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AutoNation Reports Record Third Quarter EPS from Continuing Operations

Oct. 30, 2018
AutoNation Invests $50M in Vroom, a Leading Online Car Retailer
- EPS from continuing operations was $1.24, a record for third quarter results and up 24% compared to third quarter 2017 EPS from continuing operations of $1.00
- Net income from continuing operations was $112 million, up 15% compared to third quarter 2017 net income from continuing operations of $98 million
- Same-store used vehicle gross profit was up 6% and same-store Customer Care gross profit was up 7%, each as compared to the same period a year ago
- AutoNation increases Customer Care Brand Extension initiatives, which include Precision Parts, collision centers, collision parts, and AutoGear

FORT LAUDERDALE, Fla., Oct. 30, 2018 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported third quarter 2018 net income from continuing operations of $112 million, or $1.24 per share. Third quarter 2017 net income from continuing operations totaled $98 million, or $1.00 per share. 

Same-store third quarter 2018 gross profit of $838 million increased by 2% compared to $824 million in the year-ago period, driven by the strength in Customer Care gross profit, used vehicle gross profit, and Customer Financial Services gross profit. 

AutoNation and the Future of Automotive
AutoNation's forward-looking strategy continues to invest in emerging digital technologies, internally and externally, as the mobility space is transforming, to better serve its customers. Today the Company announced a strategic investment in Vroom Inc., one of the largest online car retailers. AutoNation's investment in Vroom provides a foundation for potential strategic partnership opportunities with experienced and proven e-Commerce executives. The Company's investment of $50 million represents an ownership stake of approximately 7 percent.

As previously announced, AutoNation recently expanded its partnership with Waymo. AutoNation has the ability to offer its customers in Phoenix, AZ, the use of a Waymo while their personal vehicles are being serviced at AutoNation dealerships. AutoNation locations, offer strategic capabilities to maximize the life of Waymo's self-driving vehicle fleet as they expand.

Brand Extensions 
AutoNation increases its focus on Customer Care Brand Extension initiatives, which includes Precision Parts, collision centers, collision parts, and AutoGear. As a part of the Company's next steps in Brand Extensions, AutoNation also introduced a private label credit card powered by Synchrony. Customers will have the opportunity to use the credit card for the purchase of AutoGear products, automotive maintenance and repair services, and select Customer Financial Services products.

Segment Results
Segment results(1) for the third quarter 2018 were as follows:

Third Quarter 2018 Segment Results

  • Domestic - Domestic segment income(2) was $67 million compared to year-ago segment income of $69 million, a decrease of 3%.
  • Import - Import segment income(2) was $85 million compared to year-ago segment income of $81 million, an increase of 5%.
  • Premium Luxury - Premium Luxury segment income(2) was $77 million compared to year-ago segment income of $79 million, a decrease of 2%.

For the nine-month period ended September 30, 2018, the Company reported net income from continuing operations of $303 million, or $3.31 per share, compared to net income from continuing operations of $284 million, or $2.83 per share, for the same period in the prior year. The Company's revenue for the nine-month period ended September 30, 2018, totaled $16.0 billion, up 1% compared to $15.9 billion for the same period in the prior year.

The third quarter conference call may be accessed by telephone at 888-769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time today or on AutoNation's investor relations website at investors.autonation.com.

The webcast will also be available on AutoNation's website following the call under "Events & Presentations." A playback of the conference call will be available after 1:00 p.m. Eastern Time on October 30, 2018, through November 21, 2018, by calling 800-677-9149 (passcode: 2910).

 

(1)

AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and FCA US; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Nissan, and Hyundai; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Audi, Lexus, and Jaguar Land Rover.



(2)

Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.

 

About AutoNation, Inc.
AutoNation, America's largest automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of September 30, 2018, AutoNation owned and operated over 325 locations from coast to coast. AutoNation has sold over 11 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Through its Drive Pink initiative, AutoNation is committed to drive out cancer, create awareness and support critical research. AutoNation continues to be a proud supporter of the Breast Cancer Research Foundation and other cancer-related charities.

Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, or investments, including our brand extension strategies, and expectations for future results and the future performance of our franchises (including with respect to sales of used vehicles and parts and accessories) and the automotive retail industry, as well as other statements that describe our objectives, goals, or plans are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: economic conditions, including changes in interest rates, fuel prices, and tariffs; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to successfully implement, and customer adoption of, our brand extension strategies; our ability to identify, acquire, and build out suitable locations in a timely manner; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

AUTONATION, INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)




Three Months Ended September 30,


Nine Months Ended September 30,



2018


2017


2018


2017










Revenue:









New vehicle

$

2,933.1

$

3,108.4

$

8,685.0

$

8,835.5

Used vehicle


1,281.7


1,228.3


3,910.9


3,670.3

Parts and service


864.0


841.6


2,579.6


2,544.2

Finance and insurance, net


247.4


241.6


736.0


692.0

Other


23.0


12.5


89.6


109.1

Total revenue


5,349.2


5,432.4


16,001.1


15,851.1










Cost of sales:









New vehicle


2,807.7


2,963.6


8,305.1


8,408.2

Used vehicle


1,190.7


1,142.6


3,642.9


3,433.1

Parts and service


473.4


474.2


1,416.2


1,428.2

Other


22.1


6.1


87.5


89.8

Total cost of sales


4,493.9


4,586.5


13,451.7


13,359.3










Gross profit


855.3


845.9


2,549.4


2,491.8










Selling, general, and administrative expenses


626.2


607.5


1,878.3


1,814.1

Depreciation and amortization


42.9


41.4


124.0


118.0

Franchise rights impairment


-


-


8.1


-

Other income, net


(17.4)


(14.2)


(41.6)


(54.4)










Operating income


203.6


211.2


580.6


614.1










Non-operating income (expense) items:









Floorplan interest expense


(32.7)


(25.1)


(93.4)


(70.7)

Other interest expense


(28.4)


(30.0)


(90.4)


(88.0)

Interest income


0.3


0.2


0.8


0.8

Other income, net


2.3


1.6


3.3


6.4










Income from continuing operations before income taxes


145.1


157.9


400.9


462.6










Income tax provision


32.8


60.3


97.9


179.1










Net income from continuing operations


112.3


97.6


303.0


283.5










Income (loss) from discontinued operations, net of income taxes


(0.3)


(0.1)


0.3


(0.2)



















Net income

$

112.0

$

97.5

$

303.3

$

283.3



















Diluted earnings (loss) per share*:









Continuing operations

$

1.24

$

1.00

$

3.31

$

2.83

Discontinued operations

$

-

$

-

$

-

$

-










Net income

$

1.23

$

1.00

$

3.31

$

2.82



















Weighted average common shares outstanding


90.8


97.7


91.6


100.3










Common shares outstanding, net of treasury stock, at period end


89.9


91.2


89.9


91.2



















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

 

 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions, except per vehicle data) 



Operating Highlights


Three Months Ended September 30,


 Nine Months Ended September 30, 



2018


2017


$ Variance


% Variance


2018


2017


$ Variance


% Variance

Revenue:

















New vehicle

$

2,933.1

$

3,108.4

$

(175.3)


(5.6)

$

8,685.0

$

8,835.5

$

(150.5)


(1.7)

Retail used vehicle


1,211.6


1,151.5


60.1


5.2


3,666.1


3,438.7


227.4


6.6

Wholesale


70.1


76.8


(6.7)


(8.7)


244.8


231.6


13.2


5.7

Used vehicle


1,281.7


1,228.3


53.4


4.3


3,910.9


3,670.3


240.6


6.6

Finance and insurance, net


247.4


241.6


5.8


2.4


736.0


692.0


44.0


6.4

Total variable operations


4,462.2


4,578.3


(116.1)


(2.5)


