AUTONATION, INC. FORT LAUDERDALE, Fla., Oct. 28, 2015 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported third quarter 2015 net income from continuing operations of $119 million, or $1.05 per share, compared to net income from continuing operations of $107 million, or $0.90 per share, for the same period in the prior year, a 17% improvement on a per-share basis.
Third quarter 2015 revenue totaled $5.4 billion compared to $4.9 billion in the year-ago period, an increase of 9%, driven by stronger performance in all business sectors - new vehicles, used vehicles, parts and service, and finance and insurance. In the third quarter of 2015, AutoNation's retail new vehicle unit sales increased 7% overall and 5% on a same store basis.
Mike Jackson, Chairman, Chief Executive Officer and President said, "We are very pleased with our strong year-over-year growth across all areas of our business, as well as our 20th consecutive quarter of double-digit year-over-year growth in EPS. This quarter we set another record for the highest ever quarterly EPS from continuing operations."
Mr. Jackson also said, "We are pleased with how the AutoNation brand continues to be embraced and with the progress of our digital initiatives. Our consumer-friendly websites now generate over 25% of unit sales while sales from third-party sources have decreased to under 9%."
Acquisitions
AutoNation today announced it has signed an agreement to acquire 12 stores operating in the Houston, Dallas-Fort Worth, Corpus Christi, Tyler, Ennis and Waco, Texas markets from Allen Samuels Auto Group, representing approximately $800 million in annual revenue. Texas will represent approximately 25% of AutoNation's total revenue, with 53 stores, 82 franchises, and 5,300 associates once the acquisition is complete. This transaction is subject to customary terms and conditions, including manufacturer approval, and is expected to close in the first quarter of 2016.
In September 2015, AutoNation completed the previously announced acquisition of a Mercedes-Benz store, an Audi store, and a Subaru and Volkswagen store from Valley Motors Auto Group in the Baltimore, Maryland market. The previously announced acquisition of 13 stores from Carl Gregory Enterprises is expected to close in the fourth quarter of 2015. Since the beginning of 2015, AutoNation has announced acquisitions with approximately $1.7 billion in annual revenue.
Mr. Jackson added, "We continue to seek acquisitions to leverage our scale, expand the AutoNation brand and provide a peerless experience to more customers."
Recall Policy
AutoNation previously announced its policy not to sell any vehicle for which there is an open safety recall. AutoNation estimates that at any given time 5%-10% of its new and used vehicle inventory will be on sales hold under its policy.
Share Repurchase
During the third quarter of 2015, AutoNation repurchased 2.5 million shares of common stock for an aggregate purchase price of $150 million. From October 1, 2015 through October 26, 2015, AutoNation repurchased 0.4 million shares of common stock for an aggregate purchase price of $24 million. As of October 26, 2015, AutoNation has approximately $297 million remaining Board authorization for share repurchase and 111 million shares outstanding.
Segment Results
Segment results((1)) for the third quarter of 2015 were as follows:
-- Domestic - Domestic segment income((2)) was $95 million compared to
year-ago segment income of $77 million, an increase of 23%.
-- Import - Import segment income((2)) was $86 million compared to year-ago
segment income of $77 million, an increase of 11%.
-- Premium Luxury - Premium Luxury segment income((2)) was $85 million
compared to year-ago segment income of $84 million, an increase of 2%.
For the nine-month period ended September 30, 2015, AutoNation reported net income from continuing operations of $346 million, or $3.02 per share, compared to adjusted net income from continuing operations of $298 million, or $2.48 per share, for the same period in the prior year, an improvement of 22% on a per-share basis. On a GAAP basis, net income from continuing operations for the nine-month period ended September 30, 2014 was $303 million, or $2.52 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables. AutoNation's revenue for the nine-month period ended September 30, 2015, totaled $15.5 billion, up 10% compared to $14.1 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 or on AutoNation's investor relations website at http://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 1:00 p.m. Eastern Time on October 28, 2015, through November 11, 2015 by calling (866) 512-0461 (password 6929).
