Press Release

Printer Friendly Version View printer-friendly version
<< Back
Penske Automotive Reports Record Third Quarter Results
Highest Third Quarter Income From Continuing Operations and Earnings Per Share in Company History
Earnings Per Share From Continuing Operations Increases 6.8% to $1.10
Increases Securities Repurchase Authorization to $200 Million

BLOOMFIELD HILLS, Mich., Oct. 25, 2017 /PRNewswire/ --  





Third Quarter 2017



Nine Months 2017





- Revenue Increases 7.2% to $5.5 Billion; Excluding Foreign Exchange +6.9%



- Revenue Increases 5.0% to $16.0 Billion; Excluding Foreign Exchange +8.0%





- Income from Continuing Operations Attributable to Common Shareholders Increases 7.9% to $94.3 Million; Excluding Foreign Exchange +7.6% to $94.0 Million



- Income from Continuing Operations Attributable to Common Shareholders Increases 8.5% to $283.5 Million; Excluding Foreign Exchange +12.4% to $293.8 Million





- Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 6.8% to $1.10; No Earnings Per Share Impact from Foreign Exchange



- Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 8.9% to $3.30; Excluding Foreign Exchange +12.9% to $3.42









Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced record third quarter results. For the three months ended September 30, 2017, income from continuing operations attributable to common shareholders increased 7.9% to $94.3 million, and related earnings per share increased 6.8% to $1.10 when compared to the same period last year. Total automotive retail unit volume increased 9.9% and total revenue increased 7.2% to $5.5 billion. Excluding foreign exchange, total revenue increased 6.9%. There was no impact to earnings per share from foreign exchange during the third quarter.  During the third quarter, operations in certain markets were disrupted by several hurricanes which impacted our ability to sell and service vehicles.  We estimate that storm-related losses, expenses and business interruption adversely impacted income from continuing operations and earnings per share by approximately $3.0 million and $0.04 per share, respectively. 

Commenting on the company's results, Penske Automotive Group Chairman Roger S. Penske said, "I am pleased to report another quarter of record performance for our diversified transportation services business.  Third quarter results were driven by recently completed acquisitions, improving variable gross profit per unit retailed and a 200 basis-point increase in service/parts gross margin, coupled with strong performance from our North American retail commercial truck operations and our equity investment in Penske Truck Leasing." 

Automotive Retail Highlights of the Third Quarter

  • Retail Unit Sales +9.9% to 130,257
    • New unit retail sales -2.5%
    • Used unit retail sales +25.4%
  • Same-Store Retail Unit Sales -2.9% to 114,941
    • New unit retail sales -6.2%
    • Used unit retail sales +1.2%
  • Same-Store Retail Revenue -1.0%; Excluding F/X -1.2%
    • New -3.5%; Used +1.7%; Finance & Insurance +5.0%; Service and Parts +1.5%
    • -2.4% in the United States; +1.1% Internationally
  • Average Transaction Price Per Unit
    • New $38,542; +3.8%
    • Used $25,337; -7.6%
  • Average Gross Profit Per Unit
    • New $2,877 (Excluding F/X $2,863), +$186/unit; Gross Margin 7.5%, +20 basis points
    • Used $1,434, -$158/unit; Gross Margin 5.7%, -10 basis points
    • Finance & Insurance $1,167, +$79/unit

Note: F/X = foreign exchange

For the nine months ended September 30, 2017, total revenue increased 5.0% to $16.0 billion, with a 2.9% decrease in same-store retail revenue. Excluding foreign exchange, total revenue increased 8.0%, while same-store retail revenue increased 0.3%. Total automotive retail unit volume increased 10.6%, with a 2.6% decrease on a same-store basis. Income from continuing operations attributable to common shareholders increased 8.5% to $283.5 million and related earnings per share increased 8.9% to $3.30 when compared to the same period last year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.12.

