PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS
Quarterly Revenue Increases 2% to
Record Quarterly Retail Automotive Service and Parts Revenue of
Same-Store Retail Automotive Service and Parts Revenue up 7% and Related Gross Profit up 6%
Earnings Before Taxes of
Third Quarter 2024 Operating Highlights Compared to Third Quarter 2023
-
New and Used Retail Automotive Units Delivered – decreased 4%
- New Vehicle +5%; Used Vehicle -13%
-
Retail Automotive Same-Store Revenue – decreased 5%
- New Vehicle -1%; Used Vehicle -12%; Finance & Insurance -9%; Service & Parts +7%
-
New and Used Retail Commercial Truck Units – increased 14%
- New Vehicle +16%; Used Vehicle +5%
-
Retail Commercial Truck Same-Store Revenue – increased 5%
- New Vehicle +11%; Used Vehicle -13%; Finance & Insurance -27%; Service & Parts -5%
Third Quarter 2024 Performance
During the third quarter, retail automotive service and parts revenue increased 14% to a record
Commenting on the Company's financial results, Chair and CEO
For the nine months ended
Retail Automotive Dealerships
For the three months ended
Retail Commercial Truck Dealerships
As of
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 442,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts.
Corporate Development, Capital Allocation, Liquidity, and Leverage
During the nine months ended
In
In
As of
Conference Call
About
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding
Inquiries should contact:
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Executive Vice President and |
Executive Vice President Investor Relations |
Chief Financial Officer |
and Corporate Development |
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248-648-2812 |
248-648-2540 |
PENSKE AUTOMOTIVE GROUP, INC. |
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Consolidated Condensed Statements of Income |
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(Amounts In Millions, Except Per Share Data) |
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(Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
Revenue |
$ 7,590.8 |
|
$ 7,447.8 |
|
1.9 % |
|
|
|
|
|
2.2 % |
Cost of Sales |
6,347.6 |
|
6,227.4 |
|
1.9 % |
|
18,982.8 |
|
18,509.6 |
|
2.6 % |
Gross Profit |
$ 1,243.2 |
|
$ 1,220.4 |
|
1.9 % |
|
$ 3,752.5 |
|
$ 3,745.7 |
|
0.2 % |
SG&A Expenses |
885.2 |
|
853.5 |
|
3.7 % |
|
2,652.5 |
|
2,556.5 |
|
3.8 % |
Depreciation |
40.6 |
|
35.4 |
|
14.7 % |
|
117.0 |
|
103.4 |
|
13.2 % |
Operating Income |
$ 317.4 |
|
$ 331.5 |
|
(4.3) % |
|
$ 983.0 |
|
$ 1,085.8 |
|
(9.5) % |
Floor Plan Interest Expense |
(50.8) |
|
(35.5) |
|
43.1 % |
|
(142.2) |
|
(94.2) |
|
51.0 % |
Other Interest Expense |
(22.9) |
|
(24.5) |
|
(6.5) % |
|
(64.1) |
|
(69.5) |
|
(7.8) % |
Equity in Earnings of Affiliates |
60.7 |
|
85.0 |
|
(28.6) % |
|
148.0 |
|
241.6 |
|
(38.7) % |
Income Before Income Taxes |
$ 304.4 |
|
$ 356.5 |
|
(14.6) % |
|
$ 924.7 |
|
$ 1,163.7 |
|
(20.5) % |
Income Taxes |
(77.4) |
|
(92.1) |
|
(16.0) % |
|
(238.6) |
|
(297.1) |
|
(19.7) % |
Net Income |
$ 227.0 |
|
$ 264.4 |
|
(14.1) % |
|
$ 686.1 |
|
$ 866.6 |
|
(20.8) % |
Less: Income Attributable to Non-Controlling Interests |
0.9 |
|
1.0 |
|
(10.0) % |
|
3.6 |
|
4.1 |
|
(12.2) % |
Net Income Attributable to Common Stockholders |
$ 226.1 |
|
$ 263.4 |
|
(14.2) % |
|
$ 682.5 |
|
$ 862.5 |
|
(20.9) % |
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Amounts Attributable to Common Stockholders: |
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Net Income |
$ 227.0 |
|
$ 264.4 |
|
(14.1) % |
|
$ 686.1 |
|
$ 866.6 |
|
(20.8) % |
Less: Income Attributable to Non-Controlling Interests |
0.9 |
|
1.0 |
|
(10.0) % |
|
3.6 |
|
4.1 |
|
(12.2) % |
Net Income Attributable to Common Stockholders |
