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SEC Filings

10-Q
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 

Retail Commercial Truck Dealership Data

(In millions, except unit and per unit amounts)

 

Premier Truck Group generated $299.6 million of revenue during the three months ended September 30, 2017 compared to $266.1 million of revenue during the three months ended September 30, 2016, an increase of 12.6%. Premier Truck Group generated $44.3 million of gross profit during the three months ended September 30, 2017 compared to $38.2 million of gross profit during the three months ended September 30, 2016, an increase of 16.0%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

New Commercial Truck Data

    

2017

 

2016

 

Change

  

% Change

  

New retail unit sales

 

 

1,632

 

 

1,668

 

 

(36)

 

(2.2)

%

Same-store new retail unit sales

 

 

1,620

 

 

1,668

 

 

(48)

 

(2.9)

%

New retail sales revenue

 

$

184.3

 

$

168.8

 

$

15.5

 

9.2

%

Same-store new retail sales revenue

 

$

182.8

 

$

168.8

 

$

14.0

 

8.3

%

New retail sales revenue per unit

 

$

112,907

 

$

101,202

 

$

11,705

 

11.6

%

Same-store new retail sales revenue per unit

 

$

112,861

 

$

101,202

 

$

11,659

 

11.5

%

Gross profit — new

 

$

7.9

 

$

6.2

 

$

1.7

 

27.4

%

Same-store gross profit — new

 

$

7.8

 

$

6.2

 

$

1.6

 

25.8

%

Average gross profit per new truck retailed

 

$

4,822

 

$

3,699

 

$

1,123

 

30.4

%

Same-store average gross profit per new truck retailed

 

$

4,810

 

$

3,699

 

$

1,111

 

30.0

%

Gross margin % — new

 

 

4.3

%

 

3.7

%

 

0.6

%

16.2

%

Same-store gross margin % — new

 

 

4.3

%

 

3.7

%

 

0.6

%

16.2

%

 

Units

 

Retail unit sales of new trucks decreased from 2016 to 2017 due to a  48 unit decrease in same-store retail unit sales, offset partially by an increase from net dealership acquisitions. Same-store new truck units decreased 2.9% from 2016 to 2017, primarily due to the recent declines in North American Class 8 heavy-duty truck sales. However, timing of deliveries expected in the later months of 2017 have contributed to recent improvements in the market, with the North American Class 8 heavy-duty truck market increasing 11.9% during the three months ended September 30, 2017. With recent improvements in market conditions, we expect to see stronger new truck sales during the remainder of the year when compared to last year.

 

Revenues

 

New commercial truck retail sales revenue increased from 2016 to 2017 due to a $14.0 million increase in same-store revenues, coupled with a $1.5 million increase from net dealership acquisitions. The same-store revenue increase is due to an $11,659 per unit increase in comparative average selling prices, which increased revenue by $18.9 million, offset by the decrease in same-store new retail unit sales, which decreased revenue by $4.9 million.

 

Gross Profit

 

New commercial truck retail gross profit increased from 2016 to 2017 due to a $1.6 million increase in same-store gross profit, coupled with a $0.1 million increase from net dealership acquisitions. The increase in same-store gross profit is due to a  $1,111 per unit increase in average gross profit per new truck retailed, which increased gross profit by $1.8 million, offset by the decrease in same-store new retail unit sales, which decreased gross profit by $0.2 million.

 

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