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 nine months ended September 30, 2017, Premier Truck Group retailed 2,096 and 5,162 units, generated $299.6 million and $739.8 million of revenue, and $44.3 million and $120.7 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/parts sales. Same-store revenue increased 11.8% and declined 10.4% for the three and nine months ended September 30, 2017, respectively.  For the three months ended September 30, 2017, gross profit per used truck retailed improved to $5,500 from a loss of $1,431 per unit in the same period last year, as used truck prices stabilized. Service and parts gross profit represented approximately 71.6% and 75.2% of Premier Truck Group's gross profit for the three and nine months ended September 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 interest in PTL from 9.0% to 23.4%, and in the third quarter of 2017, increased its ownership by another 5.5%, bringing the total ownership interest in PTL to 28.9%.  For the three and nine months ended September 30, 2017, the company recorded $30.1 million and $66.9 million as part of equity in earnings of affiliates compared to $23.8 million and $36.6 million for the same periods last year, respectively. The company accounts for its ownership interest in PTL using the equity method of accounting.

Dividend and Share Repurchases

On October 11, 2017, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.33 per share, the twenty-sixth consecutive increase in the quarterly dividend. 

During the three months ended September 30, 2017, the company repurchased 252,000 shares for $10.0 million, or an average of $39.75 per share.  For the nine months ended September 30, 2017, the company has repurchased 302,000 shares for $12.7 million, or an average $41.95 per share.  In October 2017, the Board of Directors approved an increase in the company's securities repurchase authorization to $200.0 million.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the third quarter of 2017 on Wednesday, October 25, 2017, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230‑1766 – [International, please dial (612) 332‑0107]. 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 third 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 26,000 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 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 such as the recent hurricanes, 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/penskecars
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


Nine Months Ended



September 30,


September 30,









Increase/








Increase/



2017


2016


(Decrease)


2017


2016


(Decrease)

Revenue


$

5,524.4


$

5,152.0


7.2

%


$

15,988.9


$

15,230.7


5.0

%

Cost of Sales



4,701.8



4,407.8


6.7

%



13,574.7



12,991.4


4.5

%

Gross Profit


$

822.6


$

744.2


10.5

%


$

2,414.2


$

2,239.3


7.8

%

SG&A Expenses



646.1



581.2


11.2

%



1,869.8



1,722.8


8.5

%

Depreciation



24.3



21.5


13.0

%



70.0



66.8


4.8

%

Operating Income


$

152.2


$

141.5


7.6

%


$

474.4


$

449.7


5.5

%

Floor Plan Interest Expense



(16.4)



(11.9)


37.8

%



(45.6)



(37.8)


20.6

%

Other Interest Expense



(27.8)



(25.1)


10.8

%



(79.2)



(61.8)


28.2

%

Equity in Earnings of Affiliates



30.9



25.6


20.7

%



70.9



43.1


64.5

%

Income from Continuing Operations Before Income Taxes

$

138.9


$

130.1


6.8

%


$

420.5


$

393.2


6.9

%

Income Taxes



(44.7)



(41.7)


7.2

%



(136.0)



(128.4)


5.9

%

Income from Continuing Operations


$

94.2


$

88.4


6.6

%


$

284.5


$

264.8


7.4

%

Income (Loss) from Discontinued Operations, net of tax



0.1



0.1


%



(0.3)



(1.1)


(72.7)

%

Net Income


$

94.3


$

88.5


6.6

%


$

284.2


$

263.7


7.8

%

Less: (Loss) Income Attributable to Non-Controlling Interests


(0.1)



1.0


(110.0)

%



1.0



3.4


(70.6)

%

Net Income Attributable to Common Shareholders


$

94.4


$

87.5


7.9

%


$

283.2


$

260.3


8.8

%




















Amounts Attributable to Common Shareholders:



















Reported Income from Continuing Operations


$

94.2


$

88.4


6.6

%


$

284.5


$

264.8


7.4

%

Less: (Loss) Income Attributable to Non-Controlling Interests


(0.1)



1.0


(110.0)

%



1.0



3.4


(70.6)

