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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
or
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 1-13461
Group 1 Automotive, Inc.
(Exact name of registrant as specified in its charter)
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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) | | |
(713) 647-5700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
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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 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer | þ | | ¨ | Accelerated filer |
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Non-accelerated filer | ¨ | | ☐ | Smaller reporting company |
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| | | ☐ | Emerging growth company |
If an emerging growth company, indicate by check mark if that registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
As of July 19, 2024, the registrant had 13,404,885 shares of common stock outstanding.
TABLE OF CONTENTS
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Item 1. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 5. | | |
Item 6. | | |
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GLOSSARY OF DEFINITIONS
The following are abbreviations and definitions of terms used within this report: | | | | | | | | |
Terms | | Definitions |
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AOCI | | Accumulated other comprehensive income (loss) |
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COVID-19 pandemic | | Coronavirus disease first emerging in December 2019 and resulting in the global pandemic in 2020, 2021 and 2022 |
DMS | | Dealer management system |
EPS | | Earnings per share |
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F&I | | Finance, insurance and other |
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FMCC | | Ford Motor Credit Company |
GBP | | British Pound Sterling (£) |
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OEM | | Original equipment manufacturer |
PRU | | Per retail unit |
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SEC | | Securities and Exchange Commission |
SG&A | | Selling, general and administrative |
SOFR | | Secured Overnight Financing Rate |
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U.K. | | United Kingdom |
U.S. | | United States of America |
USD | | United States Dollar ($) |
U.S. GAAP | | Accounting principles generally accepted in the U.S. |
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Forward-Looking Statements
Unless the context requires otherwise, references to “we,” “us,” “our” or the “Company” are intended to mean the business and operations of Group 1 Automotive, Inc. and its subsidiaries.
This Quarterly Report on Form 10-Q (this “Form 10-Q”) includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). These forward-looking statements include, but are not limited to, statements concerning the Company’s strategy, future operating performance, future liquidity and availability of financing, capital allocation, the completion of future acquisitions and divestitures, as well as the impact of cyberattacks or other privacy/data security incidents, business trends in the retail automotive industry and changes in regulations. When used in this Form 10-Q, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may” and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the Company’s expectations and beliefs as of the date of this Form 10-Q concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable when and as made, there can be no assurance that future developments affecting the Company will be those that are anticipated. The Company’s forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the risks set forth in Item 1A. Risk Factors of this Form 10-Q.
For additional information regarding known material factors that could cause actual results to differ from projected results, refer to Part II, Item 1A. Risk Factors herein and Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), as well as Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk of this Form 10-Q.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no responsibility and expressly disclaims any duty, to update any such statements, whether as a result of new information, new developments or otherwise, or to publicly release the result of any revision of the forward-looking statements after the date they are made, except to the extent required by law.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GROUP 1 AUTOMOTIVE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share data)
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
ASSETS |
CURRENT ASSETS: | | | | |
Cash and cash equivalents | | $ | 64.4 | | | $ | 57.2 | |
Contracts-in-transit and vehicle receivables, net | | 349.9 | | | 369.2 | |
Accounts and notes receivable, net | | 259.5 | | | 238.4 | |
Inventories | | 2,356.8 | | | 1,963.4 | |
| | | | |
Prepaid expenses | | 31.1 | | | 38.9 | |
Other current assets | | 101.9 | | | 25.1 | |
Current assets classified as held for sale | | 7.1 | | | 99.1 | |
TOTAL CURRENT ASSETS | | 3,170.7 | | | 2,791.3 | |
Property and equipment, net of accumulated depreciation of $623.2 and $587.7, respectively | | 2,492.3 | | | 2,248.7 | |
Operating lease assets | | 226.6 | | | 216.5 | |
Goodwill | | 1,915.7 | | | 1,651.9 | |
Intangible franchise rights | | 872.3 | | | 701.2 | |
Other long-term assets | | 172.6 | | | 164.6 | |
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TOTAL ASSETS | | $ | 8,850.3 | | | $ | 7,774.1 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
CURRENT LIABILITIES: | | | | |
Floorplan notes payable — credit facility and other, net of offset account of $79.4 and $236.7, respectively | | $ | 1,386.6 | | | $ | 1,153.0 | |
Floorplan notes payable — manufacturer affiliates, net of offset account of $14.8 and $38.5, respectively | | 713.3 | | | 412.4 | |
Current maturities of long-term debt | | 170.6 | | | 109.4 | |
Current operating lease liabilities | | 20.3 | | | 20.9 | |
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Accounts payable | | 490.6 | | | 499.3 | |
Accrued expenses and other current liabilities | | 316.2 | | | 303.4 | |
Current liabilities classified as held for sale | | — | | | 7.2 | |
TOTAL CURRENT LIABILITIES | | 3,097.7 | | | 2,505.7 | |
Long-term debt | | 2,279.3 | | | 1,989.4 | |
Long-term operating lease liabilities | | 214.3 | | | 209.4 | |
Deferred income taxes | | 256.7 | | | 256.6 | |
Other long-term liabilities | | 136.1 | | | 138.6 | |
Commitments and Contingencies (Note 11) | | | | |
STOCKHOLDERS’ EQUITY: | | | | |
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Common stock, $0.01 par value, 50,000,000 shares authorized; 25,092,785 and 25,131,460 shares issued, respectively | | 0.3 | | | 0.3 | |
Additional paid-in capital | | 359.7 | | | 349.1 | |
Retained earnings | | 3,923.0 | | | 3,649.8 | |
Accumulated other comprehensive income (loss) | | 27.0 | | | 28.1 | |
Treasury stock, at cost; 11,687,438 and 11,447,422 shares, respectively | | (1,443.7) | | | (1,352.8) | |
TOTAL STOCKHOLDERS’ EQUITY | | 2,866.3 | | | 2,674.4 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 8,850.3 | | | $ | 7,774.1 | |
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
3
GROUP 1 AUTOMOTIVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share data)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
REVENUES: | | | | | | | | |
New vehicle retail sales | | $ | 2,364.2 | | | $ | 2,243.2 | | | $ | 4,546.8 | | | $ | 4,198.9 | |
Used vehicle retail sales | | 1,453.2 | | | 1,450.6 | | | 2,870.0 | | | 2,799.5 | |
Used vehicle wholesale sales | | 104.3 | | | 112.5 | | | 210.3 | | | 224.4 | |
Parts and service sales | | 574.5 | | | 562.0 | | | 1,150.8 | | | 1,110.3 | |
Finance, insurance and other, net | | 200.1 | | | 190.3 | | | 389.0 | | | 355.4 | |
Total revenues | | 4,696.4 | | | 4,558.5 | | | 9,166.9 | | | 8,688.5 | |
COST OF SALES: | | | | | | | | |
New vehicle retail sales | | 2,194.1 | | | 2,041.7 | | | 4,217.2 | | | 3,810.7 | |
Used vehicle retail sales | | 1,372.6 | | | 1,371.8 | | | 2,707.2 | | | 2,644.0 | |
Used vehicle wholesale sales | | 105.4 | | | 111.6 | | | 212.4 | | | 221.6 | |
Parts and service sales | | 257.7 | | | 257.9 | | | 520.9 | | | 508.9 | |
Total cost of sales | | 3,929.8 | | | 3,783.0 | | | 7,657.7 | | | 7,185.1 | |
GROSS PROFIT | | 766.5 | | | 775.5 | | | 1,509.1 | | | 1,503.4 | |
Selling, general and administrative expenses | | 497.2 | | | 479.9 | | | 973.3 | | | 942.7 | |
Depreciation and amortization expense | | 28.2 | | | 23.1 | | | 52.0 | | | 45.5 | |
Asset impairments | | — | | | 1.8 | | | — | | | 2.9 | |
INCOME FROM OPERATIONS | | 241.1 | | | 270.8 | | | 483.8 | | | 512.3 | |
Floorplan interest expense | | 24.7 | | | 15.6 | | | 45.2 | | | 28.2 | |
Other interest expense, net | | 33.4 | | | 25.9 | | | 62.7 | | | 45.6 | |
Other expense (income) | | 0.1 | | | 1.3 | | | (0.4) | | | 4.2 | |
| | | | | | | | |
INCOME BEFORE INCOME TAXES | | 183.0 | | | 227.9 | | | 376.3 | | | 434.3 | |
Provision for income taxes | | 45.2 | | | 57.6 | | | 91.0 | | | 105.2 | |
Net income from continuing operations | | 137.9 | | | 170.3 | | | 285.3 | | | 329.1 | |
Net income (loss) from discontinued operations | | 0.3 | | | 0.2 | | | 0.8 | | | (0.1) | |
NET INCOME | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | |
BASIC EARNINGS PER SHARE: | | | | | | | | |
Continuing operations | | $ | 10.20 | | | $ | 12.06 | | | $ | 21.01 | | | $ | 23.22 | |
Discontinued operations | | 0.02 | | | 0.02 | | | 0.06 | | | (0.01) | |
Total | | $ | 10.22 | | | $ | 12.08 | | | $ | 21.07 | | | $ | 23.21 | |
DILUTED EARNINGS PER SHARE: | | | | | | | | |
Continuing operations | | $ | 10.15 | | | $ | 12.02 | | | $ | 20.91 | | | $ | 23.14 | |
Discontinued operations | | 0.02 | | | 0.02 | | | 0.06 | | | (0.01) | |
Total | | $ | 10.17 | | | $ | 12.04 | | | $ | 20.97 | | | $ | 23.13 | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | | | | | | | | |
Basic | | 13.2 | | | 13.8 | | | 13.3 | | | 13.8 | |
Diluted | | 13.3 | | | 13.8 | | | 13.3 | | | 13.9 | |
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
4
GROUP 1 AUTOMOTIVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
NET INCOME | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | |
Other comprehensive income (loss), net of taxes: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign currency translation adjustments | | (1.1) | | | 11.2 | | | (5.6) | | | 21.0 | |
Net unrealized gain (loss) on interest rate risk management activities, net of tax: | | | | | | | | |
Unrealized gain arising during the period, net of tax provision of $(1.6), $(5.0), $(6.1) and $(2.8), respectively | | 5.3 | | | 15.8 | | | 19.6 | | | 9.0 | |
| | | | | | | | |
Reclassification adjustment for gain included in interest expense, net of tax provision of $(2.3), $(1.0), $(4.7) and $(2.8), respectively | | (7.4) | | | (3.2) | | | (15.0) | | | (8.8) | |
Reclassification related to de-designated interest rate swaps, net of tax provision of $—, $—, $(0.1) and $(1.0), respectively | | — | | | — | | | (0.2) | | | (3.1) | |
Unrealized (loss) gain on interest rate risk management activities, net of tax | | (2.2) | | | 12.6 | | | 4.4 | | | (2.8) | |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | | (3.3) | | | 23.8 | | | (1.2) | | | 18.1 | |
COMPREHENSIVE INCOME | | $ | 134.9 | | | $ | 194.4 | | | $ | 284.9 | | | $ | 347.1 | |
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
5
GROUP 1 AUTOMOTIVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In millions, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
| | Shares | | Amount | | | | | |
BALANCE, MARCH 31, 2024 | | 25,109,781 | | | $ | 0.3 | | | $ | 351.7 | | | $ | 3,791.3 | | | $ | 30.3 | | | $ | (1,401.1) | | | 2,772.4 | |
Net income | | — | | | — | | | — | | | 138.2 | | | — | | | — | | | 138.2 | |
Other comprehensive loss, net of taxes | | — | | | — | | | — | | | — | | | (3.3) | | | — | | | (3.3) | |
| | | | | | | | | | | | | | |
Purchases of treasury stock, including excise tax | | — | | | — | | | — | | | — | | | — | | | (46.5) | | | (46.5) | |
Net issuance of treasury shares to stock compensation plans | | (16,996) | | | — | | | 1.4 | | | — | | | — | | | 3.9 | | | 5.2 | |
Stock-based compensation | | — | | | — | | | 6.6 | | | — | | | — | | | — | | | 6.6 | |
Dividends declared ($0.47 per share) | | — | | | — | | | — | | | (6.4) | | | — | | | — | | | (6.4) | |
BALANCE, JUNE 30, 2024 | | 25,092,785 | | | $ | 0.3 | | | $ | 359.7 | | | $ | 3,923.0 | | | $ | 27.0 | | | $ | (1,443.7) | | | $ | 2,866.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total | | | | |
| | Shares | | Amount | | | | | | | | | |
BALANCE, DECEMBER 31, 2023 | | 25,131,460 | | | $ | 0.3 | | | $ | 349.1 | | | $ | 3,649.8 | | | $ | 28.1 | | | $ | (1,352.8) | | | $ | 2,674.4 | | | | | |
Net income | | — | | | — | | | — | | | 286.1 | | | — | | | — | | | 286.1 | | | | | |
Other comprehensive loss, net of taxes | | — | | | — | | | — | | | — | | | (1.2) | | | — | | | (1.2) | | | | | |
Purchases of treasury stock, including excise tax | | — | | | — | | | — | | | — | | | — | | | (100.6) | | | (100.6) | | | | | |
Net issuance of treasury shares to stock compensation plans | | (38,675) | | | — | | | (3.7) | | | — | | | — | | | 9.8 | | | 6.1 | | | | | |
Stock-based compensation | | — | | | — | | | 14.2 | | | — | | | — | | | — | | | 14.2 | | | | | |
Dividends declared ($0.94 per share) | | — | | | — | | | — | | | (12.8) | | | — | | | — | | | (12.8) | | | | | |
BALANCE, JUNE 30, 2024 | | 25,092,785 | | | $ | 0.3 | | | $ | 359.7 | | | $ | 3,923.0 | | | $ | 27.0 | | | $ | (1,443.7) | | | $ | 2,866.3 | | | | | |
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
6
GROUP 1 AUTOMOTIVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In millions, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
| | Shares | | Amount | | | | | |
BALANCE, MARCH 31, 2023 | | 25,150,165 | | | $ | 0.3 | | | $ | 333.6 | | | $ | 3,225.5 | | | $ | 16.7 | | | $ | (1,223.7) | | | $ | 2,352.5 | |
Net income | | — | | | — | | | — | | | 170.5 | | | — | | | — | | | 170.5 | |
Other comprehensive income, net of taxes | | — | | | — | | | — | | | — | | | 23.8 | | | — | | | 23.8 | |
| | | | | | | | | | | | | | |
Purchases of treasury stock, including excise tax | | — | | | — | | | — | | | — | | | — | | | (31.6) | | | (31.6) | |
Net issuance of treasury shares to stock compensation plans | | 14,001 | | | — | | | 1.5 | | | — | | | — | | | 3.7 | | | 5.2 | |
Stock-based compensation | | — | | | — | | | 4.8 | | | — | | | — | | | — | | | 4.8 | |
Dividends declared ($0.45 per share) | | — | | | — | | | — | | | (6.4) | | | — | | | — | | | (6.4) | |
| | | | | | | | | | | | | | |
BALANCE, JUNE 30, 2023 | | 25,164,166 | | | $ | 0.3 | | | $ | 339.8 | | | $ | 3,389.7 | | | $ | 40.6 | | | $ | (1,251.5) | | | $ | 2,518.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
| | Shares | | Amount | | | | | |
BALANCE, DECEMBER 31, 2022 | | 25,232,620 | | | $ | 0.3 | | | $ | 338.7 | | | $ | 3,073.6 | | | $ | 22.5 | | | $ | (1,197.5) | | | $ | 2,237.5 | |
Net income | | — | | | — | | | — | | | 329.0 | | | — | | | — | | | 329.0 | |
Other comprehensive income, net of taxes | | — | | | — | | | — | | | — | | | 18.1 | | | — | | | 18.1 | |
| | | | | | | | | | | | | | |
Purchases of treasury stock, including excise tax | | — | | | — | | | — | | | — | | | — | | | (66.5) | | | (66.5) | |
Net issuance of treasury shares to stock compensation plans | | (68,454) | | | — | | | (9.4) | | | — | | | — | | | 12.5 | | | 3.1 | |
Stock-based compensation | | — | | | — | | | 10.5 | | | — | | | — | | | — | | | 10.5 | |
Dividends declared ($0.90 per share) | | — | | | — | | | — | | | (12.8) | | | — | | | — | | | (12.8) | |
| | | | | | | | | | | | | | |
BALANCE, JUNE 30, 2023 | | 25,164,166 | | | $ | 0.3 | | | $ | 339.8 | | | $ | 3,389.7 | | | $ | 40.6 | | | $ | (1,251.5) | | | $ | 2,518.9 | |
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
7
GROUP 1 AUTOMOTIVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions) | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | 2024 | | 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
Net income | | $ | 286.1 | | | $ | 329.0 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 52.0 | | | 45.5 | |
Change in operating lease assets | | 11.9 | | | 12.7 | |
Deferred income taxes | | (0.6) | | | 2.7 | |
Asset impairments | | — | | | 2.9 | |
Stock-based compensation | | 14.2 | | | 10.5 | |
Amortization of debt discount and issuance costs | | 1.7 | | | 1.5 | |
Gain on disposition of assets | | (55.7) | | | (11.8) | |
| | | | |
Unrealized gain on derivative instruments | | (0.3) | | | (4.5) | |
Other | | (0.8) | | | (1.6) | |
Changes in assets and liabilities, net of acquisitions and dispositions: | | | | |
Accounts payable and accrued expenses | | 4.1 | | | 85.8 | |
Accounts and notes receivable | | (21.3) | | | (15.0) | |
Inventories | | (329.0) | | | (283.8) | |
Contracts-in-transit and vehicle receivables | | 18.3 | | | 9.9 | |
Prepaid expenses and other assets | | 4.4 | | | (2.2) | |
Floorplan notes payable — manufacturer affiliates | | 157.6 | | | 70.1 | |
Deferred revenues | | (0.4) | | | (0.2) | |
Operating lease liabilities | | (12.5) | | | (12.6) | |
Net cash provided by operating activities | | 129.8 | | | 239.0 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $50.3 and $64.9, respectively | | (690.3) | | | (363.5) | |
Proceeds from disposition of franchises, property and equipment | | 201.1 | | | 80.8 | |
Purchases of property and equipment | | (102.9) | | | (86.7) | |
Escrow payments for acquisitions | | (86.4) | | | — | |
| | | | |
Other | | 9.4 | | | 0.2 | |
Net cash used in investing activities | | (669.0) | | | (369.1) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
Borrowings on credit facility — floorplan line and other | | 6,490.7 | | | 5,005.9 | |
Repayments on credit facility — floorplan line and other | | (6,112.8) | | | (4,928.1) | |
Borrowings on credit facility — acquisition line | | 464.2 | | | 200.0 | |
Repayments on credit facility — acquisition line | | (495.0) | | | (53.2) | |
Debt issuance costs | | (3.8) | | | (0.1) | |
| | | | |
| | | | |
Borrowings on other debt | | 377.0 | | | 88.2 | |
Principal payments on other debt | | (67.7) | | | (134.1) | |
Proceeds from employee stock purchase plan | | 13.0 | | | 11.4 | |
Payments of tax withholding for stock-based compensation | | (6.9) | | | (8.3) | |
| | | | |
Repurchases of common stock, amounts based on settlement date | | (99.8) | | | (66.0) | |
| | | | |
Dividends paid | | (12.7) | | | (12.7) | |
| | | | |
Net cash provided by financing activities | | 546.4 | | | 103.0 | |
Effect of exchange rate changes on cash | | — | | | 2.1 | |
Net increase (decrease) in cash and cash equivalents | | 7.2 | | | (25.1) | |
CASH AND CASH EQUIVALENTS, beginning of period | | 57.2 | | | 47.9 | |
CASH AND CASH EQUIVALENTS, end of period | | $ | 64.4 | | | $ | 22.8 | |
| | | | |
| | | | |
| | | | |
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
8
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES
Basis of Presentation and Consolidation
The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2023 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned.
On July 1, 2022, the Company completed the disposal of 100% of the issued and outstanding equity interests of the Company’s Brazilian operations (the “Brazil Disposal Group”). The Brazil Disposal Group met the criteria to be reported as held for sale and discontinued operations. Therefore, the related assets, liabilities and operating results of the Brazil Disposal Group are reported as discontinued operations for all periods presented. Results of operations, cash flows, assets and liabilities associated with the Brazil Disposal Group are immaterial for all periods presented. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only.
Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented.
Use of Estimates
The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances; however, actual results could differ materially from such estimates. Significant estimates were made by management in the accompanying Condensed Consolidated Financial Statements, related to, but not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures. The amendments require the disclosure of significant segment expenses as well as expanded interim disclosures, along with other changes to segment disclosure requirements. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and is required to be applied retrospectively. Beginning with the annual Financial Statements and notes thereto included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company will incorporate the required disclosures, which include information concerning the Company’s reported measure of segment profit or loss, as well as significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in the measure, among other required disclosure changes. Additionally, the Company expects that interim periods beginning after December 15, 2024 will include segment disclosures largely consistent with the annual disclosure requirements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require the disclosure of a reconciliation between income tax expense from continuing operations and the amount computed by multiplying income from continuing operations before income taxes by the applicable statutory rate as well as an annual disaggregation of the income tax rate reconciliation between certain specified categories by both percentage and reported amounts, along with other changes to income tax disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2024, and interim periods for fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
2. REVENUES
The following tables present the Company’s revenues disaggregated by its geographical segments (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2024 | | | Six Months Ended June 30, 2024 |
| | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total |
New vehicle retail sales | | $ | 2,009.5 | | | $ | 354.6 | | | $ | 2,364.2 | | | | $ | 3,809.4 | | | $ | 737.4 | | | $ | 4,546.8 | |
Used vehicle retail sales | | 1,151.9 | | | 301.3 | | | 1,453.2 | | | | 2,251.4 | | | 618.6 | | | 2,870.0 | |
Used vehicle wholesale sales | | 78.4 | | | 25.9 | | | 104.3 | | | | 158.3 | | | 52.0 | | | 210.3 | |
Total new and used vehicle sales | | 3,239.9 | | | 681.8 | | | 3,921.7 | | | | 6,219.1 | | | 1,408.0 | | | 7,627.1 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Parts and service sales (1) | | 497.4 | | | 77.1 | | | 574.5 | | | | 992.6 | | | 158.2 | | | 1,150.8 | |
Finance, insurance and other, net (2) | | 183.9 | | | 16.3 | | | 200.1 | | | | 355.2 | | | 33.8 | | | 389.0 | |
Total revenues | | $ | 3,921.2 | | | $ | 775.2 | | | $ | 4,696.4 | | | | $ | 7,566.9 | | | $ | 1,600.0 | | | $ | 9,166.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2023 | | | Six Months Ended June 30, 2023 |
| | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total |
New vehicle retail sales | | $ | 1,915.5 | | | $ | 327.6 | | | $ | 2,243.2 | | | | $ | 3,524.1 | | | $ | 674.8 | | | $ | 4,198.9 | |
Used vehicle retail sales | | 1,139.9 | | | 310.7 | | | 1,450.6 | | | | 2,170.0 | | | 629.5 | | | 2,799.5 | |
Used vehicle wholesale sales | | 79.8 | | | 32.7 | | | 112.5 | | | | 162.1 | | | 62.3 | | | 224.4 | |
Total new and used vehicle sales | | 3,135.2 | | | 671.0 | | | 3,806.2 | | | | 5,856.2 | | | 1,366.6 | | | 7,222.8 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Parts and service sales (1) | | 491.2 | | | 70.8 | | | 562.0 | | | | 965.0 | | | 145.3 | | | 1,110.3 | |
Finance, insurance and other, net (2) | | 173.2 | | | 17.1 | | | 190.3 | | | | 320.8 | | | 34.6 | | | 355.4 | |
Total revenues | | $ | 3,799.6 | | | $ | 758.9 | | | $ | 4,558.5 | | | | $ | 7,142.0 | | | $ | 1,546.5 | | | $ | 8,688.5 | |
(1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year.
(2) Includes variable consideration recognized of $5.6 million and $7.6 million during the three months ended June 30, 2024 and 2023, respectively, and $18.0 million and $12.5 million during the six months ended June 30, 2024 and 2023, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Note 7. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.
3. ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value.
During the six months ended June 30, 2024, the Company acquired nine dealerships in the U.S., including three Honda , two Lexus, one Toyota, one Kia, one Hyundai and one Mercedes-Benz. The Company also acquired one Toyota Certified pre-owned center and three collision centers in the U.S. Aggregate cash consideration paid for these dealerships, which were accounted for as business combinations, was $690.4 million. Goodwill associated with the acquisitions totaled $287.5 million. The accounting for these acquisitions is considered to be preliminary and subject to change as the Company’s fair value assessments are finalized. The Company is continuing to analyze and assess relevant information related to the valuation of property, equipment and intangible assets. The Company will reflect any required fair value adjustments in subsequent periods.
During the six months ended June 30, 2023, the Company acquired one Chevrolet dealership, one Kia dealership and three Buick-GMC dealerships in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $363.5 million. Goodwill associated with the acquisitions totaled $43.9 million.
In April 2024, the Company announced it entered into a definitive agreement to acquire the U.K. automotive retailing business and related owned real estate, comprising 54 dealerships, from a subsidiary of Inchcape plc for approximately $439 million in an all-cash transaction, inclusive of $279 million of real estate. The transaction is expected to close in the third quarter of 2024.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
In July 2024, the Company acquired four Mercedes-Benz dealerships located north of London in the county of Hertfordshire. During the three months ended June 30, 2024, the Company made an escrow payment of $86.4 million related to the acquisition to an escrow agent, which was then paid to the sellers in July 2024. As the escrow payment was made prior to the closing of the transaction, the amount is recorded within Other current assets in the Condensed Consolidated Balance Sheets as of June 30, 2024 and as Escrow payments for acquisitions within Net cash used in investing activities in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024. The Company will account for the business combination in future periods.
Dispositions
The Company’s divestitures generally consist of dealership assets and related real estate. Gains and losses on divestitures are recorded within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.
During the six months ended June 30, 2024, the Company recorded a net pre-tax gain totaling $51.6 million related to the disposition of seven dealerships and one collision center in the U.S. The dispositions reduced goodwill by $62.5 million.
During the six months ended June 30, 2023, the Company recorded a net pre-tax gain totaling $10.1 million related to the disposition of four dealerships in the U.S. The dispositions reduced goodwill by $20.8 million. The Company also terminated one franchise in the U.S.
There was no goodwill that has been reclassified to assets held for sale as of June 30, 2024. Assets held for sale in the Condensed Consolidated Balance Sheets includes $39.8 million of goodwill that has been reclassified to assets held for sale as of December 31, 2023.
4. SEGMENT INFORMATION
As of June 30, 2024, the Company had two reportable segments: the U.S. and the U.K. The Company defines its reportable segments as those operations whose results the Company’s Chief Executive Officer, who is the CODM, regularly reviews to analyze performance and allocate resources. Each reportable segment is comprised of retail automotive franchises that sell new and used cars and light trucks, arrange related vehicle financing, sell service and insurance contracts, provide automotive maintenance and repair services, and sell vehicle parts.
Selected reportable segment data is as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 | | | Six Months Ended June 30, 2024 |
| U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total |
Total revenues | $ | 3,921.2 | | | $ | 775.2 | | | $ | 4,696.4 | | | | $ | 7,566.9 | | | $ | 1,600.0 | | | $ | 9,166.9 | |
Income before income taxes | $ | 173.3 | | | $ | 9.7 | | | $ | 183.0 | | | | $ | 353.3 | | | $ | 23.0 | | | $ | 376.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 | | | Six Months Ended June 30, 2023 |
| U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total |
Total revenues | $ | 3,799.6 | | | $ | 758.9 | | | $ | 4,558.5 | | | | $ | 7,142.0 | | | $ | 1,546.5 | | | $ | 8,688.5 | |
Income before income taxes | $ | 207.8 | | | $ | 20.1 | | | $ | 227.9 | | | | $ | 388.5 | | | $ | 45.8 | | | $ | 434.3 | |
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| | | | | | | | | | | | |
5. EARNINGS PER SHARE
The two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
The following table sets forth the calculation of EPS (in millions, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Weighted average basic common shares outstanding | | 13,226,129 | | | 13,777,225 | | | 13,277,425 | | | 13,819,024 | |
Dilutive effect of stock-based awards and employee stock purchases | | 67,927 | | | 40,058 | | | 63,987 | | | 46,711 | |
Weighted average dilutive common shares outstanding | | 13,294,056 | | | 13,817,283 | | | 13,341,412 | | | 13,865,736 | |
Basic: | | | | | | | | |
Net income | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | |
Less: Earnings allocated to participating securities from continuing operations | | 2.9 | | | 4.2 | | | 6.3 | | | 8.2 | |
Less: Loss allocated to participating securities to discontinued operations | | — | | | — | | | — | | | — | |
Net income available to basic common shares | | $ | 135.2 | | | $ | 166.4 | | | $ | 279.8 | | | $ | 320.7 | |
Basic earnings per common share | | $ | 10.22 | | | $ | 12.08 | | | $ | 21.07 | | | $ | 23.21 | |
Diluted: | | | | | | | | |
Net income | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | |
Less: Earnings allocated to participating securities from continuing operations | | 2.9 | | | 4.1 | | | 6.3 | | | 8.2 | |
Less: Loss allocated to participating securities to discontinued operations | | — | | | — | | | — | | | — | |
Net income available to diluted common shares | | $ | 135.2 | | | $ | 166.4 | | | $ | 279.8 | | | $ | 320.8 | |
Diluted earnings per common share | | $ | 10.17 | | | $ | 12.04 | | | $ | 20.97 | | | $ | 23.13 | |
6. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value:
•Level 1 — Quoted prices for identical assets or liabilities in active markets.
•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, Variable Rate Long-Term Debt and Floorplan Notes Payable
The fair values of these financial instruments approximate their carrying values due to the short-term nature of the instruments and/or the existence of variable interest rates.
Fixed Rate Long-Term Debt
The Company estimates the fair value of its $750.0 million 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”) using quoted prices for the identical liability (Level 1) and estimates the fair value of its fixed-rate mortgage facilities using a present value method based on current market interest rates for similar types of financial instruments (Level 2). Refer to Note 8. Debt for further discussion of the Company’s long-term debt arrangements.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
| | Carrying Value (1) | | Fair Value | | Carrying Value (1) | | Fair Value |
4.00% Senior Notes | | $ | 750.0 | | | $ | 691.6 | | | $ | 750.0 | | | $ | 697.5 | |
Real estate related | | 145.4 | | | 139.6 | | | 90.9 | | | 83.1 | |
Total | | $ | 895.4 | | | $ | 831.2 | | | $ | 840.9 | | | $ | 780.6 | |
(1) Carrying value excludes unamortized debt issuance costs.
Derivative Financial Instruments
The Company holds interest rate swaps to hedge against variability of interest payments indexed to SOFR. The Company’s interest rate swaps are measured at fair value utilizing a SOFR forward yield curve matched to the identical maturity term of the instrument being measured. Observable inputs utilized in the income approach valuation method incorporate identical contractual notional amounts, fixed coupon rates, periodic terms for interest payments and contract maturity. The fair value of the interest rate swaps also considers the credit risk of the Company for instruments in a liability position or the counterparty for instruments in an asset position. The credit risk is calculated using the spread between the SOFR yield curve and the relevant interest rate according to rating agencies. The inputs to the fair value measurements reflect Level 2 of the hierarchy framework.
Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Assets: | | | | |
Other current assets (1) | | $ | 1.3 | | | $ | 1.2 | |
Other long-term assets (2) | | 94.2 | | | 88.1 | |
Total assets | | $ | 95.5 | | | $ | 89.3 | |
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| | | | |
| | | | |
| | | | |
(1) As of June 30, 2024, the balance included gross fair value of $0.2 million related to the de-designated swap as described below.
(2) As of June 30, 2024 and December 31, 2023, the balance included gross fair value of $3.9 million and $3.7 million, respectively, related to the de-designated swap as described below.
There were no liabilities associated with the Company’s interest rate swaps as of June 30, 2024 and December 31, 2023.
Interest Rate Swaps De-designated as Cash Flow Hedges
During the three months ended March 31, 2024, the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgages associated with the swap during the same period. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2024.
During the three months ended March 31, 2023, the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgages associated with the swap during the same period. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2023.
As of June 30, 2024, the de-designated swaps had a total aggregate notional value of $35.5 million and a weighted average interest rate of 0.60%. The de-designated swaps will mature between January 4, 2025 and March 1, 2030.
The Company reclassified the entire previously deferred gains associated with the de-designated interest rate swaps of $0.2 million and $3.1 million, net of tax of $0.1 million and $1.0 million, for the three months ended March 31, 2024 and 2023, respectively, from AOCI into income as an adjustment to Other interest expense, net, as the remaining forecasted hedged transactions associated with the interest rate swaps were probable of not occurring due to the settlement of the mortgages described above.
The Company recorded unrealized mark-to-market gains of $0.2 million and $0.5 million and realized gains of $0.4 million and $0.8 million associated with the de-designated interest rate swaps within Other interest expense, net, for the three and six months ended June 30, 2024, respectively. The Company recorded unrealized mark-to-market gains of $0.4 million and realized gains of $0.3 million associated with the de-designated interest rate swap within Other interest expense, net, for the three and six months ended June 30, 2023, respectively.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
Interest Rate Swaps Designated as Cash Flow Hedges
Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of AOCI in the Company’s Condensed Consolidated Balance Sheets. The deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from AOCI into income as Floorplan interest expense or Other interest expense, net.
As of June 30, 2024, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $935.6 million that fixed its underlying SOFR at a weighted average rate of 1.22%. As of June 30, 2023, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $872.7 million that fixed its underlying SOFR at a weighted average rate of 1.25%.
The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
Derivatives in Cash Flow Hedging Relationship | | 2024 | | 2023 | | 2024 | | 2023 |
Interest rate swaps | | $ | 5.3 | | | $ | 15.8 | | | $ | 19.6 | | | $ | 9.0 | |
| | | | | | | | |
| | | | | | | | |
| | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations |
Statement of Operations Classification | | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Floorplan interest expense | | $ | 5.3 | | | $ | 3.8 | | | $ | 10.6 | | | $ | 7.1 | |
Other interest expense, net | | $ | 4.4 | | | $ | 0.3 | | | $ | 9.0 | | | $ | 4.5 | |
The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $25.0 million.
