PR Newswire | Apr 28, 2021 07:01AM EDT

04/28 06:00 CDT

Penske Automotive Reports All Time Record First Quarter Results BLOOMFIELD HILLS, Mich., April 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 SuperCentersPenske 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 DealershipsFor 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 InvestmentPenske 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 LiquidityAs 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 CallPenske 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 AutomotivePenske 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 MeasuresThis 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 StatementsStatements 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$5,009.115.3 %

Cost of Sales 4,860.6 4,232.414.8 %

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 - 0.1 nm

Net Income $183.1 $51.5 255.5 %

Less: Income (Loss) Attributable to Non-Controlling 0.6 (0.2) nm Interests

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 0.6 (0.2) nm Interests

Income from Continuing Operations, net of tax $182.5 $51.6 253.7 %

Income from Discontinued Operations, net of tax - 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 -

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 301.0 515.0 revolving credit line

Repayments under U.S. credit agreement revolving credit (409.0) (210.0)line

Net repayments of other long-term debt (2.3) (22.1)

Net (repayments) borrowings of floor plan notes payable (29.1) 11.7 - non-trade

Payments for contingent consideration - (21.1)

Repurchases of common stock - (29.4)

Dividends (34.6) (34.2)

Payment of debt issuance costs (0.1) -

Net cash (used in) provided by continuing financing (174.1) 209.9 activities

Discontinued operations:

Net cash provided by discontinued operating activities - 0.1

Net cash provided by discontinued investing activities - -

Net cash provided by discontinued financing activities - -

Net cash provided by discontinued operations - 0.1

Effect of exchange rate changes on cash and cash (1.8) (2.0) equivalents

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 $- $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, - (0.1) 0.1 nm net of tax

EBITDA $294.8 $131.7 $163.1 123.8 %

nm - not meaningful

View original content to download multimedia: http://www.prnewswire.com/news-releases/penske-automotive-reports-all-time-record-first-quarter-results-301278835.html

SOURCE Penske Automotive Group, Inc.