$ 226.1 |
|
$ 263.4 |
|
(14.2) % |
|
$ 682.5 |
|
$ 862.5 |
|
(20.9) % |
Income Per Share |
$ 3.39 |
|
$ 3.92 |
|
(13.5) % |
|
$ 10.20 |
|
$ 12.64 |
|
(19.3) % |
Weighted Average Shares Outstanding |
66.8 |
|
67.3 |
|
(0.7) % |
|
66.9 |
|
68.2 |
|
(1.9) % |
PENSKE AUTOMOTIVE GROUP, INC. |
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Consolidated Condensed Balance Sheets |
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(Amounts In Millions) |
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(Unaudited) |
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2024 |
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2023 |
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Assets: |
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Cash and Cash Equivalents |
|
$ 91.9 |
|
$ 96.4 |
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Accounts Receivable, Net |
|
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1,021.7 |
|
|
1,114.6 |
Inventories |
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4,822.4 |
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4,293.1 |
Other Current Assets |
|
|
242.8 |
|
|
175.6 |
Total Current Assets |
|
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6,178.8 |
|
|
5,679.7 |
Property and Equipment, Net |
|
|
3,019.3 |
|
|
2,765.2 |
Operating Lease Right-of-Use Assets |
|
|
2,505.9 |
|
|
2,405.5 |
Intangibles |
|
|
3,418.9 |
|
|
2,983.1 |
Other Long-Term Assets |
|
|
1,942.5 |
|
|
1,838.0 |
Total Assets |
|
$ 17,065.4 |
|
$ 15,671.5 |
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Liabilities and Equity: |
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|
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Floor Plan Notes Payable |
|
$ 2,660.6 |
|
$ 2,255.6 |
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Floor Plan Notes Payable – Non-Trade |
|
|
1,513.7 |
|
|
1,515.9 |
Accounts Payable |
|
|
926.7 |
|
|
866.9 |
Accrued Expenses and Other Current Liabilities |
|
|
907.5 |
|
|
809.8 |
Current Portion Long-Term Debt |
|
|
745.8 |
|
|
209.7 |
Total Current Liabilities |
|
|
6,754.3 |
|
|
5,657.9 |
Long-Term Debt |
|
|
1,132.2 |
|
|
1,419.5 |
Long-Term Operating Lease Liabilities |
|
|
2,436.6 |
|
|
2,336.0 |
Other Long-Term Liabilities |
|
|
1,508.3 |
|
|
1,502.5 |
Total Liabilities |
|
|
11,831.4 |
|
|
10,915.9 |
Equity |
|
|
5,234.0 |
|
|
4,755.6 |
Total Liabilities and Equity |
|
$ 17,065.4 |
|
$ 15,671.5 |
PENSKE AUTOMOTIVE GROUP, INC. |
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Consolidated Operations |
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Selected Data |
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(Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
|
2023 |
|
2024 |
|
2023 |
Geographic Revenue Mix: |
|
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|
|
|
|
|
|
61.2 % |
|
61.2 % |
|
59.2 % |
|
59.7 % |
|
29.8 % |
|
31.0 % |
|
31.7 % |
|
32.3 % |
Other International |
9.0 % |
|
7.8 % |
|
9.1 % |
|
8.0 % |
Total |
100.0 % |
|
100.0 % |
|
100.0 % |
|
100.0 % |
|
|
|
|
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Revenue: (Amounts in Millions) |
|
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$ 6,340.7 |
|
$ 6,325.4 |
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|
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Retail Commercial Truck |
1,063.3 |
|
964.7 |
|
2,747.4 |
|
2,779.5 |
Commercial Vehicle Distribution and Other |
186.8 |
|
157.7 |
|
553.8 |
|
444.6 |
Total |
$ 7,590.8 |
|
$ 7,447.8 |
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|
|
|
|
|
|
|
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Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
$ 1,041.5 |
|
$ 1,025.3 |
|
$ 3,173.7 |