7. RECEIVABLES, NET AND CONTRACT ASSETS
The Company’s receivables, net and contract assets consisted of the following (in millions): | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Contracts-in-transit and vehicle receivables, net: | | | | |
Contracts-in-transit | | $ | 240.2 | | | $ | 259.2 | |
Vehicle receivables | | 110.1 | | | 110.3 | |
Total contracts-in-transit and vehicle receivables | | 350.3 | | | 369.5 | |
Less: allowance for doubtful accounts | | 0.4 | | | 0.3 | |
Total contracts-in-transit and vehicle receivables, net | | $ | 349.9 | | | $ | 369.2 | |
| | | | |
Accounts and notes receivable, net: | | | | |
Manufacturer receivables | | $ | 152.9 | | | $ | 128.3 | |
Parts and service receivables | | 68.9 | | | 64.3 | |
F&I receivables | | 31.2 | | | 35.6 | |
Other | | 10.3 | | | 14.4 | |
Total accounts and notes receivable | | 263.3 | | | 242.5 | |
Less: allowance for doubtful accounts | | 3.8 | | | 4.2 | |
Total accounts and notes receivable, net | | $ | 259.5 | | | $ | 238.4 | |
| | | | |
Within Other current assets and Other long-term assets: | | | | |
Total contract assets (1) | | $ | 57.9 | | | $ | 55.0 | |
(1) No allowance for doubtful accounts was recorded for contract assets as of June 30, 2024 or December 31, 2023.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
8. DEBT
Long-term debt consisted of the following (in millions): | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
4.00% Senior Notes due August 15, 2028 | | $ | 750.0 | | | $ | 750.0 | |
| | | | |
| | | | |
Acquisition Line | | 294.3 | | | 325.0 | |
Other Debt: | | | | |
Real estate related | | 1,064.4 | | | 751.0 | |
Finance leases | | 344.1 | | | 272.7 | |
Other | | 7.8 | | | 8.8 | |
Total other debt | | 1,416.4 | | | 1,032.5 | |
Total debt | | 2,460.6 | | | 2,107.5 | |
| | | | |
Less: unamortized debt issuance costs | | 10.7 | | 8.7 |
Less: current maturities | | 170.6 | | 109.4 |
Total long-term debt | | $ | 2,279.3 | | | $ | 1,989.4 | |
Acquisition Line
The proceeds of the Acquisition Line (as defined in Note 9. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of June 30, 2024, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 9. Floorplan Notes Payable), totaled $294.3 million. The average interest rate on this facility was 6.42% during the three months ended June 30, 2024.
Real Estate Related
The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of June 30, 2024, borrowings outstanding under these facilities totaled $1,064.4 million, gross of debt issuance costs, comprised of $904.3 million in the U.S. and $160.1 million in the U.K., respectively.
In February 2024, the Company entered into a master credit agreement with Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”), which provides for delayed draw term loans with a maximum borrowing capacity of $258.3 million. The Wells Fargo Credit Agreement accrues interest at SOFR plus 175 basis points and matures on March 1, 2031. As of June 30, 2024, borrowings outstanding under the Wells Fargo Credit Agreement totaled $258.3 million and are included in the total U.S. mortgage loans described above.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
9. FLOORPLAN NOTES PAYABLE
The Company’s floorplan notes payable consisted of the following (in millions): | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Revolving Credit Facility — floorplan notes payable | | $ | 1,396.9 | | | $ | 1,358.2 | |
Revolving Credit Facility — floorplan notes payable offset account | | (79.4) | | | (236.7) | |
Revolving Credit Facility — floorplan notes payable, net | | 1,317.5 | | | 1,121.6 | |
Other non-manufacturer facilities | | 69.1 | | | 31.4 | |
Floorplan notes payable — credit facility and other, net | | $ | 1,386.6 | | | $ | 1,153.0 | |
| | | | |
FMCC Facility | | $ | 170.6 | | | $ | 156.6 | |
FMCC Facility offset account | | (14.8) | | | (38.5) | |
FMCC Facility, net | | 155.8 | | | 118.1 | |
GM Financial Facility | | 217.1 | | | 37.9 | |
Other manufacturer affiliate facilities | | 340.3 | | | 256.4 | |
Floorplan notes payable — manufacturer affiliates, net | | $ | 713.3 | | | $ | 412.4 | |
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Floorplan Notes Payable — Credit Facility
Revolving Credit Facility
In the U.S., the Company has a revolving syndicated credit arrangement with 20 participating financial institutions that matures on March 9, 2027 (the “Revolving Credit Facility”). On April 30, 2024, the Company entered into an amendment to the Revolving Credit Facility that increased the availability from $2.0 billion to $2.5 billion, with the ability to increase to $3.0 billion, as further described below. The Revolving Credit Facility consists of two tranches: (i) a $1.5 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net; and (ii) a $1.0 billion maximum capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Condensed Consolidated Balance Sheets — refer to Note 8. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.5 billion commitment. The Acquisition Line includes a $100.0 million sub-limit for letters of credit and a $50.0 million minimum capacity tranche. The Company had $12.2 million in letters of credit outstanding as of June 30, 2024 and December 31, 2023.
The U.S. Floorplan Line bears interest at rates equal to SOFR plus 120 basis points for new vehicle inventory and SOFR plus 150 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 6.57% as of June 30, 2024, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 basis points, depending on the Company’s total adjusted leverage ratio, on borrowings in USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging from 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings.
In conjunction with the Revolving Credit Facility, the Company had $3.9 million and $3.8 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility.
Floorplan Notes Payable — Manufacturer Affiliates
FMCC Facility
The Company has a $300.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). The FMCC Facility bears interest at the U.S. prime rate which was 8.50% as of June 30, 2024.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
GM Financial Facility
During 2023, the Company entered into a master loan agreement with General Motors Financial (the “GM Financial Facility”). During the six months ended June 30, 2024, additional subsidiaries of the Company entered into the GM Financial Facility as additional borrowers and the borrowing base thereunder was increased. As of June 30, 2024 and December 31, 2023, the GM Financial Facility had a total capacity of $348.1 million and $84.5 million, respectively. The GM Financial Facility bears interest at the U.S. prime rate less 100 basis points.
Other Manufacturer Facilities
The Company has other credit facilities in the U.S. and the U.K., respectively, with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of June 30, 2024, borrowings outstanding under these facilities totaled $340.3 million, comprised of $184.4 million in the U.S. and $156.0 million in the U.K., with annual interest rates ranging from 1% to approximately 9%. Interest rates on the Company’s manufacturer facilities vary across manufacturers.
Offset Accounts
Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line and FMCC Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.
10. CASH FLOW INFORMATION
Non-Cash Activities
The accrual for capital expenditures decreased $2.2 million and increased $1.3 million during the six months ended June 30, 2024 and 2023, respectively.
Interest and Income Taxes Paid
Cash paid for interest, including the monthly settlement of the Company’s interest rate swaps, was $99.9 million and $70.8 million for the six months ended June 30, 2024 and 2023, respectively. Refer to Note 6. Financial Instruments and Fair Value Measurements for further discussion of the Company’s interest rate swaps.
Cash paid for income taxes, net of refunds, was $75.1 million and $78.7 million for the six months ended June 30, 2024 and 2023, respectively.
11. COMMITMENTS AND CONTINGENCIES
From time to time, the Company or its dealerships are named in various types of litigation involving customer claims, employment matters, class action claims, purported class action claims, claims involving the manufacturers of automobiles, contractual disputes, vehicle related incidents and other matters arising in the ordinary course of business. The Company may be involved in legal proceedings or suffer losses that could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In the normal course of business, the Company is required to respond to customer, employee and other third-party complaints. In addition, the manufacturers of the vehicles that the Company sells and services have audit rights allowing them to review the validity of amounts claimed for incentive, rebate or warranty-related items and charge the Company back for amounts determined to be invalid payments under the manufacturers’ programs, subject to the Company’s right to appeal any such decision.
Legal Proceedings
As of June 30, 2024, the Company was not party to any legal proceedings that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of current or future matters cannot be predicted with certainty; an unfavorable resolution of one or more of such matters could have a material adverse effect on the Company’s results of operations, financial condition or cash flows.
Other Matters
In connection with dealership dispositions where the Company did not own the real estate and was a tenant, it assigned the lease to the purchaser but remained liable as a guarantor for the remaining lease payments in the event of non-payment by the purchaser. Although the Company has no reason to believe that it will be called upon to perform under any such assigned leases, the Company estimates that lessee remaining rental obligations were $41.1 million as of June 30, 2024.
GROUP 1 AUTOMOTIVE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)
12. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Changes in the balances of each component of AOCI were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2024 | |
| | Accumulated Income (Loss) On Foreign Currency Translation | | Accumulated Income (Loss) On Interest Rate Swaps | | Total | |
Balance, December 31, 2023 | | $ | (37.4) | | | $ | 65.6 | | | $ | 28.1 | | |
Other comprehensive income (loss) before reclassifications: | | | | | | | |
Pre-tax | | (5.6) | | | 25.7 | | | 20.1 | | |
Tax effect | | — | | | (6.1) | | | (6.1) | | |
Amount reclassified from accumulated other comprehensive income (loss): | | | | | | | |
Floorplan interest expense (pre-tax) | | — | | | (10.6) | | | (10.6) | | |
Other interest expense, net (pre-tax) | | — | | | (9.0) | | | (9.0) | | |
Reclassification related to de-designated interest rate swaps (pre-tax) | | — | | | (0.2) | | | (0.2) | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Provision for income taxes | | — | | | 4.7 | | | 4.7 | | |
Net current period other comprehensive (loss) income | | (5.6) | | | 4.4 | | | (1.2) | | |
Balance, June 30, 2024 | | $ | (43.0) | | | $ | 70.0 | | | $ | 27.0 | | |
| | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2023 |
| | Accumulated Income (Loss) On Foreign Currency Translation | | Accumulated Income (Loss) On Interest Rate Swaps | | Total |
Balance, December 31, 2022 | | $ | (61.1) | | | $ | 83.6 | | | $ | 22.5 | |
Other comprehensive income (loss) before reclassifications: | | | | | | |
Pre-tax | | 21.0 | | | 11.9 | | | 32.9 | |
Tax effect | | — | | | (2.8) | | | (2.8) | |
Amount reclassified from accumulated other comprehensive income (loss): | | | | | | |
Floorplan interest expense (pre-tax) | | — | | | (7.1) | | | (7.1) | |
Other interest expense (pre-tax) | | — | | | (4.5) | | | (4.5) | |
| | | | | | |
| | | | | | |
Reclassification related to de-designated interest rate swaps (pre-tax) | | — | | | (4.0) | | | (4.0) | |
Provision for income taxes | | — | | | 3.7 | | | 3.7 | |
Net current period other comprehensive income (loss) | | 21.0 | | | (2.8) | | | 18.1 | |
Balance, June 30, 2023 | | $ | (40.1) | | | $ | 80.8 | | | $ | 40.6 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations, should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements and the notes thereto, as well as our 2023 Form 10-K.
Overview
We are a leading operator in the automotive retail industry. Through our omni-channel platform, we sell new and used cars and light trucks, arrange related vehicle financing, sell service and insurance contracts, provide automotive maintenance and repair services, and sell vehicle parts. We operate in geographically diverse markets that extend across 17 states in the U.S. and 34 towns and cities in the U.K. As of June 30, 2024, our retail network consisted of 147 dealerships in the U.S. and 55 dealerships in the U.K.
Recent Events
On June 19, 2024, we were informed of a cybersecurity incident experienced by CDK Global LLC (“CDK”), which resulted in service outages on CDK’s dealers’ systems (the “CDK Incident”). CDK provides clients in the automotive industry, including Group 1 dealerships in the U.S., with a software as a service platform (“SaaS platform”) used by dealerships in managing customer relationships, sales, financing, service, inventory and back-office operations. The CDK Incident temporarily disrupted our business applications and processes in our U.S. operations that rely on CDK’s dealers’ systems. Despite the CDK Incident, all Group 1 U.S. dealerships continued to conduct business using alternative processes until CDK’s dealers’ systems were available. On June 26, 2024, CDK restored service to us for the core DMS, at which time, subject to certain modified procedures, we resumed processing transactions through the CDK DMS. We do not expect the CDK Incident to have a material impact on our overall financial condition or on our ongoing results of operations.
On March 20, 2024, the Environmental Protection Agency (“EPA”) finalized new emissions standards for light and medium-duty vehicles, including passenger cars, vans, pickups, sedans and sport utility vehicles for model years 2027 through 2032 and beyond. The final rule sets new, strict standards intended to reduce air pollutant emissions, including greenhouse gas emissions. The EPA projects the final rule will accelerate the transition to, and availability of, clean vehicle technologies, including hybrid electric vehicles and plug-in hybrid electric vehicles. Although the future impact of these regulations on our operations cannot be predicted with certainty, the regulations may have a significant impact on the future mix and demand for vehicles provided by our manufacturers. We will continue to monitor the impact of the final regulations on our manufacturers and dealership operations.
The global economy continues to experience inflation. In response to higher than historical average inflationary pressures and challenging macroeconomic conditions, the U.S. Federal Reserve (the “Federal Reserve”), along with other central banks, including in the U.K., maintained interest rates at elevated levels throughout 2023 and during the six months ended June 30, 2024 (“Current Year”). Continued inflation reducing the disposable income of our customers, volatility in new vehicle availability and higher interest rates increasing the monthly cost of financing vehicles, contributed to used vehicle prices continuing to decline during the three months ended June 30, 2024 (“Current Quarter”). During the Current Quarter, the Federal Reserve decided to keep the current interest rates unchanged.
Critical Accounting Policies and Accounting Estimates
For discussion of our critical accounting policies and accounting estimates, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2023 Form 10-K. There have been no material changes to our critical accounting policies or accounting estimates since December 31, 2023.
Results of Operations
The “same store” amounts presented below include the results of dealerships and corporate headquarters for the identical months in each comparative period, commencing with the first full month in which we owned the dealership. Amounts related to divestitures are excluded from each comparative period, ending with the last full month in which we owned the dealership. Same store results provide a measurement of our ability to grow revenues and profitability of our existing stores and also provide a metric for peer group comparisons. For these reasons, same store results allow management to accurately manage and monitor the underlying performance of the business and is also useful to investors.
We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. Our primary foreign currency exposure is to the GBP. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than USD using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. Additionally, we caution investors not to place undue reliance on non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures. Our management also uses constant currency and adjusted cash flows from operating, investing and financing activities in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors and industry analysts concerning financial performance. We disclose these non-GAAP measures and the related reconciliations because we believe investors use these metrics in evaluating longer-term period-over-period performance. These metrics also allow investors to better understand and evaluate the information used by management to assess operating performance.
Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.
Retail new vehicle units sold include new vehicle agency units sold under agency arrangements with certain manufacturers in the U.K. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues as only the sales commission is reported in revenues for dealerships operating under an agency arrangement. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
The following tables summarize our operating results on a reported basis and on a same store basis:
Reported Operating Data — Consolidated
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | |
Revenues: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 2,364.2 | | | $ | 2,243.2 | | | $ | 121.0 | | | 5.4 | % | | | $ | 2.7 | | | 5.3 | % | | |
Used vehicle retail sales | 1,453.2 | | | 1,450.6 | | | 2.6 | | | 0.2 | % | | | 2.3 | | | — | % | | |
Used vehicle wholesale sales | 104.3 | | | 112.5 | | | (8.2) | | | (7.3) | % | | | 0.2 | | | (7.4) | % | | |
Total used | 1,557.5 | | | 1,563.0 | | | (5.5) | | | (0.4) | % | | | 2.5 | | | (0.5) | % | | |
Parts and service sales | 574.5 | | | 562.0 | | | 12.6 | | | 2.2 | % | | | 0.6 | | | 2.1 | % | | |
F&I, net | 200.1 | | | 190.3 | | | 9.8 | | | 5.2 | % | | | 0.1 | | | 5.1 | % | | |
Total revenues | $ | 4,696.4 | | | $ | 4,558.5 | | | $ | 137.9 | | | 3.0 | % | | | $ | 5.8 | | | 2.9 | % | | |
Gross profit: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 170.0 | | | $ | 201.5 | | | $ | (31.4) | | | (15.6) | % | | | $ | 0.2 | | | (15.7) | % | | |
Used vehicle retail sales | 80.7 | | | 78.8 | | | 1.9 | | | 2.4 | % | | | 0.1 | | | 2.3 | % | | |
Used vehicle wholesale sales | (1.1) | | | 0.9 | | | (2.0) | | | NM | | | — | | | NM | | |
Total used | 79.5 | | | 79.6 | | | (0.1) | | | (0.1) | % | | | 0.1 | | | (0.3) | % | | |
Parts and service sales | 316.8 | | | 304.1 | | | 12.7 | | | 4.2 | % | | | 0.3 | | | 4.1 | % | | |
F&I, net | 200.1 | | | 190.3 | | | 9.8 | | | 5.2 | % | | | 0.1 | | | 5.1 | % | | |
Total gross profit | $ | 766.5 | | | $ | 775.5 | | | $ | (9.0) | | | (1.2) | % | | | $ | 0.7 | | | (1.3) | % | | |
Gross margin: | | | | | | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.0 | % | | (1.8) | % | | | | | | | | | |
Used vehicle retail sales | 5.6 | % | | 5.4 | % | | 0.1 | % | | | | | | | | | |
Used vehicle wholesale sales | (1.1) | % | | 0.8 | % | | (1.8) | % | | | | | | | | | |
Total used | 5.1 | % | | 5.1 | % | | — | % | | | | | | | | | |
Parts and service sales | 55.1 | % | | 54.1 | % | | 1.0 | % | | | | | | | | | |
| | | | | | | | | | | | | | |
Total gross margin | 16.3 | % | | 17.0 | % | | (0.7) | % | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | |
Retail new vehicles sold | 47,661 | | | 44,740 | | | 2,921 | | | 6.5 | % | | | | | | | |
Retail used vehicles sold | 49,260 | | | 46,764 | | | 2,496 | | | 5.3 | % | | | | | | | |
Wholesale used vehicles sold | 11,819 | | | 10,493 | | | 1,326 | | | 12.6 | % | | | | | | | |
Total used | 61,079 | | | 57,257 | | | 3,822 | | | 6.7 | % | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | |
New vehicle retail | $ | 49,996 | | | $ | 50,504 | | | $ | (508) | | | (1.0) | % | | | $ | 56 | | | (1.1) | % | | |
Used vehicle retail | $ | 29,501 | | | $ | 31,019 | | | $ | (1,518) | | | (4.9) | % | | | $ | 46 | | | (5.0) | % | | |
Gross profit per unit sold: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,568 | | | $ | 4,503 | | | $ | (935) | | | (20.8) | % | | | $ | 4 | | | (20.9) | % | | |
Used vehicle retail sales | $ | 1,638 | | | $ | 1,684 | | | $ | (47) | | | (2.8) | % | | | $ | 2 | | | (2.9) | % | | |
Used vehicle wholesale sales | $ | (96) | | | $ | 81 | | | $ | (177) | | | NM | | | $ | — | | | NM | | |
Total used | $ | 1,302 | | | $ | 1,390 | | | $ | (88) | | | (6.4) | % | | | $ | 2 | | | (6.5) | % | | |
F&I PRU | $ | 2,065 | | | $ | 2,080 | | | $ | (15) | | | (0.7) | % | | | $ | 1 | | | (0.8) | % | | |
Other: | | | | | | | | | | | | | | |
SG&A expenses | $ | 497.2 | | | $ | 479.9 | | | $ | 17.4 | | | 3.6 | % | | | $ | 0.6 | | | 3.5 | % | | |
SG&A as % gross profit | 64.9 | % | | 61.9 | % | | 3.0 | % | | | | | | | | | |
Floorplan expense: | | | | | | | | | | | | | | |
Floorplan interest expense | $ | 24.7 | | | $ | 15.6 | | | $ | 9.0 | | | 58.0 | % | | | $ | — | | | 57.8 | % | | |
Less: floorplan assistance (1) | 21.0 | | | 18.5 | | | 2.5 | | | 13.3 | % | | | — | | | 13.3 | % | | |
Net floorplan expense | $ | 3.7 | | | $ | (2.9) | | | $ | 6.6 | | | | | | $ | — | | | | | |
| | | | | | | | | | | | | | |
(1) Floorplan assistance is included within Gross profit — New vehicle retail sales above and Cost of sales — New vehicle retail sales in our Condensed Consolidated Statements of Operations.
NM — Not Meaningful
Same Store Operating Data — Consolidated
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | |
Revenues: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 2,126.2 | | | $ | 2,146.3 | | | $ | (20.1) | | | (0.9) | % | | | $ | 2.7 | | | (1.1) | % | | |
Used vehicle retail sales | 1,360.4 | | | 1,382.5 | | | (22.1) | | | (1.6) | % | | | 2.3 | | | (1.8) | % | | |
Used vehicle wholesale sales | 97.0 | | | 106.7 | | | (9.8) | | | (9.2) | % | | | 0.2 | | | (9.3) | % | | |
Total used | 1,457.4 | | | 1,489.3 | | | (31.9) | | | (2.1) | % | | | 2.5 | | | (2.3) | % | | |
Parts and service sales | 537.6 | | | 537.5 | | | — | | | — | % | | | 0.6 | | | (0.1) | % | | |
F&I, net | 183.5 | | | 181.5 | | | 2.0 | | | 1.1 | % | | | 0.1 | | | 1.0 | % | | |
Total revenues | $ | 4,304.5 | | | $ | 4,354.6 | | | $ | (50.0) | | | (1.1) | % | | | $ | 5.8 | | | (1.3) | % | | |
Gross profit: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 152.6 | | | $ | 193.8 | | | $ | (41.2) | | | (21.3) | % | | | $ | 0.2 | | | (21.4) | % | | |
Used vehicle retail sales | 75.3 | | | 75.1 | | | 0.2 | | | 0.2 | % | | | 0.1 | | | 0.1 | % | | |
Used vehicle wholesale sales | (1.3) | | | 0.9 | | | (2.2) | | | NM | | | — | | | NM | | |
Total used | 73.9 | | | 76.0 | | | (2.0) | | | (2.7) | % | | | 0.1 | | | (2.8) | % | | |
Parts and service sales | 293.2 | | | 290.1 | | | 3.0 | | | 1.0 | % | | | 0.3 | | | 0.9 | % | | |
F&I, net | 183.5 | | | 181.5 | | | 2.0 | | | 1.1 | % | | | 0.1 | | | 1.0 | % | | |
Total gross profit | $ | 703.1 | | | $ | 741.4 | | | $ | (38.3) | | | (5.2) | % | | | $ | 0.7 | | | (5.3) | % | | |
Gross margin: | | | | | | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.0 | % | | (1.9) | % | | | | | | | | | |
Used vehicle retail sales | 5.5 | % | | 5.4 | % | | 0.1 | % | | | | | | | | | |
Used vehicle wholesale sales | (1.4) | % | | 0.8 | % | | (2.2) | % | | | | | | | | | |
Total used | 5.1 | % | | 5.1 | % | | — | % | | | | | | | | | |
Parts and service sales | 54.5 | % | | 54.0 | % | | 0.6 | % | | | | | | | | | |
| | | | | | | | | | | | | | |
Total gross margin | 16.3 | % | | 17.0 | % | | (0.7) | % | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | |
Retail new vehicles sold | 42,734 | | | 42,815 | | | (81) | | | (0.2) | % | | | | | | | |
Retail used vehicles sold | 46,170 | | | 44,562 | | | 1,608 | | | 3.6 | % | | | | | | | |
Wholesale used vehicles sold | 10,863 | | | 9,993 | | | 870 | | | 8.7 | % | | | | | | | |
Total used | 57,033 | | | 54,555 | | | 2,478 | | | 4.5 | % | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | |
New vehicle retail | $ | 50,192 | | | $ | 50,512 | | | $ | (320) | | | (0.6) | % | | | $ | 63 | | | (0.8) | % | | |
Used vehicle retail | $ | 29,465 | | | $ | 31,025 | | | $ | (1,560) | | | (5.0) | % | | | $ | 50 | | | (5.2) | % | | |
Gross profit per unit sold: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,570 | | | $ | 4,525 | | | $ | (956) | | | (21.1) | % | | | $ | 5 | | | (21.2) | % | | |
Used vehicle retail sales | $ | 1,630 | | | $ | 1,685 | | | $ | (55) | | | (3.2) | % | | | $ | 2 | | | (3.4) | % | | |
Used vehicle wholesale sales | $ | (122) | | | $ | 90 | | | $ | (213) | | | NM | | | $ | — | | | NM | | |
Total used | $ | 1,296 | | | $ | 1,393 | | | $ | (96) | | | (6.9) | % | | | $ | 2 | | | (7.1) | % | | |
F&I PRU | $ | 2,063 | | | $ | 2,077 | | | $ | (14) | | | (0.7) | % | | | $ | 1 | | | (0.7) | % | | |
Other: | | | | | | | | | | | | | | |
SG&A expenses | $ | 479.4 | | | $ | 464.4 | | | $ | 15.1 | | | 3.2 | % | | | $ | 0.6 | | | 3.1 | % | | |
SG&A as % gross profit | 68.2 | % | | 62.6 | % | | 5.5 | % | | | | | | | | | |
NM — Not Meaningful
Reported Operating Data — Consolidated
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | |
Revenues: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 4,546.8 | | | $ | 4,198.9 | | | $ | 347.9 | | | 8.3 | % | | | $ | 19.0 | | | 7.8 | % | | |
Used vehicle retail sales | 2,870.0 | | | 2,799.5 | | | 70.5 | | | 2.5 | % | | | 15.7 | | | 2.0 | % | | |
Used vehicle wholesale sales | 210.3 | | | 224.4 | | | (14.1) | | | (6.3) | % | | | 1.3 | | | (6.8) | % | | |
Total used | 3,080.3 | | | 3,023.9 | | | 56.4 | | | 1.9 | % | | | 16.9 | | | 1.3 | % | | |
Parts and service sales | 1,150.8 | | | 1,110.3 | | | 40.4 | | | 3.6 | % | | | 4.0 | | | 3.3 | % | | |
F&I, net | 389.0 | | | 355.4 | | | 33.6 | | | 9.4 | % | | | 0.9 | | | 9.2 | % | | |
Total revenues | $ | 9,166.9 | | | $ | 8,688.5 | | | $ | 478.4 | | | 5.5 | % | | | $ | 40.8 | | | 5.0 | % | | |
Gross profit: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 329.6 | | | $ | 388.2 | | | $ | (58.6) | | | (15.1) | % | | | $ | 1.4 | | | (15.5) | % | | |
Used vehicle retail sales | 162.7 | | | 155.5 | | | 7.2 | | | 4.7 | % | | | 0.8 | | | 4.2 | % | | |
Used vehicle wholesale sales | (2.0) | | | 2.9 | | | (4.9) | | | NM | | | (0.1) | | | NM | | |
Total used | 160.7 | | | 158.4 | | | 2.3 | | | 1.5 | % | | | 0.7 | | | 1.0 | % | | |
Parts and service sales | 629.9 | | | 601.4 | | | 28.4 | | | 4.7 | % | | | 2.3 | | | 4.4 | % | | |
F&I, net | 389.0 | | | 355.4 | | | 33.6 | | | 9.4 | % | | | 0.9 | | | 9.2 | % | | |
Total gross profit | $ | 1,509.1 | | | $ | 1,503.4 | | | $ | 5.7 | | | 0.4 | % | | | $ | 5.2 | | | — | % | | |
Gross margin: | | | | | | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.2 | % | | (2.0) | % | | | | | | | | | |
Used vehicle retail sales | 5.7 | % | | 5.6 | % | | 0.1 | % | | | | | | | | | |
Used vehicle wholesale sales | (1.0) | % | | 1.3 | % | | (2.2) | % | | | | | | | | | |
Total used | 5.2 | % | | 5.2 | % | | — | % | | | | | | | | | |
Parts and service sales | 54.7 | % | | 54.2 | % | | 0.6 | % | | | | | | | | | |
| | | | | | | | | | | | | | |
Total gross margin | 16.5 | % | | 17.3 | % | | (0.8) | % | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | |
Retail new vehicles sold | 91,963 | | | 84,389 | | | 7,574 | | | 9.0 | % | | | | | | | |
Retail used vehicles sold | 98,443 | | | 92,201 | | | 6,242 | | | 6.8 | % | | | | | | | |
Wholesale used vehicles sold | 23,647 | | | 20,867 | | | 2,780 | | | 13.3 | % | | | | | | | |
Total used | 122,090 | | | 113,068 | | | 9,022 | | | 8.0 | % | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | |
New vehicle retail | $ | 49,858 | | | $ | 50,103 | | | $ | (245) | | | (0.5) | % | | | $ | 208 | | | (0.9) | % | | |
Used vehicle retail | $ | 29,154 | | | $ | 30,363 | | | $ | (1,209) | | | (4.0) | % | | | $ | 159 | | | (4.5) | % | | |
Gross profit per unit sold: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,584 | | | $ | 4,600 | | | $ | (1,017) | | | (22.1) | % | | | $ | 15 | | | (22.4) | % | | |
Used vehicle retail sales | $ | 1,653 | | | $ | 1,687 | | | $ | (33) | | | (2.0) | % | | | $ | 8 | | | (2.4) | % | | |
Used vehicle wholesale sales | $ | (86) | | | $ | 137 | | | $ | (223) | | | NM | | | $ | (2) | | | NM | | |
Total used | $ | 1,316 | | | $ | 1,401 | | | $ | (84) | | | (6.0) | % | | | $ | 6 | | | (6.4) | % | | |
F&I PRU | $ | 2,043 | | | $ | 2,013 | | | $ | 30 | | | 1.5 | % | | | $ | 5 | | | 1.3 | % | | |
Other: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SG&A expenses | $ | 973.3 | | | $ | 942.7 | | | $ | 30.6 | | | 3.3 | % | | | $ | 4.0 | | | 2.8 | % | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SG&A as % gross profit | 64.5 | % | | 62.7 | % | | 1.8 | % | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Floorplan expense: | | | | | | | | | | | | | | |
Floorplan interest expense | $ | 45.2 | | | $ | 28.2 | | | $ | 17.0 | | | 60.0 | % | | | $ | 0.1 | | | 59.5 | % | | |
Less: floorplan assistance (1) | 39.3 | | | 33.1 | | | 6.3 | | | 18.9 | % | | | — | | | 18.9 | % | | |
Net floorplan expense | $ | 5.9 | | | $ | (4.8) | | | $ | 10.7 | | | | | | $ | 0.1 | | | | | |
| | | | | | | | | | | | | | |
(1) Floorplan assistance is included within Gross Profit — New vehicle retail sales above and Cost of Sales — New vehicle retail sales in our Condensed Consolidated Statements of Operations.
