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    Press Release

    Penske Automotive Reports All Time Record First Quarter Results

    Company Release - 04/28/2021

    BLOOMFIELD HILLS, Mich., April 28, 2021 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today reported the highest first quarter revenue, income from continuing operations, and earnings per share in company history. For the three months ended March 31, 2021, the company reported a 253.7% increase in income from continuing operations attributable to common shareholders to $182.5 million and a 253.1% increase in related earnings per share to $2.26. This compares to income from continuing operations attributable to common shareholders of $51.6 million, or $0.64 per share in the prior year. Foreign exchange positively impacted earnings per share by $0.05 in the first quarter of 2021. Total revenue increased 15.3% to $5.8 billion from $5.0 billion in the prior year.

    Retail Automotive Operational Highlights

    • New and Used retail automotive same-store unit sales increased 5.5%
      • New +18.8%: U.S. +25.5%; U.K. +7.8%
      • Used -3.6%: U.S. +14.5%; U.K. -18.2%
    • Retail automotive same-store revenue and gross profit increased 19.2%
    • Retail automotive same-store variable gross profit per unit retailed increased 25.3%  

    Commenting on the company's results, Chairman Roger Penske said, "We had outstanding performance across our business during the first quarter. I am particularly pleased with the continued expense discipline driving a 990-basis point improvement in selling, general and administrative expense as a percent of gross profit. Despite our dealership showrooms being closed in the U.K. for the entire first quarter due to COVID restrictions, we used our online tools to deliver 40,000 new and used vehicles in the U.K. market. Importantly, new same-store units in the U.K. increased 7.8% compared to the U.K. market which declined 12%." Penske continued, "Further, our commercial truck dealerships improved their profitability by 101% while the earnings from our investment in Penske Transportation Solutions increased 295% demonstrating the strength of the company's diversified business model."

    CarShop Used Vehicle SuperCenters
    Penske Automotive Group operates seventeen CarShop Used Vehicle SuperCenters in the U.S. and U.K. During the first quarter, the company renamed its U.S.-based Used Vehicle SuperCenters from CarSense to CarShop to align with the existing eleven U.K.-based CarShop Used Vehicle SuperCenters, forming one global CarShop brand. For the three months ended March 31, 2021, retail unit sales decreased by 30.1% to 11,395 while revenue decreased by 20.6% to $242.6 million, principally due to a 43% decline in used unit sales in the U.K. as a result of COVID-related government-mandated showroom closures, partially offset by a 25% increase in used unit sales in the U.S. during the quarter.

    Retail Commercial Truck Dealerships
    For the three months ended March 31, 2021, earnings before taxes increased 101% to $27.5 million compared to $13.7 million in the same period last year, return on sales was 6.3%, and fixed cost absorption was 125%. The 101% increase in earnings before taxes was principally driven by an increase in used truck unit sales coupled with improved gross margin from new and used truck sales.  

    On April 13, 2021, the company announced that it had completed its acquisition of Kansas City Freightliner ("KCFL") which is expected to add approximately $450 million in annualized revenue and increase our medium and heavy-duty commercial truck dealership count to 29 locations throughout the U.S. and Canada.

    Penske Transportation Solutions Investment
    Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. The company has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three months ended March 31, 2021, the company recorded $53.7 million in earnings compared to $13.6 million for the same period last year. The 295% increase in the first quarter was principally driven by improved operating results across PTS' full-service leasing, rental, and logistics and a reduction in operating expenses.

    Corporate Development and Liquidity
    As mentioned above, we acquired "KCFL" in April 2021. In addition, in January, we opened our second Porsche dealership in the Washington D.C. market, which is expected to generate $50 million in annualized revenue. We also have an Audi dealership under construction in Southern California and a Honda dealership under construction in Texas. Both are expected to open by the end of the year and collectively generate approximately $100 million in annualized revenue.

    Further, we expect to open two CarShop Used Vehicle SuperCenter locations in the second quarter and an additional two locations by the end of 2021. We are targeting 40 locations, 150,000 in unit sales, and $100 million of earnings before taxes in the CarShop Used Vehicle SuperCenter operations by the end of 2023.

    As we look out across the next three years, we are targeting organic and acquisition growth, coupled with operating efficiencies to drive income from continuing operations before taxes to at least $1 billion by the end of 2023 which compares to $708 million last year.

    As of March 31, 2021, the company had available liquidity under its various credit agreements of approximately $1.1 billion. Approximately $171 million remains available to repurchase shares under the company's existing share repurchase program.

    Conference Call
    Penske Automotive Group will host a conference call discussing financial results relating to the first quarter of 2021 on Wednesday, April 28, 2021, at 2:00 p.m.Eastern Daylight Time. To listen to the conference call, participants must dial (866) 394-1455 [International, please dial (516) 575-8644] using access code 6999373. The call will also be simultaneously broadcast over the Internet through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the first quarter 2021 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 a diversified international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe and distributes commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000 and 3000 indexes and is ranked among the World's Most Admired Companies by Fortune Magazine. 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, 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 liquidity, assessment of business conditions, and expected future operating results and growth plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, the duration, severity, and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, 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, 2020, 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.

    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





    March 31,





    2021


    2020


    Change



    Revenue


    $

    5,773.8


    $

    5,009.1


    15.3

    %



    Cost of Sales



    4,860.6



    4,232.4


    14.8

    %



    Gross Profit


    $

    913.2


    $

    776.7


    17.6

    %



    SG&A Expenses



    664.3



    641.8


    3.5

    %



    Depreciation



    29.3



    28.5


    2.8

    %



    Operating Income


    $

    219.6


    $

    106.4


    106.4

    %



    Floor Plan Interest Expense



    (9.5)



    (17.7)


    (46.3)

    %



    Other Interest Expense



    (17.9)



    (31.7)


    (43.5)

    %



    Equity in Earnings of Affiliates



    55.4



    14.5


    282.1

    %



    Income from Continuing Operations Before Income Taxes


    $

    247.6


    $

    71.5


    246.3

    %



    Income Taxes



    (64.5)



    (20.1)


    220.9

    %



    Income from Continuing Operations


    $

    183.1


    $

    51.4


    256.2

    %



    Income from Discontinued Operations, net of tax



    β€”



    0.1


    nm




    Net Income


    $

    183.1


    $

    51.5


    255.5

    %



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



    0.6



    (0.2)


    nm




    Net Income Attributable to Common Shareholders


    $

    182.5


    $

    51.7


    253.0

    %















    Amounts Attributable to Common Shareholders:












    Reported Income from Continuing Operations


    $

    183.1


    $

    51.4


    256.2

    %



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



    0.6



    (0.2)


    nm




    Income from Continuing Operations, net of tax


    $

    182.5


    $

    51.6


    253.7

    %



    Income from Discontinued Operations, net of tax



    β€”



    0.1


    nm




    Net Income Attributable to Common Shareholders


    $

    182.5


    $

    51.7


    253.0

    %



    Income from Continuing Operations Per Share


    $

    2.26


    $

    0.64


    253.1

    %



    Income Per Share


    $

    2.26


    $

    0.64


    253.1

    %



    Weighted Average Shares Outstanding



    80.6



    81.1


    (0.6)

    %















    nm – not meaningful












     

    PENSKE AUTOMOTIVE GROUP, INC.
    Consolidated Condensed Balance Sheets
    (Amounts In Millions)
    (Unaudited)




    March 31,


    December 31,



    2021


    2020

    Assets:







    Cash and Cash Equivalents


    $

    94.6


    $

    49.5

    Accounts Receivable, Net



    861.5



    806.9

    Inventories



    3,277.8



    3,425.6

    Other Current Assets



    125.0



    126.8

    Total Current Assets



    4,358.9



    4,408.8

    Property and Equipment, Net



    2,372.7



    2,404.4

    Operating Lease Right-of-Use Assets



    2,419.0



    2,416.5

    Intangibles



    2,490.1



    2,491.8

    Other Long-Term Assets



    1,581.3



    1,525.7

    Total Assets


    $

    13,222.0


    $

    13,247.2








    Liabilities and Equity:







    Floor Plan Notes Payable


    $

    1,686.9


    $

    1,780.5

    Floor Plan Notes Payable – Non-Trade



    1,334.7



    1,363.8

    Accounts Payable



    690.5



    675.4

    Accrued Expenses and Other Current Liabilities



    788.1



    767.2

    Current Portion Long-Term Debt



    88.0



    87.5

    Liabilities Held for Sale



    0.5



    0.5

    Total Current Liabilities



    4,588.7



    4,674.9

    Long-Term Debt



    1,492.5



    1,602.1

    Long-Term Operating Lease Liabilities



    2,349.3



    2,350.3

    Other Long-Term Liabilities



    1,306.8



    1,293.8

    Total Liabilities



    9,737.3



    9,921.1

    Equity



    3,484.7



    3,326.1

    Total Liabilities and Equity


    $

    13,222.0


    $

    13,247.2








    Supplemental Balance Sheet Information







    New vehicle days' supply



    40



    50

    Used vehicle days' supply



    35



    48

     

    PENSKE AUTOMOTIVE GROUP, INC.
    Consolidated Statements of Cash Flow
    Amounts in Millions
    (Unaudited)




    Three Months Ended




    March 31,




    2021


    2020


    Operating Activities:








    Net cash provided by continuing operating activities



    239.3



    211.9


    Investing Activities:








    Purchase of equipment and improvements



    (42.4)



    (25.7)


    Proceeds from sale of dealerships



    4.3



    10.3


    Proceeds from sale of equipment and improvements



    20.4



    β€”


    Other



    (0.6)



    (0.7)


    Net cash used in continuing investing activities



    (18.3)



    (16.1)


    Financing Activities:








    Proceeds from borrowings under U.S. credit agreement revolving credit line



    301.0



    515.0


    Repayments under U.S. credit agreement revolving credit line



    (409.0)



    (210.0)


    Net repayments of other long-term debt



    (2.3)



    (22.1)


    Net (repayments) borrowings of floor plan notes payable β€” non-trade



    (29.1)



    11.7


    Payments for contingent consideration



    β€”



    (21.1)


    Repurchases of common stock



    β€”



    (29.4)


    Dividends



    (34.6)



    (34.2)


    Payment of debt issuance costs



    (0.1)



    β€”


    Net cash (used in) provided by continuing financing activities



    (174.1)



    209.9


    Discontinued operations:








    Net cash provided by discontinued operating activities



    β€”



    0.1


    Net cash provided by discontinued investing activities



    β€”



    β€”


    Net cash provided by discontinued financing activities



    β€”



    β€”


    Net cash provided by discontinued operations



    β€”



    0.1


    Effect of exchange rate changes on cash and cash equivalents



    (1.8)



    (2.0)


    Net change in cash and cash equivalents



    45.1



    403.8


    Cash and cash equivalents, beginning of period



    49.5



    28.1


    Cash and cash equivalents, end of period


    $

    94.6


    $

    431.9


    Supplemental disclosures of cash flow information:








    Cash paid (received) for:








    Interest


    $

    27.2


    $

    36.3


    Income taxes



    11.5



    (3.3)


     

    PENSKE AUTOMOTIVE GROUP, INC.
    Consolidated Operations
    Selected Data
    (Unaudited)




    Three Months Ended




    March 31,




    2021


    2020


    Geographic Revenue Mix:








    North America



    59.6

    %


    58.8

    %

    U.K.



    32.1

    %


    33.2

    %

    Other International



    8.3

    %


    8.0

    %

    Total



    100.0

    %


    100.0

    %









    Revenue: (Amounts in Millions)








    Retail Automotive


    $

    5,206.9


    $

    4,416.6


    Retail Commercial Trucks



    434.7



    491.4


    Commercial Vehicles Australia/Power Systems



    132.2



    101.1


    Total


    $

    5,773.8


    $

    5,009.1










    Gross Profit: (Amounts in Millions)








    Retail Automotive


    $

    799.9


    $

    678.1


    Retail Commercial Trucks



    80.0



    68.8


    Commercial Vehicles Australia/Power Systems



    33.3



    29.8


    Total


    $

    913.2


    $

    776.7










    Gross Margin:








    Retail Automotive



    15.4

    %


    15.4

    %

    Retail Commercial Trucks



    18.4

    %


    14.0

    %

    Commercial Vehicles Australia/Power Systems



    25.2

    %


    29.5

    %

    Total



    15.8

    %


    15.5

    %

     




    Three Months Ended




    March 31,











    2021


    2020



    Operating Items as a Percentage of Revenue:







    Gross Profit


    15.8

    %

    15.5

    %


    Selling, General and Administrative Expenses


    11.5

    %

    12.8

    %


    Operating Income


    3.8

    %

    2.1

    %


    Income from Continuing Operations Before Income Taxes


    4.3

    %

    1.4

    %









    Operating Items as a Percentage of Total Gross Profit:







    Selling, General and Administrative Expenses


    72.7

    %

    82.6

    %


    Operating Income


    24.0

    %

    13.7

    %


     




    Three Months Ended



    March 31,








    (Amounts in Millions)


    2021


    2020








    EBITDA*


    $

    294.8


    $

    131.7

    Floorplan Credits


    $

    12.3


    $

    8.6

    Rent Expense


    $

    58.9


    $

    57.9

    Stock Repurchases


    $

    β€”


    $

    29.4



    *

     See the following Non-GAAP reconciliation table.

     

    PENSKE AUTOMOTIVE GROUP, INC.
    Retail Automotive Operations
    Selected Data – Revenue and Gross Profit Mix
    (Unaudited)




    Three Months Ended




    March 31,




    2021


    2020


    Retail Automotive Revenue Mix:






    Premium:






    BMW / MINI


    23

    %

    22

    %

    Audi


    12

    %

    13

    %

    Mercedes-Benz


    10

    %

    11

    %

    Land Rover / Jaguar


    10

    %

    9

    %

    Porsche


    7

    %

    6

    %

    Ferrari / Maserati


    3

    %

    2

    %

    Lexus


    3

    %

    3

    %

    Acura


    1

    %

    1

    %

    Bentley


    1

    %

    1

    %

    Others


    3

    %

    2

    %

    Total Premium


    73

    %

    70

    %

    Volume Non-U.S.:






    Toyota


    11

    %

    10

    %

    Honda


    6

    %

    6

    %

    Volkswagen


    2

    %

    3

    %

    Nissan


    1

    %

    1

    %

    Others


    1

    %

    2

    %

    Total Volume Non-U.S.


    21

    %

    22

    %

    U.S.:






    General Motors / Chrysler / Ford


    1

    %

    1

    %

    CarShop Used Vehicle SuperCenters


    5

    %

    7

    %

    Total


    100

    %

    100

    %







    Retail Automotive Geographic Revenue Mix:






    U.S.


    58

    %

    56

    %

    U.K.


    36

    %

    38

    %

    Other International


    6

    %

    6

    %

    Total


    100

    %

    100

    %







    Retail Automotive Geographic Gross Profit Mix:






    U.S.


    63

    %

    61

    %

    U.K.


    32

    %

    33

    %

    Other International


    5

    %

    6

    %

    Total


    100

    %

    100

    %

     

    PENSKE AUTOMOTIVE GROUP, INC.
    Retail Automotive Operations
    Selected Data
    (Unaudited)




    Three Months Ended



    March 31,



    2021


    2020


    Change

    Retail Automotive Units:










    New Retail



    50,409



    43,187


    16.7

    %

    Used Retail



    60,443



    63,050


    (4.1)

    %

    Total



    110,852



    106,237


    4.3

    %











    Retail Automotive Revenue: (Amounts in Millions)










    New Vehicles


    $

    2,421.4


    $

    1,864.5


    29.9

    %

    Used Vehicles



    1,808.0



    1,619.6


    11.6

    %

    Finance and Insurance, Net



    168.8



    144.4


    16.9

    %

    Service and Parts



    503.2



    513.3


    (2.0)

    %

    Fleet and Wholesale



    305.5



    274.8


    11.2

    %

    Total Revenue


    $

    5,206.9


    $

    4,416.6


    17.9

    %











    Retail Automotive Gross Profit: (Amounts in Millions)










    New Vehicles


    $

    205.0


    $

    138.6


    47.9

    %

    Used Vehicles



    109.4



    85.9


    27.4

    %

    Finance and Insurance, Net



    168.8



    144.4


    16.9

    %

    Service and Parts



    305.4



    303.7


    0.6

    %

    Fleet and Wholesale



    11.3



    5.5


    105.5

    %

    Total Gross Profit


    $

    799.9


    $

    678.1


    18.0

    %











    Retail Automotive Revenue Per Vehicle Retailed:










    New Vehicles


    $

    48,036


    $

    43,172


    11.3

    %

    Used Vehicles



    29,912



    25,688


    16.4

    %











    Retail Automotive Gross Profit Per Vehicle Retailed:










    New Vehicles


    $

    4,067


    $

    3,210


    26.7

    %

    Used Vehicles



    1,810



    1,362


    32.9

    %

    Finance and Insurance



    1,523



    1,359


    12.1

    %











    Retail Automotive Gross Margin:










    New Vehicles



    8.5

    %


    7.4

    %

    +110

    bps

    Used Vehicles



    6.1

    %


    5.3

    %

    +80

    bps

    Service and Parts



    60.7

    %


    59.2

    %

    +150

    bps

    Fleet and Wholesale



    3.7

    %


    2.0

    %

    +170

    bps

    Total Gross Margin



    15.4

    %


    15.4

    %

    ---

    bps











    Retail Automotive Revenue Mix Percentages:










    New Vehicles



    46.5

    %


    42.2

    %

    +430

    bps

    Used Vehicles



    34.7

    %


    36.7

    %

    (200)

    bps

    Finance and Insurance, Net



    3.2

    %


    3.3

    %

    (10)

    bps

    Service and Parts



    9.7

    %


    11.6

    %

    (190)

    bps

    Fleet and Wholesale



    5.9

    %


    6.2

    %

    (30)

    bps

    Total



    100.0

    %


    100.0

    %













    Retail Automotive Gross Profit Mix Percentages:










    New Vehicles



    25.6

    %


    20.4

    %

    +520

    bps

    Used Vehicles



    13.7

    %


    12.7

    %

    +100

    bps

    Finance and Insurance, Net



    21.1

    %


    21.3

    %

    (20)

    bps

    Service and Parts



    38.2

    %


    44.8

    %

    (660)

    bps

    Fleet and Wholesale



    1.4

    %


    0.8

    %

    +60

    bps

    Total



    100.0

    %


    100.0

    %



     

    PENSKE AUTOMOTIVE GROUP, INC.
    Retail Automotive Operations Same-Store
    Selected Data
    (Unaudited)




    Three Months Ended



    March 31,



    2021


    2020


    Change

    Retail Automotive Same-Store Units:










    New Retail



    50,322



    42,375


    18.8

    %

    Used Retail



    59,815



    62,052


    (3.6)

    %

    Total



    110,137



    104,427


    5.5

    %











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










    New Vehicles


    $

    2,414.8


    $

    1,837.6


    31.4

    %

    Used Vehicles



    1,795.1



    1,596.9


    12.4

    %

    Finance and Insurance, Net



    167.7



    142.4


    17.8

    %

    Service and Parts



    502.2



    504.4


    (0.4)

    %

    Fleet and Wholesale



    303.7



    266.1


    14.1

    %

    Total Revenue


    $

    5,183.5


    $

    4,347.4


    19.2

    %











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










    New Vehicles


    $

    204.5


    $

    137.1


    49.2

    %

    Used Vehicles



    108.9



    84.8


    28.4

    %

    Finance and Insurance, Net



    167.7



    142.4


    17.8

    %

    Service and Parts



    304.5



    298.7


    1.9

    %

    Fleet and Wholesale



    11.3



    5.3


    113.2

    %

    Total Gross Profit


    $

    796.9


    $

    668.3


    19.2

    %











    Retail Automotive Same-Store Revenue Per Vehicle Retailed:










    New Vehicles


    $

    47,987


    $

    43,365


    10.7

    %

    Used Vehicles



    30,010



    25,734


    16.6

    %











    Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:










    New Vehicles


    $

    4,063


    $

    3,235


    25.6

    %

    Used Vehicles



    1,821



    1,366


    33.3

    %

    Finance and Insurance



    1,523



    1,363


    11.7

    %











    Retail Automotive Same-Store Gross Margin:










    New Vehicles



    8.5

    %


    7.5

    %

    +100

    bps

    Used Vehicles



    6.1

    %


    5.3

    %

    +80

    bps

    Service and Parts



    60.6

    %


    59.2

    %

    +140

    bps

    Fleet and Wholesale



    3.7

    %


    2.0

    %

    +170

    bps

    Total Gross Margin



    15.4

    %


    15.4

    %

    ---

    bps











    Retail Automotive Revenue Mix Percentages:










    New Vehicles



    46.6

    %


    42.3

    %

    +430

    bps

    Used Vehicles



    34.6

    %


    36.7

    %

    (210)

    bps

    Finance and Insurance, Net



    3.2

    %


    3.3

    %

    (10)

    bps

    Service and Parts



    9.7

    %


    11.6

    %

    (190)

    bps

    Fleet and Wholesale



    5.9

    %


    6.1

    %

    (20)

    bps

    Total



    100.0

    %


    100.0

    %













    Retail Automotive Gross Profit Mix Percentages:










    New Vehicles



    25.7

    %


    20.5

    %

    +520

    bps

    Used Vehicles



    13.7

    %


    12.7

    %

    +100

    bps

    Finance and Insurance, Net



    21.0

    %


    21.3

    %

    (30)

    bps

    Service and Parts



    38.2

    %


    44.7

    %

    (650)

    bps

    Fleet and Wholesale



    1.4

    %


    0.8

    %

    +60

    bps

    Total



    100.0

    %


    100.0

    %



     

    PENSKE AUTOMOTIVE GROUP, INC.
    Retail Commercial Truck Operations
    Selected Data
    (Unaudited)




    Three Months Ended



    March 31,



    2021


    2020


    Change

    Retail Commercial Truck Units:










    New Retail



    2,165



    2,811


    (23.0)

    %

    Used Retail



    841



    698


    20.5

    %

    Total



    3,006



    3,509


    (14.3)

    %











    Retail Commercial Truck Revenue: (Amounts in Millions)










    New Vehicles


    $

    247.5


    $

    318.2


    (22.2)

    %

    Used Vehicles



    50.9



    34.6


    47.1

    %

    Finance and Insurance, Net



    3.1



    3.2


    (3.1)

    %

    Service and Parts



    124.7



    124.3


    0.3

    %

    Wholesale and Other



    8.5



    11.1


    (23.4)

    %

    Total Revenue


    $

    434.7


    $

    491.4


    (11.5)

    %











    Retail Commercial Truck Gross Profit: (Amounts in Millions)










    New Vehicles


    $

    14.3


    $

    12.5


    14.4

    %

    Used Vehicles



    6.5



    (2.5)


    360.0

    %

    Finance and Insurance, Net



    3.1



    3.2


    (3.1)

    %

    Service and Parts



    52.7



    53.4


    (1.3)

    %

    Wholesale and Other



    3.3



    2.2


    50.0

    %

    Total Gross Profit


    $

    79.9


    $

    68.8


    16.1

    %











    Retail Commercial Truck Revenue Per Vehicle Retailed:










    New Vehicles


    $

    114,323


    $

    113,214


    1.0

    %

    Used Vehicles



    60,582



    49,619


    22.1

    %











    Retail Commercial Truck Gross Profit Per Vehicle Retailed:










    New Vehicles


    $

    6,585


    $

    4,455


    47.8

    %

    Used Vehicles



    7,674



    (3,511)


    318.6

    %

    Finance and Insurance



    1,047



    907


    15.4

    %











    Retail Commercial Truck Gross Margin:










    New Vehicles



    5.8

    %


    3.9

    %

    +190

    bps

    Used Vehicles



    12.8

    %


    (7.2)

    %

    +2,000

    bps

    Service and Parts



    42.3

    %


    43.0

    %

    (70)

    bps

    Total Gross Margin



    18.4

    %


    14.0

    %

    +440

    bps











    Retail Commercial Truck Revenue Mix Percentages:










    New Vehicles



    56.9

    %


    64.8

    %

    (790)

    bps

    Used Vehicles



    11.7

    %


    7.0

    %

    +470

    bps

    Finance and Insurance, Net



    0.7

    %


    0.7

    %

    ---

    bps

    Service and Parts



    28.7

    %


    25.3

    %

    +340

    bps

    Wholesale and Other



    2.0

    %


    2.2

    %

    (20)

    bps

    Total



    100.0

    %


    100.0

    %













    Retail Commercial Truck Gross Profit Mix Percentages:










    New Vehicles



    17.9

    %


    18.2

    %

    (30)

    bps

    Used Vehicles



    8.1

    %


    (3.6)

    %

    +1,170

    bps

    Finance and Insurance, Net



    3.9

    %


    4.7

    %

    (80)

    bps

    Service and Parts



    66.0

    %


    77.6

    %

    (1,160)

    bps

    Wholesale and Other



    4.1

    %


    3.1

    %

    +100

    bps

    Total



    100.0

    %


    100.0

    %



     

    PENSKE AUTOMOTIVE GROUP, INC.
    Retail Commercial Truck Operations Same-Store
    Selected Data
    (Unaudited)




    Three Months Ended



    March 31,



    2021


    2020


    Change

    Retail Commercial Truck Same-Store Units:










    New Retail



    2,165



    2,811


    (23.0)

    %

    Used Retail



    841



    698


    20.5

    %

    Total



    3,006



    3,509


    (14.3)

    %











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










    New Vehicles


    $

    247.5


    $

    318.2


    (22.2)

    %

    Used Vehicles



    50.9



    34.6


    47.1

    %

    Finance and Insurance, Net



    3.1



    3.2


    (3.1)

    %

    Service and Parts



    124.7



    124.3


    0.3

    %

    Wholesale and Other



    8.5



    11.1


    (23.4)

    %

    Total Revenue


    $

    434.7


    $

    491.4


    (11.5)

    %











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










    New Vehicles


    $

    14.3


    $

    12.5


    14.4

    %

    Used Vehicles



    6.5



    (2.5)


    360.0

    %

    Finance and Insurance, Net



    3.1



    3.2


    (3.1)

    %

    Service and Parts



    52.7



    53.4


    (1.3)

    %

    Wholesale and Other



    3.3



    2.2


    50.0

    %

    Total Gross Profit


    $

    79.9


    $

    68.8


    16.1

    %











    Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:










    New Vehicles


    $

    114,323


    $

    113,214


    1.0

    %

    Used Vehicles



    60,582



    49,619


    22.1

    %











    Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:










    New Vehicles


    $

    6,585


    $

    4,455


    47.8

    %

    Used Vehicles



    7,674



    (3,511)


    318.6

    %

    Finance and Insurance



    1,047



    907


    15.4

    %











    Retail Commercial Truck Same-Store Gross Margin:










    New Vehicles



    5.8

    %


    3.9

    %

    +190

    bps

    Used Vehicles



    12.8

    %


    (7.2)

    %

    +2,000

    bps

    Service and Parts



    42.3

    %


    43.0

    %

    (70)

    bps

    Total Gross Margin



    18.4

    %


    14.0

    %

    +440

    bps











    Retail Commercial Truck Revenue Mix Percentages:










    New Vehicles



    56.9

    %


    64.8

    %

    (790)

    bps

    Used Vehicles



    11.7

    %


    7.0

    %

    +470

    bps

    Finance and Insurance, Net



    0.7

    %


    0.7

    %

    ---

    bps

    Service and Parts



    28.7

    %


    25.3

    %

    +340

    bps

    Wholesale and Other



    2.0

    %


    2.2

    %

    (20)

    bps

    Total



    100.0

    %


    100.0

    %













    Retail Commercial Truck Gross Profit Mix Percentages:










    New Vehicles



    17.9

    %


    18.2

    %

    (30)

    bps

    Used Vehicles



    8.1

    %


    (3.6)

    %

    +1,170

    bps

    Finance and Insurance, Net



    3.9

    %


    4.7

    %

    (80)

    bps

    Service and Parts



    66.0

    %


    77.6

    %

    (1,160)

    bps

    Wholesale and Other



    4.1

    %


    3.1

    %

    +100

    bps

    Total



    100.0

    %


    100.0

    %



     

    PENSKE AUTOMOTIVE GROUP, INC.
    Consolidated Non-GAAP Reconciliations
    (Unaudited)

    The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the three months ended March 31, 2021, and 2020:




    Three Months Ended









    March 31,


    2021 vs. 2020

    (Amounts in Millions)


    2021


    2020


    Change


    % Change














    Net Income


    $

    183.1


    $

    51.5


    $

    131.6


    255.5

    %

    Add: Depreciation



    29.3



    28.5



    0.8


    2.8

    %

    Other Interest Expense



    17.9



    31.7



    (13.8)


    (43.5)

    %

    Income Taxes



    64.5



    20.1



    44.4


    220.9

    %

    Income from Discontinued Operations, net of tax



    β€”



    (0.1)



    0.1


    nm


    EBITDA


    $

    294.8


    $

    131.7


    $

    163.1


    123.8

    %



    nm – not meaningful

     

     

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    SOURCE Penske Automotive Group, Inc.