View all news

AutoNation Reports - Fourth-Quarter Earnings

Feb. 03, 2005

FORT LAUDERDALE, Fla., Feb 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported 2004 fourth- quarter net income from continuing operations of $116 million or $0.43 per share, compared to year-ago net income from continuing operations of $87 million or $0.31 per share. Excluding certain items disclosed in the attached financial tables, the Company's fourth-quarter EPS from continuing operations of $0.34 increased 17% on a comparable basis from $0.29 in 2003, primarily as a result of strong revenue growth, continued leverage of the Company's cost structure, acquisitions and the repurchase of outstanding shares.

Fourth-quarter 2004 revenue totaled $4.8 billion, an increase of $0.4 billion compared to the year-ago period resulting from revenue growth in new vehicles of 8%, retail used vehicles of 10%, parts and service of 7% and finance and insurance of 12%. Selling, general and administrative expense (SG&A) in the quarter was $534 million or 70.8% of total gross profit. Operating income for the fourth quarter was $193 million, a fourth quarter record. Excluding certain items for 2003 disclosed in the attached financial tables, operating income for the fourth quarter was up 21%.

Commenting on fourth-quarter 2004 performance AutoNation Chairman and Chief Executive Officer Mike Jackson said, "AutoNation's performance in the fourth quarter was driven by strong revenue growth resulting from ongoing operational enhancements and an improved industry environment, along with continued improvements in our industry-leading cost structure and the benefit of a streamlined regional management structure. In addition, our Florida and Southeast markets performed extremely well as they recovered from four hurricanes that affected third-quarter results."

At the end of the fourth-quarter 2004, AutoNation's new vehicle inventory level was 53 days versus 71 days at the end of the fourth-quarter 2003, representing a decline of 17,000 units, or 18%.

The Company's fourth-quarter results reflect the resolution of various tax matters under audit from prior years, resulting in a $0.09 per share benefit in continuing operations and a $0.19 per share benefit in discontinued operations for the quarter.

For full-year 2004, the Company reported net income from continuing operations of $396 million or $1.45 per share, compared to $515 million or $1.80 per share in 2003, which included a $0.44 per share benefit from the first-quarter 2003 IRS tax settlement. Excluding the effect of this and certain other items disclosed in the attached financial tables, the Company's 2004 EPS from continuing operations of $1.36 increased 2% on a comparable basis from $1.33 in 2003. The Company's revenue for the full year totaled $19.4 billion, an increase of 4% versus the prior year.

The Company's 2004 accomplishments included:

* Named America's Most Admired Automotive Retailer by Fortune magazine for the third year in a row.

* Implemented a streamlined regional management structure that is expected to generate approximately $30 million in incremental annual cost savings.

* Launched "The AutoNation Pledge," which is the industry-leading disclosure regarding the financing process that AutoNation provides to every customer.

* Completed acquisitions representing eight franchises with annual revenue run rate of approximately $465 million.

Commenting on the Company's 2004 performance and the year ahead, Jackson said, "In a highly competitive and volatile environment, AutoNation was able to grow top-line revenue. Looking ahead, we believe that in 2005 industry sales of new vehicles will be nearly 17 million units for the seventh year in a row."

AutoNation will discuss these results and information regarding the Company's business and operating environment during a conference call and audio webcast this morning at 9:00 a.m. Eastern Time. To listen to the live conference call, dial (800) 288-8961 or listen to the audio webcast via the Internet at http://www.AutoNation.com by clicking on the "About Us" link, then clicking on "Investors" and then "Webcasts." A playback of the conference call will be available after 12:30 p.m. Eastern Time through February 10, 2005 by calling (800) 475-6701 (access code #765878) or via the Internet as outlined above.

About AutoNation, Inc.

AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. Ranked No. 97 on the 2004 Fortune 500 and a component of the Standard and Poor's 500 Index, AutoNation employs approximately 28,000 people and owns and operates 358 new vehicle franchises in 17 states. For additional information, please visit http://corp.AutoNation.com or http://www.AutoNation.com , where more than 100,000 vehicles are available for sale.

Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward- looking statements, including its earnings outlook. This release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, including operating income, net income and diluted earnings per share from continuing operations for the three- and twelve-month periods ended December 31, 2004 and 2003, adjusted in each case to 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 CONSOLIDATED INCOME STATEMENTS
                      ($ in millions, except per share data)



                                     Three Months Ended      Year Ended
                                        December 31,         December 31,
                                       2004      2003      2004       2003

        Revenue:
          New vehicle                $2,975.2  $2,756.2  $11,891.6  $11,488.7
          Used vehicle                1,058.9     957.1    4,319.9    4,195.2
          Parts and service             629.8     586.3    2,505.3    2,398.6
          Finance and insurance         152.2     136.4      618.5      589.9
          Other                          21.5       8.2       89.4       39.0
        Total revenue                 4,837.6   4,444.2   19,424.7   18,711.4

        Cost of sales:
          New vehicle                 2,757.5   2,557.7   11,045.3   10,649.8
          Used vehicle                  962.5     874.9    3,918.3    3,801.6
          Parts and service             354.1     330.4    1,408.5    1,352.3
          Other                           9.4       0.9       39.9        5.1
        Total cost of sales           4,083.5   3,763.9   16,412.0   15,808.8

        Gross profit                    754.1     680.3    3,012.7    2,902.6

        Selling, general and
         administrative expenses        533.8     505.9    2,158.7    2,096.9
        Depreciation                     23.9      17.7       81.9       67.7
        Amortization                      0.3       0.3        1.2        1.6
        Loan and lease underwriting
         income, net                       --      (0.2)        --       (6.3)
        Other losses                      2.7      14.0        4.0       16.3

        Operating income                193.4     142.6      766.9      726.4

        Floorplan interest expense      (22.7)    (16.3)     (81.8)     (68.9)
        Other interest expense          (19.5)    (17.1)     (76.9)     (71.8)
        Interest income                   1.2       0.6        3.5        3.4
        Other (loss) income              (1.9)     11.8       (5.1)      16.7

        Income from continuing
         operations before income
         taxes                          150.5     121.6      606.6      605.8

        Provision for income taxes       34.4      34.8      210.2      218.1
        Income tax benefit from IRS
         settlement                        --        --         --     (127.5)

        Net tax provision -
         continuing operations           34.4      34.8      210.2       90.6

        Net income from continuing
         operations                     116.1      86.8      396.4      515.2

        Income (loss) from
         discontinued operations,
         net of income taxes             45.7      (7.7)      37.2      (21.4)

        Net income before cumulative
         effect of accounting change    161.8      79.1      433.6      493.8

        Cumulative effect of
         accounting change, net of
         income taxes                      --        --         --      (14.6)

        Net income                     $161.8     $79.1     $433.6     $479.2


        Diluted earnings per share:
          Continuing operations         $0.43     $0.31      $1.45      $1.80
          Discontinued operations       $0.17    $(0.03)     $0.14     $(0.07)
          Cumulative effect of
           accounting change              $--       $--        $--     $(0.05)
          Net income                    $0.60     $0.28      $1.59      $1.67

        Weighted average common and
         common equivalent shares
         outstanding                    270.3     282.2      272.5      287.0

        Common shares outstanding       264.3     269.7      264.3      269.7



                                AUTONATION, INC.
                          UNAUDITED SUPPLEMENTARY DATA
                    ($ in millions, except per vehicle data)




           Operating Highlights              Three Months Ended December 31,

                                        2004      2003   $ Variance % Variance

          Revenue:
            New vehicle               $2,975.2  $2,756.2    $219.0      7.9
              Retail used vehicle        862.4     781.9      80.5     10.3
              Wholesale                  196.5     175.2      21.3     12.2
            Used vehicle               1,058.9     957.1     101.8     10.6
            Parts and service            629.8     586.3      43.5      7.4
            Finance and insurance        152.2     136.4      15.8     11.6
            Other                         21.5       8.2      13.3
                                      $4,837.6  $4,444.2    $393.4      8.9


          Gross profit:
            New vehicle                 $217.7    $198.5     $19.2      9.7
              Retail used vehicle         96.8      81.7      15.1     18.5
              Wholesale                   (0.4)      0.5      (0.9)
            Used vehicle                  96.4      82.2      14.2     17.3
            Parts and service            275.7     255.9      19.8      7.7
            Finance and insurance        152.2     136.4      15.8     11.6
            Other                         12.1       7.3       4.8
                                         754.1     680.3      73.8     10.8