|
$ 3,173.8 |
Retail Commercial Truck |
157.1 |
|
155.4 |
|
446.4 |
|
449.2 |
Commercial Vehicle Distribution and Other |
44.6 |
|
39.7 |
|
132.4 |
|
122.7 |
Total |
$ 1,243.2 |
|
$ 1,220.4 |
|
$ 3,752.5 |
|
$ 3,745.7 |
|
|
|
|
|
|
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Gross Margin: |
|
|
|
|
|
|
|
|
16.4 % |
|
16.2 % |
|
16.3 % |
|
16.7 % |
Retail Commercial Truck |
14.8 % |
|
16.1 % |
|
16.2 % |
|
16.2 % |
Commercial Vehicle Distribution and Other |
23.9 % |
|
25.2 % |
|
23.9 % |
|
27.6 % |
Total |
16.4 % |
|
16.4 % |
|
16.5 % |
|
16.8 % |
|
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Three Months Ended |
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Nine Months Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating Items as a Percentage of Revenue: |
|
|
|
|
|
|
|
Gross Profit |
16.4 % |
|
16.4 % |
|
16.5 % |
|
16.8 % |
Selling, General and Administrative Expenses |
11.7 % |
|
11.5 % |
|
11.7 % |
|
11.5 % |
Operating Income |
4.2 % |
|
4.5 % |
|
4.3 % |
|
4.9 % |
Income Before Income Taxes |
4.0 % |
|
4.8 % |
|
4.1 % |
|
5.2 % |
|
|
|
|
|
|
|
|
Operating Items as a Percentage of Total Gross Profit: |
|
|
|
|
|
|
|
Selling, General and Administrative Expenses |
71.2 % |
|
69.9 % |
|
70.7 % |
|
68.3 % |
Operating Income |
25.5 % |
|
27.2 % |
|
26.2 % |
|
29.0 % |
|
Three Months Ended |
|
Nine Months Ended |
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(Amounts in Millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
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EBITDA(1) |
$ 367.9 |
|
$ 416.4 |
|
$ 1,105.8 |
|
$ 1,336.6 |
||||
Floor Plan Credits |
$ 13.4 |
|
$ 11.7 |
|
$ 37.3 |
|
$ 32.8 |
||||
Rent Expense |
$ 65.9 |
|
$ 61.6 |
|
$ 196.5 |
|
$ 185.5 |
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_______________________ |
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(1) See the following Non-GAAP reconciliation table. |
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PENSKE AUTOMOTIVE GROUP, INC. |
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Retail Automotive Operations |
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(Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
|
2023 |
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Change |
|
2024 |
|
2023 |
|
Change |
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Retail Automotive Units: |
|
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|
|
|
|
|
|
|
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|
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New Retail |
|
49,523 |
|
|
48,060 |
|
3.0 % |
|
|
149,051 |
|
|
145,284 |
|
2.6 % |
Used Retail |
|
57,738 |
|
|
66,009 |
|
(12.5) % |
|
|
192,574 |
|
|
199,231 |
|
(3.3) % |
Total Retail |
|
107,261 |
|
|
114,069 |
|
(6.0) % |
|
|
341,625 |
|
|
344,515 |
|
(0.8) % |
|
|
10,290 |
|
|
8,695 |
|
18.3 % |
|
|
29,443 |
|
|
24,559 |
|
19.9 % |
|
|
117,551 |
|
|
122,764 |
|
(4.2) % |
|
|
371,068 |
|
|
369,074 |
|
0.5 % |
|
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|
|
|
|
|
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|
|
|
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Retail Automotive Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
2,890.2 |
|
$ |
2,742.7 |
|
5.4 % |
|
$ |
8,688.6 |
|
$ |
8,284.1 |
|
4.9 % |
Used Vehicles |
|
2,123.9 |
|
|
2,322.1 |
|
(8.5) % |
|
|
6,735.9 |
|
|
6,949.5 |
|
(3.1) % |
Finance and Insurance, Net |
|
193.1 |
|
|
210.1 |
|
(8.1) % |
|
|
607.8 |
|
|
631.0 |
|
(3.7) % |
Service and Parts |
|
778.0 |
|
|
685.2 |
|
13.5 % |
|
|
2,276.9 |
|
|
2,053.4 |
|
10.9 % |
Fleet and Wholesale |
|
355.5 |
|
|
365.3 |
|
(2.7) % |
|
|
1,124.9 |
|
|
1,113.2 |
|
1.1 % |
Total Revenue |
$ |
6,340.7 |
|
$ |
6,325.4 |
