AutoNation Reports 2018 Fourth Quarter and Full Year Results
FORT LAUDERDALE, Fla., Feb. 22, 2019 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported fourth quarter 2018 net income from continuing operations of $93 million, or $1.02 per share. Restructuring-related charges of $0.08 per share, or approximately $9 million, were incurred during the fourth quarter of 2018. Fourth quarter 2017 net income from continuing operations totaled $152 million, or $1.64 per share. Fourth quarter 2017 EPS from continuing operations included a benefit of $0.45 per share due to the enactment of the federal tax reform bill.
Fourth Quarter Results
Fourth quarter 2018 revenue totaled $5.4 billion compared to $5.7 billion in the year-ago period. Same-store fourth quarter 2018 revenue totaled $5.3 billion compared to $5.5 billion in the year-ago period, a decrease of 4%. Same-store fourth quarter 2018 gross profit of $832 million decreased by 2% compared to $846 million in the year-ago period. Same-store Customer Financial Services gross profit per vehicle retailed was an all-time record of $1,851.
Restructuring and Cost Savings Plan
AutoNation previously announced a cost savings plan and a corporate and regional restructuring to improve efficiency and profitability that further positions the Company for long-term success. The Company's plan to reduce costs by approximately $50 million annually includes a reorganization and realignment of its operating structure. A key driver is the consolidation of its regional structure from three regions to two regions. As noted above, AutoNation incurred restructuring-related charges in connection with this plan during the fourth quarter 2018. The Company expects to incur additional restructuring-related charges in the first quarter of 2019 that are currently estimated to be lower than the charges incurred during the fourth quarter of 2018.
Segment Results
Segment results((1)) for the fourth quarter 2018 were as follows:
-- Domestic - Domestic segment income((2)) was $55 million compared to
year-ago segment income of $67 million, a decrease of 18%.
-- Import - Import segment income((2)) was $69 million compared to year-ago
segment income of $75 million, a decrease of 9%.
-- Premium Luxury - Premium Luxury segment income((2)) was $91 million
compared to year-ago segment income of $106 million, a decrease of 13%.
For the full year ended December 31, 2018, AutoNation reported net income from continuing operations of $396 million, or $4.34 per share, compared to net income from continuing operations of $435 million, or $4.43 per share, for the same period in the prior year. AutoNation's revenue for full year 2018 totaled $21.4 billion, which was down slightly compared to $21.5 billion for the same period in the prior year.
The fourth quarter conference call may be accessed by telephone at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time today or on AutoNation's investor relations website at http://investors.autonation.com.
The webcast will also be available on AutoNation's website under "Events & Presentations" following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on February 22, 2019, through March 15, 2019, by calling (866) 505-9252 (passcode: 8698).
(1) AutoNation has three operating
segments: Domestic, Import, and
Premium Luxury. The Domestic
segment is comprised of stores
that sell vehicles manufactured
by General Motors, Ford, and FCA
US; the Import segment is
comprised of stores that sell
vehicles manufactured primarily
by Toyota, Honda, Nissan, and
Hyundai; and the Premium Luxury
segment is comprised of stores
that sell vehicles manufactured
primarily by Mercedes-Benz, BMW,
Lexus, and Audi.
(2) Segment income represents income
for each of our reportable
segments and is defined as
operating income less floorplan
interest expense.
About AutoNation, Inc.
AutoNation, America's largest automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of December 31, 2018, AutoNation owned and operated over 325 locations from coast to coast. AutoNation has sold 12 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Through its DRV PNK initiative, AutoNation is committed to drive out cancer, create awareness and support critical research. AutoNation continues to be a proud supporter of the Breast Cancer Research Foundation and other cancer-related charities.
Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, or investments, including our brand extension strategies, and expectations for restructuring and cost savings plan, future results and the future performance of our franchises (including with respect to sales of used vehicles and parts and accessories) and the automotive retail industry, as well as other statements that describe our objectives, goals, or plans are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: economic conditions, including changes in interest rates, fuel prices, and tariffs; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to successfully implement, and customer adoption of, our brand extension strategies; our ability to identify, acquire, and build out suitable locations in a timely manner; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
Three Months Ended December 31, Twelve Months Ended December 31,
---
2018 2017 2018 2017
---
Revenue:
$
3,066.6 $
3,345.3 $
11,751.6 $
12,180.8
New vehicle
1,212.4 1,208.1 5,123.3 4,878.4
Used vehicle
868.0 854.1 3,447.6 3,398.3
Parts and service
245.4 247.2 981.4 939.2
Finance and insurance, net
19.3 28.8 108.9 137.9
Other
Total revenue 5,411.7 5,683.5 21,412.8 21,534.6
Cost of sales:
2,930.4 3,184.2 11,235.5 11,592.4
New vehicle
1,138.7 1,130.1 4,781.6 4,563.2
Used vehicle
476.1 479.4 1,892.3 1,907.6
Parts and service
18.6 22.6 106.1 112.4
Other
Total cost of sales 4,563.8 4,816.3 18,015.5 18,175.6
Gross profit 847.9 867.2 3,397.3 3,359.0
Selling, general, and administrative expenses 631.5 622.1 2,509.8 2,436.2
Depreciation and amortization 42.2 40.6 166.2 158.6
Franchise rights impairment 8.1
Other income, net (23.1) (24.8) (64.7) (79.2)
Operating income 197.3 229.3 777.9 843.4
Non-operating income (expense) items:
(37.0) (26.3) (130.4) (97.0)
Floorplan interest expense
(29.0) (32.2) (119.4) (120.2)
Other interest expense
0.3 0.2 1.1 1.0
Interest income
(3.1) 2.9 0.2 9.3
Other income (loss), net
Income from continuing operations before income taxes 128.5 173.9 529.4 636.5
Income tax provision 35.6 22.4 133.5 201.5
Net income from continuing operations 92.9 151.5 395.9 435.0
Income (loss) from discontinued operations, net of income taxes (0.2) (0.2) 0.1 (0.4)
Net income $
92.7 $
151.3 $
396.0 $
434.6
Diluted earnings (loss) per share*:
$
1.02 $
1.64 $
4.34 $
4.43
Continuing operations
$
$
$
$ -
Discontinued operations
$
1.02 $
1.64 $
4.34 $
4.43
Net income
Weighted average common shares outstanding 90.7 92.3 91.3 98.2
Common shares outstanding, net of treasury stock, at period end 90.0 91.6 90.0 91.6
* Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Operating Highlights
Three Months Ended December 31,
Twelve Months Ended December 31,
--- ---
2018
% Variance
% Variance
2017
$ Variance 2018 2017
$ Variance
---
Revenue:
$
3,066.6 $
3,345.3 $
(278.7) (8.3) $
11,751.6 $
12,180.8 $
(429.2) (3.5)
New vehicle
1,141.5 1,138.4 3.1 0.3 4,807.6 4,577.1 230.5 5.0
Retail used vehicle
70.9 69.7 1.2 1.7 315.7 301.3 14.4 4.8
Wholesale
1,212.4 1,208.1 4.3 0.4 5,123.3 4,878.4 244.9 5.0
Used vehicle
245.4 247.2 (1.8) (0.7) 981.4 939.2 42.2 4.5
Finance and insurance, net
4,524.4 4,800.6 (276.2) (5.8) 17,856.3 17,998.4 (142.1) (0.8)
Total variable operations
868.0 854.1 13.9 1.6 3,447.6 3,398.3 49.3 1.5
Parts and service
19.3 28.8 (9.5) 108.9 137.9 (29.0)
Other
Total revenue $
5,411.7 $
5,683.5 $
(271.8) (4.8) $
21,412.8 $
21,534.6 $
(121.8) (0.6)
Gross profit:
$
136.2 $
161.1 $
(24.9) (15.5) $
516.1 $
588.4 $
(72.3) (12.3)
New vehicle
71.2 75.2 (4.0) (5.3) 327.6 308.0 19.6 6.4
Retail used vehicle
2.5 2.8 (0.3) 14.1 7.2 6.9
Wholesale
73.7 78.0 (4.3) (5.5) 341.7 315.2 26.5 8.4
Used vehicle
245.4 247.2 (1.8) (0.7) 981.4 939.2 42.2 4.5
Finance and insurance
455.3 486.3 (31.0) (6.4) 1,839.2 1,842.8 (3.6) (0.2)
Total variable operations
391.9 374.7 17.2 4.6 1,555.3 1,490.7 64.6 4.3
Parts and service
