BLOOMFIELD HILLS, Mich.,
Oct. 25, 2017 /PRNewswire/
--
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Third Quarter
2017
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Nine Months
2017
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- Revenue Increases
7.2% to $5.5 Billion; Excluding Foreign Exchange
+6.9%
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- Revenue Increases
5.0% to $16.0 Billion; Excluding Foreign Exchange
+8.0%
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- Income from
Continuing Operations Attributable to Common Shareholders Increases
7.9% to $94.3 Million; Excluding Foreign Exchange +7.6% to
$94.0 Million
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- Income from
Continuing Operations Attributable to Common Shareholders Increases
8.5% to $283.5 Million; Excluding Foreign Exchange +12.4% to
$293.8 Million
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- Earnings Per Share
from Continuing Operations Attributable to Common Shareholders
Increases 6.8% to $1.10; No Earnings Per Share Impact from Foreign
Exchange
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- Earnings Per Share
from Continuing Operations Attributable to Common Shareholders
Increases 8.9% to $3.30; Excluding Foreign Exchange +12.9% to
$3.42
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Penske Automotive Group, Inc. (NYSE: PAG), an international
transportation services company, today announced record third
quarter results. For the three months ended September 30,
2017, income from continuing operations attributable to common
shareholders increased 7.9% to $94.3 million, and related earnings per
share increased 6.8% to $1.10 when
compared to the same period last year. Total automotive retail unit
volume increased 9.9% and total revenue increased 7.2% to
$5.5 billion. Excluding foreign
exchange, total revenue increased 6.9%. There was no impact to
earnings per share from foreign exchange during the third
quarter. During the third quarter, operations in certain
markets were disrupted by several hurricanes which impacted our
ability to sell and service vehicles. We estimate that
storm-related losses, expenses and business interruption adversely
impacted income from continuing operations and earnings per share
by approximately $3.0 million and
$0.04 per share,
respectively.
Commenting on the company's results, Penske Automotive Group
Chairman Roger S. Penske said, "I am pleased to report another
quarter of record performance for our diversified transportation
services business. Third quarter results were driven by
recently completed acquisitions, improving variable gross profit
per unit retailed and a 200 basis-point increase in service/parts
gross margin, coupled with strong performance from our North
American retail commercial truck operations and our equity
investment in Penske Truck Leasing."
Automotive Retail Highlights of the Third Quarter
- Retail Unit Sales +9.9% to 130,257
-
- New unit retail sales -2.5%
- Used unit retail sales +25.4%
- Same-Store Retail Unit Sales -2.9% to 114,941
-
- New unit retail sales -6.2%
- Used unit retail sales +1.2%
- Same-Store Retail Revenue -1.0%; Excluding F/X -1.2%
-
- New -3.5%; Used +1.7%; Finance & Insurance +5.0%; Service
and Parts +1.5%
- -2.4% in the United States;
+1.1% Internationally
- Average Transaction Price Per Unit
-
- New $38,542; +3.8%
- Used $25,337; -7.6%
- Average Gross Profit Per Unit
-
- New $2,877 (Excluding F/X
$2,863), +$186/unit; Gross Margin
7.5%, +20 basis points
- Used $1,434, -$158/unit; Gross Margin 5.7%, -10 basis
points
- Finance & Insurance $1,167,
+$79/unit
Note: F/X = foreign exchange
For the nine months ended September 30, 2017, total revenue
increased 5.0% to $16.0 billion,
with a 2.9% decrease in same-store retail revenue. Excluding
foreign exchange, total revenue increased 8.0%, while same-store
retail revenue increased 0.3%. Total automotive retail unit volume
increased 10.6%, with a 2.6% decrease on a same-store basis. Income
from continuing operations attributable to common shareholders
increased 8.5% to $283.5 million
and related earnings per share increased 8.9% to $3.30 when compared to the same period last year.
Foreign exchange rates negatively impacted earnings per share
attributable to common shareholders by $0.12.
Retail Commercial Truck Operations
Penske Automotive Group operates twenty medium and heavy-duty
truck dealership locations in the U.S. and Canada under the "Premier Truck Group" brand
name, offering primarily the Freightliner and Western Star brands.
For the three and nine months ended September 30, 2017,
Premier Truck Group retailed 2,096 and 5,162 units,
generated $299.6 million and
$739.8 million of revenue, and
$44.3 million and $120.7 million of gross profit,
respectively, principally through the retail sale of new/used
medium and heavy-duty trucks and service/parts sales. Same-store
revenue increased 11.8% and declined 10.4% for the three and nine
months ended September 30, 2017,
respectively. For the three months ended September 30, 2017, gross profit per used truck
retailed improved to $5,500 from a
loss of $1,431 per unit in the same
period last year, as used truck prices stabilized. Service and
parts gross profit represented approximately 71.6% and 75.2% of
Premier Truck Group's gross profit for the three and nine months
ended September 30, 2017, respectively.
Penske Truck Leasing
Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of
full-service truck leasing, truck rental, contract maintenance and
logistics services. During the third quarter of 2016, the company
increased its ownership interest in PTL from 9.0% to 23.4%, and in
the third quarter of 2017, increased its ownership by another 5.5%,
bringing the total ownership interest in PTL to 28.9%. For
the three and nine months ended September 30, 2017, the
company recorded $30.1 million
and $66.9 million as part of equity
in earnings of affiliates compared to $23.8 million and $36.6 million for the same periods last year,
respectively. The company accounts for its ownership interest in
PTL using the equity method of accounting.
