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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2013
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2013
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 31,627 |  | $ | — |  | $ | — |  | $ | 19,102 |  | $ | 12,525 |
Accounts receivable, net |  | 527,663 |  | (352,395 | ) | 352,395 |  | 293,820 |  | 233,843 |
Inventories |  | 2,023,529 |  | — |  | — |  | 1,206,377 |  | 817,152 |
Other current assets |  | 89,488 |  | — |  | 3,375 |  | 41,500 |  | 44,613 |
Assets held for sale |  | 108,468 |  | — |  | — |  | 66,477 |  | 41,991 |
Total current assets |  | 2,780,775 |  | (352,395 | ) | 355,770 |  | 1,627,276 |  | 1,150,124 |
Property and equipment, net |  | 1,078,627 |  | — |  | 4,353 |  | 727,320 |  | 346,954 |
Intangible assets |  | 1,225,591 |  | — |  | — |  | 763,430 |  | 462,161 |
Equity method investments |  | 311,251 |  | — |  | 254,392 |  | — |  | 56,859 |
Other long-term assets |  | 18,738 |  | (1,459,958 | ) | 1,473,072 |  | 4,086 |  | 1,538 |
Total assets |  | $ | 5,414,982 |  | $ | (1,812,353 | ) | $ | 2,087,587 |  | $ | 3,122,112 |  | $ | 2,017,636 |
Floor plan notes payable |  | $ | 1,425,199 |  | $ | — |  | $ | — |  | $ | 884,419 |  | $ | 540,780 |
Floor plan notes payable — non-trade |  | 744,223 |  | — |  | 109,321 |  | 317,087 |  | 317,815 |
Accounts payable |  | 287,744 |  | — |  | 2,564 |  | 124,555 |  | 160,625 |
Accrued expenses |  | 226,080 |  | (352,395 | ) | 126 |  | 127,936 |  | 450,413 |
Current portion of long-term debt |  | 33,053 |  | — |  | — |  | 23,932 |  | 9,121 |
Liabilities held for sale |  | 81,452 |  | — |  | — |  | 42,717 |  | 38,735 |
Total current liabilities |  | 2,797,751 |  | (352,395 | ) | 112,011 |  | 1,520,646 |  | 1,517,489 |
Long-term debt |  | 858,676 |  | (39,314 | ) | 670,000 |  | 156,321 |  | 71,669 |
Deferred tax liabilities |  | 297,851 |  | — |  | — |  | 272,900 |  | 24,951 |
Other long-term liabilities |  | 155,128 |  | — |  | — |  | 81,088 |  | 74,040 |
Total liabilities |  | 4,109,406 |  | (391,709 | ) | 782,011 |  | 2,030,955 |  | 1,688,149 |
Total equity |  | 1,305,576 |  | (1,420,644 | ) | 1,305,576 |  | 1,091,157 |  | 329,487 |
Total liabilities and equity |  | $ | 5,414,982 |  | $ | (1,812,353 | ) | $ | 2,087,587 |  | $ | 3,122,112 |  | $ | 2,017,636 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2012
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 43,753 |  | $ | — |  | $ | — |  | $ | 36,783 |  | $ | 6,970 |
Accounts receivable, net |  | 552,868 |  | (340,917 | ) | 340,917 |  | 372,638 |  | 180,230 |
Inventories |  | 1,991,167 |  | — |  | — |  | 1,197,456 |  | 793,711 |
Other current assets |  | 90,854 |  | — |  | 3,546 |  | 55,836 |  | 31,472 |
Assets held for sale |  | 94,441 |  | — |  | — |  | 59,113 |  | 35,328 |
Total current assets |  | 2,773,083 |  | (340,917 | ) | 344,463 |  | 1,721,826 |  | 1,047,711 |
Property and equipment, net |  | 1,023,781 |  | — |  | 4,474 |  | 654,248 |  | 365,059 |
Intangible assets |  | 1,258,012 |  | — |  | — |  | 756,655 |  | 501,357 |
Equity method investments |  | 303,160 |  | — |  | 252,816 |  | — |  | 50,344 |
Other long-term assets |  | 20,954 |  | (1,527,156 | ) | 1,540,447 |  | 5,025 |  | 2,638 |
Total assets |  | $ | 5,378,990 |  | $ | (1,868,073 | ) | $ | 2,142,200 |  | $ | 3,137,754 |  | $ | 1,967,109 |
Floor plan notes payable |  | $ | 1,408,363 |  | $ | — |  | $ | — |  | $ | 917,390 |  | $ | 490,973 |
Floor plan notes payable — non-trade |  | 716,621 |  | — |  | 112,085 |  | 334,122 |  | 270,414 |
Accounts payable |  | 263,349 |  | — |  | 3,344 |  | 123,754 |  | 136,251 |
Accrued expenses |  | 223,574 |  | (340,917 | ) | 450 |  | 113,753 |  | 450,288 |
Current portion of long-term debt |  | 19,493 |  | — |  | — |  | 9,745 |  | 9,748 |
