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AutoNation Reports Record Fourth Quarter and Record Full Year Results

FORT LAUDERDALE, Fla., Feb. 3, 2011 /PRNewswire via COMTEX/ --

Fourth Quarter 2010 Results

  • Revenue up 16% compared to same period in 2009
  • EPS from continuing operations was a record(1) $0.45 (no adjusting items), up 55% compared to fourth quarter 2009 adjusted EPS from continuing operations of $0.29
  • On a GAAP basis, fourth quarter 2009 EPS from continuing operations was $0.36

Full Year 2010 Results

  • Revenue up 17% compared to 2009
  • Adjusted EPS from continuing operations was a record(1) $1.56, up 36% compared to full year 2009 adjusted EPS from continuing operations of $1.15
  • On a GAAP basis, full year EPS from continuing operations was $1.48 in 2010 compared to $1.31 in 2009

Acquisition

  • AutoNation to acquire Ft. Myers Toyota in Florida, one of the nation's largest Toyota stores

AutoNation, Inc. (NYSE: AN),America's largest automotive retailer, today reported fourth quarter 2010 net income from continuing operations of $68 million, or $0.45 per share, an improvement of 55% (on a per share basis) compared to adjusted net income from continuing operations of $50 million, or $0.29 per share, for the same period in the prior year. Adjusted net income from continuing operations for the fourth quarter of 2009 excludes a benefit from a tax adjustment of $13 million, or $0.07 per share, as disclosed in the attached financial tables. On a GAAP basis, fourth quarter 2009 net income from continuing operations was $63 million, or $0.36 per share. There were no adjusting items for the fourth quarter of 2010.

(Logo: http://photos.prnewswire.com/prnh/20001017/AUTONATIONLOGO )

Fourth quarter 2010 revenue totaled $3.2billion, compared to $2.8 billion in the year-ago period, a 16% increase driven primarily by stronger new vehicle revenue. In the fourth quarter, total U.S. industry new vehicle retail unit sales increased 6%, based on CNW Research data. AutoNation's new vehicle unit sales increased 15%, or 12% on a same-store basis.

AutoNation's 2010 fourth quarter used retail vehicle revenue increased 24% compared to the year-ago period, as used retail unit sales increased 21%. Parts and service revenue increased 9% and finance and insurance revenue increased 21% compared to the fourth quarter of 2009.

In the fourth quarter of 2010, gross profit per new vehicle retailed improved $405, or 20%, compared to the third quarter of 2010, primarily due to a $247 benefit per new vehicle retailed from the recognition of certain performance-based manufacturer incentives, which were primarily related to premium luxury vehicles previously sold. Operating income in the fourth quarter of 2010 was favorably impacted by $11.8 million related to these incentives.

Commenting on the fourth quarter, Mike Jackson, Chairman and Chief Executive Officer, said, "We are pleased to have delivered our highest ever annual and quarterly adjusted EPS from continuing operations while driving growth in all operating lines of business. We are proud of our strong year-over-year growth across all areas of our business, demonstrating our ability to perform in what we expect to be a multi-year recovery in auto retail."

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 fourth quarter were as follows:

  • Domestic - Domestic segment income (2) was $37 million compared to year-ago segment income of $24 million. Fourth quarter Domestic retail new vehicle unit sales increased 22%, driven in part by strong pick-up truck sales.
  • Import - Import segment income(2) was $46 million compared to year-ago segment income of $41 million. Fourth quarter Import retail new vehicle unit sales increased 14%.
  • Premium Luxury - Premium Luxury segment income(2) was $66 million compared to year-ago segment income of $48 million. Fourth quarter Premium Luxury retail new vehicle unit sales increased 4%.

For the full year ended December31, 2010, the Company reported adjusted net income from continuing operations of $247 million or $1.56 per share, compared to $204 million or $1.15 per share for the prior year. Adjusted net income from continuing operations for 2010 excludes debt refinancing costs of $12 million after-tax, or $0.08 per share. Adjusted net income from continuing operations for 2009 excludes a net benefit of $29 million after-tax, or $0.16 per share, primarily related to a favorable tax adjustment, a net gain on asset sales and a gain on senior note repurchases. On a GAAP basis, net income from continuing operations for 2010 was $235 million, or $1.48 per share, compared to $233 million, or $1.31 per share, for the prior year. The Company's revenue for the full year ended December31, 2010 totaled $12.5 billion, up 17% compared to $10.7 billion in the prior year.

