 0.3 | (21.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 1,985.0 | $ | 2,352.6 | $ | (367.5) | (15.6) | % | $ | 15.3 | (16.3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 44.7 | $ | 53.3 | $ | (8.7) | (16.2) | % | $ | 0.1 | (16.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 40.4 | 33.4 | 7.0 | 21.1 | % | 0.5 | 19.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 2.4 | (2.5) | 4.8 | 196.2 | % | — | 196.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 42.8 | 30.9 | 11.9 | 38.4 | % | 0.5 | 36.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 101.5 | 117.6 | (16.1) | (13.7) | % | 1.2 | (14.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 44.1 | 55.9 | (11.9) | (21.2) | % | 0.3 | (21.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 233.1 | $ | 257.8 | $ | (24.8) | (9.6) | % | $ | 2.1 | (10.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | 4.6 | % | 4.6 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 6.0 | % | 4.4 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 2.0 | % | (1.6) | % | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 5.4 | % | 3.4 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 56.6 | % | 55.7 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross margin | 11.7 | % | 11.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Units sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicles sold | 27,997 | 36,493 | (8,496) | (23.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicles sold | 27,638 | 32,550 | (4,912) | (15.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale used vehicles sold | 14,901 | 20,302 | (5,401) | (26.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 42,539 | 52,852 | (10,313) | (19.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail | $ | 34,541 | $ | 32,069 | $ | 2,472 | 7.7 | % | $ | 151 | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail | $ | 24,394 | $ | 23,240 | $ | 1,154 | 5.0 | % | $ | 270 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 1,596 | $ | 1,462 | $ | 134 | 9.2 | % | $ | 3 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,462 | $ | 1,025 | $ | 437 | 42.6 | % | $ | 18 | 40.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 159 | $ | (121) | $ | 280 | 231.0 | % | $ | (1) | 231.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total used | $ | 1,006 | $ | 585 | $ | 421 | 71.9 | % | $ | 12 | 69.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
F&I PRU | $ | 792 | $ | 810 | $ | (18) | (2.2) | % | $ | 6 | (2.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 177.2 | $ | 224.7 | $ | (47.5) | (21.1) | % | $ | 1.7 | (21.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
SG&A as % gross profit | 76.0 | % | 87.2 | % | (11.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 152.4 | $ | 286.8 | $ | (134.4) | (46.9) | % | $ | (41.2) | (32.5) | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 50.0 | 85.4 | (35.4) | (41.4) | % | (13.2) | (26.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 12.3 | 18.3 | (6.1) | (33.1) | % | (3.5) | (14.2) | % | ||||||||||||||||||||||||||||||||||||||||||
Total used | 62.3 | 103.7 | (41.5) | (40.0) | % | (16.7) | (23.9) | % | ||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 31.9 | 47.6 | (15.7) | (33.0) | % | (9.3) | (13.5) | % | ||||||||||||||||||||||||||||||||||||||||||
F&I, net | 5.0 | 7.6 | (2.7) | (34.9) | % | (1.4) | (16.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 251.6 | $ | 445.9 | $ | (194.3) | (43.6) | % | $ | (68.6) | (28.2) | % | ||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 11.1 | $ | 17.8 | $ | (6.7) | (37.5) | % | $ | (3.1) | (19.8) | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 3.8 | 5.9 | (2.1) | (36.2) | % | (1.1) | (17.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 0.8 | 1.2 | (0.4) | (32.7) | % | (0.3) | (11.9) | % | ||||||||||||||||||||||||||||||||||||||||||
Total used | 4.6 | 7.1 | (2.5) | (35.6) | % | (1.4) | (16.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 14.2 | 21.0 | (6.8) | (32.5) | % | (4.1) | (12.8) | % | ||||||||||||||||||||||||||||||||||||||||||
F&I, net | 5.0 | 7.6 | (2.7) | (34.9) | % | (1.4) | (16.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 34.8 | $ | 53.5 | $ | (18.7) | (34.9) | % | $ | (10.0) | (16.2) | % | ||||||||||||||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | 7.3 | % | 6.2 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 7.5 | % | 6.9 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 6.6 | % | 6.6 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total used | 7.3 | % | 6.8 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 44.5 | % | 44.2 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total gross margin | 13.9 | % | 12.0 | % | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Units sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicles sold | 5,515 | 9,475 | (3,960) | (41.8) | % | |||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicles sold | 2,616 | 4,412 | (1,796) | (40.7) | % | |||||||||||||||||||||||||||||||||||||||||||||
Wholesale used vehicles sold | 1,456 | 1,934 | (478) | (24.7) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total used | 4,072 | 6,346 | (2,274) | (35.8) | % | |||||||||||||||||||||||||||||||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail | $ | 27,639 | $ | 30,274 | $ | (2,636) | (8.7) | % | $ | (7,475) | 16.0 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail | $ | 19,120 | $ | 19,356 | $ | (236) | (1.2) | % | $ | (5,041) | 24.8 | % | ||||||||||||||||||||||||||||||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 2,012 | $ | 1,874 | $ | 139 | 7.4 | % | $ | (568) | 37.7 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,438 | $ | 1,336 | $ | 102 | 7.6 | % | $ | (426) | 39.5 | % | ||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 559 | $ | 625 | $ | (66) | (10.6) | % | $ | (172) | 17.0 | % | ||||||||||||||||||||||||||||||||||||||
Total used | $ | 1,124 | $ | 1,120 | $ | 4 | 0.4 | % | $ | (335) | 30.3 | % | ||||||||||||||||||||||||||||||||||||||
F&I PRU | $ | 612 | $ | 551 | $ | 61 | 11.1 | % | $ | (172) | 42.4 | % | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 31.1 | $ | 46.0 | $ | (14.9) | (32.4) | % | $ | (8.9) | (13.0) | % | ||||||||||||||||||||||||||||||||||||||
SG&A as % gross profit | 89.2 | % | 85.8 | % | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 152.4 | $ | 284.0 | $ | (131.6) | (46.3) | % | $ | (41.2) | (31.8) | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 50.0 | 82.6 | (32.6) | (39.5) | % | (13.1) | (23.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 12.3 | 16.2 | (4.0) | (24.4) | % | (3.4) | (3.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 62.3 | 98.8 | (36.5) | (37.0) | % | (16.6) | (20.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 31.9 | 46.9 | (15.0) | (32.0) | % | (9.3) | (12.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 5.0 | 7.6 | (2.6) | (34.3) | % | (1.4) | (15.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 251.6 | $ | 437.3 | $ | (185.7) | (42.5) | % | $ | (68.4) | (26.8) | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 11.1 | $ | 17.8 | $ | (6.7) | (37.5) | % | $ | (3.1) | (19.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 3.8 | 5.9 | (2.1) | (36.2) | % | (1.1) | (17.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 0.8 | 1.2 | (0.4) | (31.7) | % | (0.3) | (10.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 4.6 | 7.1 | (2.5) | (35.4) | % | (1.4) | (16.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 14.2 | 20.7 | (6.5) | (31.5) | % | (4.1) | (11.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 5.0 | 7.6 | (2.6) | (34.3) | % | (1.4) | (15.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 34.8 | $ | 53.1 | $ | (18.3) | (34.4) | % | $ | (10.0) | (15.6) | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | 7.3 | % | 6.3 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | 7.5 | % | 7.1 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | 6.6 | % | 7.3 | % | (0.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 7.3 | % | 7.2 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service sales | 44.5 | % | 44.2 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