%

Income from Continuing Operations, net of tax


$

94.3


$

87.4


7.9

%


$

283.5


$

261.4


8.5

%

Income (Loss) from Discontinued Operations, net of tax



0.1



0.1


%



(0.3)



(1.1)


(72.7)

%

Net Income Attributable to Common Shareholders


$

94.4


$

87.5


7.9

%


$

283.2


$

260.3


8.8

%

Income from Continuing Operations Per Share


$

1.10


$

1.03


6.8

%


$

3.30


$

3.03


8.9

%

Income Per Share


$

1.10


$

1.03


6.8

%


$

3.30


$

3.02


9.3

%

Weighted Average Shares Outstanding



86.0



85.2


0.9

%



85.9



86.3


(0.5)

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)











September 30,


December 31,




2017


2016


Assets:








Cash and Cash Equivalents


$

37.2


$

24.0


Accounts Receivable, Net



938.8



879.0


Inventories



3,770.3



3,408.2


Other Current Assets



96.5



73.9


Assets Held for Sale





8.4


Total Current Assets



4,842.8



4,393.5


Property and Equipment, Net



2,091.4



1,806.5


Intangibles



2,133.7



1,711.3


Other Long-Term Assets



1,214.4



921.7


Total Assets


$

10,282.3


$

8,833.0










Liabilities and Equity:








Floor Plan Notes Payable


$

2,222.3


$

2,084.5


Floor Plan Notes Payable – Non-Trade



1,388.5



1,233.3


Accounts Payable



627.6



497.4


Accrued Expenses



369.9



360.0


Current Portion Long-Term Debt



67.6



48.3


Liabilities Held for Sale



0.7



6.1


Total Current Liabilities



4,676.6



4,229.6


Long-Term Debt



2,170.5



1,828.8


Other Long-Term Liabilities



1,323.2



995.1


Total Liabilities



8,170.3



7,053.5


Equity



2,112.0



1,779.5


Total Liabilities and Equity


$

10,282.3


$

8,833.0


 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)




















Three Months Ended



Nine Months Ended





September 30,



September 30,





2017


2016



2017


2016


Geographic Revenue Mix:
















North America




58.9

%


60.7

%



58.6

%


59.4

%

U.K.




33.8

%


32.7

%



33.9

%


33.6

%

Other International




7.3

%


6.6

%



7.5

%


7.0

%

Total




100.0

%


100.0

%



100.0

%


100.0

%

















Revenue: (Amounts in Millions)
















Retail Automotive



$

5,085.4


$

4,772.1



$

14,882.5


$

14,121.8


Retail Commercial Trucks




299.6



266.1




739.8



782.3


Commercial Vehicles Australia/Power Systems and Other




139.4



113.8




366.6



326.6


Total



$

5,524.4


$

5,152.0



$

15,988.9


$

15,230.7


















Gross Profit: (Amounts in Millions)
















Retail Automotive



$

744.2


$

674.7



$

2,198.5


$

2,041.7


Retail Commercial Trucks




44.3



38.2




120.7



109.7


Commercial Vehicles Australia/Power Systems and Other




34.1



31.3




95.0



87.9


Total



$

822.6


$

744.2



$

2,414.2


$

2,239.3


















Gross Margin:
















Retail Automotive




14.6

%


14.1

%



14.8

%


14.5

%

Retail Commercial Trucks




14.8

%


14.4

%



16.3

%


14.0

%

Commercial Vehicles Australia/Power Systems and Other




24.5

%


27.5

%



25.9

%


26.9

%

Total




14.9

%


14.4

%



15.1

%


14.7

%

 





















Three Months Ended


Nine Months Ended




September 30,


September 30,










Increase/








Increase/





2017


2016


(Decrease)


2017


2016


(Decrease)



Operating Items as a Percentage of Revenue:


















