Document

“The record profits achieved in 2021 were a function of an agile management team responding to constant challenges created by the pandemic, along with a very powerful service operation and strong cost control,” said Earl J. Hesterberg, Group 1’s President and Chief Executive Officer. “Despite these choppy operational waters, I am very pleased that we were able to dramatically increase the size of our company with the acquisition of $2.5 billion in additional annual revenues, while at the same time returning significant capital to our shareholders via share repurchases. The acquisition of the Prime Auto Group in the northeastern U.S., along with the pending sale of our Brazilian operations, which is scheduled to close in Q2, puts us in a strong position to continue this type of flexible capital allocation in the year ahead.”

On November 12, 2021, the Company announced the expected disposition of its Brazilian operations. Until closing, the related assets, liabilities and operating results will be reported as discontinued operations and excluded from continuing operations for all periods presented. As a result of the transaction, the Company will no longer report Brazil as a separate reportable segment and will only present the remaining United States and United Kingdom reportable segments. Corporate-related overhead costs are recorded separately and included in consolidated continuing operations. The sale is expected to result in a non-cash loss of $77.5 million, due to non-cash historical foreign exchange translation adjustments of $125.7 million recorded within Accumulated Other Comprehensive Income, which are required to be recognized in earnings upon sale of a foreign entity. The Brazilian Real (“BRL”) to U.S. Dollar (“USD”) foreign exchange rate devalued from the date of our original acquisition, from approximately $1 USD to $2 BRL in February 2013 to approximately $1 USD to $5 BRL in December 2021.

Current quarter diluted earnings per common share from continuing operations was $9.06, a 69.0% increase over diluted earnings per common share from continuing operations of $5.36 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was an all-time quarterly record of $9.43, a 68.6% increase over adjusted diluted earnings per common share from continuing operations of $5.59 for the prior year quarter. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $0.10 and $0.07, respectively.

Fourth Quarter 2021

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

4Q21

Change

4Q21

Change

Total revenues

$3.5B

+19.4%

$3.1B

+9.3%

Total gross profit (“GP”)

$671.2M

+42.5%

$607.1M

+30.8%

New Vehicle (“NV”) Gross Margin (“GM”)

11.5%

+5.0%

11.6%

+5.1%

NV units sold

35,573

(3.5)%

31,441

(13.6)%

NV GP per retail unit (“PRU”)

$5,441

+98.5%

$5,473

+100.3%

Used vehicle (“UV”) GM

8.0%

+2.0%

7.9%

+1.9%

UV units sold

37,298

+10.2%

34,088

+2.2%

UV GP PRU

$2,428

+71.4%

$2,421

+69.4%

Parts & service (“P&S”) GP $

$232.2M

+20.5%

$210.6M

+11.2%

P&S GM

52.9%

(1.8)%

52.7%

(1.9)%

Finance and Insurance (“F&I”) revenues

$150.1M

+17.6%

$137.6M

+9.0%

F&I GP PRU

$2,060

+14.1%

$2,099

+16.0%

Selling, General and Administrative (“SG&A”) expenses as a % of GP

62.7%

+107bps

62.3%

-26bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

61.9%

-141bps

61.2%

-189bps

Current year diluted earnings per common share from continuing operations was $34.11, a 112.3% increase over diluted earnings per common share from continuing operations of $16.06 for the prior year. Current year adjusted net income per diluted common share from continuing operations (a non-GAAP measure) was $34.55, a 91.6% increase over adjusted diluted earnings per common share from continuing operations of $18.03 for the prior year. Current year and prior year adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $0.46 and $0.03, respectively.

Full Year 2021

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

FY21

Change

FY21

Change

Total revenues

$13.5B

+27.2%

$13.0B

+24.1%

Total GP

$2.4B

+40.7%

$2.4B

+37.4%

NV GM

9.4%

+3.5%

9.3%

+3.5%

NV units sold

146,072

+8.4%

140,113

+5.2%

NV GP PRU

$4,181

+76.4%

$4,167

+75.9%

UV GM

8.0%

+1.3%

8.0%

+1.2%

UV units sold

161,857

+17.7%

156,251

+15.3%

UV GP PRU

$2,189

+46.8%

$2,182

+45.4%

P&S GP

$869.4M

+18.0%

$836.3M

+15.5%

P&S GM

54.6%

+0.4%

54.6%

+0.4%

F&I revenues

$581.4M

+25.6%

$565.1M

+23.4%

F&I GP PRU

$1,888

+11.0%

$1,907

+11.9%

SG&A expenses as a % of GP

60.5%

-512bps

60.2%

-541bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

60.3%

-517bps

59.9%

-525bps

During the current quarter, the Company repurchased 978,348 shares at an average price per common share of $196.20, for a total of $191.9 million. During the current year, the Company repurchased 1,103,417 common shares, representing approximately 6.0% of the Company’s outstanding common shares, at an average price of $190.82, for a total of $210.6 million. The Company has $74.3 million remaining on its Board authorized common share repurchase program. As of December 31, 2021, the Company had 17.2 million common shares outstanding. Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 on our business, (j) the impacts of any potential global recession, (k) our ability to maintain sufficient liquidity to operate, (l) the risk that proposed transactions will not be consummated in a timely manner, and (m) our ability to successfully integrate recent and future acquisitions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.


Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)

	Three Months Ended December 31,
	2021			2020			Increase/(Decrease)			% Change
REVENUES:
New vehicle retail sales	$	1,676.2		$	1,552.0		$	124.1		8.0	%
Used vehicle retail sales	1,136.6			806.5			330.0			40.9	%
Used vehicle wholesale sales	87.7			83.1			4.6			5.6	%
Parts and service sales	439.0			352.7			86.3			24.5	%
Finance, insurance and other, net	150.1			127.7			22.4			17.6	%
Total revenues	3,489.6			2,922.0			567.6			19.4	%
COST OF SALES:
New vehicle retail sales	1,482.6			1,451.0			31.6			2.2	%
Used vehicle retail sales	1,046.0			758.6			287.4			37.9	%
Used vehicle wholesale sales	82.9			81.4			1.5			1.9	%
Parts and service sales	206.8			159.9			46.8			29.3	%
Total cost of sales	2,818.3			2,450.9			367.4			15.0	%
GROSS PROFIT	671.2			471.1			200.1			42.5	%
Selling, general and administrative expenses	420.9			290.4			130.5			44.9	%
Depreciation and amortization expense	20.6			18.7			1.9			10.1	%
Asset impairments	—			13.9			(13.9)			(100.0)	%
INCOME FROM OPERATIONS	229.7			148.1			81.6			55.1	%
Floorplan interest expense	7.2			8.4			(1.2)			(14.7)	%
Other interest expense, net	16.0			13.4			2.6			19.3	%


INCOME BEFORE INCOME TAXES	206.5			126.2			80.3			63.6	%
Provision for income taxes	43.3			27.4			15.9			57.8	%
Net income from continuing operations	163.2			98.8			64.4			65.2	%
Net (loss) income from discontinued operations	(76.1)			1.3			(77.4)			(5,973.6)	%
NET INCOME	$	87.1		$	100.1		$	(13.0)		(13.0)	%
Less: Earnings allocated to participating securities	2.9			3.6			(0.6)			(18.0)	%
Net income available to diluted common shares	$	84.2		$	96.5		$	(12.4)		(12.8)	%
Diluted earnings per share from continuing operations	$	9.06		$	5.36		$	3.70		69.0	%
Diluted (loss) earnings per share from discontinued operations	$	(4.23)		$	0.07		$	(4.31)		(6,121.9)	%
DILUTED EARNINGS PER SHARE	$	4.84		$	5.43		$	(0.60)		(11.0)	%
Weighted average dilutive common shares outstanding	17.4			17.8			(0.4)			(2.1)	%
Weighted average participating securities	0.6			0.7			—			(7.4)	%
Total weighted average shares	18.0			18.4			(0.4)			(2.3)	%
Effective tax rate on continuing operations	21.0		%	21.7		%	(0.8)		%


Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)

	Years Ended December 31,
	2021			2020			Increase/(Decrease)			% Change
REVENUES:
New vehicle retail sales	$	6,504.8		$	5,428.4		$	1,076.3		19.8	%
Used vehicle retail sales	4,438.8			3,055.6			1,383.2			45.3	%
Used vehicle wholesale sales	365.7			295.8			69.9			23.6	%
Parts and service sales	1,591.2			1,357.4			233.7			17.2	%
Finance, insurance and other, net	581.4			463.0			118.5			25.6	%
Total revenues	13,481.9			10,600.2			2,881.7			27.2	%
COST OF SALES:
New vehicle retail sales	5,894.0			5,109.1			784.9			15.4	%
Used vehicle retail sales	4,084.6			2,850.7			1,233.9			43.3	%
Used vehicle wholesale sales	340.9			285.6			55.3			19.3	%
Parts and service sales	721.8			620.8			101.0			16.3	%
Total cost of sales	11,041.2			8,866.1			2,175.1			24.5	%
GROSS PROFIT	2,440.7			1,734.1			706.6			40.7	%
Selling, general and administrative expenses	1,477.2			1,138.2			338.9			29.8	%
Depreciation and amortization expense	77.4			73.5			3.9			5.3	%
Asset impairments	1.7			26.7			(25.0)			(93.6)	%
INCOME FROM OPERATIONS	884.4			495.7			388.7			78.4	%
Floorplan interest expense	27.6			39.2			(11.6)			(29.5)	%
Other interest expense, net	55.8			61.9			(6.1)			(9.8)	%

Loss on extinguishment of debt	—			13.7			(13.7)			(100.0)	%
INCOME BEFORE INCOME TAXES	800.9			380.8			420.1			110.3	%
Provision for income taxes	175.5			84.2			91.3			108.5	%
Net income from continuing operations	625.4			296.7			328.8			110.8	%
Net loss from discontinued operations	(73.3)			(10.2)			(63.1)			619.6	%
NET INCOME	$	552.1		$	286.5		$	265.6		92.7	%
Less: Earnings allocated to participating securities	18.5			10.3			8.3			80.4	%
Net income available to diluted common shares	$	533.6		$	276.2		$	257.4		93.2	%
Diluted earnings per share from continuing operations	$	34.11		$	16.06		$	18.04		112.3	%
Diluted loss per share from discontinued operations	$	(4.00)		$	(0.55)		$	(3.45)		623.5	%
DILUTED EARNINGS PER SHARE	$	30.11		$	15.51		$	14.60		94.1	%
Weighted average dilutive common shares outstanding	17.7			17.8			(0.1)			(0.5)	%
Weighted average participating securities	0.6			0.7			—			(6.9)	%
Total weighted average shares	18.3			18.5			(0.1)			(0.7)	%
Effective tax rate on continuing operations	21.9		%	22.1		%	(0.2)		%


	Three Months Ended December 31,				Years Ended December 31,
	2021		2020		2021		2020
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
United States	81.6	%	83.0	%	80.9	%	78.0	%
United Kingdom	18.4	%	17.0	%	19.1	%	22.0	%


NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Lexus	21.5	%	26.3	%	24.6	%	23.6	%
Volkswagen/Audi/Porsche/SEAT/SKODA	13.8	%	13.8	%	15.4	%	15.5	%
BMW/MINI	15.5	%	11.1	%	12.3	%	11.0	%
Ford/Lincoln	9.7	%	10.3	%	8.9	%	10.9	%
Honda/Acura	8.5	%	8.2	%	8.6	%	8.1	%
Chevrolet/GMC/Buick/Cadillac	5.7	%	8.4	%	6.6	%	7.9	%
Nissan	6.1	%	4.9	%	5.8	%	5.3	%
Hyundai/Kia/Genesis	4.7	%	4.5	%	5.3	%	4.5	%
Mercedes-Benz/smart/Sprinter	5.3	%	5.0	%	4.8	%	5.4	%
Chrysler/Dodge/Jeep/RAM	5.0	%	4.6	%	4.3	%	4.3	%
Jaguar/Land Rover	1.1	%	1.6	%	1.6	%	2.0	%
Other	3.0	%	1.4	%	1.8	%	1.5	%
	100.0	%	100.0	%	100.0	%	100.0	%


Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)

	Three Months Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,676.2		$	1,552.0		$	124.1		8.0	%	$	6.4	7.6	%
Used vehicle retail sales	1,136.6			806.5			330.0			40.9	%	6.2		40.2	%
Used vehicle wholesale sales	87.7			83.1			4.6			5.6	%	0.8		4.7	%
Total used	1,224.3			889.6			334.7			37.6	%	7.0		36.8	%
Parts and service sales	439.0			352.7			86.3			24.5	%	1.3		24.1	%
F&I, net	150.1			127.7			22.4			17.6	%	0.3		17.4	%
Total revenues	$	3,489.6		$	2,922.0		$	567.6		19.4	%	$	14.9	18.9	%
Gross profit:
New vehicle retail sales	$	193.6		$	101.1		$	92.5		91.5	%	$	0.3	91.2	%
Used vehicle retail sales	90.6			47.9			42.6			88.9	%	0.5		87.9	%
Used vehicle wholesale sales	4.8			1.7			3.1			NM		0.1		NM
Total used	95.4			49.6			45.7			92.2	%	0.6		90.9	%
Parts and service sales	232.2			192.7			39.5			20.5	%	0.8		20.1	%
F&I, net	150.1			127.7			22.4			17.6	%	0.3		17.4	%
Total gross profit	$	671.2		$	471.1		$	200.1		42.5	%	$	1.9	42.1	%
Gross margin:
New vehicle retail sales	11.5		%	6.5		%	5.0		%
Used vehicle retail sales	8.0		%	5.9		%	2.0		%
Used vehicle wholesale sales	5.5		%	2.0		%	3.4		%
Total used	7.8		%	5.6		%	2.2		%
Parts and service sales	52.9		%	54.6		%	(1.8)		%

Total gross margin	19.2		%	16.1		%	3.1		%
Units sold:
Retail new vehicles sold	35,573			36,870			(1,297)			(3.5)	%
Retail used vehicles sold	37,298			33,843			3,455			10.2	%
Wholesale used vehicles sold	8,218			10,441			(2,223)			(21.3)	%
Total used	45,516			44,284			1,232			2.8	%
Average sales price per unit sold:
New vehicle retail	$	47,119		$	42,095		$	5,024		11.9	%	$	179	11.5	%
Used vehicle retail	$	30,472		$	23,831		$	6,641		27.9	%	$	166	27.2	%
Gross profit per unit sold:
New vehicle retail sales	$	5,441		$	2,741		$	2,700		98.5	%	$	8	98.2	%
Used vehicle retail sales	$	2,428		$	1,416		$	1,012		71.4	%	$	13	70.5	%
Used vehicle wholesale sales	$	585		$	161		$	423		NM		$	16	NM
Total used	$	2,095		$	1,120		$	975		87.0	%	$	14	85.8	%
F&I PRU	$	2,060		$	1,806		$	254		14.1	%	$	3	13.9	%
Other:





SG&A expenses	$	420.9		$	290.4		$	130.5		44.9	%	$	1.5	44.4	%
Adjusted SG&A expenses (1)	$	415.8		$	298.5		$	117.3		39.3	%	$	1.4	38.8	%


SG&A as % gross profit	62.7		%	61.6		%	1.1		%
Adjusted SG&A as % gross profit (1)	61.9		%	63.4		%	(1.4)		%
Operating margin %	6.6		%	5.1		%	1.5		%
Adjusted operating margin % (1)	6.7		%	5.3		%	1.5		%
Pretax margin %	5.9		%	4.3		%	1.6		%
Adjusted pretax margin % (1)	6.2		%	4.5		%	1.6		%
Floorplan expense:
Floorplan interest expense	$	7.2		$	8.4		$	(1.2)		(14.7)	%	$	—	(15.0)	%
Less: Floorplan assistance (2)	13.6			14.3			(0.7)			(5.0)	%	—		(5.0)	%
Net floorplan expense	$	(6.4)		$	(5.9)		$	(0.5)				$	—
Adjusted floorplan interest expense (1)	$	3.8		$	8.4		$	(4.6)		(54.8)	%	$	—	(55.0)	%

(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.


Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)

	Years Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	6,504.8		$	5,428.4		$	1,076.3		19.8	%	$	77.3	18.4	%
Used vehicle retail sales	4,438.8			3,055.6			1,383.2			45.3	%	68.2		43.0	%
Used vehicle wholesale sales	365.7			295.8			69.9			23.6	%	8.1		20.9	%
Total used	4,804.6			3,351.4			1,453.1			43.4	%	76.3		41.1	%
Parts and service sales	1,591.2			1,357.4			233.7			17.2	%	14.0		16.2	%
F&I, net	581.4			463.0			118.5			25.6	%	3.6		24.8	%
Total revenues	$	13,481.9		$	10,600.2		$	2,881.7		27.2	%	$	172.1	25.6	%
Gross profit:
New vehicle retail sales	$	610.8		$	319.4		$	291.4		91.3	%	$	4.9	89.7	%
Used vehicle retail sales	354.2			205.0			149.3			72.8	%	4.5		70.6	%
Used vehicle wholesale sales	24.9			10.2			14.7			144.2	%	0.6		138.7	%
Total used	379.1			215.1			164.0			76.2	%	5.1		73.9	%
Parts and service sales	869.4			736.7			132.7			18.0	%	8.4		16.9	%
F&I, net	581.4			463.0			118.5			25.6	%	3.6		24.8	%
Total gross profit	$	2,440.7		$	1,734.1		$	706.6		40.7	%	$	21.9	39.5	%
Gross margin:
New vehicle retail sales	9.4		%	5.9		%	3.5		%
Used vehicle retail sales	8.0		%	6.7		%	1.3		%
Used vehicle wholesale sales	6.8		%	3.4		%	3.4		%
Total used	7.9		%	6.4		%	1.5		%
Parts and service sales	54.6		%	54.3		%	0.4		%

Total gross margin	18.1		%	16.4		%	1.7		%
Units sold:
Retail new vehicles sold	146,072			134,706			11,366			8.4	%
Retail used vehicles sold	161,857			137,502			24,355			17.7	%
Wholesale used vehicles sold	39,486			40,330			(844)			(2.1)	%
Total used	201,343			177,832			23,511			13.2	%
Average sales price per unit sold:
New vehicle retail	$	44,531		$	40,298		$	4,233		10.5	%	$	529	9.2	%
Used vehicle retail	$	27,424		$	22,223		$	5,202		23.4	%	$	421	21.5	%
Gross profit per unit sold:
New vehicle retail sales	$	4,181		$	2,371		$	1,811		76.4	%	$	34	75.0	%
Used vehicle retail sales	$	2,189		$	1,491		$	698		46.8	%	$	28	45.0	%
Used vehicle wholesale sales	$	630		$	253		$	377		149.4	%	$	14	143.8	%
Total used	$	1,883		$	1,210		$	673		55.6	%	$	25	53.6	%
F&I PRU	$	1,888		$	1,701		$	187		11.0	%	$	12	10.3	%
Other:





SG&A expenses	$	1,477.2		$	1,138.2		$	338.9		29.8	%	$	15.2	28.4	%
Adjusted SG&A expenses (1)	$	1,470.7		$	1,134.5		$	336.2		29.6	%	$	15.0	28.3	%


SG&A as % gross profit	60.5		%	65.6		%	(5.1)		%
Adjusted SG&A as % gross profit (1)	60.3		%	65.4		%	(5.2)		%
Operating margin %	6.6		%	4.7		%	1.9		%
Adjusted operating margin % (1)	6.6		%	5.0		%	1.7		%
Pretax margin %	5.9		%	3.6		%	2.3		%
Adjusted pretax margin % (1)	6.0		%	4.0		%	2.0		%
Floorplan expense:
Floorplan interest expense	$	27.6		$	39.2		$	(11.6)		(29.5)	%	$	0.4	(30.5)	%
Less: Floorplan assistance (2)	54.2			47.3			6.9			14.5	%	—		14.5	%
Net floorplan expense	$	(26.5)		$	(8.1)		$	(18.5)				$	0.4
Adjusted floorplan interest expense (1)	$	22.9		$	39.2		$	(16.4)		(41.8)	%	$	0.4	(42.8)	%


Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)

	Three Months Ended December 31,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	1,412.5		$	1,330.3		$	82.3		6.2	%
Used vehicle retail sales	874.6			629.1			245.5			39.0	%
Used vehicle wholesale sales	52.6			47.3			5.3			11.1	%
Total used	927.2			676.4			250.8			37.1	%
Parts and service sales	379.4			297.4			82.0			27.6	%
F&I, net	135.6			116.1			19.4			16.7	%
Total revenues	$	2,854.7		$	2,420.1		$	434.5		18.0	%
Gross profit:
New vehicle retail sales	$	170.8		$	88.8		$	82.0		92.3	%
Used vehicle retail sales	71.0			37.1			33.9			91.5	%
Used vehicle wholesale sales	3.7			1.6			2.2			139.6	%
Total used	74.8			38.6			36.1			93.4	%
Parts and service sales	197.1			161.3			35.7			22.1	%
F&I, net	135.6			116.1			19.4			16.7	%
Total gross profit	$	578.1		$	404.9		$	173.2		42.8	%
Gross margin:
New vehicle retail sales	12.1		%	6.7		%	5.4		%
Used vehicle retail sales	8.1		%	5.9		%	2.2		%
Used vehicle wholesale sales	7.1		%	3.3		%	3.8		%
Total used	8.1		%	5.7		%	2.3		%
Parts and service sales	51.9		%	54.3		%	(2.3)		%

Total gross margin	20.3		%	16.7		%	3.5		%
Units sold:
Retail new vehicles sold	29,028			30,610			(1,582)			(5.2)	%
Retail used vehicles sold	29,266			26,917			2,349			8.7	%
Wholesale used vehicles sold	4,986			6,307			(1,321)			(20.9)	%
Total used	34,252			33,224			1,028			3.1	%
Average sales price per unit sold:
New vehicle retail	$	48,661		$	43,459		$	5,202		12.0	%
Used vehicle retail	$	29,883		$	23,371		$	6,513		27.9	%
Gross profit per unit sold:
New vehicle retail sales	$	5,883		$	2,901		$	2,982		102.8	%
Used vehicle retail sales	$	2,427		$	1,378		$	1,049		76.1	%
Used vehicle wholesale sales	$	748		$	247		$	501		NM
Total used	$	2,182		$	1,163		$	1,019		87.6	%
F&I PRU	$	2,325		$	2,018		$	307		15.2	%
Other:





SG&A expenses	$	352.0		$	241.0		$	110.9		46.0	%
Adjusted SG&A expenses (1)	$	346.8		$	246.9		$	99.9		40.5	%


SG&A as % gross profit	60.9		%	59.5		%	1.4		%
Adjusted SG&A as % gross profit (1)	60.0		%	61.0		%	(1.0)		%


Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)

	Years Ended December 31,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	5,371.4		$	4,406.6		$	964.9		21.9	%
Used vehicle retail sales	3,356.3			2,348.5			1,007.8			42.9	%
Used vehicle wholesale sales	232.2			169.4			62.7			37.0	%
Total used	3,588.5			2,517.9			1,070.5			42.5	%
Parts and service sales	1,361.4			1,162.6			198.8			17.1	%
F&I, net	525.0			416.3			108.6			26.1	%
Total revenues	$	10,846.3		$	8,503.4		$	2,342.9		27.6	%
Gross profit:
New vehicle retail sales	$	533.4		$	272.4		$	261.0		95.8	%
Used vehicle retail sales	281.8			162.8			118.9			73.0	%
Used vehicle wholesale sales	17.3			7.7			9.6			123.9	%
Total used	299.0			170.5			128.5			75.3	%
Parts and service sales	732.1			626.8			105.4			16.8	%
F&I, net	525.0			416.3			108.6			26.1	%
Total gross profit	$	2,089.5		$	1,486.0		$	603.5		40.6	%
Gross margin:
New vehicle retail sales	9.9		%	6.2		%	3.7		%
Used vehicle retail sales	8.4		%	6.9		%	1.5		%
Used vehicle wholesale sales	7.4		%	4.6		%	2.9		%
Total used	8.3		%	6.8		%	1.6		%
Parts and service sales	53.8		%	53.9		%	(0.1)		%

Total gross margin	19.3		%	17.5		%	1.8		%
Units sold:
Retail new vehicles sold	118,211			105,022			13,189			12.6	%
Retail used vehicles sold	125,409			108,411			16,998			15.7	%
Wholesale used vehicles sold	24,790			24,679			111			0.4	%
Total used	150,199			133,090			17,109			12.9	%
Average sales price per unit sold:
New vehicle retail	$	45,439		$	41,959		$	3,481		8.3	%
Used vehicle retail	$	26,763		$	21,663		$	5,100		23.5	%
Gross profit per unit sold:
New vehicle retail sales	$	4,512		$	2,593		$	1,918		74.0	%
Used vehicle retail sales	$	2,247		$	1,502		$	745		49.6	%
Used vehicle wholesale sales	$	697		$	313		$	384		122.9	%
Total used	$	1,991		$	1,281		$	710		55.4	%
F&I PRU	$	2,155		$	1,951		$	204		10.5	%
Other:





SG&A expenses	$	1,234.9		$	947.0		$	287.9		30.4	%
Adjusted SG&A expenses (1)	$	1,229.6		$	942.3		$	287.3		30.5	%


SG&A as % gross profit	59.1		%	63.7		%	(4.6)		%
Adjusted SG&A as % gross profit (1)	58.8		%	63.4		%	(4.6)		%


Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)

	Three Months Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	263.6		$	221.7		$	41.9		18.9	%	$	6.4	16.0	%
Used vehicle retail sales	262.0			177.4			84.5			47.6	%	6.2		44.1	%
Used vehicle wholesale sales	35.2			35.8			(0.6)			(1.7)	%	0.8		(3.9)	%
Total used	297.1			213.2			83.9			39.4	%	7.0		36.1	%
Parts and service sales	59.6			55.3			4.3			7.7	%	1.3		5.3	%
F&I, net	14.6			11.6			3.0			25.9	%	0.3		23.7	%
Total revenues	$	634.9		$	501.9		$	133.1		26.5	%	$	14.9	23.5	%
Gross profit:
New vehicle retail sales	$	22.8		$	12.3		$	10.5		85.8	%	$	0.3	83.5	%
Used vehicle retail sales	19.5			10.8			8.7			80.1	%	0.5		75.5	%
Used vehicle wholesale sales	1.1			0.1			0.9			NM		0.1		NM
Total used	20.6			11.0			9.6			87.7	%	0.6		82.0	%
Parts and service sales	35.1			31.4			3.7			11.9	%	0.8		9.5	%
F&I, net	14.6			11.6			3.0			25.9	%	0.3		23.7	%
Total gross profit	$	93.1		$	66.2		$	26.9		40.6	%	$	1.9	37.8	%
Gross margin:
New vehicle retail sales	8.6		%	5.5		%	3.1		%
Used vehicle retail sales	7.5		%	6.1		%	1.3		%
Used vehicle wholesale sales	3.1		%	0.4		%	2.7		%
Total used	6.9		%	5.1		%	1.8		%
Parts and service sales	59.0		%	56.7		%	2.2		%

Total gross margin	14.7		%	13.2		%	1.5		%
Units sold:
Retail new vehicles sold	6,545			6,260			285			4.6	%
Retail used vehicles sold	8,032			6,926			1,106			16.0	%
Wholesale used vehicles sold	3,232			4,134			(902)			(21.8)	%
Total used	11,264			11,060			204			1.8	%
Average sales price per unit sold:
New vehicle retail	$	40,279		$	35,423		$	4,856		13.7	%	$	971	11.0	%
Used vehicle retail	$	32,619		$	25,620		$	6,998		27.3	%	$	772	24.3	%
Gross profit per unit sold:
New vehicle retail sales	$	3,482		$	1,959		$	1,522		77.7	%	$	43	75.5	%
Used vehicle retail sales	$	2,431		$	1,566		$	866		55.3	%	$	61	51.3	%
Used vehicle wholesale sales	$	333		$	32		$	302		NM		$	41	NM
Total used	$	1,829		$	992		$	837		84.3	%	$	56	78.7	%
F&I PRU	$	999		$	878		$	122		13.9	%	$	17	11.9	%
Other:
SG&A expenses	$	69.0		$	49.4		$	19.6		39.7	%	$	1.5	36.7	%
Adjusted SG&A expenses (1)	$	69.0		$	51.6		$	17.4		33.7	%	$	1.4	31.0	%


SG&A as % gross profit	74.1		%	74.6		%	(0.5)		%
Adjusted SG&A as % gross profit (1)	74.1		%	77.9		%	(3.8)		%


Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)

	Years Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,133.3		$	1,021.8		$	111.5		10.9	%	$	77.3	3.3	%
Used vehicle retail sales	1,082.5			707.2			375.4			53.1	%	68.2		43.4	%
Used vehicle wholesale sales	133.6			126.4			7.2			5.7	%	8.1		(0.7)	%
Total used	1,216.1			833.5			382.6			45.9	%	76.3		36.7	%
Parts and service sales	229.8			194.8			34.9			17.9	%	14.0		10.7	%
F&I, net	56.4			46.6			9.8			21.0	%	3.6		13.3	%
Total revenues	$	2,635.6		$	2,096.8		$	538.8		25.7	%	$	172.1	17.5	%
Gross profit:
New vehicle retail sales	$	77.4		$	47.0		$	30.4		64.8	%	$	4.9	54.3	%
Used vehicle retail sales	72.5			42.1			30.4			72.1	%	4.5		61.4	%
Used vehicle wholesale sales	7.6			2.5			5.1			NM		0.6		NM
Total used	80.1			44.6			35.5			79.6	%	5.1		68.2	%
Parts and service sales	137.3			109.9			27.4			24.9	%	8.4		17.3	%
F&I, net	56.4			46.6			9.8			21.0	%	3.6		13.3	%
Total gross profit	$	351.2		$	248.1		$	103.1		41.5	%	$	21.9	32.7	%
Gross margin:
New vehicle retail sales	6.8		%	4.6		%	2.2		%
Used vehicle retail sales	6.7		%	6.0		%	0.7		%
Used vehicle wholesale sales	5.7		%	1.9		%	3.7		%
Total used	6.6		%	5.3		%	1.2		%
Parts and service sales	59.7		%	56.4		%	3.3		%

Total gross margin	13.3		%	11.8		%	1.5		%
Units sold:
Retail new vehicles sold	27,861			29,684			(1,823)			(6.1)	%
Retail used vehicles sold	36,448			29,091			7,357			25.3	%
Wholesale used vehicles sold	14,696			15,651			(955)			(6.1)	%
Total used	51,144			44,742			6,402			14.3	%
Average sales price per unit sold:
New vehicle retail	$	40,678		$	34,424		$	6,254		18.2	%	$	2,776	10.1	%
Used vehicle retail	$	29,701		$	24,309		$	5,392		22.2	%	$	1,871	14.5	%
Gross profit per unit sold:
New vehicle retail sales	$	2,779		$	1,583		$	1,196		75.6	%	$	177	64.4	%
Used vehicle retail sales	$	1,988		$	1,448		$	540		37.3	%	$	124	28.8	%
Used vehicle wholesale sales	$	516		$	157		$	359		NM		$	38	NM
Total used	$	1,565		$	997		$	569		57.1	%	$	99	47.1	%
F&I PRU	$	878		$	793		$	84		10.6	%	$	56	3.5	%
Other:
SG&A expenses	$	242.2		$	191.2		$	51.0		26.7	%	$	15.2	18.7	%
Adjusted SG&A expenses (1)	$	241.1		$	192.2		$	48.9		25.4	%	$	15.0	17.6	%


SG&A as % gross profit	69.0		%	77.1		%	(8.1)		%
Adjusted SG&A as % gross profit (1)	68.7		%	77.5		%	(8.8)		%


Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)

	Three Months Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,485.2		$	1,529.5		$	(44.4)		(2.9)	%	$	5.8	(3.3)	%
Used vehicle retail sales	1,041.9			795.8			246.1			30.9	%	5.5		30.2	%
Used vehicle wholesale sales	82.6			81.9			0.7			0.8	%	0.7		—	%
Total used	1,124.5			877.7			246.8			28.1	%	6.2		27.4	%
Parts and service sales	399.5			346.7			52.8			15.2	%	1.2		14.9	%
F&I, net	137.6			126.2			11.4			9.0	%	0.2		8.8	%
Total revenues	$	3,146.7		$	2,880.1		$	266.6		9.3	%	$	13.4	8.8	%
Gross profit:
New vehicle retail sales	$	172.1		$	99.4		$	72.7		73.1	%	$	0.2	72.8	%
Used vehicle retail sales	82.5			47.7			34.9			73.1	%	0.4		72.2	%
Used vehicle wholesale sales	4.3			1.6			2.7			NM		0.1		NM
Total used	86.9			49.3			37.6			76.2	%	0.6		75.1	%
Parts and service sales	210.6			189.3			21.2			11.2	%	0.7		10.9	%
F&I, net	137.6			126.2			11.4			9.0	%	0.2		8.8	%
Total gross profit	$	607.1		$	464.2		$	142.8		30.8	%	$	1.7	30.4	%
Gross margin:
New vehicle retail sales	11.6		%	6.5		%	5.1		%
Used vehicle retail sales	7.9		%	6.0		%	1.9		%
Used vehicle wholesale sales	5.2		%	2.0		%	3.3		%
Total used	7.7		%	5.6		%	2.1		%
Parts and service sales	52.7		%	54.6		%	(1.9)		%

Total gross margin	19.3		%	16.1		%	3.2		%
Units sold:
Retail new vehicles sold	31,441			36,391			(4,950)			(13.6)	%
Retail used vehicles sold	34,088			33,361			727			2.2	%
Wholesale used vehicles sold	7,487			10,291			(2,804)			(27.2)	%
Total used	41,575			43,652			(2,077)			(4.8)	%
Average sales price per unit sold:
New vehicle retail	$	47,237		$	42,031		$	5,206		12.4	%	$	183	11.9	%
Used vehicle retail	$	30,565		$	23,854		$	6,710		28.1	%	$	162	27.5	%
Gross profit per unit sold:
New vehicle retail sales	$	5,473		$	2,732		$	2,741		100.3	%	$	8	100.0	%
Used vehicle retail sales	$	2,421		$	1,429		$	992		69.4	%	$	13	68.5	%
Used vehicle wholesale sales	$	579		$	158		$	421		NM		$	17	NM
Total used	$	2,089		$	1,129		$	960		85.0	%	$	14	83.8	%
F&I PRU	$	2,099		$	1,809		$	290		16.0	%	$	4	15.8	%
Other:





SG&A expenses	$	377.9		$	290.2		$	87.7		30.2	%	$	1.2	29.8	%
Adjusted SG&A expenses (1)	$	371.6		$	292.9		$	78.6		26.8	%	$	1.2	26.4	%


SG&A as % gross profit	62.3		%	62.5		%	(0.3)		%
Adjusted SG&A as % gross profit (1)	61.2		%	63.1		%	(1.9)		%
Operating margin %	6.7		%	5.1		%	1.6		%
Adjusted operating margin % (1)	6.9		%	5.3		%	1.6		%


Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)

	Years Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	6,249.4		$	5,367.7		$	881.7		16.4	%	$	74.1	15.0	%
Used vehicle retail sales	4,287.7			3,018.1			1,269.6			42.1	%	64.3		39.9	%
Used vehicle wholesale sales	355.6			292.0			63.6			21.8	%	7.8		19.1	%
Total used	4,643.3			3,310.1			1,333.2			40.3	%	72.1		38.1	%
Parts and service sales	1,531.5			1,334.7			196.8			14.7	%	12.9		13.8	%
F&I, net	565.1			457.9			107.2			23.4	%	3.5		22.7	%
Total revenues	$	12,989.3		$	10,470.4		$	2,518.9		24.1	%	$	163.4	22.5	%
Gross profit:
New vehicle retail sales	$	583.8		$	315.4		$	268.4		85.1	%	$	4.7	83.6	%
Used vehicle retail sales	340.9			203.3			137.6			67.7	%	4.3		65.6	%
Used vehicle wholesale sales	23.9			10.1			13.9			138.0	%	0.6		132.4	%
Total used	364.8			213.4			151.5			71.0	%	4.8		68.7	%
Parts and service sales	836.3			724.1			112.2			15.5	%	7.8		14.4	%
F&I, net	565.1			457.9			107.2			23.4	%	3.5		22.7	%
Total gross profit	$	2,350.1		$	1,710.8		$	639.2		37.4	%	$	20.7	36.2	%
Gross margin:
New vehicle retail sales	9.3		%	5.9		%	3.5		%
Used vehicle retail sales	8.0		%	6.7		%	1.2		%
Used vehicle wholesale sales	6.7		%	3.4		%	3.3		%
Total used	7.9		%	6.4		%	1.4		%
Parts and service sales	54.6		%	54.3		%	0.4		%

Total gross margin	18.1		%	16.3		%	1.8		%
Units sold:
Retail new vehicles sold	140,113			133,155			6,958			5.2	%
Retail used vehicles sold	156,251			135,521			20,730			15.3	%
Wholesale used vehicles sold	37,943			39,763			(1,820)			(4.6)	%
Total used	194,194			175,284			18,910			10.8	%
Average sales price per unit sold:
New vehicle retail	$	44,602		$	40,312		$	4,291		10.6	%	$	529	9.3	%
Used vehicle retail	$	27,441		$	22,271		$	5,171		23.2	%	$	412	21.4	%
Gross profit per unit sold:
New vehicle retail sales	$	4,167		$	2,369		$	1,798		75.9	%	$	33	74.5	%
Used vehicle retail sales	$	2,182		$	1,500		$	682		45.4	%	$	27	43.6	%
Used vehicle wholesale sales	$	630		$	253		$	378		149.4	%	$	15	143.6	%
Total used	$	1,879		$	1,217		$	662		54.4	%	$	25	52.3	%
F&I PRU	$	1,907		$	1,704		$	203		11.9	%	$	12	11.2	%
Other:





SG&A expenses	$	1,415.9		$	1,123.3		$	292.6		26.0	%	$	14.0	24.8	%
Adjusted SG&A expenses (1)	$	1,407.1		$	1,114.2		$	292.8		26.3	%	$	13.9	25.0	%


SG&A as % gross profit	60.2		%	65.7		%	(5.4)		%
Adjusted SG&A as % gross profit (1)	59.9		%	65.1		%	(5.3)		%
Operating margin %	6.6		%	4.7		%	1.9		%
Adjusted operating margin % (1)	6.7		%	5.0		%	1.7		%


Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)

	Three Months Ended December 31,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	1,246.1		$	1,309.3		$	(63.2)		(4.8)	%
Used vehicle retail sales	808.1			620.0			188.1			30.3	%
Used vehicle wholesale sales	49.5			46.3			3.2			6.9	%
Total used	857.6			666.3			191.3			28.7	%
Parts and service sales	346.9			294.4			52.4			17.8	%
F&I, net	123.9			114.8			9.2			8.0	%
Total revenues	$	2,574.5		$	2,384.8		$	189.7		8.0	%
Gross profit:
New vehicle retail sales	$	151.7		$	87.2		$	64.4		73.9	%
Used vehicle retail sales	65.1			36.9			28.1			76.2	%
Used vehicle wholesale sales	3.3			1.5			1.8			122.4	%
Total used	68.4			38.4			30.0			78.0	%
Parts and service sales	179.7			159.4			20.3			12.7	%
F&I, net	123.9			114.8			9.2			8.0	%
Total gross profit	$	523.7		$	399.8		$	123.9		31.0	%
Gross margin:
New vehicle retail sales	12.2		%	6.7		%	5.5		%
Used vehicle retail sales	8.1		%	6.0		%	2.1		%
Used vehicle wholesale sales	6.7		%	3.2		%	3.5		%
Total used	8.0		%	5.8		%	2.2		%
Parts and service sales	51.8		%	54.1		%	(2.3)		%

Total gross margin	20.3		%	16.8		%	3.6		%
Units sold:
Retail new vehicles sold	25,621			30,194			(4,573)			(15.1)	%
Retail used vehicles sold	27,197			26,539			658			2.5	%
Wholesale used vehicles sold	4,587			6,194			(1,607)			(25.9)	%
Total used	31,784			32,733			(949)			(2.9)	%
Average sales price per unit sold:
New vehicle retail	$	48,636		$	43,364		$	5,273		12.2	%
Used vehicle retail	$	29,714		$	23,361		$	6,353		27.2	%
Gross profit per unit sold:
New vehicle retail sales	$	5,920		$	2,889		$	3,031		104.9	%
Used vehicle retail sales	$	2,392		$	1,391		$	1,001		71.9	%
Used vehicle wholesale sales	$	727		$	242		$	485		NM
Total used	$	2,152		$	1,174		$	978		83.3	%
F&I PRU	$	2,346		$	2,023		$	324		16.0	%
Other:





SG&A expenses	$	317.7		$	240.2		$	77.5		32.3	%
Adjusted SG&A expenses (1)	$	311.3		$	242.9		$	68.4		28.2	%


SG&A as % gross profit	60.7		%	60.1		%	0.6		%
Adjusted SG&A as % gross profit (1)	59.4		%	60.8		%	(1.3)		%


Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)

	Years Ended December 31,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	5,169.5		$	4,351.4		$	818.2		18.8	%
Used vehicle retail sales	3,274.3			2,316.7			957.6			41.3	%
Used vehicle wholesale sales	227.7			166.1			61.6			37.1	%
Total used	3,502.0			2,482.8			1,019.3			41.1	%
Parts and service sales	1,321.2			1,150.3			170.9			14.9	%
F&I, net	510.9			411.8			99.1			24.1	%
Total revenues	$	10,503.6		$	8,396.2		$	2,107.5		25.1	%
Gross profit:
New vehicle retail sales	$	510.7		$	268.7		$	242.0		90.1	%
Used vehicle retail sales	273.0			161.6			111.4			69.0	%
Used vehicle wholesale sales	16.5			7.6			8.9			116.6	%
Total used	289.4			169.2			120.3			71.1	%
Parts and service sales	710.0			619.1			90.9			14.7	%
F&I, net	510.9			411.8			99.1			24.1	%
Total gross profit	$	2,021.0		$	1,468.8		$	552.3		37.6	%
Gross margin:
New vehicle retail sales	9.9		%	6.2		%	3.7		%
Used vehicle retail sales	8.3		%	7.0		%	1.4		%
Used vehicle wholesale sales	7.2		%	4.6		%	2.7		%
Total used	8.3		%	6.8		%	1.5		%
Parts and service sales	53.7		%	53.8		%	(0.1)		%

Total gross margin	19.2		%	17.5		%	1.7		%
Units sold:
Retail new vehicles sold	113,854			103,722			10,132			9.8	%
Retail used vehicles sold	122,653			106,809			15,844			14.8	%
Wholesale used vehicles sold	24,125			24,251			(126)			(0.5)	%
Total used	146,778			131,060			15,718			12.0	%
Average sales price per unit sold:
New vehicle retail	$	45,405		$	41,952		$	3,453		8.2	%
Used vehicle retail	$	26,696		$	21,690		$	5,006		23.1	%
Gross profit per unit sold:
New vehicle retail sales	$	4,486		$	2,591		$	1,895		73.1	%
Used vehicle retail sales	$	2,225		$	1,513		$	713		47.1	%
Used vehicle wholesale sales	$	683		$	314		$	369		117.8	%
Total used	$	1,972		$	1,291		$	681		52.8	%
F&I PRU	$	2,160		$	1,956		$	204		10.4	%
Other:





SG&A expenses	$	1,193.6		$	936.0		$	257.7		27.5	%
Adjusted SG&A expenses (1)	$	1,185.4		$	928.1		$	257.3		27.7	%


SG&A as % gross profit	59.1		%	63.7		%	(4.7)		%
Adjusted SG&A as % gross profit (1)	58.7		%	63.2		%	(4.5)		%


Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)

	Three Months Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	239.0		$	220.2		$	18.8		8.6	%	$	5.8	5.9	%
Used vehicle retail sales	233.8			175.8			57.9			33.0	%	5.5		29.8	%
Used vehicle wholesale sales	33.1			35.6			(2.5)			(7.0)	%	0.7		(9.0)	%
Total used	266.9			211.4			55.4			26.2	%	6.2		23.3	%
Parts and service sales	52.6			52.3			0.4			0.7	%	1.2		(1.6)	%
F&I, net	13.6			11.4			2.2			19.3	%	0.2		17.3	%
Total revenues	$	572.2		$	495.3		$	76.8		15.5	%	$	13.4	12.8	%
Gross profit:
New vehicle retail sales	$	20.4		$	12.2		$	8.2		67.3	%	$	0.2	65.3	%
Used vehicle retail sales	17.5			10.7			6.7			62.7	%	0.4		58.6	%
Used vehicle wholesale sales	1.0			0.1			0.9			NM		0.1		NM
Total used	18.5			10.9			7.6			70.0	%	0.6		64.7	%
Parts and service sales	30.8			29.9			0.9			3.1	%	0.7		0.8	%
F&I, net	13.6			11.4			2.2			19.3	%	0.2		17.3	%
Total gross profit	$	83.4		$	64.4		$	18.9		29.4	%	$	1.7	26.8	%
Gross margin:
New vehicle retail sales	8.5		%	5.5		%	3.0		%
Used vehicle retail sales	7.5		%	6.1		%	1.4		%
Used vehicle wholesale sales	3.0		%	0.4		%	2.7		%
Total used	6.9		%	5.1		%	1.8		%
Parts and service sales	58.6		%	57.2		%	1.4		%

Total gross margin	14.6		%	13.0		%	1.6		%
Units sold:
Retail new vehicles sold	5,820			6,197			(377)			(6.1)	%
Retail used vehicles sold	6,891			6,822			69			1.0	%
Wholesale used vehicles sold	2,900			4,097			(1,197)			(29.2)	%
Total used	9,791			10,919			(1,128)			(10.3)	%
Average sales price per unit sold:
New vehicle retail	$	41,074		$	35,536		$	5,538		15.6	%	$	988	12.8	%
Used vehicle retail	$	33,925		$	25,775		$	8,150		31.6	%	$	802	28.5	%
Gross profit per unit sold:
New vehicle retail sales	$	3,509		$	1,970		$	1,539		78.1	%	$	42	76.0	%
Used vehicle retail sales	$	2,535		$	1,574		$	961		61.1	%	$	64	57.0	%
Used vehicle wholesale sales	$	344		$	32		$	313		NM		$	43	NM
Total used	$	1,886		$	995		$	891		89.6	%	$	58	83.7	%
F&I PRU	$	1,073		$	878		$	195		22.2	%	$	18	20.1	%
Other:
SG&A expenses	$	60.2		$	50.0		$	10.2		20.5	%	$	1.2	18.0	%

SG&A as % gross profit	72.2		%	77.6		%	(5.4)		%

NM — Not Meaningful


Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)

	Years Ended December 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,079.8		$	1,016.3		$	63.5		6.2	%	$	74.1	(1.0)	%
Used vehicle retail sales	1,013.4			701.5			312.0			44.5	%	64.3		35.3	%
Used vehicle wholesale sales	127.9			125.9			1.9			1.5	%	7.8		(4.7)	%
Total used	1,141.3			827.4			313.9			37.9	%	72.1		29.2	%
Parts and service sales	210.3			184.4			25.9			14.0	%	12.9		7.0	%
F&I, net	54.3			46.1			8.1			17.6	%	3.5		10.0	%
Total revenues	$	2,485.7		$	2,074.3		$	411.4		19.8	%	$	163.4	12.0	%
Gross profit:
New vehicle retail sales	$	73.1		$	46.7		$	26.4		56.4	%	$	4.7	46.4	%
Used vehicle retail sales	68.0			41.7			26.2			62.8	%	4.3		52.6	%
Used vehicle wholesale sales	7.4			2.4			5.0			NM		0.6		NM
Total used	75.4			44.2			31.2			70.6	%	4.8		59.7	%
Parts and service sales	126.3			105.0			21.3			20.2	%	7.8		12.8	%
F&I, net	54.3			46.1			8.1			17.6	%	3.5		10.0	%
Total gross profit	$	329.0		$	242.1		$	86.9		35.9	%	$	20.7	27.4	%
Gross margin:
New vehicle retail sales	6.8		%	4.6		%	2.2		%
Used vehicle retail sales	6.7		%	6.0		%	0.8		%
Used vehicle wholesale sales	5.8		%	1.9		%	3.9		%
Total used	6.6		%	5.3		%	1.3		%
Parts and service sales	60.0		%	56.9		%	3.1		%

Total gross margin	13.2		%	11.7		%	1.6		%
Units sold:
Retail new vehicles sold	26,259			29,433			(3,174)			(10.8)	%
Retail used vehicles sold	33,598			28,712			4,886			17.0	%
Wholesale used vehicles sold	13,818			15,512			(1,694)			(10.9)	%
Total used	47,416			44,224			3,192			7.2	%
Average sales price per unit sold:
New vehicle retail	$	41,123		$	34,530		$	6,592		19.1	%	$	2,823	10.9	%
Used vehicle retail	$	30,163		$	24,431		$	5,732		23.5	%	$	1,914	15.6	%
Gross profit per unit sold:
New vehicle retail sales	$	2,783		$	1,588		$	1,196		75.3	%	$	178	64.1	%
Used vehicle retail sales	$	2,023		$	1,454		$	569		39.1	%	$	127	30.4	%
Used vehicle wholesale sales	$	539		$	158		$	381		NM		$	40	NM
Total used	$	1,590		$	999		$	591		59.2	%	$	102	49.0	%
F&I PRU	$	907		$	794		$	113		14.2	%	$	58	6.9	%
Other:
SG&A expenses	$	222.2		$	187.3		$	34.9		18.6	%	$	14.0	11.2	%
Adjusted SG&A expenses (1)	$	221.7		$	186.1		$	35.6		19.1	%	$	13.9	11.6	%


SG&A as % gross profit	67.5		%	77.4		%	(9.8)		%
Adjusted SG&A as % gross profit (1)	67.4		%	76.9		%	(9.5)		%


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)

	Three Months Ended December 31, 2021
	U.S. GAAP			Loss on interest rate swaps		Dealership and real estate transactions		Acquisition costs		Legal matters		Non-GAAP adjusted
SG&A expenses	$	420.9		$	—	$	3.3	$	(9.1)	$	0.7	$	415.8

Income (loss) from operations	$	229.7		$	—	$	(3.3)	$	9.1	$	(0.7)	$	234.8
Floorplan interest expense	$	7.2		$	(3.4)	$	—	$	—	$	—	$	3.8


Income (loss) before income taxes	$	206.5		$	3.4	$	(3.3)	$	9.1	$	(0.7)	$	215.0
Less: Provision (benefit) for income taxes	43.3			0.7		(0.8)		2.0		(0.2)		45.2
Net income (loss) from continuing operations	163.2			2.6		(2.6)		7.1		(0.5)		169.9
Less: Earnings (loss) allocated to participating securities	5.5			0.1		(0.1)		0.2		—		5.7
Net income (loss) from continuing operations available to diluted common shares	$	157.7		$	2.5	$	(2.5)	$	6.8	$	(0.5)	$	164.1

Diluted earnings (loss) per common share from continuing operations	$	9.06		$	0.15	$	(0.14)	$	0.39	$	(0.03)	$	9.43

Effective tax rate	21.0		%									21.0		%

SG&A as % gross profit (1)	62.7		%									61.9		%
Operating margin (2)	6.6		%									6.7		%
Pretax margin (3)	5.9		%									6.2		%

Same Store SG&A expenses	$	377.9		$	—	$	2.1	$	(9.1)	$	0.7	$	371.6
Same Store SG&A as % gross profit (1)	62.3		%									61.2		%

Same Store income (loss) from operations	$	210.4		$	—	$	(2.1)	$	9.1	$	(0.7)	$	216.8
Same Store operating margin (2)	6.7		%									6.9		%


	U.S. GAAP		Non-GAAP adjustments		Non-GAAP adjusted
Net (loss) income from discontinued operations	$	(76.1)	$	78.0	$	1.9
Less: (loss) earnings allocated to participating securities	(2.6)		2.6		0.1
Net (loss) income from discontinued operations available to diluted common shares	$	(73.5)	$	75.3	$	1.8

Net income	$	87.1	$	84.6	$	171.7
Less: earnings allocated to participating securities	2.9		2.9		5.8
Net income available to diluted common shares	$	84.2	$	81.8	$	165.9

Diluted (loss) earnings per common share from discontinued operations	$	(4.23)	$	4.34	$	0.10
Diluted earnings per common share from continuing operations	9.06		0.37		9.43
Diluted earnings per common share	$	4.84	$	4.70	$	9.54


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)

	Three Months Ended December 31, 2020
	U.S. GAAP			Dealership and real estate transactions		Legal matters		Asset impairments		Non-GAAP adjusted

SG&A expenses	$	290.4		$	5.3	$	2.7	$	—	$	298.5
Asset impairments	$	13.9		$	—	$	—	$	(13.9)	$	—
Income (loss) from operations	$	148.1		$	(5.3)	$	(2.7)	$	13.9	$	153.9


Income (loss) before income taxes	$	126.2		$	(5.3)	$	(2.7)	$	13.9	$	132.1
Less: Provision (benefit) for income taxes	27.4			(1.1)		(0.6)		3.3		29.0
Net income (loss) from continuing operations	98.8			(4.2)		(2.1)		10.6		103.1
Less: Earnings (loss) allocated to participating securities	3.5			(0.1)		(0.1)		0.4		3.7
Net income (loss) from continuing operations available to diluted common shares	$	95.3		$	(4.0)	$	(2.1)	$	10.2	$	99.4

Diluted earnings (loss) per common share from continuing operations	$	5.36		$	(0.23)	$	(0.12)	$	0.58	$	5.59

Effective tax rate	21.7		%							22.0		%

SG&A as % gross profit (1)	61.6		%							63.4		%
Operating margin (2)	5.1		%							5.3		%
Pretax margin (3)	4.3		%							4.5		%


Same Store SG&A expenses	$	290.2		$	—	$	2.7	$	—	$	292.9
Same Store SG&A as % gross profit (1)	62.5		%							63.1		%

Same Store income (loss) from operations	$	146.6		$	—	$	(2.7)	$	9.1	$	153.0
Same Store operating margin (2)	5.1		%							5.3		%


	U.S. GAAP		Non-GAAP adjustments		Non-GAAP adjusted
Net income from discontinued operations	$	1.3	$	—	$	1.3
Less: earnings allocated to participating securities	—		—		—
Net income from discontinued operations available to diluted common shares	$	1.2	$	—	$	1.2

Net income	$	100.1	$	4.3	$	104.4
Less: earnings allocated to participating securities	3.6		0.2		3.7
Net income available to diluted common shares	$	96.5	$	4.1	$	100.7

Diluted earnings per common share from discontinued operations	$	0.07	$	—	$	0.07
Diluted earnings per common share from continuing operations	5.36		0.23		5.59
Diluted earnings per common share	$	5.43	$	0.23	$	5.66


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)

	Year Ended December 31, 2021
	U.S. GAAP			Loss on interest rate swaps		Catastrophic events		Dealership and real estate transactions		Acquisition costs		Legal matters		Asset impairments		Tax rate changes		Non-GAAP adjusted
SG&A expenses	$	1,477.2		$	—	$	(2.8)	$	4.4	$	(13.4)	$	5.3	$	—	$	—	$	1,470.7
Asset impairments	$	1.7		$	—	$	—	$	—	$	—	$	—	$	(1.7)	$	—	$	—
Income (loss) from operations	$	884.4		$	—	$	2.8	$	(4.4)	$	13.4	$	(5.3)	$	1.7	$	—	$	892.6
Floorplan interest expense	$	27.6		$	(4.8)	$	—	$	—	$	—	$	—	$	—	$	—	$	22.9


Income (loss) before income taxes	$	800.9		$	4.8	$	2.8	$	(4.4)	$	13.4	$	(5.3)	$	1.7	$	—	$	813.9
Less: Provision (benefit) for income taxes	175.5			1.1		0.6		(1.0)		3.0		(1.2)		0.4		1.9		180.3
Net income (loss) from continuing operations	625.4			3.7		2.2		(3.4)		10.5		(4.2)		1.3		(1.9)		633.7
Less: Earnings (loss) allocated to participating securities	21.0			0.1		0.1		(0.1)		0.4		(0.1)		—		(0.1)		21.3
Net income (loss) from continuing operations available to diluted common shares	$	604.4		$	3.6	$	2.1	$	(3.3)	$	10.1	$	(4.0)	$	1.3	$	(1.8)	$	612.4

Diluted earnings (loss) per common share from continuing operations	$	34.11		$	0.20	$	0.12	$	(0.19)	$	0.57	$	(0.23)	$	0.07	$	(0.10)	$	34.55

Effective tax rate	21.9		%															22.1		%

SG&A as % gross profit (1)	60.5		%															60.3		%
Operating margin (2)	6.6		%															6.6		%
Pretax margin (3)	5.9		%															6.0		%

Same Store SG&A expenses	$	1,415.9		$	—	$	(2.8)	$	2.1	$	(13.4)	$	5.3	$	—	$	—	$	1,407.1
Same Store SG&A as % gross profit (1)	60.2		%															59.9		%

Same Store income (loss) from operations	$	858.0		$	—	$	2.8	$	(2.1)	$	13.4	$	(5.3)	$	1.7	$	—	$	868.5
Same Store operating margin (2)	6.6		%															6.7		%


	U.S. GAAP		Non-GAAP adjustments		Non-GAAP adjusted
Net (loss) income from discontinued operations	$	(73.3)	$	81.8	$	8.5
Less: (loss) earnings allocated to participating securities	(2.5)		2.8		0.3
Net (loss) income from discontinued operations available to diluted common shares	$	(70.9)	$	79.1	$	8.2

Net income	$	552.1	$	90.0	$	642.1
Less: earnings allocated to participating securities	18.5		3.0		21.6
Net income available to diluted common shares	$	533.6	$	87.0	$	620.6

Diluted (loss) earnings per common share from discontinued operations	$	(4.00)	$	4.47	$	0.46
Diluted earnings per common share from continuing operations	34.11		0.45		34.55
Diluted earnings per common share	$	30.11	$	4.91	$	35.02


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)

	Year Ended December 31, 2020
	U.S. GAAP			Dealership and real estate transactions		Severance costs		Legal matters		Out-of-period adjustment		Asset impairments		Loss on extinguishment of debt		Non-GAAP adjusted

SG&A expenses	$	1,138.2		$	5.3	$	(1.2)	$	2.7	$	(10.6)	$	—	$	—	$	1,134.5
Asset impairments	$	26.7		$	—	$	—	$	—	$	—	$	(26.7)	$	—	$	—
Income (loss) from operations	$	495.7		$	(5.3)	$	1.2	$	(2.7)	$	10.6	$	26.7	$	—	$	526.1
Loss on extinguishment of debt	$	13.7		$	—	$	—	$	—	$	—	$	—	$	(13.7)	$	—

Income (loss) before income taxes	$	380.8		$	(5.3)	$	1.2	$	(2.7)	$	10.6	$	26.7	$	13.7	$	424.9
Less: Provision (benefit) for income taxes	84.2			(1.1)		0.2		(0.6)		0.8		5.5		3.0		92.0
Net income (loss) from continuing operations	296.7			(4.2)		1.0		(2.1)		9.7		21.2		10.7		333.0
Less: Earnings (loss) allocated to participating securities	10.6			(0.2)		—		(0.1)		0.3		0.8		0.4		11.9
Net income (loss) from continuing operations available to diluted common shares	$	286.0		$	(4.0)	$	1.0	$	(2.1)	$	9.4	$	20.4	$	10.3	$	321.0

Diluted earnings (loss) per common share from continuing operations	$	16.06		$	(0.23)	$	0.05	$	(0.12)	$	0.53	$	1.15	$	0.58	$	18.03

Effective tax rate	22.1		%													21.6		%

SG&A as % gross profit (1)	65.6		%													65.4		%
Operating margin (2)	4.7		%													5.0		%
Pretax margin (3)	3.6		%													4.0		%


Same Store SG&A expenses	$	1,123.3		$	—	$	(1.2)	$	2.7	$	(10.6)	$	—	$	—	$	1,114.2
Same Store SG&A as % gross profit (1)	65.7		%													65.1		%

Same Store income (loss) from operations	$	493.8		$	—	$	1.2	$	(2.7)	$	10.6	$	21.9	$	—	$	524.7
Same Store operating margin (2)	4.7		%													5.0		%


	U.S. GAAP		Non-GAAP adjustments		Non-GAAP adjusted
Net (loss) income from discontinued operations	$	(10.2)	$	10.8	$	0.6
Less: (loss) earnings allocated to participating securities	(0.4)		0.4		—
Net (loss) income from discontinued operations available to diluted common shares	$	(9.8)	$	10.4	$	0.6

Net income	$	286.5	$	47.1	$	333.5
Less: earnings allocated to participating securities	10.3		1.7		12.0
Net income available to diluted common shares	$	276.2	$	45.4	$	321.6

Diluted (loss) earnings per common share from discontinued operations	$	(0.55)	$	0.58	$	0.03
Diluted earnings per common share from continuing operations	16.06		1.97		18.03
Diluted earnings per common share	$	15.51	$	2.55	$	18.06


Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)

	December 31, 2021		December 31, 2020		Increase/(Decrease)		% Change
SELECTED BALANCE SHEET INFORMATION:
(In millions)
Cash and cash equivalents	$	14.9	$	69.0	$	(54.0)	(78.4)	%
Inventories, net	$	1,073.1	$	1,446.4	$	(373.3)	(25.8)	%
Floorplan notes payable, net (1)	$	531.0	$	1,087.2	$	(556.2)	(51.2)	%
Total debt	$	2,035.7	$	1,336.6	$	699.2	52.3	%
Total equity	$	1,825.2	$	1,449.6	$	375.7	25.9	%
(1) Amounts are net of offset accounts of $271.9 and $176.4, respectively.


	December 31, 2021	December 31, 2020
DAYS’ SUPPLY IN INVENTORY (1):
Consolidated
New vehicle inventory	12	53
Used vehicle inventory	42	36
U.S.
New vehicle inventory	9	48
Used vehicle inventory	36	32
U.K.
New vehicle inventory	33	102
Used vehicle inventory	66	52



(1) Days’ supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.