F&I, net | 100.0 | % | 100.0 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross margin | 13.9 | % | 12.2 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Units sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicles sold | 5,515 | 9,430 | (3,915) | (41.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicles sold | 2,616 | 4,334 | (1,718) | (39.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale used vehicles sold | 1,456 | 1,867 | (411) | (22.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total used | 4,072 | 6,201 | (2,129) | (34.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average sales price per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail | $ | 27,639 | $ | 30,118 | $ | (2,480) | (8.2) | % | $ | (7,467) | 16.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail | $ | 19,109 | $ | 19,051 | $ | 59 | 0.3 | % | $ | (5,021) | 26.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit per unit sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle retail sales | $ | 2,013 | $ | 1,884 | $ | 129 | 6.8 | % | $ | (568) | 37.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle retail sales | $ | 1,437 | $ | 1,359 | $ | 78 | 5.8 | % | $ | (427) | 37.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Used vehicle wholesale sales | $ | 559 | $ | 638 | $ | (79) | (12.4) | % | $ | (172) | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total used | $ | 1,123 | $ | 1,142 | $ | (19) | (1.6) | % | $ | (336) | 27.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
F&I PRU | $ | 612 | $ | 550 | $ | 62 | 11.2 | % | $ | (172) | 42.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A expenses | $ | 31.1 | $ | 45.3 | $ | (14.2) | (31.3) | % | $ | (8.9) | (11.7) | % | ||||||||||||||||||||||||||||||||||||||||||||
SG&A as % gross profit | 89.3 | % | 85.2 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Increase/ (Decrease) | % Change | ||||||||||||||||||||
Depreciation and amortization expense | $ | 75.8 | $ | 71.6 | $ | 4.2 | 5.8 | % | |||||||||||||||
Asset impairments | $ | 37.7 | $ | 22.2 | $ | 15.5 | 69.6 | % | |||||||||||||||
Floorplan interest expense | $ | 39.5 | $ | 61.6 | $ | (22.1) | (35.8) | % | |||||||||||||||
Other interest expense, net | $ | 62.6 | $ | 74.9 | $ | (12.3) | (16.5) | % | |||||||||||||||
(Gain) loss on extinguishment of debt | $ | 13.7 | $ | — | $ | 13.7 | — | % | |||||||||||||||
(Benefit) provision for income taxes | $ | 83.8 | $ | 53.3 | $ | 30.6 | 57.4 | % |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 805.4 | $ | 370.9 | ||||||||||||||||
Change in Floorplan notes payable — credit facility and other, excluding floorplan offset and net acquisitions and dispositions | (313.7) | (42.8) | ||||||||||||||||||
Change in Floorplan notes payable — manufacturer affiliates associated with net acquisitions and dispositions and floorplan offset activity | 12.0 | 4.0 | ||||||||||||||||||
Adjusted net cash provided by (used in) operating activities | $ | 503.7 | $ | 332.1 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) investing activities | $ | (74.7) | $ | (291.6) | ||||||||||||||||
Change in cash paid for acquisitions, associated with Floorplan notes payable | — | 25.2 | ||||||||||||||||||
Change in proceeds from disposition of franchises, property and equipment, associated with Floorplan notes payable | (8.6) | (19.5) | ||||||||||||||||||
Adjusted net cash provided by (used in) investing activities | $ | (83.3) | $ | (285.9) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | (668.1) | $ | (67.0) | ||||||||||||||||
Change in Floorplan notes payable, excluding floorplan offset | 310.3 | 33.1 | ||||||||||||||||||
Adjusted net cash provided by (used in) financing activities | $ | (357.8) | $ | (33.9) |
As of December 31, 2020 | |||||||||||||||||||||||
Total
Commitment |
Outstanding | Available | |||||||||||||||||||||
U.S. Floorplan Line (1)
|
$ | 1,396.0 | $ | 741.2 | $ | 654.8 | |||||||||||||||||
Acquisition Line (2)
|
349.0 | 64.8 | 284.2 | ||||||||||||||||||||
Total revolving credit facility | 1,745.0 | 806.0 | 939.0 | ||||||||||||||||||||
FMCC facility (3)
|
300.0 | 95.2 | 204.8 | ||||||||||||||||||||
Total U.S. credit facilities (4)
|
$ | 2,045.0 | $ | 901.2 | $ | 1,143.8 |
As of December 31, 2020 | ||||||||
Required | Actual | |||||||
Total adjusted leverage ratio | < 5.50 | 2.29 | ||||||
Fixed charge coverage ratio | > 1.20 | 4.11 |
Payments Due by Period | ||||||||||||||||||||||||||||||||
Total | 1 Year | 2-3 Years | 4-5 Years | Thereafter | ||||||||||||||||||||||||||||
Floorplan notes payable (1)
|
$ | 1,095.0 | $ | 1,095.0 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Debt obligations (2)
|
1,362.4 | 57.3 | 165.0 | 238.0 | 902.2 | |||||||||||||||||||||||||||
Estimated interest payments on fixed-rate long-term debt obligations | 224.4 | 31.1 | 59.6 | 56.0 | 77.8 | |||||||||||||||||||||||||||
Estimated interest payments on variable-rate long-term debt obligations (3)
|
54.4 | 11.6 | 19.7 | 13.9 | 9.2 | |||||||||||||||||||||||||||
Operating lease payments (4)
|
330.3 | 33.4 | 64.3 | 50.6 | 182.0 | |||||||||||||||||||||||||||
Deferred compensation plan (5)
|
78.4 | 5.3 | 8.4 | 6.3 | 58.4 | |||||||||||||||||||||||||||
Purchase commitments (6)
|
62.2 | 22.1 | 28.9 | 11.2 | — | |||||||||||||||||||||||||||
Total | $ | 3,207.2 | $ | 1,255.9 | $ | 345.9 | $ | 376.0 | $ | 1,229.5 |
Name | Age | Position | Years with Group 1 | Years of Automotive Experience | ||||||||||||||||||||||
Earl J. Hesterberg | 67 | President and Chief Executive Officer | 15.5 | 46 | ||||||||||||||||||||||
Daryl A. Kenningham | 56 | President, U.S. and Brazilian Operations | 9.5 | 33 | ||||||||||||||||||||||
Daniel J. McHenry | 46 | Senior Vice President and Chief Financial Officer | 13 | 16 | ||||||||||||||||||||||
Frank Grese Jr. | 68 | Senior Vice President of Human Resources, Training, and Operations Support | 16 | 46 | ||||||||||||||||||||||
Peter C. DeLongchamps | 60 | Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs | 16.5 | 38 |
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) | |||||||||||||
— | Certificate of Designation of Series A Junior Participating Preferred Stock (incorporated by reference to Exhibit 3.2 of Group 1’s Quarterly Report on Form 10-Q (File No. 001-13461) for the period ended March 31, 2007) | |||||||||||||
— | 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) | |||||||||||||
— | Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 (Registration No. 333-29893)) | |||||||||||||
— | Indenture, dated as of June 2, 2014, by and among Group 1 Automotive, Inc., the subsidiary guarantors party hereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed June 2, 2014) | |||||||||||||
— | Form of 5.000% Senior Notes due 2022 (included as Exhibit A to Exhibit 4.1) | |||||||||||||
— | Registration Rights Agreement, dated as of June 2, 2014, by and among Group 1 Automotive, Inc., the guarantors party thereto and J.P. Morgan Securities LLC, as representative of the initial purchasers named therein (incorporated by reference to Exhibit 4.3 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed June 2, 2014) | |||||||||||||
— | Registration Rights Agreement, dated as of September 9, 2014, by and among Group 1 Automotive, Inc., the guarantors party thereto and J.P. Morgan Securities LLC, as representative of the initial purchasers named therein (incorporated by reference to Exhibit 4.1 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed September 11, 2014) | |||||||||||||
— | Indenture, dated as of December 8, 2015, by and among Group 1 Automotive, Inc., the subsidiary guarantors party hereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed December 9, 2015) | |||||||||||||
— | Form of 5.250% Senior Notes due 2023 (incorporated by reference to Exhibit 4.1, Exhibit A of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed December 9, 2015) | |||||||||||||
— |
Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
|
|||||||||||||
