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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 

The increase from 2014 to 2015 is due to a $344.2 million, or 4.0%, increase in same-store revenues, coupled with a $165.9 million increase from net dealership acquisitions during the year. Excluding $277.2 million of negative foreign currency fluctuations, same-store new retail revenue increased 7.2%. The same-store revenue increase is due to the increase in same-store new retail unit sales, which increased revenue by $394.4 million, somewhat offset by a $235 per unit decrease in comparative average selling prices per unit (including a $1,239 per unit decrease attributable to negative foreign currency fluctuations), which decreased revenue by $50.2 million.

 

Gross Profit

 

Retail gross profit from new vehicle sales increased from 2015 to 2016 due to a $49.9 million increase from net dealership acquisitions, offset by a $23.0 million, or 3.4%, decrease in same-store gross profit during the year. Excluding $30.3 million of negative foreign currency fluctuations, same-store gross profit increased 1.1%. The decrease in same-store gross profit is due to a $130 per unit decrease in the average gross profit per new vehicle retailed (including a $132 per unit decrease attributable to negative foreign currency fluctuations), which decreased gross profit by $29.5 million, somewhat offset by the increase in same-store new retail unit sales, which increased gross profit by $6.5 million.

 

The increase from 2014 to 2015 is due to a $22.3 million increase from net dealership acquisitions, coupled with a $10.0 million, or 1.5%, increase in same-store gross profit during the year. Excluding $24.5 million of negative foreign currency fluctuations, same-store gross profit increased 5.2%. The increase in same-store gross profit is due to the increase in same-store new retail unit sales, which increased gross profit by $29.9 million, somewhat offset by a $93 per unit decrease in the average gross profit per new vehicle retailed (including a $110 per unit decrease attributable to negative foreign currency fluctuations), which decreased gross profit by $19.9 million.

 

 

Retail Automotive Dealership Used Vehicle Data

(In millions, except unit and per unit amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016 vs. 2015

 

 

 

 

 

 

 

 

2015 vs. 2014

 

Used Vehicle Data

    

2016

  

2015

  

Change

  

% Change

  

  

2015

  

2014

  

Change

  

% Change

  

Used retail unit sales

 

 

207,556

 

 

198,459

 

 

9,097

 

4.6

%

 

 

198,459

 

 

182,109

 

 

16,350

 

9.0

%

Same-store used retail unit sales

 

 

191,234

 

 

192,093

 

 

(859)

 

(0.4)

%

 

 

189,548

 

 

180,155

 

 

9,393

 

5.2

%

Used retail sales revenue

 

$

5,663.7

 

$

5,425.5

 

$

238.2

 

4.4

%

 

$

5,425.5

 

$

4,971.1

 

$

454.4

 

9.1

%

Same-store used retail sales revenue

 

$

5,267.0

 

$

5,295.7

 

$

(28.7)

 

(0.5)

%

 

$

5,233.3

 

$

4,924.9

 

$

308.4

 

6.3

%

Used retail sales revenue per unit

 

$

27,287

 

$

27,338

 

$

(51)

 

(0.2)

%

 

$

27,338

 

$

27,297

 

$

41

 

0.2

%

Same-store used retail sales revenue per unit

 

$

27,542

 

$

27,568

 

$

(26)

 

(0.1)

%

 

$

27,609

 

$

27,337

 

$

272

 

1.0

%

Gross profit — used

 

$

330.5

 

$

328.3

 

$

2.2

 

0.7

%

 

$

328.3

 

$

335.5

 

$

(7.2)

 

(2.1)

%

Same-store gross profit — used

 

$

310.2

 

$

325.9

 

$

(15.7)

 

(4.8)

%

 

$

322.4

 

$

332.8

 

$

(10.4)

 

(3.1)

%

Average gross profit per used vehicle retailed

 

$

1,592

 

$

1,654

 

$

(62)

 

(3.7)

%

 

$

1,654

 

$

1,842

 

$

(188)

 

(10.2)

%

Same-store average gross profit per used vehicle retailed

 

$

1,622

 

$

1,696

 

$

(74)

 

(4.4)

%

 

$

1,701

 

$

1,847

 

$

(146)

 

(7.9)

%

Gross margin % — used

 

 

5.8

%

 

6.1

%

 

(0.3)

%

(4.9)

%

 

 

6.1

%

 

6.7

%

 

(0.6)

%

(9.0)

%

Same-store gross margin % — used

 

 

5.9

%

 

6.2

%

 

(0.3)

%

(4.8)

%

 

 

6.2

%

 

6.8

%

 

(0.6)

%

(8.8)

%

 

Units

 

Retail unit sales of used vehicles increased from 2015 to 2016, with an increase of 14.7% internationally and a decrease of 1.5% in the U.S. The increase is due to a 9,956 unit increase from net dealership acquisitions, offset by an 859 unit, or 0.4%, decrease in same-store retail unit sales. Used units increased internationally primarily due to inclusion of our German automotive dealership joint venture which we began consolidating during the third quarter of 2015.

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