Dividend and Share Repurchases
On October 11, 2017, the company
announced that its Board of Directors increased the dividend to its
common stock shareholders to $0.33
per share, the twenty-sixth consecutive increase in the quarterly
dividend.
During the three months ended September
30, 2017, the company repurchased 252,000 shares for
$10.0 million, or an average of
$39.75 per share. For the nine
months ended September 30, 2017, the
company has repurchased 302,000 shares for $12.7 million, or an average $41.95 per share. In October 2017, the Board of Directors approved an
increase in the company's securities repurchase authorization to
$200.0 million.
Conference Call
Penske Automotive Group will host a conference call discussing
financial results relating to the third quarter of 2017 on
Wednesday, October 25,
2017, at 2:00 p.m. Eastern Daylight
Time. To listen to the conference call, participants must dial
(800) 230‑1766 – [International, please dial
(612) 332‑0107]. The call will also be simultaneously
broadcast over the Internet through the Investor Relations section
of the Penske Automotive Group website. Additionally, an investor
presentation relating to the third quarter 2017 financial results
has been posted to the company's website. To access the
presentation or to listen to the company's webcast, please refer to
www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in
Bloomfield Hills, Michigan, is an
international transportation services company that operates
automotive and commercial truck dealerships principally in
the United States, Canada, and Western
Europe, and distributes commercial vehicles, diesel engines,
gas engines, power systems and related parts and services
principally in Australia and
New Zealand. PAG employs more than
26,000 people worldwide and is a member of the
Fortune 500 and Russell 2000. For additional information,
visit the company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as
defined under SEC rules, such as earnings before interest, taxes,
depreciation and amortization ("EBITDA"). The company has
reconciled these measures to the most directly comparable GAAP
measures in the release. The company believes that these widely
accepted measures of operating profitability improve the
transparency of the company's disclosures and provide a meaningful
presentation of the company's results from its core business
operations excluding the impact of items not related to the
company's ongoing core business operations, and improve the
period-to-period comparability of the company's results from its
core business operations. These non-GAAP financial measures are not
substitutes for GAAP financial results, and should only be
considered in conjunction with the company's financial information
that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking
statements, including forward-looking statements regarding Penske
Automotive Group, Inc.'s future sales and earnings potential.
Actual results may vary materially because of risks and
uncertainties that are difficult to predict. These risks and
uncertainties include, among others: economic conditions generally,
conditions in the credit markets and changes in interest rates and
foreign currency exchange rates, adverse conditions affecting a
particular manufacturer, including the adverse impact to the
vehicle and parts supply chain due to natural disasters such as the
recent hurricanes, recall or other disruptions that interrupt the
supply of vehicles or parts to us, changes in consumer credit
availability, the outcome of legal and administrative matters, and
other factors over which management has limited control. These
forward-looking statements should be evaluated together with
additional information about Penske Automotive Group's business,
markets, conditions and other uncertainties, which could affect
Penske Automotive Group's future performance. These risks and
uncertainties are addressed in Penske Automotive Group's
Form 10‑K for the year ended December 31, 2016, and its
other filings with the Securities and Exchange Commission ("SEC").
This press release speaks only as of its date, and Penske
Automotive Group disclaims any duty to update the information
herein.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook:
https://facebook.com/penskecars
Follow Penske Automotive on Twitter:
https://twitter.com/penskecars
Visit Penske Automotive on YouTube:
http://www.youtube.com/penskecars
Inquiries should contact:
J.D. Carlson
|
Anthony R.
Pordon
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Executive Vice
President and
|
Executive Vice
President Investor Relations
|
Chief Financial
Officer
|
and Corporate
Development
|
Penske Automotive
Group, Inc.
|
Penske Automotive
Group, Inc.
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248-648-2810
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248-648-2540
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jcarlson@penskeautomotive.com
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tpordon@penskeautomotive.com
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Consolidated
Condensed Statements of Income
|
(Amounts In Millions,