NM — Not Meaningful
Same Store Operating Data — Consolidated
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | |
| | 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | |
Revenues: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 4,134.9 | | | $ | 4,042.8 | | | $ | 92.1 | | | 2.3 | % | | | $ | 19.0 | | | 1.8 | % | | |
Used vehicle retail sales | 2,701.1 | | | 2,686.1 | | | 14.9 | | | 0.6 | % | | | 15.7 | | | — | % | | |
Used vehicle wholesale sales | 196.8 | | | 212.8 | | | (16.0) | | | (7.5) | % | | | 1.3 | | | (8.1) | % | | |
Total used | 2,897.9 | | | 2,898.9 | | | (1.0) | | | — | % | | | 16.9 | | | (0.6) | % | | |
Parts and service sales | 1,087.0 | | | 1,063.8 | | | 23.2 | | | 2.2 | % | | | 3.9 | | | 1.8 | % | | |
F&I, net | 358.7 | | | 340.9 | | | 17.8 | | | 5.2 | % | | | 0.9 | | | 5.0 | % | | |
Total revenues | $ | 8,478.5 | | | $ | 8,346.3 | | | $ | 132.2 | | | 1.6 | % | | | $ | 40.7 | | | 1.1 | % | | |
Gross profit: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 299.1 | | | $ | 375.5 | | | $ | (76.4) | | | (20.3) | % | | | $ | 1.4 | | | (20.7) | % | | |
Used vehicle retail sales | 152.7 | | | 149.7 | | | 3.1 | | | 2.0 | % | | | 0.8 | | | 1.5 | % | | |
Used vehicle wholesale sales | (2.4) | | | 2.9 | | | (5.3) | | | NM | | | (0.1) | | | NM | | |
Total used | 150.3 | | | 152.6 | | | (2.3) | | | (1.5) | % | | | 0.7 | | | (2.0) | % | | |
Parts and service sales | 590.5 | | | 575.4 | | | 15.1 | | | 2.6 | % | | | 2.2 | | | 2.2 | % | | |
F&I, net | 358.7 | | | 340.9 | | | 17.8 | | | 5.2 | % | | | 0.9 | | | 5.0 | % | | |
Total gross profit | $ | 1,398.7 | | | $ | 1,444.4 | | | $ | (45.7) | | | (3.2) | % | | | $ | 5.1 | | | (3.5) | % | | |
Gross margin: | | | | | | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.3 | % | | (2.1) | % | | | | | | | | | |
Used vehicle retail sales | 5.7 | % | | 5.6 | % | | 0.1 | % | | | | | | | | | |
Used vehicle wholesale sales | (1.2) | % | | 1.4 | % | | (2.6) | % | | | | | | | | | |
Total used | 5.2 | % | | 5.3 | % | | (0.1) | % | | | | | | | | | |
Parts and service sales | 54.3 | % | | 54.1 | % | | 0.2 | % | | | | | | | | | |
| | | | | | | | | | | | | | |
Total gross margin | 16.5 | % | | 17.3 | % | | (0.8) | % | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | |
Retail new vehicles sold | 83,632 | | | 81,241 | | | 2,391 | | | 2.9 | % | | | | | | | |
Retail used vehicles sold | 92,933 | | | 88,287 | | | 4,646 | | | 5.3 | % | | | | | | | |
Wholesale used vehicles sold | 21,986 | | | 19,932 | | | 2,054 | | | 10.3 | % | | | | | | | |
Total used | 114,919 | | | 108,219 | | | 6,700 | | | 6.2 | % | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | |
New vehicle retail | $ | 49,901 | | | $ | 50,124 | | | $ | (224) | | | (0.4) | % | | | $ | 229 | | | (0.9) | % | | |
Used vehicle retail | $ | 29,065 | | | $ | 30,425 | | | $ | (1,360) | | | (4.5) | % | | | $ | 169 | | | (5.0) | % | | |
Gross profit per unit sold: | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,577 | | | $ | 4,622 | | | $ | (1,045) | | | (22.6) | % | | | $ | 17 | | | (23.0) | % | | |
Used vehicle retail sales | $ | 1,643 | | | $ | 1,695 | | | $ | (52) | | | (3.1) | % | | | $ | 8 | | | (3.5) | % | | |
Used vehicle wholesale sales | $ | (111) | | | $ | 145 | | | $ | (256) | | | NM | | | $ | (3) | | | NM | | |
Total used | $ | 1,308 | | | $ | 1,410 | | | $ | (102) | | | (7.2) | % | | | $ | 6 | | | (7.7) | % | | |
F&I PRU | $ | 2,031 | | | $ | 2,011 | | | $ | 21 | | | 1.0 | % | | | $ | 5 | | | 0.8 | % | | |
Other: | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SG&A expenses | $ | 956.8 | | | $ | 910.8 | | | $ | 46.1 | | | 5.1 | % | | | $ | 4.0 | | | 4.6 | % | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SG&A as % gross profit | 68.4 | % | | 63.1 | % | | 5.4 | % | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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NM — Not Meaningful
Reported Operating Data — U.S.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | |
| | 2024 | | 2023 | | Increase/(Decrease) | | % Change | | |
Revenues: | | | | | | | | | | |
New vehicle retail sales | | $ | 2,009.5 | | | $ | 1,915.5 | | | $ | 94.0 | | | 4.9 | % | | |
Used vehicle retail sales | | 1,151.9 | | | 1,139.9 | | | 12.0 | | | 1.1 | % | | |
Used vehicle wholesale sales | | 78.4 | | | 79.8 | | | (1.3) | | | (1.7) | % | | |
Total used | | 1,230.4 | | | 1,219.7 | | | 10.7 | | | 0.9 | % | | |
Parts and service sales | | 497.4 | | | 491.2 | | | 6.2 | | | 1.3 | % | | |
F&I, net | | 183.9 | | | 173.2 | | | 10.6 | | | 6.1 | % | | |
Total revenues | | $ | 3,921.2 | | | $ | 3,799.6 | | | $ | 121.6 | | | 3.2 | % | | |
Gross profit: | | | | | | | | | | |
New vehicle retail sales | | $ | 144.3 | | | $ | 170.7 | | | $ | (26.4) | | | (15.5) | % | | |
Used vehicle retail sales | | 65.8 | | | 62.0 | | | 3.8 | | | 6.2 | % | | |
Used vehicle wholesale sales | | 1.3 | | | 1.2 | | | 0.1 | | | 4.3 | % | | |
Total used | | 67.1 | | | 63.2 | | | 3.9 | | | 6.2 | % | | |
Parts and service sales | | 272.5 | | | 262.6 | | | 9.9 | | | 3.8 | % | | |
F&I, net | | 183.9 | | | 173.2 | | | 10.6 | | | 6.1 | % | | |
Total gross profit | | $ | 667.7 | | | $ | 669.7 | | | $ | (1.9) | | | (0.3) | % | | |
Gross margin: | | | | | | | | | | |
New vehicle retail sales | | 7.2 | % | | 8.9 | % | | (1.7) | % | | | | |
Used vehicle retail sales | | 5.7 | % | | 5.4 | % | | 0.3 | % | | | | |
Used vehicle wholesale sales | | 1.6 | % | | 1.5 | % | | 0.1 | % | | | | |
Total used | | 5.5 | % | | 5.2 | % | | 0.3 | % | | | | |
Parts and service sales | | 54.8 | % | | 53.5 | % | | 1.3 | % | | | | |
| | | | | | | | | | |
Total gross margin | | 17.0 | % | | 17.6 | % | | (0.6) | % | | | | |
Units sold: | | | | | | | | | | |
Retail new vehicles sold | | 39,273 | | | 36,695 | | | 2,578 | | | 7.0 | % | | |
Retail used vehicles sold | | 38,611 | | | 36,306 | | | 2,305 | | | 6.3 | % | | |
Wholesale used vehicles sold | | 8,964 | | | 7,436 | | | 1,528 | | | 20.5 | % | | |
Total used | | 47,575 | | | 43,742 | | | 3,833 | | | 8.8 | % | | |
Average sales price per unit sold: | | | | | | | | | | |
New vehicle retail | | $ | 51,169 | | | $ | 52,201 | | | $ | (1,032) | | | (2.0) | % | | |
Used vehicle retail | | $ | 29,834 | | | $ | 31,397 | | | $ | (1,562) | | | (5.0) | % | | |
Gross profit per unit sold: | | | | | | | | | | |
New vehicle retail sales | | $ | 3,674 | | | $ | 4,651 | | | $ | (977) | | | (21.0) | % | | |
Used vehicle retail sales | | $ | 1,705 | | | $ | 1,707 | | | $ | (2) | | | (0.1) | % | | |
Used vehicle wholesale sales | | $ | 141 | | | $ | 163 | | | $ | (22) | | | (13.5) | % | | |
Total used | | $ | 1,410 | | | $ | 1,445 | | | $ | (34) | | | (2.4) | % | | |
F&I PRU | | $ | 2,361 | | | $ | 2,373 | | | $ | (12) | | | (0.5) | % | | |
Other: | | | | | | | | | | |
SG&A expenses | | $ | 417.6 | | | $ | 403.7 | | | $ | 13.9 | | | 3.4 | % | | |
SG&A as % gross profit | | 62.5 | % | | 60.3 | % | | 2.3 | % | | | | |
Same Store Operating Data — U.S.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | |
| 2024 | | 2023 | | Increase/(Decrease) | | % Change | | |
Revenues: | | | | | | | | | |
New vehicle retail sales | $ | 1,771.5 | | | $ | 1,818.6 | | | $ | (47.1) | | | (2.6) | % | | |
Used vehicle retail sales | 1,059.1 | | | 1,071.8 | | | (12.7) | | | (1.2) | % | | |
Used vehicle wholesale sales | 71.1 | | | 74.0 | | | (2.9) | | | (4.0) | % | | |
Total used | 1,130.2 | | | 1,145.9 | | | (15.7) | | | (1.4) | % | | |
Parts and service sales | 463.3 | | | 469.5 | | | (6.2) | | | (1.3) | % | | |
F&I, net | 167.2 | | | 164.4 | | | 2.8 | | | 1.7 | % | | |
Total revenues | $ | 3,532.3 | | | $ | 3,598.5 | | | $ | (66.2) | | | (1.8) | % | | |
Gross profit: | | | | | | | | | |
New vehicle retail sales | $ | 126.8 | | | $ | 163.0 | | | $ | (36.2) | | | (22.2) | % | | |
Used vehicle retail sales | 60.4 | | | 58.3 | | | 2.1 | | | 3.7 | % | | |
Used vehicle wholesale sales | 1.1 | | | 1.3 | | | (0.2) | | | (15.1) | % | | |
Total used | 61.5 | | | 59.6 | | | 1.9 | | | 3.3 | % | | |
Parts and service sales | 250.1 | | | 249.9 | | | 0.2 | | | 0.1 | % | | |
F&I, net | 167.2 | | | 164.4 | | | 2.8 | | | 1.7 | % | | |
Total gross profit | $ | 605.6 | | | $ | 636.9 | | | $ | (31.3) | | | (4.9) | % | | |
Gross margin: | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.0 | % | | (1.8) | % | | | | |
Used vehicle retail sales | 5.7 | % | | 5.4 | % | | 0.3 | % | | | | |
Used vehicle wholesale sales | 1.5 | % | | 1.7 | % | | (0.2) | % | | | | |
Total used | 5.4 | % | | 5.2 | % | | 0.2 | % | | | | |
Parts and service sales | 54.0 | % | | 53.2 | % | | 0.8 | % | | | | |
| | | | | | | | | |
Total gross margin | 17.1 | % | | 17.7 | % | | (0.6) | % | | | | |
Units sold: | | | | | | | | | |
Retail new vehicles sold | 34,346 | | | 34,770 | | | (424) | | | (1.2) | % | | |
Retail used vehicles sold | 35,521 | | | 34,104 | | | 1,417 | | | 4.2 | % | | |
Wholesale used vehicles sold | 8,008 | | | 6,936 | | | 1,072 | | | 15.5 | % | | |
Total used | 43,529 | | | 41,040 | | | 2,489 | | | 6.1 | % | | |
Average sales price per unit sold: | | | | | | | | | |
New vehicle retail | $ | 51,578 | | | $ | 52,304 | | | $ | (726) | | | (1.4) | % | | |
Used vehicle retail | $ | 29,817 | | | $ | 31,429 | | | $ | (1,612) | | | (5.1) | % | | |
Gross profit per unit sold: | | | | | | | | | |
New vehicle retail sales | $ | 3,692 | | | $ | 4,687 | | | $ | (995) | | | (21.2) | % | | |
Used vehicle retail sales | $ | 1,701 | | | $ | 1,710 | | | $ | (8) | | | (0.5) | % | | |
Used vehicle wholesale sales | $ | 134 | | | $ | 182 | | | $ | (48) | | | (26.5) | % | | |
Total used | $ | 1,413 | | | $ | 1,451 | | | $ | (38) | | | (2.6) | % | | |
F&I PRU | $ | 2,393 | | | $ | 2,387 | | | $ | 5 | | | 0.2 | % | | |
Other: | | | | | | | | | |
SG&A expenses | $ | 401.2 | | | $ | 388.6 | | | $ | 12.6 | | | 3.3 | % | | |
SG&A as % gross profit | 66.3 | % | | 61.0 | % | | 5.2 | % | | | | |
U.S. Region — Three Months Ended June 30, 2024 Compared to 2023
Revenues
Total revenues in the U.S. during the Current Quarter increased $121.6 million, or 3.2%, as compared to the three months ended June 30, 2023 (“Prior Year Quarter”), driven by the acquisition of stores, partially offset by lower same store revenues.
Total same store revenues in the U.S. during the Current Quarter decreased $66.2 million, or 1.8%, as compared to the Prior Year Quarter. This decrease was driven by lower revenues from new vehicle retail, used vehicle retail and wholesale, and parts and service, partially offset by higher F&I. The CDK Incident contributed to lower same store sales during the limited period of the CDK outage.
New vehicle retail same store revenues underperformed the Prior Year Quarter, driven by lower pricing, coupled with less units sold. Manufacturer vehicle deliveries increased in the Current Quarter and as a result, our inventory levels were higher than the Prior Year Quarter. Higher new vehicle supply compared to the Prior Year Quarter created downward pressure on pricing and margins. We ended the Current Quarter with a U.S. new vehicle inventory supply of 62 days, 35 days higher than the Prior Year Quarter.
Used vehicle retail same store revenues underperformed the Prior Year Quarter, primarily driven by lower used vehicle retail pricing, partially offset by more units sold.. Improved new vehicle supply, impacts from inflation reducing the disposable income of our customers and higher interest rates increasing the monthly cost of financing vehicles continued to create downward pricing pressure.
Parts and service same store revenues underperformed the Prior Year Quarter, driven by decreases in collision and wholesale revenues, partially offset by an increase in warranty revenues.
F&I same store revenues outperformed the Prior Year Quarter, primarily driven by higher same store used vehicle units sold, coupled with higher same store F&I gross profit per unit sold. Penetration rates for vehicle service contracts, new vehicle finance and other F&I products improved, contributing to the higher same store F&I gross profit per unit sold. OEM incentives have increased in the Current Quarter, leading to the improved new vehicle F&I penetration.
Gross Profit
Total gross profit in the U.S. during the Current Quarter decreased $1.9 million, or 0.3%, as compared to the Prior Year Quarter, driven by lower same store gross profit, partially offset by the acquisition of stores.
Total same store gross profit in the U.S. during the Current Quarter decreased $31.3 million, or 4.9%, as compared to the Prior Year Quarter, primarily driven by downward pressures on new vehicle margins.
New vehicle retail same store gross profit underperformed the Prior Year Quarter, driven by a decrease in same store gross profit per unit sold, coupled with a decrease in same store units sold. The decrease in same store gross profit per unit is due to higher deliveries from our OEMs and increasing inventory levels of new vehicles as described above.
Used vehicle retail same store gross profit outperformed the Prior Year Quarter, primarily driven by higher same store units sold. Our used vehicle wholesale same store gross profit underperformed the Prior Year Quarter, driven by a decrease in same store gross profit per unit sold, partially offset by an increase in same store units sold.
Parts and service same store gross profit slightly increased compared to the Prior Year Quarter, due to the change in mix of business activities.
F&I same store gross profit, outperformed the Prior Year, as described above for F&I same store revenues.
Total same store gross margin in the U.S. decreased 55 basis points, primarily driven by an underperformance in new vehicle retail for the reasons described above for same store gross profit per unit sold for new vehicle retail. This underperformance was partially offset by a slight improvement in parts and service gross margin due to the change in mix of business activities as described above in parts and service same store revenues.
SG&A Expenses
SG&A as a percentage of gross profit increased 226 basis points and increased 524 basis points on an as reported and same store basis, respectively, compared to the Prior Year Quarter.
Total SG&A expenses in the U.S. during the Current Quarter increased $13.9 million, or 3.4%, as compared to the Prior Year Quarter, primarily driven by higher same store SG&A expenses. Total same store SG&A expenses in the U.S. during the Current Quarter, increased $12.6 million, or 3.3%, as compared to the Prior Year Quarter, primarily driven by increased activity related to information technology equipment and services, advertising expenses, insurance expenses, loaner car and related expenses and legal fees. SG&A expenses also included $5.9 million in pre-tax one-time compensation payments to retain our field employees during the CDK Incident.
Reported Operating Data — U.S.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | |
| | 2024 | | 2023 | | Increase/(Decrease) | | % Change | | |
Revenues: | | | | | | | | | | |
New vehicle retail sales | | $ | 3,809.4 | | | $ | 3,524.1 | | | $ | 285.3 | | | 8.1 | % | | |
Used vehicle retail sales | | 2,251.4 | | | 2,170.0 | | | 81.4 | | | 3.8 | % | | |
Used vehicle wholesale sales | | 158.3 | | | 162.1 | | | (3.8) | | | (2.3) | % | | |
Total used | | 2,409.7 | | | 2,332.1 | | | 77.6 | | | 3.3 | % | | |
Parts and service sales | | 992.6 | | | 965.0 | | | 27.6 | | | 2.9 | % | | |
F&I, net | | 355.2 | | | 320.8 | | | 34.4 | | | 10.7 | % | | |
Total revenues | | $ | 7,566.9 | | | $ | 7,142.0 | | | $ | 424.9 | | | 5.9 | % | | |
Gross profit: | | | | | | | | | | |
New vehicle retail sales | | $ | 276.2 | | | $ | 324.8 | | | $ | (48.6) | | | (15.0) | % | | |
Used vehicle retail sales | | 132.4 | | | 121.8 | | | 10.7 | | | 8.8 | % | | |
Used vehicle wholesale sales | | 2.7 | | | 3.4 | | | (0.8) | | | (22.4) | % | | |
Total used | | 135.1 | | | 125.2 | | | 9.9 | | | 7.9 | % | | |
Parts and service sales | | 540.3 | | | 516.4 | | | 23.9 | | | 4.6 | % | | |
F&I, net | | 355.2 | | | 320.8 | | | 34.4 | | | 10.7 | % | | |
Total gross profit | | $ | 1,306.8 | | | $ | 1,287.2 | | | $ | 19.6 | | | 1.5 | % | | |
Gross margin: | | | | | | | | | | |
New vehicle retail sales | | 7.2 | % | | 9.2 | % | | (2.0) | % | | | | |
Used vehicle retail sales | | 5.9 | % | | 5.6 | % | | 0.3 | % | | | | |
Used vehicle wholesale sales | | 1.7 | % | | 2.1 | % | | (0.4) | % | | | | |
Total used | | 5.6 | % | | 5.4 | % | | 0.2 | % | | | | |
Parts and service sales | | 54.4 | % | | 53.5 | % | | 0.9 | % | | | | |
| | | | | | | | | | |
Total gross margin | | 17.3 | % | | 18.0 | % | | (0.8) | % | | | | |
Units sold: | | | | | | | | | | |
Retail new vehicles sold | | 74,614 | | | 67,578 | | | 7,036 | | | 10.4 | % | | |
Retail used vehicles sold | | 76,496 | | | 70,746 | | | 5,750 | | | 8.1 | % | | |
Wholesale used vehicles sold | | 18,052 | | | 14,916 | | | 3,136 | | | 21.0 | % | | |
Total used | | 94,548 | | | 85,662 | | | 8,886 | | | 10.4 | % | | |
Average sales price per unit sold: | | | | | | | | | | |
New vehicle retail | | $ | 51,054 | | | $ | 52,148 | | | $ | (1,094) | | | (2.1) | % | | |
Used vehicle retail | | $ | 29,431 | | | $ | 30,672 | | | $ | (1,241) | | | (4.0) | % | | |
Gross profit per unit sold: | | | | | | | | | | |
New vehicle retail sales | | $ | 3,701 | | | $ | 4,806 | | | $ | (1,105) | | | (23.0) | % | | |
Used vehicle retail sales | | $ | 1,731 | | | $ | 1,721 | | | $ | 10 | | | 0.6 | % | | |
Used vehicle wholesale sales | | $ | 148 | | | $ | 231 | | | $ | (83) | | | (35.9) | % | | |
Total used | | $ | 1,429 | | | $ | 1,462 | | | $ | (33) | | | (2.2) | % | | |
F&I PRU | | $ | 2,351 | | | $ | 2,320 | | | $ | 31 | | | 1.4 | % | | |
Other: | | | | | | | | | | |
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SG&A expenses | | $ | 812.5 | | | $ | 792.4 | | | $ | 20.1 | | | 2.5 | % | | |
| | | | | | | | | | |
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SG&A as % gross profit | | 62.2 | % | | 61.6 | % | | 0.6 | % | | | | |
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Same Store Operating Data — U.S.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 2024 | | 2023 | | Increase/(Decrease) | | % Change | | |
Revenues: | | | | | | | | | |
New vehicle retail sales | $ | 3,397.5 | | | $ | 3,368.1 | | | $ | 29.5 | | | 0.9 | % | | |
Used vehicle retail sales | 2,082.5 | | | 2,056.6 | | | 25.9 | | | 1.3 | % | | |
Used vehicle wholesale sales | 144.8 | | | 150.5 | | | (5.7) | | | (3.8) | % | | |
Total used | 2,227.3 | | | 2,207.1 | | | 20.2 | | | 0.9 | % | | |
Parts and service sales | 934.6 | | | 924.2 | | | 10.5 | | | 1.1 | % | | |
F&I, net | 324.9 | | | 306.3 | | | 18.6 | | | 6.1 | % | | |
Total revenues | $ | 6,884.4 | | | $ | 6,805.6 | | | $ | 78.8 | | | 1.2 | % | | |
Gross profit: | | | | | | | | | |
New vehicle retail sales | $ | 245.7 | | | $ | 312.1 | | | $ | (66.3) | | | (21.3) | % | | |
Used vehicle retail sales | 122.4 | | | 115.9 | | | 6.5 | | | 5.6 | % | | |
Used vehicle wholesale sales | 2.3 | | | 3.5 | | | (1.2) | | | (34.8) | % | | |
Total used | 124.7 | | | 119.4 | | | 5.3 | | | 4.4 | % | | |
Parts and service sales | 503.7 | | | 493.0 | | | 10.6 | | | 2.2 | % | | |
F&I, net | 324.9 | | | 306.3 | | | 18.6 | | | 6.1 | % | | |
Total gross profit | $ | 1,199.0 | | | $ | 1,230.8 | | | $ | (31.8) | | | (2.6) | % | | |
Gross margin: | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.3 | % | | (2.0) | % | | | | |
Used vehicle retail sales | 5.9 | % | | 5.6 | % | | 0.2 | % | | | | |
Used vehicle wholesale sales | 1.6 | % | | 2.3 | % | | (0.7) | % | | | | |
Total used | 5.6 | % | | 5.4 | % | | 0.2 | % | | | | |
Parts and service sales | 53.9 | % | | 53.3 | % | | 0.5 | % | | | | |
| | | | | | | | | |
Total gross margin | 17.4 | % | | 18.1 | % | | (0.7) | % | | | | |
Units sold: | | | | | | | | | |
Retail new vehicles sold | 66,283 | | | 64,430 | | | 1,853 | | | 2.9 | % | | |
Retail used vehicles sold | 70,986 | | | 66,832 | | | 4,154 | | | 6.2 | % | | |
Wholesale used vehicles sold | 16,391 | | | 13,981 | | | 2,410 | | | 17.2 | % | | |
Total used | 87,377 | | | 80,813 | | | 6,564 | | | 8.1 | % | | |
Average sales price per unit sold: | | | | | | | | | |
New vehicle retail | $ | 51,258 | | | $ | 52,275 | | | $ | (1,017) | | | (1.9) | % | | |
Used vehicle retail | $ | 29,336 | | | $ | 30,773 | | | $ | (1,436) | | | (4.7) | % | | |
Gross profit per unit sold: | | | | | | | | | |
New vehicle retail sales | $ | 3,707 | | | $ | 4,844 | | | $ | (1,136) | | | (23.5) | % | | |
Used vehicle retail sales | $ | 1,724 | | | $ | 1,735 | | | $ | (10) | | | (0.6) | % | | |
Used vehicle wholesale sales | $ | 138 | | | $ | 249 | | | $ | (111) | | | (44.4) | % | | |
Total used | $ | 1,427 | | | $ | 1,478 | | | $ | (51) | | | (3.4) | % | | |
F&I PRU | $ | 2,367 | | | $ | 2,333 | | | $ | 34 | | | 1.4 | % | | |
Other: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
SG&A expenses | $ | 798.8 | | | $ | 762.1 | | | $ | 36.8 | | | 4.8 | % | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
SG&A as % gross profit | 66.6 | % | | 61.9 | % | | 4.7 | % | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
U.S. Region — Six Months Ended June 30, 2024 Compared to 2023
Revenues
Total revenues in the U.S. during the Current Year increased $424.9 million, or 5.9%, as compared to the same period in 2023 (“Prior Year”), driven by the acquisition of stores and higher same store revenues.
Total same store revenues in the U.S. during the Current Year increased $78.8 million, or 1.2%, as compared to the Prior Year. This increase was driven by higher revenues from new vehicle retail, used vehicle retail, parts and service and F&I. The CDK Incident contributed to lower same store sales during the limited period of the CDK outage.
New vehicle retail same store revenues outperformed the Prior Year, driven by more units sold, partially offset by lower pricing. Manufacturer vehicle deliveries were increased in the Current Year and as a result, our inventory levels were higher than the Prior Year, providing for the increase in units sold. Higher new vehicle supply compared to the Prior Year created downward pressure on pricing and margins. We ended the Current Year with a U.S. new vehicle inventory supply of 62 days, 35 days higher than the Prior Year.
Used vehicle retail same store revenues outperformed the Prior Year, driven by more units sold, partially offset by lower pricing. Improved new vehicle supply, impacts from inflation reducing the disposable income of our customers and higher interest rates increasing the monthly cost of financing vehicles continued to create downward pricing pressure.
Parts and service same store revenues outperformed the Prior Year, driven by increases in warranty and customer pay revenues, partially offset by decreases in collision and wholesale revenues. This outperformance reflects increased business activity and increased same store technician headcount through our technician recruiting and retention efforts, providing greater capacity to meet increased demand.
F&I same store revenues outperformed the Prior Year, primarily driven by higher same store new and used vehicle units sold, coupled with higher same store F&I gross profit per unit sold. Penetration rates for vehicle service contracts, new vehicle finance and other F&I products improved, contributing to the higher same store F&I gross profit per unit sold. OEM incentives have increased in the Current Year, leading to the improved new vehicle F&I penetration.
Gross Profit
Total gross profit in the U.S. during the Current Year increased $19.6 million, or 1.5%, as compared to the Prior Year, primarily driven by the acquisition of stores, partially offset by lower same store gross profit.
Total same store gross profit in the U.S. during the Current Year decreased $31.8 million, or 2.6%, as compared to the Prior Year, primarily driven by downward pressures on new vehicle margins, partially offset by increases from used vehicle retail, F&I and parts and service.
New vehicle retail same store gross profit underperformed the Prior Year, driven by a decrease in new vehicle retail same store gross profit per unit sold, partially offset by an increase in units sold. The decrease in new vehicle retail same store gross profit per unit is due to higher deliveries from our OEMs, leading to increasing inventory levels of new vehicles as described above.
Used vehicle retail same store gross profit outperformed the Prior Year, primarily driven by higher same store used vehicle retail units sold.
Parts and service same store gross profit outperformed the Prior Year, as described above for same store revenues.
F&I same store gross profit, outperformed the Prior Year, as described above for F&I same store revenues.
Total same store gross margin in the U.S. decreased 67 basis points, primarily driven by an underperformance in new vehicle retail, for the reasons described above for same store gross profit per unit sold for new vehicle retail. This underperformance was partially offset by an improvement in parts and service gross margin as described above for parts and service same store revenues.
SG&A Expenses
SG&A as a percentage of gross profit increased 62 basis points and increased 471 basis points on an as reported and same store basis, respectively, compared to the Prior Year.
Total SG&A expenses in the U.S. during the Current Year increased $20.1 million, or 2.5%, as compared to the Prior Year, primarily driven by higher same store SG&A expenses, partially offset by lower SG&A expenses from store dispositions. Total same store SG&A expenses in the U.S. during the Current Year increased $36.8 million, or 4.8%, as compared to the Prior Year, primarily driven by increased activity related to employee-related costs, outside services and professional fees, information technology equipment and related services, loaner car and related expenses, advertising expenses, insurance expenses and legal fees. SG&A expenses also included $5.9 million in pre-tax one-time compensation payments to retain our field employees during the CDK Incident.
Reported Operating Data — U.K.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | | | |
Revenues: | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 354.6 | | | $ | 327.6 | | | $ | 27.0 | | | 8.2 | % | | | $ | 2.7 | | | 7.4 | % | | | | |
Used vehicle retail sales | 301.3 | | | 310.7 | | | (9.4) | | | (3.0) | % | | | 2.3 | | | (3.8) | % | | | | |
Used vehicle wholesale sales | 25.9 | | | 32.7 | | | (6.8) | | | (20.9) | % | | | 0.2 | | | (21.4) | % | | | | |
Total used | 327.1 | | | 343.4 | | | (16.2) | | | (4.7) | % | | | 2.5 | | | (5.4) | % | | | | |
Parts and service sales | 77.1 | | | 70.8 | | | 6.3 | | | 9.0 | % | | | 0.6 | | | 8.1 | % | | | | |
F&I, net | 16.3 | | | 17.1 | | | (0.8) | | | (4.7) | % | | | 0.1 | | | (5.4) | % | | | | |
Total revenues | $ | 775.2 | | | $ | 758.9 | | | $ | 16.3 | | | 2.1 | % | | | $ | 5.8 | | | 1.4 | % | | | | |
Gross profit: | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 25.7 | | | $ | 30.8 | | | $ | (5.1) | | | (16.4) | % | | | $ | 0.2 | | | (17.1) | % | | | | |
Used vehicle retail sales | 14.8 | | | 16.8 | | | (1.9) | | | (11.6) | % | | | 0.1 | | | (12.3) | % | | | | |
Used vehicle wholesale sales | (2.4) | | | (0.4) | | | (2.0) | | | NM | | | — | | | NM | | | | |
Total used | 12.4 | | | 16.4 | | | (4.0) | | | (24.3) | % | | | 0.1 | | | (25.0) | % | | | | |
Parts and service sales | 44.4 | | | 41.5 | | | 2.8 | | | 6.8 | % | | | 0.3 | | | 6.0 | % | | | | |
F&I, net | 16.3 | | | 17.1 | | | (0.8) | | | (4.7) | % | | | 0.1 | | | (5.4) | % | | | | |
Total gross profit | $ | 98.8 | | | $ | 105.8 | | | $ | (7.0) | | | (6.6) | % | | | $ | 0.7 | | | (7.3) | % | | | | |
Gross margin: | | | | | | | | | | | | | | | | |
New vehicle retail sales | 7.3 | % | | 9.4 | % | | (2.1) | % | | | | | | | | | | | |
Used vehicle retail sales | 4.9 | % | | 5.4 | % | | (0.5) | % | | | | | | | | | | | |
Used vehicle wholesale sales | (9.3) | % | | (1.1) | % | | (8.2) | % | | | | | | | | | | | |
Total used | 3.8 | % | | 4.8 | % | | (1.0) | % | | | | | | | | | | | |
Parts and service sales | 57.5 | % | | 58.7 | % | | (1.2) | % | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total gross margin | 12.7 | % | | 13.9 | % | | (1.2) | % | | | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | | | |
Retail new vehicles sold | 8,388 | | | 8,045 | | | 343 | | | 4.3 | % | | | | | | | | | |
Retail used vehicles sold | 10,649 | | | 10,458 | | | 191 | | | 1.8 | % | | | | | | | | | |
Wholesale used vehicles sold | 2,855 | | | 3,057 | | | (202) | | | (6.6) | % | | | | | | | | | |
Total used | 13,504 | | | 13,515 | | | (11) | | | (0.1) | % | | | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | | | |
New vehicle retail | $ | 44,235 | | | $ | 42,416 | | | $ | 1,818 | | | 4.3 | % | | | $ | 332 | | | 3.5 | % | | | | |
Used vehicle retail | $ | 28,293 | | | $ | 29,708 | | | $ | (1,416) | | | (4.8) | % | | | $ | 215 | | | (5.5) | % | | | | |
Gross profit per unit sold: | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,069 | | | $ | 3,829 | | | $ | (759) | | | (19.8) | % | | | $ | 24 | | | (20.5) | % | | | | |
Used vehicle retail sales | $ | 1,392 | | | $ | 1,604 | | | $ | (211) | | | (13.2) | % | | | $ | 11 | | | (13.8) | % | | | | |
Used vehicle wholesale sales | $ | (842) | | | $ | (119) | | | $ | (723) | | | NM | | | $ | 1 | | | NM | | | | |
Total used | $ | 920 | | | $ | 1,214 | | | $ | (294) | | | (24.2) | % | | | $ | 9 | | | (24.9) | % | | | | |
F&I PRU | $ | 855 | | | $ | 923 | | | $ | (68) | | | (7.3) | % | | | $ | 7 | | | (8.1) | % | | | | |
Other: | | | | | | | | | | | | | | | | |
SG&A expenses | $ | 79.6 | | | $ | 76.1 | | | $ | 3.4 | | | 4.5 | % | | | $ | 0.6 | | | 3.7 | % | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SG&A as % gross profit | 80.5 | % | | 71.9 | % | | 8.6 | % | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NM — Not Meaningful
Same Store Operating Data — U.K.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | | | | | |
Revenues: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 354.6 | | | $ | 327.6 | | | $ | 27.0 | | | 8.2 | % | | | $ | 2.7 | | | 7.4 | % | | | | | | |
Used vehicle retail sales | 301.3 | | | 310.7 | | | (9.4) | | | (3.0) | % | | | 2.3 | | | (3.8) | % | | | | | | |
Used vehicle wholesale sales | 25.9 | | | 32.7 | | | (6.8) | | | (20.9) | % | | | 0.2 | | | (21.4) | % | | | | | | |
Total used | 327.1 | | | 343.4 | | | (16.2) | | | (4.7) | % | | | 2.5 | | | (5.4) | % | | | | | | |
Parts and service sales | 74.2 | | | 68.0 | | | 6.2 | | | 9.2 | % | | | 0.6 | | | 8.3 | % | | | | | | |
F&I, net | 16.3 | | | 17.1 | | | (0.8) | | | (4.7) | % | | | 0.1 | | | (5.4) | % | | | | | | |
Total revenues | $ | 772.3 | | | $ | 756.1 | | | $ | 16.2 | | | 2.1 | % | | | $ | 5.8 | | | 1.4 | % | | | | | | |
Gross profit: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 25.7 | | | $ | 30.8 | | | $ | (5.1) | | | (16.4) | % | | | $ | 0.2 | | | (17.1) | % | | | | | | |
Used vehicle retail sales | 14.8 | | | 16.8 | | | (1.9) | | | (11.6) | % | | | 0.1 | | | (12.3) | % | | | | | | |
Used vehicle wholesale sales | (2.4) | | | (0.4) | | | (2.0) | | | NM | | | — | | | NM | | | | | | |
Total used | 12.4 | | | 16.4 | | | (4.0) | | | (24.3) | % | | | 0.1 | | | (25.0) | % | | | | | | |
Parts and service sales | 43.0 | | | 40.2 | | | 2.8 | | | 7.1 | % | | | 0.3 | | | 6.3 | % | | | | | | |
F&I, net | 16.3 | | | 17.1 | | | (0.8) | | | (4.7) | % | | | 0.1 | | | (5.4) | % | | | | | | |
Total gross profit | $ | 97.5 | | | $ | 104.5 | | | $ | (7.0) | | | (6.7) | % | | | $ | 0.7 | | | (7.4) | % | | | | | | |
Gross margin: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | 7.3 | % | | 9.4 | % | | (2.1) | % | | | | | | | | | | | | | |
Used vehicle retail sales | 4.9 | % | | 5.4 | % | | (0.5) | % | | | | | | | | | | | | | |
Used vehicle wholesale sales | (9.3) | % | | (1.1) | % | | (8.2) | % | | | | | | | | | | | | | |
Total used | 3.8 | % | | 4.8 | % | | (1.0) | % | | | | | | | | | | | | | |
Parts and service sales | 58.0 | % | | 59.1 | % | | (1.1) | % | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total gross margin | 12.6 | % | | 13.8 | % | | (1.2) | % | | | | | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | | | | | |
Retail new vehicles sold | 8,388 | | | 8,045 | | | 343 | | | 4.3 | % | | | | | | | | | | | |
Retail used vehicles sold | 10,649 | | | 10,458 | | | 191 | | | 1.8 | % | | | | | | | | | | | |
Wholesale used vehicles sold | 2,855 | | | 3,057 | | | (202) | | | (6.6) | % | | | | | | | | | | | |
Total used | 13,504 | | | 13,515 | | | (11) | | | (0.1) | % | | | | | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | | | | | |
New vehicle retail | $ | 44,235 | | | $ | 42,416 | | | $ | 1,818 | | | 4.3 | % | | | $ | 332 | | | 3.5 | % | | | | | | |
Used vehicle retail | $ | 28,293 | | | $ | 29,708 | | | $ | (1,416) | | | (4.8) | % | | | $ | 215 | | | (5.5) | % | | | | | | |
Gross profit per unit sold: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,069 | | | $ | 3,829 | | | $ | (759) | | | (19.8) | % | | | $ | 24 | | | (20.5) | % | | | | | | |
Used vehicle retail sales | $ | 1,392 | | | $ | 1,604 | | | $ | (211) | | | (13.2) | % | | | $ | 11 | | | (13.8) | % | | | | | | |
Used vehicle wholesale sales | $ | (842) | | | $ | (119) | | | $ | (723) | | | NM | | | $ | 1 | | | NM | | | | | | |
Total used | $ | 920 | | | $ | 1,214 | | | $ | (294) | | | (24.2) | % | | | $ | 9 | | | (24.9) | % | | | | | | |
F&I PRU | $ | 855 | | | $ | 923 | | | $ | (68) | | | (7.3) | % | | | $ | 7 | | | (8.0) | % | | | | | | |
Other: | | | | | | | | | | | | | | | | | | |
SG&A expenses | $ | 78.2 | | | $ | 75.8 | | | $ | 2.4 | | | 3.2 | % | | | $ | 0.6 | | | 2.4 | % | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
SG&A as % gross profit | 80.2 | % | | 72.5 | % | | 7.7 | % | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
NM — Not Meaningful
U.K. Region — Three Months Ended June 30, 2024 Compared to 2023
Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles as only the sales commission is reported within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. The GBP to USD foreign currency exchange rate has fluctuated from £1 to $1.266 at June 30, 2023, to £1 to $1.265 at June 30, 2024, or a decrease in the value of the GBP of 0.1 %.
