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AutoNation Reports 2010 First Quarter Results
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FORT LAUDERDALE, Fla., April 22, 2010 /PRNewswire via COMTEX/

  • Strong double-digit growth with first quarter revenue and new vehicle unit sales increasing 19% over the prior year
  • Revenue and gross profit for all major categories, new vehicles, used vehicles, parts and service, and finance and insurance, are up compared to first quarter of 2009
  • First quarter EPS from continuing operations was $0.34, a 55% increase compared to adjusted EPS from continuing operations of $0.22 in the prior year ($0.30 on a GAAP basis in the prior year)
  • AutoNation successfully executed a debt refinancing resulting in extended maturities, improved liquidity, and enhanced flexibility at attractive pricing
    • AutoNation, Inc. (NYSE: AN),America's largest automotive retailer, today reported 2010 first quarter net income from continuing operations of $58 million or $0.34 per share, compared to net income from continuing operations of $53 million or $0.30 per share for the same period in the prior year. Net income from continuing operations for the 2010 first quarter improved 55% on a per-share basis, compared to adjusted net income from continuing operations of $40 million or $0.22 per share for the same period in the prior year. Adjusted net income from continuing operations for the 2009 first quarter excludes the items disclosed in the attached financial tables.

      2010 first quarter revenue totaled $2.8 billion, compared to $2.4 billion in the year-ago period, an increase of 19%, driven primarily by stronger new and used retail vehicle revenue which increased 24%. Based on CNW Research data, in the first quarter, total U.S. industry new retail vehicle unit sales increased 15%. AutoNation's new vehicle unit sales increased 19%.

      AutoNation's 2010 first quarter used retail vehicle revenue increased 23%, as unit sales increased 12% and revenue per vehicle increased 11%. Parts and service revenue increased 1% and finance and insurance revenue increased 25% compared to the first quarter 2009.

      Commenting on the first quarter, Mike Jackson, Chairman and Chief Executive Officer, said, "We delivered strong double-digit growth in the first quarter, which was driven by both new and used vehicle unit sales and revenue. We have seen growth in all regions for two quarters led by our largest state Florida, which was one of the first states to experience the effects of the economic downturn. First quarter revenue for Florida was up 29%. We see an improved sales environment going forward." Mr. Jackson also stated, "By lowering our structural costs, and efficiently managing our inventory, we were able to deliver substantial EPS growth in a steadily improving retail sales environment."

      Commenting on the debt refinancing transactions previously announced by AutoNation, Michael Short, Executive Vice President and Chief Financial Officer, stated, "These transactions extended our debt maturities, increased our available liquidity, and lowered our exposure to interest rate increases in the future. We believe that these transactions will provide us with additional flexibility to manage our business and optimize capital allocation going forward."

      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 Chrysler; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, and Nissan; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes, BMW, and Lexus. Segment results for the first quarter were as follows:

      • Domestic - Domestic segment income (1) was $32 million compared to year-ago segment income of $22 million. First quarter Domestic retail new vehicle unit sales increased 23%
      • Import - Import segment income was $50 million compared to year-ago segment income of $30 million. First quarter Import retail new vehicle unit sales increased 20%.
      • Premium Luxury - Premium Luxury segment income was $47 million compared to year-ago segment income of $41 million. First quarter Premium Luxury retail new vehicle unit sales increased 9%.

         (1) Segment income is defined as operating income less floorplan interest expense.

       

      The first quarter conference call may be accessed by telephone at 888-769-8515 (password: AutoNation). The webcast will be available on AutoNation's investor relations website at corp.autonation.com/investors under "Webcasts & Presentations." A playback of the conference call will be available after 1:00 p.m. Eastern Time on April 22, 2010 through May 1, 2010 by calling 800-294-7481 (password: 75300).

      About AutoNation, Inc.

      AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer and has been named America's Most Admired Automotive Retailer by FORTUNE Magazine five times. A component of the Standard and Poor's 500 Index, AutoNation owns and operates 249 new vehicle franchises in 15 states. For additional information, please visithttp://corp.AutoNation.com or www.AutoNation.com.

      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," and variations of such words and similar expressions are intended to identify such forward-looking statements. These 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 generally; conditions in the credit markets and changes in interest rates; the success and financial viability of vehicle manufacturers and distributors with which we hold franchises; factors affecting our goodwill and other intangible asset impairment testing; natural disasters and other adverse weather events; restrictions imposed by vehicle manufacturers; the resolution of legal and administrative proceedings; regulatory factors affecting our business; 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.

