GPI 8-K

Group 1 Automotive Inc (GPI)

8-K 2021-07-29 For: 2021-07-29

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Added on April 05, 2026

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Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)

	Three Months Ended June 30,
	2021			2020			Increase/(Decrease)			% Change
REVENUES:
New vehicle retail sales	$	1,855.3		$	1,062.7		$	792.6		74.6	%
Used vehicle retail sales	1,195.6			641.2			554.4			86.5	%
Used vehicle wholesale sales	96.4			48.7			47.7			98.0	%
Parts and service sales	392.1			282.0			110.2			39.1	%
Finance, insurance and other, net	161.0			96.7			64.3			66.5	%
Total revenues	3,700.4			2,131.2			1,569.2			73.6	%
COST OF SALES:
New vehicle retail sales	1,690.0			998.9			691.1			69.2	%
Used vehicle retail sales	1,086.5			594.9			491.6			82.6	%
Used vehicle wholesale sales	87.2			46.6			40.6			87.1	%
Parts and service sales	175.4			132.0			43.4			32.9	%
Total cost of sales	3,039.2			1,772.4			1,266.8			71.5	%
GROSS PROFIT	661.3			358.8			302.4			84.3	%
Selling, general and administrative expenses	376.7			237.2			139.5			58.8	%
Depreciation and amortization expense	18.8			18.8			—			0.2	%
Asset impairments	—			23.8			(23.8)			(100.0)	%
INCOME FROM OPERATIONS	265.8			79.0			186.7			236.3	%
Floorplan interest expense	8.8			10.1			(1.3)			(13.2)	%
Other interest expense, net	13.7			16.2			(2.5)			(15.3)	%

Loss on extinguishment of debt	—			10.4			(10.4)			(100.0)	%
INCOME BEFORE INCOME TAXES	243.2			42.3			200.9			474.6	%
Provision for income taxes	52.3			12.2			40.1			329.9	%
NET INCOME	$	191.0		$	30.2		$	160.8		532.9	%
Less: Earnings allocated to participating securities	6.4			1.1			5.3			490.0	%
Net income available to diluted common shares	$	184.5		$	29.1		$	155.5		534.5	%
DILUTED EARNINGS PER SHARE	$	10.35		$	1.63		$	8.72		533.9	%
Weighted average dilutive common shares outstanding	17.8			17.8			—			0.1	%
Weighted average participating securities	0.6			0.7			—			(6.6)	%
Total weighted average shares	18.5			18.5			—			(0.1)	%
Effective tax rate	21.5		%	28.7		%	(7.2)		%


Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)

	Six Months Ended June 30,
	2021			2020			Increase/(Decrease)			% Change
REVENUES:
New vehicle retail sales	$	3,398.7		$	2,404.8		$	993.8		41.3	%
Used vehicle retail sales	2,094.4			1,420.3			674.1			47.5	%
Used vehicle wholesale sales	176.6			135.2			41.4			30.7	%
Parts and service sales	752.8			652.6			100.2			15.4	%
Finance, insurance and other, net	288.0			209.2			78.8			37.7	%
Total revenues	6,710.5			4,822.0			1,888.4			39.2	%
COST OF SALES:
New vehicle retail sales	3,134.4			2,278.3			856.1			37.6	%
Used vehicle retail sales	1,925.7			1,331.8			593.8			44.6	%
Used vehicle wholesale sales	163.5			132.1			31.4			23.8	%
Parts and service sales	335.0			304.5			30.4			10.0	%
Total cost of sales	5,558.5			4,046.7			1,511.8			37.4	%
GROSS PROFIT	1,151.9			775.3			376.7			48.6	%
Selling, general and administrative expenses	695.2			565.1			130.0			23.0	%
Depreciation and amortization expense	38.3			37.4			0.9			2.4	%
Asset impairments	—			23.8			(23.8)			(100.0)	%
INCOME FROM OPERATIONS	418.5			148.9			269.6			181.0	%
Floorplan interest expense	16.4			23.0			(6.6)			(28.8)	%
Other interest expense, net	27.5			34.3			(6.8)			(19.9)	%