Jackson also stated, "We are optimistic for the long-term prospects of the auto industry based on the successful restructuring of the domestic auto industry and the move to a demand-pull system. We expect a continued gradual increase in the selling rate over the course of the year and are using a planning assumption for 2011 industry new unit sales of 12.8 million units."

AutoNation also announced that it signed an agreement to acquire Ft. Myers Toyota in Florida. The annual revenue run rate is approximately $135 million. The acquisition of Ft. Myers Toyota is subject to customary closing conditions and is expected to be completed by the end of the 2011 first quarter.

The Fourth 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 February 3, 2011 through February 14, 2011 by calling 800-568-5428 (password 75300).

(1) As compared to adjusted EPS from continuing operations in prior periods.

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

ABOUT AUTONATION, INC.

AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. A component of the Standard and Poor's 500 Index, AutoNation owns and operates 242 new vehicle franchises in 15 states. For additional information, please visitcorp.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. Statements regarding our expectations for the automotive retail industry, including total industry new vehicle unit sales for 2011, 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 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 December 31,


Twelve Months Ended December 31,



2010

2009


2010

2009








Revenue:







New vehicle

$ 1,778.7

$ 1,547.3


$ 6,669.1

$ 5,674.6


Used vehicle

788.4

633.3


3,116.1

2,485.9


Parts and service

560.2

514.2


2,209.1

2,109.8


Finance and insurance, net

107.0

88.7


418.9

348.6


Other

11.9

10.5


47.8

47.1

Total revenue

3,246.2

2,794.0


12,461.0

10,666.0








Cost of sales:







New vehicle

1,651.2

1,441.2


6,217.9

5,290.6


Used vehicle

726.7

585.3


2,849.4

2,257.2


Parts and service

318.6

290.0


1,245.9

1,187.6


Other

5.2

4.4


20.3

20.8

Total cost of sales

2,701.7

2,320.9


10,333.5

8,756.2








Gross profit

544.5

473.1


2,127.5

1,909.8








Selling, general and administrative expenses

392.7

360.2


1,552.1

1,446.9

Depreciation and amortization

19.6

18.8


76.8

76.7

Franchise rights impairment

-

-


-

1.5

Other expenses (income), net

(2.4)

(1.2)


2.0

(23.3)








Operating income

134.6

95.3


496.6

408.0








Floorplan interest expense

(12.3)

(9.2)


(42.5)

(35.7)

Other interest expense

(16.3)

(10.2)


(56.1)

(42.6)

Loss on debt extinguishment

-

-


(19.6)

-

Gain on senior note repurchases

-

-


-

13.0

Interest income

0.6

0.2


1.4

1.1

Other gains, net

2.5

1.4


1.5

5.4








Income from continuing operations before income taxes

109.1

77.5


381.3

349.2








Income tax provision

41.1

14.8


146.0

116.1








Net income from continuing operations

68.0

62.7


235.3

233.1








Loss from discontinued operations, net of income taxes

(0.7)

(1.0)


(8.7)

(35.1)















Net income

$ 67.3

$ 61.7


$ 226.6

$ 198.0















Diluted earnings (loss) per share:







Continuing operations

$ 0.45

$ 0.36


$ 1.48

$ 1.31


Discontinued operations

$ (0.00)

$ (0.01)


$ (0.05)

$ (0.20)









Net income

$ 0.45

$ 0.35


$ 1.43

$ 1.12















Weighted average common shares outstanding

150.4

174.2


158.6

177.3








Common shares outstanding, net of treasury stock, at December 31

148.4

171.7


148.4

171.7

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA

($ in millions, except per vehicle data)






































































Operating Highlights

Three Months Ended December 31,


Twelve Months Ended December 31,



2010


2009


$ Variance


% Variance


2010


2009


$ Variance


% Variance



































Revenue:

















New vehicle

$ 1,778.7


$ 1,547.3


$ 231.4


15.0


$ 6,669.1


$ 5,674.6


$ 994.5


17.5


Retail used vehicle

685.7


553.8


131.9


23.8


2,764.8


2,184.4


580.4


26.6


Wholesale

102.7


79.5


23.2


29.2


351.3


301.5


49.8


16.5


Used vehicle

788.4


633.3


155.1


24.5


3,116.1


2,485.9


630.2


25.4


Parts and service

560.2


514.2


46.0


8.9


2,209.1


2,109.8


99.3


4.7


Finance and insurance, net

107.0


88.7


18.3


20.6


418.9


348.6


70.3


20.2


Other

11.9


10.5


1.4




47.8


47.1


0.7



Total revenue

$ 3,246.2


$ 2,794.0


$ 452.2


16.2


$ 12,461.0


$ 10,666.0


$ 1,795.0


16.8



































Gross profit:

















New vehicle

$ 127.5


$ 106.1


$ 21.4


20.2


$ 451.2


$ 384.0


$ 67.2


17.5


Retail used vehicle

61.2


48.1


13.1


27.2


258.1


223.8


34.3


15.3


Wholesale

0.5


(0.1)


0.6




8.6


4.9


3.7




Used vehicle

61.7


48.0


13.7


28.5


266.7


228.7


38.0


16.6


Parts and service

241.6


224.2


17.4


7.8


963.2


922.2


41.0


4.4


Finance and insurance

107.0


88.7


18.3


20.6


418.9


348.6


70.3


20.2


Other

6.7


6.1


0.6




27.5


26.3


1.2



Total gross profit

544.5


473.1


71.4


15.1


2,127.5


1,909.8


217.7


11.4


















Selling, general and administrative expenses

392.7


360.2


(32.5)


(9.0)


1,552.1


1,446.9


(105.2)


(7.3)


















Depreciation and amortization

19.6


18.8


(0.8)




76.8


76.7


(0.1)



Franchise rights impairment

-


-


-




-


1.5


1.5



Other expenses (income), net

(2.4)


(1.2)


1.2




2.0


(23.3)


(25.3)



Operating income

134.6


95.3


39.3


41.2


496.6


408.0


88.6


21.7


















Floorplan interest expense

(12.3)


(9.2)


(3.1)




(42.5)


(35.7)


(6.8)



Other interest expense

(16.3)


(10.2)


(6.1)




(56.1)


(42.6)


(13.5)



Loss on debt extinguishment

-


-


-




(19.6)


-


(19.6)



Gain on senior note repurchases

-


-


-




-


13.0


(13.0)



Interest income

0.6


0.2


0.4




1.4


1.1


0.3



Other gains, net

2.5


1.4


1.1




1.5


5.4


(3.9)



Income from continuing operations before income taxes

$ 109.1


$ 77.5


$ 31.6


40.8


$ 381.3


$ 349.2


$ 32.1


9.2


















Retail vehicle unit sales:

















New

53,151


46,399


6,752


14.6


206,456


182,160


24,296


13.3


Used

39,106


32,228


6,878


21.3


160,126


133,990


26,136


19.5



92,257


78,627


13,630


17.3


366,582


316,150


50,432


16.0


















Revenue per vehicle retailed:

















New

$ 33,465


$ 33,348


$ 117


0.4


$ 32,303


$ 31,152


$ 1,151


3.7


Used

$ 17,534


$ 17,184


$ 350


2.0


$ 17,266


$ 16,303


$ 963


5.9


















Gross profit per vehicle retailed:

















New

$ 2,399


$ 2,287


$ 112


4.9


$ 2,185


$ 2,108


$ 77


3.7


Used

$ 1,565


$ 1,492


$ 73


4.9


$ 1,612


$ 1,670


$ (58)


(3.5)


Finance and insurance

$ 1,160


$ 1,128


$ 32


2.8


$ 1,143


$ 1,103


$ 40


3.6




















Operating Percentages

Three Months Ended December 31,


Twelve Months Ended December 31,



2010 (%)


2009 (%)


2010 (%)


2009 (%)










Revenue mix percentages:









New vehicle

54.8


55.4


53.5


53.2


Used vehicle

24.3


22.7


25.0


23.3


Parts and service

17.3


18.4


17.7


19.8


Finance and insurance, net

3.3


3.2


3.4


3.3


Other

0.3


0.3


0.4


0.4



100.0


100.0


100.0


100.0










Gross profit mix percentages:









New vehicle

23.4


22.4


21.2


20.1


Used vehicle

11.3


10.1


12.5


12.0


Parts and service

44.4


47.4


45.3


48.3


Finance and insurance

19.7


18.7


19.7


18.3


Other

1.2


1.4


1.3


1.3



100.0


100.0


100.0


100.0










Operating items as a percentage of revenue:









Gross profit:









New vehicle

7.2


6.9


6.8


6.8


Used vehicle - retail

8.9


8.7


9.3


10.2


Parts and service

43.1


43.6


43.6


43.7


Total

16.8


16.9


17.1


17.9


Selling, general and administrative expenses

12.1


12.9


12.5


13.6


Operating income

4.1


3.4


4.0


3.8










Operating items as a percentage of total gross profit:









Selling, general and administrative expenses

72.1


76.1


73.0


75.8


Operating income

24.7


20.1


23.3


21.4

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA

($ in millions, except per vehicle data)






































































Segment Operating Highlights

Three Months Ended December 31,


Twelve Months Ended December 31,



2010


2009


$ Variance


% Variance


2010


2009


$ Variance


% Variance



































Revenue:

















Domestic

$ 1,062.6


$ 876.3


$ 186.3


21.3


$ 4,111.3


$ 3,380.5


$ 730.8


21.6


Import

1,184.4


1,030.6


153.8


14.9


4,708.4


4,103.8


604.6


14.7


Premium luxury

962.8


859.9


102.9


12.0


3,509.0


3,073.1


435.9


14.2


Corporate and other

36.4


27.2


9.2


33.8


132.3


108.6


23.7


21.8

Total revenue

$ 3,246.2


$ 2,794.0


$ 452.2


16.2


$ 12,461.0


$ 10,666.0


$ 1,795.0


16.8



































*Segment income (loss)

















Domestic

$ 36.5


$ 23.6


$ 12.9


54.7


$ 152.7


$ 101.4


$ 51.3


50.6


Import

45.8


41.2


4.6


11.2


199.5


175.4


24.1


13.7


Premium luxury

65.7


48.4


17.3


35.7


208.4


175.5


32.9


18.7


Corporate and other

(25.7)


(27.1)


1.4




(106.5)


(80.0)


(26.5)



Total segment income

122.3


86.1


36.2


42.0


454.1


372.3


81.8


22.0


















Add: Floorplan interest expense

12.3


9.2


3.1




42.5


35.7


6.8




















Operating income

$ 134.6


$ 95.3


$ 39.3


41.2


$ 496.6


$ 408.0


$ 88.6


21.7



































* Segment income (loss) is defined as operating income less floorplan interest expense


















































Retail new vehicle unit sales:

















Domestic

16,555


13,574


2,981


22.0


64,317


52,531


11,786


22.4


Import

26,904


23,530


3,374


14.3


107,580


97,538


10,042


10.3


Premium luxury

9,692


9,295


397


4.3


34,559


32,091


2,468


7.7



53,151


46,399


6,752


14.6


206,456


182,160


24,296


13.3































































Brand Mix - New Vehicle Retail Units Sold











Three Months Ended December 31,


Twelve Months Ended December 31,




2010 (%)


2009 (%)


2010 (%)


2009 (%)













Domestic:










Ford, Lincoln-Mercury

16.8


14.8


16.9


14.5



Chevrolet, Pontiac, Buick, Cadillac, GMC

11.7


12.5


11.7


11.4



Chrysler, Jeep, Dodge

2.6


2.0


2.6


2.9



Domestic total

31.1


29.3


31.2


28.8













Import:










Honda

12.6


12.3


13.4


14.2



Toyota

19.7


19.6


19.6


20.2



Nissan

10.8


12.1


12.0


12.4



Other imports

7.6


6.7


7.1


6.8



Import total

50.7


50.7


52.1


53.6













Premium Luxury:










Mercedes

8.2


9.5


7.9


8.4



BMW

5.4


5.3


4.7


4.7



Lexus

3.0


3.6


2.6


2.8



Other premium luxury (Land Rover, Porsche)

1.6


1.6


1.5


1.7



Premium Luxury total

18.2


20.0


16.7


17.6














100.0


100.0


100.0


100.0


AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA, Continued

($ in millions, except per share data)





































Capital Expenditures / Stock and Debt Repurchases

Three Months Ended December 31,


Twelve Months Ended December 31,



2010


2009


2010


2009










Capital expenditures

$ 81.5


$ 34.9


$ 161.8


$ 75.4

Acquisitions

$ -


$ -


$ 73.1


$ 0.2

Proceeds from exercises of stock options

$ 19.8


$ 1.3


$ 49.9


$ 24.8

Senior note repurchases (aggregate principal)

$ -


$ -


$ -


$ 88.4

Stock repurchases:









Aggregate purchase price

$ 17.1


$ 69.9


$ 523.7


$ 136.1


Shares repurchased (in millions)

0.7


$ 4.0


26.6


7.7

























Floorplan Assistance and Expense

Three Months Ended December 31,


Twelve Months Ended December 31,



2010

2009


Variance


2010


2009


Variance

























Floorplan assistance earned (included in cost of sales)

$ 14.4

$ 12.9


$ 1.5


$ 55.6


$ 47.4


$ 8.2

Floorplan interest expense (new vehicles)

(11.6)

(8.6)


(3.0)


(40.2)


(33.5)


(6.7)














Net new vehicle inventory carrying benefit

$ 2.8

$ 4.3


$ (1.5)


$ 15.4


$ 13.9


$ 1.5


























Balance Sheet and Other Highlights













December 31, 2010


December 31, 2009








Cash and cash equivalents

$ 95.1


$ 173.5


Inventory

$ 1,867.0


$ 1,392.8


Total floorplan notes payable

$ 1,866.4


$ 1,374.6


Non-vehicle debt

$ 1,348.7


$ 1,112.6


Equity

$ 2,078.9


$ 2,303.2


New days supply (industry standard of selling






days, including fleet)

63 days


55 days








Used days supply (trailing 31 days)

42 days


41 days



Key Credit Agreement Covenant Compliance Calculations





Ratio of funded indebtedness/



Adjusted EBITDA


2.41

Covenant

less than

3.25




Ratio of funded indebtedness including floorplan/



Total capitalization including floorplan


47.2%

Covenant

less than

60.0%

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA, Continued

'($ in millions, except per share data)





































Comparable Basis Reconciliations*










Three Months Ended December 31,



Net Income


Diluted Earnings Per Share**












2010


2009


2010


2009










As reported

$ 67.3


$ 61.7


$ 0.45


$ 0.35











Discontinued operations, net of income taxes

0.7


1.0


$ 0.00


$ 0.01

From continuing operations, as reported

68.0


62.7


$ 0.45


$ 0.36











Income tax adjustments

-


(12.7)


$ -


$ (0.07)










Adjusted

$ 68.0


$ 50.0


$ 0.45


$ 0.29

*

Please refer to the "Non-GAAP Financial Measures" section of the Press Release.



**

Earnings per share amounts are calculated discretely and therefore may not add up to the total.














Twelve Months Ended December 31,



Net Income


Diluted Earnings Per Share**












2010


2009


2010


2009










As reported

$ 226.6


$ 198.0


$ 1.43


$ 1.12











Discontinued operations, net of income taxes

8.7


35.1


$ 0.05


$ 0.20

From continuing operations, as reported

235.3


233.1


$ 1.48


$ 1.31




















Loss on debt extinguishment

12.1


-


$ 0.08


$ -


Income tax adjustments

-


(12.7)


$ -


$ (0.07)


Net gain on asset sales and dispositions

-


(10.4)


$ -


$ (0.06)


Gain on senior note repurchases

-


(8.1)


$ -


$ (0.05)


Property and other impairments

-


2.1


$ -


$ 0.01


















Adjusted

$ 247.4


$ 204.0


$ 1.56


$ 1.15










*

Please refer to the "Non-GAAP Financial Measures" section of the Press Release.



**

Earnings per share amounts are calculated discretely and therefore may not add up to the total.



AUTONATION, INC.