Revenues
Total revenues in the U.K. during the Current Quarter increased $16.3 million, or 2.1%, as compared to the Prior Year Quarter.
Total same store revenues in the U.K. during the Current Quarter increased $16.2 million, or 2.1%, as compared to the Prior Year Quarter, primarily driven by outperformances in new vehicle retail sales and parts and service, partially offset by lower used vehicle sales and F&I. On a constant currency basis, revenues increased 1.4%, for the same reasons.
New vehicle retail same store revenues, on a constant currency basis, outperformed the Prior Year Quarter, driven by more units sold, coupled with higher pricing. The shortage of new vehicle inventory, compared to pre-COVID-19 pandemic levels, despite recent manufacturers’ production improvements, drove strong pricing. We ended the Current Quarter with a U.K. new vehicle inventory supply of 35 days, six days higher than the Prior Year Quarter.
Used vehicle retail same store revenues, on a constant currency basis, underperformed the Prior Year Quarter, primarily driven by lower used vehicle retail pricing on a constant currency basis.
Used vehicle wholesale same store revenues, on a constant currency basis, underperformed the Prior Year Quarter, primarily driven by a decrease in wholesale used vehicle units sold.
Parts and service same store revenues, on a constant currency basis, outperformed the Prior Year Quarter, driven by increases in customer pay, warranty and wholesale revenues reflecting increased business activity. We have invested in improvements to our U.K. customer contact center, streamlining operations to make scheduling appointments easier for customers, resulting in an increase in parts and service activity driving an increase in revenues as compared to the Prior Year Quarter.
F&I same store revenues, on a constant currency basis, underperformed the Prior Year Quarter, primarily driven by decreases in income per contract for retail finance fees and service contracts.
Gross Profit
Total gross profit in the U.K. during the Current Quarter decreased $7.0 million, or 6.6%, as compared to the Prior Year Quarter.
Total same store gross profit in the U.K. during the Current Quarter decreased $7.0 million, or 6.7%, as compared to the Prior Year Quarter. On a constant currency basis, total same store gross profit decreased 7.4%, driven by downward pressures on margins for all lines of business.
New vehicle retail same store gross profit, on a constant currency basis, underperformed the Prior Year, primarily due to a decrease in new vehicle retail gross profit per unit sold, partially offset by an increase units sold, as a result of the increase in new vehicle production as described above generating downward pressure on new vehicle margins.
Used vehicle retail same store gross profit, on a constant currency basis, underperformed the Prior Year Quarter, driven by a decrease in used vehicle retail same store gross profit per unit sold, partially offset by a slight increase in units sold.
Parts and service same store gross profit, on a constant currency basis, outperformed the Prior Year Quarter, driven by increases in parts and service same store revenues, as discussed above.
F&I same store gross profit, on a constant currency basis, underperformed the Prior Year Quarter, as described above in F&I same store revenues.
Total same store gross margin in the U.K. decreased 120 basis points, driven by margin declines for all lines of business, caused by inflationary impacts.
SG&A Expenses
SG&A as a percentage of gross profit increased by 859 and 767 basis points on an as reported and same store basis, respectively, compared to the Prior Year Quarter.
Total SG&A expenses in the U.K. during the Current Quarter increased $3.4 million, or 4.5%, as compared to the Prior Year Quarter. Total same store SG&A expenses in the U.K. during the Current Quarter increased $2.4 million, or 3.2%, as compared to the Prior Year Quarter. On a constant currency basis, total same store SG&A expenses increased 2.4%. These increases were primarily driven by increased legal fees associated with the pending acquisition of Inchcape plc, coupled with increased advertising expenses and demonstration and loaner car and related expenses, offset by lower employee related costs compared to the Prior Year Quarter.
Reported Operating Data — U.K.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | | | |
Revenues: | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 737.4 | | | $ | 674.8 | | | $ | 62.6 | | | 9.3 | % | | | $ | 19.0 | | | 6.5 | % | | | | |
Used vehicle retail sales | 618.6 | | | 629.5 | | | (10.9) | | | (1.7) | % | | | 15.7 | | | (4.2) | % | | | | |
Used vehicle wholesale sales | 52.0 | | | 62.3 | | | (10.3) | | | (16.5) | % | | | 1.3 | | | (18.5) | % | | | | |
Total used | 670.6 | | | 691.8 | | | (21.2) | | | (3.1) | % | | | 16.9 | | | (5.5) | % | | | | |
Parts and service sales | 158.2 | | | 145.3 | | | 12.9 | | | 8.9 | % | | | 4.0 | | | 6.1 | % | | | | |
F&I, net | 33.8 | | | 34.6 | | | (0.8) | | | (2.4) | % | | | 0.9 | | | (4.8) | % | | | | |
Total revenues | $ | 1,600.0 | | | $ | 1,546.5 | | | $ | 53.4 | | | 3.5 | % | | | $ | 40.8 | | | 0.8 | % | | | | |
Gross profit: | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 53.4 | | | $ | 63.4 | | | $ | (10.0) | | | (15.8) | % | | | $ | 1.4 | | | (18.0) | % | | | | |
Used vehicle retail sales | 30.3 | | | 33.7 | | | (3.4) | | | (10.2) | % | | | 0.8 | | | (12.4) | % | | | | |
Used vehicle wholesale sales | (4.7) | | | (0.6) | | | (4.1) | | | NM | | | (0.1) | | | NM | | | | |
Total used | 25.6 | | | 33.1 | | | (7.6) | | | (22.8) | % | | | 0.7 | | | (24.9) | % | | | | |
Parts and service sales | 89.6 | | | 85.1 | | | 4.5 | | | 5.3 | % | | | 2.3 | | | 2.6 | % | | | | |
F&I, net | 33.8 | | | 34.6 | | | (0.8) | | | (2.4) | % | | | 0.9 | | | (4.8) | % | | | | |
Total gross profit | $ | 202.3 | | | $ | 216.2 | | | $ | (13.9) | | | (6.4) | % | | | $ | 5.2 | | | (8.8) | % | | | | |
Gross margin: | | | | | | | | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.4 | % | | (2.2) | % | | | | | | | | | | | |
Used vehicle retail sales | 4.9 | % | | 5.4 | % | | (0.5) | % | | | | | | | | | | | |
Used vehicle wholesale sales | (9.1) | % | | (0.9) | % | | (8.1) | % | | | | | | | | | | | |
Total used | 3.8 | % | | 4.8 | % | | (1.0) | % | | | | | | | | | | | |
Parts and service sales | 56.6 | % | | 58.5 | % | | (1.9) | % | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total gross margin | 12.6 | % | | 14.0 | % | | (1.3) | % | | | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | | | |
Retail new vehicles sold | 17,349 | | | 16,811 | | | 538 | | | 3.2 | % | | | | | | | | | |
Retail used vehicles sold | 21,947 | | | 21,455 | | | 492 | | | 2.3 | % | | | | | | | | | |
Wholesale used vehicles sold | 5,595 | | | 5,951 | | | (356) | | | (6.0) | % | | | | | | | | | |
Total used | 27,542 | | | 27,406 | | | 136 | | | 0.5 | % | | | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | | | |
New vehicle retail | $ | 44,459 | | | $ | 41,566 | | | $ | 2,893 | | | 7.0 | % | | | $ | 1,145 | | | 4.2 | % | | | | |
Used vehicle retail | $ | 28,185 | | | $ | 29,341 | | | $ | (1,155) | | | (3.9) | % | | | $ | 715 | | | (6.4) | % | | | | |
Gross profit per unit sold: | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,078 | | | $ | 3,772 | | | $ | (694) | | | (18.4) | % | | | $ | 80 | | | (20.5) | % | | | | |
Used vehicle retail sales | $ | 1,381 | | | $ | 1,572 | | | $ | (192) | | | (12.2) | % | | | $ | 35 | | | (14.4) | % | | | | |
Used vehicle wholesale sales | $ | (842) | | | $ | (99) | | | $ | (743) | | | NM | | | $ | (10) | | | NM | | | | |
Total used | $ | 929 | | | $ | 1,209 | | | $ | (280) | | | (23.2) | % | | | $ | 26 | | | (25.3) | % | | | | |
F&I PRU | $ | 859 | | | $ | 904 | | | $ | (44) | | | (4.9) | % | | | $ | 22 | | | (7.3) | % | | | | |
Other: | | | | | | | | | | | | | | | | |
SG&A expenses | $ | 160.8 | | | $ | 150.3 | | | $ | 10.5 | | | 7.0 | % | | | $ | 4.0 | | | 4.3 | % | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SG&A as % gross profit | 79.5 | % | | 69.5 | % | | 10.0 | % | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NM — Not Meaningful
Same Store Operating Data — U.K.
(In millions, except unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | | | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | | | Currency Impact on Current Period Results | | Constant Currency % Change | | | | | | |
Revenues: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 737.4 | | | $ | 674.8 | | | $ | 62.6 | | | 9.3 | % | | | $ | 19.0 | | | 6.5 | % | | | | | | |
Used vehicle retail sales | 618.6 | | | 629.5 | | | (10.9) | | | (1.7) | % | | | 15.7 | | | (4.2) | % | | | | | | |
Used vehicle wholesale sales | 52.0 | | | 62.3 | | | (10.3) | | | (16.5) | % | | | 1.3 | | | (18.5) | % | | | | | | |
Total used | 670.6 | | | 691.8 | | | (21.2) | | | (3.1) | % | | | 16.9 | | | (5.5) | % | | | | | | |
Parts and service sales | 152.4 | | | 139.6 | | | 12.8 | | | 9.1 | % | | | 3.9 | | | 6.3 | % | | | | | | |
F&I, net | 33.8 | | | 34.6 | | | (0.8) | | | (2.3) | % | | | 0.9 | | | (4.8) | % | | | | | | |
Total revenues | $ | 1,594.1 | | | $ | 1,540.8 | | | $ | 53.3 | | | 3.5 | % | | | $ | 40.7 | | | 0.8 | % | | | | | | |
Gross profit: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 53.4 | | | $ | 63.4 | | | $ | (10.0) | | | (15.8) | % | | | $ | 1.4 | | | (18.0) | % | | | | | | |
Used vehicle retail sales | 30.3 | | | 33.7 | | | (3.4) | | | (10.1) | % | | | 0.8 | | | (12.4) | % | | | | | | |
Used vehicle wholesale sales | (4.7) | | | (0.6) | | | (4.1) | | | NM | | | (0.1) | | | NM | | | | | | |
Total used | 25.6 | | | 33.1 | | | (7.5) | | | (22.8) | % | | | 0.7 | | | (24.9) | % | | | | | | |
Parts and service sales | 86.9 | | | 82.4 | | | 4.5 | | | 5.4 | % | | | 2.2 | | | 2.7 | % | | | | | | |
F&I, net | 33.8 | | | 34.6 | | | (0.8) | | | (2.3) | % | | | 0.9 | | | (4.8) | % | | | | | | |
Total gross profit | $ | 199.6 | | | $ | 213.5 | | | $ | (13.9) | | | (6.5) | % | | | $ | 5.1 | | | (8.9) | % | | | | | | |
Gross margin: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | 7.2 | % | | 9.4 | % | | (2.2) | % | | | | | | | | | | | | | |
Used vehicle retail sales | 4.9 | % | | 5.4 | % | | (0.5) | % | | | | | | | | | | | | | |
Used vehicle wholesale sales | (9.1) | % | | (0.9) | % | | (8.1) | % | | | | | | | | | | | | | |
Total used | 3.8 | % | | 4.8 | % | | (1.0) | % | | | | | | | | | | | | | |
Parts and service sales | 57.0 | % | | 59.0 | % | | (2.0) | % | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total gross margin | 12.5 | % | | 13.9 | % | | (1.3) | % | | | | | | | | | | | | | |
Units sold: | | | | | | | | | | | | | | | | | | |
Retail new vehicles sold | 17,349 | | | 16,811 | | | 538 | | | 3.2 | % | | | | | | | | | | | |
Retail used vehicles sold | 21,947 | | | 21,455 | | | 492 | | | 2.3 | % | | | | | | | | | | | |
Wholesale used vehicles sold | 5,595 | | | 5,951 | | | (356) | | | (6.0) | % | | | | | | | | | | | |
Total used | 27,542 | | | 27,406 | | | 136 | | | 0.5 | % | | | | | | | | | | | |
Average sales price per unit sold: | | | | | | | | | | | | | | | | | | |
New vehicle retail | $ | 44,459 | | | $ | 41,566 | | | $ | 2,893 | | | 7.0 | % | | | $ | 1,145 | | | 4.2 | % | | | | | | |
Used vehicle retail | $ | 28,185 | | | $ | 29,341 | | | $ | (1,155) | | | (3.9) | % | | | $ | 715 | | | (6.4) | % | | | | | | |
Gross profit per unit sold: | | | | | | | | | | | | | | | | | | |
New vehicle retail sales | $ | 3,078 | | | $ | 3,772 | | | $ | (694) | | | (18.4) | % | | | $ | 80 | | | (20.5) | % | | | | | | |
Used vehicle retail sales | $ | 1,381 | | | $ | 1,572 | | | $ | (191) | | | (12.1) | % | | | $ | 35 | | | (14.4) | % | | | | | | |
Used vehicle wholesale sales | $ | (842) | | | $ | (99) | | | $ | (743) | | | NM | | | $ | (10) | | | NM | | | | | | |
Total used | $ | 930 | | | $ | 1,209 | | | $ | (280) | | | (23.1) | % | | | $ | 26 | | | (25.3) | % | | | | | | |
F&I PRU | $ | 859 | | | $ | 904 | | | $ | (44) | | | (4.9) | % | | | $ | 22 | | | (7.3) | % | | | | | | |
Other: | | | | | | | | | | | | | | | | | | |
SG&A expenses | $ | 158.0 | | | $ | 148.7 | | | $ | 9.3 | | | 6.2 | % | | | $ | 4.0 | | | 3.6 | % | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
SG&A as % gross profit | 79.2 | % | | 69.7 | % | | 9.5 | % | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
NM — Not Meaningful
U.K. Region — Six Months Ended June 30, 2024 Compared to 2023
Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles as only the sales commission is reported within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. The GBP to USD foreign currency exchange rate has fluctuated from £1 to $1.266 at June 30, 2023, to £1 to $1.265 at June 30, 2024, or a decrease in the value of the GBP of 0.1 %.
Revenues
Total revenues in the U.K. during the Current Year increased $53.4 million, or 3.5%, as compared to the Prior Year.
Total same store revenues in the U.K. during the Current Year increased $53.3 million, or 3.5%, as compared to the Prior Year, primarily driven by outperformances in new vehicle retail sales and parts and service, partially offset by lower used vehicle sales and F&I. On a constant currency basis, same store revenues increased 0.8%, primarily driven by an outperformance in new vehicle retail sales and parts and service.
New vehicle retail same store revenues, on a constant currency basis, outperformed the Prior Year, driven by more units sold, coupled with higher pricing. The shortage of new vehicle inventory, compared to pre-COVID-19 pandemic levels, despite recent manufacturers’ production improvements, drove strong pricing. We ended the Current Year with a U.K. new vehicle inventory supply of 35 days, six days higher than the Prior Year.
Used vehicle retail same store revenues, on a constant currency basis, underperformed the Prior Year, primarily driven by lower used vehicle retail pricing on a constant currency basis, partially offset by more units sold.
Used vehicle wholesale same store revenues, on a constant currency basis, underperformed the Prior Year, primarily driven by a decrease in wholesale used vehicle units sold.
Parts and service same store revenues, on a constant currency basis, outperformed the Prior Year, driven by increases in customer pay, warranty and wholesale revenues reflecting increased business activity. We have invested in improvements to our U.K. customer contact center, streamlining operations to make scheduling appointments easier for customers, resulting in an increase in parts and service activity driving an increase in revenues as compared to the Prior Year.
F&I, net same store revenues, on a constant currency basis, underperformed the Prior Year, primarily driven by decreases in income per contract for retail finance fees and service contracts.
Gross Profit
Total gross profit in the U.K. during the Current Year decreased $13.9 million, or 6.4%, as compared to the Prior Year Quarter.
Total same store gross profit in the U.K. during the Current Year decreased $13.9 million, or 6.5%, as compared to the Prior Year. On a constant currency basis, total same store gross profit decreased 8.9%, driven by downward pressures on margins for all lines of business.
New vehicle retail same store gross profit, on a constant currency basis, underperformed the Prior Year, primarily due to decrease in new vehicle retail gross profit per unit sold, partially offset by an increase in units sold, as a result of the increase in vehicle inventory production as described above generating downward pressure on new vehicle margins.
Used vehicle retail same store gross profit, on a constant currency basis, underperformed the Prior Year, driven by a decrease in used vehicle retail same store gross profit per unit sold, partially offset by a slight increase in used vehicle retail units sold.
Parts and service same store gross profit, on a constant currency basis, outperformed the Prior Year, driven by increases in parts and service same store revenues, as discussed above.
F&I same store gross profit, on a constant currency basis, modestly underperformed the Prior Year, as described above in F&I same store revenues.
Total same store gross margin in the U.K. decreased 134 basis points, driven by margin declines for all lines of business caused by inflationary impacts.
SG&A Expenses
SG&A as a percentage of gross profit increased by 997 and 951 basis points on an as reported and same store basis, respectively, compared to the Prior Year.
Total SG&A expenses in the U.K. during the Current Year increased $10.5 million, or 7.0%, as compared to the Prior Year. Total same store SG&A expenses in the U.K. during the Current Year increased $9.3 million, or 6.2%, as compared to the Prior Year. On a constant currency basis, total same store SG&A expenses increased 3.6%. These increases were primarily driven by increased legal fees associated with the pending acquisition of Inchcape plc, coupled with increased demonstration and loaner car and related expenses, advertising expenses and employee related costs compared to the Prior Year.
Consolidated Selected Comparisons — Six Months Ended June 30, 2024 Compared to 2023
The following table (in millions) and discussion of our results of operations are on a consolidated basis, unless otherwise noted. | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | |
Depreciation and amortization expense | $ | 28.2 | | | $ | 23.1 | | | $ | 5.1 | | | 22.1 | % | |
| | | | | | | | |
Floorplan interest expense | $ | 24.7 | | | $ | 15.6 | | | $ | 9.0 | | | 58.0 | % | |
Other interest expense, net | $ | 33.4 | | | $ | 25.9 | | | $ | 7.4 | | | 28.7 | % | |
| | | | | | | | |
Provision for income taxes | $ | 45.2 | | | $ | 57.6 | | | $ | (12.4) | | | (21.6) | % | |
| | | | | | | | |
| Six Months Ended June 30, | |
| 2024 | | 2023 | | Increase/ (Decrease) | | % Change | |
Depreciation and amortization expense | $ | 52.0 | | | $ | 45.5 | | | $ | 6.5 | | | 14.2 | % | |
| | | | | | | | |
Floorplan interest expense | $ | 45.2 | | | $ | 28.2 | | | $ | 17.0 | | | 60.0 | % | |
Other interest expense, net | $ | 62.7 | | | $ | 45.6 | | | $ | 17.1 | | | 37.5 | % | |
| | | | | | | | |
Provision for income taxes | $ | 91.0 | | | $ | 105.2 | | | $ | (14.2) | | | (13.5) | % | |
Depreciation and Amortization Expense
Depreciation and amortization expense for the Current Quarter and Current Year was higher compared to the Prior Year Quarter and Prior Year, primarily driven by acquired property and equipment in our U.S. region, as we continue to strategically add dealership related real estate and facilities to our investment portfolio and make improvements to our existing facilities intended to enhance the profitability of our dealerships and improve the overall customer experience.
Floorplan Interest Expense
Our floorplan interest expense fluctuates with changes in our outstanding borrowings and associated interest rates, which are based on SOFR, the U.S. prime rate or other benchmark rates. Outstanding borrowings largely fluctuate based on our levels of new and used vehicle inventory. To mitigate the impact of interest rate fluctuations, we employ an interest rate hedging strategy, whereby we swap variable interest rate exposure on a portion of our borrowings for a fixed interest rate.
Total floorplan interest expense during the Current Quarter, increased $9.0 million, or 58.0%, as compared to the Prior Year Quarter. For the Current Year, floorplan interest expense increased $17.0 million, or 60.0%, as compared to the Prior Year. The increase in floorplan interest expense during the Current Quarter and Current Year was driven primarily by an increase in inventories added to our floorplan due to improvements in manufacturer production as well as acquisitions, partially offset by realized gains on our interest rate swap portfolio due to increases in corresponding interest rates.
Refer to Note 6. Financial Instruments and Fair Value Measurements within our Notes to Condensed Consolidated Financial Statements for additional discussion of interest rate swaps.
Other Interest Expense, Net
Other interest expense, net consists of interest charges primarily on our $750.0 million 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”), real estate related debt and other debt, partially offset by interest income.
Other interest expense, net during the Current Quarter, increased $7.4 million, or 28.7%, as compared to the Prior Year Quarter. For the Current Year, other interest expense, net, increased $17.1 million, or 37.5%, as compared to the Prior Year. The increase in other interest expense, net during the Current Quarter and Current Year was primarily attributable to increased borrowings on the Acquisition Line, additional real estate related debt in our U.S. region and higher rates interest on existing borrowings. Additionally, the difference in the Current Year was partly due to a decrease in the gain recognized on the de-designation of mortgage interest rate swaps as compared to the Prior Year of approximately $3.8 million. Refer to Note 8. Debt within our Notes to Condensed Consolidated Financial Statements for additional discussion of our debt. Refer to Note 6. Financial Instruments and Fair Value Measurements within our Notes to Condensed Consolidated Financial Statements for additional discussion of the de-designation of the mortgage interest rate swap.
Provision for Income Taxes
Provision for income taxes of $45.2 million during the Current Quarter decreased by $12.4 million, or 21.6%, as compared to the Prior Year Quarter. For the Current Year, our provision for income taxes of $91.0 million decreased by $14.2 million or 13.5%, as compared to the Prior Year. The tax expense decrease in the Current Quarter and Current Year, as compared to the Prior Year Quarter and Prior Year, was primarily due to lower pre-tax book income. Our Current Quarter effective tax rate of 24.7% was lower than the Prior Year Quarter’s effective tax rate of 25.3%. The tax rate decrease was primarily due to the mix of earnings in the Current Quarter compared to the Prior Year Quarter.
We believe that it is more-likely-than-not that our deferred tax assets, net of valuation allowances provided, will be realized, based primarily on assumptions of our future taxable income, considering future reversals of existing taxable temporary differences.
Liquidity and Capital Resources
Our liquidity and capital resources are primarily derived from cash on hand, cash temporarily invested as a pay down of our U.S. Floorplan Line and FMCC Facility levels (refer to Note 9. Floorplan Notes Payable in our Notes to Condensed Consolidated Financial Statements for additional information), cash from operations, borrowings under our credit facilities, working capital, dealership and real estate acquisition financing and proceeds from debt and equity offerings. We anticipate we will generate sufficient cash flows from operations, coupled with cash on hand and available borrowing capacity under our credit facilities, to fund our working capital requirements, service our debt and meet any other recurring operating expenditures.
Available Liquidity Resources
We had the following sources of liquidity available (in millions): | | | | | |
| June 30, 2024 |
Cash and cash equivalents | $ | 64.4 | |
Floorplan offset accounts | 94.1 |
Available capacity under Acquisition Line | 485.8 | |
Total liquidity | $ | 644.3 | |
Cash Flows
We arrange our new and used vehicle inventory floorplan financing through lenders affiliated with our vehicle manufacturers and our Revolving Credit Facility. In accordance with U.S. GAAP, we report floorplan financed with lenders affiliated with our vehicle manufacturers (excluding the cash flows from or to manufacturer-affiliated lenders participating in our syndicated lending group) within Cash Flows from Operating Activities in the Condensed Consolidated Statements of Cash Flows. We report floorplan financed with the Revolving Credit Facility (including the cash flows from or to manufacturer-affiliated lenders participating in the facility) and other credit facilities in the U.K. unaffiliated with our manufacturer partners, within Cash Flows from Financing Activities in the Condensed Consolidated Statements of Cash Flows. Refer to Note 9. Floorplan Notes Payable within our Notes to Condensed Consolidated Financial Statements for additional discussion of our Revolving Credit Facility.
However, we believe that all floorplan financing of inventory purchases in the normal course of business should correspond with the related inventory activity and be classified as an operating activity. As a result, we use the non-GAAP measure “Adjusted net cash provided by/used in operating activities” and “Adjusted net cash provided by/used in financing activities” to further evaluate our cash flows. We believe that this classification eliminates excess volatility in our operating cash flows prepared in accordance with U.S. GAAP. In addition, floorplan financing associated with dealership acquisitions and dispositions are classified as investing activities on an adjusted basis to eliminate excess volatility in our operating cash flows prepared in accordance with U.S. GAAP.
The following table reconciles cash flows on a U.S. GAAP basis to the corresponding adjusted amounts (in millions): | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | 2024 | | 2023 | | % Change |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | |
Net cash provided by operating activities: | | $ | 129.8 | | | $ | 239.0 | | | (45.7) | % |
Change in Floorplan notes payable — credit facilities and other, excluding floorplan offset and net acquisitions and dispositions | | 195.7 | | | 143.4 | | | |
Change in Floorplan notes payable — manufacturer affiliates associated with net acquisitions and dispositions and floorplan offset activity | | (23.8) | | | 4.3 | | | |
Adjusted net cash provided by operating activities | | $ | 301.7 | | | $ | 386.7 | | | (22.0) | % |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | |
Net cash used in investing activities: | | $ | (669.0) | | | $ | (369.1) | | | (81.2) | % |
Change in cash paid for acquisitions, associated with Floorplan notes payable | | 50.3 | | | 64.9 | | | |
Change in proceeds from disposition of franchises, property and equipment, associated with Floorplan notes payable | | (25.3) | | | (20.7) | | | |
Adjusted net cash used in investing activities | | $ | (644.0) | | | $ | (324.9) | | | (98.2) | % |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | |
Net cash provided by financing activities: | | $ | 546.4 | | | $ | 103.0 | | | 430.6 | % |
Change in Floorplan notes payable, excluding floorplan offset | | (197.0) | | | (191.9) | | | |
Adjusted net cash provided by (used in) financing activities | | $ | 349.4 | | | $ | (88.9) | | | 493.1 | % |
Sources and Uses of Liquidity from Operating Activities — Six Months Ended June 30, 2024 Compared to 2023
For the Current Year, net cash provided by operating activities decreased by $109.2 million, as compared to the Prior Year. On an adjusted basis for the same period, adjusted net cash provided by operating activities decreased by $84.9 million. The decrease on an adjusted basis was primarily driven by an $81.7 million decrease in accounts payable and accrued expenses, a $45.2 million increase in inventory levels and a $42.9 million decrease in net income, partially offset by a $111.8 million increase in floorplan notes payable — manufacturer affiliates.
Sources and Uses of Liquidity from Investing Activities — Six Months Ended June 30, 2024 Compared to 2023
For the Current Year, net cash used in investing activities increased by $299.8 million, as compared to the Prior Year. On an adjusted basis for the same period, adjusted net cash used in investing activities increased by $319.1 million, primarily due to a $341.4 million increase in acquisition activity, an $86.4 million increase in escrow payments for acquisitions and a $16.2 million increase in purchases of property and equipment, including real estate, partially offset by a $115.7 million increase in proceeds from disposition of franchises and property and equipment.
Capital Expenditures
Our capital expenditures include costs to extend the useful lives of current dealership facilities, as well as to start or expand operations. In general, expenditures relating to the construction or expansion of dealership facilities are driven by dealership acquisition activity, new franchises being granted to us by a manufacturer, significant growth in sales at an existing facility, relocation opportunities or manufacturer imaging programs. We critically evaluate all planned future capital spending, working closely with our manufacturer partners to maximize the return on our investments.
For the Current Year, $102.9 million was used to purchase property and equipment.
Sources and Uses of Liquidity from Financing Activities — Six Months Ended June 30, 2024 Compared to 2023
For the Current Year, net cash provided by financing activities increased by $443.4 million, as compared to the Prior Year. On an adjusted basis for the same period, adjusted net cash provided by financing activities increased by $438.3 million. The increase in net cash provided by financing activities on an adjusted basis was primarily driven by a $355.2 million increase in net borrowings of other debt, including real estate-related debt and increases in net borrowings on our U.S. Floorplan line of $295.1 million (representing the net cash activity in our floorplan offset account). These increases were partially offset by a $177.6 million increase in net repayments on the Acquisition Line and a $33.8 million increase in cash paid for share repurchases.
Credit Facilities, Debt Instruments and Other Financing Arrangements
Our various credit facilities, debt instruments and other financing arrangements are used to finance the purchase of inventory and real estate, provide acquisition funding and provide working capital for general corporate purposes.
The following table summarizes the commitment of our credit facilities as of June 30, 2024 (in millions): | | | | | | | | | | | | | | | | | | | | |
| | Total Commitment | | Outstanding | | Available |
U.S. Floorplan Line (1) | | $ | 1,500.0 | | | $ | 1,317.5 | | | $ | 182.5 | |
Acquisition Line (2) | | 1,000.0 | | | 306.5 | | | 485.8 | |
Total revolving credit facility | | 2,500.0 | | | 1,624.0 | | | 668.4 | |
FMCC Facility (3) | | 300.0 | | | 155.8 | | | 144.2 | |
GM Financial Facility (4) | | 348.1 | | | 217.1 | | | 131.0 | |
Total U.S. credit facilities (5) | | $ | 3,148.1 | | | $ | 1,997.0 | | | $ | 943.5 | |
(1) The available balance at June 30, 2024, includes $79.4 million of immediately available funds. The remaining available balance can be used for vehicle inventory financing.
(2) The outstanding balance of $306.5 million is related to outstanding letters of credit of $12.2 million and $294.3 million in borrowings. The borrowings outstanding under the Acquisition Line included $250.0 million USD borrowings and £35.0 million of GBP borrowings translated at the spot rate on the day borrowed, solely for purposes of calculating the outstanding and available borrowings under the Acquisition Line in accordance with the Revolving Credit Facility. The available borrowings may be limited from time to time, based on certain debt covenant calculations, and as a result, the outstanding balance plus available borrowings may not equal the total commitment.
(3) The available balance at June 30, 2024, includes $14.8 million of immediately available funds. The remaining available balance can be used for Ford new vehicle inventory financing.
(4) The remaining available balance as of June 30, 2024, can be used for General Motors new and rental vehicle inventory financing.
(5) The outstanding balance excludes $409.5 million of borrowings with manufacturer-affiliates and third-party financial institutions for foreign and rental vehicle financing not associated with any of our U.S. credit facilities.
We have other credit facilities in the U.S. and the U.K. with third-party financial institutions, most of which are affiliated with the automobile manufacturers that provide financing for portions of our new, used and rental vehicle inventories. In addition, we have outstanding debt instruments, including our 4.00% Senior Notes, as well as real estate related and other debt instruments. Refer to Note 8. Debt in our Notes to Condensed Consolidated Financial Statements for further information.
Covenants
Our Revolving Credit Facility, indentures governing our 4.00% Senior Notes and certain mortgage term loans contain customary financial and operating covenants that place restrictions on us, including our ability to incur additional indebtedness, create liens or to sell or otherwise dispose of assets and to merge or consolidate with other entities. Certain of our mortgage agreements contain cross-default provisions that, in the event of a default of certain mortgage agreements and of our Revolving Credit Facility, could trigger an uncured default.
As of June 30, 2024, we were in compliance with the requirements of the financial covenants under our debt agreements. We are required to maintain the ratios detailed in the following table: | | | | | | | | | | | |
| As of June 30, 2024 |
| Required | | Actual |
Total adjusted leverage ratio | < 5.75 | | 2.44 |
Fixed charge coverage ratio | > 1.20 | | 4.02 |
Based on our position as of June 30, 2024, and our outlook as discussed within Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, we believe we have sufficient liquidity and do not anticipate any material liquidity constraints or issues with our ability to remain in compliance with our debt covenants.
Refer to Note 8. Debt and Note 9. Floorplan Notes Payable in our Notes to Condensed Consolidated Financial Statements for further discussion of our debt instruments, credit facilities and other financing arrangements existing as of June 30, 2024.
Share Repurchases and Dividends
From time to time, our Board of Directors authorizes the repurchase of shares of our common stock up to a certain monetary limit. On May 9, 2024, our Board of Directors increased the share repurchase authorization to $250.0 million. For the Current Year, 352,920 shares were repurchased at an average price of $282.81 per share, for a total of $99.8 million, excluding excise taxes of $0.8 million. As of June 30, 2024, we had $204.6 million available under our current stock repurchase authorization.
During the Current Quarter, our Board of Directors approved a quarterly cash dividend of $0.47 per share on all shares of our common stock, which resulted in $6.2 million paid to common shareholders and $0.1 million to unvested restricted stock award holders.
Future share repurchases and the payment of any future dividends are subject to the business judgment of our Board of Directors, taking into consideration our historical and projected results of operations, financial condition, cash flows, capital requirements, covenant compliance, changes in laws and regulations, current economic environment and other factors considered relevant.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
For quantitative and qualitative disclosures about market risk affecting us, refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2023 Form 10-K. Our exposure to market risk has not changed materially since December 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of June 30, 2024, at the reasonable assurance level.
Our management, including our principal executive officer and our principal financial officer, does not expect that our disclosure controls and procedures can prevent all possible errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that objectives of the control system are met. There are inherent limitations in all control systems, including the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the intentional acts of one or more persons. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events and while our disclosure controls and procedures are designed to be effective under circumstances where they should reasonably be expected to operate effectively, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in any control system, misstatements due to possible errors or fraud may occur and not be detected.
Changes in Internal Control over Financial Reporting
During the three months ended June 30, 2024, there were no changes in our system of internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are not party to any legal proceedings, including class action lawsuits that, individually or in the aggregate, are reasonably expected to have a material adverse effect on our results of operations, financial condition or cash flows. For a discussion of our legal proceedings, refer to Note 11. Commitments and Contingencies within our Notes to Condensed Consolidated Financial Statements.
Item 1A. Risk Factors
Except as set forth below, during the Current Year, there were no changes to the Risk Factors disclosed in Item 1A. Risk Factors of our 2023 Form 10-K.
We rely on third-party vendors and suppliers for key components of our business.
Many components of our business, including data management, key operational processes and critical customer systems, are provided by or licensed from various third-party vendors and suppliers. In addition, we also rely on third-party vendors to supply key products and services to us and our customers. One or more of these third-party vendors or suppliers may experience financial distress, technology challenges, cybersecurity incidents, staffing shortages or liquidity challenges, file for bankruptcy protection, go out of business, or suffer other disruptions in their business, each of which could affect their ability to serve us and our customers. If any of our vendors or suppliers fail to deliver their products or services for any reason, our business and results of operations and financial condition could be adversely impacted.