13,331.9


13,197.8


134.1


1.0

Parts and service


864.0


841.6


22.4


2.7


2,579.6


2,544.2


35.4


1.4

Other


23.0


12.5


10.5




89.6


109.1


(19.5)



Total revenue


5,349.2


5,432.4


(83.2)


(1.5)


16,001.1


15,851.1


150.0


0.9



































Gross profit:

















New vehicle

$

125.4

$

144.8

$

(19.4)


(13.4)

$

379.9

$

427.3

$

(47.4)


(11.1)

Retail used vehicle


87.4


83.9


3.5


4.2


256.4


232.8


23.6


10.1

Wholesale


3.6


1.8


1.8




11.6


4.4


7.2



Used vehicle


91.0


85.7


5.3


6.2


268.0


237.2


30.8


13.0

Finance and insurance


247.4


241.6


5.8


2.4


736.0


692.0


44.0


6.4

Total variable operations


463.8


472.1


(8.3)


(1.8)


1,383.9


1,356.5


27.4


2.0

Parts and service


390.6


367.4


23.2


6.3


1,163.4


1,116.0


47.4


4.2

Other


0.9


6.4


(5.5)




2.1


19.3


(17.2)



Total gross profit


855.3


845.9


9.4


1.1


2,549.4


2,491.8


57.6


2.3


















Selling, general, and administrative expenses


626.2


607.5


(18.7)


(3.1)


1,878.3


1,814.1


(64.2)


(3.5)


















Depreciation and amortization


42.9


41.4


(1.5)




124.0


118.0


(6.0)



Franchise rights impairment


-


-


-




8.1


-


(8.1)



Other income, net


(17.4)


(14.2)


3.2




(41.6)


(54.4)


(12.8)



Operating income 


203.6


211.2


(7.6)


(3.6)


580.6


614.1


(33.5)


(5.5)


















Non-operating income (expense) items:

















Floorplan interest expense


(32.7)


(25.1)


(7.6)




(93.4)


(70.7)


(22.7)



Other interest expense


(28.4)


(30.0)


1.6




(90.4)


(88.0)


(2.4)



Interest income


0.3


0.2


0.1




0.8


0.8


-



Other income, net


2.3


1.6


0.7




3.3


6.4


(3.1)



Income from continuing operations before income taxes

$

145.1

$

157.9

$

(12.8)


(8.1)

$

400.9

$

462.6

$

(61.7)


(13.3)


















Retail vehicle unit sales:

















New 


79,237


86,192


(6,955)


(8.1)


232,469


241,882


(9,413)


(3.9)

Used


60,446


59,330


1,116


1.9


182,737


178,204


4,533


2.5



139,683


145,522


(5,839)


(4.0)


415,206


420,086


(4,880)


(1.2)


















Revenue per vehicle retailed:

















New 

$

37,017

$

36,064

$

953


2.6

$

37,360

$

36,528

$

832


2.3

Used

$

20,044

$

19,408

$

636


3.3

$

20,062

$

19,296

$

766


4.0


















Gross profit per vehicle retailed:

















New 

$

1,583

$

1,680

$

(97)


(5.8)

$

1,634

$

1,767

$

(133)


(7.5)

Used

$

1,446

$

1,414

$

32


2.3

$

1,403

$

1,306

$

97


7.4

Finance and insurance

$

1,771

$

1,660

$

111


6.7

$

1,773

$

1,647

$

126


7.7

Total variable operations(1)

$

3,295

$

3,232

$

63


1.9

$

3,305

$

3,219

$

86


2.7



































Operating Percentages


 Three Months Ended September 30, 


 Nine Months Ended September 30, 











2018 (%)


2017 (%)


2018 (%)


2017 (%)


























Revenue mix percentages:

















New vehicle


54.8


57.2


54.3


55.7









Used vehicle


24.0


22.6


24.4


23.2









Parts and service


16.2


15.5


16.1


16.1









Finance and insurance, net


4.6


4.4


4.6


4.4









Other


0.4


0.3


0.6


0.6











100.0


100.0


100.0


100.0


























Gross profit mix percentages:

