Except Per Share Data)
|
(Unaudited)
|
|
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|
|
|
|
|
|
|
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|
|
|
|
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|
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Three Months
Ended
|
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Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
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|
|
|
|
|
|
|
Increase/
|
|
|
|
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|
|
Increase/
|
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|
2017
|
|
2016
|
|
(Decrease)
|
|
2017
|
|
2016
|
|
(Decrease)
|
Revenue
|
|
$
|
5,524.4
|
|
$
|
5,152.0
|
|
7.2
|
%
|
|
$
|
15,988.9
|
|
$
|
15,230.7
|
|
5.0
|
%
|
Cost of
Sales
|
|
|
4,701.8
|
|
|
4,407.8
|
|
6.7
|
%
|
|
|
13,574.7
|
|
|
12,991.4
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|
4.5
|
%
|
Gross
Profit
|
|
$
|
822.6
|
|
$
|
744.2
|
|
10.5
|
%
|
|
$
|
2,414.2
|
|
$
|
2,239.3
|
|
7.8
|
%
|
SG&A
Expenses
|
|
|
646.1
|
|
|
581.2
|
|
11.2
|
%
|
|
|
1,869.8
|
|
|
1,722.8
|
|
8.5
|
%
|
Depreciation
|
|
|
24.3
|
|
|
21.5
|
|
13.0
|
%
|
|
|
70.0
|
|
|
66.8
|
|
4.8
|
%
|
Operating
Income
|
|
$
|
152.2
|
|
$
|
141.5
|
|
7.6
|
%
|
|
$
|
474.4
|
|
$
|
449.7
|
|
5.5
|
%
|
Floor Plan Interest
Expense
|
|
|
(16.4)
|
|
|
(11.9)
|
|
37.8
|
%
|
|
|
(45.6)
|
|
|
(37.8)
|
|
20.6
|
%
|
Other Interest
Expense
|
|
|
(27.8)
|
|
|
(25.1)
|
|
10.8
|
%
|
|
|
(79.2)
|
|
|
(61.8)
|
|
28.2
|
%
|
Equity in Earnings of
Affiliates
|
|
|
30.9
|
|
|
25.6
|
|
20.7
|
%
|
|
|
70.9
|
|
|
43.1
|
|
64.5
|
%
|
Income from Continuing
Operations Before Income Taxes
|
$
|
138.9
|
|
$
|
130.1
|
|
6.8
|
%
|
|
$
|
420.5
|
|
$
|
393.2
|
|
6.9
|
%
|
Income
Taxes
|
|
|
(44.7)
|
|
|
(41.7)
|
|
7.2
|
%
|
|
|
(136.0)
|
|
|
(128.4)
|
|
5.9
|
%
|
Income from Continuing
Operations
|
|
$
|
94.2
|
|
$
|
88.4
|
|
6.6
|
%
|
|
$
|
284.5
|
|
$
|
264.8
|
|
7.4
|
%
|
Income (Loss) from
Discontinued Operations, net of tax
|
|
|
0.1
|
|
|
0.1
|
|
—
|
%
|
|
|
(0.3)
|
|
|
(1.1)
|
|
(72.7)
|
%
|
Net Income
|
|
$
|
94.3
|
|
$
|
88.5
|
|
6.6
|
%
|
|
$
|
284.2
|
|
$
|
263.7
|
|
7.8
|
%
|
Less: (Loss) Income
Attributable to Non-Controlling Interests
|
|
(0.1)
|
|
|
1.0
|
|
(110.0)
|
%
|
|
|
1.0
|
|
|
3.4
|
|
(70.6)
|
%
|
Net Income
Attributable to Common Shareholders
|
|
$
|
94.4
|
|
$
|
87.5
|
|
7.9
|
%
|
|
$
|
283.2
|
|
$
|
260.3
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Attributable
to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Income from
Continuing Operations
|
|
$
|
94.2
|
|
$
|
88.4
|
|
6.6
|
%
|
|
$
|
284.5
|
|
$
|
264.8
|
|
7.4
|
%
|
Less: (Loss) Income
Attributable to Non-Controlling Interests
|
|
(0.1)
|
|
|
1.0
|
|
(110.0)
|
%
|
|
|
1.0
|
|
|
3.4
|
|
(70.6)
|
%
|
Income from Continuing
Operations, net of tax
|
|
$
|
94.3
|
|
$
|
87.4
|
|
7.9
|
%
|
|
$
|
283.5
|
|
$
|
261.4
|
|
8.5
|
%
|
Income (Loss) from
Discontinued Operations, net of tax
|
|
|
0.1
|
|
|
0.1
|
|
—
|
%
|
|
|
(0.3)
|
|
|
(1.1)
|
|
(72.7)
|
%
|
Net Income
Attributable to Common Shareholders
|
|
$
|
94.4
|
|
$
|
87.5
|
|
7.9
|
%
|
|
$
|
283.2
|
|
$
|
260.3
|
|
8.8
|
%
|
Income from Continuing
Operations Per Share
|
|
$
|
1.10
|
|
$
|
1.03
|
|
6.8
|
%
|
|
$
|
3.30
|
|
$
|
3.03
|
|
8.9
|
%
|
Income Per
Share
|
|
$
|
1.10
|
|
$
|
1.03
|
|
6.8
|
%
|
|
$
|
3.30
|
|
$
|
3.02
|
|
9.3
|
%
|
Weighted Average
Shares Outstanding
|
|
|
86.0
|
|
|
85.2
|
|
0.9
|
%
|
|
|
85.9
|
|
|
86.3
|
|
(0.5)
|
%
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Consolidated
Condensed Balance Sheets
|
(Amounts In
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
Assets:
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
37.2
|
|
$
|
24.0
|
|
Accounts Receivable,
Net
|
|
|
938.8
|
|
|
879.0
|
|
Inventories
|
|
|
3,770.3
|
|
|
3,408.2
|
|
Other Current
Assets
|
|
|
96.5
|
|
|
73.9
|
|
Assets Held for
Sale
|
|
|
—
|
|
|
8.4
|
|
Total Current
Assets
|
|
|
4,842.8
|
|
|
4,393.5
|
|
Property and
Equipment, Net
|
|
|
2,091.4
|
|
|
1,806.5
|
|
Intangibles
|
|
|
2,133.7
|
|
|
1,711.3
|
|
Other Long-Term
Assets
|
|
|
1,214.4
|
|
|
921.7
|
|
Total
Assets
|
|
$
|
10,282.3
|
|
$
|
8,833.0
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
Floor Plan Notes
Payable
|
|
$
|
2,222.3
|
|
$
|
2,084.5
|
|
Floor Plan Notes
Payable – Non-Trade
|
|
|
1,388.5
|
|
|
1,233.3
|
|
Accounts
Payable
|
|
|
627.6
|
|
|
497.4
|
|
Accrued
Expenses
|
|
|
369.9
|
|
|
360.0
|
|
Current Portion
Long-Term Debt
|
|
|
67.6
|
|
|
48.3
|
|
Liabilities Held for
Sale
|
|
|
0.7
|
|
|
6.1
|
|
Total Current
Liabilities
|
|
|
4,676.6
|
|
|
4,229.6
|
|
Long-Term
Debt
|
|
|
2,170.5
|
|
|
1,828.8
|
|
Other Long-Term
Liabilities
|
|
|
1,323.2
|
|
|
995.1
|
|
Total
Liabilities
|
|
|
8,170.3
|
|
|
7,053.5
|
|
Equity
|
|
|
2,112.0
|
|
|
1,779.5
|
|
Total Liabilities and
Equity
|
|
$
|
10,282.3
|
|
$
|
8,833.0
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Consolidated
Operations
|
Selected
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
Geographic Revenue
Mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
58.9
|
%
|
|
60.7
|
%
|
|
|
58.6
|
%
|
|
59.4
|
%
|
U.K.