      NON-GAAP FINANCIAL MEASURES

      This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and earnings per share from continuing operations, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides 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 improves the period-to-period comparability of the Company's results from its core business operations.

                                    AUTONATION, INC.
                UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                         ($ in millions, except per share data)
      
      
                                                           Three Months Ended
                                                               March 31,
                                                            2010          2009
                                                            ----          ----
      
           Revenue:
             New vehicle                                $1,465.5      $1,185.1
             Used vehicle                                  734.6         590.5
             Parts and service                             539.8         535.0
             Finance and insurance, net                     95.6          76.8
             Other                                          11.7          13.4
                                                            ----          ----
           Total revenue                                 2,847.2       2,400.8
                                                         -------       -------
      
           Cost of sales:
             New vehicle                                 1,362.1       1,111.4
             Used vehicle                                  668.1         527.0
             Parts and service                             302.0         300.0
             Other                                           4.8           6.1
                                                             ---           ---
           Total cost of sales                           2,337.0       1,944.5
                                                         -------       -------
      
           Gross profit                                    510.2         456.3
      
           Selling, general and administrative expenses    375.4         352.3
           Depreciation and amortization                    18.9          19.8
           Other expenses (income), net                      1.2         (10.8)
                                                             ---         -----
      
           Operating income                                114.7          95.0
      
           Floorplan interest expense                       (9.7)         (9.9)
           Other interest expense                           (9.0)        (11.8)
           Gain on senior note repurchases                     -          11.9
           Interest income                                   0.2           0.3
           Other losses, net                                (0.2)         (1.6)
                                                            ----          ----
      
           Income from continuing operations before
            income taxes                                    96.0          83.9
      
           Income tax provision                             37.6          31.3
                                                            ----          ----
      
           Net income from continuing operations            58.4          52.6
      
           Loss from discontinued operations, net of
            income taxes                                    (3.2)        (18.0)
                                                            ----         -----
      
      
           Net income                                      $55.2         $34.6
                                                           =====         =====
      
      
           Diluted earnings (loss) per share:
             Continuing operations                         $0.34         $0.30
             Discontinued operations                      $(0.02)       $(0.10)
      
             Net income                                    $0.32         $0.20
      
      
           Weighted average common shares outstanding      171.7         177.0
      
           Common shares outstanding, net of treasury
            stock, at March 31                             169.9         177.1
      
      
                                      AUTONATION, INC.
                                 UNAUDITED SUPPLEMENTARY DATA
                           ($ in millions, except per vehicle data)
      
      
            Operating
             Highlights           Three Months Ended March 31,
            -----------           ----------------------------
                                                                         %
                                  2010          2009     $Variance   Variance
                                  ----          ----     ---------  ---------
      
      
          Revenue:
            New vehicle       $1,465.5      $1,185.1        $280.4       23.7
              Retail used
               vehicle           646.0         524.5         121.5       23.2
              Wholesale           88.6          66.0          22.6       34.2
      
            Used vehicle         734.6         590.5         144.1       24.4
      
            Parts and service    539.8         535.0           4.8        0.9
            Finance and
             insurance, net       95.6          76.8          18.8       24.5
            Other                 11.7          13.4          (1.7)
                                                              ----
          Total revenue       $2,847.2      $2,400.8        $446.4       18.6
                              ========      ========        ======
      
      
          Gross profit:
            New vehicle         $103.4         $73.7         $29.7       40.3
              Retail used
               vehicle            63.4          61.6           1.8        2.9
              Wholesale            3.1           1.9           1.2
            Used vehicle          66.5          63.5           3.0        4.7
      
            Parts and service    237.8         235.0           2.8        1.2
            Finance and
             insurance            95.6          76.8          18.8       24.5
            Other                  6.9           7.3          (0.4)
                                                              ----
          Total gross profit     510.2         456.3          53.9       11.8
      
          Selling, general
           and
           administrative
           expenses              375.4         352.3         (23.1)      (6.6)
      
          Depreciation and
           amortization           18.9          19.8           0.9
          Other expenses
           (income), net           1.2         (10.8)        (12.0)
                                   ---         -----         -----
           Operating income      114.7          95.0          19.7       20.7
      
