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SEC Filings

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

Retail Commercial Truck Dealership Data

(In millions, except unit and per unit amounts)

 

During 2016, Premier Truck Group generated $1.0 billion of revenue and $142.9 million of gross profit principally through the retail sale of 7,110 new and used medium and heavy-duty trucks and service and parts sales. During 2015, this business generated $944.1 million of revenue and $147.0 million of gross profit principally through the retail sale of 6,977 new and used medium and heavy-duty trucks and service and parts sales. Comparative data is not presented from 2014 to 2015, as we acquired a controlling interest in Premier Truck Group in November 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016 vs. 2015

 

New Commercial Truck Data

    

2016

 

2015

 

Change

  

% Change

  

New retail unit sales

 

 

6,079

 

 

5,864

 

 

215

 

3.7

%

Same-store new retail unit sales

 

 

2,445

 

 

3,763

 

 

(1,318)

 

(35.0)

%

New retail sales revenue

 

$

625.5

 

$

572.5

 

$

53.0

 

9.3

%

Same-store new retail sales revenue

 

$

274.2

 

$

397.0

 

$

(122.8)

 

(30.9)

%

New retail sales revenue per unit

 

$

102,892

 

$

97,629

 

$

5,263

 

5.4

%

Same-store new retail sales revenue per unit

 

$

112,163

 

$

105,515

 

$

6,648

 

6.3

%

Gross profit — new

 

$

23.1

 

$

26.8

 

$

(3.7)

 

(13.8)

%

Same-store gross profit — new

 

$

12.9

 

$

21.4

 

$

(8.5)

 

(39.7)

%

Average gross profit per new truck retailed

 

$

3,808

 

$

4,576

 

$

(768)

 

(16.8)

%

Same-store average gross profit per new truck retailed

 

$

5,268

 

$

5,672

 

$

(404)

 

(7.1)

%

Gross margin % — new

 

 

3.7

%

 

4.7

%

 

(1.0)

%

(21.3)

%

Same-store gross margin % — new

 

 

4.7

%

 

5.4

%

 

(0.7)

%

(13.0)

%

 

New commercial truck retail sales revenue increased by $53.0 million from 2015 to 2016. During 2016, Premier Truck Group generated $625.5 million of new commercial truck retail sales revenue and $23.1 million of gross profit through the sale of 6,079 new commercial trucks. Same-store new truck units decreased by 1,318 units from 2015 to 2016, as the North American Class 8 heavy-duty truck market declined by 19.4% during 2016 compared to 2015, due in part to excess fleet capacity and softer freight demand. Same-store new truck revenue decreased by $122.8 million, and same-store new truck gross profit decreased by $8.5 million from 2015 to 2016.

 

During 2015, Premier Truck Group generated $572.5 million of new commercial truck retail sales revenue and $26.8 million of gross profit through the sale of 5,864 new commercial trucks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016 vs. 2015

 

Used Commercial Truck Data

    

2016

 

2015

 

Change

  

% Change

  

Used retail unit sales

 

 

1,031

 

 

1,113

 

 

(82)

 

(7.4)

%

Same-store used retail unit sales

 

 

880

 

 

1,044

 

 

(164)

 

(15.7)

%

Used retail sales revenue

 

$

51.8

 

$

58.7

 

$

(6.9)

 

(11.8)

%

Same-store used retail sales revenue

 

$

44.4

 

$

55.4

 

$

(11.0)

 

(19.9)

%

Used retail sales revenue per unit

 

$

50,276

 

$

52,775

 

$

(2,499)

 

(4.7)

%

Same-store used retail sales revenue per unit

 

$

50,443

 

$

53,027

 

$

(2,584)

 

(4.9)

%

Gross profit — used

 

$

(1.7)

 

$

5.4

 

$

(7.1)

 

(131.5)

%

Same-store gross profit — used

 

$

(0.7)

 

$

5.2

 

$

(5.9)

 

(113.5)

%

Average gross profit per used truck retailed

 

$

(1,626)

 

$

4,810

 

$

(6,436)

 

(133.8)

%

Same-store average gross profit per used truck retailed

 

$

(829)

 

$

4,975

 

$

(5,804)

 

(116.7)

%

Gross margin % — used

 

 

(3.3)

%

 

9.2

%

 

(12.5)

%

(135.9)

%

Same-store gross margin % — used

 

 

(1.6)

%

 

9.4

%

 

(11.0)

%

(117.0)

%

 

Used commercial truck retail sales revenue decreased by $6.9 million from 2015 to 2016. During 2016, Premier Truck Group generated $51.8 million of used commercial truck retail sales revenue through the sale of 1,031 used commercial trucks. Same-store used truck units decreased by 164 units from 2015 to 2016. From 2015 to 2016, same-store gross profit decreased by $5.9 million, largely due to weak used truck prices resulting in a decrease in gross profit per unit. The overall decline in used truck retail unit sales, revenue, and gross profit is largely due to softer freight demand and the resulting de-fleeting occurring within the industry, resulting in reduced demand, prices, and gross profit.

 

During 2015, Premier Truck Group generated $58.7 million of used commercial truck retail sales revenue and $5.4 million of gross profit through the sale of 1,113 used commercial trucks.

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