Gross Profit



14.9

%


14.4

%

50

 bps  


15.1

%

14.7

%

40

 bps  


Selling, General and Administrative Expenses



11.7

%


11.3

%

40

 bps  


11.7

%

11.3

%

40

 bps  


Operating Income



2.8

%


2.7

%

10

 bps  


3.0

%

3.0

%

 bps  


Inc. From Cont. Ops. Before Inc. Taxes



2.5

%


2.5

%

 bps  


2.6

%

2.6

%

 bps  




















Operating Items as a Percentage of Total Gross Profit:


















Selling, General and Administrative Expenses



78.5

%


78.1

%

40

 bps  


77.5

%

76.9

%

60

 bps  


Operating Income



18.5

%


19.0

%

(50)

 bps  


19.7

%

20.1

%

(40)

 bps  























Three Months Ended


Nine Months Ended





September 30,


September 30,











Increase/








Increase/



(Amounts in Millions)


2017


2016


(Decrease)


2017


2016


(Decrease)






















EBITDA*


$

191.0


$

176.7


8.1

%

$

569.7


$

521.8


9.2

%


Floorplan Credits


$

10.9


$

10.2


6.9

%

$

29.3


$

29.3


%


Rent Expense


$

59.3


$

50.9


16.5

%

$

168.1


$

154.3


8.9

%




* See the following Non-GAAP reconciliation table.


 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)

















Three Months Ended


Nine Months Ended




September 30,


September 30,




2017


2016


2017


2016


Retail Automotive Units:














New Retail



64,365



65,986



187,377



186,909


Used Retail



65,892



52,536



194,384



158,213


Total



130,257



118,522



381,761



345,122
















Retail Automotive Revenue: (Amounts in Millions)














New Vehicles


$

2,480.8


$

2,449.2


$

7,189.9


$

7,178.4


Used Vehicles



1,669.5



1,440.3



4,850.6



4,331.5


Finance and Insurance, Net



152.0



129.0



436.6



373.1


Service and Parts



520.9



492.2



1,540.1



1,466.5


Fleet and Wholesale



262.2



261.4



865.3



772.3


Total Revenue


$

5,085.4


$

4,772.1


$

14,882.5


$

14,121.8
















Retail Automotive Gross Profit: (Amounts in Millions)














New Vehicles


$

185.2


$

177.6


$

552.6


$

546.2


Used Vehicles



94.5



83.7



282.4



257.8


Finance and Insurance, Net



152.0



129.0



436.6



373.1


Service and Parts



308.0



280.9



911.4



851.0


Fleet and Wholesale



4.5



3.5



15.5



13.6


Total Gross Profit


$

744.2


$

674.7


$

2,198.5


$

2,041.7
















Retail Automotive Revenue Per Vehicle Retailed:














New Vehicles


$

38,542


$

37,117


$

38,371


$

38,406


Used Vehicles



25,337



27,415



24,954



27,377
















Retail Automotive Gross Profit Per Vehicle Retailed:














New Vehicles


$

2,877


$

2,691


$

2,949


$

2,922


Used Vehicles



1,434



1,592



1,453



1,629


Finance & Insurance



1,167



1,088



1,144



1,081
















Retail Automotive Gross Margin:














New Vehicles



7.5

%


7.3

%


7.7

%


7.6

%

Used Vehicles



5.7

%


5.8

%


5.8

%


6.0

%

Service and Parts



59.1

%


57.1

%


59.2

%


58.0

%

Fleet and Wholesale



1.7

%


1.3

%


1.8

%


1.8

%

Total Gross Margin



14.6

%


14.1

%


14.8

%


14.5

%















Retail Automotive Revenue Mix Percentages:














New Vehicles



48.8

%


51.3

%


48.3

%


50.8

%

Used Vehicles



32.8

%


30.2

%


32.6

%


30.7

%

Finance and Insurance, Net



3.0

%


2.7

%


2.9

%


2.6

%

Service and Parts



10.2

%


10.3

%


10.3

%


10.4

%

Fleet and Wholesale



5.2

%


5.5

%


5.9

%


5.5

%

Total



100.0

%


100.0

%


100.0

%


100.0

%















Retail Automotive Gross Profit Mix Percentages:














New Vehicles



24.9

%


26.3

%


25.1

%


26.8

%

Used Vehicles



12.7

%


12.4

%


12.8

%


12.6

%

Finance and Insurance, Net



20.4

%


19.1

%


19.9

%


18.3

%

Service and Parts



41.4

%


41.6

%


41.5

%


41.7

%

Fleet and Wholesale



0.6

%


0.6

%


0.7

%


0.6

%

Total



100.0

%


100.0

%


100.0

%


100.0

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)













Three Months Ended


Nine Months Ended




September 30,


September 30,




2017


2016


2017


2016


Retail Automotive Revenue Mix:










Premium:










BMW / MINI


22

%

25

%

23

%

25

%

Audi


15

%

14

%

14

%

14

%

Mercedes-Benz


10

%

10

%

10

%

10

%

Land Rover / Jaguar


8

%

7

%

8

%

7

%

Porsche


6

%

5

%

6

%

5

%

Lexus


3

%

3

%

3

%

4

%

Ferrari / Maserati


3

%

3

%

3

%

3

%

Acura


1

%

1

%

1

%

1

%

Bentley


1

%

1

%

1

%

1

%

Others


1

%

2

%

1

%

2

%

Total Premium


70

%

71

%

70

%

72

%

Volume Non-U.S.:










Toyota


10

%

11

%

10

%

11

%

Honda


7

%

7

%

7

%

7

%

Volkswagen


3

%

4

%

3

%

3

%

Nissan


1

%

1

%

1

%

1

%

Others


2

%

2

%

2

%

2

%

Total Volume Non-U.S.


23

%

25

%

23

%

24

%

U.S.:










General Motors / Chrysler / Ford


3

%

4

%

3

%

4

%

Stand-Alone Used


4

%

%

4

%

%

Total


100

%

100

%

100

%

100

%











Retail Automotive Geographic Revenue Mix:









U.S.


58

%

60

%

58

%

59

%

U.K.


37

%

35

%

36

%

36

%

Other International


5

%

5

%

6

%

5

%

Total


100

%

100

%

100

%

100

%











Retail Automotive Geographic Gross Profit Mix:









U.S.


62

%

64

%

62

%

63

%

U.K.


33

%

32

%

32

%

32

%

Other International


5

%

4

%

6

%

5

%

Total


100

%

100

%

100

%

100

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Same-Store

Selected Data

(Unaudited)

















Three Months Ended


Nine Months Ended




September 30,


September 30,




2017


2016


2017


2016


Retail Automotive Same-Store Units:














New Retail



61,860



65,920



175,726



184,087


Used Retail



53,081



52,468



155,732



156,186


Total



114,941



118,388



331,458



340,273
















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














New Vehicles


$

2,362.1


$

2,446.6


$

6,735.8


$

7,081.8


Used Vehicles



1,463.0



1,438.8



4,209.2



4,273.0


Finance and Insurance, Net



135.4



128.9



385.7



369.2


Service and Parts



498.8



491.3



1,467.1



1,455.8


Fleet and Wholesale



219.9



261.2



752.0



767.0


Total Revenue


$

4,679.2


$

4,766.8


$

13,549.8


$

13,946.8
















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














New Vehicles


$

175.7


$

177.4


$

513.9


$

538.4


Used Vehicles



78.7



83.5



234.7



255.1


Finance and Insurance, Net



135.4



128.9



385.7



369.2


Service and Parts



293.1



280.4



863.2



844.3


Fleet and Wholesale



4.2



3.5



13.7



13.7


Total Gross Profit


$

687.1


$

673.7


$

2,011.2


$

2,020.7
















Retail Automotive Same-Store Revenue Per Vehicle Retailed:














New Vehicles


$

38,185


$

37,114


$

38,331


$

38,470


Used Vehicles



27,561



27,422



27,028



27,359
















Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:














New Vehicles


$

2,841


$

2,691


$

2,924


$

2,925


Used Vehicles



1,482



1,592



1,507



1,634


Finance & Insurance



1,178



1,089



1,164



1,085
















Retail Automotive Same-Store Gross Margin:














New Vehicles



7.4

%


7.3

%


7.6

%


7.6

%

Used Vehicles



5.4

%


5.8

%


5.6

%


6.0

%

Service and Parts



58.8

%


57.1

%


58.8

%


58.0

%

Fleet and Wholesale



1.9

%


1.3

%


1.8

%


1.8

%

Total Gross Margin



14.7

%


14.1

%


14.8

%


14.5

%















Retail Automotive Revenue Mix Percentages:














New Vehicles



50.5

%


51.3

%


49.7

%


50.8

%

Used Vehicles



31.3

%


30.2

%


31.1

%


30.6

%

Finance and Insurance, Net



2.9

%


2.7

%


2.8

%


2.6

%

Service and Parts



10.7

%


10.3

%


10.8

%


10.4

%

Fleet and Wholesale



4.6

%


5.5

%


5.6

%


5.6

%

Total



100.0

%


100.0

%


100.0

%


100.0

%















Retail Automotive Gross Profit Mix Percentages:














New Vehicles



25.6

%


26.3

%


25.6

%


26.6

%

Used Vehicles



11.5

%


12.4

%


11.7

%


12.6

%

Finance and Insurance, Net



19.7

%


19.1

%


19.2

%


18.3

%

Service and Parts



42.7

%


41.6

%


42.9

%


41.8

%

Fleet and Wholesale



0.5

%


0.6

%


0.6

%


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


Nine Months Ended



September 30,


September 30,



2017


2016


2017


2016


Retail Commercial Truck Units:













New Retail


1,632



1,668



3,932



4,777


Used Retail


464



226



1,230



771


Total Units


2,096



1,894



5,162



5,548















Retail Commercial Truck Revenue: (Amounts in Millions)













New Vehicles

$

184.3


$

168.8


$

411.5


$

497.5


Used Vehicles


25.7



11.3



67.9



38.6


Finance and Insurance, Net


2.1



1.8



6.6



5.5


Service and Parts


83.3



81.5



244.6



232.2


Lease, Rental & Wholesale


4.2



2.7



9.2



8.5


Total Revenue

$

299.6


$

266.1


$

739.8


$

782.3















Retail Commercial Truck Gross Profit: (Amounts in Millions)













New Vehicles

$

7.9


$

6.2


$

17.4


$

18.7


Used Vehicles


2.6



(0.3)



6.1



(1.3)


Finance and Insurance, Net


2.1



1.8



6.6



5.5


Service and Parts


31.7



30.0



90.8



85.7


Lease, Rental & Wholesale




0.5



(0.2)



1.1


Total Gross Profit

$

44.3


$

38.2


$

120.7


$

109.7















Retail Commercial Truck Revenue Per Vehicle Retailed:













New Vehicles

$

112,907


$

101,202


$

104,631


$

104,145


Used Vehicles


55,387



49,999



55,158



49,991















Retail Commercial Truck Gross Profit Per Vehicle Retailed:













New Vehicles

$

4,822


$

3,699


$

4,426


$

3,905


Used Vehicles


5,500



(1,431)



4,912



(1,681)


Finance and Insurance


1,016



965



1,275



992















Retail Commercial Truck Gross Margin:













New Vehicles


4.3

%


3.7

%


4.2

%


3.8

%

Used Vehicles


10.1

%


(2.7)

%


9.0

%


(3.4)

%

Service and Parts


38.1

%


36.8

%


37.1

%


36.9

%

Lease, Rental & Wholesale


%


18.5

%


(2.2)

%


12.9

%

Total Gross Margin


14.8

%


14.4

%


16.3

%


14.0

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Same-Store

Selected Data

(Unaudited)















Three Months Ended


Nine Months Ended



September 30,


September 30,



2017


2016


2017


2016


Retail Commercial Truck Same-Store Units: