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Penske Automotive Reports Record Second Quarter Results
Highest Quarterly Income From Continuing Operations and Earnings Per Share in Company History
Earnings per Share From Continuing Operations Increases 10.8% to $1.23 Excluding Foreign Exchange, Earnings Per Share Increases 14.4%

BLOOMFIELD HILLS, Mich., July 27, 2017 /PRNewswire/ --



Second Quarter 2017

Six Months 2017

-- Revenue Increases 2.5% to $5.4 Billion; Excluding Foreign Exchange +6.6%

-- Revenue Increases 3.8% to $10.5 Billion; Excluding Foreign Exchange +8.5%

-- Income from Continuing Operations Attributable to Common Shareholders Increases 11.9% to $106.0 Million; Excluding Foreign Exchange +15.7% to $109.6 Million

-- Income from Continuing Operations Attributable to Common Shareholders Increases 8.7% to $189.2 Million; Excluding Foreign Exchange +15.1% to $200.3 Million

-- Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 10.8% to $1.23; Excluding Foreign Exchange +14.4% to $1.27

-- Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 10.0% to $2.20; Excluding Foreign Exchange +16.5% to $2.33

Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today record results, including the highest quarterly income from continuing operations and earnings per share in company history. For the three months ended June 30, 2017, income from continuing operations attributable to common shareholders increased 11.9% to $106.0 million, and related earnings per share increased 10.8% to $1.23 when compared to the same period last year. Total automotive retail units increased 13.0% and total revenue increased 2.5% to $5.4 billion. Excluding foreign exchange, total revenue increased 6.6%. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.04 for the three months ended June 30, 2017.

Commenting on the company's results, Penske Automotive Group Chairman Roger S. Penske said, "I am pleased to report another quarter of record results, highlighting the diversity of our transportation services business model, driven by the solid performance of our U.S. and U.K. automotive markets, contribution from our used car super centers, and the benefit from the investment in Penske Truck Leasing. Further, I was particularly pleased to see the 130 basis-point improvement in our automotive retail service and parts gross margin to 59.5%."  Penske continued, "Our performance continues to demonstrate and reinforce the adaptability of our business to market conditions." 

Automotive Retail Highlights of the Second Quarter

  • Retail Unit Sales +13.0% to 130,127
    • New unit retail sales +2.8%
    • Used unit retail sales +25.1%
  • Same-Store Retail Unit Sales -1.9% to 112,796
    • New unit retail sales -3.4%
    • Used unit retail sales -0.1%
  • Same-Store Retail Revenue -5.6%
    • New -8.7%; Used -3.3%; Finance & Insurance +3.3%; Service and Parts +0.2%
    • -1.5% in the United States; -11.7% Internationally
    • Excluding f/x, same-store retail revenue -1.7%
  • Average Transaction Price Per Unit
    • New $37,575; -5.1%
    • Used $24,772; -11.3%
  • Average Gross Profit Per Unit
    • New $2,977, -$129/unit; Gross Margin 7.9%, +10 basis points
      • Excluding f/x $3,099, -$7/unit; Gross Margin 8.0%, +20 basis points
    • Used $1,416, -$281/unit; Gross Margin 5.7%, -40 basis points
      • Excluding f/x $1,485, -$212/unit; Gross Margin 5.7%, -40 basis points
    • Finance & Insurance $1,131, +$39/unit
      • Excluding f/x $1,182, +$90/unit

Note: f/x = foreign exchange

For the six months ended June 30, 2017, total revenue increased 3.8% to $10.5 billion, with a 4.0% decrease in same-store retail revenue. Excluding foreign exchange, total revenue increased 8.5%, while same-store retail revenue increased 0.9%. Total automotive retail unit volume increased 12.4%, with a 1.1% decrease on a same-store basis. Income from continuing operations attributable to common shareholders increased 8.7% to $189.2 million and related earnings per share increased 10.0% to $2.20 when compared to the same period last year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.13.

Retail Commercial Truck Operations

Penske Automotive Group operates twenty medium and heavy-duty truck dealership locations in the U.S. and Canada under the "Premier Truck Group" brand name, offering primarily the Freightliner and Western Star brands. For the three and six months ended June 30, 2017, Premier Truck Group retailed 1,559 and 3,066 units, generated $228.5 million and $440.2 million of revenue, and $40.0 million and $76.4 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/parts sales. For the three months ended June 30, 2017, gross profit per used truck retailed improved to $6,503 from a loss of $2,096 per unit in the same period last year, as used truck prices stabilized. Service and parts gross profit represented approximately 75.8% and 77.4% of Premier Truck Group's gross profit for the three and six months ended June 30, 2017, respectively.

Penske Truck Leasing

Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of full-service truck leasing, truck rental, contract maintenance and logistics services. During the third quarter of 2016, the company increased its ownership in PTL from 9.0% to 23.4%. For the three and six months ended June 30, 2017, the company recorded $24.9 million and $36.8 million as part of equity in earnings of affiliates compared to $9.3 million and $12.8 million for the three and six months ended June 30, 2016, respectively. The company accounts for its ownership interest in PTL using the equity method of accounting.

Dividend

On July 26, 2017, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.32 per share, the twenty-fifth consecutive increase in the quarterly dividend. 

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2017 on Thursday, July 27, 2017, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 288‑8961 – [International, please dial (612) 288‑0337]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2017 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 25,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales and earnings accretion potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10‑K for the year ended December 31, 2016, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:




J.D. Carlson

Anthony R. Pordon

Executive Vice President and

Executive Vice President Investor Relations

Chief Financial Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2810

248-648-2540

jcarlson@penskeautomotive.com

tpordon@penskeautomotive.com

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)






















Three Months Ended


Six Months Ended



June 30,


June 30,









Increase/








Increase/



2017


2016


(Decrease)


2017


2016


(Decrease)

Revenue


$

5,383.4


$

5,254.1


2.5

%


$

10,464.5


$

10,078.7


3.8

%

Cost of Sales



4,566.1



4,482.8


1.9

%



8,872.9



8,583.6


3.4

%

Gross Profit


$

817.3


$

771.3


6.0

%


$

1,591.6


$

1,495.1


6.5

%

SG&A Expenses



622.0



582.7


6.7

%



1,223.7



1,141.6


7.2

%

Depreciation



23.3



24.5


(4.9)

%



45.7



45.3


0.9

%

Operating Income


$

172.0


$

164.1


4.8

%


$

322.2


$

308.2


4.5

%

Floor Plan Interest Expense



(15.5)



(13.1)


18.3

%



(29.2)



(25.9)


12.7

%

Other Interest Expense



(26.4)



(19.5)


35.4

%



(51.4)



(36.7)


40.1

%

Equity in Earnings of Affiliates



26.8



12.0


123.3

%



40.0



17.5


128.6

%

Income from Continuing Operations Before Income Taxes


$

156.9


$

143.5


9.3

%


$

281.6


$

263.1


7.0

%

Income Taxes



(50.2)



(47.3)


6.1

%



(91.3)



(86.7)


5.3

%

Income from Continuing Operations


$

106.7


$

96.2


10.9

%


$

190.3


$

176.4


7.9

%

Income (Loss) from Discontinued Operations, net of tax



0.2



(1.2)


(116.7)

%



(0.4)



(1.2)


(66.7)

%

Net Income


$

106.9


$

95.0


12.5

%


$

189.9


$

175.2


8.4

%

Less: Income Attributable to Non-Controlling Interests



0.7



1.5


(53.3)

%



1.1



2.4


(54.2)

%

Net Income Attributable to Common Shareholders


$

106.2


$

93.5


13.6

%


$

188.8


$

172.8


9.3

%




















Amounts Attributable to Common Shareholders:



















Reported Income from Continuing Operations


$

106.7


$

96.2


10.9

%


$

190.3


$

176.4


7.9

%

Less: Income Attributable to Non-Controlling Interests



0.7



1.5


(53.3)

%



1.1



2.4


(54.2)

%

Income from Continuing Operations, net of tax


$

106.0


$

94.7


11.9

%


$

189.2


$

174.0


8.7

%

Income (Loss) from Discontinued Operations, net of tax



0.2



(1.2)


