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AutoNation Reports Third Quarter 2017 Results

FORT LAUDERDALE, Fla., Nov. 2, 2017 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported third quarter 2017 net income from continuing operations of $98 million, or $1.00 per share. The Company estimates that Hurricane Irma negatively impacted third quarter 2017 net income from continuing operations by approximately $8 million after-tax, or $0.08 per share. For the third quarter of 2017, AutoNation's retail vehicle unit sales were up 1%, or up 2% on a same store basis, compared to the year-ago period. Third quarter 2016 net income from continuing operations totaled $108 million, or $1.05 per share.

Share Repurchase

During the third quarter of 2017, AutoNation repurchased 9.2 million shares of common stock for an aggregate purchase price of $400 million. As of October 31, 2017, AutoNation has approximately $114 million remaining Board authorization for share repurchase and 91 million shares outstanding.

Segment Results

Segment results(1) for the third quarter and first nine months of 2017 were as follows:

Third Quarter 2017 Segment Results

  • Domestic - Domestic segment income(2) was $69 million compared to year-ago segment income of $84 million, a decrease of 18%.
  • Import - Import segment income(2) was $81 million compared to year-ago segment income of $79 million, an increase of 2%.
  • Premium Luxury - Premium Luxury segment income(2) was $79 million compared to year-ago segment income of $81 million, a decrease of 3%.

First Nine Months 2017 Segment Results

  • Domestic - Domestic segment income(2) was $191 million compared to year-ago segment income of $247 million, a decrease of 23%.
  • Import - Import segment income(2) was $228 million compared to year-ago segment income of
    $230 million, a decrease of 1%.
  • Premium Luxury - Premium Luxury segment income(2) was $243 million compared to year-ago segment income of $257 million, a decrease of 5%.

For the nine-month period ended September 30, 2017, the Company reported net income from continuing operations of $284 million, or $2.83 per share, compared to net income from continuing operations of $316 million, or $3.02 per share, for the same period in the prior year. The Company's revenue for the nine-month period ended September 30, 2017, totaled $15.9 billion, down 2% compared to $16.1 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 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 November 2, 2017 through November 16, 2017 by calling 800-925-4633 (passcode: 5481).

(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, 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, through its bold leadership, innovation and its comprehensive brand extensions, is transforming the automotive industry. As of September 30, 2017, AutoNation owned and operated 361 new vehicle franchises 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, including our brand extension strategies, open safety recalls, 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 conditions in the credit markets and changes in interest rates; 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 INCOME STATEMENTS

(In millions, except per share data)















Three Months Ended September 30,



Nine Months Ended September 30,




2017


2016



2017


2016












Revenue:











New vehicle

$

3,108.4

$

3,195.9


$

8,835.5

$

9,068.0


Used vehicle


1,228.3


1,276.8



3,670.3


3,777.8


Parts and service


841.6


843.8



2,544.2


2,498.9


Finance and insurance, net


241.6


229.6



692.0


678.1


Other


12.5


21.4



109.1


105.7

Total revenue


5,432.4


5,567.5



15,851.1


16,128.5












Cost of sales:











New vehicle


2,963.6


3,037.7



8,408.2


8,597.8


Used vehicle


1,142.6


1,199.6



3,433.1


3,525.6


Parts and service


474.2


480.0



1,428.2


1,418.8


Other


6.1


13.8



89.8


82.2

Total cost of sales


4,586.5


4,731.1



13,359.3


13,624.4












Gross profit


845.9


836.4



2,491.8


2,504.1












Selling, general, and administrative expenses


607.5


591.3



1,814.1


1,765.2

Depreciation and amortization


41.4


36.3



118.0


107.0

Other income, net


(14.2)


(10.2)



(54.4)


(21.0)












Operating income


211.2


219.0



614.1


652.9












Non-operating income (expense) items:











Floorplan interest expense


(25.1)


(18.2)



(70.7)


(56.4)


Other interest expense


(30.0)


(28.9)



(88.0)


(85.9)


Interest income


0.2


0.3



0.8


0.8


Other income, net


1.6


2.6



6.4


3.4












Income from continuing operations before income taxes


157.9


174.8



462.6


514.8












Income tax provision


60.3


67.0



179.1


198.7












Net income from continuing operations


97.6


107.8



283.5


316.1












Loss from discontinued operations, net of income taxes


(0.1)


(0.5)



(0.2)


(0.9)























Net income

$

97.5

$

107.3


$

283.3

$

315.2























Diluted earnings (loss) per share*:











Continuing operations

$

1.00

$

1.05


$

2.83

$

3.02


Discontinued operations

$

-

$

-


$

-

$

(0.01)













Net income

$

1.00

$

1.05


$

2.82

$

3.02























Weighted average common shares outstanding


97.7


102.6



100.3


104.5












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


91.2


101.2



91.2


101.2























* 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,





2017


2016


$ Variance


% Variance



2017


2016


$ Variance


% Variance

Revenue:




















New vehicle

$

3,108.4

$

3,195.9

$

(87.5)


(2.7)


$

8,835.5

$

9,068.0

$

(232.5)


(2.6)



Retail used vehicle


1,151.5


1,127.9


23.6


2.1



3,438.7


3,370.4


68.3


2.0



Wholesale


76.8


148.9


(72.1)


(48.4)



231.6


407.4


(175.8)


(43.2)



Used vehicle


1,228.3


1,276.8


(48.5)


(3.8)



3,670.3


3,777.8


(107.5)


(2.8)