          Selling, general and
           administrative expenses       533.8     505.9     (27.9)    (5.5)

          Depreciation                    23.9      17.7      (6.2)
          Amortization                     0.3       0.3        --
          Loan and lease underwriting
           income, net                      --      (0.2)     (0.2)
          Other losses (gains)             2.7      14.0      11.3
            Operating income             193.4     142.6      50.8     35.6

          Floorplan interest expense     (22.7)    (16.3)     (6.4)   (39.3)
          Other interest expense         (19.5)    (17.1)     (2.4)   (14.0)
          Interest income                  1.2       0.6       0.6    100.0
          Other income                    (1.9)     11.8     (13.7)
            Income from continuing
             operations before income
             taxes                      $150.5    $121.6     $28.9     23.8

          Retail vehicle unit sales:
               New                      98,904    93,156     5,748      6.2
               Used                     56,555    53,229     3,326      6.2
                                       155,459   146,385     9,074      6.2

          Revenue per vehicle retailed:
               New                     $30,082   $29,587      $495      1.7
               Used                    $15,249   $14,689      $560      3.8

          Gross profit per vehicle
           retailed:
               New                      $2,201    $2,131       $70      3.3
               Used                     $1,712    $1,535      $177     11.5
               Finance and insurance      $979      $932       $47      5.0


                                AUTONATION, INC.
                          UNAUDITED SUPPLEMENTARY DATA
                    ($ in millions, except per vehicle data)




           Operating Highlights
                                               Year Ended December 31,

                                        2004       2003  $ Variance % Variance


         Revenue:
           New vehicle              $11,891.6  $11,488.7    $402.9      3.5
             Retail used vehicle      3,520.1    3,425.6      94.5      2.8
             Wholesale                  799.8      769.6      30.2      3.9
           Used vehicle               4,319.9    4,195.2     124.7      3.0
           Parts and service          2,505.3    2,398.6     106.7      4.4
           Finance and insurance        618.5      589.9      28.6      4.8
           Other                         89.4       39.0      50.4
                                    $19,424.7  $18,711.4    $713.3      3.8


         Gross profit:
           New vehicle                 $846.3     $838.9      $7.4      0.9
             Retail used vehicle        400.5      391.2       9.3      2.4
             Wholesale                    1.1        2.4      (1.3)
           Used vehicle                 401.6      393.6       8.0      2.0
           Parts and service          1,096.8    1,046.3      50.5      4.8
           Finance and insurance        618.5      589.9      28.6      4.8
           Other                         49.5       33.9      15.6
                                      3,012.7    2,902.6     110.1      3.8

         Selling, general and
          administrative expenses     2,158.7    2,096.9     (61.8)    (2.9)

         Depreciation                    81.9       67.7     (14.2)
         Amortization                     1.2        1.6       0.4
         Loan and lease underwriting
          income, net                      --       (6.3)     (6.3)
         Other losses (gains)             4.0       16.3      12.3
          Operating income              766.9      726.4      40.5      5.6

         Floorplan interest expense     (81.8)     (68.9)    (12.9)   (18.7)
         Other interest expense         (76.9)     (71.8)     (5.1)    (7.1)
         Interest income                  3.5        3.4       0.1      2.9
         Other income                    (5.1)      16.7     (21.8)
           Income from continuing
            operations before income
            taxes                      $606.6     $605.8      $0.8      0.1

         Retail vehicle unit sales:
              New                     410,621    406,675     3,946      1.0
              Used                    239,999    238,271     1,728      0.7
                                      650,620    644,946     5,674      0.9

         Revenue per vehicle retailed:
              New                     $28,960    $28,250      $710      2.5
              Used                    $14,667    $14,377      $290      2.0

         Gross profit per vehicle
          retailed:
              New                      $2,061     $2,063       $(2)    (0.1)
              Used                     $1,669     $1,642       $27      1.6
              Finance and insurance      $951       $915       $36      3.9



                                          Three Months Ended    Year Ended
               Operating Percentages          December 31,      December 31,
                                          %  2004  %  2003  %  2004  %  2003

          Revenue mix percentages:
            New vehicle                      61.5     62.0     61.2     61.4
            Used vehicle                     21.9     21.5     22.2     22.4
            Parts and service                13.0     13.2     12.9     12.8
            Finance and insurance             3.1      3.1      3.2      3.2
            Other                             0.5      0.2      0.5      0.2
                                            100.0    100.0    100.0    100.0

          Gross profit mix percentages:
            New vehicle                      28.9     29.2     28.1     28.9
            Used vehicle                     12.8     12.1     13.3     13.6
            Parts and service                36.6     37.6     36.4     36.0
            Finance and insurance            20.2     20.0     20.5     20.3
            Other                             1.5      1.1      1.7      1.2
                                            100.0    100.0    100.0    100.0

          Operating items as a percentage
           of revenue:
            Gross profit:
               New vehicle                    7.3      7.2      7.1      7.3
               Used vehicle - retail         11.2     10.4     11.4     11.4
               Parts and service             43.8     43.6     43.8     43.6
               Total                         15.6     15.3     15.5     15.5
            Selling, general and
             administrative expenses         11.0     11.4     11.1     11.2
            Operating income                  4.0      3.2      3.9      3.9

          Operating items as a percentage
           of total gross profit:
            Selling, general and
             administrative expenses         70.8     74.4     71.7     72.2
            Operating income                 25.6     21.0     25.5     25.0



                                AUTONATION, INC.
                    UNAUDITED SUPPLEMENTARY DATA, Continued
                     ($ in millions, except per share data)




                                        Three Months Ended   Year ended
                                           December 31,      December 31,
              Cash Flow Information
                                            2004     2003     2004     2003
          Capital expenditures, excluding
           property operating lease
           buy-outs                        $51.6    $47.4   $133.2   $122.7
          Property operating lease
           buy-outs                          $--      $--    $77.7     $9.8
          Stock repurchases                $46.0   $110.0   $236.8   $575.2
          Acquisitions                     $43.6     $1.0   $197.9    $48.8
          Proceeds from exercises of
           stock options                   $26.1    $40.3    $94.2   $142.2



         Floorplan Assistance and    Three Months Ended     Year Ended
                  Expense               December 31,        December 31,

                                  2004   2003  Variance  2004    2003 Variance

         Floorplan assistance
          (included in cost of
          operations)            $27.4  $27.3    $0.1  $117.1  $113.7    $3.4
         Floorplan interest
          expense                (22.7) (16.3)   (6.4)  (81.8)  (68.9)  (12.9)

          Net floorplan benefit   $4.7  $11.0   $(6.3)  $35.3   $44.8   $(9.5)



          Balance Sheet and Other Highlights

                                      December 31, 2004      December 31, 2003

           Cash and cash equivalents            $107.2                 $173.4
           Inventory                          $2,640.5               $2,849.2
           Floorplan notes payable            $2,517.3               $2,741.9
           Non-vehicle debt                     $812.6                 $824.4
           Equity                             $4,263.1               $3,949.7

           New days supply (industry
            standard of selling days,
            including fleet)                   53 days                71 days

           Used days supply (trailing 30
            days)                              37 days                43 days



                                 AUTONATION, INC.
                     UNAUDITED SUPPLEMENTARY DATA, Continued
                      ($ in millions, except per share data)


        Comparable Basis Reconciliations

                                       Three Months Ended December 31,
                                                              Diluted Earnings
                               Operating Income   Net Income      Per Share

                                 2004    2003    2004   2003    2004    2003

        As reported             $193.4  $142.6  $161.8  $79.1   $0.60   $0.28

         Discontinued
          operations - store
          divestitures, net of
          income taxes              --      --     6.5    7.7   $0.02   $0.03
         Discontinued
          operations - tax
          adjustments               --      --   (52.2)    --  $(0.19)     --

        From continuing
         operations, as
         reported                193.4   142.6   116.1   86.8   $0.43   $0.31
         Gain from income tax
          adjustments               --      --   (24.6) (10.3) $(0.09) $(0.04)
         Gain on sale of non-
          core equity
          investment                --      --      --   (6.2)     --  $(0.02)
         Impairment loss on
          converted megastores      --    17.6      --   10.9      --   $0.04