|
|
|
|
33.8
|
%
|
|
32.7
|
%
|
|
|
33.9
|
%
|
|
33.6
|
%
|
Other
International
|
|
|
|
7.3
|
%
|
|
6.6
|
%
|
|
|
7.5
|
%
|
|
7.0
|
%
|
Total
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: (Amounts in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Automotive
|
|
|
$
|
5,085.4
|
|
$
|
4,772.1
|
|
|
$
|
14,882.5
|
|
$
|
14,121.8
|
|
Retail Commercial
Trucks
|
|
|
|
299.6
|
|
|
266.1
|
|
|
|
739.8
|
|
|
782.3
|
|
Commercial Vehicles
Australia/Power Systems and Other
|
|
|
|
139.4
|
|
|
113.8
|
|
|
|
366.6
|
|
|
326.6
|
|
Total
|
|
|
$
|
5,524.4
|
|
$
|
5,152.0
|
|
|
$
|
15,988.9
|
|
$
|
15,230.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit:
(Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Automotive
|
|
|
$
|
744.2
|
|
$
|
674.7
|
|
|
$
|
2,198.5
|
|
$
|
2,041.7
|
|
Retail Commercial
Trucks
|
|
|
|
44.3
|
|
|
38.2
|
|
|
|
120.7
|
|
|
109.7
|
|
Commercial Vehicles
Australia/Power Systems and Other
|
|
|
|
34.1
|
|
|
31.3
|
|
|
|
95.0
|
|
|
87.9
|
|
Total
|
|
|
$
|
822.6
|
|
$
|
744.2
|
|
|
$
|
2,414.2
|
|
$
|
2,239.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Automotive
|
|
|
|
14.6
|
%
|
|
14.1
|
%
|
|
|
14.8
|
%
|
|
14.5
|
%
|
Retail Commercial
Trucks
|
|
|
|
14.8
|
%
|
|
14.4
|
%
|
|
|
16.3
|
%
|
|
14.0
|
%
|
Commercial Vehicles
Australia/Power Systems and Other
|
|
|
|
24.5
|
%
|
|
27.5
|
%
|
|
|
25.9
|
%
|
|
26.9
|
%
|
Total
|
|
|
|
14.9
|
%
|
|
14.4
|
%
|
|
|
15.1
|
%
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
Increase/
|
|
|
|
|
|
|
|
Increase/
|
|
|
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
|
Operating Items as a
Percentage of Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
14.9
|
%
|
|
14.4
|
%
|
50
|
bps
|
|
15.1
|
%
|
14.7
|
%
|
40
|
bps
|
|
Selling, General and
Administrative Expenses
|
|
|
11.7
|
%
|
|
11.3
|
%
|
40
|
bps
|
|
11.7
|
%
|
11.3
|
%
|
40
|
bps
|
|
Operating
Income
|
|
|
2.8
|
%
|
|
2.7
|
%
|
10
|
bps
|
|
3.0
|
%
|
3.0
|
%
|
—
|
bps
|
|
Inc. From Cont. Ops.
Before Inc. Taxes
|
|
|
2.5
|
%
|
|
2.5
|
%
|
—
|
bps
|
|
2.6
|
%
|
2.6
|
%
|
—
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Items as a
Percentage of Total Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and
Administrative Expenses
|
|
|
78.5
|
%
|
|
78.1
|
%
|
40
|
bps
|
|
77.5
|
%
|
76.9
|
%
|
60
|
bps
|
|
Operating
Income
|
|
|
18.5
|
%
|
|
19.0
|
%
|
(50)
|
bps
|
|
19.7
|
%
|
20.1
|
%
|
(40)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
Increase/
|
|
|
|
|
|
|
|
Increase/
|
|
|
(Amounts in
Millions)
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA*
|
|
$
|
191.0
|
|
$
|
176.7
|
|
8.1
|
%
|
$
|
569.7
|
|
$
|
521.8
|
|
9.2
|
%
|
|
Floorplan
Credits
|
|
$
|
10.9
|
|
$
|
10.2
|
|
6.9
|
%
|
$
|
29.3
|
|
$
|
29.3
|
|
—
|
%
|
|
Rent
Expense
|
|
$
|
59.3
|
|
$
|
50.9
|
|
16.5
|
%
|
$
|
168.1
|
|
$
|
154.3
|
|
8.9
|
%
|
|
|
|
* See the
following Non-GAAP reconciliation table.
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Retail Automotive
Operations
|
Selected
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Retail Automotive
Units:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail
|
|
|
64,365
|
|
|
65,986
|
|
|
187,377
|
|
|
186,909
|
|
Used Retail
|
|
|
65,892
|
|
|
52,536
|
|
|
194,384
|
|
|
158,213
|
|
Total
|
|
|
130,257
|
|
|
118,522
|
|
|
381,761
|
|
|
345,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Revenue: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
2,480.8
|
|
$
|
2,449.2
|
|
$
|
7,189.9
|
|
$
|
7,178.4
|
|
Used
Vehicles
|
|
|
1,669.5
|
|
|
1,440.3
|
|
|
4,850.6
|
|
|
4,331.5
|
|
Finance and Insurance,
Net
|
|
|
152.0
|
|
|
129.0
|
|
|
436.6
|
|
|
373.1
|
|
Service and
Parts
|
|
|
520.9
|
|
|
492.2
|
|
|
1,540.1
|
|
|
1,466.5
|
|
Fleet and
Wholesale
|
|
|
262.2
|
|
|
261.4
|
|
|
865.3
|
|
|
772.3
|
|
Total
Revenue
|
|
$
|
5,085.4
|
|
$
|
4,772.1
|
|
$
|
14,882.5
|
|
$
|
14,121.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Gross Profit: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
185.2
|
|
$
|
177.6
|
|
$
|
552.6
|
|
$
|
546.2
|
|
Used
Vehicles
|
|
|
94.5
|
|
|
83.7
|
|
|
282.4
|
|
|
257.8
|
|
Finance and Insurance,
Net
|
|
|
152.0
|
|
|
129.0
|
|
|
436.6
|
|
|
373.1
|
|
Service and
Parts
|
|
|
308.0
|
|
|
280.9
|
|
|
911.4
|
|
|
851.0
|
|
Fleet and
Wholesale
|
|
|
4.5
|
|
|
3.5
|
|
|
15.5
|
|
|
13.6
|
|
Total Gross
Profit
|
|
$
|
744.2
|
|
$
|
674.7
|
|
$
|
2,198.5
|
|
$
|
2,041.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Revenue Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
38,542
|
|
$
|
37,117
|
|
$
|
38,371
|
|
$
|
38,406
|
|
Used
Vehicles
|
|
|
25,337
|
|
|
27,415
|
|
|
24,954
|
|
|
27,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Gross Profit Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
2,877
|
|
$
|
2,691
|
|
$
|
2,949
|
|
$
|
2,922
|
|
Used
Vehicles
|
|
|
1,434
|
|
|
1,592
|
|
|
1,453
|
|
|
1,629
|
|
Finance &
Insurance
|
|
|
1,167
|
|
|
1,088
|
|
|
1,144
|
|
|
1,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Gross Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
7.5
|
%
|
|
7.3
|
%
|
|
7.7
|
%
|
|
7.6
|
%
|
Used
Vehicles
|
|
|
5.7
|
%
|
|
5.8
|
%
|
|
5.8
|
%
|
|
6.0
|
%
|
Service and
Parts
|
|
|
59.1
|
%
|
|
57.1
|
%
|
|
59.2
|
%
|
|
58.0
|
%
|
Fleet and
Wholesale
|
|
|
1.7
|
%
|
|
1.3
|
%
|
|
1.8
|
%
|
|
1.8
|
%
|
Total Gross
Margin
|
|
|
14.6
|
%
|
|
14.1
|
%
|
|
14.8
|
%
|
|
14.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Revenue Mix Percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
48.8
|
%
|
|
51.3
|
%
|
|
48.3
|
%
|
|
50.8
|
%
|
Used
Vehicles
|
|
|
32.8
|
%
|
|
30.2
|
%
|
|
32.6
|
%
|
|
30.7
|
%
|
Finance and Insurance,
Net
|
|
|
3.0
|
%
|
|
2.7
|
%
|
|
2.9
|
%
|
|
2.6
|
%
|
Service and
Parts
|
|
|
10.2
|
%
|
|
10.3
|
%
|
|
10.3
|
%
|
|
10.4
|
%
|
Fleet and
Wholesale
|
|
|
5.2
|
%
|
|
5.5
|
%
|
|
5.9
|
%
|
|
5.5
|
%
|
Total
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Gross Profit Mix Percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
24.9
|
%
|
|
26.3
|
%
|
|
25.1
|
%
|
|
26.8
|
%
|
Used
Vehicles
|
|
|
12.7
|
%
|
|
12.4
|
%
|
|
12.8
|
%
|
|
12.6
|
%
|
Finance and Insurance,
Net
|
|
|
20.4
|
%
|
|
19.1
|
%
|
|
19.9
|
%
|
|
18.3
|
%
|
Service and
Parts
|
|
|
41.4
|
%
|
|
41.6
|
%
|
|
41.5
|
%
|
|
41.7
|
%
|
Fleet and
Wholesale
|
|
|
0.6
|
%
|
|
0.6
|
%
|
|
0.7
|
%
|
|
0.6
|
%
|
Total
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Retail Automotive
Operations
|
Selected
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Retail Automotive
Revenue Mix:
|
|
|
|
|
|
|
|
|
|
Premium:
|
|
|
|
|
|
|
|
|
|
BMW / MINI
|
|
22
|
%
|
25
|
%
|
23
|
%
|
25
|
%
|
Audi
|
|
15
|
%
|
14
|
%
|
14
|
%
|
14
|
%
|
Mercedes-Benz
|
|
10
|
%
|
10
|
%
|
10
|
%
|
10
|
%
|
Land Rover /
Jaguar
|
|
8
|
%
|
7
|
%
|
8
|
%
|
7
|
%
|
Porsche
|
|
6
|
%
|
5
|
%
|
6
|
%
|
5
|
%
|
Lexus
|
|
3
|
%
|
3
|
%
|
3
|
%
|
4
|
%
|
Ferrari /
Maserati
|
|
3
|
%
|
3
|
%
|
3
|
%
|
3
|
%
|
Acura
|
|
1
|
%
|
1
|
%
|
1
|
%
|
1
|
%
|
Bentley
|
|
1
|
%
|
1
|
%
|
1
|
%
|
1
|
%
|
Others
|
|
1
|
%
|
2
|
%
|
1
|
%
|
2
|
%
|
Total
Premium
|
|
70
|
%
|
71
|
%
|
70
|
%
|
72
|
%
|
Volume
Non-U.S.:
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
10
|
%
|
11
|
%
|
10
|
%
|
11
|
%
|
Honda
|
|
7
|
%
|
7
|
%
|
7
|
%
|
7
|
%
|
Volkswagen
|
|
3
|
%
|
4
|
%
|
3
|
%
|
3
|
%
|
Nissan
|
|
1
|
%
|
1
|
%
|
1
|
%
|
1
|
%
|
Others
|
|
2
|
%
|
2
|
%
|
2
|
%
|
2
|
%
|
Total Volume
Non-U.S.
|
|
23
|
%
|
25
|
%
|
23
|
%
|
24
|
%
|
U.S.:
|
|
|
|
|
|
|
|
|
|
General Motors /
Chrysler / Ford
|
|
3
|
%
|
4
|
%
|
3
|
%
|
4
|
%
|
Stand-Alone
Used
|
|
4
|
%
|
—
|
%
|
4
|
%
|
—
|
%
|
Total
|
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Geographic Revenue Mix:
|
|
|
|
|
|
|
|
|
U.S.
|
|
58
|
%
|
60
|
%
|
58
|
%
|
59
|
%
|
U.K.
|
|
37
|
%
|
35
|
%
|
36
|
%
|
36
|
%
|
Other
International
|
|
5
|
%
|
5
|
%
|
6
|
%
|
5
|
%
|
Total
|
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Geographic Gross Profit Mix:
|
|
|
|
|
|
|
|
|
U.S.
|
|
62
|
%
|
64
|
%
|
62
|
%
|
63
|
%
|
U.K.
|
|
33
|
%
|
32
|
%
|
32
|
%
|
32
|
%
|
Other
International
|
|
5
|
%
|
4
|
%
|
6
|
%
|
5
|
%
|
Total
|
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Retail Automotive
Operations
|
Same-Store
|
Selected
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Retail Automotive
Same-Store Units:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail
|
|
|
61,860
|
|
|
65,920
|
|
|
175,726
|
|
|
184,087
|
|
Used Retail
|
|
|
53,081
|
|
|
52,468
|
|
|
155,732
|
|
|
156,186
|
|
Total
|
|
|
114,941
|
|
|
118,388
|
|
|
331,458
|
|
|
340,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Same-Store Revenue: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
2,362.1
|
|
$
|
2,446.6
|
|
$
|
6,735.8
|
|
$
|
7,081.8
|
|
Used
Vehicles
|
|
|
1,463.0
|
|
|
1,438.8
|
|
|
4,209.2
|
|
|
4,273.0
|
|
Finance and Insurance,
Net
|
|
|
135.4
|
|
|
128.9
|
|
|
385.7
|
|
|
369.2
|
|
Service and
Parts
|
|
|
498.8
|
|
|
491.3
|
|
|
1,467.1
|
|
|
1,455.8
|
|
Fleet and
Wholesale
|
|
|
219.9
|
|
|
261.2
|
|
|
752.0
|
|
|
767.0
|
|
Total
Revenue
|
|
$
|
4,679.2
|
|
$
|
4,766.8
|
|
$
|
13,549.8
|
|
$
|
13,946.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Same-Store Gross Profit: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
175.7
|
|
$
|
177.4
|
|
$
|
513.9
|
|
$
|
538.4
|
|
Used
Vehicles
|
|
|
78.7
|
|
|
83.5
|
|
|
234.7
|
|
|
255.1
|
|
Finance and Insurance,
Net
|
|
|
135.4
|
|
|
128.9
|
|
|
385.7
|
|
|
369.2
|
|
Service and
Parts
|
|
|
293.1
|
|
|
280.4
|
|
|
863.2
|
|
|
844.3
|
|
Fleet and
Wholesale
|
|
|
4.2
|
|
|
3.5
|
|
|
13.7
|
|
|
13.7
|
|
Total Gross
Profit
|
|
$
|
687.1
|
|
$
|
673.7
|
|
$
|
2,011.2
|
|
$
|
2,020.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Same-Store Revenue Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
38,185
|
|
$
|
37,114
|
|
$
|
38,331
|
|
$
|
38,470
|
|
Used
Vehicles
|
|
|
27,561
|
|
|
27,422
|
|
|
27,028
|
|
|
27,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Same-Store Gross Profit Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
$
|
2,841
|
|
$
|
2,691
|
|
$
|
2,924
|
|
$
|
2,925
|
|
Used
Vehicles
|
|
|
1,482
|
|
|
1,592
|
|
|
1,507
|
|
|
1,634
|
|
Finance &
Insurance
|
|
|
1,178
|
|
|
1,089
|
|
|
1,164
|
|
|
1,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Same-Store Gross Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
7.4
|
%
|
|
7.3
|
%
|
|
7.6
|
%
|
|
7.6
|
%
|
Used
Vehicles
|
|
|
5.4
|
%
|
|
5.8
|
%
|
|
5.6
|
%
|
|
6.0
|
%
|
Service and
Parts
|
|
|
58.8
|
%
|
|
57.1
|
%
|
|
58.8
|
%
|
|
58.0
|
%
|
Fleet and
Wholesale
|
|
|
1.9
|
%
|
|
1.3
|
%
|
|
1.8
|
%
|
|
1.8
|
%
|
Total Gross
Margin
|
|
|
14.7
|
%
|
|
14.1
|
%
|
|
14.8
|
%
|
|
14.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Revenue Mix Percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
50.5
|
%
|
|
51.3
|
%
|
|
49.7
|
%
|
|
50.8
|
%
|
Used
Vehicles
|
|
|
31.3
|
%
|
|
30.2
|
%
|
|
31.1
|
%
|
|
30.6
|
%
|
Finance and Insurance,
Net
|
|
|
2.9
|
%
|
|
2.7
|
%
|
|
2.8
|
%
|
|
2.6
|
%
|
Service and
Parts
|
|
|
10.7
|
%
|
|
10.3
|
%
|
|
10.8
|
%
|
|
10.4
|
%
|
Fleet and
Wholesale
|
|
|
4.6
|
%
|
|
5.5
|
%
|
|
5.6
|
%
|
|
5.6
|
%
|
Total
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive
Gross Profit Mix Percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
25.6
|
%
|
|
26.3
|
%
|
|
25.6
|
%
|
|
26.6
|
%
|
Used
Vehicles
|
|
|
11.5
|
%
|
|
12.4
|
%
|
|
11.7
|
%
|
|
12.6
|
%
|
Finance and Insurance,
Net
|
|
|
19.7
|
%
|
|
19.1
|
%
|
|
19.2
|
%
|
|
18.3
|
%
|
Service and
Parts
|
|
|
42.7
|
%
|
|
41.6
|
%
|
|
42.9
|
%
|
|
41.8
|
%
|
Fleet and
Wholesale
|
|
|
0.5
|
%
|
|
0.6
|
%
|
|
0.6
|
%
|
|
0.7
|
%
|
Total
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Retail Commercial
Truck Operations
|
Selected
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Retail Commercial
Truck Units:
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail
|
|
1,632
|
|
|
1,668
|
|
|
3,932
|
|
|
4,777
|
|
Used Retail
|
|
464
|
|
|
226
|
|
|
1,230
|
|
|
771
|
|
Total Units
|
|
2,096
|
|
|
1,894
|
|
|
5,162
|
|
|
5,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Revenue: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
184.3
|
|
$
|
168.8
|
|
$
|
411.5
|
|
$
|
497.5
|
|
Used
Vehicles
|
|
25.7
|
|
|
11.3
|
|
|
67.9
|
|
|
38.6
|
|
Finance and Insurance,
Net
|
|
2.1
|
|
|
1.8
|
|
|
6.6
|
|
|
5.5
|
|
Service and
Parts
|
|
83.3
|
|
|
81.5
|
|
|
244.6
|
|
|
232.2
|
|
Lease,
Rental & Wholesale
|
|
4.2
|
|
|
2.7
|
|
|
9.2
|
|
|
8.5
|
|
Total
Revenue
|
$
|
299.6
|
|
$
|
266.1
|
|
$
|
739.8
|
|
$
|
782.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Gross Profit: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
7.9
|
|
$
|
6.2
|
|
$
|
17.4
|
|
$
|
18.7
|
|
Used
Vehicles
|
|
2.6
|
|
|
(0.3)
|
|
|
6.1
|
|
|
(1.3)
|
|
Finance and Insurance,
Net
|
|
2.1
|
|
|
1.8
|
|
|
6.6
|
|
|
5.5
|
|
Service and
Parts
|
|
31.7
|
|
|
30.0
|
|
|
90.8
|
|
|
85.7
|
|
Lease,
Rental & Wholesale
|
|
—
|
|
|
0.5
|
|
|
(0.2)
|
|
|
1.1
|
|
Total Gross
Profit
|
$
|
44.3
|
|
$
|
38.2
|
|
$
|
120.7
|
|
$
|
109.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Revenue Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
112,907
|
|
$
|
101,202
|
|
$
|
104,631
|
|
$
|
104,145
|
|
Used
Vehicles
|
|
55,387
|
|
|
49,999
|
|
|
55,158
|
|
|
49,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Gross Profit Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
4,822
|
|
$
|
3,699
|
|
$
|
4,426
|
|
$
|
3,905
|
|
Used
Vehicles
|
|
5,500
|
|
|
(1,431)
|
|
|
4,912
|
|
|
(1,681)
|
|
Finance and
Insurance
|
|
1,016
|
|
|
965
|
|
|
1,275
|
|
|
992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Gross Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
4.3
|
%
|
|
3.7
|
%
|
|
4.2
|
%
|
|
3.8
|
%
|
Used
Vehicles
|
|
10.1
|
%
|
|
(2.7)
|
%
|
|
9.0
|
%
|
|
(3.4)
|
%
|
Service and
Parts
|
|
38.1
|
%
|
|
36.8
|
%
|
|
37.1
|
%
|
|
36.9
|
%
|
Lease,
Rental & Wholesale
|
|
—
|
%
|
|
18.5
|
%
|
|
(2.2)
|
%
|
|
12.9
|
%
|
Total Gross
Margin
|
|
14.8
|
%
|
|
14.4
|
%
|
|
16.3
|
%
|
|
14.0
|
%
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Retail Commercial
Truck Operations
|
Same-Store
|
Selected
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Retail Commercial
Truck Same-Store Units:
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail
|
|
1,620
|
|
|
1,668
|
|
|
3,303
|
|
|
4,155
|
|
Used Retail
|
|
464
|
|
|
226
|
|
|
1,070
|
|
|
755
|
|
Total Units
|
|
2,084
|
|
|
1,894
|
|
|
4,373
|
|
|
4,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Revenue: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
182.8
|
|
$
|
168.8
|
|
$
|
336.3
|
|
$
|
430.2
|
|
Used
Vehicles
|
|
25.7
|
|
|
11.3
|
|
|
60.0
|
|
|
37.8
|
|
Finance and Insurance,
Net
|
|
2.1
|
|
|
1.8
|
|
|
6.0
|
|
|
5.1
|
|
Service and
Parts
|
|
82.6
|
|
|
81.5
|
|
|
212.5
|
|
|
214.4
|
|
Lease,
Rental & Wholesale
|
|
4.4
|
|
|
2.7
|
|
|
9.0
|
|
|
8.5
|
|
Total
Revenue
|
$
|
297.6
|
|
$
|
266.1
|
|
$
|
623.8
|
|
$
|
696.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Gross Profit: (Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
7.8
|
|
$
|
6.2
|
|
$
|
14.6
|
|
$
|
16.6
|
|
Used
Vehicles
|
|
2.6
|
|
|
(0.3)
|
|
|
5.7
|
|
|
(1.4)
|
|
Finance and Insurance,
Net
|
|
2.1
|
|
|
1.8
|
|
|
6.0
|
|
|
5.1
|
|
Service and
Parts
|
|
31.3
|
|
|
30.0
|
|
|
80.3
|
|
|
80.0
|
|
Lease,
Rental & Wholesale
|
|
—
|
|
|
0.5
|
|
|
(0.3)
|
|
|
1.1
|
|
Total Gross
Profit
|
$
|
43.8
|
|
$
|
38.2
|
|
$
|
106.3
|
|
$
|
101.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Revenue Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
112,861
|
|
$
|
101,202
|
|
$
|
101,830
|
|
$
|
103,549
|
|
Used
Vehicles
|
|
55,387
|
|
|
49,999
|
|
|
56,098
|
|
|
50,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Gross Profit Per Vehicle Retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
$
|
4,810
|
|
$
|
3,699
|
|
$
|
4,430
|
|
$
|
3,990
|
|
Used
Vehicles
|
|
5,500
|
|
|
(1,431)
|
|
|
5,291
|
|
|
(1,806)
|
|
Finance and
Insurance
|
|
1,019
|
|
|
965
|
|
|
1,373
|
|
|
1,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Gross Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
4.3
|
%
|
|
3.7
|
%
|
|
4.3
|
%
|
|
3.9
|
%
|
Used
Vehicles
|
|
10.1
|
%
|
|
(2.7)
|
%
|
|
9.5
|
%
|
|
(3.7)
|
%
|
Service and
Parts
|
|
37.9
|
%
|
|
36.8
|
%
|
|
37.8
|
%
|
|
37.3
|
%
|
Lease,
Rental & Wholesale
|
|
—
|
%
|
|
18.5
|
%
|
|
(3.3)
|
%
|
|
12.9
|
%
|
Total Gross
Margin
|
|
14.7
|
%
|
|
14.4
|
%
|
|
17.0
|
%
|
|
14.6
|
%
|
PENSKE AUTOMOTIVE
GROUP, INC.
|
Consolidated Non-GAAP
Reconciliations
|
(Unaudited)
|
|
The following table
reconciles reported net income to earnings before interest, taxes,
depreciation and amortization ("EBITDA") for the three and nine
months ended September 30, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
Increase/
|
|
|
|
|
|
|
|
Increase/
|
|
(Amounts in Millions)
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
94.3
|
|
$
|
88.5
|
|
6.6
|
%
|
$
|
284.2
|
|
$
|
263.7
|
|
7.8
|
%
|
Add:
Depreciation
|
|
|
24.3
|
|
|
21.5
|
|
13.0
|
%
|
|
70.0
|
|
|
66.8
|
|
4.8
|
%
|
Other Interest
Expense
|
|
|
27.8
|
|
|
25.1
|
|
10.8
|
%
|
|
79.2
|
|
|
61.8
|
|
28.2
|
%
|
Income
Taxes
|
|
|
44.7
|
|
|
41.7
|
|
7.2
|
%
|
|
136.0
|
|
|
128.4
|
|
5.9
|
%
|
(Income) Loss from
Discontinued Operations, net of tax
|
|
|
(0.1)
|
|
|
(0.1)
|
|
—
|
%
|
|
0.3
|
|
|
1.1
|
|
(72.7)
|
%
|
EBITDA
|
|
$
|
191.0
|
|
$
|
176.7
|
|
8.1
|
%
|
$
|
569.7
|
|
$
|
521.8
|
|
9.2
|
%
|
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SOURCE Penske Automotive Group, Inc.