0.7 6.2 (5.5) 2.8 25.5 (22.7)
Other
Total gross profit 847.9 867.2 (19.3) (2.2) 3,397.3 3,359.0 38.3 1.1
Selling, general, and administrative expenses 631.5 622.1 (9.4) (1.5) 2,509.8 2,436.2 (73.6) (3.0)
Depreciation and amortization 42.2 40.6 (1.6) 166.2 158.6 (7.6)
Franchise rights impairment 8.1 (8.1)
Other income, net (23.1) (24.8) (1.7) (64.7) (79.2) (14.5)
Operating income 197.3 229.3 (32.0) (14.0) 777.9 843.4 (65.5) (7.8)
Non-operating income (expense) items:
(37.0) (26.3) (10.7) (130.4) (97.0) (33.4)
Floorplan interest expense
(29.0) (32.2) 3.2 (119.4) (120.2) 0.8
Other interest expense
0.3 0.2 0.1 1.1 1.0 0.1
Interest income
(3.1) 2.9 (6.0) 0.2 9.3 (9.1)
Other income (loss), net
Income from continuing operations before income taxes $
128.5 $
173.9 $
(45.4) (26.1) $
529.4 $
636.5 $
(107.1) (16.8)
Retail vehicle unit sales:
78,370 87,234 (8,864) (10.2) 310,839 329,116 (18,277) (5.6)
New
54,985 55,944 (959) (1.7) 237,722 234,148 3,574 1.5
Used
133,355 143,178 (9,823) (6.9) 548,561 563,264 (14,703) (2.6)
Revenue per vehicle retailed:
$
39,130 $
38,349 $
781 2.0 $
37,806 $
37,011 $
795 2.1
New
$
20,760 $
20,349 $
411 2.0 $
20,224 $
19,548 $
676 3.5
Used
Gross profit per vehicle retailed:
$
1,738 $
1,847 $
(109) (5.9) $
1,660 $
1,788 $
(128) (7.2)
New
$
1,295 $
1,344 $
(49) (3.6) $
1,378 $
1,315 $
63 4.8
Used
$
1,840 $
1,727 $
113 6.5 $
1,789 $
1,667 $
122 7.3
Finance and insurance
$
3,395 $
3,377 $
18 0.5 $
3,327 $
3,259 $
68 2.1
Total variable operations(1)
Three Months Ended December 31, Twelve Months Ended December 31,
Operating Percentages
---
2018 (%) 2017 (%) 2018 (%) 2017 (%)
Revenue mix percentages:
56.7 58.9 54.9 56.6
New vehicle
22.4 21.3 23.9 22.7
Used vehicle
16.0 15.0 16.1 15.8
Parts and service
4.5 4.3 4.6 4.4
Finance and insurance, net
0.4 0.5 0.5 0.5
Other
100.0 100.0 100.0 100.0
Gross profit mix percentages:
16.1 18.6 15.2 17.5
New vehicle
8.7 9.0 10.1 9.4
Used vehicle
46.2 43.2 45.8 44.4
Parts and service
28.9 28.5 28.9 28.0
Finance and insurance
0.1 0.7 0.7
Other
100.0 100.0 100.0 100.0
Operating items as a percentage of revenue:
Gross profit:
4.4 4.8 4.4 4.8
New vehicle
6.2 6.6 6.8 6.7
Used vehicle - retail
45.1 43.9 45.1 43.9
Parts and service
15.7 15.3 15.9 15.6
Total
11.7 10.9 11.7 11.3
Selling, general, and administrative expenses
3.6 4.0 3.6 3.9
Operating income
Operating items as a percentage of total gross profit:
74.5 71.7 73.9 72.5
Selling, general, and administrative expenses
23.3 26.4 22.9 25.1
Operating income
(1) Total variable operations
gross profit per vehicle
retailed is calculated by
dividing the sum of new
vehicle, retail used
vehicle, and finance and
insurance gross profit by
total retail vehicle unit
sales.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
Segment Operating Highlights
Three Months Ended December 31,
Twelve Months Ended December 31,
--- ---
% Variance
% Variance
2018 2017
$ Variance 2018 2017
$ Variance
Revenue:
$
1,745.0 $
1,895.1 $
(150.1) (7.9) $
7,134.5 $
7,452.8 $
(318.3) (4.3)
Domestic
1,646.2 1,749.9 (103.7) (5.9) 6,786.4 6,873.4 (87.0) (1.3)
Import
1,894.1 1,937.8 (43.7) (2.3) 7,010.9 6,832.7 178.2 2.6
Premium luxury
5,285.3 5,582.8 (297.5) (5.3) 20,931.8 21,158.9 (227.1) (1.1)
Total
126.4 100.7 25.7 25.5 481.0 375.7 105.3 28.0
Corporate and other
$
5,411.7 $
5,683.5 $
(271.8) (4.8) $
21,412.8 $
21,534.6 $
(121.8) (0.6)
Total consolidated revenue
Segment income*:
$
54.7 $
66.6 $
(11.9) (17.9) $
249.3 $
257.1 $
(7.8) (3.0)
Domestic
68.5 75.2 (6.7) (8.9) 304.7 303.1 1.6 0.5
Import
91.4 105.5 (14.1) (13.4) 340.9 348.8 (7.9) (2.3)
Premium luxury
214.6 247.3 (32.7) (13.2) 894.9 909.0 (14.1) (1.6)
Total
Corporate and other (54.3) (44.3) (10.0) (247.4) (162.6) (84.8)
Add: Floorplan interest expense 37.0 26.3 10.7 130.4 97.0 33.4
Operating income $
197.3 $
229.3 $
(32.0) (14.0) $
777.9 $
843.4 $
(65.5) (7.8)
* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.