        Adjusted                $193.4  $160.2   $91.5  $81.2   $0.34   $0.29



                                          Year ended December 31,
                                                              Diluted Earnings
                              Operating Income   Net Income      Per Share

                                 2004    2003    2004   2003     2004     2003

        As reported             $766.9  $726.4  $433.6 $479.2   $1.59   $1.67

         Discontinued
          operations - store
          divestitures, net of
          income taxes              --      --    15.0   21.4   $0.06   $0.07
         Discontinued
          operations - tax
          adjustments               --      --   (52.2)    --  $(0.19)     --
         Cumulative effect of
          accounting change         --      --      --   14.6      --   $0.05
        From continuing
         operations, as
         reported                766.9   726.4   396.4  515.2   $1.45   $1.80
        Income tax benefit
          from IRS settlement
          - Q1 2003                 --      --      -- (127.5)     --  $(0.44)
         Gain from income tax
          adjustments - Q4
          2004 & Q4 2003            --      --   (24.6) (10.3) $(0.09) $(0.04)
         Gain on sale of non-
          core equity
          investment - Q4 2003      --      --      --   (6.2)     --  $(0.02)
         Impairment loss on
          converted megastores
          - Q4 2003                 --    17.6      --    10.9     --   $0.04


        Adjusted                $766.9  $744.0  $371.8  $382.1  $1.36   $1.33

Business Assumptions Impacting Long-term Average EPS Growth Target of 10% to 12%:

U.S. light vehicle annual unit sales          intensively competitive,
                                                    near 17 million units

     SGA % reduction (over 2005 and 2006)          approximately 110 bp
      (SGA % of gross profit less
       floorplan interest expense)

     Continued opportunistic redeployment          share repurchase, debt
      of cash flow                                  reduction, capital
                                                    expenditures and
                                                    acquisitions

     Targeted return on incremental                approximately 15% after-tax
      invested capital



    Note

The Company's parts and service departments provide reconditioning repair work for used vehicles acquired by the used vehicle department and minor preparatory work for new vehicles. The parts and service departments charge the new and used departments as if they were third parties in order to account for total activity performed by that department. The Company has determined that the revenue and related cost of sales of both new and used vehicles had not been reduced by the intracompany charge for such work. Commencing with the second quarter of 2004, the Company is making the adjustment and has revised amounts previously reported by reducing new and used vehicle revenue and cost of sales by the amount of the intracompany charge. The adjustments have no impact on total gross profit, operating income, income from continuing operations, net income, earnings per share, cash flows, or financial position for any period or their respective trends.

The effect of the adjustments was to reduce both revenue and cost of sales for new vehicles by $19 million and $84 million for the three and twelve months ended December 31, 2004, respectively, and for used vehicles by $45 million and $195 million for the same periods, respectively. For 2003, the adjustment reduced both revenue and cost of sales for new vehicles by $20 million and $82 million for the three and twelve months ended December 31, 2003, respectively, and used vehicles by $46 million and $190 million for the same periods, respectively. Accordingly, the Company's revenue-based performance metrics, such as revenue per vehicle, gross profit as a percent of revenue, and SG&A as a percent of revenue, also have been revised. These revisions do not have a material impact on the amounts for any period or respective trends.

AUTONATION, INC.
                              UNAUDITED SAME STORE DATA
                      ($ in millions, except per vehicle data)


            Operating Highlights           Three Months Ended December 31,

                                         2004     2003   $ Variance % Variance


           Revenue:
               New vehicle             $2,881.3 $2,751.1    $130.2      4.7
                 Retail used vehicle      838.6    780.6      58.0      7.4
                 Wholesale                188.3    174.3      14.0      8.0
               Used vehicle             1,026.9    954.9      72.0      7.5
               Parts and service          614.9    584.2      30.7      5.3
               Finance and insurance      149.4    136.0      13.4      9.9
               Other                        8.8      6.9       1.9
                                       $4,681.3 $4,433.1    $248.2      5.6