|
0.2 % |
|
$ |
19,434.1 |
|
$ |
19,031.2 |
|
2.1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Retail Automotive Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
274.1 |
|
$ |
296.0 |
|
(7.4) % |
|
$ |
837.5 |
|
$ |
936.6 |
|
(10.6) % |
Used Vehicles |
|
108.6 |
|
|
103.2 |
|
5.2 % |
|
|
358.0 |
|
|
349.1 |
|
2.5 % |
Finance and Insurance, Net |
|
193.1 |
|
|
210.1 |
|
(8.1) % |
|
|
607.8 |
|
|
631.0 |
|
(3.7) % |
Service and Parts |
|
449.8 |
|
|
404.4 |
|
11.2 % |
|
|
1,321.8 |
|
|
1,209.8 |
|
9.3 % |
Fleet and Wholesale |
|
15.9 |
|
|
11.6 |
|
37.1 % |
|
|
48.6 |
|
|
47.3 |
|
2.7 % |
Total Gross Profit |
$ |
1,041.5 |
|
$ |
1,025.3 |
|
1.6 % |
|
$ |
3,173.7 |
|
$ |
3,173.8 |
|
— % |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Retail Automotive Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
57,879 |
|
$ |
56,653 |
|
2.2 % |
|
$ |
57,840 |
|
$ |
56,676 |
|
2.1 % |
Used Vehicles |
|
36,785 |
|
|
35,179 |
|
4.6 % |
|
|
34,978 |
|
|
34,882 |
|
0.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
5,072 |
|
$ |
5,790 |
|
(12.4) % |
|
$ |
5,202 |
|
$ |
6,122 |
|
(15.0) % |
Used Vehicles |
|
1,882 |
|
|
1,564 |
|
20.3 % |
|
|
1,859 |
|
|
1,753 |
|
6.0 % |
Finance and Insurance (excluding agency) |
|
1,761 |
|
|
1,815 |
|
(3.0) % |
|
|
1,748 |
|
|
1,809 |
|
(3.4) % |
Agency |
|
2,636 |
|
|
2,400 |
|
9.8 % |
|
|
2,470 |
|
|
2,234 |
|
10.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
9.5 % |
|
|
10.8 % |
|
(130)bps |
|
|
9.6 % |
|
|
11.3 % |
|
(170)bps |
Used Vehicles |
|
5.1 % |
|
|
4.4 % |
|
+70bps |
|
|
5.3 % |
|
|
5.0 % |
|
+30bps |
Service and Parts |
|
57.8 % |
|
|
59.0 % |
|
(120)bps |
|
|
58.1 % |
|
|
58.9 % |
|
(80)bps |
Fleet and Wholesale |
|
4.5 % |
|
|
3.2 % |
|
+130bps |
|
|
4.3 % |
|
|
4.2 % |
|
+10bps |
Total Gross Margin |
|
16.4 % |
|
|
16.2 % |
|
+20bps |
|
|
16.3 % |
|
|
16.7 % |
|
(40)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
45.6 % |
|
|
43.4 % |
|
+220bps |
|
|
44.7 % |
|
|
43.5 % |
|
+120bps |
Used Vehicles |
|
33.5 % |
|
|
36.7 % |
|
(320)bps |
|
|
34.7 % |
|
|
36.5 % |
|
(180)bps |
Finance and Insurance, Net |
|
3.0 % |
|
|
3.3 % |
|
(30)bps |
|
|
3.1 % |
|
|
3.3 % |
|
(20)bps |
Service and Parts |
|
12.3 % |
|
|
10.8 % |
|
+150bps |
|
|
11.7 % |
|
|
10.8 % |
|
+90bps |
Fleet and Wholesale |
|
5.6 % |
|
|
5.8 % |
|
(20)bps |
|
|
5.8 % |
|
|
5.9 % |
|
(10)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
26.3 % |
|
|
28.9 % |
|
(260)bps |
|
|
26.4 % |
|
|
29.5 % |
|
(310)bps |
Used Vehicles |
|
10.4 % |
|
|
10.1 % |
|
+30bps |
|
|
11.3 % |
|
|
11.0 % |
|
+30bps |
Finance and Insurance, Net |
|
18.5 % |
|
|
20.5 % |
|
(200)bps |
|
|
19.2 % |
|
|
19.9 % |
|
(70)bps |
Service and Parts |
|
43.2 % |
|
|
39.4 % |
|
+380bps |
|
|
41.6 % |
|
|
38.1 % |
|
+350bps |
Fleet and Wholesale |
|
1.6 % |
|
|
1.1 % |
|
+50bps |
|
|
1.5 % |
|
|
1.5 % |
|
—bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
PENSKE AUTOMOTIVE GROUP, INC. |
|||||||||||||||
Retail Automotive Operations Same-Store |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Retail Automotive Same-Store Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
46,189 |
|
|
47,777 |
|
(3.3) % |
|
|
141,729 |
|
|
144,588 |
|
(2.0) % |
Used Retail |
|
53,826 |
|
|
61,520 |
|
(12.5) % |
|
|
176,794 |
|
|
185,106 |
|
(4.5) % |
Total Retail |
|
100,015 |
|
|
109,297 |
|
(8.5) % |
|
|
318,523 |
|
|
329,694 |
|
(3.4) % |
|
|
9,353 |
|
|
8,678 |
|
7.8 % |
|
|
27,214 |
|
|
24,489 |
|
11.1 % |
|
|
109,368 |
|
|
117,975 |
|
(7.3) % |
|
|
345,737 |
|
|
354,183 |
|
(2.4) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
2,688.4 |
|
$ |
2,724.6 |
|
(1.3) % |
|
$ |
8,237.9 |
|
$ |
8,246.8 |
|
(0.1) % |
Used Vehicles |
|
1,968.2 |
|
|
2,224.7 |
|
(11.5) % |
|
|
6,246.9 |
|
|
6,652.5 |
|
(6.1) % |
Finance and Insurance, Net |
|
186.1 |
|
|
204.8 |
|
(9.1) % |
|
|
583.8 |
|
|
613.7 |
|
(4.9) % |
Service and Parts |
|
730.9 |
|
|
681.5 |
|
7.2 % |
|
|
2,158.5 |
|
|
2,041.3 |
|
5.7 % |
Fleet and Wholesale |
|
322.1 |
|
|
354.3 |
|
(9.1) % |
|
|
1,050.4 |
|
|
1,072.1 |
|
(2.0) % |
Total Revenue |
$ |
5,895.7 |
|
$ |
6,189.9 |
|
(4.8) % |
|
$ |
18,277.5 |
|
$ |
18,626.4 |
|
(1.9) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
253.3 |
|
$ |
294.3 |
|
(13.9) % |
|
$ |
791.1 |
|
$ |
933.3 |
|
(15.2) % |
Used Vehicles |
|
101.1 |
|
|
100.1 |
|
1.0 % |
|
|
332.1 |
|
|
339.8 |
|
(2.3) % |
Finance and Insurance, Net |
|
186.1 |
|
|
204.8 |
|
(9.1) % |
|
|
583.8 |
|
|
613.7 |
|
(4.9) % |
Service and Parts |
|
426.8 |
|
|
401.6 |
|
6.3 % |
|
|
1,264.1 |
|
|
1,200.8 |
|
5.3 % |
Fleet and Wholesale |
|
15.5 |
|
|
11.5 |
|
34.8 % |
|
|
47.9 |
|
|
46.8 |
|
2.4 % |
Total Gross Profit |
$ |
982.8 |
|
$ |
1,012.3 |
|
(2.9) % |
|
$ |
3,019.0 |
|
$ |
3,134.4 |
|
(3.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
57,736 |
|
$ |
56,609 |
|
2.0 % |
|
$ |
57,680 |
|
$ |
56,691 |
|
1.7 % |
Used Vehicles |
|
36,565 |
|
|
36,162 |
|
1.1 % |
|
|
35,334 |
|
|
35,939 |
|
(1.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
5,037 |
|
$ |
5,787 |
|
(13.0) % |
|
$ |
5,176 |
|
$ |
6,129 |
|
(15.5) % |
Used Vehicles |
|
1,878 |
|
|
1,626 |
|
15.5 % |
|
|
1,879 |
|
|
1,836 |
|
2.3 % |
Finance and Insurance (excluding agency) |
|
1,832 |
|
|
1,858 |
|
(1.4) % |
|
|
1,819 |
|
|
1,856 |
|
(2.0) % |
Agency |
|
2,517 |
|
|
2,257 |
|
11.5 % |
|
|
2,275 |
|
|
1,997 |
|
13.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
9.4 % |
|
|
10.8 % |
|
(140)bps |
|
|
9.6 % |
|
|
11.3 % |
|
(170)bps |
Used Vehicles |
|
5.1 % |
|
|
4.5 % |
|
+60bps |
|
|
5.3 % |
|
|
5.1 % |
|
+20bps |
Service and Parts |
|
58.4 % |
|
|
58.9 % |
|
(50)bps |
|
|
58.6 % |
|
|
58.8 % |
|
(20)bps |
Fleet and Wholesale |
|
4.8 % |
|
|
3.2 % |
|
+160bps |
|
|
4.6 % |
|
|
4.4 % |
|
+20bps |
Total Gross Margin |
|
16.7 % |
|
|
16.4 % |
|
+30bps |
|
|
16.5 % |
|
|
16.8 % |
|
(30)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
45.6 % |
|
|
44.0 % |
|
+160bps |
|
|
45.1 % |
|
|
44.3 % |
|
+80bps |
Used Vehicles |
|
33.4 % |
|
|
35.9 % |
|
(250)bps |
|
|
34.2 % |
|
|
35.7 % |
|
(150)bps |
Finance and Insurance, Net |
|
3.2 % |
|
|
3.3 % |
|
(10)bps |
|
|
3.2 % |
|
|
3.3 % |
|
(10)bps |
Service and Parts |
|
12.4 % |
|
|
11.0 % |
|
+140bps |
|
|
11.8 % |
|
|
11.0 % |
|
+80bps |
Fleet and Wholesale |
|
5.4 % |
|
|
5.8 % |
|
(40)bps |
|
|
5.7 % |
|
|
5.7 % |
|
—bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
25.8 % |
|
|
29.1 % |
|
(330)bps |
|
|
26.2 % |
|
|
29.8 % |
|
(360)bps |
Used Vehicles |
|
10.3 % |
|
|
9.9 % |
|
+40bps |
|
|
11.0 % |
|
|
10.8 % |
|
+20bps |
Finance and Insurance, Net |
|
18.9 % |
|
|
20.2 % |
|
(130)bps |
|
|
19.3 % |
|
|
19.6 % |
|
(30)bps |
Service and Parts |
|
43.4 % |
|
|
39.7 % |
|
+370bps |
|
|
41.9 % |
|
|
38.3 % |
|
+360bps |
Fleet and Wholesale |
|
1.6 % |
|
|
1.1 % |
|
+50bps |
|
|
1.6 % |
|
|
1.5 % |
|
+10bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
PENSKE AUTOMOTIVE GROUP, INC. |
|||||||||||||||
Retail Commercial Truck Operations |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Retail Commercial Truck Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
5,405 |
|
|
4,673 |
|
15.7 % |
|
|
13,379 |
|
|
13,729 |
|
(2.5) % |
Used Retail |
|
926 |
|
|
883 |
|
4.9 % |
|
|
2,740 |
|
|
2,242 |
|
22.2 % |
Total |
|
6,331 |
|
|
5,556 |
|
13.9 % |
|
|
16,119 |
|
|
15,971 |
|
0.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
755.3 |
|
$ |
644.4 |
|
17.2 % |
|
$ |
1,864.9 |
|
$ |
1,861.0 |
|
0.2 % |
Used Vehicles |
|
60.1 |
|