          Floorplan interest
           expense                (9.7)         (9.9)          0.2
          Other interest
           expense                (9.0)        (11.8)          2.8
          Gain on senior
           note repurchases          -          11.9         (11.9)
          Interest income          0.2           0.3          (0.1)
          Other losses, net       (0.2)         (1.6)          1.4
      
          Income from
           continuing
           operations before
           income taxes          $96.0         $83.9         $12.1       14.4
                                 =====         =====         =====
      
          Retail vehicle
           unit sales:
               New              45,438        38,268         7,170       18.7
               Used             37,773        33,879         3,894       11.5
      
                                83,211        72,147        11,064       15.3
      
      
          Revenue per
           vehicle retailed:
               New             $32,253       $30,968        $1,285        4.1
               Used            $17,102       $15,482        $1,620       10.5
      
          Gross profit per
           vehicle retailed:
               New              $2,276        $1,926          $350       18.2
               Used             $1,678        $1,818         $(140)      (7.7)
               Finance and
                insurance       $1,149        $1,064           $85        8.0
      
      
      
                                                         Three Months Ended
            Operating Percentages                             March 31,
            ---------------------                        ------------------
                                                       2010 (%)      2009 (%)
                                                      --------      --------
      
          Revenue mix percentages:
            New vehicle                                   51.5          49.4
            Used vehicle                                  25.8          24.6
            Parts and service                             19.0          22.3
            Finance and insurance, net                     3.4           3.2
            Other                                          0.3           0.5
                                                         100.0         100.0
      
      
          Gross profit mix percentages:
            New vehicle                                   20.3          16.2
            Used vehicle                                  13.0          13.9
            Parts and service                             46.6          51.5
            Finance and insurance                         18.7          16.8
            Other                                          1.4           1.6
                                                         100.0         100.0
      
      
          Operating items as a percentage of
           revenue:
            Gross profit:
               New vehicle                                 7.1           6.2
               Used vehicle - retail                       9.8          11.7
               Parts and service                          44.1          43.9
               Total                                      17.9          19.0
            Selling, general and administrative
             expenses                                     13.2          14.7
            Operating income                               4.0           4.0
      
          Operating items as a percentage of
           total gross profit:
            Selling, general and administrative
             expenses                                     73.6          77.2
            Operating income                              22.5          20.8
      
      
      
                                       AUTONATION, INC.
                                 UNAUDITED SUPPLEMENTARY DATA
                           ($ in millions, except per vehicle data)
      
            Segment
             Operating
             Highlights                        Three Months Ended March 31,
            -----------                        ----------------------------
                                                                                %
                                       2010         2009     $Variance      Variance
                                       ----         ----     ---------     ---------
      
          Revenue:
            Domestic                 $915.4       $777.5        $137.9          17.7
            Import                  1,077.6        892.6         185.0          20.7
            Premium luxury            822.9        704.0         118.9          16.9
            Corporate and
             other                     31.3         26.7           4.6          17.2
                                       ----         ----           ---
          Total revenue            $2,847.2     $2,400.8        $446.4          18.6
                                   ========     ========        ======
      
      
          *Segment income
           (loss)
            Domestic                  $31.5        $21.7          $9.8          45.2
            Import                     50.3         29.5          20.8          70.5
            Premium luxury             46.8         40.9           5.9          14.4
            Corporate and
             other                    (23.6)        (7.0)        (16.6)
                                      -----         ----         -----
          Total segment
           income                     105.0         85.1          19.9          23.4
      
          Add:  Floorplan
           interest
           expense                      9.7          9.9          (0.2)
      
      
          Operating
           income                    $114.7        $95.0         $19.7          20.7
                                     ======        =====         =====
      
      
      
      
          * Segment income (loss) is defined as operating income less floorplan
          interest expense
      
      
      
          Retail new vehicle unit
           sales:
            Domestic              13,681 11,129 2,552 22.9
            Import                23,994 20,019 3,975 19.9
            Premium luxury         7,763  7,120   643  9.0
                                  45,438 38,268 7,170 18.7
                                  ====== ====== =====
      
      
      
            Brand Mix -New Vehicle Retail Units
             Sold
            -----------------------------------
                                                               Three Months Ended
                                                                    March 31,
                                                               ------------------
                                                            2010 (%)        2009 (%)
                                                           --------        --------
      
            Domestic:
               Ford, Lincoln-Mercury                           16.2            14.1
               Chevrolet, Pontiac, Buick, Cadillac,
                GMC                                            11.7            11.3
               Chrysler, Jeep, Dodge                            2.2             3.7
                 Domestic total                                30.1            29.1
                                                               ----            ----
      
            Import:
               Honda                                           13.7            14.0
               Toyota                                          18.4            20.5
               Nissan                                          13.7            10.8
               Other imports                                    7.0             7.0
                 Import total                                  52.8            52.3
                                                               ----            ----
      
            Premium Luxury:
               Mercedes                                         8.1             8.7
               BMW                                              4.5             5.2
               Lexus                                            3.0             2.9
               Other premium luxury (Land Rover,
                Porsche)                                        1.5             1.8
                 Premium Luxury total                          17.1            18.6
                                                               ----            ----
      
                                                              100.0           100.0
                                                              =====           =====
      
      
                                AUTONATION, INC.
                     UNAUDITED SUPPLEMENTARY DATA, Continued
                      ($ in millions, except per share data)
      
      
      
          Capital Expenditures /Stock and Debt            Three Months Ended
           Repurchases                                         March 31,
          ------------------------------------            ------------------
                                                         2010          2009
                                                         ----          ----
      
            Capital expenditures                        $14.1         $20.4
            Acquisitions                                $12.5          $0.2
            Proceeds from exercises of stock
             options                                     $0.2          $0.2
            Senior note repurchases (aggregate
             principal)                                    $-         $72.0
            Stock repurchases:
              Aggregate purchase price                  $37.2            $-
              Shares repurchased (in millions)            2.1             -
      
      
      
                                                   Three Months Ended March 31,
             Floorplan Assistance and Expense      ----------------------------
             --------------------------------
                                                  2010          2009      Variance
                                                  ----          ----      --------
      
           Floorplan assistance earned (included
            in cost of sales)                    $12.5         $10.0          $2.5
           Floorplan interest expense (new
            vehicles)                             (9.2)         (9.2)            -
                                                  ----          ----           ---
      
             Net inventory carrying benefit       $3.3          $0.8          $2.5
                                                  ====          ====          ====
      
      
      
              Balance Sheet and Other
                     Highlights
              -----------------------
      
                                          March 31,    December 31,    March 31,
                                             2010          2009         2009
                                         ----------  -------------  ----------
      
           Cash and cash equivalents          $160.8      $173.6          $61.7
           Inventory                        $1,512.4    $1,400.9       $1,500.8
           Total floorplan notes payable    $1,427.0    $1,381.4       $1,459.3
           Non-vehicle debt                 $1,110.7    $1,112.6       $1,140.9
           Equity                           $2,327.3    $2,303.2       $2,236.7
           New days supply (industry
            standard of selling
             days, including fleet)          50 days     54 days        65 days
      
           Used days supply (trailing 30
            days)                            39 days     41 days        36 days
      
      
                                  AUTONATION, INC.
                       UNAUDITED SUPPLEMENTARY DATA, Continued
                        ($ in millions, except per share data)
      
            Comparable Basis Reconciliations*
            ---------------------------------
      
                                  Three Months Ended March 31,
                                  ----------------------------
                                                       Diluted Earnings
                                     Net Income                        Per Share
                                     ----------        ----------------
      
                                 2010        2009   2010          2009
                                 ----        ----   ----          ----
      
           As reported          $55.2       $34.6  $0.32         $0.20
      
             Discontinued
              operations, net
              of income taxes     3.2        18.0  $0.02         $0.10
                                  ---        ----
           From continuing
            operations, as
            reported             58.4        52.6  $0.34         $0.30
      
             Gain on senior
              note repurchases      -        (7.4)    $-        $(0.04)
             Net gain on asset
              sales and
              dispositions          -        (5.9)    $-        $(0.03)
             Property and other
              impairments**         -         0.3     $-         $0.00
                                  ---         ---
      
           Adjusted             $58.4       $39.6  $0.34         $0.22
                                =====       =====
      
      
      
      
           *  Please refer to the "Non-GAAP Financial Measures" section of the
              Press Release.
           ** Property and other impairments for the three months ended March 31,
              2009 totaled $4.8 million after-tax, of which $4.5 million was
              reclassified to loss from discontinued operations since they related
              to dealerships classified as discontinued operations during 2009.
      
                                      AUTONATION, INC.
                                  UNAUDITED SAME STORE DATA
                          ($ in millions, except per vehicle data)
      
      
            Operating Highlights      Three Months Ended March 31,
            --------------------      ----------------------------
                                                                        %
                                         2010     2009  $Variance   Variance
                                      ----     ----    ---------   ---------
      
      
          Revenue:
            New vehicle              $1,462.1 $1,180.4     $281.7       23.9
              Retail used vehicle       644.3    519.5      124.8       24.0
              Wholesale                  87.9     65.2       22.7       34.8
      
            Used vehicle                732.2    584.7      147.5       25.2
            Parts and service           538.0    532.1        5.9        1.1
            Finance and
             insurance, net              95.5     76.4       19.1       25.0
            Other                        11.6     12.8       (1.2)
                                                             ----
          Total revenue              $2,839.4 $2,386.4     $453.0       19.0
                                     ======== ========     ======
      
      
          Gross profit:
            New vehicle                $103.0    $73.4      $29.6       40.3
              Retail used vehicle        63.3     60.7        2.6        4.3
              Wholesale                   3.1      1.9        1.2
      
            Used vehicle                 66.4     62.6        3.8        6.1
            Parts and service           237.0    233.9        3.1        1.3
            Finance and insurance        95.5     76.4       19.1       25.0
            Other                         6.8      7.0       (0.2)
                                                             ----
          Total gross profit           $508.7   $453.3      $55.4       12.2
                                       ======   ======      =====
      
      
          Retail vehicle unit
           sales:
               New                     45,330   38,134      7,196       18.9
               Used                    37,670   33,510      4,160       12.4
      
                                       83,000   71,644     11,356       15.9
      
      
          Revenue per vehicle
           retailed:
               New                    $32,255  $30,954     $1,301        4.2
               Used                   $17,104  $15,503     $1,601       10.3
      
          Gross profit per
           vehicle retailed:
               New                     $2,272   $1,925       $347       18.0
               Used                    $1,680   $1,811      $(131)      (7.2)
               Finance and insurance   $1,151   $1,066        $85        8.0
      
      
      
                                                Three Months Ended March
            Operating Percentages                          31,
            ---------------------               ------------------------
                                                 2010 (%)        2009 (%)
                                                --------        --------
      
          Revenue mix percentages:
            New vehicle                             51.5            49.5
            Used vehicle                            25.8            24.5
            Parts and service                       18.9            22.3
            Finance and insurance, net               3.4             3.2
            Other                                    0.4             0.5
                                                   100.0           100.0
      
      
      
          Gross profit mix percentages:
            New vehicle                             20.2            16.2
            Used vehicle                            13.1            13.8
            Parts and service                       46.6            51.6
            Finance and insurance                   18.8            16.9
            Other                                    1.3             1.5
                                                   100.0           100.0
      
      
      
      
          Operating items as a
           percentage of revenue:
            Gross Profit:
               New vehicle                           7.0             6.2
               Used vehicle - retail                 9.8            11.7
               Parts and service                    44.1            44.0
               Total                                17.9            19.0
      
      
                                 AUTONATION, INC.
              KEY CREDIT AGREEMENT COVENANT COMPLIANCE CALCULATIONS
                                  March 31, 2010
      
      
          ($ millions)
      
          Income Statement information for the last
           twelve months
          (April 1, 2009 - March 31, 2010):
          ---------------------------------
      
          Net income from continuing operations                            $238.9
      
          Floorplan and other interest expense                               75.8
      
          Income tax provision                                              122.4
      
          Depreciation and amortization                                      76.0
      
          Stock-based compensation expense (SFAS No.
           123R)                                                             15.7
      
          Impairment charges (including goodwill,
           franchise rights, and long-lived assets)                           3.7
                                                                              ---
      
          EBITDA                                                            532.5
      
          Floorplan interest expense                                        (35.9)
                                                                            -----
      
          Adjusted EBITDA                                                  $496.6
                                                                           ======
      
      
          As of March 31, 2010:
          ---------------------
      
          Funded indebtedness (primarily comprised of
           current and long-term debt and letters of
           credit)                                                       $1,176.6
      