Retail new vehicle unit sales:
25,144 28,263 (3,119) (11.0) 102,015 111,028 (9,013) (8.1)
Domestic
34,780 38,641 (3,861) (10.0) 142,556 150,422 (7,866) (5.2)
Import
18,446 20,330 (1,884) (9.3) 66,268 67,666 (1,398) (2.1)
Premium luxury
78,370 87,234 (8,864) (10.2) 310,839 329,116 (18,277) (5.6)
Brand Mix - Retail New Vehicle Units Sold
---
Twelve Months Ended December 31,
Three Months Ended December 31,
2018 (%) 2017 (%) 2018 (%) 2017 (%)
Domestic:
11.5 13.0 12.2 13.6
Ford, Lincoln
11.4 11.1 11.1 10.7
Chevrolet, Buick, Cadillac, GMC
9.2 8.3 9.5 9.4
Chrysler, Dodge, Jeep, Ram
32.1 32.4 32.8 33.7
Domestic total
Import:
19.0 17.9 19.4 18.6
Toyota
13.1 12.9 13.7 13.1
Honda
4.5 6.6 5.3 6.8
Nissan
7.8 6.9 7.5 7.2
Other Import
44.4 44.3 45.9 45.7
Import total
Premium Luxury:
8.8 9.5 8.0 8.1
Mercedes-Benz
6.2 5.4 5.2 4.7
BMW
2.5 2.7 2.3 2.6
Lexus
2.2 2.6 2.3 2.4
Audi
2.2 1.7 2.0 1.6
Jaguar Land Rover
1.6 1.4 1.5 1.2
Other Premium Luxury
23.5 23.3 21.3 20.6
Premium Luxury total
100.0 100.0 100.0 100.0
AUTONATION, INC
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
Three Months Ended December 31, Twelve Months Ended December 31,
Capital Expenditures / Stock Repurchases
---
2018 2017 2018 2017
$
122.0 $
108.3 $
393.6 $
332.9
Capital expenditures (1)
$
(0.7) $
20.0 $
67.2 $
76.8
Cash paid (received) for acquisitions, net of cash acquired (2)
$
1.8 $
15.0 $
17.8 $
39.7
Proceeds from exercises of stock options
Stock repurchases:
$
$ $
100.0 $
434.9
Aggregate purchase price
2.1 10.1
Shares repurchased (in millions)
Three Months Ended December 31, Twelve Months Ended December 31,
Floorplan Assistance and Expense
---
2018 2017
Variance 2018 2017
Variance
$
30.7 $
33.4 $
(2.7) $
117.9 $
122.1 $
(4.2)
Floorplan assistance earned (included in cost of sales)
(34.5) (24.1) (10.4) (121.7) (90.4) (31.3)
New vehicle floorplan interest expense
$
(3.8) $
9.3 $
(13.1) $
(3.8) $
31.7 $
(35.5)
Net new vehicle inventory carrying benefit (cost)
Balance Sheet and Other Highlights
---
December 31, 2018
December 31, 2017
$
48.6 $
69.2
Cash and cash equivalents
$
3,650.5 $
3,365.6
Inventory
$
3,997.7 $
3,806.9
Total floorplan notes payable
$
2,600.5 $
2,703.7
Non-vehicle debt
$
2,716.0 $
2,369.3
Equity
60 days
53 days
New days supply (industry standard of selling days)
42 days
43 days
Used days supply (trailing calendar month days)
Key Credit Agreement Covenant Compliance Calculations(3)
---
3.06x
Leverage ratio
less than or equal to
3.75x
Covenant
---
60.6%
Capitalization ratio
less than or equal to 70.0%
Covenant
---
(1) Includes accrued construction in
progress and excludes property
associated with capital leases
entered into during the period.
(2) Excludes capital leases and
deferred purchase price
commitments.
(3) Calculated in accordance with our
credit agreement as filed with the
SEC.
AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data)
Three Months Ended December 31,
Twelve Months Ended December 31,
Operating Highlights
---
2018 2017
$ Variance
% Variance 2018 2017
$ Variance
% Variance
Revenue:
$
3,023.1 $
3,250.5 $
(227.4) (7.0) $
11,519.8 $
11,761.3 $
(241.5) (2.1)
New vehicle
1,111.7 1,103.1 8.6 0.8 4,649.6 4,397.8 251.8 5.7
Retail used vehicle
68.9 67.0 1.9 2.8 302.0 288.9 13.1 4.5
Wholesale
1,180.6 1,170.1 10.5 0.9 4,951.6 4,686.7 264.9 5.7
Used vehicle
242.5 241.4 1.1 0.5 964.4 911.7 52.7 5.8
Finance and insurance, net
4,446.2 4,662.0 (215.8) (4.6) 17,435.8 17,359.7 76.1 0.4
Total variable operations
847.3 831.7 15.6 1.9 3,354.9 3,288.7 66.2 2.0
Parts and service
19.3 28.4 (9.1) 108.7 136.9 (28.2)
Other
Total revenue $
5,312.8 $
5,522.1 $
(209.3) (3.8) $
20,899.4 $
20,785.3 $
114.1 0.5
Gross profit:
$
134.4 $
158.2 $
(23.8) (15.0) $
506.5 $
573.4 $
(66.9) (11.7)
New vehicle
69.8 73.1 (3.3) (4.5) 319.5 296.7 22.8 7.7
Retail used vehicle
2.0 2.9 (0.9) 8.1 7.6 0.5
Wholesale
71.8 76.0 (4.2) (5.5) 327.6 304.3 23.3 7.7
Used vehicle
242.5 241.4 1.1 0.5 964.4 911.7 52.7 5.8
Finance and insurance
448.7 475.6 (26.9) (5.7) 1,798.5 1,789.4 9.1 0.5
Total variable operations
382.8 364.5 18.3 5.0 1,513.3 1,441.9 71.4 5.0
Parts and service
0.7 6.1 (5.4) 2.8 25.3 (22.5)
Other
Total gross profit $
832.2 $
846.2 $
(14.0) (1.7) $
3,314.6 $
3,256.6 $
58.0 1.8
Retail vehicle unit sales:
77,511 84,655 (7,144) (8.4) 305,615 316,914 (11,299) (3.6)
New
53,496 54,019 (523) (1.0) 229,379 223,559 5,820 2.6
Used
131,007 138,674 (7,667) (5.5) 534,994 540,473 (5,479) (1.0)
Revenue per vehicle retailed:
$
39,002 $
38,397 $
605 1.6 $
37,694 $
37,112 $
582 1.6
New
$
20,781 $
20,421 $
360 1.8 $
20,270 $
19,672 $
598 3.0
Used
Gross profit per vehicle retailed:
$
1,734 $
1,869 $
(135) (7.2) $
1,657 $
1,809 $
(152) (8.4)
New
$
1,305 $
1,353 $
(48) (3.5) $
1,393 $
1,327 $
66 5.0
Used
$
1,851 $
1,741 $
110 6.3 $
1,803 $
1,687 $
116 6.9
Finance and insurance
$
3,410 $
3,409 $
1 $
3,347 $
3,297 $
50 1.5
Total variable operations(1)
Three Months Ended December 31, Twelve Months Ended December 31,
Operating Percentages
---
2018 (%) 2017 (%) 2018 (%) 2017 (%)
Revenue mix percentages:
56.9 58.9 55.1 56.6
New vehicle
22.2 21.2 23.7 22.5
Used vehicle
15.9 15.1 16.1 15.8
Parts and service
4.6 4.4 4.6 4.4
Finance and insurance, net
0.4 0.4 0.5 0.7
Other
100.0 100.0 100.0 100.0
Gross profit mix percentages:
16.1 18.7 15.3 17.6
New vehicle
8.6 9.0 9.9 9.3
Used vehicle
46.0 43.1 45.7 44.3
Parts and service
29.1 28.5 29.1 28.0
Finance and insurance
0.2 0.7 0.8
Other
100.0 100.0 100.0 100.0
Operating items as a percentage of revenue:
Gross profit:
4.4 4.9 4.4 4.9
New vehicle
6.3 6.6 6.9 6.7
Used vehicle - retail
45.2 43.8 45.1 43.8
Parts and service
15.7 15.3 15.9 15.7
Total
(1) Total variable operations
gross profit per vehicle
retailed is calculated by
dividing the sum of new
vehicle, retail used
vehicle, and finance and
insurance gross profit by
total retail vehicle unit
sales.
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SOURCE AutoNation, Inc.