Liabilities held for sale |  | 62,156 |  | — |  | — |  | 33,163 |  | 28,993 |
Total current liabilities |  | 2,693,556 |  | (340,917 | ) | 115,879 |  | 1,531,927 |  | 1,386,667 |
Long-term debt |  | 918,024 |  | (38,692 | ) | 710,000 |  | 121,618 |  | 125,098 |
Deferred tax liabilities |  | 287,818 |  | — |  | — |  | 260,445 |  | 27,373 |
Other long-term liabilities |  | 163,271 |  | — |  | — |  | 84,108 |  | 79,163 |
Total liabilities |  | 4,062,669 |  | (379,609 | ) | 825,879 |  | 1,998,098 |  | 1,618,301 |
Total equity |  | 1,316,321 |  | (1,488,464 | ) | 1,316,321 |  | 1,139,656 |  | 348,808 |
Total liabilities and equity |  | $ | 5,378,990 |  | $ | (1,868,073 | ) | $ | 2,142,200 |  | $ | 3,137,754 |  | $ | 1,967,109 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2013
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In thousands) |
Revenues |  | $ | 3,399,867 |  | $ | — |  | $ | — |  | $ | 2,017,973 |  | $ | 1,381,894 |
Cost of sales |  | 2,866,880 |  | — |  | — |  | 1,685,065 |  | 1,181,815 |
Gross profit |  | 532,987 |  | — |  | — |  | 332,908 |  | 200,079 |
Selling, general and administrative expenses |  | 413,312 |  | — |  | 5,158 |  | 256,469 |  | 151,685 |
Depreciation |  | 14,449 |  | — |  | 378 |  | 8,251 |  | 5,820 |
Operating income (loss) |  | 105,226 |  | — |  | (5,536 | ) | 68,188 |  | 42,574 |
Floor plan interest expense |  | (10,211 | ) | — |  | (2,287 | ) | (4,810 | ) | (3,114 | )
Other interest expense |  | (11,776 | ) | — |  | (6,716 | ) | (1,067 | ) | (3,993 | )
Equity in earnings of affiliates |  | 2,348 |  | — |  | 1,912 |  | — |  | 436 |
Equity in earnings of subsidiaries |  | — |  | (97,859 | ) | 97,859 |  | — |  | — |
Income (loss) from continuing operations before income taxes |  | 85,587 |  | (97,859 | ) | 85,232 |  | 62,311 |  | 35,903 |
Income taxes |  | (28,381 | ) | 32,586 |  | (28,381 | ) | (24,426 | ) | (8,160 | )
Income (loss) from continuing operations |  | 57,206 |  | (65,273 | ) | 56,851 |  | 37,885 |  | 27,743 |
(Loss) income from discontinued operations, net of tax |  | 813 |  | (813 | ) | 813 |  | 601 |  | 212 |
Net income (loss) |  | 58,019 |  | (66,086 | ) | 57,664 |  | 38,486 |  | 27,955 |
Other comprehensive income (loss), net of tax |  | (37,119 | ) | 36,784 |  | (37,119 | ) | 1,051 |  | (37,835 | )
Comprehensive income |  | 20,900 |  | (29,302 | ) | 20,545 |  | 39,537 |  | (9,880 | )
Less: Comprehensive income attributable to the non-controlling interests |  | 889 |  | (534 | ) | 534 |  | — |  | 889 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 20,011 |  | $ | (28,768 | ) | $ | 20,011 |  | $ | 39,537 |  | $ | (10,769 | )
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2012
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In thousands) |
Revenues |  | $ | 3,156,390 |  | $ | — |  | $ | — |  | $ | 1,806,894 |  | $ | 1,349,496 |
Cost of sales |  | 2,662,531 |  | — |  | — |  | 1,514,572 |  | 1,147,959 |
Gross profit |  | 493,859 |  | — |  | — |  | 292,322 |  | 201,537 |
Selling, general and administrative expenses |  | 386,705 |  | — |  | 4,595 |  | 234,721 |  | 147,389 |
Depreciation |  | 12,950 |  | — |  | 362 |  | 6,958 |  | 5,630 |
Operating income (loss) |  | 94,204 |  | — |  | (4,957 | ) | 50,643 |  | 48,518 |
Floor plan interest expense |  | (9,493 | ) | — |  | (2,198 | ) | (3,723 | ) | (3,572 | )
Other interest expense |  | (12,131 | ) | — |  | (7,563 | ) | (910 | ) | (3,658 | )
Equity in earnings of affiliates |  | 4,410 |  | — |  | 3,760 |  | — |  | 650 |
Equity in earnings of subsidiaries |  | — |  | (87,760 | ) | 87,760 |  | — |  | — |
Income (loss) from continuing operations before income taxes |  | 76,990 |  | (87,760 | ) | 76,802 |  | 46,010 |  | 41,938 |
Income taxes |  | (26,908 | ) | 30,742 |  | (26,908 | ) | (20,635 | ) | (10,107 | )