          Vehicle secured indebtedness (floorplan
           payables)                                                      1,427.0
                                                                          -------
      
          Funded indebtedness including floorplan                         2,603.6
      
          Shareholders' equity                                            2,327.4
                                                                              ---
      
          Total capitalization including floorplan                       $4,931.0
                                                                         ========
      
      
          Ratio of funded indebtedness/
          Adjusted EBITDA                                                    2.37
          Covenant (1)                                  less than            2.75
          ------------                                  ---------
      
          Ratio of funded indebtedness including
           floorplan/
          Total capitalization including floorplan                           52.8%
          Covenant (1)                                  less than            65.0%
          ------------                                  ---------            ----
      
      
          (1)   The amendment to our credit agreement completed on April 14,
          2010, modified certain financial covenants, including an increase in
          the maximum leverage ratio from 2.75x to 3.25x and a decrease in the
          maximum capitalization ratio from 65% to 60%.  In calculating our
          leverage ratio, we are no longer required to include letters of
          credit in the definition of debt (except to the extent letters of
          credit exceed $150.0 million), and in calculating our capitalization
          ratio, we are now permitted to add back to shareholders' equity all
          goodwill, franchise rights, and long-lived asset impairment charges
          subsequent to 2007.
      
                               AUTONATION, INC.
                           NON-VEHICLE LONG-TERM DEBT
                                ($ in millions)
      
      
            The following table sets forth our non-vehicle long-term
             debt as of March 31, 2010:
            -  on an actual basis; and
            - as adjusted to give effect to the sale of $400.0
             million aggregate principal amount of 6.75% Senior Notes
             due 2018 (which were issued at a discount) and the use of
             the net proceeds therefrom to (1) pay for the Floating
             Rate Notes due 2013 and the 7% Senior Notes due 2014 that
             were validly tendered prior to the early consent deadline
             and accepted for payment, and (2) reduce the size of the
             term loan facility from $600.0 million to $533.4 million.
      
                                                     At March 31, 2010
                                                     -----------------
                                                   Actual      As Adjusted
                                                   ------      -----------
      
            Floating Rate Notes due 2013 (1)        $146.1            $0.6
            7% Senior Notes due 2014 (1)             132.6            14.8
            6.75% Senior Notes due 2018                  -           394.0
            Term loan facility due 2012 (2)          600.0            54.0
            Term loan facility due 2014 (2)              -           479.4
            Revolving credit facility due
             2012 (3)                                    -               -
            Revolving credit facility due
             2014 (3)                                    -               -
            Mortgage facility                        224.6           224.6
            Other debt due from 2010 to 2025           7.4             7.4
                                                       ---             ---
                                                   1,110.7         1,174.8
            Less:  current maturities                 (7.7)           (7.7)
                                                      ----            ----
              Long-term debt, net of current
               maturities                         $1,103.0        $1,167.1
                                                  ========        ========
      
      
      
      
           (1) Holders of 99.6% of the outstanding Floating Rate Notes due 2013 and
               holders of 88.8% of the outstanding 7% Senior Notes due 2014,
               representing $263.3 million aggregate principal amount of old notes,
               validly tendered their old notes and provided their consents prior
               to the early consent deadline.  The total amount paid of $273.8
               million represented the total consideration (including the consent
               payments) for the note that were validly tendered plus accrued and
               unpaid interest.
           (2) Our term loan facility was reduced from $600.0 million to $533.4
               million and bifurcated into a $54.0 million tranche due July 18,
               2012 (relating to lenders that did not consent to the extension) and
               a $479.4 million tranche due July 18, 2014.  The portion of the term
               loan facility that is due 2012 provides for various interest rates
               generally at LIBOR plus 0.875% and the portion of the term loan
               facility that is due 2014 provides for various interest rates
               generally at LIBOR plus 2.25%.
           (3) Our revolving credit facility was reduced from $700.0 million to
               $638.6 million and bifurcated into a $57.0 million tranche due July
                18, 2012 (relating to lenders that did not consent to the extension)
               and a $581.6 million tranche due July 18, 2014.  Commitment fees on
               the undrawn portion of the revolving credit facility are 15 basis
               points for the tranche due 2012 and 50 basis points for the tranche
               due 2014.
      
      
      

      SOURCE AutoNation, Inc.

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