           Gross profit:
               New vehicle               $210.2   $198.1     $12.1      6.1
                 Retail used vehicle       94.9     81.5      13.4     16.4
                 Wholesale                 (1.1)     0.5      (1.6)
               Used vehicle                93.8     82.0      11.8     14.4
               Parts and service          268.4    255.0      13.4      5.3
               Finance and insurance      149.4    136.0      13.4      9.9
               Other                        7.4      6.1       1.3
                                         $729.2   $677.2     $52.0      7.7



           Retail vehicle unit sales:
                  New                    96,385   92,996     3,389      3.6
                  Used                   55,562   53,147     2,415      4.5
                                        151,947  146,143     5,804      4.0

           Revenue per vehicle retailed:
                  New                   $29,894  $29,583      $311      1.1
                  Used                  $15,093  $14,688      $405      2.8

           Gross profit per vehicle
            retailed:
                  New                    $2,181   $2,130       $51      2.4
                  Used                   $1,708   $1,533      $175     11.4
                  Finance and insurance    $983     $931       $52      5.6


                               AUTONATION,INC.
                            UNAUDITED SAME STORE DATA
                      ($ in millions, except per vehicle data)



            Operating Highlights                Year Ended December  31,


                                         2004      2003  $ Variance % Variance
           Revenue:
               New vehicle            $11,580.0 $11,440.1    $139.9      1.2
                 Retail used vehicle    3,440.1   3,408.0      32.1      0.9
                 Wholesale                764.6     764.3       0.3      0.0
               Used vehicle             4,204.7   4,172.3      32.4      0.8
               Parts and service        2,455.2   2,383.4      71.8      3.0
               Finance and insurance      609.2     587.6      21.6      3.7
               Other                       35.1      29.3       5.8
                                      $18,884.2 $18,612.7    $271.5      1.5


           Gross profit:
               New vehicle               $821.8    $836.4    $(14.6)    (1.7)
                 Retail used vehicle      393.9     389.3       4.6      1.2
                 Wholesale                 (1.5)      2.7      (4.2)
               Used vehicle               392.4     392.0       0.4      0.1
               Parts and service        1,072.2   1,039.8      32.4      3.1
               Finance and insurance      609.2     587.6      21.6      3.7
               Other                       28.9      24.8       4.1
                                       $2,924.5  $2,880.6     $43.9      1.5




           Retail vehicle unit sales:
                  New                   402,158   404,960    (2,802)   (0.7)
                  Used                  236,382   236,893      (511)   (0.2)
                                        638,540   641,853    (3,313)   (0.5)

           Revenue per vehicle retailed:
                  New                   $28,795   $28,250      $545     1.9
                  Used                  $14,553   $14,386      $167     1.2

           Gross profit per vehicle
            retailed:
                  New                    $2,043    $2,065      $(22)   (1.1)
                  Used                   $1,666    $1,643       $23     1.4
                  Finance and insurance    $954      $915       $39     4.3



                                          Three Months Ended    Year Ended
                 Operating Percentages        December 31,      December 31,
                                           % 2004   % 2003   % 2004   % 2003

            Revenue mix percentages:
                New vehicle                  61.5     62.1     61.3     61.5
                Used vehicle                 21.9     21.5     22.3     22.4
                Parts and service            13.1     13.2     13.0     12.8
                Finance and insurance         3.2      3.1      3.2      3.2
                Other                         0.3      0.1      0.2      0.1
                                            100.0    100.0    100.0    100.0


            Gross profit mix percentages:
                New vehicle                  28.8     29.3     28.1     29.0
                Used vehicle                 12.9     12.1     13.4     13.6
                Parts and service            36.8     37.7     36.7     36.1
                Finance and insurance        20.5     20.1     20.8     20.4
                Other                         1.0      0.8      1.0      0.9
                                            100.0    100.0    100.0    100.0



            Operating items as a
             percentage of revenue:
                Gross Profit:
                   New vehicle                7.3      7.2      7.1      7.3
                   Used vehicle - retail     11.3     10.4     11.5     11.4
                   Parts and service         43.6     43.6     43.7     43.6
                   Total                     15.6     15.3     15.5     15.5


SOURCE  AutoNation, Inc.
Marc Cannon of AutoNation, Inc., +1-954-769-3146, or cannonm@autonation.com
http://www.prnewswire.com
Categories: Press Releases
View all news