(116.7)

%



(0.4)



(1.2)


(66.7)

%

Net Income Attributable to Common Shareholders


$

106.2


$

93.5


13.6

%


$

188.8


$

172.8


9.3

%

Income from Continuing Operations Per Share


$

1.23


$

1.11


10.8

%


$

2.20


$

2.00


10.0

%

Income Per Share


$

1.23


$

1.10


11.8

%


$

2.20


$

1.99


10.6

%

Weighted Average Shares Outstanding



86.1



85.3


0.9

%



85.9



86.8


(1.0)

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)











June 30,


December 31,




2017


2016


Assets:








Cash and Cash Equivalents


$

20.7


$

24.0


Accounts Receivable, Net



827.7



879.0


Inventories



3,711.9



3,408.2


Other Current Assets



104.2



73.9


Assets Held for Sale





8.4


Total Current Assets



4,664.5



4,393.5


Property and Equipment, Net



1,990.3



1,806.5


Intangibles



2,109.0



1,711.3


Other Long-Term Assets



948.1



921.7


Total Assets


$

9,711.9


$

8,833.0










Liabilities and Equity:








Floor Plan Notes Payable


$

2,151.1


$

2,084.5


Floor Plan Notes Payable – Non-Trade



1,364.7



1,233.3


Accounts Payable



559.9



497.4


Accrued Expenses



413.2



360.0


Current Portion Long-Term Debt



70.1



48.3


Liabilities Held for Sale



0.7



6.1


Total Current Liabilities



4,559.7



4,229.6


Long-Term Debt



1,955.8



1,828.8


Other Long-Term Liabilities



1,179.7



995.1


Total Liabilities



7,695.2



7,053.5


Equity



2,016.7



1,779.5


Total Liabilities and Equity


$

9,711.9


$

8,833.0


 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)

















Three Months Ended


Six Months Ended




June 30,


June 30,




2017


2016


2017


2016


Geographic Revenue Mix:














North America



60.3

%


60.1

%


58.4

%


58.8

%

U.K.



32.0

%


32.7

%


33.9

%


34.0

%

Other International



7.7

%


7.2

%


7.7

%


7.2

%

Total



100.0

%


100.0

%


100.0

%


100.0

%















Revenue: (Amounts in Millions)














Retail Automotive


$

5,040.7


$

4,836.8


$

9,797.1


$

9,349.7


Retail Commercial Trucks



228.5



309.5



440.2



516.2


Commercial Vehicles Australia/Power Systems and Other



114.2



107.8



227.2



212.8


Total


$

5,383.4


$

5,254.1


$

10,464.5


$

10,078.7
















Gross Profit: (Amounts in Millions)














Retail Automotive


$

746.0


$

702.0


$

1,454.3


$

1,367.0


Retail Commercial Trucks



40.0



38.3



76.4



71.5


Commercial Vehicles Australia/Power Systems and Other



31.3



31.0



60.9



56.6


Total


$

817.3


$

771.3


$

1,591.6


$

1,495.1
















Gross Margin:














Retail Automotive



14.8

%


14.5

%


14.8

%


14.6

%

Retail Commercial Trucks



17.5

%


12.4

%


17.4

%


13.9

%

Commercial Vehicles Australia/Power Systems and Other



27.4

%


28.8

%


26.8

%


26.6

%

Total



15.2

%


14.7

%


15.2

%


14.8

%

 

















Three Months Ended


Six Months Ended




June 30,


June 30,








Increase/






Increase/




2017


2016


(Decrease)


2017


2016


(Decrease)


Operating Items as a Percentage of Revenue:














Gross Profit


15.2

%

14.7

%

50

 bps  

15.2

%

14.8

%

40

 bps  

Selling, General and Administrative Expenses


11.6

%

11.1

%

50

 bps  

11.7

%

11.3

%

40

 bps  

Operating Income


3.2

%

3.1

%

10

 bps  

3.1

%

3.1

%

 bps  

Inc. From Cont. Ops. Before Inc. Taxes


2.9

%

2.7

%

20

 bps  

2.7

%

2.6

%

10

 bps  















Operating Items as a Percentage of Total Gross Profit:














Selling, General and Administrative Expenses


76.1

%

75.5

%

60

 bps  

76.9

%

76.4

%

50

 bps  

Operating Income


21.0

%

21.3

%

(30)

 bps  

20.2

%

20.6

%

(40)

 bps  

 





















Three Months Ended


Six Months Ended




June 30,


June 30,










Increase/








Increase/


(Amounts in Millions)


2017


2016


(Decrease)


2017


2016


(Decrease)




















EBITDA*


$

206.6


$

187.5


10.2

%

$

378.7


$

345.1


9.7

%

Floorplan Credits


$

10.1


$

10.2


(1.0)

%

$

18.4


$

19.1


(3.7)

%

Rent Expense


$

55.4


$

51.9


6.7

%

$

108.8


$

103.4


5.2

%



















* See the following Non-GAAP reconciliation table.



 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)

















Three Months Ended


Six Months Ended




June 30,


June 30,




2017


2016


2017


2016


Retail Automotive Units:














New Retail



63,919



62,170



126,107



120,923


Used Retail



66,208



52,936



128,492



105,677


Total



130,127



115,106



254,599



226,600
















Retail Automotive Revenue: (Amounts in Millions)














New Vehicles


$

2,401.7


$

2,461.0


$

4,709.1


$

4,729.2


Used Vehicles



1,640.1



1,478.8



3,181.1



2,891.2


Finance and Insurance, Net



147.2



125.7



284.6



244.1


Service and Parts



520.3



496.2



1,019.2



974.3


Fleet and Wholesale



331.4



275.1



603.1



510.9


Total Revenue


$

5,040.7


$

4,836.8


$

9,797.1


$

9,349.7
















Retail Automotive Gross Profit: (Amounts in Millions)














New Vehicles


$

190.3


$

193.1


$

367.4


$

368.6


Used Vehicles



93.8



89.8



187.9



174.1


Finance and Insurance, Net



147.2



125.7



284.6



244.1


Service and Parts



309.7



288.7



603.4



570.1


Fleet and Wholesale



5.0



4.7



11.0



10.1


Total Gross Profit


$

746.0


$

702.0


$

1,454.3


$

1,367.0
















Retail Automotive Revenue Per Vehicle Retailed:














New Vehicles


$

37,575


$

39,586


$

37,342


$

39,110


Used Vehicles



24,772



27,936



24,757



27,359
















Retail Automotive Gross Profit Per Vehicle Retailed:














New Vehicles


$

2,977


$

3,106


$

2,913


$

3,049


Used Vehicles



1,416



1,697



1,463



1,647


Finance & Insurance



1,131



1,092



1,118



1,077
















Retail Automotive Gross Margin:














New Vehicles



7.9

%


7.8

%


7.8

%


7.8

%

Used Vehicles



5.7

%


6.1

%


5.9

%


6.0

%

Service and Parts



59.5

%


58.2

%


59.2

%


58.5

%

Fleet and Wholesale



1.5

%


1.7

%


1.8

%


2.0

%

Total Gross Margin



14.8

%


14.5

%


14.8

%


14.6

%















Retail Automotive Revenue Mix Percentages:














New Vehicles



47.7

%


50.9

%


48.1

%


50.6

%

Used Vehicles



32.5

%


30.6

%


32.5

%


30.9

%

Finance and Insurance, Net



2.9

%


2.6

%


2.9

%


2.6

%

Service and Parts



10.3

%


10.3

%


10.4

%


10.4

%

Fleet and Wholesale



6.6

%


5.6

%


6.1

%


5.5

%

Total



100.0

%


100.0

%


100.0

%


100.0

%















Retail Automotive Gross Profit Mix Percentages:














New Vehicles



25.5

%


27.5

%


25.3

%


27.0

%

Used Vehicles



12.6

%


12.8

%


12.9

%


12.7

%

Finance and Insurance, Net



19.7

%


17.9

%


19.6

%


17.9

%

Service and Parts



41.5

%


41.1

%


41.5

%


41.7

%

Fleet and Wholesale



0.7

%


0.7

%


0.7

%


0.7

%

Total



100.0

%


100.0

%


100.0

%


100.0

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)