— | Indenture, dated as of August 17, 2020, by and among Group 1 Automotive, Inc., the guarantors party thereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed August 17, 2020) | |||||||||||||
— | Form of 4.000% Senior Notes due 2028 (incorporated by reference to Exhibit 4.1, Exhibit A, of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed August 17, 2020) | |||||||||||||
— | Eleventh Amended and Restated Revolving Credit Agreement, dated effective as of June 27, 2019 (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed July 1, 2019) | |||||||||||||
— | Waiver and First Amendment to Eleventh Amended and Restated Revolving Credit Agreement dated as of March 3, 2020 among Group 1 Automotive, Inc., the Subsidiary Borrowers listed therein, the Lenders listed therein, U.S. Bank National Association, N.A., as Administrative Agent, and Comerica Bank, as Floor Plan Agent (incorporated by reference to Exhibit 10.2 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (file No. 001-13461) for the quarter ended September 30, 2020) | |||||||||||||
— | Second Amendment to Eleventh Amended and Restated Revolving Credit Agreement dated as of October 30, 2020 among Group 1 Automotive, Inc., the Subsidiary Borrowers listed therein, the Lenders listed therein, U.S. Bank National Association, N.A., as Administrative Agent, and Comerica Bank, as Floor Plan Agent (incorporated by reference to Exhibit 10.5 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (file No. 001-13461) for the quarter ended September 30, 2020) | |||||||||||||
— | Stockholders Agreement dated as of February 28, 2013, by and among Group 1 Automotive, Inc. and former shareholders of UAB Motors Participações S.A. named therein (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed March 5, 2013) | |||||||||||||
Exhibit
Number |
Description | |||||||||||||
— | Master Assignment and Acceptance Agreement, dated effective December 11, 2012, between JPMorgan Chase Bank, N.A., Comerica Bank, and Bank of America, N.A., each, an Assignor, and VW Credit, Inc., as Assignee, pursuant to the terms of the Eighth Amended and Restated Revolving Credit Agreement, dated effective as of July 1, 2011, as amended (incorporated by reference to Exhibit 10.3 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 2012) | |||||||||||||
— | Loan Facility dated as of October 3, 2008 by and between Chandlers Garage Holdings Limited and BMW Financial Services (GB) Limited. (incorporated by reference to Exhibit 10.2 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2008) | |||||||||||||
— | Form of Ford Motor Credit Company Automotive Wholesale Plan Application for Wholesale Financing and Security Agreement (incorporated by reference to Exhibit 10.2 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended June 30, 2003) | |||||||||||||
— | Supplemental Terms and Conditions dated September 4, 1997 between Ford Motor Company and Group 1 Automotive, Inc. (incorporated by reference to Exhibit 10.16 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 Registration No. 333-29893) | |||||||||||||
— | Form of Agreement between Toyota Motor Sales, U.S.A., Inc. and Group 1 Automotive, Inc. (incorporated by reference to Exhibit 10.12 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 Registration No. 333-29893) | |||||||||||||
— | Toyota Dealer Agreement effective April 5, 1993 between Gulf States Toyota, Inc. and Southwest Toyota, Inc. (incorporated by reference to Exhibit 10.17 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 Registration No. 333-29893) | |||||||||||||
— | Lexus Dealer Agreement effective August 21, 1995 between Lexus, a division of Toyota Motor Sales, U.S.A., Inc. and SMC Luxury Cars, Inc. (incorporated by reference to Exhibit 10.18 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 Registration No. 333-29893) | |||||||||||||
— | Form of General Motors Corporation U.S.A. Sales and Service Agreement (incorporated by reference to Exhibit 10.25 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 Registration No. 333-29893) | |||||||||||||
— | Form of Ford Motor Company Sales and Service Agreement (incorporated by reference to Exhibit 10.38 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 1998) | |||||||||||||
— | Form of Supplemental Agreement to General Motors Corporation Dealer Sales and Service Agreement (Incorporated by reference to Exhibit 10.13 of Group 1 Automotive, Inc.’s Registration Statement on Form S-1 Registration No. 333-29893) | |||||||||||||
— | Form of Chrysler Corporation Sales and Service Agreement (incorporated by reference to Exhibit 10.39 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 1998) | |||||||||||||
— | Form of Nissan Division of Nissan North America, Inc. Dealer Sales and Service Agreement (incorporated by reference to Exhibit 10.25 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 2003) | |||||||||||||
— | Policy on Payment or Recoupment of Performance-Based Cash Bonuses and Performance-Based Stock Bonuses in the Event of Certain Restatement (incorporated by reference to the section titled “Policy on Payment or Recoupment of Performance-Based Cash Bonuses and Performance-Based Stock Bonuses in the Event of Certain Restatement” in Item 5.02 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 13461) filed November 16, 2009) | |||||||||||||
— | Form of Indemnification Agreement of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed November 13, 2007) | |||||||||||||
— | Officer’s Terms of Engagement and Guarantees between UAB Motors Participações S.A. and Lincoln da Cunha Pereira Filho dated as of February 28, 2013 (incorporated by reference to Exhibit 10.3 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended March 31, 2013) | |||||||||||||
— | Group 1 Automotive, Inc. Deferred Compensation Plan, as Amended and Restated, effective January 1, 2008 (incorporated by reference to Exhibit 10.28 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 2007) | |||||||||||||
— | First Amendment to Group 1 Automotive, Inc. Deferred Compensation Plan, as Amended and Restated, effective January 1, 2008 (incorporated by reference to Exhibit 10.25 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 2008) | |||||||||||||
Exhibit
Number |
Description | |||||||||||||
— | Second Amendment to Group 1 Automotive, Inc. Deferred Compensation Plan, as Amended and Restated, effective January 1, 2008 (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended June 30, 2009) | |||||||||||||
— | Third Amendment to Group 1 Automotive, Inc. Deferred Compensation Plan, as Amended and Restated, effective January 1, 2008 (Incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed November 15, 2010) | |||||||||||||
— | Fourth Amendment to Group 1 Automotive, Inc. Deferred Compensation Plan, as Amended and Restated, signed August 15, 2018 (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2018) | |||||||||||||
— | Group 1 Automotive, Inc. Deferred Compensation Plan, as Amended and Restated, effective January 1, 2021 (incorporated by reference to Exhibit 10.3 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2020) | |||||||||||||
— | Group 1 Automotive, Inc. 2014 Long Term Incentive Plan (incorporated by reference to Appendix A to Group 1 Automotive, Inc.’s definitive proxy statement on Schedule 14A filed April 10, 2014) | |||||||||||||
— | First Amendment to the Group 1 Automotive, Inc. 2014 Long Term Incentive Plan, effective May 13, 2020 (incorporated by reference to Exhibit 10.4 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2020) | |||||||||||||
— | Form of Phantom Stock Agreement for Employees (incorporated by reference to Exhibit 10.3 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed March 16, 2005) | |||||||||||||
— | Form of Phantom Stock Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.5 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed March 16, 2005) | |||||||||||||
— | Form of Phantom Stock Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.36 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 2009) | |||||||||||||