New vehicle


14.7


17.1


14.9


17.1









Used vehicle


10.6


10.1


10.5


9.5









Parts and service


45.7


43.4


45.6


44.8









Finance and insurance


28.9


28.6


28.9


27.8









Other


0.1


0.8


0.1


0.8











100.0


100.0


100.0


100.0


























Operating items as a percentage of revenue:

















Gross profit:

















New vehicle


4.3


4.7


4.4


4.8









Used vehicle - retail


7.2


7.3


7.0


6.8









Parts and service


45.2


43.7


45.1


43.9









Total


16.0


15.6


15.9


15.7









Selling, general, and administrative expenses


11.7


11.2


11.7


11.4









Operating income


3.8


3.9


3.6


3.9


























Operating items as a percentage of total gross profit:

















Selling, general, and administrative expenses


73.2


71.8


73.7


72.8









Operating income


23.8


25.0


22.8


24.6











(1)      Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance

     gross profit by total retail vehicle unit sales.

 

 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions) 



Segment Operating Highlights


Three Months Ended September 30,


 Nine Months Ended September 30, 



2018


2017


$ Variance


% Variance


2018


2017


$ Variance


% Variance



































Revenue:

















Domestic

$

1,789.7

$

1,912.4

$

(122.7)


(6.4)

$

5,389.5

$

5,557.7

$

(168.2)


(3.0)

Import


1,770.6


1,789.7


(19.1)


(1.1)


5,140.2


5,123.5


16.7


0.3

Premium luxury


1,668.8


1,634.3


34.5


2.1


5,116.8


4,894.9


221.9


4.5

Total


5,229.1


5,336.4


(107.3)


(2.0)


15,646.5


15,576.1


70.4


0.5

Corporate and other


120.1


96.0


24.1


25.1


354.6


275.0


79.6


28.9

Total consolidated revenue

$

5,349.2

$

5,432.4

$

(83.2)


(1.5)

$

16,001.1

$

15,851.1

$

150.0


0.9



































Segment income*:

















Domestic

$

67.2

$

69.0

$

(1.8)


(2.6)

$

194.6

$

190.5

$

4.1


2.2

Import


85.3


81.0


4.3


5.3


236.2


227.9


8.3


3.6

Premium luxury


76.9


78.8


(1.9)


(2.4)


249.5


243.3


6.2


2.5

Total 


229.4


228.8


0.6


0.3


680.3


661.7


18.6


2.8


















Corporate and other


(58.5)


(42.7)


(15.8)




(193.1)


(118.3)


(74.8)



Add:  Floorplan interest expense


32.7


25.1


7.6




93.4


70.7


22.7



Operating income

$

203.6

$

211.2

$

(7.6)


(3.6)

$

580.6

$

614.1

$

(33.5)


(5.5)


















* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.


























Retail new vehicle unit sales:

















Domestic


25,966


29,618


(3,652)


(12.3)


76,871


82,765


(5,894)


(7.1)

Import


37,540


40,442


(2,902)


(7.2)


107,776


111,781


(4,005)


(3.6)

Premium luxury


15,731


16,132


(401)


(2.5)


47,822


47,336


486


1.0



79,237


86,192


(6,955)


(8.1)


232,469


241,882


(9,413)


(3.9)



































Brand Mix - Retail New Vehicle Units Sold



















 Three Months Ended September 30, 


 Nine Months Ended September 30, 











2018 (%)


2017 (%)


2018 (%)


2017 (%)


























Domestic:

















Ford, Lincoln


12.4


14.2


12.4


13.8









Chevrolet, Buick, Cadillac, GMC


10.6


10.8


11.0


10.6









Chrysler, Dodge, Jeep, Ram


9.8


9.4


9.7


9.8









Domestic total


32.8


34.4


33.1


34.2


























Import:

















