Penske Automotive     Print Page | Close Window

SEC Filings

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

Used Commercial Truck Data

    

2017

 

2016

 

Change

  

% Change

  

Used retail unit sales

 

 

1,230

 

 

771

 

 

459

 

59.5

%

Same-store used retail unit sales

 

 

1,070

 

 

755

 

 

315

 

41.7

%

Used retail sales revenue

 

$

67.9

 

$

38.6

 

$

29.3

 

75.9

%

Same-store used retail sales revenue

 

$

60.0

 

$

37.8

 

$

22.2

 

58.7

%

Used retail sales revenue per unit

 

$

55,158

 

$

49,991

 

$

5,167

 

10.3

%

Same-store used retail sales revenue per unit

 

$

56,098

 

$

50,072

 

$

6,026

 

12.0

%

Gross profit — used

 

$

6.1

 

$

(1.3)

 

$

7.4

 

569.2

%

Same-store gross profit — used

 

$

5.7

 

$

(1.4)

 

$

7.1

 

507.1

%

Average gross profit per used truck retailed

 

$

4,912

 

$

(1,681)

 

$

6,593

 

392.2

%

Same-store average gross profit per used truck retailed

 

$

5,291

 

$

(1,806)

 

$

7,097

 

393.0

%

Gross margin % — used

 

 

9.0

%

 

(3.4)

%

 

12.4

%

364.7

%

Same-store gross margin % — used

 

 

9.5

%

 

(3.7)

%

 

13.2

%

356.8

%

 

Units

 

Retail unit sales of used trucks increased from 2016 to 2017 due to  a 315 unit increase in same-store retail unit sales, coupled with a 144 unit increase from net dealership acquisitions. The overall increase from 2016 to 2017 is primarily due to a more stable used truck pricing environment due in part to a reduction in excess capacity in the market and our ability to proactively manage our used truck inventory through the purchase and sale of more desirable trucks.

 

Revenues

 

Used commercial truck retail sales revenue increased from 2016 to 2017 due to a $22.2 million increase in same-store revenues, coupled with a $7.1 million increase from net dealership acquisitions. The same-store revenue increase is due to the increase in same-store used retail unit sales, which increased revenue by $17.7 million, coupled with a $6,026 per unit increase in comparative average selling prices, which increased revenue by $4.5 million.

 

Gross Profit

 

Used commercial truck retail gross profit increased from 2016 to 2017 due to a $7.1 million increase in same-store gross profit, coupled with a $0.3 million increase from net dealership acquisitions. The increase in same-store gross profit is due to a $7,097 per unit increase in average gross profit per used truck retailed, which increased gross profit by $5.4 million, coupled with the increase in same-store used retail unit sales, which increased gross profit by $1.7 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

Service and Parts Data

    

2017

 

2016

 

Change

  

% Change

  

Service and parts revenue

 

$

244.6

 

$

232.2

 

$

12.4

 

5.3

%

Same-store service and parts revenue

 

$

212.5

 

$

214.4

 

$

(1.9)

 

(0.9)

%

Gross profit — service and parts

 

$

90.8

 

$

85.7

 

$

5.1

 

6.0

%

Same-store service and parts gross profit

 

$

80.3

 

$

80.0

 

$

0.3

 

0.4

%

Gross margin % — service and parts

 

 

37.1

%

 

36.9

%

 

0.2

%

0.5

%

Same-store service and parts gross margin %

 

 

37.8

%

 

37.3

%

 

0.5

%

1.3

%

 

Revenues

 

Service and parts revenue increased from 2016 to 2017 due to a $14.3 million increase from net dealership acquisitions, offset by a $1.9 million decrease in same-store revenues. Customer pay work represents approximately 86% of PTG’s service and parts revenue, largely due to the significant amount of retail sales of parts and accessories. The decrease in same-store revenue is due to a $1.7 million, or 6.3%, decrease in warranty revenue, and a $1.2 million, or 12.9%, decrease in body shop revenue, offset by a $1.0 million, or 0.6%, increase in customer pay revenue. The decrease in same-store service and parts revenue is largely due to the decline in wholesale parts sales due to fewer trucks in operation related to the excess capacity seen in the marketplace over the last twelve months.

 

50