— | Form of Senior Executive Restricted Stock Agreement (incorporated by reference to Exhibit 10.3 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2014) | |||||||||||||
— | Form of Phantom Stock Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.7 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2014) | |||||||||||||
— | Form of Restricted Stock Agreement for Employees (incorporated by reference to Exhibit 10.5 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2014) | |||||||||||||
— | Form of Restricted Stock Agreement with Qualified Retirement Provisions (incorporated by reference to Exhibit 10.1 to Group 1 Automotive, Inc.’s Current Report on Form 8K (File No. 001-13461) filed May 22, 2018) | |||||||||||||
— | Form of Restricted Stock Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.34 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461) for the year ended December 31, 2018) | |||||||||||||
— | Form of Phantom Stock Agreement (Cash Settlement) for Non-Employee Directors (incorporated by reference to Exhibit 10.33 of Group 1 Automotive, Inc.’s Annual Report on Form 10-K (File No. 001-13461 for the year ended December 31, 2018) | |||||||||||||
— | Form of Performance Share Unit Agreement (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended March 31, 2019) | |||||||||||||
— | Employment Agreement dated effective May 19, 2015 between Group 1 Automotive, Inc. and Earl J. Hesterberg (incorporated by reference to Exhibit 10.1 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2015) | |||||||||||||
— |
Amendment to Employment Agreement dated effective as of May 17, 2018 between Group 1 Automotive, Inc. and Earl J. Hesterberg (incorporated by reference to Exhibit 10.2 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2018)
|
|||||||||||||
Exhibit
Number |
Description | |||||||||||||
— | Non-Compete Agreement dated effective May 19, 2015 between Group 1 Automotive, Inc. and Earl J. Hesterberg (incorporated by reference to Exhibit 10.2 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2015) | |||||||||||||
— | Incentive Compensation, Confidentiality, Non-Disclosure and Non-Compete Agreement dated June 6, 2011, between Group 1 Automotive, Inc. and Daryl Kenningham (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended June 30, 2020) | |||||||||||||
— | Employment Agreement dated January 1, 2009 between Group 1 Automotive, Inc. and John C. Rickel (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed March 17, 2009) | |||||||||||||
— | Incentive Compensation and Non-Compete Agreement dated June 2, 2006 between Group 1 Automotive, Inc. and John C. Rickel (incorporated by reference to Exhibit 10.2 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed June 7, 2006) | |||||||||||||
— | Transition and Separation Agreement, effective June 1, 2020, between Group 1 Automotive, Inc. and John C. Rickel (incorporated by reference to Exhibit 10.2 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended June 30, 2020) | |||||||||||||
— | Employment Agreement dated effective as of December 1, 2009 between Group 1 Automotive, Inc. and Darryl M. Burman (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed November 16, 2009) | |||||||||||||
— | Incentive Compensation and Non-Compete Agreement dated December 1, 2006 between Group 1 Automotive, Inc. and Darryl M. Burman (incorporated by reference to Exhibit 10.2 of Group 1 Automotive, Inc.’s Current Report on Form 8-K/A (File No. 001-13461) filed December 1, 2006) | |||||||||||||
— | Offer Letter, dated June 1, 2020, between Group 1 Automotive, Inc. and Daniel McHenry (incorporated by reference to Exhibit 10.3 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended June 30, 2020) | |||||||||||||
— | Retention, Confidentiality and Non-Compete Agreement dated August 20, 2020 between Group 1 Automotive, Inc. and Daniel McHenry (incorporated by reference to Exhibit 10.1 of Group 1 Automotive, Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) for the quarter ended September 30, 2020) | |||||||||||||
— | Group 1 Automotive, Inc. Aircraft Usage Policy | |||||||||||||
— | Group 1 Automotive, Inc. Subsidiary List | |||||||||||||
— | Consent of Deloitte & Touche LLP | |||||||||||||
— | Consent of Ernst & Young LLP | |||||||||||||
— | 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 as inline XBRL and contained in Exhibits 101) | ||||||||||||
† | Filed herewith | |||||||||||||
* | Management contract or compensatory plan or arrangement | |||||||||||||
** | Furnished herewith | |||||||||||||
Group 1 Automotive, Inc. | |||||||||||
By: | /s/ Earl J. Hesterberg | ||||||||||
Earl J. Hesterberg | |||||||||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ Earl J. Hesterberg | President and Chief Executive Officer and Director | |||||||
Earl J. Hesterberg | (Principal Executive Officer) | |||||||
/s/ Daniel J. McHenry | Senior Vice President and Chief Financial Officer | |||||||
Daniel J. McHenry | (Principal Financial and Accounting Officer) | |||||||
/s/ Stephen D. Quinn | Chairman and Director | |||||||
Stephen D. Quinn | ||||||||
/s/ Carin M. Barth | Director | |||||||
Carin M. Barth | ||||||||
/s/ Lincoln da Cunha Pereira Filho | Director | |||||||
Lincoln da Cunha Pereira Filho | ||||||||
/s/ Steven P. Stanbrook | Director | |||||||
Steven P. Stanbrook | ||||||||
/s/ Charles L. Szews | Director | |||||||
Charles L. Szews | ||||||||
/s/ Anne Taylor | Director | |||||||
Anne Taylor | ||||||||
/s/ Max P. Watson, Jr. | Director | |||||||
Max P. Watson, Jr. | ||||||||
/s/ MaryAnn Wright | Director | |||||||
MaryAnn Wright |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
REVENUES: | ||||||||||||||||||||
New vehicle retail sales | $ | 5,580.8 | $ | 6,314.1 | $ | 6,181.4 | ||||||||||||||
Used vehicle retail sales | 3,105.7 | 3,366.6 | 3,166.1 | |||||||||||||||||
Used vehicle wholesale sales | 308.1 | 355.2 | 369.6 | |||||||||||||||||
Parts and service sales | 1,389.3 | 1,510.0 | 1,416.9 | |||||||||||||||||
Finance, insurance and other, net | 467.9 | 497.9 | 467.5 | |||||||||||||||||
Total revenues | 10,851.8 | 12,043.8 | 11,601.4 | |||||||||||||||||
COST OF SALES: | ||||||||||||||||||||
New vehicle retail sales | 5,250.4 | 6,013.3 | 5,870.5 | |||||||||||||||||
Used vehicle retail sales | 2,896.9 | 3,165.3 | 2,980.1 | |||||||||||||||||
Used vehicle wholesale sales | 297.1 | 354.1 | 367.9 | |||||||||||||||||
Parts and service sales | 638.5 | 695.0 | 657.7 | |||||||||||||||||
Total cost of sales | 9,082.9 | 10,227.8 | 9,876.3 | |||||||||||||||||
GROSS PROFIT | 1,769.0 | 1,816.0 | 1,725.1 | |||||||||||||||||
Selling, general and administrative expenses | 1,169.3 | 1,358.4 | 1,273.1 | |||||||||||||||||
Depreciation and amortization expense | 75.8 | 71.6 | 67.1 | |||||||||||||||||
Asset impairments | 37.7 | 22.2 | 43.9 | |||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 486.1 | 363.7 | 341.1 | |||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||
Floorplan interest expense | 39.5 | 61.6 | 59.9 | |||||||||||||||||
Other interest expense, net | 62.6 | 74.9 | 75.8 | |||||||||||||||||
(Gain) loss on extinguishment of debt | 13.7 | — | — | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 370.3 | 227.3 | 205.4 | |||||||||||||||||
(Benefit) provision for income taxes | 83.8 | 53.3 | 47.6 | |||||||||||||||||
NET INCOME (LOSS) | $ | 286.5 | $ | 174.0 | $ | 157.8 | ||||||||||||||
BASIC EARNINGS (LOSS) PER SHARE | $ | 15.55 | $ | 9.35 | $ | 7.83 | ||||||||||||||
Weighted average common shares outstanding | 17.8 | 17.9 | 19.5 | |||||||||||||||||
DILUTED EARNINGS (LOSS) PER SHARE | $ | 15.51 | $ | 9.34 | $ | 7.83 | ||||||||||||||
Weighted average dilutive common shares outstanding | 17.8 | 17.9 | 19.5 |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
NET INCOME (LOSS) | $ | 286.5 | $ | 174.0 | $ | 157.8 | ||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Foreign currency translation adjustment | (8.7) | 3.9 | (24.2) | |||||||||||||||||
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 $11.4, $4.1 and ($2.1), respectively
|
(36.7) | (13.3) | 6.5 | |||||||||||||||||