Toyota


20.4


19.5


19.6


18.9









Honda


13.9


13.2


13.9


13.2









Nissan


5.4


6.8


5.5


6.9









Other Import


7.6


7.4


7.3


7.2









Import total


47.3


46.9


46.3


46.2


























Premium Luxury:

















Mercedes-Benz


6.9


6.9


7.8


7.6









BMW


5.0


4.0


4.8


4.4









Lexus


2.2


2.6


2.3


2.5









Audi


2.4


2.3


2.3


2.3









Other Premium Luxury (Land Rover, Porsche)


3.4


2.9


3.4


2.8









Premium Luxury total


19.9


18.7


20.6


19.6




























100.0


100.0


100.0


100.0









 

 

 AUTONATION, INC

 UNAUDITED SUPPLEMENTARY DATA, Continued

 ($ in millions)














Capital Expenditures / Stock Repurchases


 Three Months Ended September 30,


 Nine Months Ended September 30,






2018


2017


2018


2017














Capital expenditures (1)

$

88.9

$

55.9

$

271.6

$

224.6



Cash paid for acquisitions, net of cash acquired (2)

$

65.2

$

4.0

$

67.9

$

56.9



Proceeds from exercises of stock options

$

1.8

$

1.9

$

16.0

$

24.7



Stock repurchases:











Aggregate purchase price

$

-

$

400.0

$

100.0

$

434.9



Shares repurchased (in millions)


-


9.2


2.1


10.1





























Floorplan Assistance and Expense


 Three Months Ended September 30,


 Nine Months Ended September 30,



2018


2017


 Variance


2018


2017


 Variance














Floorplan assistance earned (included in cost of sales)

$

28.9

$

31.1

$

(2.2)

$

87.1

$

88.7

$

(1.6)

New vehicle floorplan interest expense


(30.5)


(23.4)


(7.1)


(87.2)


(66.2)


(21.0)














Net new vehicle inventory carrying benefit (cost)

$

(1.6)

$

7.7

$

(9.3)

$

(0.1)

$

22.5

$

(22.6)



























Balance Sheet and Other Highlights




























September 30, 2018


December 31, 2017


September 30, 2017




















Cash and cash equivalents

$

52.6

$

69.2

$

53.3







Inventory

$

3,381.3

$

3,365.6

$

3,408.6







Total floorplan notes payable

$

3,603.3

$

3,806.9

$

3,630.5







Non-vehicle debt

$

2,567.4

$

2,703.7

$

2,857.6







Equity

$

2,618.0

$

2,369.3

$

2,200.5







New days supply (industry standard of selling days)


 63 days


 53 days


 59 days







Used days supply (trailing calendar month days)


 37 days


 43 days


 38 days














































Key Credit Agreement Covenant Compliance Calculations (3)


























Leverage ratio




 2.79x









Covenant


less than or equal to


 4.00x






















Capitalization ratio




59.6%









Covenant


less than or equal to


70.0%



































(1)      Includes accrued construction in progress and excludes property associated with capital leases entered into during

the period.

(2)      Excludes capital leases and deferred purchase price commitments.

(3)      Calculated in accordance with our credit agreement as filed with the SEC.

 

 

 AUTONATION, INC. 

 UNAUDITED SAME STORE DATA 

 ($ in millions, except per vehicle data) 



Operating Highlights


Three Months Ended September 30,


 Nine Months Ended September 30, 



2018


2017


$ Variance


% Variance


2018


2017


$ Variance


% Variance

Revenue:

















New vehicle

$

2,884.1

$

3,016.8

$

(132.7)


(4.4)

$

8,533.5

$

8,548.9

$

(15.4)


(0.2)

Retail used vehicle


1,176.1


1,111.7


64.4


5.8


3,550.0


3,305.5


244.5


7.4

Wholesale


68.1


74.5


(6.4)


(8.6)