|
68.4 |
|
(12.1) % |
|
|
171.2 |
|
|
170.3 |
|
0.5 % |
Finance and Insurance, Net |
|
5.2 |
|
|
5.9 |
|
(11.9) % |
|
|
14.7 |
|
|
15.9 |
|
(7.5) % |
Service and Parts |
|
232.8 |
|
|
235.1 |
|
(1.0) % |
|
|
675.6 |
|
|
695.2 |
|
(2.8) % |
Wholesale and Other |
|
9.9 |
|
|
10.9 |
|
(9.2) % |
|
|
21.0 |
|
|
37.1 |
|
(43.4) % |
Total Revenue |
$ |
1,063.3 |
|
$ |
964.7 |
|
10.2 % |
|
$ |
2,747.4 |
|
$ |
2,779.5 |
|
(1.2) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
46.0 |
|
$ |
40.3 |
|
14.1 % |
|
$ |
119.9 |
|
$ |
110.3 |
|
8.7 % |
Used Vehicles |
|
4.8 |
|
|
4.8 |
|
— % |
|
|
11.5 |
|
|
14.2 |
|
(19.0) % |
Finance and Insurance, Net |
|
5.2 |
|
|
5.9 |
|
(11.9) % |
|
|
14.7 |
|
|
15.9 |
|
(7.5) % |
Service and Parts |
|
98.0 |
|
|
99.7 |
|
(1.7) % |
|
|
290.2 |
|
|
293.4 |
|
(1.1) % |
Wholesale and Other |
|
3.1 |
|
|
4.7 |
|
(34.0) % |
|
|
10.1 |
|
|
15.4 |
|
(34.4) % |
Total Gross Profit |
$ |
157.1 |
|
$ |
155.4 |
|
1.1 % |
|
$ |
446.4 |
|
$ |
449.2 |
|
(0.6) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
139,746 |
|
$ |
137,891 |
|
1.3 % |
|
$ |
139,390 |
|
$ |
135,552 |
|
2.8 % |
Used Vehicles |
|
64,856 |
|
|
77,476 |
|
(16.3) % |
|
|
62,480 |
|
|
75,980 |
|
(17.8) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
8,503 |
|
$ |
8,631 |
|
(1.5) % |
|
$ |
8,957 |
|
$ |
8,032 |
|
11.5 % |
Used Vehicles |
|
5,237 |
|
|
5,381 |
|
(2.7) % |
|
|
4,247 |
|
|
6,310 |
|
(32.7) % |
Finance and Insurance |
|
828 |
|
|
1,060 |
|
(21.9) % |
|
|
914 |
|
|
995 |
|
(8.1) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
6.1 % |
|
|
6.3 % |
|
(20)bps |
|
|
6.4 % |
|
|
5.9 % |
|
+50bps |
Used Vehicles |
|
8.0 % |
|
|
7.0 % |
|
+100bps |
|
|
6.7 % |
|
|
8.3 % |
|
(160)bps |
Service and Parts |
|
42.1 % |
|
|
42.4 % |
|
(30)bps |
|
|
43.0 % |
|
|
42.2 % |
|
+80bps |
Wholesale and Other |
|
31.3 % |
|
|
43.1 % |
|
(1,180)bps |
|
|
48.1 % |
|
|
41.5 % |
|
+660bps |
Total Gross Margin |
|
14.8 % |
|
|
16.1 % |
|
(130)bps |
|
|
16.2 % |
|
|
16.2 % |
|
—bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
71.0 % |
|
|
66.8 % |
|
+420bps |
|
|
67.9 % |
|
|
67.0 % |
|
+90bps |
Used Vehicles |
|
5.7 % |
|
|
7.1 % |
|
(140)bps |
|
|
6.2 % |
|
|
6.1 % |
|
+10bps |
Finance and Insurance, Net |
|
0.5 % |
|
|
0.6 % |
|
(10)bps |
|
|
0.5 % |
|
|
0.6 % |
|
(10)bps |
Service and Parts |
|
21.9 % |
|
|
24.4 % |
|
(250)bps |
|
|
24.6 % |
|
|
25.0 % |
|
(40)bps |
Wholesale and Other |
|
0.9 % |
|
|
1.1 % |
|
(20)bps |
|
|
0.8 % |
|
|
1.3 % |
|
(50)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
29.3 % |
|
|
25.9 % |
|
+340bps |
|
|
26.9 % |
|
|
24.6 % |
|
+230bps |
Used Vehicles |
|
3.1 % |
|
|
3.1 % |
|
—bps |
|
|
2.6 % |
|
|
3.2 % |
|
(60)bps |
Finance and Insurance, Net |
|
3.3 % |
|
|
3.8 % |
|
(50)bps |
|
|
3.3 % |
|
|
3.5 % |
|
(20)bps |
Service and Parts |
|
62.4 % |
|
|
64.2 % |
|
(180)bps |
|
|
65.0 % |
|
|
65.3 % |
|
(30)bps |
Wholesale and Other |
|
1.9 % |
|
|
3.0 % |
|
(110)bps |
|
|
2.2 % |
|
|
3.4 % |
|
(120)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
PENSKE AUTOMOTIVE GROUP, INC. |
|||||||||||||||
Retail Commercial Truck Operations Same-Store |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Retail Commercial Truck Same-Store Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
5,163 |
|
|
4,673 |
|
10.5 % |
|
|
12,648 |
|
|
13,532 |
|
(6.5) % |
Used Retail |
|
917 |
|
|
883 |
|
3.9 % |
|
|
2,651 |
|
|
2,224 |
|
19.2 % |
Total |
|
6,080 |
|
|
5,556 |
|
9.4 % |
|
|
15,299 |
|
|
15,756 |
|
(2.9) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
717.1 |
|
$ |
644.4 |
|
11.3 % |
|
$ |
1,753.0 |
|
$ |
1,831.0 |
|
(4.3) % |
Used Vehicles |
|
59.5 |
|
|
68.4 |
|
(13.0) % |
|
|
164.8 |
|
|
169.4 |
|
(2.7) % |
Finance and Insurance, Net |
|
4.3 |
|
|
5.9 |
|
(27.1) % |
|
|
13.0 |
|
|
15.5 |
|
(16.1) % |
Service and Parts |
|
224.1 |
|
|
235.1 |
|
(4.7) % |
|
|
635.3 |
|
|
682.3 |
|
(6.9) % |
Wholesale and Other |
|
9.4 |
|
|
10.9 |
|
(13.8) % |
|
|
19.5 |
|
|
36.9 |
|
(47.2) % |
Total Revenue |
$ |
1,014.4 |
|
$ |
964.7 |
|
5.2 % |
|
$ |
2,585.6 |
|
$ |
2,735.1 |
|
(5.5) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
42.3 |
|
$ |
40.3 |
|
5.0 % |
|
$ |
110.4 |
|
$ |
107.1 |
|
3.1 % |
Used Vehicles |
|
4.8 |
|
|
4.8 |
|
— % |
|
|
12.3 |
|
|
14.1 |
|
(12.8) % |
Finance and Insurance, Net |
|
4.3 |
|
|
5.9 |
|
(27.1) % |
|
|
13.0 |
|
|
15.5 |
|
(16.1) % |
Service and Parts |
|
94.0 |
|
|
99.7 |
|
(5.7) % |
|
|
273.6 |
|
|
288.3 |
|
(5.1) % |
Wholesale and Other |
|
2.5 |
|
|
4.5 |
|
(44.4) % |
|
|
8.7 |
|
|
14.9 |
|
(41.6) % |
Total Gross Profit |
$ |
147.9 |
|
$ |
155.2 |
|
(4.7) % |
|
$ |
418.0 |
|
$ |
439.9 |
|
(5.0) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
138,890 |
|
$ |
137,891 |
|
0.7 % |
|
$ |
138,602 |
|
$ |
135,306 |
|
2.4 % |
Used Vehicles |
|
64,879 |
|
|
77,476 |
|
(16.3) % |
|
|
62,159 |
|
|
76,163 |
|
(18.4) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
8,200 |
|
$ |
8,631 |
|
(5.0) % |
|
$ |
8,729 |
|
$ |
7,915 |
|
10.3 % |
Used Vehicles |
|
5,249 |
|
|
5,381 |
|
(2.5) % |
|
|
4,635 |
|
|
6,340 |
|
(26.9) % |
Finance and Insurance |
|
705 |
|
|
1,060 |
|
(33.5) % |
|
|
847 |
|
|
981 |
|
(13.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
5.9 % |
|
|
6.3 % |
|
(40)bps |
|
|
6.3 % |
|
|
5.8 % |
|
+50bps |
Used Vehicles |
|
8.1 % |
|
|
7.0 % |
|
+110bps |
|
|
7.5 % |
|
|
8.3 % |
|
(80)bps |
Service and Parts |
|
41.9 % |
|
|
42.4 % |
|
(50)bps |
|
|
43.1 % |
|
|
42.3 % |
|
+80bps |
Wholesale and Other |
|
26.6 % |
|
|
41.3 % |
|
(1,470)bps |
|
|
44.6 % |
|
|
40.4 % |
|
+420bps |
Total Gross Margin |
|
14.6 % |
|
|
16.1 % |
|
(150)bps |
|
|
16.2 % |
|
|
16.1 % |
|
+10bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
70.7 % |
|
|
66.8 % |
|
+390bps |
|
|
67.8 % |
|
|
66.9 % |
|
+90bps |
Used Vehicles |
|
5.9 % |
|
|
7.1 % |
|
(120)bps |
|
|
6.4 % |
|
|
6.2 % |
|
+20bps |
Finance and Insurance, Net |
|
0.4 % |
|
|
0.6 % |
|
(20)bps |
|
|
0.5 % |
|
|
0.6 % |
|
(10)bps |
Service and Parts |
|
22.1 % |
|
|
24.4 % |
|
(230)bps |
|
|
24.6 % |
|
|
24.9 % |
|
(30)bps |
Wholesale and Other |
|
0.9 % |
|
|
1.1 % |
|
(20)bps |
|
|
0.7 % |
|
|
1.4 % |
|
(70)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
28.6 % |
|
|
26.0 % |
|
+260bps |
|
|
26.4 % |
|
|
24.3 % |
|
+210bps |
Used Vehicles |
|
3.2 % |
|
|
3.1 % |
|
+10bps |
|
|
2.9 % |
|
|
3.2 % |
|
(30)bps |
Finance and Insurance, Net |
|
2.9 % |
|
|
3.8 % |
|
(90)bps |
|
|
3.1 % |
|
|
3.5 % |
|
(40)bps |
Service and Parts |
|
63.6 % |
|
|
64.2 % |
|
(60)bps |
|
|
65.5 % |
|
|
65.5 % |
|
—bps |
Wholesale and Other |
|
1.7 % |
|
|
2.9 % |
|
(120)bps |
|
|
2.1 % |
|
|
3.5 % |
|
(140)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
PENSKE AUTOMOTIVE GROUP, INC. |
|||||||
Supplemental Data |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Retail Automotive Revenue Mix: |
|
|
|
|
|
|
|
Premium: |
|
|
|
|
|
|
|
BMW / MINI |
25 % |
|
25 % |
|
26 % |
|
25 % |
Audi |
11 % |
|
12 % |
|
10 % |
|
11 % |
Mercedes-Benz |
9 % |
|
9 % |
|
9 % |
|
9 % |
Land Rover / Jaguar |
8 % |
|
7 % |
|
8 % |
|
8 % |
Porsche |
9 % |
|
8 % |
|
9 % |
|
8 % |
Ferrari / Maserati |
3 % |
|
3 % |
|
3 % |
|
3 % |
Lexus |
3 % |
|
3 % |
|
3 % |
|
3 % |
Acura |
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
Others |
2 % |
|
1 % |
|
2 % |
|
2 % |
Total Premium |
72 % |
|
70 % |
|
72 % |
|
71 % |
Volume Non- |
|
|
|
|
|
|
|
Toyota |
11 % |
|
11 % |
|
11 % |
|
10 % |
Honda |
6 % |
|
6 % |
|
5 % |
|
6 % |
|
2 % |
|
2 % |
|
2 % |
|
2 % |
Hyundai |
1 % |
|
1 % |
|
1 % |
|
1 % |
Others |
1 % |
|
2 % |
|
1 % |
|
1 % |
Total Volume Non- |
21 % |
|
22 % |
|
20 % |
|
20 % |
|
|
|
|
|
|
|
|
General Motors / Stellantis / Ford |
2 % |
|
1 % |
|
2 % |
|
1 % |
Used Vehicle Dealerships |
5 % |
|
7 % |
|
6 % |
|
8 % |
Total |
100 % |
|
100 % |
|
100 % |
|
100 % |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
Capital Expenditures / Stock Repurchases: |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
($ Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
|
80.9 |
|
$ |
|
86.6 |
|
$ |
|
282.6 |
|
$ |
|
272.1 |
Cash paid for acquisitions |
$ |
|
196.6 |
|
$ |
|
130.8 |
|
$ |
|
637.4 |
|
$ |
|
211.3 |
Stock repurchases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase price |
$ |
|
0.1 |
|
$ |
|
14.1 |
|
$ |
|
76.5 |
|
$ |
|
364.5 |
Shares repurchased |
|
|
476 |
|
|
|
87,182 |
|
|
|
511,073 |
|
|
|
2,690,741 |
Balance Sheet and Other Highlights: |
|
|
|
||
(Amounts in Millions) |
|
|
|
|
|
Cash and Cash Equivalents |
$ |
91.9 |
|
$ |
96.4 |
Inventories |
$ |
4,822.4 |
|
$ |
4,293.1 |
Total Floor Plan Notes Payable |
$ |
4,174.3 |
|
$ |
3,771.5 |
Total Long-Term Debt |
$ |
1,878.0 |
|
$ |
1,629.2 |
Equity |
$ |
5,234.0 |
|
$ |
4,755.6 |
|
|
|
|
|
|
Debt to Total Capitalization Ratio |
|
26.4 % |
|
|
25.5 % |
Leverage Ratio (1) |
|
1.3x |
|
|
1.0x |
New vehicle days' supply |
|
53 days |
|
|
39 days |
Used vehicle days' supply |
|
43 days |
|
|
48 days |
__________________________ |
|||||
(1) See the following Non-GAAP reconciliation table |
PENSKE AUTOMOTIVE GROUP, INC. |
||||||||||
Consolidated Non-GAAP Reconciliations |
||||||||||
(Unaudited) |
||||||||||
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization |
||||||||||
|
||||||||||
|
Three Months Ended |
|
|
|
|
|
||||
|
|
|
2024 vs. 2023 |
|||||||
(Amounts in Millions) |
2024 |
|
2023 |
|
Change |
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
227.0 |
|
$ |
264.4 |
|
$ |
(37.4) |
|
(14.1) % |
Add: Depreciation |
|
40.6 |
|
|
35.4 |
|
|
5.2 |
|
14.7 % |
Other Interest Expense |
|
22.9 |
|
|
24.5 |
|
|
(1.6) |
|
(6.5) % |
Income Taxes |
|
77.4 |
|
|
92.1 |
|
|
(14.7) |
|
(16.0) % |
EBITDA |
$ |
367.9 |
|
$ |
416.4 |
|
$ |
(48.5) |
|
(11.6) % |
|
|
|
|
|
|
|
||||
|
Nine Months Ended |
|
|
|
|
|
||||
|
|
|
2024 vs. 2023 |
|||||||
(Amounts in Millions) |
2024 |
|
2023 |
|
Change |
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
686.1 |
|
$ |
866.6 |
|
$ |
(180.5) |
|
(20.8) % |
Add: Depreciation |
|
117.0 |
|
|
103.4 |
|
|
13.6 |
|
13.2 % |
Other Interest Expense |
|
64.1 |
|
|
69.5 |
|
|
(5.4) |
|
(7.8) % |
Income Taxes |
|
238.6 |
|
|
297.1 |
|
|
(58.5) |
|
(19.7) % |
EBITDA |
$ |
1,105.8 |
|
$ |
1,336.6 |
|
$ |
(230.8) |
|
(17.3) % |
The following table reconciles the leverage ratio as of |
|
|
Three |
|
Nine |
|
Trailing Twelve |
|
Twelve |
||||
|
Months Ended |
|
Months Ended |
|
Months Ended |
|
Months Ended |
||||
(Amounts in Millions) |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ 192.0 |
|
$ 686.1 |
|
$ 878.1 |
|
$ 1,058.6 |
||||
Add: Depreciation |
|
37.6 |
|
|
117.0 |
|
|
154.6 |
|
|
141.0 |
Other Interest Expense |
|
23.1 |
|
|
64.1 |
|
|
87.2 |
|
|
92.6 |
Income Taxes |
|
63.8 |
|
|
238.6 |
|
|
302.4 |
|
|
360.9 |
EBITDA |
$ 316.5 |
|
$ 1,105.8 |
|
$ 1,422.3 |
|
$ 1,653.1 |
||||
Add: Impairment Charges (1) |
|
40.7 |
|
|
— |
|
|
40.7 |
|
|
40.7 |
Adjusted EBITDA |
$ 357.2 |
|
$ 1,105.8 |
|
$ 1,463.0 |
|
$ 1,693.8 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Vehicle Long-Term Debt |
|
|
|
|
|
|
$ 1,878.0 |
|
$ 1,629.2 |
||
Leverage Ratio |
|
|
|
|
|
|
|
1.3x |
|
|
1.0x |
__________________________ |
|||||||||||
(1) Impairment charges relate to our |
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