Reclassification adjustment for realized (gain) loss on interest rate swap termination included in SG&A, net of tax benefit (provision) of $—, $— and $(0.2), respectively
|
0.1 | — | (0.7) | |||||||||||||||||
Reclassification adjustment for (gain) loss included in interest expense, net of tax benefit (provision) of $2.6, $0.1 and $1.2, respectively
|
8.2 | 0.2 | 3.9 | |||||||||||||||||
Unrealized gain (loss) on interest rate risk management activities, net of tax | (28.4) | (13.0) | 9.8 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (37.1) | (9.2) | (14.4) | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 249.4 | $ | 164.8 | $ | 143.4 |
Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury
Stock |
Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2017 | 25,515,374 | $ | 0.3 | $ | 291.5 | $ | 1,246.3 | $ | (123.2) | $ | (290.5) | $ | 1,124.3 | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 157.8 | — | — | 157.8 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | — | — | — | — | (14.4) | — | (14.4) | ||||||||||||||||||||||||||||||||||
Tax effects reclassified from accumulated other comprehensive income | — | — | — | 0.2 | (0.2) | — | — | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | (183.9) | (183.9) | ||||||||||||||||||||||||||||||||||
Net issuance of treasury shares to stock compensation plans | (21,046) | — | (17.4) | — | — | 20.1 | 2.7 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 18.7 | — | — | — | 18.7 | ||||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per share)
|
— | — | — | (20.8) | — | — | (20.8) | ||||||||||||||||||||||||||||||||||
ASC 606 cumulative adjustment | — | — | — | 11.4 | — | — | 11.4 | ||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2018 | 25,494,328 | $ | 0.3 | $ | 292.8 | $ | 1,394.8 | $ | (137.8) | $ | (454.4) | $ | 1,095.7 | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 174.0 | — | — | 174.0 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | — | — | — | — | (9.2) | — | (9.2) | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | (1.4) | (1.4) | ||||||||||||||||||||||||||||||||||
Net issuance of treasury shares to stock compensation plans | (7,617) | — | (16.3) | — | — | 20.5 | 4.2 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 18.8 | — | — | — | 18.8 | ||||||||||||||||||||||||||||||||||
Dividends declared ($1.09 per share)
|
— | — | — | (20.3) | — | — | (20.3) | ||||||||||||||||||||||||||||||||||
ASC 842 cumulative adjustment | — | — | — | (6.1) | — | — | (6.1) | ||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2019 | 25,486,711 | $ | 0.3 | $ | 295.3 | $ | 1,542.4 | $ | (147.0) | $ | (435.3) | $ | 1,255.7 | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 286.5 | — | — | 286.5 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | — | — | — | — | (37.1) | — | (37.1) | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | (80.2) | (80.2) | ||||||||||||||||||||||||||||||||||
Net issuance of treasury shares to stock compensation plans | (53,663) | — | (19.4) | — | — | 22.7 | 3.3 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 32.3 | — | — | — | 32.3 | ||||||||||||||||||||||||||||||||||
Dividends declared ($0.60 per share)
|
— | — | — | (11.0) | — | — | (11.0) | ||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2020 | 25,433,048 | $ | 0.3 | $ | 308.3 | $ | 1,817.9 | $ | (184.0) | $ | (492.8) | $ | 1,449.6 |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income (loss) | $ | 286.5 | $ | 174.0 | $ | 157.8 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 75.8 | 71.6 | 67.1 | |||||||||||||||||
Change in operating lease assets | 24.0 | 28.2 | — | |||||||||||||||||
Deferred income taxes | (0.9) | 16.2 | 3.5 | |||||||||||||||||
Asset impairments | 37.7 | 22.2 | 43.9 | |||||||||||||||||
Stock-based compensation | 32.3 | 18.8 | 18.7 | |||||||||||||||||
Amortization of debt discount and issue costs | 3.2 | 4.0 | 3.4 | |||||||||||||||||
(Gain) loss on disposition of assets | (5.8) | (5.9) | (26.8) | |||||||||||||||||
(Gain) loss on extinguishment of debt | 13.7 | — | — | |||||||||||||||||
Other | 2.2 | 1.1 | 0.9 | |||||||||||||||||
Changes in assets and liabilities, net of acquisitions and dispositions: | ||||||||||||||||||||
Accounts payable and accrued expenses | (45.9) | 123.1 | 18.4 | |||||||||||||||||
Accounts and notes receivable | 21.2 | (32.5) | 2.9 | |||||||||||||||||
Inventories | 416.1 | (28.8) | (80.6) | |||||||||||||||||
Contracts-in-transit and vehicle receivables | 43.5 | 12.7 | 39.5 | |||||||||||||||||
Prepaid expenses and other assets | 56.9 | (44.0) | (16.3) | |||||||||||||||||
Floorplan notes payable — manufacturer affiliates | (132.2) | 38.9 | 38.4 | |||||||||||||||||
Deferred revenues | (0.5) | (0.5) | (0.8) | |||||||||||||||||
Operating lease liabilities | (22.3) | (28.3) | — | |||||||||||||||||
Net cash provided by (used in) operating activities | 805.4 | 370.9 | 270.0 | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Cash paid for acquisitions, net of cash received | (1.3) | (143.2) | (135.3) | |||||||||||||||||
Proceeds from disposition of franchises, property and equipment | 29.8 | 43.4 | 107.9 | |||||||||||||||||
Purchases of property and equipment | (103.2) | (191.8) | (141.0) | |||||||||||||||||
Other | — | — | 0.5 | |||||||||||||||||
Net cash provided by (used in) investing activities | (74.7) | (291.6) | (168.0) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Borrowings on credit facility — floorplan line and other | 9,998.1 | 7,304.6 | 6,954.3 | |||||||||||||||||
Repayments on credit facility — floorplan line and other | (10,374.0) | (7,423.2) | (6,870.1) | |||||||||||||||||
Borrowings on credit facility — acquisition line | 284.0 | 319.0 | 165.3 | |||||||||||||||||
Repayments on credit facility — acquisition line | (309.5) | (281.4) | (158.5) | |||||||||||||||||
Debt issue costs | (9.0) | (5.4) | — | |||||||||||||||||
Borrowings of senior notes | 550.0 | — | — | |||||||||||||||||
Repayments of senior notes | (857.9) | — | — | |||||||||||||||||
Borrowings on other debt | 271.9 | 350.9 | 210.7 | |||||||||||||||||
Principal payments on other debt | (134.0) | (314.0) | (210.3) | |||||||||||||||||
Proceeds from employee stock purchase plan | 9.6 | 8.6 | 7.6 | |||||||||||||||||
Payments of tax withholding for stock-based awards | (6.2) | (4.4) | (4.9) | |||||||||||||||||
Proceeds from termination of mortgage swap | — | — | 0.9 | |||||||||||||||||
Repurchases of common stock, amounts based on settlement date | (80.2) | (1.4) | (183.9) | |||||||||||||||||
Dividends paid | (11.0) | (20.3) | (20.9) | |||||||||||||||||
Net cash provided by (used in) financing activities | (668.1) | (67.0) | (109.5) | |||||||||||||||||
Effect of exchange rate changes on cash | (3.4) | (2.9) | (3.3) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 59.2 | 9.3 | (10.9) | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 28.1 | 18.7 | 29.6 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 87.3 | $ | 28.1 | $ | 18.7 | ||||||||||||||
Estimated
Useful Lives in Years |
||||||||
Buildings and leasehold improvements |
25 to 50
|
|||||||
Machinery and dealership equipment |
7 to 20
|
|||||||
Office equipment, furniture and fixtures |
3 to 20
|
|||||||
Company vehicles |
3 to 5
|
Manufacturer | Percentage of New Vehicle Retail Units Sold | ||||
Toyota/Lexus | 23.9 % | ||||
Volkswagen/Audi/Porsche/SEAT/SKODA | 14.9 % | ||||
BMW/MINI | 11.4 % | ||||
Ford/Lincoln | 10.5 % |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
New vehicle retail sales | $ | 4,406.6 | $ | 1,021.8 | $ | 152.4 | $ | 5,580.8 | ||||||||||||||||||
Used vehicle retail sales | 2,348.5 | 707.2 | 50.0 | 3,105.7 | ||||||||||||||||||||||
Used vehicle wholesale sales | 169.4 | 126.4 | 12.3 | 308.1 | ||||||||||||||||||||||
Total new and used vehicle sales | 6,924.5 | 1,855.3 | 214.7 | 8,994.6 | ||||||||||||||||||||||
Parts and service sales (1)
|
1,162.6 | 194.8 | 31.9 | 1,389.3 | ||||||||||||||||||||||
Finance, insurance and other, net (2)
|
416.3 | 46.6 | 5.0 | 467.9 | ||||||||||||||||||||||
Total revenues | $ | 8,503.4 | $ | 2,096.8 | $ | 251.6 | $ | 10,851.8 |