Loss on extinguishment of debt	—			10.4			(10.4)			(100.0)	%
INCOME BEFORE INCOME TAXES	374.6			81.2			293.4			361.2	%
Provision for income taxes	81.7			21.3			60.4			284.1	%
NET INCOME	$	292.9		$	60.0		$	233.0		388.6	%
Less: Earnings allocated to participating securities	9.9			2.1			7.8			361.1	%
Net income available to diluted common shares	$	283.0		$	57.8		$	225.2		389.6	%
DILUTED EARNINGS PER SHARE	$	15.88		$	3.25		$	12.63		389.1	%
Weighted average dilutive common shares outstanding	17.8			17.8			—			0.1	%
Weighted average participating securities	0.6			0.7			—			(6.4)	%
Total weighted average shares	18.5			18.5			—			(0.1)	%
Effective tax rate	21.8		%	26.2		%	(4.4)		%


Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)

	June 30, 2021		December 31, 2020		Increase/(Decrease)		% Change
SELECTED BALANCE SHEET INFORMATION:
(In millions)
Cash and cash equivalents	$	198.7	$	87.3	$	111.4	127.7	%
Inventories, net	$	1,030.2	$	1,468.0	$	(437.8)	(29.8)	%
Floorplan notes payable, net (1)	$	498.5	$	1,095.0	$	(596.5)	(54.5)	%
Total debt	$	1,381.3	$	1,351.4	$	29.9	2.2	%
Total equity	$	1,754.0	$	1,449.6	$	304.4	21.0	%
(1) Amounts are net of offset accounts of $326.1 and $176.4, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
United States	79.4	%	82.9	%	79.2	%	75.1	%
United Kingdom	17.2	%	14.5	%	17.5	%	20.6	%
Brazil	3.4	%	2.6	%	3.3	%	4.3	%

NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Lexus	25.8	%	22.8	%	25.9	%	23.1	%
Volkswagen/Audi/Porsche/SEAT/SKODA	15.3	%	11.7	%	14.8	%	14.2	%
BMW/MINI	11.7	%	10.5	%	11.1	%	11.2	%
Honda/Acura	10.3	%	9.9	%	10.0	%	9.6	%
Ford/Lincoln	7.6	%	12.3	%	8.5	%	11.1	%
Chevrolet/GMC/Buick/Cadillac	6.6	%	8.7	%	6.9	%	7.6	%
Nissan	5.8	%	5.9	%	5.5	%	5.6	%
Hyundai/Kia/Genesis	5.7	%	4.8	%	5.3	%	4.4	%
Mercedes-Benz/smart/Sprinter	4.5	%	5.3	%	4.8	%	5.3	%
Chrysler/Dodge/Jeep/RAM	3.9	%	4.9	%	4.0	%	4.1	%
Jaguar/Land Rover	1.7	%	1.7	%	2.0	%	2.2	%
Other	1.1	%	1.6	%	1.3	%	1.7	%
	100.0	%	100.0	%	100.0	%	100.0	%


	June 30, 2021	December 31, 2020	June 30, 2020
DAYS’ SUPPLY IN INVENTORY (1):
Consolidated
New vehicle inventory	20	52	61
Used vehicle inventory	32	37	29
U.S.
New vehicle inventory	16	48	64
Used vehicle inventory	29	32	25
U.K.
New vehicle inventory	31	102	49
Used vehicle inventory	39	52	38
Brazil
New vehicle inventory	32	27	81
Used vehicle inventory	54	51	61
(1) Days’ supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b))


Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,855.3		$	1,062.7		$	792.6		74.6	%	$	33.6	71.4	%
Used vehicle retail sales	1,195.6			641.2			554.4			86.5	%	32.8		81.3	%
Used vehicle wholesale sales	96.4			48.7			47.7			98.0	%	3.6		90.6	%
Total used	1,292.0			689.9			602.1			87.3	%	36.5		82.0	%
Parts and service sales	392.1			282.0			110.2			39.1	%	5.6		37.1	%
F&I, net	161.0			96.7			64.3			66.5	%	1.7		64.7	%
Total revenues	$	3,700.4		$	2,131.2		$	1,569.2		73.6	%	$	77.4	70.0	%
Gross profit:
New vehicle retail sales	$	165.3		$	63.8		$	101.5		159.2	%	$	2.1	155.9	%
Used vehicle retail sales	109.1			46.3			62.8			135.8	%	2.3		130.9	%
Used vehicle wholesale sales	9.1			2.0			7.1			NM		0.3		NM
Total used	118.2			48.3			69.9			144.7	%	2.5		139.5	%
Parts and service sales	216.7			150.0			66.7			44.5	%	3.4		42.2	%
F&I, net	161.0			96.7			64.3			66.5	%	1.7		64.7	%
Total gross profit	$	661.3		$	358.8		$	302.4		84.3	%	$	9.8	81.6	%
Gross margin:
New vehicle retail sales	8.9		%	6.0		%	2.9		%
Used vehicle retail sales	9.1		%	7.2		%	1.9		%
Used vehicle wholesale sales	9.5		%	4.2		%	5.3		%
Total used	9.2		%	7.0		%	2.1		%
Parts and service sales	55.3		%	53.2		%	2.1		%

Total gross margin	17.9		%	16.8		%	1.0		%
Units sold:
Retail new vehicles sold	42,893			26,472			16,421			62.0	%
Retail used vehicles sold	45,002			30,528			14,474			47.4	%
Wholesale used vehicles sold	10,965			7,303			3,662			50.1	%
Total used	55,967			37,831			18,136			47.9	%
Average sales price per unit sold:
New vehicle retail	$	43,254		$	40,143		$	3,111		7.8	%	$	783	5.8	%
Used vehicle retail	$	26,568		$	21,004		$	5,564		26.5	%	$	729	23.0	%
Gross profit per unit sold:
New vehicle retail sales	$	3,853		$	2,409		$	1,444		59.9	%	$	48	58.0	%
Used vehicle retail sales	$	2,425		$	1,516		$	909		59.9	%	$	50	56.6	%
Used vehicle wholesale sales	$	832		$	278		$	554		NM		$	24	NM
Total used	$	2,113		$	1,277		$	836		65.4	%	$	45	61.9	%
F&I PRU	$	1,832		$	1,697		$	135		8.0	%	$	20	6.8	%
Other:





SG&A expenses	$	376.7		$	237.2		$	139.5		58.8	%	$	6.3	56.2	%
Adjusted SG&A expenses (1)	$	377.5		$	225.4		$	152.1		67.5	%	$	6.3	64.7	%


SG&A as % gross profit	57.0		%	66.1		%	(9.1)		%
Adjusted SG&A as % gross profit (1)	57.1		%	62.8		%	(5.7)		%
Operating margin %	7.2		%	3.7		%	3.5		%
Adjusted operating margin % (1)	7.2		%	5.4		%	1.8		%
Pretax margin %	6.6		%	2.0		%	4.6		%
Adjusted pretax margin % (1)	6.6		%	4.1		%	2.5		%
Floorplan expense:
Floorplan interest expense	$	8.8		$	10.1		$	(1.3)		(13.2)	%	$	0.2	(14.9)	%
Less: Floorplan assistance (2)	15.3			9.8			5.4			55.5	%	—		55.5	%
Net floorplan expense	$	(6.5)		$	0.3		$	(6.8)				$	0.2
Adjusted floorplan interest expense (1)	$	6.5		$	10.1		$	(3.7)		(36.1)	%	$	0.2	(37.8)	%


Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	1,504.4		$	915.7		$	588.7		64.3	%
Used vehicle retail sales	882.9			540.9			342.0			63.2	%
Used vehicle wholesale sales	61.2			30.5			30.7			100.5	%
Total used	944.1			571.4			372.7			65.2	%
Parts and service sales	332.6			254.2			78.4			30.8	%
F&I, net	143.9			89.8			54.1			60.3	%
Total revenues	$	2,924.9		$	1,831.1		$	1,093.8		59.7	%
Gross profit:
New vehicle retail sales	$	141.7		$	56.5		$	85.2		150.7	%
Used vehicle retail sales	87.3			41.0			46.4			113.2	%
Used vehicle wholesale sales	6.4			1.6			4.8			NM
Total used	93.7			42.6			51.2			120.2	%
Parts and service sales	181.7			135.6			46.1			34.0	%
F&I, net	143.9			89.8			54.1			60.3	%
Total gross profit	$	561.1		$	324.5		$	236.6		72.9	%
Gross margin:
New vehicle retail sales	9.4		%	6.2		%	3.2		%
Used vehicle retail sales	9.9		%	7.6		%	2.3		%
Used vehicle wholesale sales	10.5		%	5.2		%	5.2		%
Total used	9.9		%	7.4		%	2.5		%
Parts and service sales	54.6		%	53.3		%	1.3		%

Total gross margin	19.2		%	17.7		%	1.5		%
Units sold:
Retail new vehicles sold	34,047			21,937			12,110			55.2	%
Retail used vehicles sold	34,008			26,132			7,876			30.1	%
Wholesale used vehicles sold	6,606			5,150			1,456			28.3	%
Total used	40,614			31,282			9,332			29.8	%
Average sales price per unit sold:
New vehicle retail	$	44,185		$	41,742		$	2,443		5.9	%
Used vehicle retail	$	25,962		$	20,699		$	5,263		25.4	%
Gross profit per unit sold:
New vehicle retail sales	$	4,162		$	2,576		$	1,586		61.6	%
Used vehicle retail sales	$	2,568		$	1,568		$	1,000		63.8	%
Used vehicle wholesale sales	$	969		$	311		$	658		NM
Total used	$	2,308		$	1,361		$	947		69.6	%
F&I PRU	$	2,114		$	1,868		$	247		13.2	%
Other:





SG&A expenses	$	312.6		$	203.3		$	109.3		53.8	%
Adjusted SG&A expenses (1)	$	313.4		$	192.7		$	120.7		62.6	%


SG&A as % gross profit	55.7		%	62.6		%	(6.9)		%
Adjusted SG&A as % gross profit (1)	55.9		%	59.4		%	(3.5)		%


Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	301.2		$	127.2		$	174.0		136.8	%	$	32.9	110.9	%
Used vehicle retail sales	300.9			92.8			208.1			224.1	%	32.7		188.9	%
Used vehicle wholesale sales	32.5			15.3			17.3			113.2	%	3.6		89.9	%
Total used	333.4			108.1			225.3			208.5	%	36.3		174.9	%
Parts and service sales	50.3			21.8			28.5			130.5	%	5.5		105.4	%
F&I, net	15.7			6.4			9.4			147.1	%	1.7		120.3	%
Total revenues	$	700.7		$	263.5		$	437.2		165.9	%	$	76.4	136.9	%
Gross profit:
New vehicle retail sales	$	18.4		$	5.9		$	12.5		213.2	%	$	2.0	179.0	%
Used vehicle retail sales	20.8			4.9			15.9			326.2	%	2.3		280.1	%
Used vehicle wholesale sales	2.5			0.4			2.2			NM		0.3		NM
Total used	23.3			5.2			18.1			345.7	%	2.5		297.7	%
Parts and service sales	31.0			11.9			19.0			159.2	%	3.4		131.1	%
F&I, net	15.7			6.4			9.4			147.1	%	1.7		120.3	%
Total gross profit	$	88.4		$	29.4		$	59.0		200.6	%	$	9.6	167.9	%
Gross margin:
New vehicle retail sales	6.1		%	4.6		%	1.5		%
Used vehicle retail sales	6.9		%	5.3		%	1.7		%
Used vehicle wholesale sales	7.7		%	2.3		%	5.4		%
Total used	7.0		%	4.8		%	2.2		%
Parts and service sales	61.5		%	54.7		%	6.8		%

Total gross margin	12.6		%	11.2		%	1.5		%
Units sold:
Retail new vehicles sold	7,395			3,841			3,554			92.5	%
Retail used vehicles sold	10,494			4,040			6,454			159.8	%
Wholesale used vehicles sold	4,124			1,829			2,295			125.5	%
Total used	14,618			5,869			8,749			149.1	%
Average sales price per unit sold:
New vehicle retail	$	40,727		$	33,119		$	7,608		23.0	%	$	4,455	9.5	%
Used vehicle retail	$	28,672		$	22,978		$	5,694		24.8	%	$	3,114	11.2	%
Gross profit per unit sold:
New vehicle retail sales	$	2,484		$	1,527		$	957		62.7	%	$	271	44.9	%
Used vehicle retail sales	$	1,984		$	1,209		$	775		64.1	%	$	215	46.3	%
Used vehicle wholesale sales	$	611		$	192		$	419		NM		$	64	NM
Total used	$	1,597		$	892		$	705		79.0	%	$	172	59.7	%
F&I PRU	$	879		$	808		$	72		8.9	%	$	95	(2.9)	%
Other:
SG&A expenses	$	56.0		$	28.3		$	27.7		98.0	%	$	6.2	76.0	%
Adjusted SG&A expenses (1)	$	56.0		$	27.1		$	29.0		106.9	%	$	6.2	83.9	%


SG&A as % gross profit	63.4		%	96.2		%	(32.8)		%
Adjusted SG&A as % gross profit (1)	63.4		%	92.1		%	(28.7)		%


Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	49.8		$	19.8		$	30.0		151.8	%	$	0.6	148.5	%
Used vehicle retail sales	11.8			7.5			4.4			58.4	%	0.1		56.6	%
Used vehicle wholesale sales	2.6			2.9			(0.2)			(8.3)	%	0.1		(10.9)	%
Total used	14.5			10.3			4.1			39.9	%	0.2		37.7	%
Parts and service sales	9.2			5.9			3.3			55.9	%	0.1		53.4	%
F&I, net	1.4			0.6			0.8			139.1	%	—		136.2	%
Total revenues	$	74.8		$	36.6		$	38.2		104.5	%	$	1.0	101.6	%
Gross profit:
New vehicle retail sales	$	5.2		$	1.4		$	3.8		274.3	%	$	0.1	270.4	%
Used vehicle retail sales	1.0			0.4			0.5			126.0	%	—		124.6	%
Used vehicle wholesale sales	0.2			0.1			0.1			149.8	%	—		145.5	%
Total used	1.2			0.5			0.7			129.7	%	—		127.9	%
Parts and service sales	4.0			2.5			1.6			63.9	%	0.1		61.5	%
F&I, net	1.4			0.6			0.8			139.1	%	—		136.2	%
Total gross profit	$	11.8		$	4.9		$	6.8		138.6	%	$	0.2	135.5	%
Gross margin:
New vehicle retail sales	10.4		%	7.0		%	3.4		%
Used vehicle retail sales	8.2		%	5.8		%	2.5		%
Used vehicle wholesale sales	7.6		%	2.8		%	4.8		%
Total used	8.1		%	4.9		%	3.2		%
Parts and service sales	43.9		%	41.8		%	2.2		%

Total gross margin	15.7		%	13.5		%	2.3		%
Units sold:
Retail new vehicles sold	1,451			694			757			109.1	%
Retail used vehicles sold	500			356			144			40.4	%
Wholesale used vehicles sold	235			324			(89)			(27.5)	%
Total used	735			680			55			8.1	%
Average sales price per unit sold:
New vehicle retail	$	34,313		$	28,495		$	5,818		20.4	%	$	438	18.9	%
Used vehicle retail	$	23,671		$	20,983		$	2,687		12.8	%	$	271	11.5	%
Gross profit per unit sold:
New vehicle retail sales	$	3,578		$	1,999		$	1,579		79.0	%	$	38	77.1	%
Used vehicle retail sales	$	1,951		$	1,213		$	739		60.9	%	$	12	59.9	%
Used vehicle wholesale sales	$	850		$	247		$	603		NM		$	15	NM
Total used	$	1,599		$	752		$	847		112.6	%	$	13	110.8	%
F&I PRU	$	707		$	550		$	158		28.7	%	$	8	27.1	%
Other:
SG&A expenses	$	8.1		$	5.6		$	2.5		44.0	%	$	0.1	42.2	%

SG&A as % gross profit	68.8		%	114.0		%	(45.2)		%


Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,837.5		$	1,049.8		$	787.7		75.0	%	$	33.6	71.8	%
Used vehicle retail sales	1,188.2			632.5			555.7			87.9	%	32.8		82.7	%
Used vehicle wholesale sales	95.8			48.2			47.6			98.7	%	3.6		91.2	%
Total used	1,284.0			680.7			603.3			88.6	%	36.5		83.3	%
Parts and service sales	385.5			278.5			107.0			38.4	%	5.3		36.5	%
F&I, net	159.9			95.5			64.4			67.4	%	1.7		65.6	%
Total revenues	$	3,666.9		$	2,104.5		$	1,562.4		74.2	%	$	77.1	70.6	%
Gross profit:
New vehicle retail sales	$	163.6		$	63.1		$	100.6		159.4	%	$	2.1	156.2	%
Used vehicle retail sales	107.8			45.8			62.1			135.6	%	2.3		130.7	%
Used vehicle wholesale sales	8.9			2.0			6.9			NM		0.3		NM
Total used	116.8			47.8			69.0			144.4	%	2.5		139.1	%
Parts and service sales	212.9			148.1			64.9			43.8	%	3.2		41.6	%
F&I, net	159.9			95.5			64.4			67.4	%	1.7		65.6	%
Total gross profit	$	653.3		$	354.4		$	298.8		84.3	%	$	9.6	81.6	%
Gross margin:
New vehicle retail sales	8.9		%	6.0		%	2.9		%
Used vehicle retail sales	9.1		%	7.2		%	1.8		%
Used vehicle wholesale sales	9.3		%	4.1		%	5.2		%
Total used	9.1		%	7.0		%	2.1		%
Parts and service sales	55.2		%	53.2		%	2.1		%

Total gross margin	17.8		%	16.8		%	1.0		%
Units sold:
Retail new vehicles sold	42,409			26,116			16,293			62.4	%
Retail used vehicles sold	44,659			30,016			14,643			48.8	%
Wholesale used vehicles sold	10,846			7,217			3,629			50.3	%
Total used	55,505			37,233			18,272			49.1	%
Average sales price per unit sold:
New vehicle retail	$	43,329		$	40,199		$	3,131		7.8	%	$	792	5.8	%
Used vehicle retail	$	26,606		$	21,072		$	5,534		26.3	%	$	735	22.8	%
Gross profit per unit sold:
New vehicle retail sales	$	3,858		$	2,415		$	1,443		59.8	%	$	49	57.8	%
Used vehicle retail sales	$	2,415		$	1,525		$	890		58.4	%	$	51	55.0	%
Used vehicle wholesale sales	$	823		$	277		$	546		NM		$	25	NM
Total used	$	2,104		$	1,283		$	821		64.0	%	$	46	60.4	%
F&I PRU	$	1,837		$	1,702		$	135		7.9	%	$	20	6.8	%
Other:





SG&A expenses	$	372.3		$	233.2		$	139.1		59.7	%	$	6.2	57.0	%
Adjusted SG&A expenses (1)	$	372.3		$	221.4		$	150.9		68.1	%	$	6.2	65.3	%


SG&A as % gross profit	57.0		%	65.8		%	(8.8)		%
Adjusted SG&A as % gross profit (1)	57.0		%	62.5		%	(5.5)		%
Operating margin %	7.2		%	3.8		%	3.4		%
Adjusted operating margin % (1)	7.2		%	5.4		%	1.7		%


Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	1,486.6		$	903.9		$	582.7		64.5	%
Used vehicle retail sales	875.5			533.2			342.2			64.2	%
Used vehicle wholesale sales	60.6			30.1			30.5			101.2	%
Total used	936.1			563.4			372.7			66.2	%
Parts and service sales	329.3			251.2			78.1			31.1	%
F&I, net	142.8			88.7			54.1			61.0	%
Total revenues	$	2,894.8		$	1,807.1		$	1,087.7		60.2	%
Gross profit:
New vehicle retail sales	$	140.1		$	55.9		$	84.2		150.7	%
Used vehicle retail sales	86.0			40.5			45.5			112.3	%
Used vehicle wholesale sales	6.2			1.6			4.6			NM
Total used	92.2			42.1			50.2			119.1	%
Parts and service sales	179.6			133.9			45.8			34.2	%
F&I, net	142.8			88.7			54.1			61.0	%
Total gross profit	$	554.8		$	320.5		$	234.3		73.1	%
Gross margin:
New vehicle retail sales	9.4		%	6.2		%	3.2		%
Used vehicle retail sales	9.8		%	7.6		%	2.2		%
Used vehicle wholesale sales	10.2		%	5.2		%	5.0		%
Total used	9.9		%	7.5		%	2.4		%
Parts and service sales	54.6		%	53.3		%	1.3		%

Total gross margin	19.2		%	17.7		%	1.4		%
Units sold:
Retail new vehicles sold	33,563			21,631			11,932			55.2	%
Retail used vehicles sold	33,665			25,691			7,974			31.0	%
Wholesale used vehicles sold	6,487			5,084			1,403			27.6	%
Total used	40,152			30,775			9,377			30.5	%
Average sales price per unit sold:
New vehicle retail	$	44,292		$	41,786		$	2,506		6.0	%
Used vehicle retail	$	26,005		$	20,756		$	5,249		25.3	%
Gross profit per unit sold:
New vehicle retail sales	$	4,173		$	2,583		$	1,591		61.6	%
Used vehicle retail sales	$	2,556		$	1,577		$	978		62.0	%
Used vehicle wholesale sales	$	956		$	309		$	648		NM
Total used	$	2,297		$	1,368		$	930		68.0	%
F&I PRU	$	2,125		$	1,874		$	250		13.4	%
Other:





SG&A expenses	$	309.4		$	200.2		$	109.2		54.6	%
Adjusted SG&A expenses (1)	$	309.4		$	189.7		$	119.8		63.2	%


SG&A as % gross profit	55.8		%	62.5		%	(6.7)		%
Adjusted SG&A as % gross profit (1)	55.8		%	59.2		%	(3.4)		%


Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	301.2		$	126.2		$	175.0		138.7	%	$	32.9	112.6	%
Used vehicle retail sales	300.9			91.8			209.1			227.7	%	32.7		192.1	%
Used vehicle wholesale sales	32.5			15.2			17.3			113.9	%	3.6		90.5	%
Total used	333.4			107.0			226.4			211.6	%	36.3		177.7	%
Parts and service sales	47.0			21.4			25.6			119.7	%	5.1		95.8	%
F&I, net	15.7			6.3			9.5			151.1	%	1.7		123.9	%
Total revenues	$	697.3		$	260.9		$	436.5		167.3	%	$	76.0	138.2	%
Gross profit:
New vehicle retail sales	$	18.4		$	5.8		$	12.6		215.9	%	$	2.0	181.4	%
Used vehicle retail sales	20.8			4.8			16.0			331.9	%	2.3		285.1	%
Used vehicle wholesale sales	2.5			0.3			2.2			NM		0.3		NM
Total used	23.3			5.2			18.2			351.5	%	2.5		302.9	%
Parts and service sales	29.2			11.7			17.5			149.3	%	3.2		122.2	%
F&I, net	15.7			6.3			9.5			151.1	%	1.7		123.9	%
Total gross profit	$	86.7		$	29.0		$	57.7		199.1	%	$	9.4	166.6	%
Gross margin:
New vehicle retail sales	6.1		%	4.6		%	1.5		%
Used vehicle retail sales	6.9		%	5.3		%	1.7		%
Used vehicle wholesale sales	7.7		%	2.3		%	5.5		%
Total used	7.0		%	4.8		%	2.2		%
Parts and service sales	62.2		%	54.8		%	7.4		%

Total gross margin	12.4		%	11.1		%	1.3		%
Units sold:
Retail new vehicles sold	7,395			3,791			3,604			95.1	%
Retail used vehicles sold	10,494			3,969			6,525			164.4	%
Wholesale used vehicles sold	4,124			1,809			2,315			128.0	%
Total used	14,618			5,778			8,840			153.0	%
Average sales price per unit sold:
New vehicle retail	$	40,727		$	33,284		$	7,443		22.4	%	$	4,455	9.0	%
Used vehicle retail	$	28,672		$	23,131		$	5,541		24.0	%	$	3,114	10.5	%
Gross profit per unit sold:
New vehicle retail sales	$	2,484		$	1,533		$	950		62.0	%	$	271	44.3	%
Used vehicle retail sales	$	1,984		$	1,215		$	770		63.3	%	$	215	45.7	%
Used vehicle wholesale sales	$	611		$	192		$	419		NM		$	64	NM
Total used	$	1,597		$	895		$	702		78.5	%	$	172	59.2	%
F&I PRU	$	879		$	807		$	72		8.9	%	$	95	(2.9)	%
Other:
SG&A expenses	$	54.9		$	27.3		$	27.5		100.7	%	$	6.1	78.4	%
Adjusted SG&A expenses (1)	$	54.9		$	26.1		$	28.8		110.1	%	$	6.1	86.7	%
SG&A as % gross profit	63.3		%	94.4		%	(31.1)		%
Adjusted SG&A as % gross profit (1)	63.3		%	90.2		%	(26.8)		%


Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)

	Three Months Ended June 30,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	49.8		$	19.8		$	30.0		151.8	%	$	0.6	148.5	%
Used vehicle retail sales	11.8			7.4			4.4			59.0	%	0.1		57.2	%
Used vehicle wholesale sales	2.6			2.9			(0.2)			(8.3)	%	0.1		(10.9)	%
Total used	14.5			10.3			4.2			40.3	%	0.2		38.1	%
Parts and service sales	9.2			5.9			3.3			55.9	%	0.1		53.4	%
F&I, net	1.4			0.6			0.8			139.1	%	—		136.2	%
Total revenues	$	74.8		$	36.6		$	38.3		104.6	%	$	1.0	101.8	%
Gross profit:
New vehicle retail sales	$	5.2		$	1.4		$	3.8		274.3	%	$	0.1	270.4	%
Used vehicle retail sales	1.0			0.4			0.6			128.5	%	—		127.1	%
Used vehicle wholesale sales	0.2			0.1			0.1			149.8	%	—		145.5	%
Total used	1.2			0.5			0.7			131.8	%	—		130.0	%
Parts and service sales	4.0			2.5			1.6			63.9	%	0.1		61.5	%
F&I, net	1.4			0.6			0.8			139.1	%	—		136.2	%
Total gross profit	$	11.8		$	4.9		$	6.9		138.8	%	$	0.2	135.7	%
Gross margin:
New vehicle retail sales	10.4		%	7.0		%	3.4		%
Used vehicle retail sales	8.3		%	5.8		%	2.5		%
Used vehicle wholesale sales	7.6		%	2.8		%	4.8		%
Total used	8.2		%	4.9		%	3.2		%
Parts and service sales	43.9		%	41.8		%	2.2		%

Total gross margin	15.8		%	13.5		%	2.3		%
Units sold:
Retail new vehicles sold	1,451			694			757			109.1	%
Retail used vehicles sold	500			356			144			40.4	%
Wholesale used vehicles sold	235			324			(89)			(27.5)	%
Total used	735			680			55			8.1	%
Average sales price per unit sold:
New vehicle retail	$	34,313		$	28,495		$	5,818		20.4	%	$	438	18.9	%
Used vehicle retail	$	23,671		$	20,905		$	2,766		13.2	%	$	273	11.9	%
Gross profit per unit sold:
New vehicle retail sales	$	3,578		$	1,999		$	1,579		79.0	%	$	38	77.1	%
Used vehicle retail sales	$	1,959		$	1,204		$	755		62.7	%	$	12	61.7	%
Used vehicle wholesale sales	$	850		$	247		$	603		NM		$	15	NM
Total used	$	1,605		$	748		$	856		114.5	%	$	13	112.8	%
F&I PRU	$	707		$	550		$	158		28.7	%	$	8	27.1	%
Other:
SG&A expenses	$	8.0		$	5.6		$	2.3		41.7	%	$	0.1	39.9	%



SG&A as % gross profit	67.6		%	114.0		%	(46.4)		%


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)

	Three Months Ended June 30, 2021
	U.S. GAAP			Non-cash loss on interest rate swaps		Dealership and real estate transactions		Tax rate changes		Non-GAAP adjusted
SG&A expenses	$	376.7		$	—	$	0.8	$	—	$	377.5

Income (loss) from operations	$	265.8		$	—	$	(0.8)	$	—	$	264.9
Floorplan interest expense	$	8.8		$	(2.3)	$	—	$	—	$	6.5


Income (loss) before income taxes	$	243.2		$	2.3	$	(0.8)	$	—	$	244.8
Less: Provision (benefit) for income taxes	52.3			0.5		(0.2)		1.9		54.6
Net income (loss)	191.0			1.8		(0.6)		(1.9)		190.2
Less: Earnings (loss) allocated to participating securities	6.4			0.1		—		(0.1)		6.4
Net income (loss) available to diluted common shares	$	184.5		$	1.7	$	(0.6)	$	(1.8)	$	183.8

Diluted income (loss) per common share	$	10.35		$	0.10	$	(0.03)	$	(0.10)	$	10.31

Effective tax rate	21.5		%							22.3		%

SG&A as % gross profit (1)	57.0		%							57.1		%
Operating margin (2)	7.2		%							7.2		%
Pretax margin (3)	6.6		%							6.6		%







	Three Months Ended June 30, 2020
	U.S. GAAP			Out-of-period adjustment		Non-GAAP adjusted

SG&A expenses	$	203.3		$	(10.6)	$	192.7






SG&A as % gross profit (1)	62.6		%			59.4		%





Same Store SG&A expenses	$	200.2		$	(10.6)	$	189.7
Same Store SG&A as % gross profit (1)	62.5		%			59.2		%







	Six Months Ended June 30, 2021
	U.S. GAAP			Catastrophic events		Dealership and real estate transactions		Legal matters		Non-GAAP adjusted
SG&A expenses	$	574.3		$	(2.2)	$	1.7	$	1.0	$	574.7






SG&A as % gross profit (1)	58.8		%							58.9		%




Same Store SG&A expenses	$	571.5		$	(2.2)	$	—	$	1.0	$	570.2
Same Store SG&A as % gross profit (1)	58.9		%							58.8		%







	Six Months Ended June 30, 2020
	U.S. GAAP			Out-of-period adjustment		Non-GAAP adjusted

SG&A expenses	$	460.8		$	(10.6)	$	450.2






SG&A as % gross profit (1)	69.2		%			67.7		%





Same Store SG&A expenses	$	454.1		$	(10.6)	$	443.6
Same Store SG&A as % gross profit (1)	69.0		%			67.4		%







	Six Months Ended June 30, 2020
	U.S. GAAP			Severance costs		Non-GAAP Adjusted
SG&A expenses	$	88.2		$	(1.2)	$	86.9






SG&A as % gross profit (1)	93.5		%			92.2		%




Same Store SG&A expenses	$	85.1		$	(1.2)	$	83.9
Same Store SG&A as % gross profit (1)	92.6		%			91.3		%