UNAUDITED SAME STORE DATA

($ in millions, except per vehicle data)






































































Operating Highlights

Three Months Ended December 31,


Twelve Months Ended December 31,



2010


2009


$ Variance


% Variance


2010


2009


$ Variance


% Variance



































Revenue:

















New vehicle

$ 1,744.5


$ 1,547.3


$ 197.2


12.7


$ 6,587.4


$ 5,665.2


$ 922.2


16.3


Retail used vehicle

672.8


553.8


119.0


21.5


2,731.5


2,176.8


554.7


25.5


Wholesale

97.4


79.5


17.9


22.5


338.0


299.4


38.6


12.9


Used vehicle

770.2


633.3


136.9


21.6


3,069.5


2,476.2


593.3


24.0


Parts and service

546.1


514.2


31.9


6.2


2,173.4


2,105.2


68.2


3.2


Finance and insurance, net

105.0


88.7


16.3


18.4


414.3


348.0


66.3


19.1


Other

11.6


10.5


1.1




46.8


45.6


1.2



Total revenue

$ 3,177.4


$ 2,794.0


$ 383.4


13.7


$ 12,291.4


$ 10,640.2


$ 1,651.2


15.5



































Gross profit:

















New vehicle

$ 125.3


$ 106.1


$ 19.2


18.1


$ 445.3


$ 384.0


$ 61.3


16.0


Retail used vehicle

60.2


48.1


12.1


25.2


255.1


222.4


32.7


14.7


Wholesale

0.5


(0.1)


0.6




8.4


5.0


3.4




Used vehicle

60.7


48.0


12.7


26.5


263.5


227.4


36.1


15.9


Parts and service

235.5


224.2


11.3


5.0


947.6


920.7


26.9


2.9


Finance and insurance

105.0


88.7


16.3


18.4


414.3


348.0


66.3


19.1


Other

6.6


6.1


0.5




27.1


26.0


1.1



Total gross profit

$ 533.1


$ 473.1


$ 60.0


12.7


$ 2,097.8


$ 1,906.1


$ 191.7


10.1



































Retail vehicle unit sales:

















New

51,862


46,399


5,463


11.8


203,463


181,855


21,608


11.9


Used

38,306


32,228


6,078


18.9


158,150


133,421


24,729


18.5



90,168


78,627


11,541


14.7


361,613


315,276


46,337


14.7


















Revenue per vehicle retailed:

















New

$ 33,637


$ 33,348


$ 289


0.9


$ 32,376


$ 31,152


$ 1,224


3.9


Used

$ 17,564


$ 17,184


$ 380


2.2


$ 17,272


$ 16,315


$ 957


5.9


















Gross profit per vehicle retailed:

















New

$ 2,416


$ 2,287


$ 129


5.6


$ 2,189


$ 2,112


$ 77


3.6


Used

$ 1,572


$ 1,492


$ 80


5.4


$ 1,613


$ 1,667


$ (54)


(3.2)


Finance and insurance

$ 1,164


$ 1,128


$ 36


3.2


$ 1,146


$ 1,104


$ 42


3.8











Operating Percentages

Three Months Ended December 31,


Twelve Months Ended December 31,



2010 (%)


2009 (%)


2010 (%)


2009 (%)










Revenue mix percentages:









New vehicle

54.9


55.4


53.6


53.2


Used vehicle

24.2


22.7


25.0


23.3


Parts and service

17.2


18.4


17.7


19.8


Finance and insurance, net

3.3


3.2


3.4


3.3


Other

0.4


0.3


0.3


0.4



100.0


100.0


100.0


100.0



















Gross profit mix percentages:









New vehicle

23.5


22.4


21.2


20.1


Used vehicle

11.4


10.1


12.6


11.9


Parts and service

44.2


47.4


45.2


48.3


Finance and insurance

19.7


18.7


19.7


18.3


Other

1.2


1.4


1.3


1.4



100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:









Gross Profit:









New vehicle

7.2


6.9


6.8


6.8


Used vehicle - retail

8.9


8.7


9.3


10.2


Parts and service

43.1


43.6


43.6


43.7


Total

16.8


16.9


17.1


17.9

SOURCE AutoNation, Inc.

Media Contact

Marc Cannon
Executive Vice President
Chief Marketing Officer, Communications and Public Policy
Phone: 954.769.3146
cannonm@autonation.com

Press inquiries, or interview requests can be sent to Marc via e-mail.

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