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
New vehicle retail sales | $ | 4,832.2 | $ | 1,195.1 | $ | 286.8 | $ | 6,314.1 | ||||||||||||||||||
Used vehicle retail sales | 2,509.9 | 771.3 | 85.4 | 3,366.6 | ||||||||||||||||||||||
Used vehicle wholesale sales | 174.5 | 162.3 | 18.3 | 355.2 | ||||||||||||||||||||||
Total new and used vehicle sales | 7,516.6 | 2,128.7 | 390.6 | 10,035.9 | ||||||||||||||||||||||
Parts and service sales (1)
|
1,234.4 | 227.9 | 47.6 | 1,510.0 | ||||||||||||||||||||||
Finance, insurance and other, net (2)
|
433.2 | 57.0 | 7.6 | 497.9 | ||||||||||||||||||||||
Total revenues | $ | 9,184.2 | $ | 2,413.7 | $ | 445.9 | $ | 12,043.8 |
Year Ended December 31, 2018 | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
New vehicle retail sales | $ | 4,682.8 | $ | 1,217.1 | $ | 281.4 | $ | 6,181.4 | ||||||||||||||||||
Used vehicle retail sales | 2,307.0 | 771.7 | 87.4 | 3,166.1 | ||||||||||||||||||||||
Used vehicle wholesale sales | 178.9 | 173.8 | 16.9 | 369.6 | ||||||||||||||||||||||
Total new and used vehicle sales | 7,168.7 | 2,162.6 | 385.7 | 9,717.0 | ||||||||||||||||||||||
Parts and service sales (1)
|
1,153.3 | 217.6 | 46.0 | 1,416.9 | ||||||||||||||||||||||
Finance, insurance and other, net (2)
|
401.3 | 57.2 | 9.0 | 467.5 | ||||||||||||||||||||||
Total revenues | $ | 8,723.3 | $ | 2,437.4 | $ | 440.7 | $ | 11,601.4 |
F&I, Net | ||||||||
Contract Assets, January 1, 2020 | $ | 21.6 | ||||||
Changes related to revenue recognition during the period | 27.6 | |||||||
Amounts invoiced during the period | (13.9) | |||||||
Contract Assets, December 31, 2020 | $ | 35.3 |
Awards |
Weighted Average
Grant Date Fair Value |
|||||||||||||
Nonvested at January 1, 2020
|
674,206 | $ | 70.19 | |||||||||||
Granted | 180,925 | $ | 95.10 | |||||||||||
Vested | (214,635) | $ | 73.65 | |||||||||||
Forfeited | (19,953) | $ | 68.86 | |||||||||||
Nonvested at December 31, 2020
|
620,543 | $ | 76.22 |
Awards |
Weighted Average
Grant Date Fair Value |
|||||||||||||
Unsettled at January 1, 2020
|
10,689 | $ | 53.33 | |||||||||||
Granted | 5,982 | $ | 100.26 | |||||||||||
Unsettled at December 31, 2020
|
16,671 | $ | 130.30 |
Awards |
Weighted Average
Grant Date Fair Value |
|||||||||||||
Nonvested at January 1, 2020
|
30,555 | $ | 65.83 | |||||||||||
Granted | 20,992 | $ | 103.29 | |||||||||||
Forfeited | (6,444) | $ | 80.62 | |||||||||||
Nonvested at December 31, 2020
|
45,103 | $ | 81.15 |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Weighted average basic common shares outstanding | 17,754,666 | 17,917,195 | 19,452,560 | |||||||||||||||||
Dilutive effect of stock-based awards and employee stock purchases | 51,912 | 18,879 | 8,492 | |||||||||||||||||
Weighted average dilutive common shares outstanding | 17,806,578 | 17,936,074 | 19,461,052 | |||||||||||||||||
Basic: | ||||||||||||||||||||
Net income (loss) | $ | 286.5 | $ | 174.0 | $ | 157.8 | ||||||||||||||
Less: Earnings (loss) allocated to participating securities | 10.3 | 6.4 | 5.4 | |||||||||||||||||
Net income (loss) available to basic common shares | $ | 276.2 | $ | 167.6 | $ | 152.4 | ||||||||||||||
Basic earnings (loss) per common share | $ | 15.55 | $ | 9.35 | $ | 7.83 | ||||||||||||||
Diluted: | ||||||||||||||||||||
Net income (loss) | $ | 286.5 | $ | 174.0 | $ | 157.8 | ||||||||||||||
Less: Earnings (loss) allocated to participating securities | 10.3 | 6.4 | 5.4 | |||||||||||||||||
Net income (loss) available to diluted common shares | $ | 276.2 | $ | 167.6 | $ | 152.4 | ||||||||||||||
Diluted earnings (loss) per common share | $ | 15.51 | $ | 9.34 | $ | 7.83 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Carrying Value (1)
|
Fair Value |
Carrying Value (1)
|
Fair Value | |||||||||||||||||||||||
4.00% Senior Notes | $ | 550.0 | $ | 567.0 | $ | — | $ | — | ||||||||||||||||||
Real estate related | 84.3 | 77.0 | 40.7 | 41.1 | ||||||||||||||||||||||
Total | $ | 634.3 | $ | 644.0 | $ | 40.7 | $ | 41.1 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Assets: | ||||||||||||||
Other current assets | $ | 1.9 | $ | — | ||||||||||
Other long-term assets | 0.3 | 1.9 | ||||||||||||
Total assets | $ | 2.3 | $ | 1.9 | ||||||||||
Liabilities: | ||||||||||||||
Accrued expenses and other current liabilities | $ | 4.2 | $ | 2.8 | ||||||||||
Long-term interest rate swap liabilities | 40.6 | 4.4 | ||||||||||||
Total liabilities | $ | 44.8 | $ | 7.2 |
Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | 2020 | 2019 | 2018 | |||||||||||||||||
Interest rate swaps | $ | (36.7) | $ | (13.3) | $ | 6.5 | ||||||||||||||
Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | ||||||||||||||||||||
Income Statement Classification | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Floorplan interest expense, net | $ | (7.9) | $ | (0.4) | $ | (4.7) | ||||||||||||||
Other interest expense, net | $ | (2.9) | $ | 0.1 | $ | (0.5) |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Contracts-in-transit and vehicle receivables, net: | ||||||||||||||
Contracts-in-transit | $ | 147.1 | $ | 169.9 | ||||||||||
Vehicle receivables | 64.5 | 84.3 | ||||||||||||
Total contracts-in-transit and vehicle receivables | 211.5 | 254.1 | ||||||||||||
Less: allowance for doubtful accounts (1)
|
0.3 | 0.3 | ||||||||||||
Total contracts-in-transit and vehicle receivables, net | $ | 211.2 | $ | 253.8 | ||||||||||
Accounts and notes receivables, net: | ||||||||||||||
Manufacturer receivables | $ | 108.7 | $ | 123.9 | ||||||||||
Parts and service receivables | 53.2 | 57.0 | ||||||||||||
F&I receivables | 27.4 | 28.3 | ||||||||||||
Other | 13.8 | 18.7 | ||||||||||||
Total accounts and notes receivables | 203.1 | 227.9 | ||||||||||||
Less: allowance for doubtful accounts (1)
|
3.2 | 2.8 | ||||||||||||
Total accounts and notes receivables, net | $ | 200.0 | $ | 225.1 | ||||||||||
Within Other current assets and Other long-term assets: | ||||||||||||||
Total contract assets (1), (2)
|
$ | 35.3 | $ | 21.6 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
New vehicles | $ | 902.5 | $ | 1,328.6 | ||||||||||
Used vehicles | 374.8 | 346.7 | ||||||||||||
Rental vehicles | 110.7 | 140.9 | ||||||||||||
Parts, accessories and other | 80.1 | 85.5 | ||||||||||||
Total inventories | $ | 1,468.0 | $ | 1,901.7 | ||||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Land | $ | 619.8 | $ | 571.3 | ||||||||||
Buildings and leasehold improvements | 1,107.1 | 1,067.6 | ||||||||||||
Machinery and dealership equipment | 145.8 | 138.2 | ||||||||||||
Office equipment, furniture and fixtures | 124.1 | 118.5 | ||||||||||||
Company vehicles | 15.0 | 15.1 | ||||||||||||
Construction in progress | 56.6 | 36.5 | ||||||||||||
Total | 2,068.4 | 1,947.3 | ||||||||||||
Less: accumulated depreciation and amortization | 460.2 | 400.2 | ||||||||||||
Property and equipment, net | $ | 1,608.2 | $ | 1,547.1 |
Leases | Balance Sheet Classification | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Operating | Operating lease assets | $ | 209.9 | $ | 220.1 | |||||||||||||||
Finance | Property and equipment, net | 117.8 | 75.5 | |||||||||||||||||
Total | $ | 327.7 | $ | 295.5 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Current: | ||||||||||||||||||||
Operating | Current operating lease liabilities | $ | 21.5 | $ | 24.6 | |||||||||||||||
Finance | Current maturities of long-term debt | 9.4 | 6.6 | |||||||||||||||||
Noncurrent: | ||||||||||||||||||||
Operating | Operating lease liabilities, net of current portion | 207.6 | 210.7 | |||||||||||||||||
Finance | Long-term debt, net of current maturities | 115.5 | 76.3 | |||||||||||||||||
Total | $ | 353.9 | $ | 318.3 |
Lease Expense | Income Statement Classification | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||
Operating | Selling, general and administrative expenses | $ | 35.3 | $ | 40.1 | |||||||||||||||
Operating | Asset impairments | 2.0 | 1.4 | |||||||||||||||||
Variable | Selling, general and administrative expenses | 2.8 | 2.3 | |||||||||||||||||
Sublease income | Selling, general and administrative expenses | (1.3) | (1.5) | |||||||||||||||||
Finance: | ||||||||||||||||||||