A failure of any of our information systems or those of our third-party service providers or a cybersecurity incident, including loss or unauthorized access of confidential information or personally identifiable information (“PII”) about our customers or employees, could negatively affect our business, operations and financial condition.
We depend on the efficient operation of our information systems and those of our third-party service providers and rely on information systems at our dealerships in all aspects of our sales and service efforts, as well as in the preparation of our consolidated financial and operating data. All of our dealerships currently operate on two DMSs, one DMS for the U.S and one DMS for the U.K. Additionally, in the ordinary course of business, we receive significant PII about our customers and our employees. Such PII is primarily collected at our dealerships and through our Acceleride® platform via an online DMS. A security incident to obtain such information could be caused by malicious insiders and third parties using sophisticated, targeted methods to circumvent firewalls, encryption and other security defenses, including hacking, malware, fraud, trickery, or other forms of deception. Although many companies across many industries are affected by malicious efforts to obtain access to PII, the automotive dealership industry has been a particular target of identity thieves. The techniques used by cyber attackers change frequently and may be difficult to detect. We have implemented security measures that are designed to detect and protect against cyberattacks.
Despite these measures and any additional measures we may implement or adopt in the future, our facilities and systems, and those of our third-party service providers, have been and are vulnerable to security breaches, computer viruses, malware, lost or misplaced data, programming errors, scams, ransomware, burglary, human errors, acts of vandalism, misdirected wire transfers or other events. If an unauthorized party is successful in obtaining trade secrets, PII, confidential, or otherwise protected information of our dealerships or our customers or in disrupting our operations through a cyberattack, the attack could result in loss of revenue, increase the costs of doing business, harm our competitiveness, reputation or customer or vendor relationships, satisfaction or loyalty. In addition, security breaches and other security incidents could expose us to a risk of loss or exposure of this information, which could result in potential liability, investigations, regulatory fines, penalties for violation of applicable laws or regulations, costs related to remediation or the payment of ransom, and litigation including individual claims or consumer class actions, administrative, and civil or criminal investigations or actions, any of which could have a material adverse effect on our business, results of operations or financial condition. Likewise, our business could be significantly disrupted if (i) the DMS fails to integrate with other third-party information systems, customer relations management tools or other software, or to the extent that any of these systems become unavailable to us or fail to perform as designed for an extended period of time or (ii) our relationship with our DMS providers or any other third-party provider deteriorates.
Despite ongoing efforts to improve our ability to protect data from compromise, we may not be able to protect all of our data across our diverse systems and third-party vendors. For example, during the quarter ended June 30, 2024, we were informed of a cybersecurity incident experienced by CDK, which resulted in service outages on CDK’s dealers’ systems. CDK provides clients in the automotive industry, including our dealerships in the U.S., with a SaaS platform used by dealerships in managing customer relationships, sales, financing, service, inventory and back-office operations. In response to the CDK Incident, we immediately activated our cyber incident response procedures and proactively took measures to protect and isolate our systems from CDK’s platform. All of our U.S. dealerships continued to conduct business using alternative processes until CDK’s dealers’ systems were fully back online. We also do not believe that the CDK Incident resulted in a breach of any PII about our customers or employees. The Company’s dealerships in the U.K. do not use CDK’s dealers’ systems and were therefore not impacted by the CDK service outage. As a consequence, while we do not expect the CDK Incident to have a material impact on the Company’s overall financial condition or on its ongoing results of operations, if we, or any of our third-party services providers were to experience a material cybersecurity event, our business and results of operations and financial condition could be materially and adversely impacted.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent Sales of Unregistered Securities
None.
Use of Proceeds
None.
Issuer Purchases of Equity Securities
The following table sets forth information with respect to shares of common stock repurchased by us during the Current Quarter:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
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) |
April 1, 2024 — April 30, 2024 | | — | | | $ | — | | | — | | | $ | 89.6 | |
May 1, 2024 — May 31, 2024 | | 67,852 | | | $ | 307.98 | | | 67,852 | | | $ | 229.8 | |
June 1, 2024 — June 30, 2024 | | 81,718 | | | $ | 307.69 | | | 81,718 | | | $ | 204.6 | |
Total | | 149,570 | | | | | 149,570 | | | |
| | | | | | | | |
(1) Our Board of Directors from time to time authorizes the repurchase of shares of our common stock up to a certain monetary limit. On May 9, 2024, our Board of Directors increased the share repurchase authorization to $250.0 million. Our share repurchase authorization does not have an expiration date.
Future share repurchases are subject to the business judgment of our Board of Directors and management, taking into consideration our historical and projected results of operations, financial condition, cash flows, capital requirements, covenant compliance, changes in laws and regulations, current economic environment and other factors considered relevant. As of June 30, 2024, we had $204.6 million available under our current share repurchase authorization. Refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information on share repurchases and authorization.
Item 5. Other Information
Trading Plans
During the Current Quarter, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
The exhibits required to be filed or furnished by Item 601 of Regulation S-K are listed below.
EXHIBIT INDEX
| | | | | | | | | | | | | | |
Exhibit Number | | | | Description |
| | | | |
| | — | | Third Amended and Restated Certificate of Incorporation of Group 1 Automotive, Inc. effective May 18, 2023 (incorporated by reference to Exhibit 3.1of Group 1 Automotive Inc’s Quarterly Report on Form 10-Q (File No. 001-13461) filed July 28, 2023). |
| | — | | Fourth Amended and Restated Bylaws of Group 1 Automotive, Inc. effective February 15, 2023 (incorporated by reference to Exhibit 3.1 of Group 1 Automotive Inc.’s Current Report on Form 8-K (File No. 001-13461) filed July 28, 2023). |
| | — | | First Supplemental Indenture and Subsidiary Guarantee, by and among Group 1 Automotive, Inc., the guarantors party thereto and Computershare Trust Company, N.A., as trustee. |
| | — | | Second Supplemental Indenture and Subsidiary Guarantee, by and among Group 1 Automotive, Inc., the guarantors party thereto and Computershare Trust Company, N.A., as trustee. |
| | — | | Third Amendment to the Twelfth Amended and Restated Revolving Credit Agreement dated effective April 30, 2024 (incorporated by reference to Exhibit 10.1 of Group 1 Automotive Inc.’s Current Report of Form 8-K (File No. 001-13461) filed May 2, 2024). |
| | — | | Third Amendment to Master Credit Agreement dated effective as of April 2, 2024 (incorporated by reference to Exhibit 10.8 of Group 1 Automotive Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) filed on April 26,2024). |
| | — | | Fourth Amendment to Master Credit Agreement dated effective as of April 25, 2024 (incorporated by reference to Exhibit 10.9 of Group 1 Automotive Inc.’s Quarterly Report on Form 10-Q (File No. 001-13461) filed on April 26,2024). |
| | — | | Fifth Amendment to Master Credit Agreement dated effective as of May 23, 2024. |
| | — | | Sixth Amendment to Master Credit Agreement dated effective June 26, 2024. |
| | — | | First Amendment to Term Note with Draw Period dated effective June 26, 2024. |
| | — | | Group 1 Automotive, Inc. Second Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Appendix A of Group 1 Automotive, Inc.’s definitive proxy statement on Schedule 14A filed on April 5, 2024). |
| | — | | Group 1 Automotive, Inc. 2024 Long Term Incentive Plan (incorporated by reference to Appendix B of Group 1 Automotive, Inc.’s definitive proxy statement on Schedule 14A filed on April 5, 2024). |
| | — | | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| | — | | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| | — | | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| | — | | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS* | | — | | XBRL Instance Document |
101.SCH* | | — | | XBRL Taxonomy Extension Schema Document |
101.CAL* | | — | | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | | — | | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | | — | | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | | — | | XBRL Taxonomy Extension Presentation Linkbase Document |
104* | | — | | Cover Page Interactive Data File (formatted in Inline XBRL and contained in exhibit 101) |
| | | | | | | | |
* | | Filed or furnished herewith |
| | |
† | | Management contract or compensatory plan or arrangement |
| | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
| | | |
| | | Group 1 Automotive, Inc. |
| | |
Date: | July 24, 2024 | By: | /s/ Daniel J. McHenry |
| | | Daniel J. McHenry |
| | | Senior Vice President and Chief Financial Officer |
| | | |
| | | |
FIRST SUPPLEMENTAL INDENTURE AND SUBSIDIARY GUARANTEE
BY NEW GUARANTORS
This First Supplemental Indenture and Subsidiary Guarantee, dated as of March 9, 2021 (the “First Supplemental Indenture” or “Subsidiary Guarantee”), among:
Danvers-TIV, Inc., a Massachusetts corporation
Danvers-TV, Inc., a Massachusetts corporation
(each a “New Guarantor”, and collectively, the “New Guarantors”), Group 1 Automotive, Inc. (together with its successors and assigns, the “Company”), each other then-existing Subsidiary Guarantor under the Indenture referred to below (the “Subsidiary Guarantors”), and Wells Fargo Bank, National Association, as Trustee, paying agent and registrar under such Indenture (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of August 17, 2020 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 4.000% Senior Notes due 2028 of the Company (the “Notes”);
WHEREAS, Section 4.15 of the Indenture provides that in certain circumstances the Company may be required to cause certain Restricted Subsidiaries of the Company to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in the Indenture; and
WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee, the Company and the Subsidiary Guarantors are authorized to execute and deliver this First Supplemental Indenture to amend the Indenture, without the consent of any Holder to add additional Subsidiary Guarantors.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Company, the existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
ARTICLE I
Definitions
SECTION 1.1 Defined Terms. As used in this First Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this First Supplemental Indenture refer to this First Supplemental Indenture as a whole and not to any particular section hereof.
ARTICLE II
Agreement to be Bound; Guarantee
SECTION 2.1 Agreement to be Bound. Each of the New Guarantors hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. Each of the New Guarantors agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other limitations set forth in the Indenture.
ARTICLE III
Miscellaneous
SECTION 3.1 Governing Law. This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 3.2 Severability Clause. In case any provision in this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.
SECTION 3.3 Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This First Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this First Supplemental Indenture or the New Guarantors’ Subsidiary Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, the New Guarantors and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters.
SECTION 3.4 Counterparts. This First Supplemental Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
SECTION 3.5 Headings. The headings of the Articles and the sections in this Subsidiary Guarantee are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.
[Signatures on following pages]
IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed as of the date first above written.
| | | | | | | | |
GROUP 1 AUTOMOTIVE, INC. |
By: | | /s/ Darryl M. Burman |
Name: | | Darryl M. Burman |
Title: | | Senior Vice President |
Signature Page to First Supplemental Indenture
SUBSIDIARY GUARANTORS:
Advantagecars.com, Inc., a Delaware corporation
Amarillo Motors-F, Inc., a Delaware corporation
Bob Howard Automotive-East, Inc., an Oklahoma corporation
Bob Howard Chevrolet, Inc., an Oklahoma corporation
Bob Howard Dodge, Inc., an Oklahoma corporation
Bob Howard Motors, Inc., an Oklahoma corporation
Bob Howard Nissan, Inc., an Oklahoma corporation
Chaperral Dodge, Inc., a Delaware corporation
Danvers-S, Inc., a Delaware corporation
Danvers-SB, Inc., a Delaware corporation
Danvers-T, Inc., a Delaware corporation
Danvers-TII, Inc., a Delaware corporation
Danvers-TL, Inc., a Delaware corporation
GPI AL-N, Inc., a Delaware corporation
GPI CA-DMII, Inc., a Delaware corporation
GPI CA-F, Inc., a Nevada corporation
GPI CA-SV, Inc., a Delaware corporation
GPI CA-TII, Inc., a Delaware corporation
GPI CC, Inc., a Delaware corporation
GPI GA Holdings, Inc., a Delaware corporation
GPI KS-SB, Inc., a Delaware corporation
GPI KS-SH, Inc., a Delaware corporation
GPI KS-SK, Inc., a Delaware corporation
GPI MS-H, Inc., a Delaware corporation
GPI MS-N, Inc., a Delaware corporation
GPI MS-SK, Inc., a Delaware corporation
GPI NH-T, Inc., a Delaware corporation
GPI NH-TL, Inc., a Delaware corporation
GPI NM-J, Inc., a New Mexico corporation
GPI NM-LRII, Inc., a New Mexico corporation
GPI NM-SB, Inc., a New Mexico corporation
GPI NM-SBII, Inc., a New Mexico corporation
GPI NM-TL, Inc., a New Mexico corporation
GPI NY Holdings, Inc., a Nevada corporation
GPI OK-HII, Inc., a Nevada corporation
GPI OK-SH, Inc., a Delaware corporation
GPI SAC-T, Inc., a Delaware corporation
GPI SC, Inc., a Delaware corporation
GPI SC Holdings, Inc., a Delaware corporation
GPI SD-DC, Inc., a Delaware corporation
GPI TX-A, Inc., a Nevada corporation
GPI TX-AII, Inc., a Texas corporation
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman |
| | Vice President of each of the above-named corporations |
Signature Page to First Supplemental Indenture
GPI TX-AIII, Inc., a Texas corporation
GPI TX-ARGMIII, Inc., a Nevada corporation
GPI TX-DMII, Inc., a Nevada corporation
GPI TX-DMIII, Inc., a Nevada corporation
GPI TX-DMIV, Inc., a Nevada corporation
GPI TX-EPGM, Inc., a Delaware corporation
GPI TX-F, Inc., a Delaware corporation
GPI TX-FM, Inc., a Nevada corporation
GPI TX-HAII, Inc., a Nevada corporation
GPI TX-HGM, Inc., a Delaware corporation
GPI TX-HGMII, Inc., a Nevada corporation
GPI TX-HGMIV, Inc., a Nevada corporation
GPI TX-HIII, Inc., a Texas corporation
GPI TX-NVI, Inc., a Nevada corporation
GPI TX-P, Inc., a Texas corporation
GPI TX-SBII, Inc., a Delaware corporation
GPI TX-SBIII, Inc., a Nevada corporation
GPI TX-SHII, Inc., a Delaware corporation
GPI TX-SK, Inc., a Delaware corporation
GPI TX-SKII, Inc., a Nevada corporation
GPI TX-SU, Inc., a Texas corporation
GPI TX-SV, Inc., a Delaware corporation
GPI TX-SVII, Inc., a Delaware corporation
GPI TX-SVIII, Inc., a Delaware corporation
Group 1 Associates, Inc., a Delaware corporation
Group 1 FL Holdings, Inc., a Delaware corporation
Group 1 Funding, Inc., a Delaware corporation
Group 1 LP Interests-DC, Inc., a Delaware corporation
Group 1 Realty, Inc., a Delaware corporation
Howard-GM II, Inc., a Delaware corporation
Howard-GM, Inc., a Delaware corporation
Howard-H, Inc., a Delaware corporation
Howard-HA, Inc., a Delaware corporation
Howard-SB, Inc., a Delaware corporation
HRI Procurement, Inc., a Texas corporation
Kutz-N, Inc., a Delaware corporation
Lubbock Motors-F, Inc., a Delaware corporation
Lubbock Motors-GM, Inc., a Delaware corporation
Lubbock Motors-S, Inc., a Delaware corporation
Lubbock Motors-SH, Inc., a Delaware corporation
Lubbock Motors-T, Inc., a Delaware corporation
Maxwell Ford, Inc., a Delaware corporation
Maxwell-GMII, Inc., a Delaware corporation
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman |
| | Vice President of each of the above-named corporations |
Signature Page to First Supplemental Indenture
Maxwell-N, Inc., a Delaware corporation
Maxwell-NII, Inc., a Delaware corporation
McCall-F, Inc., a Delaware corporation
McCall-H, Inc., a Delaware corporation
McCall-HA, Inc., a Delaware corporation
McCall-N, Inc., a Delaware corporation
McCall-SB Inc., a Delaware corporation
McCall-T, Inc., a Delaware corporation
McCall-TII, Inc., a Delaware corporation
McCall-TL, Inc., a Delaware corporation
Mike Smith Automotive-H, Inc., a Delaware corporation
Mike Smith Automotive-N, Inc., a Texas corporation
Mike Smith Autoplaza, Inc., a Texas corporation
Mike Smith Autoplex Dodge, Inc., a Texas corporation
Mike Smith Autoplex, Inc., a Texas corporation
Mike Smith Autoplex-German Imports, Inc., a Texas corporation
Mike Smith Imports, Inc., a Texas corporation
Miller Automotive Group, Inc., a California corporation
Miller-DM, Inc., a Delaware corporation
NJ-H, Inc., a Delaware corporation
NJ-HAII, Inc., a Delaware corporation
NJ-SV, Inc., a Delaware corporation
Rockwall Automotive-F, Inc., a Delaware corporation
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman |
| | Vice President of each of the above-named corporations |
Baron Leasehold, LLC, a Kansas limited liability company
By: Baron Development Company, LLC,
a Kansas limited liability company, its Sole Member
Baron Development Company, LLC, a Kansas limited liability company
G1R Clear Lake, LLC, a Texas limited liability company
G1R Florida, LLC, a Delaware limited liability company
G1R Mass, LLC, a Delaware limited liability company
GPI SC-SBII, LLC, a Delaware limited liability company
Ivory Auto Properties of South Carolina, LLC, a South Carolina limited liability company
Tate CG, L.L.C., a Maryland limited liability company
By: Group 1 Realty, Inc., a Delaware corporation, and Sole Member of the foregoing limited liability companies
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
GPI AL-SB, LLC, a Delaware limited liability company
By: GPI AL-N, Inc., a Delaware corporation, its Sole Member
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Signature Page to First Supplemental Indenture
GPI NJ-HA, LLC, a Nevada limited liability company
GPI NJ-HII, LLC, a Nevada limited liability company
By: NJ-H, Inc., a Delaware corporation, and Sole Member of the foregoing limited liability companies
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
GPI NJ-SB, LLC, a Nevada limited liability company
By: NJ-SV, Inc., a Delaware corporation, its Sole Member
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
GPI SC-SB, LLC, a Delaware limited liability company
GPI SC-T, LLC, a Delaware limited liability company
By: GPI SC Holdings, Inc., a Delaware corporation, and Sole Member of the foregoing limited liability companies
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Harvey Ford, LLC, a Delaware limited liability company
By: Bohn-FII, LLC, a Delaware limited liability company, its Sole Member
By: Bohn Holdings, LLC, a Delaware limited liability company, its Sole Member
Bohn-FII, LLC, a Delaware limited liability company,
GPI LA-FII, LLC, a Delaware limited liability company
GPI LA-H, LLC, a Louisiana limited liability company
Harvey GM, LLC, a Delaware limited liability company
Harvey Operations-T, LLC, a Delaware limited liability company
By: Bohn Holdings, LLC, a Delaware limited liability company, and Sole Member of the foregoing limited liability companies
Bohn Holdings, LLC, a Delaware limited liability company
By: Group 1 Automotive, Inc., a Delaware corporation, and Sole Member of the foregoing limited liability companies
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Senior Vice President |
GPI FL-A, LLC, a Nevada limited liability company
GPI FL-H, LLC, a Delaware limited liability company
GPI FL-VW, LLC, a Delaware limited liability company
By: Group 1 FL Holdings, Inc., a Delaware corporation, its Sole Member
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Signature Page to First Supplemental Indenture
GPI GA-CC, LLC, a Georgia limited liability company
GPI GA-CGM, LLC, a Nevada limited liability company
GPI GA-DM, LLC, a Delaware limited liability company
GPI GA-FII, LLC, a Delaware limited liability company
GPI GA-FIII, LLC, a Delaware limited liability company
GPI GA Liquidation, LLC, a Delaware limited liability company
GPI GA-SU, LLC, a Nevada limited liability company
GPI GA-T, LLC, a Delaware limited liability company
GPI GA-TII, LLC, a Nevada limited liability company
By: GPI GA Holdings, Inc., a Delaware corporation, and Sole Member of the foregoing limited liability companies
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
GPI NM-SC, LLC, New Mexico limited liability company
By: GPI NM-SB, Inc., a New Mexico corporation, its Sole Member
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
GPI NM-SCII, LLC, New Mexico limited liability company
By: GPI NM-SBII, Inc., a New Mexico corporation, its Sole Member
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Signature Page to First Supplemental Indenture
GPI, Ltd., a Texas limited partnership
Rockwall Automotive-DCD, Ltd., a Texas limited partnership
By: Group 1 Associates, Inc., a Delaware corporation, its General Partner
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President of the General Partner |
Ira Automotive Group, LLC, a Delaware limited liability company
By: Danvers-T, Inc., a Delaware corporation, its Sole Member
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Danvers-SU, LLC, a Delaware limited liability company
By: Group 1 Holdings-S, L.L.C., a Delaware corporation, its Sole Member
GPI MD-SB, LLC, a Delaware limited liability company
Group 1 Holdings-DC, L.L.C., a Delaware limited liability company
Group 1 Holdings-F, L.L.C., a Delaware limited liability company
Group 1 Holdings-GM, L.L.C., a Delaware limited liability company
Group 1 Holdings-H, L.L.C., a Delaware limited liability company
Group 1 Holdings-N, L.L.C., a Delaware limited liability company
Group 1 Holdings-S, L.L.C., a Delaware limited liability company
Group 1 Holdings-T, L.L.C., a Delaware limited liability company
Howard-DCIII, LLC, a Delaware limited liability company
Key Ford, LLC, a Delaware limited liability company
By: Group 1 Automotive, Inc., a Delaware corporation, and Sole Member of the foregoing limited liability companies
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Signature Page to First Supplemental Indenture
NEW GUARANTORS:
Danvers-TIV, Inc., a Massachusetts corporation
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Danvers-TV, Inc., a Massachusetts corporation
| | | | | | | | |
By: | | /s/ Darryl M. Burman |
| | Darryl M. Burman, Vice President |
Signature Page to First Supplemental Indenture
Wells Fargo Bank, National Association
as Trustee
| | | | | | | | |
By: | | /s/ Tina D. Gonzalez |
Name: | | Tina D. Gonzalez |
Title: | | Vice President |
Signature Page to First Supplemental Indenture
SECOND SUPPLEMENTAL INDENTURE AND SUBSIDIARY GUARANTEE
This Second Supplemental Indenture and Subsidiary Guarantee, dated as of June 14, 2024 (this “Supplemental Indenture” or “Subsidiary Guarantee”), among the parties listed on Schedule A hereto (collectively, the “New Guarantors”), Group 1 Automotive, Inc. (together with its successors and assigns, the “Company”), each other then-existing Subsidiary Guarantor under the Indenture referred to below (the “Subsidiary Guarantors”), and Computershare Trust Company, N.A., as successor trustee (the “Trustee”) to Wells Fargo Bank, National Association, under such Indenture.
W I T N E S S E T H:
WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of August 17, 2020 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 4.000% Senior Notes due 2028 of the Company (the “Notes”);
WHEREAS, Section 4.15 of the Indenture provides that in certain circumstances the Company may be required to cause certain Restricted Subsidiaries of the Company to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in the Indenture; and
WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee, the Company and the Subsidiary Guarantors are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder to add additional Subsidiary Guarantors.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Company, the existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
ARTICLE I
Definitions
SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
ARTICLE II
Agreement to be Bound; Guarantee
SECTION 2.1 Agreement to be Bound. The New Guarantors hereby become parties to the Indenture as Subsidiary Guarantors and as such shall have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. Each of the New Guarantors agree to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other limitations set forth in the Indenture.
ARTICLE III
Miscellaneous
SECTION 3.1 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 3.2 Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.
SECTION 3.3 Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or the New Guarantors’ Subsidiary Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, the New Guarantors and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters.
SECTION 3.4 Counterparts. This Supplemental Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
SECTION 3.5 Headings. The headings of the Articles and the sections in this Subsidiary Guarantee are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.
[Signatures on following page]
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
| | | | | | | | |
GROUP 1 AUTOMOTIVE, INC. |
By: | | /s/ Gillian A. Hobson |
Name: | | Gillian A. Hobson |
Title: | | Senior Vice President |
EXISTING GUARANTORS:
Advantagecars.com, Inc.
Amarillo Motors-F, Inc.
Bob Howard Automotive-East, Inc.
Bob Howard Chevrolet, Inc.
Bob Howard Dodge, Inc.
Bob Howard Motors, Inc.
Bob Howard Nissan, Inc.
Chaperral Dodge, Inc.
Danvers-S, Inc.
Danvers-SB, Inc.
Danvers-T, Inc.
Danvers-TII, Inc.
Danvers-TIV, Inc
Danvers-TL, Inc.
Danvers-TV, Inc.
GPI AL-N, Inc.
GPI CA-SV, Inc.
GPI CA-TII, Inc.
GPI CC, Inc.
GPI GA Holdings, Inc.
GPI KS-SB, Inc.
GPI KS-SK, Inc.
GPI MS-H, Inc.
GPI MS-N, Inc.
GPI MS-SK, Inc.
GPI NH-T, Inc.
GPI NH-TL, Inc.
GPI NM-J, Inc.
GPI NM-LRII, Inc.
GPI NM-SB, Inc.
GPI NM-SBII, Inc.
GPI NM-TL, Inc.
GPI NY Holdings, Inc.
GPI OK-HII, Inc.
GPI OK-SH, Inc.
GPI SAC-T, Inc.
GPI SC, Inc.
GPI SC Holdings, Inc.
GPI TX-A, Inc.
GPI TX-AII, Inc.
GPI TX-AIII, Inc.
GPI TX-ARGMIII, Inc.
GPI TX-DMII, Inc.
GPI TX-DMIII, Inc.
GPI TX-DMIV, Inc.
GPI TX-EPGM, Inc.
GPI TX-F, Inc.
GPI TX-HAII, Inc.
GPI TX-HGM, Inc.
GPI TX-HGMII, Inc.
GPI TX-HGMIV, Inc.
GPI TX-HIII, Inc.
GPI TX-NVI, Inc.
GPI TX-P, Inc.
GPI TX-SBII, Inc.
GPI TX-SBIII, Inc.
GPI TX-SHII, Inc.
GPI TX-SK, Inc.
GPI TX-SKII, Inc.
GPI TX-SU, Inc.
GPI TX-SVII, Inc.
GPI TX-SVIII, Inc.
Group 1 Associates, Inc.
Group 1 FL Holdings, Inc.
Group 1 Funding, Inc.
Group 1 LP Interests-DC, Inc.
Group 1 Realty, Inc.
Howard-GM II, Inc.
Howard-GM, Inc.
Howard-H, Inc.
Howard-HA, Inc.
Howard-SB, Inc.
HRI Procurement, Inc.
Kutz-N, Inc.
Lubbock Motors-F, Inc.
Lubbock Motors-GM, Inc.
Lubbock Motors-S, Inc.
Lubbock Motors-SH, Inc.
Lubbock Motors-T, Inc.
Maxwell Ford, Inc.
Maxwell-GMII, Inc.
Maxwell-N, Inc.
Maxwell-NII, Inc.
McCall-F, Inc.
McCall-H, Inc.
McCall-HA, Inc.
McCall-N, Inc.
McCall-SB Inc.
McCall-T, Inc.
McCall-TII, Inc.
McCall-TL, Inc.
Mike Smith Automotive-H, Inc.
Mike Smith Automotive-N, Inc.
Mike Smith Autoplaza, Inc.
Mike Smith Autoplex Dodge, Inc.
Mike Smith Autoplex, Inc.
Mike Smith Autoplex-German Imports, Inc.
Mike Smith Imports, Inc.
Miller-DM, Inc.
NJ-H, Inc.
NJ-HAII, Inc.
NJ-SV, Inc.
Rockwall Automotive-F, Inc.
Baron Leasehold, LLC
Baron Development Company, LLC
G1R Clear Lake, LLC
G1R Florida, LLC
G1R Mass, LLC
GPI SC-SBII, LLC
Ivory Auto Properties of South Carolina, LLC
Tate CG, L.L.C.
Harvey Ford, LLC
Bohn-FII, LLC
GPI LA-FII, LLC
GPI LA-H, LLC
Harvey GM, LLC
Harvey Operations-T, LLC
GPI AL-SB, LLC
GPI GA Liquidation, LLC
GPI GA-CC, LLC
GPI GA-CGM, LLC
GPI GA-DM, LLC
GPI GA-FII, LLC
GPI GA-FIII, LLC
GPI GA-SU, LLC
GPI GA-T, LLC
GPI GA-TII, LLC
GPI SC-SB, LLC
GPI SC-T, LLC
GPI FL-A, LLC
GPI FL-H, LLC
GPI FL-VW, LLC
GPI NJ-HA, LLC
GPI NJ-HII, LLC
GPI NJ-SB, LLC
GPI NM-SC, LLC
GPI NM-SCII, LLC
Danvers-SU, LLC
Bohn Holdings, LLC
GPI MD-SB, LLC
Group 1 Holdings-DC, L.L.C.
Group 1 Holdings-F, L.L.C.
Group 1 Holdings-GM, L.L.C.
Group 1 Holdings-H, L.L.C.
Group 1 Holdings-N, L.L.C.
Group 1 Holdings-S, L.L.C.
Group 1 Holdings-T, L.L.C.
Howard-DCIII, LLC
Key Ford, LLC
Ira Automotive Group, LLC
| | | | | | | | |
By: | | /s/ Gillian A. Hobson |
Name: | | Gillian A. Hobson |
Title: | | Vice President |
GPI, Ltd.
Rockwall Automotive-DCD, Ltd.
By: Group 1 Associates, Inc., its General Partner
| | | | | | | | |
By: | | /s/ Gillian A. Hobson |
Name: | | Gillian A. Hobson |
Title: | | Vice President |
NEW GUARANTORS:
Caliber Motors Inc.
GPI CA-H, Inc.
GPI CA-HSC, Inc.
GPI MA-AII, Inc.
GPI MA-DM, Inc.
GPI MA-DMII, Inc.
GPI MA-F, Inc.
GPI MA-FM, Inc.
GPI MA-FV, Inc.
GPI MA-GM, Inc.
GPI MA-H, Inc.
GPI MA-HA, Inc.
GPI MA-HII, Inc.
GPI MA-LR, Inc.
GPI MA-P, Inc.
GPI MA-SB, Inc.
GPI MA-SBII, Inc.
GPI MA-SV, Inc.
GPI MA-TVI, Inc.
GPI MD Holdings, Inc.
GPI ME-DC, Inc.
GPI ME-DM, Inc.
GPI ME-F, Inc.
GPI ME-H, Inc.
GPI ME-SV, Inc.
GPI ME-T, Inc.
GPI NH-DM, Inc.
GPI NH-SU, Inc.
GPI NJ-DC, Inc.
GPI NJ-SU, Inc.
GPI NM-T, Inc.
GPI TX-DCIV, Inc.
GPI TX-FMII, Inc.
GPI TX-G, Inc.
GPI TX-GII, Inc.
GPI TX-GIII, Inc.
GPI TX-SBIV, Inc.
GPI TX-SKIII, Inc.
GPI TX-SMGEN, Inc.
GPI TX-TIV, Inc.
3670 Oceanside Realty, LLC
510 Sunrise Realty, LLC
AMR Real Estate Holdings, LLC
Group 1 Realty NE, LLC
G1R CA, LLC
GPI CA-DMIII, LLC
GPI CA-LXI, LLC
GPI FL-G, LLC
GPI LA-DM, LLC
GPI LA-J, LLC
GPI LA-V, LLC
GPI SC-DM, LLC
GPI SC-H, LLC
GPI MD-H Greenbelt, LLC
GPI MD-HII, LLC
GPI MD-HY, LLC
GPI MD-K, LLC
GPI MD-T, LLC
GPI NY-GM, LLC
GPI NY-GMII, LLC
GPI NY-SU, LLC
LHM ATO, LLC
| | | | | | | | |
By: | | /s/ Gillian A. Hobson |
Name: | | Gillian A. Hobson |
Title: | | Vice President |
COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
| | | | | | | | |
By: | | /s/ Beth Murray |
Name: | | Beth Murray |
Title: | | Assistant Vice President |
SCHEDULE A
NEW GUARANTORS
3670 Oceanside Realty, LLC, a Delaware limited liability company,
510 Sunrise Realty, LLC, a Delaware limited liability company,
AMR Real Estate Holdings, LLC, a Delaware limited liability company,
Caliber Motors Inc., a California corporation,
G1R CA, LLC, a California limited liability company,
GPI CA-DMIII, LLC, a California limited liability company,
GPI CA-H, Inc., a California corporation,
GPI CA-HSC, Inc., a California corporation,
GPI CA-LXI, LLC, a California limited liability company,
GPI FL-G, LLC, a Florida limited liability company,
GPI LA-DM, LLC, a Louisiana limited liability company,
GPI LA-J, LLC, a Louisiana limited liability company,
GPI LA-V, LLC, a Louisiana limited liability company,
GPI MA-AII, Inc., a Massachusetts corporation,
GPI MA-DM, Inc., a Massachusetts corporation,
GPI MA-DMII, Inc., a Massachusetts corporation,
GPI MA-F, Inc., a Massachusetts corporation,
GPI MA-FM, Inc., a Massachusetts corporation,
GPI MA-FV, Inc., a Massachusetts corporation,
GPI MA-GM, Inc., a Massachusetts corporation,
GPI MA-H, Inc., a Massachusetts corporation,
GPI MA-HA, Inc., a Massachusetts corporation,
GPI MA-HII, Inc., a Massachusetts corporation,
GPI MA-LR, Inc., a Massachusetts corporation,
GPI MA-P, Inc., a Massachusetts corporation,
GPI MA-SB, Inc., a Massachusetts corporation,
GPI MA-SBII, Inc., a Massachusetts corporation,
GPI MA-SV, Inc., a Massachusetts corporation,
GPI MA-TVI, Inc., a Massachusetts corporation,
GPI MD-H Greenbelt, LLC, a Maryland limited liability company,
GPI MD-HII, LLC, a Maryland limited liability company,
GPI MD Holdings, Inc., a Maryland corporation,
GPI MD-HY, LLC, a Maryland limited liability company,
GPI MD-K, LLC, a Maryland limited liability company,
GPI MD-T, LLC, a Maryland limited liability company,
GPI ME-DC, Inc., a Maine corporation,
GPI ME-DM, Inc., a Maine corporation,
GPI ME-F, Inc., a Maine corporation,
GPI ME-H, Inc., a Maine corporation,
GPI ME-SV, Inc., a Maine corporation,
GPI ME-T, Inc., a Maine corporation,
GPI NH-DM, Inc., a New Hampshire corporation,
GPI NH-SU, Inc., a New Hampshire corporation,
GPI NJ-DC, Inc., a New Jersey corporation,
GPI NJ-SU, Inc., a New Jersey corporation,
GPI NM-T, Inc., a New Mexico corporation,
GPI NY-GM, LLC, a New York limited liability company,
GPI NY-GMII, LLC, a New York limited liability company,
GPI NY-SU, LLC, a New York limited liability company,
GPI SC-DM, LLC, a South Carolina limited liability company,
GPI SC-H, LLC, a South Carolina limited liability company,
GPI TX-DCIV, Inc., a Texas corporation,
GPI TX-FMII, Inc., a Texas corporation,
GPI TX-G, Inc., a Texas corporation,
GPI TX-GII, Inc., a Texas corporation,
GPI TX-GIII, Inc., a Texas corporation,
GPI TX-SBIV, Inc., a Texas corporation,
GPI TX-SKIII, Inc., a Texas corporation,
GPI TX-SMGEN, Inc., a Texas corporation,
GPI TX-TIV, Inc., a Texas corporation,
Group 1 Realty NE, LLC, a Massachusetts limited liability company, and
LHM ATO, LLC, a Utah limited liability company
FIFTH AMENDMENT TO
MASTER CREDIT AGREEMENT
THIS FIFTH AMENDMENT TO MASTER CREDIT AGREEMENT (this “Amendment”) is entered into as of May 23, 2024, by and among GROUP 1 REALTY, INC., a corporation organized under the laws of the State of Delaware; AMR REAL ESTATE HOLDINGS, LLC, a limited liability company organized under the laws of the State of Delaware; GROUP 1 REALTY NE, LLC, a limited liability company organized under the laws of the Commonwealth of Massachusetts; G1R CLEAR LAKE, LLC, a limited liability company organized under the laws of the State of Texas; and LHM ATO, LLC, a limited liability company organized under the laws of the State of Utah (individually and collectively, “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).
RECITALS
A. The Borrower is currently indebted to Bank pursuant to the terms and conditions of (i) that certain Term Note with Draw Period dated as of February 12, 2024 in the original principal amount of $250,000,000.00, executed by the Borrower and payable to the order of Bank (as modified from time to time, the “Note”), and (ii) that certain Master Credit Agreement between the Borrower and Bank dated as of February 12, 2024 (as modified from time to time, including as modified by that certain First Amendment to Master Credit Agreement dated as of March 1, 2024, that certain Second Amendment to Master Credit Agreement dated as of March 11, 2024, that certain Third Amendment to Master Credit Agreement dated as of April 2, 2024, and that certain Fourth Amendment to Master Credit Agreement dated as of April 25, 2024, the “Credit Agreement”).
B. The Borrower is the owner of certain real property and the Borrower has requested that such real property be added as a “Property” under the Credit Agreement, and the Borrower shall deliver one or more Mortgages and Security Agreements to grant the Bank a security interest in such real property.
C. In addition to the foregoing, the Borrower and Bank have agreed to certain other changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said changes.
D. All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment.
NOW, THEREFORE, with the foregoing recitals incorporated by reference and made a part hereof and intending to be legally bound, the parties hereto agree as follows:
1. AMENDMENTS TO CREDIT AGREEMENT.
1.1 The Maximum Aggregate Amount after giving effect to this Amendment and the Advances made contemporaneously herewith is TWO HUNDRED TWENTY-SIX MILLION FOUR HUNDRED FIFTY-SEVEN THOUSAND AND 00/100 DOLLARS ($226,457,000.00).
1.2 Exhibit 1.2.4 to the Credit Agreement is hereby deleted in its entirety and the attached new Exhibit 1.2.4 is hereby substituted in lieu thereof.
1.3 Exhibit 1.4 to the Credit Agreement is hereby deleted in its entirety and the attached new Exhibit 1.4 is hereby substituted in lieu thereof.
2. EFFECTIVENESS CONDITIONS. The effectiveness of this Amendment is subject to the fulfillment to Bank’s satisfaction of all of the following conditions:
2.1 Execution of this Amendment by all parties hereto.
2.2 Borrower shall have delivered a Deed to Secure Debt and Assignment of Rents and Leases and a Security Agreement: Fixtures for the Property located at 1680 Whittlesey Road, Columbus, Muscogee County, Georgia 31904.
2.3 Borrower shall have delivered a Deed to Secure Debt and Assignment of Rents and Leases and a Security Agreement: Fixtures for the Property located at 3955 North Peachtree Road, Atlanta, Dekalb County, Georgia 30341, and 5800 and 5848 Peachtree Boulevard, Atlanta, Dekalb County, Georgia 30341.
2.4 Bank shall have received a Reaffirmation of Guaranty from GROUP 1 AUTOMOTIVE, INC.
2.5 Bank shall have received a Guaranty Agreement from GPI GA-FIII, LLC.
2.6 Bank shall have received a Guaranty Agreement from GPI GA-T, LLC.
2.7 Payment by the Borrower of the ratable Loan Fee due in connection with this Amendment, in the amount of $160,000.00.
2.8 Bank shall have received all additional documents which may be required in connection with this Amendment.
3. FULL FORCE AND EFFECT. Except as specifically provided herein, all terms and conditions of the Credit Agreement and Note remain in full force and effect, without waiver or modification.
4. REAFFIRMATION. The Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein and in the other Loan Documents. Borrowers further certify that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.
5. COUNTERPARTS. This Amendment may be executed in one or more counterparts, each of which counterparts shall be deemed an original.
6. GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without reference to the conflicts of law or choice of law principles thereof.
(Remainder of page intentionally left blank; signatures on following page)
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first written above.
| | | | | |
GROUP 1 REALTY, INC., a Delaware corporation
By: /s Daniel J. McHenry Daniel J. McHenry, President | GROUP 1 REALTY NE, LLC, a Massachusetts limited liability company
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President |
AMR REAL ESTATE HOLDINGS, LLC, a Delaware limited liability company
By: Group 1 Realty NE, LLC, its Sole Member
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | G1R CLEAR LAKE, LLC, a Texas limited liability company
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President |
LHM ATO, LLC, a Utah limited liability company
By: GPI NM-T, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Chad McNeil Chad McNeill, Director |
EXHIBIT 1.2.4
PROPERTIES AFTER GIVING EFFECT TO THE FIFTH AMENDMENT TO MASTER CREDIT AGREEMENT
| | | | | | | | |
Property | Release Price (lesser of cost or appraised value) | Loan Allocation Amount |
16600, 16620, and 16700 Governor Bridge Road, Bowie, Prince George’s County, Maryland 20716 | $14,600,000.00 | $11,680,000.00 |
6100 Annapolis Road, Greater Landover, Prince George’s County, Maryland 20784 | $5,325,000.00 | $4,260,000.00 |
9701, 9722 & 9724 Reisterstown Road, Owings Mills, Baltimore County, Maryland 21117 | $11,320,000.00 | $9,056,000.00 |
6500 Capitol Drive, Greenbelt, Prince George’s County, Maryland 20770 | $23,500,000.00 | $18,800,000.00 |
10301 Southard Drive, Beltsville, Prince George’s County, Maryland 20705 | $3,650,000.00 | $2,920,000.00 |
9533, 9521, and 9523 Baltimore Avenue, College Park, Prince George’s County, Maryland 20740 | $2,800,000.00 | $1,680,000.00 |
15943 Gulf Freeway and 15951 Gulf Freeway, Webster, Harris County, Texas 77598 | $57,500,000.00 | $46,000,000.00 |
7330 Hawkins Center Drive, Benbrook, Tarrant County, Texas 76126 | $20,000,000.00 | $16,000,000.00 |
6445 SW Freeway, Houston, Harris County, Texas 77074 | $23,170,000.00 | $18,536,000.00 |
1302 South Loop 289, Lubbock, Lubbock County, Texas 79412 | $8,100,000.00 | $6,480,000.00 |
155, 161 and 175 Fording Island Road, Bluffton, Beaufort County, South Carolina 29910 | $25,050,000.00 | $18,765,000.00 |
780 and 774 Washington Street and 10 Faith Avenue, Auburn, Worcester County, Massachusetts 01501 | $13,150,000.00 | $10,520,000.00 |
955 Crockett Street, El Paso, El Paso County, Texas 79922 | $7,800,000.00 | $6,240,000.00 |
18700 Northwest Freeway, Houston, Harris County, Texas 77065 | $7,350,000.00 | $5,880,000.00 |
1444 Airway Boulevard, El Paso, El Paso County, Texas 79925 | $8,700,000.00 | $6,960,000.00 |
1402 NE Loop 410 Expressway, San Antonio, Bexar County, Texas 78209 | $7,900,000.00 | $6,320,000.00 |
6139 FM 762, Richmond, Fort Bend County, Texas 77469 | $5,450,000.00 | $4,360,000.00 |
1680 Whittlesey Road, Columbus, Muscogee County, Georgia 31904 | $10,500,000.00 | $8,400,000.00 |
3955 North Peachtree Road, Atlanta, Dekalb County, Georgia 30341, and 5800 and 5848 Peachtree Boulevard, Atlanta, Dekalb County, Georgia 30341 | $29,500,000.00 | $23,600,000.00 |
EXHIBIT 1.4
GUARANTORS AFTER GIVING EFFECT TO THE FIFTH AMENDMENT TO MASTER CREDIT AGREEMENT
GROUP 1 AUTOMOTIVE, INC.
GPI MD-T, LLC
GPI MD-K, LLC
GPI MD-HII, LLC
GPI MD-H GREENBELT, LLC
GPI MD-HY, LLC
GPI TX-SBIV, INC.
GPI TX-DMII, INC.
GPI TX-AII, INC.
MCCALL-F, INC.
LUBBOCK MOTORS-GM, INC.
GPI SC-DM, LLC
GPI SC-H, LLC
GPI MA-F, INC.
GPI TX-EPGM, INC.
GPI SC, INC.
GPI TX-SU, INC.
GPI TX-SVIII, INC.
MCCALL-TII, INC
GPI GA-FIII, LLC
GPI GA-T, LLC
SIXTH AMENDMENT TO
MASTER CREDIT AGREEMENT
THIS SIXTH AMENDMENT TO MASTER CREDIT AGREEMENT (this “Amendment”) is entered into as of June 26, 2024, by and among GROUP 1 REALTY, INC., a corporation organized under the laws of the State of Delaware; AMR REAL ESTATE HOLDINGS, LLC, a limited liability company organized under the laws of the State of Delaware; GROUP 1 REALTY NE, LLC, a limited liability company organized under the laws of the Commonwealth of Massachusetts; G1R CLEAR LAKE, LLC, a limited liability company organized under the laws of the State of Texas; and LHM ATO, LLC, a limited liability company organized under the laws of the State of Utah (individually and collectively, “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).
RECITALS
A. The Borrower is currently indebted to Bank pursuant to the terms and conditions of (i) that certain Term Note with Draw Period dated as of February 12, 2024 in the original principal amount of $250,000,000.00 (which has been increased to the principal amount of $258,271,000.00 as of the date hereof), executed by the Borrower and payable to the order of Bank (as modified from time to time, the “Note”), and (ii) that certain Master Credit Agreement between the Borrower and Bank dated as of February 12, 2024 (as modified from time to time, including as modified by that certain First Amendment to Master Credit Agreement dated as of March 1, 2024, that certain Second Amendment to Master Credit Agreement dated as of March 11, 2024, that certain Third Amendment to Master Credit Agreement dated as of April 2, 2024, that certain Fourth Amendment to Master Credit Agreement dated as of April 25, 2024, and that certain Fifth Amendment to Master Credit Agreement dated as of May 23, 2024, the “Credit Agreement”).
B. The Borrower is the owner of certain real property and the Borrower has requested that such real property be added as a “Property” under the Credit Agreement, and the Borrower shall deliver one or more Mortgages and Security Agreements to grant the Bank a security interest in such real property.
C. In addition to the foregoing, the Borrower and Bank have agreed to certain other changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said changes.
D. All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment.
NOW, THEREFORE, with the foregoing recitals incorporated by reference and made a part hereof and intending to be legally bound, the parties hereto agree as follows:
1. AMENDMENTS TO CREDIT AGREEMENT.
1.1 The Maximum Aggregate Amount after giving effect to this Amendment and the Advances made contemporaneously herewith is TWO HUNDRED FIFTY-EIGHT MILLION TWO HUNDRED SEVENTY-ONE THOUSAND AND 00/100 DOLLARS ($258,271,000.00).
1.2 Exhibit 1.2.4 to the Credit Agreement is hereby deleted in its entirety and the attached new Exhibit 1.2.4 is hereby substituted in lieu thereof.
1.3 Exhibit 1.4 to the Credit Agreement is hereby deleted in its entirety and the attached new Exhibit 1.4 is hereby substituted in lieu thereof.
2. EFFECTIVENESS CONDITIONS. The effectiveness of this Amendment is subject to the fulfillment to Bank’s satisfaction of all of the following conditions:
2.1 Execution of this Amendment by all parties hereto.
2.2 Borrower shall have delivered a Multiple Indebtedness Mortgage and Pledge of Rents and Leases and a Security Agreement: Fixtures for the Property located at 510 East Howze Beach Road, Slidell, St. Tammany Parish, Louisiana 70461.
2.3 Borrower shall have delivered a Deed of Trust and Assignment of Rents and Leases and a Security Agreement: Fixtures for the Property located at 2211 San Jacinto Street and 2301 San Jacinto Street, Houston, Harris County, Texas 77002.
2.4 Borrower shall have delivered a Line of Credit Mortgage and Assignment of Rents and Leases and a Security Agreement: Fixtures for the Property located at 5010 Alameda Blvd NE, Albuquerque, Bernalillo County, New Mexico 87113.
2.5 Borrower shall have delivered a Line of Credit Mortgage and Assignment of Rents and Leases and a Security Agreement: Fixtures for the Property located at 10401 Copper Avenue NE, Albuquerque, Bernalillo County, New Mexico 87123.
2.6 Borrower shall have delivered a Line of Credit Mortgage and Assignment of Rents and Leases and a Security Agreement: Fixtures for the Property located at 2582 Camino Entrada, Santa Fe, Santa Fe County, New Mexico 87507.
2.7 Bank shall have received a Reaffirmation of Guaranty from GROUP 1 AUTOMOTIVE, INC.
2.8 Bank shall have received a Guaranty Agreement from GPI LA-H, LLC.
2.9 Bank shall have received a Guaranty Agreement from McCall-SB, Inc.
2.10 Bank shall have received a Guaranty Agreement from GPI NM-J, Inc.
2.11 Bank shall have received a Guaranty Agreement from GPI NM-LRII, LLC.
2.12 Payment by the Borrower of the ratable Loan Fee due in connection with this Amendment, in the amount of $159,070.00.
2.13 Bank shall have received all additional documents which may be required in connection with this Amendment.
3. FULL FORCE AND EFFECT. Except as specifically provided herein, all terms and conditions of the Credit Agreement and Note remain in full force and effect, without waiver or modification.
4. REAFFIRMATION. The Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein and in the other Loan Documents. Borrowers further certify that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.
5. COUNTERPARTS. This Amendment may be executed in one or more counterparts, each of which counterparts shall be deemed an original.
6. GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without reference to the conflicts of law or choice of law principles thereof.
(Remainder of page intentionally left blank; signatures on following page)
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first written above.
| | | | | |
GROUP 1 REALTY, INC., a Delaware corporation
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | GROUP 1 REALTY NE, LLC, a Massachusetts limited liability company
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President |
AMR REAL ESTATE HOLDINGS, LLC, a Delaware limited liability company
By: Group 1 Realty NE, LLC, its Sole Member
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | G1R CLEAR LAKE, LLC, a Texas limited liability company
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President |
LHM ATO, LLC, a Utah limited liability company
By: GPI NM-T, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Chad McNeil Chad McNeill, Director |
EXHIBIT 1.2.4
PROPERTIES AFTER GIVING EFFECT TO THE SIXTH AMENDMENT TO MASTER CREDIT AGREEMENT
| | | | | | | | |
Property | Release Price (lesser of cost or appraised value) | Loan Allocation Amount |
16600, 16620, and 16700 Governor Bridge Road, Bowie, Prince George’s County, Maryland 20716 | $14,600,000.00 | $11,680,000.00 |
6100 Annapolis Road, Greater Landover, Prince George’s County, Maryland 20784 | $5,325,000.00 | $4,260,000.00 |
9701, 9722 & 9724 Reisterstown Road, Owings Mills, Baltimore County, Maryland 21117 | $11,320,000.00 | $9,056,000.00 |
6500 Capitol Drive, Greenbelt, Prince George’s County, Maryland 20770 | $23,500,000.00 | $18,800,000.00 |
10301 Southard Drive, Beltsville, Prince George’s County, Maryland 20705 | $3,650,000.00 | $2,920,000.00 |
9533, 9521, and 9523 Baltimore Avenue, College Park, Prince George’s County, Maryland 20740 | $2,800,000.00 | $1,680,000.00 |
15943 Gulf Freeway and 15951 Gulf Freeway, Webster, Harris County, Texas 77598 | $57,500,000.00 | $46,000,000.00 |
7330 Hawkins Center Drive, Benbrook, Tarrant County, Texas 76126 | $20,000,000.00 | $16,000,000.00 |
6445 SW Freeway, Houston, Harris County, Texas 77074 | $23,170,000.00 | $18,536,000.00 |
1302 South Loop 289, Lubbock, Lubbock County, Texas 79412 | $8,100,000.00 | $6,480,000.00 |
155, 161 and 175 Fording Island Road, Bluffton, Beaufort County, South Carolina 29910 | $25,050,000.00 | $18,765,000.00 |
780 and 774 Washington Street and 10 Faith Avenue, Auburn, Worcester County, Massachusetts 01501 | $13,150,000.00 | $10,520,000.00 |
955 Crockett Street, El Paso, El Paso County, Texas 79922 | $7,800,000.00 | $6,240,000.00 |
18700 Northwest Freeway, Houston, Harris County, Texas 77065 | $7,350,000.00 | $5,880,000.00 |
1444 Airway Boulevard, El Paso, El Paso County, Texas 79925 | $8,700,000.00 | $6,960,000.00 |
1402 NE Loop 410 Expressway, San Antonio, Bexar County, Texas 78209 | $7,900,000.00 | $6,320,000.00 |
6139 FM 762, Richmond, Fort Bend County, Texas 77469 | $5,450,000.00 | $4,360,000.00 |
1680 Whittlesey Road, Columbus, Muscogee County, Georgia 31904 | $10,500,000.00 | $8,400,000.00 |
3955 North Peachtree Road, Atlanta, Dekalb County, Georgia 30341, and 5800 and 5848 Peachtree Boulevard, Atlanta, Dekalb County, Georgia 30341 | $29,500,000.00 | $23,600,000.00 |
510 East Howze Beach Road, Slidell, St. Tammany Parish, Louisiana 70461 | $6,500,000.00 | $5,200,000.00 |
2211 San Jacinto Street and 2301 San Jacinto Street, Houston, Harris County, Texas 77002 | $3,290,000.00 | $1,974,000.00 |
5010 Alameda Blvd NE, Albuquerque, Bernalillo County, New Mexico 87113 | $4,800,000.00 | $3,840,000.00 |
10401 Copper Avenue NE, Albuquerque, Bernalillo County, New Mexico 87123 | $24,000,000.00 | $19,200,000.00 |
2582 Camino Entrada, Santa Fe, Santa Fe County, New Mexico 87507 | $2,000,000.00 | $1,600,000.00 |
EXHIBIT 1.4
GUARANTORS AFTER GIVING EFFECT TO THE SIXTH AMENDMENT TO MASTER CREDIT AGREEMENT
GROUP 1 AUTOMOTIVE, INC.
GPI MD-T, LLC
GPI MD-K, LLC
GPI MD-HII, LLC
GPI MD-H GREENBELT, LLC
GPI MD-HY, LLC
GPI TX-SBIV, INC.
GPI TX-DMII, INC.
GPI TX-AII, INC.
MCCALL-F, INC.
LUBBOCK MOTORS-GM, INC.
GPI SC-DM, LLC
GPI SC-H, LLC
GPI MA-F, INC.
GPI TX-EPGM, INC.
GPI SC, INC.
GPI TX-SU, INC.
GPI TX-SVIII, INC.
MCCALL-TII, INC
GPI GA-FIII, LLC
GPI GA-T, LLC
GPI LA-H, LLC
MCCALL-SB, INC.
GPI NM-J, INC.
GPI NM-LRII, LLC
FIRST AMENDMENT TO
TERM NOTE WITH DRAW PERIOD
THIS FIRST AMENDMENT TO TERM NOTE WITH DRAW PERIOD (this “Amendment”) is entered into as of June 26, 2024, by and among GROUP 1 REALTY, INC., a corporation organized under the laws of the State of Delaware; AMR REAL ESTATE HOLDINGS, LLC, a limited liability company organized under the laws of the State of Delaware; GROUP 1 REALTY NE, LLC, a limited liability company organized under the laws of the Commonwealth of Massachusetts; G1R CLEAR LAKE, LLC, a limited liability company organized under the laws of the State of Texas; and LHM ATO, LLC, a limited liability company organized under the laws of the State of Utah (individually and collectively, “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).
RECITALS
A.Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Term Note with Draw Period dated as of February 12, 2024 in the original principal amount of $250,000,000.00 (which is hereby being increased to the principal amount of $258,271,000.00 as of the date hereof), executed by Borrower and payable to the order of Bank (as modified from time to time, the “Term Note”), which Term Note is subject to the terms and conditions of that certain Master Credit Agreement between Borrower and Bank dated as of February 12, 2024 (as modified from time to time, including as modified by that certain First Amendment to Master Credit Agreement dated as of March 1, 2024, that certain Second Amendment to Master Credit Agreement dated as of March 11, 2024, that certain Third Amendment to Master Credit Agreement dated as of April 2, 2024, that certain Fourth Amendment to Master Credit Agreement dated as of April 25, 2024, and that certain Fifth Amendment to Master Credit Agreement dated as of May 23, 2024, the “Credit Agreement”).
B.Bank and Borrower have agreed to certain changes in the terms and conditions set forth in the Term Note and have agreed to amend the Term Note to reflect said changes.
C.All terms used but not defined herein shall have the meanings provided in the Term Note.
NOW, THEREFORE, with the foregoing recitals incorporated by reference and made a part hereof, and intending to be legally bound, and for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.AMENDMENT TO TERM NOTE.
1.1 The Term Note is hereby amended by increasing the amount of the Term Note to TWO HUNDRED FIFTY-EIGHT MILLION TWO HUNDRED SEVENTY-ONE THOUSAND AND 00/100 DOLLARS ($258,271,000.00). All references in the Term Note to the amount of the Term Note are hereby replaced with TWO HUNDRED FIFTY-EIGHT MILLION TWO HUNDRED SEVENTY-ONE THOUSAND AND 00/100 DOLLARS ($258,271,000.00).
2.FULL FORCE AND EFFECT. Except as specifically provided herein, all terms and conditions of the Term Note remain in full force and effect, without waiver or modification. This Amendment and the Term Note shall be read together, as one document.
3.REAFFIRMATION. Borrower hereby remakes all representations and warranties contained in the Loan Agreement, the Term Note and the other Loan Documents and reaffirms all covenants set forth therein. Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Term Note, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.
4.COUNTERPARTS. This Amendment may be executed in one or more counterparts, each of which counterparts shall be deemed an original.
5.GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without reference to the conflicts of law or choice of law principles thereof.
(remainder of page intentionally left blank; signatures on following page)
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Term Note with Draw Period to be executed as of the date first written above.
| | | | | |
GROUP 1 REALTY, INC., a Delaware corporation
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | GROUP 1 REALTY NE, LLC, a Massachusetts limited liability company
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President |
AMR REAL ESTATE HOLDINGS, LLC, a Delaware limited liability company
By: Group 1 Realty NE, LLC, its Sole Member
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | G1R CLEAR LAKE, LLC, a Texas limited liability company
By: Group 1 Realty, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President |
LHM ATO, LLC, a Utah limited liability company
By: GPI NM-T, Inc., its Sole Member
By: /s/ Daniel J. McHenry Daniel J. McHenry, President | WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Chad McNeil Chad McNeill, Director |
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Daryl A. Kenningham, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024 of Group 1 Automotive, Inc. (“registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | |
/s/ Daryl A. Kenningham |
Daryl A. Kenningham |
Chief Executive Officer |
Date: July 24, 2024
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Daniel J. McHenry, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024 of Group 1 Automotive, Inc. (“registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | |
/s/ Daniel J. McHenry |
Daniel J. McHenry |
Chief Financial Officer |
Date: July 24, 2024
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER
OF GROUP 1 AUTOMOTIVE, INC.
PURSUANT TO 18 U.S.C. § 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024 filed with the Securities and Exchange Commission on the date hereof (“Report”), I, Daryl A. Kenningham, Chief Executive Officer of Group 1 Automotive, Inc. (“Company”), hereby certify that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
/s/ Daryl A. Kenningham |
Daryl A. Kenningham |
Chief Executive Officer |
Date: July 24, 2024
CERTIFICATION OF
CHIEF FINANCIAL OFFICER
OF GROUP 1 AUTOMOTIVE, INC.
PURSUANT TO 18 U.S.C. § 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024 filed with the Securities and Exchange Commission on the date hereof (“Report”), I, Daniel J. McHenry, Chief Financial Officer of Group 1 Automotive, Inc. (“Company”), hereby certify that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
/s/ Daniel J. McHenry |
Daniel J. McHenry |
Chief Financial Officer |
Date: July 24, 2024
v3.24.2
Cover - shares
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6 Months Ended |
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Jun. 30, 2024 |
Jul. 19, 2024 |
Cover [Abstract] |
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800 Gessner,
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v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 64.4
|
$ 57.2
|
Contracts-in-transit and vehicle receivables, net |
349.9
|
369.2
|
Accounts and notes receivable, net |
259.5
|
238.4
|
Inventories |
2,356.8
|
1,963.4
|
Prepaid expenses |
31.1
|
38.9
|
Other current assets |
101.9
|
25.1
|
Current assets classified as held for sale |
7.1
|
99.1
|
TOTAL CURRENT ASSETS |
3,170.7
|
2,791.3
|
Property and equipment, net of accumulated depreciation of $623.2 and $587.7, respectively |
2,492.3
|
2,248.7
|
Operating lease assets |
226.6
|
216.5
|
Goodwill |
1,915.7
|
1,651.9
|
Intangible franchise rights |
872.3
|
701.2
|
Other long-term assets |
172.6
|
164.6
|
TOTAL ASSETS |
8,850.3
|
7,774.1
|
CURRENT LIABILITIES: |
|
|
Floorplan notes payable — credit facility and other, net of offset account of $79.4 and $236.7, respectively |
1,386.6
|
1,153.0
|
Floorplan notes payable — manufacturer affiliates, net of offset account of $14.8 and $38.5, respectively |
713.3
|
412.4
|
Current maturities of long-term debt |
170.6
|
109.4
|
Current operating lease liabilities |
20.3
|
20.9
|
Accounts payable |
490.6
|
499.3
|
Accrued expenses and other current liabilities |
316.2
|
303.4
|
Current liabilities classified as held for sale |
0.0
|
7.2
|
TOTAL CURRENT LIABILITIES |
3,097.7
|
2,505.7
|
Long-term debt |
2,279.3
|
1,989.4
|
Long-term operating lease liabilities |
214.3
|
209.4
|
Deferred income taxes |
256.7
|
256.6
|
Other long-term liabilities |
136.1
|
138.6
|
Commitments and Contingencies (Note 11) |
|
|
STOCKHOLDERS’ EQUITY: |
|
|
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,092,785 and 25,131,460 shares issued, respectively |
0.3
|
0.3
|
Additional paid-in capital |
359.7
|
349.1
|
Retained earnings |
3,923.0
|
3,649.8
|
Accumulated other comprehensive income (loss) |
27.0
|
28.1
|
Treasury stock, at cost; 11,687,438 and 11,447,422 shares, respectively |
(1,443.7)
|
(1,352.8)
|
TOTAL STOCKHOLDERS’ EQUITY |
2,866.3
|
2,674.4
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 8,850.3
|
$ 7,774.1
|
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v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accumulated depreciation |
$ 623.2
|
$ 587.7
|
Offset account related to floorplan notes payable |
79.4
|
236.7
|
FMCC offset |
$ 14.8
|
$ 38.5
|
Preferred stock |
|
|
Par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Shares authorized (in shares) |
50,000,000
|
50,000,000
|
Shares issued (in shares) |
25,092,785
|
25,131,460
|
Treasury stock |
|
|
Treasury stock (in shares) |
11,687,438
|
11,447,422
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
REVENUES |
$ 4,696.4
|
$ 4,558.5
|
$ 9,166.9
|
$ 8,688.5
|
COST OF SALES |
3,929.8
|
3,783.0
|
7,657.7
|
7,185.1
|
GROSS PROFIT |
766.5
|
775.5
|
1,509.1
|
1,503.4
|
Selling, general and administrative expenses |
497.2
|
479.9
|
973.3
|
942.7
|
Depreciation and amortization expense |
28.2
|
23.1
|
52.0
|
45.5
|
Asset impairments |
0.0
|
1.8
|
0.0
|
2.9
|
INCOME FROM OPERATIONS |
241.1
|
270.8
|
483.8
|
512.3
|
Floorplan interest expense |
24.7
|
15.6
|
45.2
|
28.2
|
Other interest expense, net |
33.4
|
25.9
|
62.7
|
45.6
|
Other expense (income) |
0.1
|
1.3
|
(0.4)
|
4.2
|
INCOME BEFORE INCOME TAXES |
183.0
|
227.9
|
376.3
|
434.3
|
Provision for income taxes |
45.2
|
57.6
|
91.0
|
105.2
|
Net income from continuing operations |
137.9
|
170.3
|
285.3
|
329.1
|
Net income (loss) from discontinued operations |
0.3
|
0.2
|
0.8
|
(0.1)
|
NET INCOME |
$ 138.2
|
$ 170.5
|
$ 286.1
|
$ 329.0
|
BASIC EARNINGS PER SHARE: |
|
|
|
|
Basic earnings per share continuing operations (in dollars per shares) |
$ 10.20
|
$ 12.06
|
$ 21.01
|
$ 23.22
|
Basic earnings per share discontinuing operations (in dollars per shares) |
0.02
|
0.02
|
0.06
|
(0.01)
|
Basic earnings per share (in dollars per shares) |
10.22
|
12.08
|
21.07
|
23.21
|
DILUTED EARNINGS PER SHARE: |
|
|
|
|
Diluted earnings per share continuing operations (in dollar per shares) |
10.15
|
12.02
|
20.91
|
23.14
|
Diluted earnings per share discontinuing operations (in dollar per shares) |
0.02
|
0.02
|
0.06
|
(0.01)
|
Diluted earnings per common share (in dollars per share) |
$ 10.17
|
$ 12.04
|
$ 20.97
|
$ 23.13
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
Weighted average common shares outstanding, Basic (in shares) |
13,226,129
|
13,777,225
|
13,277,425
|
13,819,024
|
Weighted average common shares outstanding, Diluted (in shares) |
13,294,056
|
13,817,283
|
13,341,412
|
13,865,736
|
New vehicle retail sales |
|
|
|
|
REVENUES |
$ 2,364.2
|
$ 2,243.2
|
$ 4,546.8
|
$ 4,198.9
|
COST OF SALES |
2,194.1
|
2,041.7
|
4,217.2
|
3,810.7
|
Used vehicle retail sales |
|
|
|
|
REVENUES |
1,453.2
|
1,450.6
|
2,870.0
|
2,799.5
|
COST OF SALES |
1,372.6
|
1,371.8
|
2,707.2
|
2,644.0
|
Used vehicle wholesale sales |
|
|
|
|
REVENUES |
104.3
|
112.5
|
210.3
|
224.4
|
COST OF SALES |
105.4
|
111.6
|
212.4
|
221.6
|
Parts and service sales |
|
|
|
|
REVENUES |
574.5
|
562.0
|
1,150.8
|
1,110.3
|
COST OF SALES |
257.7
|
257.9
|
520.9
|
508.9
|
Finance, insurance and other, net |
|
|
|
|
REVENUES |
$ 200.1
|
$ 190.3
|
$ 389.0
|
$ 355.4
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 138.2
|
$ 170.5
|
$ 286.1
|
$ 329.0
|
Other comprehensive income (loss), net of taxes: |
|
|
|
|
Foreign currency translation adjustments |
(1.1)
|
11.2
|
(5.6)
|
21.0
|
Net unrealized gain (loss) on interest rate risk management activities, net of tax: |
|
|
|
|
Unrealized gain arising during the period, net of tax provision of $(1.6), $(5.0), $(6.1) and $(2.8), respectively |
5.3
|
15.8
|
19.6
|
9.0
|
Reclassification adjustment for gain included in interest expense, net of tax provision of $(2.3), $(1.0), $(4.7) and $(2.8), respectively |
(7.4)
|
(3.2)
|
(15.0)
|
(8.8)
|
Reclassification related to de-designated interest rate swaps, net of tax provision of $—, $—, $(0.1) and $(1.0), respectively |
0.0
|
0.0
|
(0.2)
|
(3.1)
|
Unrealized (loss) gain on interest rate risk management activities, net of tax |
(2.2)
|
12.6
|
4.4
|
(2.8)
|
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX |
(3.3)
|
23.8
|
(1.2)
|
18.1
|
COMPREHENSIVE INCOME |
$ 134.9
|
$ 194.4
|
$ 284.9
|
$ 347.1
|
X |
- DefinitionOther Comprehensive Income (Loss), Reclassification Of Cash Flow Hedge, Gain (Loss), After Reclassification And Tax
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income |
Treasury Stock |
Beginning balance at Dec. 31, 2022 |
$ 2,237.5
|
$ 0.3
|
$ 338.7
|
$ 3,073.6
|
$ 22.5
|
$ (1,197.5)
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
25,232,620
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
Net income |
329.0
|
|
|
329.0
|
|
|
Other comprehensive (loss) income, net of taxes |
18.1
|
|
|
|
18.1
|
|
Purchases of treasury stock, including excise tax |
(66.5)
|
|
|
|
|
(66.5)
|
Net issuance of treasury shares to stock compensation plans |
3.1
|
|
(9.4)
|
|
|
12.5
|
Net issuance of treasury shares to stock compensation plans (in shares) |
|
(68,454)
|
|
|
|
|
Stock-based compensation |
10.5
|
|
10.5
|
|
|
|
Dividends declared |
(12.8)
|
|
|
(12.8)
|
|
|
Ending balance at Jun. 30, 2023 |
2,518.9
|
$ 0.3
|
339.8
|
3,389.7
|
40.6
|
(1,251.5)
|
Ending balance (in shares) at Jun. 30, 2023 |
|
25,164,166
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
2,352.5
|
$ 0.3
|
333.6
|
3,225.5
|
16.7
|
(1,223.7)
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
25,150,165
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
Net income |
170.5
|
|
|
170.5
|
|
|
Other comprehensive (loss) income, net of taxes |
23.8
|
|
|
|
23.8
|
|
Purchases of treasury stock, including excise tax |
(31.6)
|
|
|
|
|
(31.6)
|
Net issuance of treasury shares to stock compensation plans |
5.2
|
|
1.5
|
|
|
3.7
|
Net issuance of treasury shares to stock compensation plans (in shares) |
|
14,001
|
|
|
|
|
Stock-based compensation |
4.8
|
|
4.8
|
|
|
|
Dividends declared |
(6.4)
|
|
|
(6.4)
|
|
|
Ending balance at Jun. 30, 2023 |
2,518.9
|
$ 0.3
|
339.8
|
3,389.7
|
40.6
|
(1,251.5)
|
Ending balance (in shares) at Jun. 30, 2023 |
|
25,164,166
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
2,674.4
|
$ 0.3
|
349.1
|
3,649.8
|
28.1
|
(1,352.8)
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
25,131,460
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
Net income |
286.1
|
|
|
286.1
|
|
|
Other comprehensive (loss) income, net of taxes |
(1.2)
|
|
|
|
(1.2)
|
|
Purchases of treasury stock, including excise tax |
(100.6)
|
|
|
|
|
(100.6)
|
Net issuance of treasury shares to stock compensation plans |
6.1
|
|
(3.7)
|
|
|
9.8
|
Net issuance of treasury shares to stock compensation plans (in shares) |
|
(38,675)
|
|
|
|
|
Stock-based compensation |
14.2
|
|
14.2
|
|
|
|
Dividends declared |
(12.8)
|
|
|
(12.8)
|
|
|
Ending balance at Jun. 30, 2024 |
2,866.3
|
$ 0.3
|
359.7
|
3,923.0
|
27.0
|
(1,443.7)
|
Ending balance (in shares) at Jun. 30, 2024 |
|
25,092,785
|
|
|
|
|
Beginning balance at Mar. 31, 2024 |
2,772.4
|
$ 0.3
|
351.7
|
3,791.3
|
30.3
|
(1,401.1)
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
25,109,781
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
Net income |
138.2
|
|
|
138.2
|
|
|
Other comprehensive (loss) income, net of taxes |
(3.3)
|
|
|
|
(3.3)
|
|
Purchases of treasury stock, including excise tax |
(46.5)
|
|
|
|
|
(46.5)
|
Net issuance of treasury shares to stock compensation plans |
5.2
|
|
1.4
|
|
|
3.9
|
Net issuance of treasury shares to stock compensation plans (in shares) |
|
(16,996)
|
|
|
|
|
Stock-based compensation |
6.6
|
|
6.6
|
|
|
|
Dividends declared |
(6.4)
|
|
|
(6.4)
|
|
|
Ending balance at Jun. 30, 2024 |
$ 2,866.3
|
$ 0.3
|
$ 359.7
|
$ 3,923.0
|
$ 27.0
|
$ (1,443.7)
|
Ending balance (in shares) at Jun. 30, 2024 |
|
25,092,785
|
|
|
|
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income |
$ 286.1
|
$ 329.0
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
52.0
|
45.5
|
Change in operating lease assets |
11.9
|
12.7
|
Deferred income taxes |
(0.6)
|
2.7
|
Asset impairments |
0.0
|
2.9
|
Stock-based compensation |
14.2
|
10.5
|
Amortization of debt discount and issuance costs |
1.7
|
1.5
|
Gain on disposition of assets |
(55.7)
|
(11.8)
|
Unrealized gain on derivative instruments |
(0.3)
|
(4.5)
|
Other |
(0.8)
|
(1.6)
|
Changes in assets and liabilities, net of acquisitions and dispositions: |
|
|
Accounts payable and accrued expenses |
4.1
|
85.8
|
Accounts and notes receivable |
(21.3)
|
(15.0)
|
Inventories |
(329.0)
|
(283.8)
|
Contracts-in-transit and vehicle receivables |
18.3
|
9.9
|
Prepaid expenses and other assets |
4.4
|
(2.2)
|
Floorplan notes payable — manufacturer affiliates |
157.6
|
70.1
|
Deferred revenues |
(0.4)
|
(0.2)
|
Operating lease liabilities |
(12.5)
|
(12.6)
|
Net cash provided by operating activities |
129.8
|
239.0
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $50.3 and $64.9, respectively |
(690.3)
|
(363.5)
|
Proceeds from disposition of franchises, property and equipment |
201.1
|
80.8
|
Purchases of property and equipment |
(102.9)
|
(86.7)
|
Escrow payments for acquisitions |
(86.4)
|
0.0
|
Other |
9.4
|
0.2
|
Net cash used in investing activities |
(669.0)
|
(369.1)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Borrowings on credit facility — floorplan line and other |
6,490.7
|
5,005.9
|
Repayments on credit facility — floorplan line and other |
(6,112.8)
|
(4,928.1)
|
Borrowings on credit facility — acquisition line |
464.2
|
200.0
|
Repayments on credit facility — acquisition line |
(495.0)
|
(53.2)
|
Debt issuance costs |
(3.8)
|
(0.1)
|
Borrowings on other debt |
377.0
|
88.2
|
Principal payments on other debt |
(67.7)
|
(134.1)
|
Proceeds from employee stock purchase plan |
13.0
|
11.4
|
Payments of tax withholding for stock-based compensation |
(6.9)
|
(8.3)
|
Repurchases of common stock, amounts based on settlement date |
(99.8)
|
(66.0)
|
Dividends paid |
(12.7)
|
(12.7)
|
Net cash provided by financing activities |
546.4
|
103.0
|
Effect of exchange rate changes on cash |
0.0
|
2.1
|
Net increase (decrease) in cash and cash equivalents |
7.2
|
(25.1)
|
CASH AND CASH EQUIVALENTS, beginning of period |
57.2
|
47.9
|
CASH AND CASH EQUIVALENTS, end of period |
$ 64.4
|
$ 22.8
|
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v3.24.2
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES |
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2023 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned. On July 1, 2022, the Company completed the disposal of 100% of the issued and outstanding equity interests of the Company’s Brazilian operations (the “Brazil Disposal Group”). The Brazil Disposal Group met the criteria to be reported as held for sale and discontinued operations. Therefore, the related assets, liabilities and operating results of the Brazil Disposal Group are reported as discontinued operations for all periods presented. Results of operations, cash flows, assets and liabilities associated with the Brazil Disposal Group are immaterial for all periods presented. Unless otherwise specified, disclosures in these Condensed Consolidated Financial Statements reflect continuing operations only. Certain amounts in the Condensed Consolidated Financial Statements and the accompanying notes may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented. These Condensed Consolidated Financial Statements reflect, in the opinion of management, all normal recurring adjustments necessary to fairly state, in all material respects, the Company’s financial position and results of operations for the periods presented. Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances; however, actual results could differ materially from such estimates. Significant estimates were made by management in the accompanying Condensed Consolidated Financial Statements, related to, but not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures. The amendments require the disclosure of significant segment expenses as well as expanded interim disclosures, along with other changes to segment disclosure requirements. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and is required to be applied retrospectively. Beginning with the annual Financial Statements and notes thereto included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company will incorporate the required disclosures, which include information concerning the Company’s reported measure of segment profit or loss, as well as significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in the measure, among other required disclosure changes. Additionally, the Company expects that interim periods beginning after December 15, 2024 will include segment disclosures largely consistent with the annual disclosure requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require the disclosure of a reconciliation between income tax expense from continuing operations and the amount computed by multiplying income from continuing operations before income taxes by the applicable statutory rate as well as an annual disaggregation of the income tax rate reconciliation between certain specified categories by both percentage and reported amounts, along with other changes to income tax disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2024, and interim periods for fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements.
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v3.24.2
REVENUES
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUES |
REVENUES The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Six Months Ended June 30, 2024 | | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | New vehicle retail sales | | $ | 2,009.5 | | | $ | 354.6 | | | $ | 2,364.2 | | | | $ | 3,809.4 | | | $ | 737.4 | | | $ | 4,546.8 | | Used vehicle retail sales | | 1,151.9 | | | 301.3 | | | 1,453.2 | | | | 2,251.4 | | | 618.6 | | | 2,870.0 | | Used vehicle wholesale sales | | 78.4 | | | 25.9 | | | 104.3 | | | | 158.3 | | | 52.0 | | | 210.3 | | Total new and used vehicle sales | | 3,239.9 | | | 681.8 | | | 3,921.7 | | | | 6,219.1 | | | 1,408.0 | | | 7,627.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Parts and service sales (1) | | 497.4 | | | 77.1 | | | 574.5 | | | | 992.6 | | | 158.2 | | | 1,150.8 | | Finance, insurance and other, net (2) | | 183.9 | | | 16.3 | | | 200.1 | | | | 355.2 | | | 33.8 | | | 389.0 | | Total revenues | | $ | 3,921.2 | | | $ | 775.2 | | | $ | 4,696.4 | | | | $ | 7,566.9 | | | $ | 1,600.0 | | | $ | 9,166.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | Six Months Ended June 30, 2023 | | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | New vehicle retail sales | | $ | 1,915.5 | | | $ | 327.6 | | | $ | 2,243.2 | | | | $ | 3,524.1 | | | $ | 674.8 | | | $ | 4,198.9 | | Used vehicle retail sales | | 1,139.9 | | | 310.7 | | | 1,450.6 | | | | 2,170.0 | | | 629.5 | | | 2,799.5 | | Used vehicle wholesale sales | | 79.8 | | | 32.7 | | | 112.5 | | | | 162.1 | | | 62.3 | | | 224.4 | | Total new and used vehicle sales | | 3,135.2 | | | 671.0 | | | 3,806.2 | | | | 5,856.2 | | | 1,366.6 | | | 7,222.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Parts and service sales (1) | | 491.2 | | | 70.8 | | | 562.0 | | | | 965.0 | | | 145.3 | | | 1,110.3 | | Finance, insurance and other, net (2) | | 173.2 | | | 17.1 | | | 190.3 | | | | 320.8 | | | 34.6 | | | 355.4 | | Total revenues | | $ | 3,799.6 | | | $ | 758.9 | | | $ | 4,558.5 | | | | $ | 7,142.0 | | | $ | 1,546.5 | | | $ | 8,688.5 | |
(1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $5.6 million and $7.6 million during the three months ended June 30, 2024 and 2023, respectively, and $18.0 million and $12.5 million during the six months ended June 30, 2024 and 2023, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Note 7. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.2
ACQUISITIONS AND DISPOSITIONS
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
ACQUISITIONS AND DISPOSITIONS |
ACQUISITIONS AND DISPOSITIONS Acquisitions The Company accounts for business combinations under the acquisition method of accounting, under which the Company allocates the purchase price to the assets acquired and liabilities assumed based on an estimate of fair value. During the six months ended June 30, 2024, the Company acquired nine dealerships in the U.S., including three Honda , two Lexus, one Toyota, one Kia, one Hyundai and one Mercedes-Benz. The Company also acquired one Toyota Certified pre-owned center and three collision centers in the U.S. Aggregate cash consideration paid for these dealerships, which were accounted for as business combinations, was $690.4 million. Goodwill associated with the acquisitions totaled $287.5 million. The accounting for these acquisitions is considered to be preliminary and subject to change as the Company’s fair value assessments are finalized. The Company is continuing to analyze and assess relevant information related to the valuation of property, equipment and intangible assets. The Company will reflect any required fair value adjustments in subsequent periods. During the six months ended June 30, 2023, the Company acquired one Chevrolet dealership, one Kia dealership and three Buick-GMC dealerships in the U.S. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, was $363.5 million. Goodwill associated with the acquisitions totaled $43.9 million. In April 2024, the Company announced it entered into a definitive agreement to acquire the U.K. automotive retailing business and related owned real estate, comprising 54 dealerships, from a subsidiary of Inchcape plc for approximately $439 million in an all-cash transaction, inclusive of $279 million of real estate. The transaction is expected to close in the third quarter of 2024. In July 2024, the Company acquired four Mercedes-Benz dealerships located north of London in the county of Hertfordshire. During the three months ended June 30, 2024, the Company made an escrow payment of $86.4 million related to the acquisition to an escrow agent, which was then paid to the sellers in July 2024. As the escrow payment was made prior to the closing of the transaction, the amount is recorded within Other current assets in the Condensed Consolidated Balance Sheets as of June 30, 2024 and as Escrow payments for acquisitions within Net cash used in investing activities in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024. The Company will account for the business combination in future periods. Dispositions The Company’s divestitures generally consist of dealership assets and related real estate. Gains and losses on divestitures are recorded within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2024, the Company recorded a net pre-tax gain totaling $51.6 million related to the disposition of seven dealerships and one collision center in the U.S. The dispositions reduced goodwill by $62.5 million. During the six months ended June 30, 2023, the Company recorded a net pre-tax gain totaling $10.1 million related to the disposition of four dealerships in the U.S. The dispositions reduced goodwill by $20.8 million. The Company also terminated one franchise in the U.S. There was no goodwill that has been reclassified to assets held for sale as of June 30, 2024. Assets held for sale in the Condensed Consolidated Balance Sheets includes $39.8 million of goodwill that has been reclassified to assets held for sale as of December 31, 2023.
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v3.24.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
SEGMENT INFORMATION As of June 30, 2024, the Company had two reportable segments: the U.S. and the U.K. The Company defines its reportable segments as those operations whose results the Company’s Chief Executive Officer, who is the CODM, regularly reviews to analyze performance and allocate resources. Each reportable segment is comprised of retail automotive franchises that sell new and used cars and light trucks, arrange related vehicle financing, sell service and insurance contracts, provide automotive maintenance and repair services, and sell vehicle parts. Selected reportable segment data is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Six Months Ended June 30, 2024 | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | Total revenues | $ | 3,921.2 | | | $ | 775.2 | | | $ | 4,696.4 | | | | $ | 7,566.9 | | | $ | 1,600.0 | | | $ | 9,166.9 | | Income before income taxes | $ | 173.3 | | | $ | 9.7 | | | $ | 183.0 | | | | $ | 353.3 | | | $ | 23.0 | | | $ | 376.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | Six Months Ended June 30, 2023 | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | Total revenues | $ | 3,799.6 | | | $ | 758.9 | | | $ | 4,558.5 | | | | $ | 7,142.0 | | | $ | 1,546.5 | | | $ | 8,688.5 | | Income before income taxes | $ | 207.8 | | | $ | 20.1 | | | $ | 227.9 | | | | $ | 388.5 | | | $ | 45.8 | | | $ | 434.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.2
EARNINGS PER SHARE
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
EARNINGS PER SHARE |
EARNINGS PER SHARE The two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS (in millions, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Weighted average basic common shares outstanding | | 13,226,129 | | | 13,777,225 | | | 13,277,425 | | | 13,819,024 | | Dilutive effect of stock-based awards and employee stock purchases | | 67,927 | | | 40,058 | | | 63,987 | | | 46,711 | | Weighted average dilutive common shares outstanding | | 13,294,056 | | | 13,817,283 | | | 13,341,412 | | | 13,865,736 | | Basic: | | | | | | | | | Net income | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | | Less: Earnings allocated to participating securities from continuing operations | | 2.9 | | | 4.2 | | | 6.3 | | | 8.2 | | Less: Loss allocated to participating securities to discontinued operations | | — | | | — | | | — | | | — | | Net income available to basic common shares | | $ | 135.2 | | | $ | 166.4 | | | $ | 279.8 | | | $ | 320.7 | | Basic earnings per common share | | $ | 10.22 | | | $ | 12.08 | | | $ | 21.07 | | | $ | 23.21 | | Diluted: | | | | | | | | | Net income | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | | Less: Earnings allocated to participating securities from continuing operations | | 2.9 | | | 4.1 | | | 6.3 | | | 8.2 | | Less: Loss allocated to participating securities to discontinued operations | | — | | | — | | | — | | | — | | Net income available to diluted common shares | | $ | 135.2 | | | $ | 166.4 | | | $ | 279.8 | | | $ | 320.8 | | Diluted earnings per common share | | $ | 10.17 | | | $ | 12.04 | | | $ | 20.97 | | | $ | 23.13 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value: •Level 1 — Quoted prices for identical assets or liabilities in active markets. •Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents, Contracts-In-Transit and Vehicle Receivables, Accounts and Notes Receivable, Accounts Payable, Variable Rate Long-Term Debt and Floorplan Notes Payable The fair values of these financial instruments approximate their carrying values due to the short-term nature of the instruments and/or the existence of variable interest rates. Fixed Rate Long-Term Debt The Company estimates the fair value of its $750.0 million 4.00% Senior Notes due August 2028 (“4.00% Senior Notes”) using quoted prices for the identical liability (Level 1) and estimates the fair value of its fixed-rate mortgage facilities using a present value method based on current market interest rates for similar types of financial instruments (Level 2). Refer to Note 8. Debt for further discussion of the Company’s long-term debt arrangements. The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | Carrying Value (1) | | Fair Value | | Carrying Value (1) | | Fair Value | 4.00% Senior Notes | | $ | 750.0 | | | $ | 691.6 | | | $ | 750.0 | | | $ | 697.5 | | Real estate related | | 145.4 | | | 139.6 | | | 90.9 | | | 83.1 | | Total | | $ | 895.4 | | | $ | 831.2 | | | $ | 840.9 | | | $ | 780.6 | |
(1) Carrying value excludes unamortized debt issuance costs. Derivative Financial Instruments The Company holds interest rate swaps to hedge against variability of interest payments indexed to SOFR. The Company’s interest rate swaps are measured at fair value utilizing a SOFR forward yield curve matched to the identical maturity term of the instrument being measured. Observable inputs utilized in the income approach valuation method incorporate identical contractual notional amounts, fixed coupon rates, periodic terms for interest payments and contract maturity. The fair value of the interest rate swaps also considers the credit risk of the Company for instruments in a liability position or the counterparty for instruments in an asset position. The credit risk is calculated using the spread between the SOFR yield curve and the relevant interest rate according to rating agencies. The inputs to the fair value measurements reflect Level 2 of the hierarchy framework. Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Assets: | | | | | Other current assets (1) | | $ | 1.3 | | | $ | 1.2 | | Other long-term assets (2) | | 94.2 | | | 88.1 | | Total assets | | $ | 95.5 | | | $ | 89.3 | | | | | | | | | | | | | | | | | | | | | |
(1) As of June 30, 2024, the balance included gross fair value of $0.2 million related to the de-designated swap as described below. (2) As of June 30, 2024 and December 31, 2023, the balance included gross fair value of $3.9 million and $3.7 million, respectively, related to the de-designated swap as described below. There were no liabilities associated with the Company’s interest rate swaps as of June 30, 2024 and December 31, 2023. Interest Rate Swaps De-designated as Cash Flow Hedges During the three months ended March 31, 2024, the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgages associated with the swap during the same period. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2024. During the three months ended March 31, 2023, the Company de-designated one mortgage interest rate swap due to the Company settling the underlying mortgages associated with the swap during the same period. No interest rate swaps were de-designated by the Company during the three months ended June 30, 2023. As of June 30, 2024, the de-designated swaps had a total aggregate notional value of $35.5 million and a weighted average interest rate of 0.60%. The de-designated swaps will mature between January 4, 2025 and March 1, 2030. The Company reclassified the entire previously deferred gains associated with the de-designated interest rate swaps of $0.2 million and $3.1 million, net of tax of $0.1 million and $1.0 million, for the three months ended March 31, 2024 and 2023, respectively, from AOCI into income as an adjustment to Other interest expense, net, as the remaining forecasted hedged transactions associated with the interest rate swaps were probable of not occurring due to the settlement of the mortgages described above. The Company recorded unrealized mark-to-market gains of $0.2 million and $0.5 million and realized gains of $0.4 million and $0.8 million associated with the de-designated interest rate swaps within Other interest expense, net, for the three and six months ended June 30, 2024, respectively. The Company recorded unrealized mark-to-market gains of $0.4 million and realized gains of $0.3 million associated with the de-designated interest rate swap within Other interest expense, net, for the three and six months ended June 30, 2023, respectively. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps designated as cash flow hedges and the related gains or losses are deferred in stockholders’ equity as a component of AOCI in the Company’s Condensed Consolidated Balance Sheets. The deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from AOCI into income as Floorplan interest expense or Other interest expense, net. As of June 30, 2024, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $935.6 million that fixed its underlying SOFR at a weighted average rate of 1.22%. As of June 30, 2023, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $872.7 million that fixed its underlying SOFR at a weighted average rate of 1.25%. The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) | | | Three Months Ended June 30, | | Six Months Ended June 30, | Derivatives in Cash Flow Hedging Relationship | | 2024 | | 2023 | | 2024 | | 2023 | Interest rate swaps | | $ | 5.3 | | | $ | 15.8 | | | $ | 19.6 | | | $ | 9.0 | | | | | | | | | | | | | | | | | | | | | | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | Statement of Operations Classification | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Floorplan interest expense | | $ | 5.3 | | | $ | 3.8 | | | $ | 10.6 | | | $ | 7.1 | | Other interest expense, net | | $ | 4.4 | | | $ | 0.3 | | | $ | 9.0 | | | $ | 4.5 | |
The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $25.0 million.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.2
RECEIVABLES, NET AND CONTRACT ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
RECEIVABLES, NET AND CONTRACT ASSETS |
RECEIVABLES, NET AND CONTRACT ASSETS The Company’s receivables, net and contract assets consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Contracts-in-transit and vehicle receivables, net: | | | | | Contracts-in-transit | | $ | 240.2 | | | $ | 259.2 | | Vehicle receivables | | 110.1 | | | 110.3 | | Total contracts-in-transit and vehicle receivables | | 350.3 | | | 369.5 | | Less: allowance for doubtful accounts | | 0.4 | | | 0.3 | | Total contracts-in-transit and vehicle receivables, net | | $ | 349.9 | | | $ | 369.2 | | | | | | | Accounts and notes receivable, net: | | | | | Manufacturer receivables | | $ | 152.9 | | | $ | 128.3 | | Parts and service receivables | | 68.9 | | | 64.3 | | F&I receivables | | 31.2 | | | 35.6 | | Other | | 10.3 | | | 14.4 | | Total accounts and notes receivable | | 263.3 | | | 242.5 | | Less: allowance for doubtful accounts | | 3.8 | | | 4.2 | | Total accounts and notes receivable, net | | $ | 259.5 | | | $ | 238.4 | | | | | | | Within Other current assets and Other long-term assets: | | | | | Total contract assets (1) | | $ | 57.9 | | | $ | 55.0 | |
(1) No allowance for doubtful accounts was recorded for contract assets as of June 30, 2024 or December 31, 2023.
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- DefinitionThe entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.24.2
DEBT
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
DEBT Long-term debt consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | 4.00% Senior Notes due August 15, 2028 | | $ | 750.0 | | | $ | 750.0 | | | | | | | | | | | | Acquisition Line | | 294.3 | | | 325.0 | | Other Debt: | | | | | Real estate related | | 1,064.4 | | | 751.0 | | Finance leases | | 344.1 | | | 272.7 | | Other | | 7.8 | | | 8.8 | | Total other debt | | 1,416.4 | | | 1,032.5 | | Total debt | | 2,460.6 | | | 2,107.5 | | | | | | | Less: unamortized debt issuance costs | | 10.7 | | 8.7 | Less: current maturities | | 170.6 | | 109.4 | Total long-term debt | | $ | 2,279.3 | | | $ | 1,989.4 | |
Acquisition Line The proceeds of the Acquisition Line (as defined in Note 9. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of June 30, 2024, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 9. Floorplan Notes Payable), totaled $294.3 million. The average interest rate on this facility was 6.42% during the three months ended June 30, 2024. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of June 30, 2024, borrowings outstanding under these facilities totaled $1,064.4 million, gross of debt issuance costs, comprised of $904.3 million in the U.S. and $160.1 million in the U.K., respectively. In February 2024, the Company entered into a master credit agreement with Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”), which provides for delayed draw term loans with a maximum borrowing capacity of $258.3 million. The Wells Fargo Credit Agreement accrues interest at SOFR plus 175 basis points and matures on March 1, 2031. As of June 30, 2024, borrowings outstanding under the Wells Fargo Credit Agreement totaled $258.3 million and are included in the total U.S. mortgage loans described above.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2
FLOORPLAN NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Line of Credit Facility [Abstract] |
|
FLOORPLAN NOTES PAYABLE |
FLOORPLAN NOTES PAYABLE The Company’s floorplan notes payable consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Revolving Credit Facility — floorplan notes payable | | $ | 1,396.9 | | | $ | 1,358.2 | | Revolving Credit Facility — floorplan notes payable offset account | | (79.4) | | | (236.7) | | Revolving Credit Facility — floorplan notes payable, net | | 1,317.5 | | | 1,121.6 | | Other non-manufacturer facilities | | 69.1 | | | 31.4 | | Floorplan notes payable — credit facility and other, net | | $ | 1,386.6 | | | $ | 1,153.0 | | | | | | | FMCC Facility | | $ | 170.6 | | | $ | 156.6 | | FMCC Facility offset account | | (14.8) | | | (38.5) | | FMCC Facility, net | | 155.8 | | | 118.1 | | GM Financial Facility | | 217.1 | | | 37.9 | | Other manufacturer affiliate facilities | | 340.3 | | | 256.4 | | Floorplan notes payable — manufacturer affiliates, net | | $ | 713.3 | | | $ | 412.4 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Floorplan Notes Payable — Credit Facility Revolving Credit Facility In the U.S., the Company has a revolving syndicated credit arrangement with 20 participating financial institutions that matures on March 9, 2027 (the “Revolving Credit Facility”). On April 30, 2024, the Company entered into an amendment to the Revolving Credit Facility that increased the availability from $2.0 billion to $2.5 billion, with the ability to increase to $3.0 billion, as further described below. The Revolving Credit Facility consists of two tranches: (i) a $1.5 billion maximum capacity tranche for U.S. vehicle inventory floorplan financing (“U.S. Floorplan Line”) which the outstanding balance, net of offset account discussed below, is reported in Floorplan notes payable — credit facility and other, net; and (ii) a $1.0 billion maximum capacity tranche (“Acquisition Line”), which is not due until maturity of the Revolving Credit Facility and is therefore classified in Long-term debt on the Condensed Consolidated Balance Sheets — refer to Note 8. Debt for additional discussion. The capacity under these two tranches can be re-designated within the overall $2.5 billion commitment. The Acquisition Line includes a $100.0 million sub-limit for letters of credit and a $50.0 million minimum capacity tranche. The Company had $12.2 million in letters of credit outstanding as of June 30, 2024 and December 31, 2023. The U.S. Floorplan Line bears interest at rates equal to SOFR plus 120 basis points for new vehicle inventory and SOFR plus 150 basis points for used vehicle inventory. The weighted average interest rate on the U.S. Floorplan Line was 6.57% as of June 30, 2024, excluding the impact of the Company’s interest rate swap derivative instruments. The Acquisition Line bears interest at SOFR or a SOFR equivalent plus 110 to 210 basis points, depending on the Company’s total adjusted leverage ratio, on borrowings in USD, Euros or GBP. The U.S. Floorplan Line requires a commitment fee of 0.15% per annum on the unused portion. Amounts borrowed by the Company under the U.S. Floorplan Line for specific vehicle inventory are to be repaid upon the sale of the vehicle financed and in no case is a borrowing for a vehicle to remain outstanding for greater than one year. The Acquisition Line requires a commitment fee ranging from 0.15% to 0.40% per annum, depending on the Company’s total adjusted leverage ratio, based on a minimum commitment of $50.0 million less outstanding borrowings. In conjunction with the Revolving Credit Facility, the Company had $3.9 million and $3.8 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively, which are included in Prepaid expenses and Other long-term assets in the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the facility. Floorplan Notes Payable — Manufacturer Affiliates FMCC Facility The Company has a $300.0 million floorplan arrangement with FMCC for financing of new Ford vehicles in the U.S. (the “FMCC Facility”). The FMCC Facility bears interest at the U.S. prime rate which was 8.50% as of June 30, 2024. GM Financial Facility During 2023, the Company entered into a master loan agreement with General Motors Financial (the “GM Financial Facility”). During the six months ended June 30, 2024, additional subsidiaries of the Company entered into the GM Financial Facility as additional borrowers and the borrowing base thereunder was increased. As of June 30, 2024 and December 31, 2023, the GM Financial Facility had a total capacity of $348.1 million and $84.5 million, respectively. The GM Financial Facility bears interest at the U.S. prime rate less 100 basis points. Other Manufacturer Facilities The Company has other credit facilities in the U.S. and the U.K., respectively, with financial institutions affiliated with manufacturers for financing of new, used and rental vehicle inventories. As of June 30, 2024, borrowings outstanding under these facilities totaled $340.3 million, comprised of $184.4 million in the U.S. and $156.0 million in the U.K., with annual interest rates ranging from 1% to approximately 9%. Interest rates on the Company’s manufacturer facilities vary across manufacturers. Offset Accounts Offset accounts consist of immediately available cash used to pay down the U.S. Floorplan Line and FMCC Facility, and therefore offset the respective outstanding balances in the Company’s Condensed Consolidated Balance Sheets. The offset accounts are the Company’s primary options for the short-term investment of excess cash.
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v3.24.2
CASH FLOW INFORMATION
|
6 Months Ended |
Jun. 30, 2024 |
Supplemental Cash Flow Elements [Abstract] |
|
CASH FLOW INFORMATION |
CASH FLOW INFORMATION Non-Cash Activities The accrual for capital expenditures decreased $2.2 million and increased $1.3 million during the six months ended June 30, 2024 and 2023, respectively. Interest and Income Taxes Paid Cash paid for interest, including the monthly settlement of the Company’s interest rate swaps, was $99.9 million and $70.8 million for the six months ended June 30, 2024 and 2023, respectively. Refer to Note 6. Financial Instruments and Fair Value Measurements for further discussion of the Company’s interest rate swaps. Cash paid for income taxes, net of refunds, was $75.1 million and $78.7 million for the six months ended June 30, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.24.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES From time to time, the Company or its dealerships are named in various types of litigation involving customer claims, employment matters, class action claims, purported class action claims, claims involving the manufacturers of automobiles, contractual disputes, vehicle related incidents and other matters arising in the ordinary course of business. The Company may be involved in legal proceedings or suffer losses that could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In the normal course of business, the Company is required to respond to customer, employee and other third-party complaints. In addition, the manufacturers of the vehicles that the Company sells and services have audit rights allowing them to review the validity of amounts claimed for incentive, rebate or warranty-related items and charge the Company back for amounts determined to be invalid payments under the manufacturers’ programs, subject to the Company’s right to appeal any such decision. Legal Proceedings As of June 30, 2024, the Company was not party to any legal proceedings that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of current or future matters cannot be predicted with certainty; an unfavorable resolution of one or more of such matters could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Other Matters In connection with dealership dispositions where the Company did not own the real estate and was a tenant, it assigned the lease to the purchaser but remained liable as a guarantor for the remaining lease payments in the event of non-payment by the purchaser. Although the Company has no reason to believe that it will be called upon to perform under any such assigned leases, the Company estimates that lessee remaining rental obligations were $41.1 million as of June 30, 2024.
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v3.24.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the balances of each component of AOCI were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | Accumulated Income (Loss) On Foreign Currency Translation | | Accumulated Income (Loss) On Interest Rate Swaps | | Total | | Balance, December 31, 2023 | | $ | (37.4) | | | $ | 65.6 | | | $ | 28.1 | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | Pre-tax | | (5.6) | | | 25.7 | | | 20.1 | | | Tax effect | | — | | | (6.1) | | | (6.1) | | | Amount reclassified from accumulated other comprehensive income (loss): | | | | | | | | Floorplan interest expense (pre-tax) | | — | | | (10.6) | | | (10.6) | | | Other interest expense, net (pre-tax) | | — | | | (9.0) | | | (9.0) | | | Reclassification related to de-designated interest rate swaps (pre-tax) | | — | | | (0.2) | | | (0.2) | | | | | | | | | | | | | | | | | | | | | | | | | | | Provision for income taxes | | — | | | 4.7 | | | 4.7 | | | Net current period other comprehensive (loss) income | | (5.6) | | | 4.4 | | | (1.2) | | | Balance, June 30, 2024 | | $ | (43.0) | | | $ | 70.0 | | | $ | 27.0 | | |
| | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | | Accumulated Income (Loss) On Foreign Currency Translation | | Accumulated Income (Loss) On Interest Rate Swaps | | Total | Balance, December 31, 2022 | | $ | (61.1) | | | $ | 83.6 | | | $ | 22.5 | | Other comprehensive income (loss) before reclassifications: | | | | | | | Pre-tax | | 21.0 | | | 11.9 | | | 32.9 | | Tax effect | | — | | | (2.8) | | | (2.8) | | Amount reclassified from accumulated other comprehensive income (loss): | | | | | | | Floorplan interest expense (pre-tax) | | — | | | (7.1) | | | (7.1) | | Other interest expense (pre-tax) | | — | | | (4.5) | | | (4.5) | | | | | | | | | | | | | | | | Reclassification related to de-designated interest rate swaps (pre-tax) | | — | | | (4.0) | | | (4.0) | | Provision for income taxes | | — | | | 3.7 | | | 3.7 | | Net current period other comprehensive income (loss) | | 21.0 | | | (2.8) | | | 18.1 | | Balance, June 30, 2023 | | $ | (40.1) | | | $ | 80.8 | | | $ | 40.6 | |
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v3.24.2
Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
Net income |
$ 138.2
|
$ 170.5
|
$ 286.1
|
$ 329.0
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2
BASIS OF PRESENTATION AND CONSOLIDATION AND ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation and Consolidation |
Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements and notes thereto, have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Results for interim periods are not necessarily indicative of the results that can be expected for a full year and therefore should be read in conjunction with the Company’s audited Financial Statements and notes thereto included within the Company’s 2023 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements reflect the consolidated accounts of the parent company, Group 1 Automotive, Inc. and its subsidiaries, all of which are wholly owned.
|
Use of Estimates |
Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Management analyzes the Company’s estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances; however, actual results could differ materially from such estimates. Significant estimates were made by management in the accompanying Condensed Consolidated Financial Statements, related to, but not limited to, inventory valuation adjustments, reserves for future chargebacks on finance, insurance and vehicle service contract fees, self-insured property and casualty insurance exposure, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of goodwill and intangible franchise rights and reserves for potential litigation.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures. The amendments require the disclosure of significant segment expenses as well as expanded interim disclosures, along with other changes to segment disclosure requirements. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and is required to be applied retrospectively. Beginning with the annual Financial Statements and notes thereto included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company will incorporate the required disclosures, which include information concerning the Company’s reported measure of segment profit or loss, as well as significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in the measure, among other required disclosure changes. Additionally, the Company expects that interim periods beginning after December 15, 2024 will include segment disclosures largely consistent with the annual disclosure requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require the disclosure of a reconciliation between income tax expense from continuing operations and the amount computed by multiplying income from continuing operations before income taxes by the applicable statutory rate as well as an annual disaggregation of the income tax rate reconciliation between certain specified categories by both percentage and reported amounts, along with other changes to income tax disclosure requirements. The standard will be effective for fiscal years beginning after December 15, 2024, and interim periods for fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its consolidated financial statements.
|
Fair Value Measurement |
Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the most advantageous market in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value: •Level 1 — Quoted prices for identical assets or liabilities in active markets. •Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
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v3.24.2
REVENUES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenues Disaggregated by Revenue Source and Geographical Segment |
The following tables present the Company’s revenues disaggregated by its geographical segments (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Six Months Ended June 30, 2024 | | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | New vehicle retail sales | | $ | 2,009.5 | | | $ | 354.6 | | | $ | 2,364.2 | | | | $ | 3,809.4 | | | $ | 737.4 | | | $ | 4,546.8 | | Used vehicle retail sales | | 1,151.9 | | | 301.3 | | | 1,453.2 | | | | 2,251.4 | | | 618.6 | | | 2,870.0 | | Used vehicle wholesale sales | | 78.4 | | | 25.9 | | | 104.3 | | | | 158.3 | | | 52.0 | | | 210.3 | | Total new and used vehicle sales | | 3,239.9 | | | 681.8 | | | 3,921.7 | | | | 6,219.1 | | | 1,408.0 | | | 7,627.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Parts and service sales (1) | | 497.4 | | | 77.1 | | | 574.5 | | | | 992.6 | | | 158.2 | | | 1,150.8 | | Finance, insurance and other, net (2) | | 183.9 | | | 16.3 | | | 200.1 | | | | 355.2 | | | 33.8 | | | 389.0 | | Total revenues | | $ | 3,921.2 | | | $ | 775.2 | | | $ | 4,696.4 | | | | $ | 7,566.9 | | | $ | 1,600.0 | | | $ | 9,166.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | Six Months Ended June 30, 2023 | | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | New vehicle retail sales | | $ | 1,915.5 | | | $ | 327.6 | | | $ | 2,243.2 | | | | $ | 3,524.1 | | | $ | 674.8 | | | $ | 4,198.9 | | Used vehicle retail sales | | 1,139.9 | | | 310.7 | | | 1,450.6 | | | | 2,170.0 | | | 629.5 | | | 2,799.5 | | Used vehicle wholesale sales | | 79.8 | | | 32.7 | | | 112.5 | | | | 162.1 | | | 62.3 | | | 224.4 | | Total new and used vehicle sales | | 3,135.2 | | | 671.0 | | | 3,806.2 | | | | 5,856.2 | | | 1,366.6 | | | 7,222.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Parts and service sales (1) | | 491.2 | | | 70.8 | | | 562.0 | | | | 965.0 | | | 145.3 | | | 1,110.3 | | Finance, insurance and other, net (2) | | 173.2 | | | 17.1 | | | 190.3 | | | | 320.8 | | | 34.6 | | | 355.4 | | Total revenues | | $ | 3,799.6 | | | $ | 758.9 | | | $ | 4,558.5 | | | | $ | 7,142.0 | | | $ | 1,546.5 | | | $ | 8,688.5 | |
(1) The Company has elected not to disclose revenues related to remaining performance obligations on its maintenance and repair services as the duration of these contracts is less than one year. (2) Includes variable consideration recognized of $5.6 million and $7.6 million during the three months ended June 30, 2024 and 2023, respectively, and $18.0 million and $12.5 million during the six months ended June 30, 2024 and 2023, respectively, relating to performance obligations satisfied in previous periods on the Company’s retrospective commission income contracts. Refer to Note 7. Receivables, Net and Contract Assets for the balance of the Company’s contract assets associated with revenues from the arrangement of financing and sale of service and insurance contracts.
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Reportable Segment Information |
Selected reportable segment data is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Six Months Ended June 30, 2024 | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | Total revenues | $ | 3,921.2 | | | $ | 775.2 | | | $ | 4,696.4 | | | | $ | 7,566.9 | | | $ | 1,600.0 | | | $ | 9,166.9 | | Income before income taxes | $ | 173.3 | | | $ | 9.7 | | | $ | 183.0 | | | | $ | 353.3 | | | $ | 23.0 | | | $ | 376.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | Six Months Ended June 30, 2023 | | U.S. | | U.K. | | Total | | | U.S. | | U.K. | | Total | Total revenues | $ | 3,799.6 | | | $ | 758.9 | | | $ | 4,558.5 | | | | $ | 7,142.0 | | | $ | 1,546.5 | | | $ | 8,688.5 | | Income before income taxes | $ | 207.8 | | | $ | 20.1 | | | $ | 227.9 | | | | $ | 388.5 | | | $ | 45.8 | | | $ | 434.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.24.2
EARNINGS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Calculation of Earnings Per Share |
The following table sets forth the calculation of EPS (in millions, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Weighted average basic common shares outstanding | | 13,226,129 | | | 13,777,225 | | | 13,277,425 | | | 13,819,024 | | Dilutive effect of stock-based awards and employee stock purchases | | 67,927 | | | 40,058 | | | 63,987 | | | 46,711 | | Weighted average dilutive common shares outstanding | | 13,294,056 | | | 13,817,283 | | | 13,341,412 | | | 13,865,736 | | Basic: | | | | | | | | | Net income | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | | Less: Earnings allocated to participating securities from continuing operations | | 2.9 | | | 4.2 | | | 6.3 | | | 8.2 | | Less: Loss allocated to participating securities to discontinued operations | | — | | | — | | | — | | | — | | Net income available to basic common shares | | $ | 135.2 | | | $ | 166.4 | | | $ | 279.8 | | | $ | 320.7 | | Basic earnings per common share | | $ | 10.22 | | | $ | 12.08 | | | $ | 21.07 | | | $ | 23.21 | | Diluted: | | | | | | | | | Net income | | $ | 138.2 | | | $ | 170.5 | | | $ | 286.1 | | | $ | 329.0 | | Less: Earnings allocated to participating securities from continuing operations | | 2.9 | | | 4.1 | | | 6.3 | | | 8.2 | | Less: Loss allocated to participating securities to discontinued operations | | — | | | — | | | — | | | — | | Net income available to diluted common shares | | $ | 135.2 | | | $ | 166.4 | | | $ | 279.8 | | | $ | 320.8 | | Diluted earnings per common share | | $ | 10.17 | | | $ | 12.04 | | | $ | 20.97 | | | $ | 23.13 | |
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v3.24.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Carrying Value and Fair Value of The Company’s Fixed Rate Long-term Debt |
The carrying value and fair value of the Company’s 4.00% Senior Notes and fixed rate mortgages were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | Carrying Value (1) | | Fair Value | | Carrying Value (1) | | Fair Value | 4.00% Senior Notes | | $ | 750.0 | | | $ | 691.6 | | | $ | 750.0 | | | $ | 697.5 | | Real estate related | | 145.4 | | | 139.6 | | | 90.9 | | | 83.1 | | Total | | $ | 895.4 | | | $ | 831.2 | | | $ | 840.9 | | | $ | 780.6 | |
(1) Carrying value excludes unamortized debt issuance costs.
|
Schedule of Asset and Liabilities Recorded at Fair Value |
Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Assets: | | | | | Other current assets (1) | | $ | 1.3 | | | $ | 1.2 | | Other long-term assets (2) | | 94.2 | | | 88.1 | | Total assets | | $ | 95.5 | | | $ | 89.3 | | | | | | | | | | | | | | | | | | | | | |
(1) As of June 30, 2024, the balance included gross fair value of $0.2 million related to the de-designated swap as described below. (2) As of June 30, 2024 and December 31, 2023, the balance included gross fair value of $3.9 million and $3.7 million, respectively, related to the de-designated swap as described below.
|
Schedule of Impact of Interest Rate Derivative Instruments |
The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) | | | Three Months Ended June 30, | | Six Months Ended June 30, | Derivatives in Cash Flow Hedging Relationship | | 2024 | | 2023 | | 2024 | | 2023 | Interest rate swaps | | $ | 5.3 | | | $ | 15.8 | | | $ | 19.6 | | | $ | 9.0 | | | | | | | | | | | | | | | | | | | | | | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations | Statement of Operations Classification | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Floorplan interest expense | | $ | 5.3 | | | $ | 3.8 | | | $ | 10.6 | | | $ | 7.1 | | Other interest expense, net | | $ | 4.4 | | | $ | 0.3 | | | $ | 9.0 | | | $ | 4.5 | |
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v3.24.2
RECEIVABLES, NET AND CONTRACT ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
Schedule of Accounts and Notes Receivable |
The Company’s receivables, net and contract assets consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Contracts-in-transit and vehicle receivables, net: | | | | | Contracts-in-transit | | $ | 240.2 | | | $ | 259.2 | | Vehicle receivables | | 110.1 | | | 110.3 | | Total contracts-in-transit and vehicle receivables | | 350.3 | | | 369.5 | | Less: allowance for doubtful accounts | | 0.4 | | | 0.3 | | Total contracts-in-transit and vehicle receivables, net | | $ | 349.9 | | | $ | 369.2 | | | | | | | Accounts and notes receivable, net: | | | | | Manufacturer receivables | | $ | 152.9 | | | $ | 128.3 | | Parts and service receivables | | 68.9 | | | 64.3 | | F&I receivables | | 31.2 | | | 35.6 | | Other | | 10.3 | | | 14.4 | | Total accounts and notes receivable | | 263.3 | | | 242.5 | | Less: allowance for doubtful accounts | | 3.8 | | | 4.2 | | Total accounts and notes receivable, net | | $ | 259.5 | | | $ | 238.4 | | | | | | | Within Other current assets and Other long-term assets: | | | | | Total contract assets (1) | | $ | 57.9 | | | $ | 55.0 | |
(1) No allowance for doubtful accounts was recorded for contract assets as of June 30, 2024 or December 31, 2023.
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v3.24.2
DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Composition of Long-term Debt |
Long-term debt consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | 4.00% Senior Notes due August 15, 2028 | | $ | 750.0 | | | $ | 750.0 | | | | | | | | | | | | Acquisition Line | | 294.3 | | | 325.0 | | Other Debt: | | | | | Real estate related | | 1,064.4 | | | 751.0 | | Finance leases | | 344.1 | | | 272.7 | | Other | | 7.8 | | | 8.8 | | Total other debt | | 1,416.4 | | | 1,032.5 | | Total debt | | 2,460.6 | | | 2,107.5 | | | | | | | Less: unamortized debt issuance costs | | 10.7 | | 8.7 | Less: current maturities | | 170.6 | | 109.4 | Total long-term debt | | $ | 2,279.3 | | | $ | 1,989.4 | |
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v3.24.2
FLOORPLAN NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Line of Credit Facility [Abstract] |
|
Schedule of Floorplan Notes Payable |
The Company’s floorplan notes payable consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Revolving Credit Facility — floorplan notes payable | | $ | 1,396.9 | | | $ | 1,358.2 | | Revolving Credit Facility — floorplan notes payable offset account | | (79.4) | | | (236.7) | | Revolving Credit Facility — floorplan notes payable, net | | 1,317.5 | | | 1,121.6 | | Other non-manufacturer facilities | | 69.1 | | | 31.4 | | Floorplan notes payable — credit facility and other, net | | $ | 1,386.6 | | | $ | 1,153.0 | | | | | | | FMCC Facility | | $ | 170.6 | | | $ | 156.6 | | FMCC Facility offset account | | (14.8) | | | (38.5) | | FMCC Facility, net | | 155.8 | | | 118.1 | | GM Financial Facility | | 217.1 | | | 37.9 | | Other manufacturer affiliate facilities | | 340.3 | | | 256.4 | | Floorplan notes payable — manufacturer affiliates, net | | $ | 713.3 | | | $ | 412.4 | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of Changes in the Balances of Each Component of Accumulated Other Comprehensive Income (Loss) |
Changes in the balances of each component of AOCI were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | Accumulated Income (Loss) On Foreign Currency Translation | | Accumulated Income (Loss) On Interest Rate Swaps | | Total | | Balance, December 31, 2023 | | $ | (37.4) | | | $ | 65.6 | | | $ | 28.1 | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | Pre-tax | | (5.6) | | | 25.7 | | | 20.1 | | | Tax effect | | — | | | (6.1) | | | (6.1) | | | Amount reclassified from accumulated other comprehensive income (loss): | | | | | | | | Floorplan interest expense (pre-tax) | | — | | | (10.6) | | | (10.6) | | | Other interest expense, net (pre-tax) | | — | | | (9.0) | | | (9.0) | | | Reclassification related to de-designated interest rate swaps (pre-tax) | | — | | | (0.2) | | | (0.2) | | | | | | | | | | | | | | | | | | | | | | | | | | | Provision for income taxes | | — | | | 4.7 | | | 4.7 | | | Net current period other comprehensive (loss) income | | (5.6) | | | 4.4 | | | (1.2) | | | Balance, June 30, 2024 | | $ | (43.0) | | | $ | 70.0 | | | $ | 27.0 | | |
| | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | | Accumulated Income (Loss) On Foreign Currency Translation | | Accumulated Income (Loss) On Interest Rate Swaps | | Total | Balance, December 31, 2022 | | $ | (61.1) | | | $ | 83.6 | | | $ | 22.5 | | Other comprehensive income (loss) before reclassifications: | | | | | | | Pre-tax | | 21.0 | | | 11.9 | | | 32.9 | | Tax effect | | — | | | (2.8) | | | (2.8) | | Amount reclassified from accumulated other comprehensive income (loss): | | | | | | | Floorplan interest expense (pre-tax) | | — | | | (7.1) | | | (7.1) | | Other interest expense (pre-tax) | | — | | | (4.5) | | | (4.5) | | | | | | | | | | | | | | | | Reclassification related to de-designated interest rate swaps (pre-tax) | | — | | | (4.0) | | | (4.0) | | Provision for income taxes | | — | | | 3.7 | | | 3.7 | | Net current period other comprehensive income (loss) | | 21.0 | | | (2.8) | | | 18.1 | | Balance, June 30, 2023 | | $ | (40.1) | | | $ | 80.8 | | | $ | 40.6 | |
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v3.24.2
REVENUES - Schedule of Revenues Disaggregated by Revenue Source and Geographical Segment (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue |
|
|
|
|
Total revenues |
$ 4,696.4
|
$ 4,558.5
|
$ 9,166.9
|
$ 8,688.5
|
U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
3,921.2
|
3,799.6
|
7,566.9
|
7,142.0
|
U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
775.2
|
758.9
|
1,600.0
|
1,546.5
|
Total new and used vehicle sales |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
3,921.7
|
3,806.2
|
7,627.1
|
7,222.8
|
Total new and used vehicle sales | U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
3,239.9
|
3,135.2
|
6,219.1
|
5,856.2
|
Total new and used vehicle sales | U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
681.8
|
671.0
|
1,408.0
|
1,366.6
|
New vehicle retail sales |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
2,364.2
|
2,243.2
|
4,546.8
|
4,198.9
|
New vehicle retail sales | U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
2,009.5
|
1,915.5
|
3,809.4
|
3,524.1
|
New vehicle retail sales | U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
354.6
|
327.6
|
737.4
|
674.8
|
Used vehicle retail sales |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
1,453.2
|
1,450.6
|
2,870.0
|
2,799.5
|
Used vehicle retail sales | U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
1,151.9
|
1,139.9
|
2,251.4
|
2,170.0
|
Used vehicle retail sales | U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
301.3
|
310.7
|
618.6
|
629.5
|
Used vehicle wholesale sales |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
104.3
|
112.5
|
210.3
|
224.4
|
Used vehicle wholesale sales | U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
78.4
|
79.8
|
158.3
|
162.1
|
Used vehicle wholesale sales | U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
25.9
|
32.7
|
52.0
|
62.3
|
Parts and service sales |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
574.5
|
562.0
|
1,150.8
|
1,110.3
|
Parts and service sales | U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
497.4
|
491.2
|
992.6
|
965.0
|
Parts and service sales | U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
77.1
|
70.8
|
158.2
|
145.3
|
Finance, insurance and other, net |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
200.1
|
190.3
|
389.0
|
355.4
|
Variable consideration recognized relating to performance obligations satisfied in previous period |
5.6
|
7.6
|
18.0
|
12.5
|
Finance, insurance and other, net | U.S. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
183.9
|
173.2
|
355.2
|
320.8
|
Finance, insurance and other, net | U.K. |
|
|
|
|
Disaggregation of Revenue |
|
|
|
|
Total revenues |
$ 16.3
|
$ 17.1
|
$ 33.8
|
$ 34.6
|
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v3.24.2
ACQUISITIONS AND DISPOSITIONS (Details)
|
3 Months Ended |
6 Months Ended |
|
Sep. 30, 2024
USD ($)
dealership
|
Jun. 30, 2024
USD ($)
dealership
|
Jun. 30, 2024
USD ($)
dealership
center
|
Jun. 30, 2023
USD ($)
dealership
franchise
|
Dec. 31, 2023
USD ($)
|
Disposed of by Sale |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Dispositions reduced goodwill | $ |
|
|
$ 62,500,000
|
$ 20,800,000
|
|
Held-for-sale |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Goodwill | $ |
|
$ 0
|
$ 0
|
|
$ 39,800,000
|
U.S. |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
9
|
|
|
Aggregate consideration | $ |
|
|
$ 690,400,000
|
363,500,000
|
|
Goodwill acquired | $ |
|
|
$ 287,500,000
|
43,900,000
|
|
U.S. | Disposed of by Sale |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of collision centers | center |
|
|
1
|
|
|
Net pre-tax gain (loss) on dealership dispositions | $ |
|
|
$ 51,600,000
|
$ 10,100,000
|
|
Number of dealerships |
|
7
|
7
|
4
|
|
Number of franchises | franchise |
|
|
|
1
|
|
U.S. | Honda Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
3
|
|
|
U.S. | Lexus Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
2
|
|
|
U.S. | Toyota Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
1
|
|
|
U.S. | Kia Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
1
|
1
|
|
U.S. | Hyundai Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
1
|
|
|
U.S. | Mercedes-Benz Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
1
|
|
|
U.S. | Toyota Certified Pre-Qwned Center |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of certified pre-owned center | center |
|
|
1
|
|
|
U.S. | Prime Automotive Group |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of collision centers | center |
|
|
3
|
|
|
U.S. | Chevrolet Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
|
1
|
|
U.S. | Buick-GMC Dealerships |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
|
|
3
|
|
U.K. | Assets of Inchcape Plc | Forecast |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
54
|
|
|
|
|
Cash paid | $ |
$ 439,000,000
|
|
|
|
|
Payments to acquire real estate | $ |
$ 279,000,000
|
|
|
|
|
U.K. | Mercedes-Benz Dealership |
|
|
|
|
|
Acquisitions and Dispositions |
|
|
|
|
|
Number of dealerships acquired |
|
4
|
|
|
|
Cash paid | $ |
|
$ 86,400,000
|
|
|
|
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- DefinitionNumber of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.
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v3.24.2
SEGMENT INFORMATION - Reportable Segment Revenue, Income (Loss) Before Income Taxes, (Provision) Benefit for Income Taxes and Net Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information |
|
|
|
|
Total revenues |
$ 4,696.4
|
$ 4,558.5
|
$ 9,166.9
|
$ 8,688.5
|
Income before income taxes |
183.0
|
227.9
|
376.3
|
434.3
|
U.S. |
|
|
|
|
Segment Reporting Information |
|
|
|
|
Total revenues |
3,921.2
|
3,799.6
|
7,566.9
|
7,142.0
|
Income before income taxes |
173.3
|
207.8
|
353.3
|
388.5
|
U.K. |
|
|
|
|
Segment Reporting Information |
|
|
|
|
Total revenues |
775.2
|
758.9
|
1,600.0
|
1,546.5
|
Income before income taxes |
$ 9.7
|
$ 20.1
|
$ 23.0
|
$ 45.8
|
X |
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v3.24.2
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share |
|
|
|
|
Weighted average basic common shares outstanding (in shares) |
13,226,129
|
13,777,225
|
13,277,425
|
13,819,024
|
Dilutive effect of stock-based awards and employee stock purchases (in shares) |
67,927
|
40,058
|
63,987
|
46,711
|
Weighted average dilutive common shares outstanding (in shares) |
13,294,056
|
13,817,283
|
13,341,412
|
13,865,736
|
Basic: |
|
|
|
|
Net income |
$ 138.2
|
$ 170.5
|
$ 286.1
|
$ 329.0
|
Net income available to basic common shares |
$ 135.2
|
$ 166.4
|
$ 279.8
|
$ 320.7
|
Basic earnings per common share (in dollars per shares) |
$ 10.22
|
$ 12.08
|
$ 21.07
|
$ 23.21
|
Diluted: |
|
|
|
|
Net income |
$ 138.2
|
$ 170.5
|
$ 286.1
|
$ 329.0
|
Net income available to diluted common shares |
$ 135.2
|
$ 166.4
|
$ 279.8
|
$ 320.8
|
Diluted earnings per common share (in dollars per share) |
$ 10.17
|
$ 12.04
|
$ 20.97
|
$ 23.13
|
Continuing Operations |
|
|
|
|
Basic: |
|
|
|
|
Less: Earnings (Loss) allocated to participating securities |
$ 2.9
|
$ 4.2
|
$ 6.3
|
$ 8.2
|
Diluted: |
|
|
|
|
Less: Earnings (Loss) allocated to participating securities |
2.9
|
4.1
|
6.3
|
8.2
|
Discontinued operations |
|
|
|
|
Basic: |
|
|
|
|
Less: Earnings (Loss) allocated to participating securities |
0.0
|
0.0
|
0.0
|
0.0
|
Diluted: |
|
|
|
|
Less: Earnings (Loss) allocated to participating securities |
$ 0.0
|
$ 0.0
|
$ 0.0
|
$ 0.0
|
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v3.24.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024
USD ($)
derivative
|
Mar. 31, 2024
USD ($)
derivative
|
Jun. 30, 2023
USD ($)
derivative
|
Mar. 31, 2023
USD ($)
derivative
|
Jun. 30, 2024
USD ($)
derivative
|
Jun. 30, 2023
USD ($)
derivative
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Unrealized (loss) gain on interest rate risk management activities, net of tax |
$ (2,200,000)
|
|
$ 12,600,000
|
|
$ 4,400,000
|
$ (2,800,000)
|
Reclassification of de-designated interest rate swaps net of tax |
0
|
|
0
|
|
100,000
|
1,000,000.0
|
Other interest expense, net |
33,400,000
|
|
$ 25,900,000
|
|
62,700,000
|
45,600,000
|
Unrealized gain on derivative instruments |
|
|
|
|
300,000
|
$ 4,500,000
|
Amount of gain expected to be reclassified from other comprehensive income (loss) into earnings |
$ 25,000,000.0
|
|
|
|
$ 25,000,000.0
|
|
Not Designated as Hedging Instrument | Cash Flow Hedging |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Unrealized (loss) gain on interest rate risk management activities, net of tax |
|
$ 200,000
|
|
$ 3,100,000
|
|
|
Reclassification of de-designated interest rate swaps net of tax |
|
$ 100,000
|
|
$ 1,000,000.0
|
|
|
Mortgage Interest Rate Swap | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Interest rate (as a percentage) |
0.60%
|
|
|
|
0.60%
|
|
Number of instruments | derivative |
0
|
1
|
|
|
0
|
|
Notional value |
$ 35,500,000
|
|
|
|
$ 35,500,000
|
|
Interest Rate Swaps | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Number of instruments | derivative |
|
|
0
|
1
|
|
0
|
Interest Rate Swaps | Not Designated as Hedging Instrument | Cash Flow Hedging |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Other interest expense, net |
200,000
|
|
|
|
500,000
|
|
Realized gains |
$ 400,000
|
|
|
|
$ 800,000
|
|
Unrealized gain on derivative instruments |
|
|
$ 400,000
|
|
|
$ 400,000
|
Realized gains |
|
|
$ 300,000
|
|
|
$ 300,000
|
Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Number of instruments | derivative |
35
|
|
35
|
|
35
|
35
|
Notional value |
$ 935,600,000
|
|
$ 872,700,000
|
|
$ 935,600,000
|
$ 872,700,000
|
Weighted average interest rate (as a percentage) |
1.22%
|
|
1.25%
|
|
1.22%
|
1.25%
|
Senior Notes | 4.00% Senior Notes |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
Debt issued |
$ 750,000,000
|
|
|
|
$ 750,000,000
|
|
X |
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v3.24.2
RECEIVABLES, NET AND CONTRACT ASSETS - Financial Assets (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable |
|
|
Contracts-in-transit |
$ 240,200,000
|
$ 259,200,000
|
Vehicle receivables |
110,100,000
|
110,300,000
|
Total contracts-in-transit and vehicle receivables |
350,300,000
|
369,500,000
|
Less: allowance for doubtful accounts |
400,000
|
300,000
|
Total contracts-in-transit and vehicle receivables, net |
349,900,000
|
369,200,000
|
Accounts and notes receivable, net: |
|
|
Accounts and notes receivables |
263,300,000
|
242,500,000
|
Less: allowance for doubtful accounts |
3,800,000
|
4,200,000
|
Total accounts and notes receivable, net |
259,500,000
|
238,400,000
|
Total contract assets |
57,900,000
|
55,000,000.0
|
Allowance for doubtful accounts |
0
|
0
|
Manufacturer receivables |
|
|
Accounts and notes receivable, net: |
|
|
Accounts and notes receivables |
152,900,000
|
128,300,000
|
Parts and service receivables |
|
|
Accounts and notes receivable, net: |
|
|
Accounts and notes receivables |
68,900,000
|
64,300,000
|
F&I receivables |
|
|
Accounts and notes receivable, net: |
|
|
Accounts and notes receivables |
31,200,000
|
35,600,000
|
Other |
|
|
Accounts and notes receivable, net: |
|
|
Accounts and notes receivables |
$ 10,300,000
|
$ 14,400,000
|
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v3.24.2
DEBT - Acquisition Line and Real Estate Related (Details) - USD ($)
|
1 Months Ended |
|
|
Feb. 29, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Other Debt |
|
|
|
Debt Instrument |
|
|
|
Real estate related debt |
|
$ 7,800,000
|
$ 8,800,000
|
Line of Credit |
|
|
|
Debt Instrument |
|
|
|
Acquisition line |
|
258,300,000
|
|
Unsecured bridge loan |
$ 258,300,000
|
|
|
Basis spread on variable rate (as a percentage) |
1.75%
|
|
|
Outstanding balance |
|
258,300,000
|
|
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
SOFR
|
|
|
Acquisition Line | Line of Credit |
|
|
|
Debt Instrument |
|
|
|
Unsecured bridge loan |
|
1,000,000,000.0
|
|
Real estate related | Other Debt |
|
|
|
Debt Instrument |
|
|
|
Real estate related debt |
|
1,064,400,000
|
751,000,000.0
|
U.S. Notes | Other Debt |
|
|
|
Debt Instrument |
|
|
|
Real estate related debt |
|
904,300,000
|
|
U.K. Notes | Other Debt |
|
|
|
Debt Instrument |
|
|
|
Real estate related debt |
|
160,100,000
|
|
Line of Credit | Acquisition Line |
|
|
|
Debt Instrument |
|
|
|
Acquisition line |
|
$ 294,300,000
|
325,000,000.0
|
Interest rate (as a percentage) |
|
6.42%
|
|
Outstanding balance |
|
$ 294,300,000
|
$ 325,000,000.0
|
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v3.24.2
FLOORPLAN NOTES PAYABLE - Schedule of Floorplan Notes Payable (Details) - Line of Credit - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Revolving Credit Facility — floorplan notes payable |
|
|
Line of Credit Facility |
|
|
Long-term debt, gross |
$ 1,396.9
|
$ 1,358.2
|
Long-term debt, offset |
(79.4)
|
(236.7)
|
Long-term debt |
1,317.5
|
1,121.6
|
Other non-manufacturer facilities |
|
|
Line of Credit Facility |
|
|
Long-term debt |
69.1
|
31.4
|
Floorplan notes payable — credit facility and other, net |
|
|
Line of Credit Facility |
|
|
Long-term debt |
1,386.6
|
1,153.0
|
FMCC Facility |
|
|
Line of Credit Facility |
|
|
Long-term debt, gross |
170.6
|
156.6
|
Long-term debt, offset |
(14.8)
|
(38.5)
|
Long-term debt |
155.8
|
118.1
|
GM Financial Facility |
|
|
Line of Credit Facility |
|
|
Long-term debt |
217.1
|
37.9
|
Other manufacturer affiliate facilities |
|
|
Line of Credit Facility |
|
|
Long-term debt |
340.3
|
256.4
|
Floorplan notes payable — manufacturer affiliates, net |
|
|
Line of Credit Facility |
|
|
Long-term debt |
$ 713.3
|
$ 412.4
|
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v3.24.2
FLOORPLAN NOTES PAYABLE - Narrative (Details)
|
1 Months Ended |
6 Months Ended |
|
|
|
Feb. 29, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
tranche
institution
|
Apr. 30, 2024
USD ($)
|
Apr. 29, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Revolving Credit Facility |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Unamortized discount |
|
$ 3,900,000
|
|
|
$ 3,800,000
|
Line of Credit |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Participating financial institutions (institution) | institution |
|
20
|
|
|
|
Line of credit facility, maximum borrowing capacity |
$ 258,300,000
|
|
|
|
|
Outstanding letters of credit |
|
$ 12,200,000
|
|
|
12,200,000
|
Basis spread on variable rate (as a percentage) |
1.75%
|
|
|
|
|
Outstanding balance |
|
258,300,000
|
|
|
|
Line of Credit | Revolving Credit Facility |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
2,500,000,000
|
$ 2,500,000,000
|
$ 2,000,000,000
|
|
Line of credit facility, potential maximum borrowing capacity |
|
$ 3,000,000,000
|
|
|
|
Number 0f tranches (tranche) | tranche |
|
2
|
|
|
|
Line of Credit | Floorplan Line |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
$ 1,500,000,000
|
|
|
|
Weighted average interest rate (as a percentage) |
|
6.57%
|
|
|
|
Commitment fee (as a percentage) |
|
0.15%
|
|
|
|
Line of Credit | Acquisition Line |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
$ 1,000,000,000.0
|
|
|
|
Minimum borrowing capacity |
|
50,000,000.0
|
|
|
|
Sub-limit for letters of credit |
|
$ 100,000,000.0
|
|
|
|
Line of Credit | Acquisition Line | Minimum |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Commitment fee (as a percentage) |
|
0.15%
|
|
|
|
Line of Credit | Acquisition Line | Maximum |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Commitment fee (as a percentage) |
|
0.40%
|
|
|
|
Line of Credit | Acquisition Line | SOFR | Minimum |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
1.10%
|
|
|
|
Line of Credit | Acquisition Line | SOFR | Maximum |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
2.10%
|
|
|
|
Line of Credit | New Vehicles | SOFR |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
1.20%
|
|
|
|
Line of Credit | Used Vehicles | SOFR |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
1.50%
|
|
|
|
Line of Credit | FMCC Facility |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
$ 300,000,000.0
|
|
|
|
Interest rate (as a percentage) |
|
8.50%
|
|
|
|
Line of Credit | GM Financial Facility |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
$ 348,100,000
|
|
|
$ 84,500,000
|
Line of Credit | GM Financial Facility | Prime Floor |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
1.00%
|
|
|
|
Line of Credit | Other Credit Facilities |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Outstanding balance |
|
$ 340,300,000
|
|
|
|
Line of Credit | Rental Vehicles Financed through Credit Facility |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Outstanding balance |
|
$ 184,400,000
|
|
|
|
Line of Credit | Rental Vehicles Financed through Credit Facility | Minimum |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Interest rate (as a percentage) |
|
1.00%
|
|
|
|
Line of Credit | Rental Vehicles Financed through Credit Facility | Maximum |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Interest rate (as a percentage) |
|
9.00%
|
|
|
|
Line of Credit | UK Credit Facilities |
|
|
|
|
|
Line of Credit Facility |
|
|
|
|
|
Outstanding balance |
|
$ 156,000,000.0
|
|
|
|
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v3.24.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Increase (Decrease) in AOCI |
|
|
|
|
Beginning balance |
$ 2,772.4
|
$ 2,352.5
|
$ 2,674.4
|
$ 2,237.5
|
Other comprehensive income (loss) before reclassifications: |
|
|
|
|
Pre-tax |
|
|
20.1
|
32.9
|
Tax effect |
|
|
(6.1)
|
(2.8)
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Provision (benefit) for income taxes |
|
|
4.7
|
3.7
|
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX |
(3.3)
|
23.8
|
(1.2)
|
18.1
|
Ending balance |
2,866.3
|
2,518.9
|
2,866.3
|
2,518.9
|
Interest Rate Swaps |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
(0.2)
|
(4.0)
|
Floorplan interest expense (pre-tax) |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
(10.6)
|
(7.1)
|
Other interest expense, net (pre-tax) |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
(9.0)
|
(4.5)
|
Accumulated Other Comprehensive Income (loss) |
|
|
|
|
Increase (Decrease) in AOCI |
|
|
|
|
Beginning balance |
30.3
|
16.7
|
28.1
|
22.5
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX |
(3.3)
|
23.8
|
(1.2)
|
18.1
|
Ending balance |
27.0
|
40.6
|
27.0
|
40.6
|
Accumulated Income (Loss) On Foreign Currency Translation |
|
|
|
|
Increase (Decrease) in AOCI |
|
|
|
|
Beginning balance |
|
|
(37.4)
|
(61.1)
|
Other comprehensive income (loss) before reclassifications: |
|
|
|
|
Pre-tax |
|
|
(5.6)
|
21.0
|
Tax effect |
|
|
0.0
|
0.0
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Provision (benefit) for income taxes |
|
|
0.0
|
0.0
|
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX |
|
|
(5.6)
|
21.0
|
Ending balance |
(43.0)
|
(40.1)
|
(43.0)
|
(40.1)
|
Accumulated Income (Loss) On Foreign Currency Translation | Interest Rate Swaps |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
0.0
|
0.0
|
Accumulated Income (Loss) On Foreign Currency Translation | Floorplan interest expense (pre-tax) |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
0.0
|
0.0
|
Accumulated Income (Loss) On Foreign Currency Translation | Other interest expense, net (pre-tax) |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
0.0
|
0.0
|
Accumulated Income (Loss) On Interest Rate Swaps |
|
|
|
|
Increase (Decrease) in AOCI |
|
|
|
|
Beginning balance |
|
|
65.6
|
83.6
|
Other comprehensive income (loss) before reclassifications: |
|
|
|
|
Pre-tax |
|
|
25.7
|
11.9
|
Tax effect |
|
|
(6.1)
|
(2.8)
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Provision (benefit) for income taxes |
|
|
4.7
|
3.7
|
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX |
|
|
4.4
|
(2.8)
|
Ending balance |
$ 70.0
|
$ 80.8
|
70.0
|
80.8
|
Accumulated Income (Loss) On Interest Rate Swaps | Interest Rate Swaps |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
(0.2)
|
(4.0)
|
Accumulated Income (Loss) On Interest Rate Swaps | Floorplan interest expense (pre-tax) |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
(10.6)
|
(7.1)
|
Accumulated Income (Loss) On Interest Rate Swaps | Other interest expense, net (pre-tax) |
|
|
|
|
Amount reclassified from accumulated other comprehensive income (loss): |
|
|
|
|
Pre-tax |
|
|
$ (9.0)
|
$ (4.5)
|
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