(1) 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 FCA
US (formerly Chrysler); 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,
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 is transforming the automotive retail industry through bold leadership. We deliver a peerless automotive retail experience through our customer-focused sales and service processes. Owning and operating 307 new vehicle franchises, which sell 35 new vehicle brands across 15 states, AutoNation is America's largest automotive retailer, with state-of-the-art operations and the ability to leverage economies of scale that benefit the customer. As an indication of our leadership position in our industry, AutoNation is a component of the S&P 500 Index.
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.
Note: All-time record refers to records based on automotive retail operations, as compared to adjusted results reported in prior periods. Franchise counts include Ram franchises, which were not counted as separate franchises in prior news releases.
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 strategic initiatives and expectations for the future performance of our franchises and the automotive retail industry, as well as 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: our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; our ability to obtain manufacturer approval for pending acquisitions; economic conditions, including conditions in the credit markets and changes in interest rates; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; natural disasters and other adverse weather events; restrictions imposed by vehicle manufacturers; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; our ability to identify open 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.
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 provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide 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 improve the period-to-period comparability of the Company's results from its core business operations.
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
2015 2014 2015 2014
---- ---- ---- ----
Revenue:
New vehicle $3,113.6 $2,823.6 $8,851.0 $7,989.1
Used vehicle 1,205.4 1,148.5 3,614.9 3,280.5
Parts and service 783.3 717.4 2,304.5 2,093.2
Finance and insurance, net 227.1 196.5 652.4 554.3
Other 24.3 23.0 99.4 143.9
Total revenue 5,353.7 4,909.0 15,522.2 14,061.0
------- ------- -------- --------
Cost of sales:
New vehicle 2,942.8 2,666.5 8,352.6 7,524.5
Used vehicle 1,122.2 1,060.1 3,336.9 3,008.5
Parts and service 441.1 413.7 1,305.1 1,202.0
Other 17.3 15.8 78.3 120.8
Total cost of sales 4,523.4 4,156.1 13,072.9 11,855.8
------- ------- -------- --------
Gross profit 830.3 752.9 2,449.3 2,205.2
Selling, general, and
administrative expenses 568.7 522.3 1,695.0 1,547.6
Depreciation and amortization 32.9 27.2 93.7 79.0
Other income, net (7.0) (4.0) (12.1) (15.7)
---- ---- ----- -----
Operating income 235.7 207.4 672.7 594.3
Non-operating income (expense)
items:
Floorplan interest expense (14.7) (13.1) (42.1) (39.6)
Other interest expense (21.4) (21.7) (64.4) (64.6)
Interest income - 0.1 0.1 0.2
Other income (loss), net (4.3) 1.1 (2.7) 3.5
Income from continuing operations
before income taxes 195.3 173.8 563.6 493.8
Income tax provision 76.3 67.1 217.7 190.9
---- ---- ----- -----
Net income from continuing
operations 119.0 106.7 345.9 302.9
Loss from discontinued operations,
net of income taxes (0.5) (0.2) (0.8) (0.9)
---- ---- ---- ----
Net income $118.5 $106.5 $345.1 $302.0
====== ====== ====== ======
Diluted earnings (loss) per
share*:
Continuing operations $1.05 $0.90 $3.02 $2.52
Discontinued operations $ - $ - $(0.01) $(0.01)
Net income $1.04 $0.90 $3.01 $2.51
Weighted average common shares
outstanding 113.6 118.5 114.6 120.2
Common shares outstanding, net of
treasury stock, at period end 111.0 114.5 111.0 114.5
* Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Operating Highlights Three Months Ended September 30, Nine Months Ended September 30,
-------------------- -------------------------------- -------------------------------
2015 2014 $ Variance % Variance 2015 2014 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
New vehicle $3,113.6 $2,823.6 $290.0 10.3 $8,851.0 $7,989.1 $861.9 10.8
Retail used vehicle 1,103.1 1,046.2 56.9 5.4 3,306.3 2,981.1 325.2 10.9
Wholesale 102.3 102.3 - - 308.6 299.4 9.2 3.1
----- ----- --- ----- ----- ---
Used vehicle 1,205.4 1,148.5 56.9 5.0 3,614.9 3,280.5 334.4 10.2
Finance and insurance, net 227.1 196.5 30.6 15.6 652.4 554.3 98.1 17.7
Total variable
operations 4,546.1 4,168.6 377.5 9.1 13,118.3 11,823.9 1,294.4 10.9
Parts and service 783.3 717.4 65.9 9.2 2,304.5 2,093.2 211.3 10.1
Other 24.3 23.0 1.3 99.4 143.9 (44.5)
Total revenue $5,353.7 $4,909.0 $444.7 9.1 $15,522.2 $14,061.0 $1,461.2 10.4
======== ======== ====== ========= ========= ========
Gross profit:
New vehicle $170.8 $157.1 $13.7 8.7 $498.4 $464.6 $33.8 7.3
Retail used vehicle 86.8 91.8 (5.0) (5.4) 280.7 273.3 7.4 2.7
Wholesale (3.6) (3.4) (0.2) (2.7) (1.3) (1.4)
----
Used vehicle 83.2 88.4 (5.2) (5.9) 278.0 272.0 6.0 2.2
Finance and insurance 227.1 196.5 30.6 15.6 652.4 554.3 98.1 17.7
Total variable
operations 481.1 442.0 39.1 8.8 1,428.8 1,290.9 137.9 10.7
Parts and service 342.2 303.7 38.5 12.7 999.4 891.2 108.2 12.1
Other 7.0 7.2 (0.2) 21.1 23.1 (2.0)
Total gross profit 830.3 752.9 77.4 10.3 2,449.3 2,205.2 244.1 11.1
Selling, general, and administrative expenses 568.7 522.3 (46.4) (8.9) 1,695.0 1,547.6 (147.4) (9.5)
Depreciation and amortization 32.9 27.2 (5.7) 93.7 79.0 (14.7)
Other income, net (7.0) (4.0) 3.0 (12.1) (15.7) (3.6)
---- ---- --- ----- ----- ----
Operating income 235.7 207.4 28.3 13.6 672.7 594.3 78.4 13.2
Non-operating income (expense) items:
Floorplan interest expense (14.7) (13.1) (1.6) (42.1) (39.6) (2.5)
Other interest expense (21.4) (21.7) 0.3 (64.4) (64.6) 0.2
Interest income - 0.1 (0.1) 0.1 0.2 (0.1)
Other income (loss), net (4.3) 1.1 (5.4) (2.7) 3.5 (6.2)
---- ----
Income from continuing operations before income taxes $195.3 $173.8 $21.5 12.4 $563.6 $493.8 $69.8 14.1
====== ====== ===== ====== ====== =====
Retail vehicle unit sales:
New 89,535 83,682 5,853 7.0 253,340 235,459 17,881 7.6
Used 57,376 56,584 792 1.4 173,370 161,376 11,994 7.4
--- ------
146,911 140,266 6,645 4.7 426,710 396,835 29,875 7.5
======= ======= ===== ======= ======= ======
Revenue per vehicle retailed:
New $34,775 $33,742 $1,033 3.1 $34,937 $33,930 $1,007 3.0
Used $19,226 $18,489 $737 4.0 $19,071 $18,473 $598 3.2
Gross profit per vehicle retailed:
New $1,908 $1,877 $31 1.7 $1,967 $1,973 $(6) (0.3)
Used $1,513 $1,622 $(109) (6.7) $1,619 $1,694 $(75) (4.4)
Finance and insurance $1,546 $1,401 $145 10.3 $1,529 $1,397 $132 9.4
Total variable operations(1) $3,299 $3,175 $124 3.9 $3,355 $3,256 $99 3.0
Operating Percentages Three Months Ended September 30, Nine Months Ended September 30,
--------------------- -------------------------------- -------------------------------
2015 (%) 2014 (%) 2015 (%) 2014 (%)
------- ------- ------- -------
Revenue mix percentages:
New vehicle 58.2 57.5 57.0 56.8
Used vehicle 22.5 23.4 23.3 23.3
Parts and service 14.6 14.6 14.8 14.9
Finance and insurance, net 4.2 4.0 4.2 3.9
Other 0.5 0.5 0.7 1.1
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix percentages:
New vehicle 20.6 20.9 20.3 21.1
Used vehicle 10.0 11.7 11.4 12.3
Parts and service 41.2 40.3 40.8 40.4
Finance and insurance 27.4 26.1 26.6 25.1
Other 0.8 1.0 0.9 1.1
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating items as a percentage of revenue:
Gross profit:
New vehicle 5.5 5.6 5.6 5.8
Used vehicle - retail 7.9 8.8 8.5 9.2
Parts and service 43.7 42.3 43.4 42.6
Total 15.5 15.3 15.8 15.7
Selling, general, and administrative expenses 10.6 10.6 10.9 11.0
Operating income 4.4 4.2 4.3 4.2
Operating items as a percentage of total gross profit:
Selling, general, and administrative expenses 68.5 69.4 69.2 70.2
Operating income 28.4 27.5 27.5 26.9
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum
of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail
vehicle unit sales.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
Segment Operating Highlights Three Months Ended September 30, Nine Months Ended September 30,
---------------------------- -------------------------------- -------------------------------
2015 2014 $ Variance % Variance 2015 2014 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
Domestic $1,869.1 $1,660.7 $208.4 12.5 $5,299.0 $4,738.6 $560.4 11.8
Import 1,837.4 1,787.8 49.6 2.8 5,311.1 5,055.0 256.1 5.1
Premium luxury 1,607.0 1,422.9 184.1 12.9 4,803.2 4,161.2 642.0 15.4
Total 5,313.5 4,871.4 442.1 9.1 15,413.3 13,954.8 1,458.5 10.5
Corporate and other 40.2 37.6 2.6 6.9 108.9 106.2 2.7 2.5
Total consolidated revenue $5,353.7 $4,909.0 $444.7 9.1 $15,522.2 $14,061.0 $1,461.2 10.4
Segment income*:
Domestic $94.6 $76.7 $17.9 23.3 $258.8 $211.0 $47.8 22.7
Import 85.5 77.1 8.4 10.9 240.6 220.0 20.6 9.4
Premium luxury 85.4 84.0 1.4 1.7 273.9 253.1 20.8 8.2
Total 265.5 237.8 27.7 11.6 773.3 684.1 89.2 13.0
Corporate and other (44.5) (43.5) (1.0) (142.7) (129.4) (13.3)
Add: Floorplan interest expense 14.7 13.1 1.6 42.1 39.6 2.5
Operating income $235.7 $207.4 $28.3 13.6 $672.7 $594.3 $78.4 13.2
====== ====== ===== ====== ====== =====
* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.
Retail new vehicle unit sales:
Domestic 30,488 27,041 3,447 12.7 84,109 77,038 7,071 9.2
Import 42,044 41,765 279 0.7 119,237 116,375 2,862 2.5
Premium luxury 17,003 14,876 2,127 14.3 49,994 42,046 7,948 18.9
89,535 83,682 5,853 7.0 253,340 235,459 17,881 7.6
====== ====== ===== ======= ======= ======
Brand Mix -New Vehicle Retail
Units Sold
------------------------------
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
2015 (%) 2014 (%) 2015 (%) 2014 (%)
------- ------- ------- -------
Domestic:
Ford, Lincoln 16.7 16.3 16.3 16.9
Chevrolet, Buick, Cadillac, GMC 10.6 9.6 10.2 9.8
Chrysler, Jeep, Dodge 6.8 6.4 6.7 6.0
Domestic total 34.1 32.3 33.2 32.7
Import:
Honda 11.4 12.2 11.2 12.0
Toyota 18.9 20.0 19.0 19.6
Nissan 9.7 10.7 9.9 10.9
Other imports 6.9 7.0 7.0 6.9
Import total 46.9 49.9 47.1 49.4
Premium Luxury:
Mercedes-Benz 8.0 7.0 8.2 7.2
BMW 4.4 4.7 4.6 4.7
Lexus 2.5 2.6 2.8 2.6
Audi 1.9 1.6 2.0 1.4
Other premium luxury (Land
Rover, Porsche) 2.2 1.9 2.1 2.0
Premium Luxury total 19.0 17.8 19.7 17.9
100.0 100.0 100.0 100.0
===== ===== ===== =====
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
Capital
Expenditures /
Stock Repurchases Three Months Ended September 30, Nine Months Ended September 30,
------------------ -------------------------------- -------------------------------
2015 2014 2015 2014
---- ---- ---- ----
Capital
expenditures (1) $54.1 $52.0 $188.2 $139.8
Cash paid for
acquisitions (2) $50.7 $13.3 $123.8 $13.3
Proceeds from
exercises of
stock options $5.4 $7.5 $24.1 $29.6
Stock repurchases:
Aggregate purchase price $150.0 $235.9 $209.1 $415.7
Shares repurchased (in millions) 2.5 4.4 3.5 8.0
Floorplan Assistance and Expense Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------- -------------------------------
2015 2014 Variance 2015 2014 Variance
---- ---- -------- ---- ---- --------
Floorplan
assistance earned
(included in cost
of sales) $31.0 $27.4 $3.6 $87.1 $78.1 $9.0
New vehicle
floorplan
interest expense (13.9) (12.5) (1.4) (39.8) (37.8) (2.0)
Net new vehicle inventory
carrying benefit $17.1 $14.9 $2.2 $47.3 $40.3 $7.0
===== ===== ==== ===== ===== ====
Balance Sheet and Other
Highlights
------------------------
September 30, 2015 December 31, 2014 September 30, 2014
------------------ ----------------- ------------------
Cash and cash
equivalents $63.9 $75.4 $67.5
Inventory $3,226.9 $2,899.0 $2,691.4
Total floorplan
notes payable $3,203.8 $3,097.2 $2,774.7
Non-vehicle debt $2,205.1 $2,128.4 $1,933.0
Equity $2,264.9 $2,072.1 $2,012.0
New days supply
(industry
standard of
selling days) 59 days 54 days 57 days
Used days supply
(trailing
calendar month
days) 42 days 38 days 32 days
Key Credit
Agreement
Covenant
Compliance
Calculations(3)
----------------
Leverage ratio 2.20x
Covenant less than or equal to 3.75x
-------- --------------------- -----
Capitalization
ratio 58.8%
Covenant less than or equal to 70.0%
-------- --------------------- ----
(1) Includes accrued construction in progress and excludes
property acquired under capital leases.
(2) Excludes capital leases.
(3) Calculated in accordance with our credit agreement as filed
with the SEC.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Comparable Basis Reconciliations*
--------------------------------
Three Months Ended September 30,
--------------------------------
Net Income Diluted Earnings Per Share**
---------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
As reported $118.5 $106.5 $1.04 $0.90
Discontinued operations, net of income
taxes 0.5 0.2 $ - $ -
From continuing operations, as reported 119.0 106.7 $1.05 $0.90
Adjusted $119.0 $106.7 $1.05 $0.90
====== ======
Nine Months Ended September 30,
-------------------------------
Net Income Diluted Earnings Per Share**
---------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
As reported $345.1 $302.0 $3.01 $2.51
Discontinued operations, net of income
taxes 0.8 0.9 $0.01 $0.01
From continuing operations, as reported 345.9 302.9 $3.02 $2.52
Net gain related to business/property
dispositions - (5.0) $ - $(0.04)
Adjusted $345.9 $297.9 $3.02 $2.48
====== ======
* Please refer to the "Non-GAAP Financial Measures" section of the Press Release.
** Diluted earnings per share amounts are calculated discretely and therefore may not
add up to the total due to rounding.
AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data)
Operating Highlights Three Months Ended September 30, Nine Months Ended September 30,
-------------------- -------------------------------- -------------------------------
2015 2014 $ Variance % Variance 2015 2014 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
New vehicle $3,010.8 $2,809.9 $200.9 7.1 $8,569.6 $7,948.0 $621.6 7.8
Retail used vehicle 1,063.7 1,040.2 23.5 2.3 3,193.5 2,962.8 230.7 7.8
Wholesale 100.4 102.0 (1.6) (1.6) 302.8 298.5 4.3 1.4
Used vehicle 1,164.1 1,142.2 21.9 1.9 3,496.3 3,261.3 235.0 7.2
Finance and insurance, net 221.9 195.5 26.4 13.5 637.5 551.4 86.1 15.6
Total variable
operations 4,396.8 4,147.6 249.2 6.0 12,703.4 11,760.7 942.7 8.0
Parts and service 757.2 713.5 43.7 6.1 2,231.3 2,080.0 151.3 7.3
Other 24.3 22.8 1.5 99.2 142.7 (43.5)
Total revenue $5,178.3 $4,883.9 $294.4 6.0 $15,033.9 $13,983.4 $1,050.5 7.5
======== ======== ====== ========= ========= ========
Gross profit:
New vehicle $164.1 $156.4 $7.7 4.9 $476.6 $462.4 $14.2 3.1
Retail used vehicle 84.3 91.0 (6.7) (7.4) 272.7 271.0 1.7 0.6
Wholesale (3.7) (3.3) (0.4) (2.8) (1.1) (1.7)
Used vehicle 80.6 87.7 (7.1) (8.1) 269.9 269.9 - -
Finance and insurance 221.9 195.5 26.4 13.5 637.5 551.4 86.1 15.6
Total variable
operations 466.6 439.6 27.0 6.1 1,384.0 1,283.7 100.3 7.8
Parts and service 329.6 301.9 27.7 9.2 964.1 885.1 79.0 8.9
Other 6.8 7.2 (0.4) 20.0 22.8 (2.8)
Total gross profit $803.0 $748.7 $54.3 7.3 $2,368.1 $2,191.6 $176.5 8.1
====== ====== ===== ======== ======== ======
Retail vehicle unit sales:
New 87,407 83,165 4,242 5.1 247,353 233,852 13,501 5.8
Used 55,875 56,150 (275) (0.5) 169,008 160,042 8,966 5.6
---- -----
143,282 139,315 3,967 2.8 416,361 393,894 22,467 5.7
======= ======= ===== ======= ======= ======
Revenue per vehicle retailed:
New $34,446 $33,787 $659 2.0 $34,645 $33,987 $658 1.9
Used $19,037 $18,525 $512 2.8 $18,896 $18,513 $383 2.1
Gross profit per vehicle retailed:
New $1,877 $1,881 $(4) (0.2) $1,927 $1,977 $(50) (2.5)
Used $1,509 $1,621 $(112) (6.9) $1,614 $1,693 $(79) (4.7)
Finance and insurance $1,549 $1,403 $146 10.4 $1,531 $1,400 $131 9.4
Total variable operations(1) $3,282 $3,179 $103 3.2 $3,331 $3,262 $69 2.1
Operating Percentages Three Months Ended September 30, Nine Months Ended September 30,
--------------------- -------------------------------- -------------------------------
2015 (%) 2014 (%) 2015 (%) 2014 (%)
------- ------- ------- -------
Revenue mix percentages:
New vehicle 58.1 57.5 57.0 56.8
Used vehicle 22.5 23.4 23.3 23.3
Parts and service 14.6 14.6 14.8 14.9
Finance and insurance, net 4.3 4.0 4.2 3.9
Other 0.5 0.5 0.7 1.1
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix percentages:
New vehicle 20.4 20.9 20.1 21.1
Used vehicle 10.0 11.7 11.4 12.3
Parts and service 41.0 40.3 40.7 40.4
Finance and insurance 27.6 26.1 26.9 25.2
Other 1.0 1.0 0.9 1.0
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating items as a percentage of revenue:
Gross profit:
New vehicle 5.5 5.6 5.6 5.8
Used vehicle - retail 7.9 8.7 8.5 9.1
Parts and service 43.5 42.3 43.2 42.6
Total 15.5 15.3 15.8 15.7
(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.