Amortization of lease assets | Depreciation and amortization expense | 6.3 | 5.5 | |||||||||||||||||
Interest on lease liabilities | Other interest expense, net | 7.0 | 4.8 | |||||||||||||||||
Net lease expense | $ | 52.1 | $ | 52.6 |
December 31, 2020 | ||||||||||||||
Maturities of Lease Liabilities | Operating Leases | Finance Leases | ||||||||||||
2021 | $ | 33.4 | $ | 16.2 | ||||||||||
2022 | 33.3 | 12.8 | ||||||||||||
2023 | 31.0 | 11.5 | ||||||||||||
2024 | 26.6 | 25.2 | ||||||||||||
2025 | 24.1 | 33.9 | ||||||||||||
Thereafter | 182.0 | 71.2 | ||||||||||||
Total lease payments | 330.3 | 170.8 | ||||||||||||
Less: lease payments representing interest
|
(101.2) | (45.9) | ||||||||||||
Present value of lease liabilities | $ | 229.1 | $ | 124.9 |
Weighted-Average Lease Term and Discount Rate | December 31, 2020 | December 31, 2019 | ||||||||||||
Weighted-average remaining lease terms: | ||||||||||||||
Operating |
12.8
|
11.0
|
||||||||||||
Finance |
15.9
|
11.8
|
||||||||||||
Weighted-average discount rates: | ||||||||||||||
Operating | 5.6 | % | 6.1 | % | ||||||||||
Finance | 6.2 | % | 7.2 | % |
Other Information | December 31, 2020 | December 31, 2019 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows used in operating leases | $ | 35.2 | $ | 41.6 | ||||||||||
Operating cash flows used in finance leases | $ | 7.0 | $ | 4.8 | ||||||||||
Financing cash flows used in finance leases | $ | 6.3 | $ | 3.8 | ||||||||||
ROU assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases, initial recognition | $ | 4.3 | $ | 34.0 | ||||||||||
Operating leases, modifications and remeasurements | $ | 9.7 | $ | (9.1) | ||||||||||
Finance leases, initial recognition | $ | 15.7 | $ | 29.6 | ||||||||||
Finance leases, modifications and remeasurements | $ | 31.8 | $ | 8.2 |
Intangible Franchise Rights | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
Balance, December 31, 2019 | $ | 223.1 | $ | 30.4 | $ | 0.1 | $ | 253.5 | ||||||||||||||||||
Balance, December 31, 2020 | $ | 213.4 | $ | 19.4 | $ | — | $ | 232.8 |
Goodwill | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
Balance, December 31, 2018 (1)
|
$ | 861.6 | $ | 87.6 | $ | 14.7 | $ | 963.9 | ||||||||||||||||||
Additions through acquisitions | 42.0 | 1.3 | — | 43.3 | ||||||||||||||||||||||
Disposals | (1.3) | — | (0.3) | (1.6) | ||||||||||||||||||||||
Currency translation | — | 3.2 | (0.5) | 2.7 | ||||||||||||||||||||||
Balance, December 31, 2019 (1)
|
$ | 902.3 | $ | 92.1 | $ | 13.9 | $ | 1,008.3 | ||||||||||||||||||
Additions through acquisitions | 1.4 | — | — | 1.4 | ||||||||||||||||||||||
Disposals | (2.0) | — | — | (2.0) | ||||||||||||||||||||||
Impairments | — | — | (10.7) | (10.7) | ||||||||||||||||||||||
Currency translation | — | 3.2 | (3.1) | 0.1 | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | 901.7 | $ | 95.4 | $ | — | $ | 997.1 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Revolving credit facility — floorplan notes payable | $ | 901.6 | $ | 1,206.0 | ||||||||||
Revolving credit facility — floorplan notes payable offset account | (160.4) | (106.8) | ||||||||||||
Revolving credit facility — floorplan notes payable, net | 741.2 | 1,099.1 | ||||||||||||
Other non-manufacturer facilities | 26.4 | 45.3 | ||||||||||||
Floorplan notes payable — credit facility and other, net | $ | 767.6 | $ | 1,144.4 | ||||||||||
FMCC facility | $ | 111.2 | $ | 208.5 | ||||||||||
FMCC facility offset account | (16.0) | (4.1) | ||||||||||||
FMCC facility, net | 95.2 | 204.5 | ||||||||||||
Other manufacturer affiliate facilities | 232.3 | 255.4 | ||||||||||||
Floorplan notes payable — manufacturer affiliates, net | $ | 327.5 | $ | 459.9 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
4.00% Senior Notes due August 15, 2028
|
$ | 550.0 | $ | — | ||||||||||
5.00% Senior Notes aggregate principal redeemed September 2, 2020
|
— | 550.0 | ||||||||||||
5.25% Senior Notes aggregate principal redeemed April 2, 2020
|
— | 300.0 | ||||||||||||
Acquisition Line | 47.8 | 72.5 | ||||||||||||
Other debt: | ||||||||||||||
Real estate related | 619.8 | 453.3 | ||||||||||||
Finance leases | 124.8 | 83.0 | ||||||||||||
Other | 20.0 | 42.8 | ||||||||||||
Total other debt | 764.6 | 579.1 | ||||||||||||
Total debt | 1,362.4 | 1,501.6 | ||||||||||||
Less: unamortized discount | — | 5.6 | ||||||||||||
Less: unamortized debt issuance costs | 11.0 | 4.8 | ||||||||||||
Less: current maturities | 56.7 | 59.1 | ||||||||||||
Total long-term debt | $ | 1,294.7 | $ | 1,432.1 |
Total | ||||||||
Years Ended December 31, | ||||||||
2021 | $ | 57.3 | ||||||
2022 | 70.1 | |||||||
2023 | 94.9 | |||||||
2024 | 144.9 | |||||||
2025 | 93.1 | |||||||
Thereafter | 902.2 | |||||||
Total | $ | 1,362.4 |
Description |
Principal Amount
(in millions) |
Maturity Date |
Effective Interest Rate (1)
|
Interest Payment Dates | ||||||||||||||||||||||
4.00% Senior Notes
|
$550.0 | August 15, 2028 | 4.21% |
February 15th, August 15th
|
Redemption Period | Redemption Price | |||||||
August 15, 2023 | 102.000% | |||||||
August 15, 2024 | 101.333% | |||||||
August 15, 2025 | 100.667% | |||||||
August 15, 2026 and thereafter | 100.000% |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Domestic | $ | 366.6 | $ | 227.9 | $ | 192.1 | ||||||||||||||
Foreign | 3.7 | (0.6) | 13.3 | |||||||||||||||||
Total income (loss) before income taxes | $ | 370.3 | $ | 227.3 | $ | 205.4 |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Federal: | ||||||||||||||||||||
Current | $ | 70.8 | $ | 30.9 | $ | 35.9 | ||||||||||||||
Deferred | 5.4 | 16.5 | 2.6 | |||||||||||||||||
State: | ||||||||||||||||||||
Current | 7.0 | 3.8 | 4.3 | |||||||||||||||||
Deferred | (1.3) | 4.0 | 0.9 | |||||||||||||||||
Foreign: | ||||||||||||||||||||
Current | 7.0 | 2.3 | 3.9 | |||||||||||||||||
Deferred | (5.1) | (4.3) | — | |||||||||||||||||
(Benefit) provision for income taxes | $ | 83.8 | $ | 53.3 | $ | 47.6 |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Provision at the U.S. federal statutory rate | $ | 77.7 | $ | 47.7 | $ | 43.1 | ||||||||||||||
Increase (decrease) resulting from: | ||||||||||||||||||||
State income tax, net of benefit for federal deduction | 5.8 | 5.2 | 3.6 | |||||||||||||||||
Foreign income tax rate differential | (1.4) | 0.9 | (0.3) | |||||||||||||||||
Tax Credits | (0.3) | (1.1) | (1.3) | |||||||||||||||||
Changes in valuation allowances | 2.3 | (1.7) | 3.4 | |||||||||||||||||
Tax Act — Enactment date effect
|
— | — | (0.6) | |||||||||||||||||
Stock-based compensation | (0.8) | — | (0.1) | |||||||||||||||||
Uncertain tax benefits | (0.3) | 0.7 | 0.4 | |||||||||||||||||
Other | 0.8 | 1.6 | (0.7) | |||||||||||||||||
(Benefit) provision for income taxes | $ | 83.8 | $ | 53.3 | $ | 47.6 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Loss reserves and accruals | $ | 52.9 | $ | 42.8 | ||||||||||
Interest rate swaps | 10.0 | 1.3 | ||||||||||||
U.S. state net operating loss (“NOL”) carryforwards | 34.5 | 38.2 | ||||||||||||
Foreign NOL carryforwards | 28.9 | 37.6 | ||||||||||||
Operating lease liabilities | 56.9 | 55.5 | ||||||||||||
Goodwill and intangible franchise rights | 2.6 | — | ||||||||||||
Other | 2.2 | 1.5 | ||||||||||||
Deferred tax assets | 188.0 | 176.9 | ||||||||||||
Less: valuation allowance on deferred tax assets | 60.5 | 69.7 | ||||||||||||
Net deferred tax assets | $ | 127.5 | $ | 107.2 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Goodwill and intangible franchise rights | $ | 142.0 | $ | 135.1 | ||||||||||
Depreciation expense | 71.1 | 68.0 | ||||||||||||
Operating lease ROU assets | 45.0 | 45.4 | ||||||||||||
Other | 2.0 | — | ||||||||||||
Deferred tax liabilities | 260.1 | 248.5 | ||||||||||||
Net deferred tax liability | $ | 132.6 | $ | 141.3 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred tax asset, included in Other long-term assets
|
$ | 8.4 | $ | 4.4 | ||||||||||
Deferred tax liability, included in Deferred income taxes
|
141.0 | 145.7 | ||||||||||||
Net deferred tax liability | $ | 132.6 | $ | 141.3 |
2020 | 2019 | 2018 | |||||||||||||||
Balance at January 1 | $ | 2.4 | $ | 1.6 | $ | 1.2 | |||||||||||
Additions for current tax | 0.5 | 1.0 | 0.6 | ||||||||||||||
Additions based on tax positions in prior years | — | — | — | ||||||||||||||
Reductions for tax positions | (0.4) | — | — | ||||||||||||||
Settlements with tax authorities | — | — | — | ||||||||||||||
Reductions due to lapse of statutes of limitations | (0.5) | (0.2) | (0.1) | ||||||||||||||
Balance at December 31 | $ | 2.0 | $ | 2.4 | $ | 1.6 |
Year Ended December 31, 2020
|
||||||||||||||||||||||||||
Accumulated income (loss) on foreign currency translation
|
Accumulated income (loss) on interest rate swaps
|
Total
|
||||||||||||||||||||||||
Balance, December 31, 2019
|
$ | (142.9) | $ | (4.1) | $ | (147.0) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications:
|
||||||||||||||||||||||||||
Pre-tax
|
(8.7) | (45.5) | (54.2) | |||||||||||||||||||||||
Tax effect
|
— | 8.8 | 8.8 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss):
|
||||||||||||||||||||||||||
Floorplan interest expense (pre-tax)
|
— | 7.9 | 7.9 | |||||||||||||||||||||||
Other interest expense, net (pre-tax)
|
— | 2.8 | 2.8 | |||||||||||||||||||||||
Realized (gain) loss on interest rate swap termination (pre-tax) | — | 0.1 | 0.1 | |||||||||||||||||||||||
Provision (benefit) for income taxes
|
— | (2.6) | (2.6) | |||||||||||||||||||||||
Net current period other comprehensive income (loss)
|
(8.7) | (28.4) | (37.1) | |||||||||||||||||||||||
Balance, December 31, 2020
|
$ | (151.6) | $ | (32.5) | $ | (184.0) |
Year Ended December 31, 2019
|
||||||||||||||||||||||||||
Accumulated income (loss) on foreign currency translation | Accumulated income (loss) on interest rate swaps | Total | ||||||||||||||||||||||||
Balance, December 31, 2018
|
$ | (146.7) | $ | 8.9 | $ | (137.8) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||||||||
Pre-tax | 3.9 | (17.4) | (13.5) | |||||||||||||||||||||||
Tax effect | — | 4.1 | 4.1 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||||||||||||
Floorplan interest expense (pre-tax) | — | 0.4 | 0.4 | |||||||||||||||||||||||
Other interest expense (pre-tax) | — | (0.2) | (0.2) | |||||||||||||||||||||||
Provision (benefit) for income taxes
|
— | (0.1) | (0.1) | |||||||||||||||||||||||
Net current period other comprehensive income (loss) | 3.9 | (13.0) | (9.2) | |||||||||||||||||||||||
Balance, December 31, 2019
|
$ | (142.9) | $ | (4.1) | $ | (147.0) |
Year Ended December 31, 2018
|
||||||||||||||||||||||||||
Accumulated income (loss) on foreign currency translation | Accumulated income (loss) on interest rate swaps | Total | ||||||||||||||||||||||||
Balance, December 31, 2017
|
$ | (122.6) | $ | (0.7) | $ | (123.2) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||||||||
Pre-tax | (24.2) | 8.6 | (15.5) | |||||||||||||||||||||||
Tax effect | — | (2.1) | (2.1) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||||||||||||
Floorplan interest expense (pre-tax) | — | 4.7 | 4.7 | |||||||||||||||||||||||
Other interest expense (pre-tax) | — | 0.5 | 0.5 | |||||||||||||||||||||||
Realized (gain) loss on interest rate swap termination (pre-tax) | — | (0.7) | (0.7) | |||||||||||||||||||||||
Provision (benefit) for income taxes
|
— | (1.2) | (1.2) | |||||||||||||||||||||||
Net current period other comprehensive income (loss) | (24.2) | 9.8 | (14.4) | |||||||||||||||||||||||
Tax effects reclassified from accumulated other comprehensive income (loss) | — | (0.2) | (0.2) | |||||||||||||||||||||||
Balance, December 31, 2018
|
$ | (146.7) | $ | 8.9 | $ | (137.8) |
Year Ended December 31, 2020
|
|||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | ||||||||||||||||||||
Total revenues | $ | 8,503.4 |
|
$ | 2,096.8 | $ | 251.6 | $ | 10,851.8 | ||||||||||||||
Gross profit | $ | 1,486.0 | $ | 248.1 | $ | 34.8 | $ | 1,769.0 | |||||||||||||||
SG&A expenses (1)
|
$ | 947.0 |
|
$ | 191.2 | $ | 31.1 | $ | 1,169.3 | ||||||||||||||
Depreciation and amortization expense | $ | 57.7 | $ | 15.8 | $ | 2.3 | $ | 75.8 | |||||||||||||||
Floorplan interest expense | $ | 32.2 | $ | 7.1 | $ | 0.3 | $ | 39.5 | |||||||||||||||
Other interest expense, net | $ | 55.0 | $ | 6.9 | $ | 0.7 | $ | 62.6 | |||||||||||||||
Income (loss) before income taxes (2)
|
$ | 366.6 | $ | 14.2 | $ | (10.5) | $ | 370.3 | |||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Real estate related capital expenditures | $ | 12.9 | $ | 11.2 | $ | — | $ | 24.1 | |||||||||||||||
Non-real estate related capital expenditures (3)
|
60.9 | 10.6 | 7.6 | 79.1 | |||||||||||||||||||
Total capital expenditures | $ | 73.8 | $ | 21.8 | $ | 7.6 | $ | 103.2 |
Year Ended December 31, 2019
|
|||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | ||||||||||||||||||||
Total revenues | $ | 9,184.2 | $ | 2,413.7 | $ | 445.9 | $ | 12,043.8 | |||||||||||||||
Gross profit | $ | 1,494.8 | $ | 267.7 | $ | 53.5 | $ | 1,816.0 | |||||||||||||||
SG&A expenses (4)
|
$ | 1,075.6 |
|
$ | 236.9 | $ | 46.0 |
|
$ | 1,358.4 | |||||||||||||
Depreciation and amortization expense | $ | 55.4 | $ | 14.6 | $ | 1.6 | $ | 71.6 | |||||||||||||||
Floorplan interest expense | $ | 53.7 | $ | 7.2 | $ | 0.7 | $ | 61.6 | |||||||||||||||
Other interest expense, net | $ | 67.5 | $ | 7.3 | $ | 0.1 | $ | 74.9 | |||||||||||||||
Income (loss) before income taxes (5)
|
$ | 227.9 | $ | (5.3) | $ | 4.6 | $ | 227.3 | |||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Real estate related capital expenditures | $ | 63.8 | $ | 25.7 | $ | 3.1 | $ | 92.5 | |||||||||||||||
Non-real estate related capital expenditures (3)
|
70.7 | 25.9 | 2.6 | 99.3 | |||||||||||||||||||
Total capital expenditures | $ | 134.5 | $ | 51.6 | $ | 5.7 | $ | 191.8 |
Year Ended December 31, 2018
|
|||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | ||||||||||||||||||||
Total revenues | $ | 8,723.3 | $ | 2,437.4 | $ | 440.7 | $ | 11,601.4 | |||||||||||||||
Gross profit | $ | 1,391.3 | $ | 279.9 | $ | 53.9 | $ | 1,725.1 | |||||||||||||||
SG&A expenses (6)
|
$ | 982.1 |
|
$ | 240.4 | $ | 50.6 | $ | 1,273.1 | ||||||||||||||
Depreciation and amortization expense | $ | 52.9 | $ | 12.6 | $ | 1.6 | $ | 67.1 | |||||||||||||||
Floorplan interest expense | $ | 52.8 | $ | 6.3 | $ | 0.8 | $ | 59.9 | |||||||||||||||
Other interest expense, net | $ | 68.1 | $ | 6.8 | $ | 0.9 | $ | 75.8 | |||||||||||||||
Income (loss) before income taxes (7)
|
$ | 192.1 | $ | 13.3 | $ | — | $ | 205.4 | |||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Real estate related capital expenditures | $ | 20.5 | $ | 5.0 | $ | 5.8 | $ | 31.4 | |||||||||||||||
Non-real estate related capital expenditures (3)
|
80.2 | 27.5 | 2.0 | 109.6 | |||||||||||||||||||
Total capital expenditures | $ | 100.7 | $ | 32.5 | $ | 7.8 | $ | 141.0 |
December 31, 2020 | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
Property and equipment, net | $ | 1,303.1 | $ | 281.3 | $ | 23.9 | $ | 1,608.2 | ||||||||||||||||||
Operating lease assets | $ | 117.4 | $ | 89.6 | $ | 2.8 | $ | 209.9 | ||||||||||||||||||
Total assets | $ | 3,942.8 | $ | 1,116.8 | $ | 29.9 | $ | 5,089.4 |
December 31, 2019 | ||||||||||||||||||||||||||
U.S. | U.K. | Brazil | Total | |||||||||||||||||||||||
Property and equipment, net | $ | 1,251.4 | $ | 271.0 | $ | 24.7 | $ | 1,547.1 | ||||||||||||||||||
Operating lease assets | $ | 114.8 | $ | 100.1 | $ | 5.2 | $ | 220.1 | ||||||||||||||||||
Total assets | $ | 4,256.1 | $ | 1,225.6 | $ | 88.6 | $ | 5,570.2 |
Position | Points per passenger | ||||
CEO and/or President | 50 | ||||
Board Member | 15 | ||||
President, U.S. & Brazilian Operations | 25 | ||||
Executive Vice President | 25 | ||||
Senior Vice President | 25 | ||||
Vice President (two or less) | 15 | ||||
3rd or 4th Vice President | 25 | ||||
TOTAL |
City, State | Airport | |||||||||||||
Origin: | ||||||||||||||
Destination: |
City, State | Airport | |||||||||||||
Origin: | ||||||||||||||
Destination: |
/s/ Earl J. Hesterberg | ||
Earl J. Hesterberg | ||
Chief Executive Officer |
/s/ Daniel J. McHenry | ||
Daniel J. McHenry | ||
Chief Financial Officer |
/s/ Earl J. Hesterberg | ||
Earl J. Hesterberg | ||
Chief Executive Officer |
/s/ Daniel J. McHenry | ||
Daniel J. McHenry | ||
Chief Financial Officer |