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AutoNation Reports Third Quarter 2019 Results

Oct. 29, 2019
- Same store revenue was up 3% and same store gross profit was up 5%, each as compared to the same period a year ago; same-store Customer Care gross profit was up 6%, compared to the same period a year ago
- All-time record same-store Customer Financial Services gross profit per vehicle retailed of $1,939, up $150 or 8% compared to the same period a year ago
- EPS from continuing operations for the third quarter was $1.11 and included previously announced severance and related expenses of $10 million after-tax or $0.11 per share
- Compared to the third quarter of 2018, net gains from store/property divestitures in the third quarter of 2019 were lower by $9 million after-tax or $0.11 per share

FORT LAUDERDALE, Fla., Oct. 29, 2019 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported same-store third quarter 2019 revenue of $5.4 billion, an increase of 3% compared to the same period a year ago. Same-store third quarter 2019 gross profit totaled $877 million, an increase of 5% compared to the year-ago period, driven by growth in Customer Financial Services, Customer Care, and Used Vehicle gross profit. Same-store Customer Financial Services gross profit per vehicle retailed was an all-time record of $1,939, up $150 or 8% compared to the year-ago period. Same-store Customer Care gross profit was $403 million, an increase of 6% compared to the year-ago-period. Same-store used vehicle gross profit was $92 million, an increase of 3% compared to the year-ago-period.

Third quarter 2019 net income from continuing operations was $100 million, or $1.11 per share, which included previously announced severance and related expenses of $10 million after-tax, or $0.11 per share. Third quarter 2018 net income from continuing operations totaled $112 million, or $1.24 per share. Net gains from store and property divestitures in the third quarter of 2019 were $4 million after-tax, or $0.04 per share, compared to $13 million after-tax, or $0.15 per share, in the third quarter of 2018. 

Segment Results
Segment results(1) for the third quarter 2019 were as follows:

Third Quarter 2019 Segment Results

  • Domestic - Domestic segment income(2) was $70 million compared to year-ago segment income of $67 million, an increase of 5%. 
  • Import - Import segment income(2) was $87 million compared to year-ago segment income of $85 million, an increase of 2%.
  • Premium Luxury - Premium Luxury segment income(2) was $89 million compared to year-ago segment income of $77 million, an increase of 16%.

For the nine-month period ended September 30, 2019, AutoNation reported net income from continuing operations of $293 million, or $3.24 per share, compared to net income from continuing operations of $303 million, or $3.31 per share, for the same period in the prior year. AutoNation's revenue for the nine-month period ended September 30, 2019, totaled $15.8 billion, down 1% compared to $16.0 billion for the same period in the prior year.

The third quarter conference call may be accessed by telephone at (866) 211-3176 (Conference ID: 7459787) 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 under "Events & Presentations" following the call. A playback of the conference call will be available after 2:00 p.m. Eastern Time on October 29, 2019, through November 19, 2019, by calling (800) 585-8367 (Conference ID: 7459787).

(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, Lexus, Jaguar Land Rover, and Audi.



(2) 

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

About AutoNation, Inc.
AutoNation, America's largest automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of September 30, 2019, AutoNation owned and operated over 325 locations from coast to coast. AutoNation has sold over 12 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Launched in 2015, AutoNation's Drive Pink initiative, which has raised over $20 million, 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 www.autonation.com, investors.autonation.com, www.twitter.com/CEOCherylMiller, and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

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, as well as statements regarding our expectations for the future performance of our business and the automotive retail industry and 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 implement successfully our strategic initiatives, partnerships, and investments, including 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,




2019


2018


2019


2018











Revenue:










New vehicle

$

2,874.8

$

2,933.1

$

8,141.1

$

8,685.0


Used vehicle


1,402.9


1,281.7


4,121.9


3,910.9


Parts and service


902.6


864.0


2,680.8


2,579.6


Finance and insurance, net


266.2


247.4


757.9


736.0


Other


14.7


23.0


85.1


89.6

Total revenue


5,461.2


5,349.2


15,786.8


16,001.1











Cost of sales:










New vehicle


2,755.9


2,807.7


7,774.8


8,305.1


Used vehicle


1,310.6


1,190.7


3,842.3


3,642.9


Parts and service


493.6


473.4


1,461.0


1,416.2


Other


13.7


22.1


81.3


87.5

Total cost of sales


4,573.8


4,493.9


13,159.4


13,451.7











Gross profit


887.4


855.3


2,627.4


2,549.4











Selling, general, and administrative expenses


653.8


626.2


1,913.8


1,878.3

Depreciation and amortization


45.2


42.9


133.7


124.0

Franchise rights impairment


-


-


9.6


8.1

Other income, net


(5.1)


(17.4)


(17.5)


(41.6)











Operating income


193.5


203.6


587.8


580.6











Non-operating income (expense) items:










Floorplan interest expense


(33.0)


(32.7)


(109.4)


(93.4)


Other interest expense


(26.1)


(28.4)


(81.6)


(90.4)


Interest income


0.1


0.3


0.4


0.8


Other income, net


2.6


2.3


4.2


3.3











Income from continuing operations before income taxes


137.1


145.1


401.4


400.9











Income tax provision


37.1


32.8


108.3


97.9











Net income from continuing operations


100.0


112.3


293.1


303.0











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


(0.5)


(0.3)


(0.8)


0.3





















Net income

$

99.5

$

112.0

$

292.3

$

303.3





















Diluted earnings (loss) per share*:










Continuing operations

$

1.11

$

1.24

$

3.24

$

3.31


Discontinued operations

$

(0.01)

$

-

$

(0.01)

$

-












Net income

$

1.10

$

1.23

$

3.23

$

3.31





















Weighted average common shares outstanding


90.4


90.8


90.4


91.6











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


89.2


89.9


89.2


89.9





















* 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, 





2019


2018


$ Variance


% Variance


2019


2018


$ Variance


% Variance

Revenue:



















New vehicle

$

2,874.8

$

2,933.1

$

(58.3)


(2.0)

$

8,141.1

$

8,685.0

$

(543.9)


(6.3)



  Retail used vehicle


1,326.5


1,211.6


114.9


9.5


3,895.5


3,666.1


229.4


6.3



  Wholesale


76.4


70.1


6.3


9.0


226.4


244.8


(18.4)


(7.5)



Used vehicle


1,402.9


1,281.7


121.2


9.5


4,121.9


3,910.9


211.0


5.4



Finance and insurance, net


266.2


247.4


18.8


7.6


757.9


736.0


21.9


3.0


Total variable operations


4,543.9


4,462.2


81.7


1.8


13,020.9


13,331.9


(311.0)


(2.3)


Parts and service


902.6


864.0


38.6


4.5


2,680.8


2,579.6


101.2


3.9


Other


14.7


23.0


(8.3)




85.1


89.6


(4.5)



Total revenue

$

5,461.2

$

5,349.2

$

112.0


2.1

$

15,786.8

$

16,001.1

$

(214.3)


(1.3)







































Gross profit:



















New vehicle

$

118.9

$

125.4

$

(6.5)


(5.2)

$

366.3

$

379.9

$

(13.6)


(3.6)



  Retail used vehicle


87.6


87.4


0.2


0.2


262.4


256.4


6.0


2.3



  Wholesale


4.7


3.6


1.1




17.2


11.6


5.6





Used vehicle


92.3


91.0


1.3


1.4


279.6


268.0


11.6


4.3



Finance and insurance


266.2


247.4


18.8


7.6


757.9


736.0


21.9


3.0


Total variable operations


477.4


463.8


13.6


2.9


1,403.8


1,383.9


19.9


1.4


Parts and service


409.0


390.6


18.4


4.7


1,219.8


1,163.4


56.4


4.8


Other


1.0


0.9


0.1




3.8


2.1


1.7



Total gross profit


887.4


855.3


32.1


3.8


2,627.4


2,549.4


78.0


3.1




















Selling, general, and administrative expenses


653.8


626.2


(27.6)


(4.4)


1,913.8


1,878.3


(35.5)


(1.9)




















Depreciation and amortization


45.2


42.9


(2.3)




133.7


124.0


(9.7)



Franchise rights impairment


-


-


-




9.6


8.1


(1.5)



Other income, net


(5.1)


(17.4)


(12.3)




(17.5)


(41.6)


(24.1)



 Operating income 


193.5


203.6


(10.1)


(5.0)


587.8


580.6


7.2


1.2




















Non-operating income (expense) items:



















Floorplan interest expense


(33.0)


(32.7)


(0.3)




(109.4)


(93.4)


(16.0)





Other interest expense


(26.1)


(28.4)


2.3




(81.6)


(90.4)


8.8





Interest income


0.1


0.3


(0.2)




0.4


0.8


(0.4)





Other income, net


2.6


2.3


0.3




4.2


3.3


0.9



Income from continuing operations before income taxes

$

137.1

$

145.1

$

(8.0)


(5.5)

$

401.4

$

400.9

$

0.5


0.1




















Retail vehicle unit sales:



















New 


74,190


79,237


(5,047)


(6.4)


208,219


232,469


(24,250)


(10.4)



Used


63,581


60,446


3,135


5.2


187,091


182,737


4,354


2.4





137,771


139,683


(1,912)


(1.4)


395,310


415,206


(19,896)


(4.8)




















Revenue per vehicle retailed:



















New 

$

38,749

$

37,017

$

1,732


4.7

$

39,099

$

37,360

$

1,739


4.7



Used

$

20,863

$

20,044

$

819


4.1

$

20,821

$

20,062

$

759


3.8




















Gross profit per vehicle retailed:



















New 

$

1,603

$

1,583

$

20


1.3

$

1,759

$

1,634

$

125


7.6



Used

$

1,378

$

1,446

$

(68)


(4.7)

$

1,403

$

1,403

$

-


-



Finance and insurance

$

1,932

$

1,771

$

161


9.1

$

1,917

$

1,773

$

144


8.1



Total variable operations(1)

$

3,431

$

3,295

$

136


4.1

$

3,508

$

3,305

$

203


6.1









































Operating Percentages


 Three Months Ended September 30, 


 Nine Months Ended September 30, 













2019 (%)


2018 (%)


2019 (%)


2018 (%)




























Revenue mix percentages:



















New vehicle


52.6


54.8


51.6


54.3











Used vehicle


25.7


24.0


26.1


24.4











Parts and service


16.5


16.2


17.0


16.1











Finance and insurance, net


4.9


4.6


4.8


4.6











Other


0.3


0.4


0.5


0.6













100.0


100.0


100.0


100.0




























Gross profit mix percentages:



















New vehicle


13.4


14.7


13.9


14.9











Used vehicle


10.4


10.6


10.6


10.5











Parts and service


46.1


45.7


46.4


45.6











Finance and insurance


30.0


28.9


28.8


28.9











Other


0.1


0.1


0.3


0.1













100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:



















Gross profit:



















   New vehicle


4.1


4.3


4.5


4.4











   Used vehicle - retail


6.6


7.2


6.7


7.0











   Parts and service


45.3


45.2


45.5


45.1











   Total


16.2


16.0


16.6


15.9











Selling, general, and administrative expenses


12.0


11.7


12.1


11.7











Operating income


3.5


3.8


3.7


3.6




























Operating items as a percentage of total gross profit:



















Selling, general, and administrative expenses


73.7


73.2


72.8


73.7











Operating income


21.8


23.8


22.4


22.8















































(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.









 

 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions) 






































Segment Operating Highlights


Three Months Ended September 30,


 Nine Months Ended September 30, 




2019


2018


$ Variance


% Variance


2019


2018


$ Variance


% Variance





































Revenue:


















Domestic

$

1,728.6

$

1,789.7

$

(61.1)


(3.4)

$

5,004.7

$

5,389.5

$

(384.8)


(7.1)


Import


1,722.5


1,770.6


(48.1)


(2.7)


4,845.9


5,140.2


(294.3)


(5.7)


Premium luxury


1,820.5


1,668.8


151.7


9.1


5,375.5


5,116.8


258.7


5.1


    Total


5,271.6


5,229.1


42.5


0.8


15,226.1


15,646.5


(420.4)


(2.7)


Corporate and other


189.6


120.1


69.5


57.9


560.7


354.6


206.1


58.1


    Total consolidated revenue

$

5,461.2

$

5,349.2

$

112.0


2.1

$

15,786.8

$

16,001.1

$

(214.3)


(1.3)





































Segment income*:


















Domestic

$

70.3

$

67.2

$

3.1


4.6

$

192.4

$

194.6

$

(2.2)


(1.1)


Import


86.9


85.3


1.6


1.9


240.9


236.2


4.7


2.0


Premium luxury


89.0


76.9


12.1


15.7


268.6


249.5


19.1


7.7


    Total 


246.2


229.4


16.8


7.3


701.9


680.3


21.6


3.2



















Corporate and other


(85.7)


(58.5)


(27.2)




(223.5)


(193.1)


(30.4)



Add:  Floorplan interest expense


33.0


32.7


0.3




109.4


93.4


16.0



Operating income

$

193.5

$

203.6

$

(10.1)


(5.0)

$

587.8

$

580.6

$

7.2


1.2



















* 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


23,227


25,966


(2,739)


(10.5)


66,117


76,871


(10,754)


(14.0)


Import


34,765


37,540


(2,775)


(7.4)


95,478


107,776


(12,298)


(11.4)


Premium luxury


16,198


15,731


467


3.0


46,624


47,822


(1,198)


(2.5)




74,190


79,237


(5,047)


(6.4)


208,219


232,469


(24,250)


(10.4)






































Brand Mix - Retail New Vehicle Units Sold




















 Three Months Ended September 30, 


 Nine Months Ended September 30, 












2019 (%)


2018 (%)


2019 (%)


2018 (%)




























Domestic:


















   Ford, Lincoln


11.1


12.4


11.3


12.4










   Chevrolet, Buick, Cadillac, GMC


10.7


10.6


10.9


11.0










   Chrysler, Dodge, Jeep, Ram


9.5


9.8


9.6


9.7










     Domestic total


31.3


32.8


31.8


33.1




























Import:


















   Toyota


21.6


20.4


20.3


19.6










   Honda


14.2


13.9


14.4


13.9










   Nissan


3.6


5.4


3.7


5.5










   Other Import


7.5


7.6


7.4


7.3










     Import total


46.9


47.3


45.8


46.3




























Premium Luxury:


















   Mercedes-Benz


8.1


6.9


8.3


7.8










   BMW


6.1


5.0


6.1


4.8










   Lexus


2.0


2.2


2.2


2.3










   Audi


2.2


2.4


2.1


2.3










   Jaguar Land Rover


2.0


1.9


2.2


1.9










   Other Premium Luxury 


1.4


1.5


1.5


1.5










     Premium Luxury total


21.8


19.9


22.4


20.6






























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,









2019


2018


2019


2018





















Capital expenditures (1)

$

62.6

$

88.9

$

170.1

$

271.6






Cash paid for acquisitions, net of cash acquired

$

0.4

$

65.2

$

4.7

$

67.9






Proceeds from exercises of stock options

$

4.9

$

1.8

$

8.0

$

16.0






Stock repurchases:















Aggregate purchase price

$

-

$

-

$

44.7

$

100.0







Shares repurchased (in millions)


-


-


1.3


2.1





































Floorplan Assistance and Expense


 Three Months Ended September 30,


 Nine Months Ended September 30,





2019


2018


 Variance


2019


2018


 Variance

















Floorplan assistance earned (included in cost of sales)

$

28.7

$

28.9

$

(0.2)

$

81.5

$

87.1

$

(5.6)


New vehicle floorplan interest expense


(30.1)


(30.5)


0.4


(101.4)


(87.2)


(14.2)


















Net new vehicle inventory carrying cost

$

(1.4)

$

(1.6)

$

0.2

$

(19.9)

$

(0.1)

$

(19.8)

































Balance Sheet and Other Highlights
































September 30, 2019


December 31, 2018


September 30, 2018























Cash and cash equivalents

$

45.0

$

48.6

$

52.6








Inventory

$

3,280.7

$

3,650.5

$

3,381.3








Total floorplan notes payable

$

3,481.1

$

3,997.7

$

3,603.3








Non-vehicle debt

$

2,269.9

$

2,600.5

$

2,567.4








Equity

$

2,996.7

$

2,716.0

$

2,618.0








New days supply (industry standard of selling days)


 55 days


 60 days


 63 days








Used days supply (trailing calendar month days)


 37 days


 42 days


 37 days






















































Key Credit Agreement Covenant Compliance Calculations  (2)





























Leverage ratio




 2.65x










Covenant

less than or equal to


 3.75x

























Capitalization ratio




55.7%










Covenant

less than or equal to


70.0%








































(1)

Includes accrued construction in progress and excludes property associated with leases entered into during the period










(2)

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, 





2019


2018


$ Variance


% Variance


2019


2018


$ Variance


% Variance

Revenue:



















New vehicle

$

2,836.3

$

2,855.3

$

(19.0)


(0.7)

$

7,965.6

$

8,431.6

$

(466.0)


(5.5)



  Retail used vehicle


1,308.1


1,179.0


129.1


10.9


3,806.9


3,556.2


250.7


7.0



  Wholesale


75.5


68.7


6.8


9.9


221.7


238.7


(17.0)


(7.1)



Used vehicle


1,383.6


1,247.7


135.9


10.9


4,028.6


3,794.9


233.7


6.2



Finance and insurance, net


263.6


242.0


21.6


8.9


746.4


718.3


28.1


3.9


Total variable operations


4,483.5


4,345.0


138.5


3.2


12,740.6


12,944.8


(204.2)


(1.6)


Parts and service


889.0


840.7


48.3


5.7


2,612.7


2,501.2


111.5


4.5


Other


14.6


22.8


(8.2)




83.0


89.5


(6.5)



Total revenue

$

5,387.1

$

5,208.5

$

178.6


3.4

$

15,436.3

$

15,535.5

$

(99.2)


(0.6)







































Gross profit:



















New vehicle

$

117.7

$

122.7

$

(5.0)


(4.1)

$

359.8

$

374.5

$

(14.7)


(3.9)



  Retail used vehicle


87.2


85.8


1.4


1.6


258.7


251.4


7.3


2.9



  Wholesale


4.8


3.6


1.2




16.7


11.9


4.8





Used vehicle


92.0


89.4


2.6


2.9


275.4


263.3


12.1


4.6



Finance and insurance


263.6


242.0


21.6


8.9


746.4


718.3


28.1


3.9


Total variable operations


473.3


454.1


19.2


4.2


1,381.6


1,356.1


25.5


1.9


Parts and service


402.8


380.3


22.5


5.9


1,189.3


1,128.1


61.2


5.4


Other


1.0


0.7


0.3




3.8


2.3


1.5



Total gross profit

$

877.1

$

835.1

$

42.0


5.0

$

2,574.7

$

2,486.5

$

88.2


3.5




















Retail vehicle unit sales:



















New 


73,271


76,818


(3,547)


(4.6)


204,022


224,656


(20,634)


(9.2)



Used


62,708


58,440


4,268


7.3


182,616


176,054


6,562


3.7





135,979


135,258


721


0.5


386,638


400,710


(14,072)


(3.5)




















Revenue per vehicle retailed:



















New 

$

38,710

$

37,170

$

1,540


4.1

$

39,043

$

37,531

$

1,512


4.0



Used

$

20,860

$

20,175

$

685


3.4

$

20,846

$

20,199

$

647


3.2




















Gross profit per vehicle retailed:



















New 

$

1,606

$

1,597

$

9


0.6

$

1,764

$

1,667

$

97


5.8



Used

$

1,391

$

1,468

$

(77)


(5.2)

$

1,417

$

1,428

$

(11)


(0.8)



Finance and insurance

$

1,939

$

1,789

$

150


8.4

$

1,930

$

1,793

$

137


7.6



Total variable operations(1)

$

3,445

$

3,331

$

114


3.4

$

3,530

$

3,355

$

175


5.2









































Operating Percentages


 Three Months Ended September 30, 


 Nine Months Ended September 30, 













2019 (%)


2018 (%)


2019 (%)


2018 (%)




























Revenue mix percentages:



















New vehicle


52.6


54.8


51.6


54.3











Used vehicle


25.7


24.0


26.1


24.4











Parts and service


16.5


16.1


16.9


16.1











Finance and insurance, net


4.9


4.6


4.8


4.6











Other


0.3


0.5


0.6


0.6













100.0


100.0


100.0


100.0




























Gross profit mix percentages:



















New vehicle


13.4


14.7


14.0


15.1











Used vehicle


10.5


10.7


10.7


10.6











Parts and service


45.9


45.5


46.2


45.4











Finance and insurance


30.1


29.0


29.0


28.9











Other


0.1


0.1


0.1


-













100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:



















Gross profit:



















   New vehicle


4.1


4.3


4.5


4.4











   Used vehicle - retail


6.7


7.3


6.8


7.1











   Parts and service


45.3


45.2


45.5


45.1











   Total


16.3


16.0


16.7


16.0















































(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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