233.9


223.0


10.9


4.9

Used vehicle


1,244.2


1,186.2


58.0


4.9


3,783.9


3,528.5


255.4


7.2

Finance and insurance, net


243.9


235.4


8.5


3.6


724.4


672.9


51.5


7.7

Total variable operations


4,372.2


4,438.4


(66.2)


(1.5)


13,041.8


12,750.3


291.5


2.3

Parts and service


843.3


819.2


24.1


2.9


2,520.5


2,469.7


50.8


2.1

Other


23.0


12.4


10.6




89.6


108.7


(19.1)



Total revenue

$

5,238.5

$

5,270.0

$

(31.5)


(0.6)

$

15,651.9

$

15,328.7

$

323.2


2.1



































Gross profit:

















New vehicle

$

123.0

$

141.0

$

(18.0)


(12.8)

$

372.8

$

415.6

$

(42.8)


(10.3)

 Retail used vehicle


85.4


81.4


4.0


4.9


250.6


224.7


25.9


11.5

 Wholesale


3.0


2.1


0.9




6.2


4.6


1.6



Used vehicle


88.4


83.5


4.9


5.9


256.8


229.3


27.5


12.0

Finance and insurance


243.9


235.4


8.5


3.6


724.4


672.9


51.5


7.7

Total variable operations


455.3


459.9


(4.6)


(1.0)


1,354.0


1,317.8


36.2


2.7

Parts and service


381.5


358.0


23.5


6.6


1,136.7


1,083.6


53.1


4.9

Other


0.7


6.3


(5.6)




2.1


19.0


(16.9)



Total gross profit

$

837.5

$

824.2

$

13.3


1.6

$

2,492.8

$

2,420.4

$

72.4


3.0



































Retail vehicle unit sales:

















New 


78,275


83,571


(5,296)


(6.3)


229,251


233,582


(4,331)


(1.9)

Used


58,666


57,065


1,601


2.8


176,678


170,343


6,335


3.7



136,941


140,636


(3,695)


(2.6)


405,929


403,925


2,004


0.5


















Revenue per vehicle retailed:

















New 

$

36,846

$

36,099

$

747


2.1

$

37,223

$

36,599

$

624


1.7

Used

$

20,047

$

19,481

$

566


2.9

$

20,093

$

19,405

$

688


3.5


















Gross profit per vehicle retailed:

















New 

$

1,571

$

1,687

$

(116)


(6.9)

$

1,626

$

1,779

$

(153)


(8.6)

Used

$

1,456

$

1,426

$

30


2.1

$

1,418

$

1,319

$

99


7.5

Finance and insurance

$

1,781

$

1,674

$

107


6.4

$

1,785

$

1,666

$

119


7.1

Total variable operations(1)

$

3,303

$

3,255

$

48


1.5

$

3,320

$

3,251

$

69


2.1



































Operating Percentages


 Three Months Ended September 30, 


 Nine Months Ended September 30, 











2018 (%)


2017 (%)


2018 (%)


2017 (%)


























Revenue mix percentages:

















New vehicle


55.1


57.2


54.5


55.8









Used vehicle


23.8


22.5


24.2


23.0









Parts and service


16.1


15.5


16.1


16.1









Finance and insurance, net


4.7


4.5


4.6


4.4









Other


0.3


0.3


0.6


0.7











100.0


100.0


100.0


100.0


























Gross profit mix percentages:

















New vehicle


14.7


17.1


15.0


17.2









Used vehicle


10.6


10.1


10.3


9.5









Parts and service


45.6


43.4


45.6


44.8









Finance and insurance


29.1


28.6


29.1


27.8









Other


-


0.8


-


0.7











100.0


100.0


100.0


100.0


























Operating items as a percentage of revenue:

















Gross profit:

















New vehicle


4.3


4.7


4.4


4.9









Used vehicle - retail


7.3


7.3


7.1


6.8









Parts and service


45.2


43.7


45.1


43.9









Total


16.0


15.6


15.9


15.8










(1)      Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and

insurance gross profit by total retail vehicle unit sales.

 

 

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SOURCE AutoNation, Inc.

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