Three Months Ended


Six Months Ended




June 30,


June 30,




2017


2016


2017


2016


Retail Automotive Revenue Mix:










Premium:










BMW / MINI


23

%

25

%

23

%

25

%

Audi


14

%

14

%

14

%

14

%

Mercedes-Benz


10

%

10

%

10

%

10

%

Land Rover / Jaguar


8

%

7

%

8

%

8

%

Porsche


6

%

6

%

6

%

5

%

Lexus


3

%

3

%

3

%

3

%

Ferrari / Maserati


3

%

3

%

3

%

3

%

Acura


1

%

1

%

1

%

1

%

Bentley


1

%

1

%

1

%

1

%

Others


1

%

2

%

1

%

2

%

Total Premium


70

%

72

%

70

%

72

%

Volume Non-U.S.:










Toyota


10

%

11

%

10

%

11

%

Honda


7

%

7

%

7

%

7

%

Volkswagen


3

%

3

%

4

%

3

%

Nissan


1

%

1

%

1

%

1

%

Others


2

%

2

%

2

%

2

%

Total Volume Non-U.S.


23

%

24

%

24

%

24

%

U.S.:










General Motors / Chrysler / Ford


3

%

4

%

3

%

4

%

Stand-Alone Used


4

%

%

3

%

%

Total


100

%

100

%

100

%

100

%











Retail Automotive Geographic Revenue Mix:










U.S.


60

%

59

%

58

%

58

%

U.K.


34

%

35

%

36

%

36

%

Other International


6

%

6

%

6

%

6

%

Total


100

%

100

%

100

%

100

%











Retail Automotive Geographic Gross Profit Mix:










U.S.


64

%

63

%

62

%

62

%

U.K.


31

%

31

%

32

%

32

%

Other International


5

%

6

%

6

%

6

%

Total


100

%

100

%

100

%

100

%


 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Same-Store

Selected Data

(Unaudited)

















Three Months Ended


Six Months Ended




June 30,


June 30,




2017


2016


2017


2016


Retail Automotive Same-Store Units:














New Retail



59,983



62,096



118,486



120,216


Used Retail



52,813



52,888



104,289



105,149


Total



112,796



114,984



222,775



225,365
















Retail Automotive Same-Store Revenue: (Amounts in Millions)














New Vehicles


$

2,245.2


$

2,458.0


$

4,423.0


$

4,698.5


Used Vehicles



1,428.2



1,477.7



2,784.7



2,874.8


Finance and Insurance, Net



129.7



125.6



253.0



242.8


Service and Parts



496.2



495.2



974.5



969.9


Fleet and Wholesale



295.2



275.0



538.3



509.3


Total Revenue


$

4,594.5


$

4,831.5


$

8,973.5


$

9,295.3
















Retail Automotive Same-Store Gross Profit: (Amounts in Millions)














New Vehicles


$

177.3


$

192.9


$

342.1


$

366.2


Used Vehicles



77.9



89.8



157.6



173.1


Finance and Insurance, Net



129.7



125.6



253.0



242.8


Service and Parts



293.4



288.2



574.4



567.8


Fleet and Wholesale



4.3



4.7



9.6



10.1


Total Gross Profit


$

682.6


$

701.2


$

1,336.7


$

1,360.0
















Retail Automotive Same-Store Revenue Per Vehicle Retailed:














New Vehicles


$

37,431


$

39,584


$

37,329


$

39,084


Used Vehicles



27,043



27,940



26,702



27,340
















Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:














New Vehicles


$

2,956


$

3,106


$

2,887


$

3,046


Used Vehicles



1,475



1,697



1,511



1,646


Finance & Insurance



1,150



1,092



1,136



1,078
















Retail Automotive Same-Store Gross Margin:














New Vehicles



7.9

%


7.8

%


7.7

%


7.8

%

Used Vehicles



5.5

%


6.1

%


5.7

%


6.0

%

Service and Parts



59.1

%


58.2

%


58.9

%


58.5

%

Fleet and Wholesale



1.5

%


1.7

%


1.8

%


2.0

%

Total Gross Margin



14.9

%


14.5

%


14.9

%


14.6

%















Retail Automotive Revenue Mix Percentages:














New Vehicles



48.9

%


50.9

%


49.3

%


50.6

%

Used Vehicles



31.1

%


30.6

%


31.0

%


30.9

%

Finance and Insurance, Net



2.8

%


2.6

%


2.8

%


2.6

%

Service and Parts



10.8

%


10.2

%


10.9

%


10.4

%

Fleet and Wholesale



6.4

%


5.7

%


6.0

%


5.5

%

Total



100.0

%


100.0

%


100.0

%


100.0

%















Retail Automotive Gross Profit Mix Percentages:














New Vehicles



26.0

%


27.5

%


25.6

%


26.9

%

Used Vehicles



11.4

%


12.8

%


11.8

%


12.7

%

Finance and Insurance, Net



19.0

%


17.9

%


18.9

%


17.9

%

Service and Parts



43.0

%


41.1

%


43.0

%


41.8

%

Fleet and Wholesale



0.6

%


0.7

%


0.7

%


0.7

%

Total



100.0

%


100.0

%


100.0

%


100.0

%


 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Selected Data

(Unaudited)

















Three Months Ended


Six Months Ended




June 30,


June 30,




2017


2016


2017


2016


Retail Commercial Truck Units:














New Retail



1,174



1,949



2,300



3,109


Used Retail



385



274



766



545


Total Units



1,559



2,223



3,066



3,654
















Retail Commercial Truck Revenue: (Amounts in Millions)














New Vehicles


$

116.5


$

212.0


$

227.2


$

328.7


Used Vehicles



23.2



13.8



42.2



27.3


Finance and Insurance, Net



2.3



1.8



4.5



3.7


Service and Parts



83.3



79.3



161.3



150.7


Lease, Rental & Wholesale



3.2



2.6



5.0



5.8


Total Revenue


$

228.5


$

309.5


$

440.2


$

516.2
















Retail Commercial Truck Gross Profit: (Amounts in Millions)














New Vehicles


$

5.0


$

7.6


$

9.5


$

12.5


Used Vehicles



2.5



(0.6)



3.5



(1.0)


Finance and Insurance, Net



2.3



1.8



4.5



3.7


Service and Parts



30.3



29.3



59.1



55.7


Lease, Rental & Wholesale



(0.1)



0.2



(0.2)



0.6


Total Gross Profit


$

40.0


$

38.3


$

76.4


$

71.5
















Retail Commercial Truck Revenue Per Vehicle Retailed:














New Vehicles


$

99,225


$

108,764


$

98,758


$

105,725


Used Vehicles



60,139



50,247



55,019



49,988
















Retail Commercial Truck Gross Profit Per Vehicle Retailed:














New Vehicles


$

4,300


$

3,904


$

4,144


$

4,015


Used Vehicles



6,503



(2,096)



4,556



(1,785)


Finance and Insurance



1,477



809



1,452



1,006
















Retail Commercial Truck Gross Margin:














New Vehicles



4.3

%


3.6

%


4.2

%


3.8

%

Used Vehicles



10.8

%


(4.3)

%


8.3

%


(3.7)

%

Service and Parts



36.4

%


36.9

%


36.6

%


37.0

%

Lease, Rental & Wholesale



(3.1)

%


7.7

%


(4.0)

%


10.3

%

Total Gross Margin



17.5

%


12.4

%


17.4

%


13.9

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Same-Store

Selected Data

(Unaudited)

















Three Months Ended


Six Months Ended




June 30,


June 30,




2017


2016


2017


2016


Retail Commercial Truck Same-Store Units:














New Retail



941



1,673



1,900



2,833


Used Retail



347



266



667



537


Total Units



1,288



1,939



2,567



3,370
















Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)














New Vehicles


$

94.8


$

180.0


$

187.3


$

296.8


Used Vehicles