Income (loss) from continuing operations |  | 50,082 |  | (57,018 | ) | 49,894 |  | 25,375 |  | 31,831 |
(Loss) income from discontinued operations, net of tax |  | (3,076 | ) | 3,076 |  | (3,076 | ) | (1,741 | ) | (1,335 | )
Net income (loss) |  | 47,006 |  | (53,942 | ) | 46,818 |  | 23,634 |  | 30,496 |
Other comprehensive income (loss), net of tax |  | 10,701 |  | (9,692 | ) | 10,701 |  | (234 | ) | 9,926 |
Comprehensive income |  | 57,707 |  | (63,634 | ) | 57,519 |  | 23,400 |  | 40,422 |
Less: Comprehensive income attributable to non-controlling interests |  | 188 |  | — |  | — |  | — |  | 188 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 57,519 |  | $ | (63,634 | ) | $ | 57,519 |  | $ | 23,400 |  | $ | 40,234 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2013
|  | Total Company |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In thousands) |
Net cash from continuing operating activities |  | $ | 103,075 |  | $ | 68,356 |  | $ | 28,962 |  | $ | 5,757 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  | (68,398 | ) | (257 | ) | (58,038 | ) | (10,103 | )
Dealership acquisitions, net |  | (27,180 | ) | — |  | (27,180 | ) | — |
Other |  | 5,744 |  | — |  | — |  | 5,744 |
Net cash from continuing investing activities |  | (89,834 | ) | (257 | ) | (85,218 | ) | (4,359 | )
Financing activities: |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  | (39,589 | ) | (39,999 | ) | 52,192 |  | (51,782 | )
Net borrowings (repayments) of floor plan notes payable — non-trade |  | 33,477 |  | (2,764 | ) | (17,034 | ) | 53,275 |
Repurchase of common stock |  | (12,680 | ) | (12,680 | ) | — |  | — |
Dividends |  | (12,656 | ) | (12,656 | ) | — |  | — |
Distributions from (to) parent |  | — |  | — |  | 415 |  | (415 | )
Net cash from continuing financing activities |  | (31,448 | ) | (68,099 | ) | 35,573 |  | 1,078 |
Net cash from discontinued operations |  | 6,081 |  | — |  | 3,002 |  | 3,079 |
Net change in cash and cash equivalents |  | (12,126 | ) | — |  | (17,681 | ) | 5,555 |
Cash and cash equivalents, beginning of period |  | 43,753 |  | — |  | 36,783 |  | 6,970 |
Cash and cash equivalents, end of period |  | $ | 31,627 |  | $ | — |  | $ | 19,102 |  | $ | 12,525 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2012
|  | Total Company |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In thousands) |
Net cash from continuing operating activities |  | $ | 125,206 |  | $ | 44,856 |  | $ | 8,860 |  | $ | 71,490 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  | (26,173 | ) | (518 | ) | (17,720 | ) | (7,935 | )
Dealership acquisitions, net |  | (108,106 | ) | — |  | — |  | (108,106 | )
Other |  | — |  | — |  | — |  | — |
Net cash from continuing investing activities |  | (134,279 | ) | (518 | ) | (17,720 | ) | (116,041 | )
Financing activities: |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  | 9,766 |  | (25,000 | ) | (963 | ) | 35,729 |
Net borrowings (repayments) of floor plan notes payable — non-trade |  | (367 | ) | (1,843 | ) | (17,591 | ) | 19,067 |
Repurchase of common stock |  | (8,522 | ) | (8,522 | ) | — |  | — |
Dividends |  | (8,973 | ) | (8,973 | ) | — |  | — |
Distributions from (to) parent |  | — |  | — |  | 636 |  | (636 | )
Net cash from continuing financing activities |  | (8,096 | ) | (44,338 | ) | (17,918 | ) | 54,160 |
Net cash from discontinued operations |  | 21,105 |  | — |  | 9,994 |  | 11,111 |
Net change in cash and cash equivalents |  | 3,936 |  | — |  | (16,784 | ) | 20,720 |
Cash and cash equivalents, beginning of period |  | 27,201 |  | — |  | 27,201 |  | — |
Cash and cash equivalents, end of period |  | $ | 31,137 |  | $ | — |  | $ | 10,417 |  | $ | 20,720 |

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