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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 $739.8 million of revenue during the nine months ended September 30, 2017 compared to $782.3 million of revenue during the nine months ended September 30, 2016, a decrease of 5.4%. Premier Truck Group generated $120.7 million of gross profit during the nine months ended September 30, 2017 compared to $109.7 million of gross profit during the nine months ended September 30, 2016, an increase of 10.0%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

New Commercial Truck Data

    

2017

 

2016

 

Change

  

% Change

  

New retail unit sales

 

 

3,932

 

 

4,777

 

 

(845)

 

(17.7)

%

Same-store new retail unit sales

 

 

3,303

 

 

4,155

 

 

(852)

 

(20.5)

%

New retail sales revenue

 

$

411.5

 

$

497.5

 

$

(86.0)

 

(17.3)

%

Same-store new retail sales revenue

 

$

336.3

 

$

430.2

 

$

(93.9)

 

(21.8)

%

New retail sales revenue per unit

 

$

104,631

 

$

104,145

 

$

486

 

0.5

%

Same-store new retail sales revenue per unit

 

$

101,830

 

$

103,549

 

$

(1,719)

 

(1.7)

%

Gross profit — new

 

$

17.4

 

$

18.7

 

$

(1.3)

 

(7.0)

%

Same-store gross profit — new

 

$

14.6

 

$

16.6

 

$

(2.0)

 

(12.0)

%

Average gross profit per new truck retailed

 

$

4,426

 

$

3,905

 

$

521

 

13.3

%

Same-store average gross profit per new truck retailed

 

$

4,430

 

$

3,990

 

$

440

 

11.0

%

Gross margin % — new

 

 

4.2

%

 

3.8

%

 

0.4

%

10.5

%

Same-store gross margin % — new

 

 

4.3

%

 

3.9

%

 

0.4

%

10.3

%

 

 

Units

 

Retail unit sales of new trucks decreased from 2016 to 2017 primarily due to an 852 unit decrease in same-store retail unit sales, offset partially by an increase from net dealership acquisitions. Same-store new truck units decreased 20.5% from 2016 to 2017,  primarily due to the year over year decline in North American Class 8 heavy-duty truck sales and timing of deliveries expected in the later months of 2017. Although the North American Class 8 heavy-duty truck market declined 7.1% during the nine 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 decreased from 2016 to 2017 due to a $93.9 million decrease in same-store revenues, offset by a $7.9 million increase from net dealership acquisitions. The same-store revenue decrease is due to the decrease in same-store new retail unit sales, which decreased revenue by $88.2 million, coupled with a $1,719 per unit decrease in comparative average selling prices, which decreased revenue by $5.7 million.

 

Gross Profit

 

New commercial truck retail gross profit decreased from 2016 to 2017 due to a $2.0 million decrease in same-store gross profit, offset by a $0.7 million increase from net dealership acquisitions. The decrease in same-store gross profit is due to the decrease in same-store new retail unit sales, which decreased gross profit by $3.4 million, offset by a $440 per unit increase in average gross profit per new truck retailed, which increased gross profit by $1.4 million.

 

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