Finance and insurance, net


241.6


229.6


12.0


5.2



692.0


678.1


13.9


2.0


Total variable operations


4,578.3


4,702.3


(124.0)


(2.6)



13,197.8


13,523.9


(326.1)


(2.4)


Parts and service


841.6


843.8


(2.2)


(0.3)



2,544.2


2,498.9


45.3


1.8


Other


12.5


21.4


(8.9)





109.1


105.7


3.4



Total revenue

$

5,432.4

$

5,567.5

$

(135.1)


(2.4)


$

15,851.1

$

16,128.5

$

(277.4)


(1.7)









































Gross profit:




















New vehicle

$

144.8

$

158.2

$

(13.4)


(8.5)


$

427.3

$

470.2

$

(42.9)


(9.1)



Retail used vehicle


83.9


84.7


(0.8)


(0.9)



232.8


265.1


(32.3)


(12.2)



Wholesale


1.8


(7.5)


9.3





4.4


(12.9)


17.3





Used vehicle


85.7


77.2


8.5


11.0



237.2


252.2


(15.0)


(5.9)



Finance and insurance


241.6


229.6


12.0


5.2



692.0


678.1


13.9


2.0


Total variable operations


472.1


465.0


7.1


1.5



1,356.5


1,400.5


(44.0)


(3.1)


Parts and service


367.4


363.8


3.6


1.0



1,116.0


1,080.1


35.9


3.3


Other


6.4


7.6


(1.2)





19.3


23.5


(4.2)



Total gross profit


845.9


836.4


9.5


1.1



2,491.8


2,504.1


(12.3)


(0.5)





















Selling, general, and administrative expenses


607.5


591.3


(16.2)


(2.7)



1,814.1


1,765.2


(48.9)


(2.8)





















Depreciation and amortization


41.4


36.3


(5.1)





118.0


107.0


(11.0)



Other income, net


(14.2)


(10.2)


4.0





(54.4)


(21.0)


33.4



Operating income


211.2


219.0


(7.8)


(3.6)



614.1


652.9


(38.8)


(5.9)





















Non-operating income (expense) items:




















Floorplan interest expense


(25.1)


(18.2)


(6.9)





(70.7)


(56.4)


(14.3)





Other interest expense


(30.0)


(28.9)


(1.1)





(88.0)


(85.9)


(2.1)





Interest income


0.2


0.3


(0.1)





0.8


0.8


-





Other income, net


1.6


2.6


(1.0)





6.4


3.4


3.0



Income from continuing operations before income taxes

$

157.9

$

174.8

$

(16.9)


(9.7)


$

462.6

$

514.8

$

(52.2)


(10.1)





















Retail vehicle unit sales:




















New


86,192


88,322


(2,130)


(2.4)



241,882


253,000


(11,118)


(4.4)



Used


59,330


55,760


3,570


6.4



178,204


170,500


7,704


4.5





145,522


144,082


1,440


1.0



420,086


423,500


(3,414)


(0.8)





















Revenue per vehicle retailed:




















New

$

36,064

$

36,185

$

(121)


(0.3)


$

36,528

$

35,842

$

686


1.9



Used

$

19,408

$

20,228

$

(820)


(4.1)


$

19,296

$

19,768

$

(472)


(2.4)





















Gross profit per vehicle retailed:




















New

$

1,680

$

1,791

$

(111)


(6.2)


$

1,767

$

1,858

$

(91)


(4.9)



Used

$

1,414

$

1,519

$

(105)


(6.9)


$

1,306

$

1,555

$

(249)


(16.0)



Finance and insurance

$

1,660

$

1,594

$

66


4.1


$

1,647

$

1,601

$

46


2.9



Total variable operations(1)

$

3,232

$

3,279

$

(47)


(1.4)


$

3,219

$

3,337

$

(118)


(3.5)











































Operating Percentages


Three Months Ended September 30,


Nine Months Ended September 30,














2017 (%)


2016 (%)


2017 (%)


2016 (%)






























Revenue mix percentages:




















New vehicle


57.2


57.4


55.7


56.2












Used vehicle


22.6


22.9


23.2


23.4












Parts and service


15.5


15.2


16.1


15.5












Finance and insurance, net


4.4


4.1


4.4


4.2












Other


0.3


0.4


0.6


0.7














100.0


100.0


100.0


100.0






























Gross profit mix percentages:




















New vehicle


17.1


18.9


17.1


18.8












Used vehicle


10.1


9.2


9.5


10.1












Parts and service


43.4


43.5


44.8


43.1












Finance and insurance


28.6


27.5


27.8


27.1












Other


0.8


0.9


0.8


0.9














100.0


100.0


100.0


100.0






























Operating items as a percentage of revenue:




















Gross profit:




















New vehicle


4.7


5.0


4.8


5.2












Used vehicle - retail


7.3


7.5


6.8


7.9












Parts and service


43.7


43.1


43.9


43.2












Total


15.6


15.0


15.7


15.5












Selling, general, and administrative expenses


11.2


10.6


11.4


10.9












Operating income


3.9


3.9


3.9


4.0






























Operating items as a percentage of total gross profit:




















Selling, general, and administrative expenses


71.8


70.7


72.8


70.5












Operating income


25.0


26.2


24.6


26.1


















































(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,




2017


2016


$ Variance


% Variance



2017


2016


$ Variance


% Variance







































Revenue:



















Domestic

$

1,912.4

$

2,044.9

$

(132.5)


(6.5)


$

5,557.7

$

5,888.2

$

(330.5)


(5.6)


Import


1,789.7


1,779.0


10.7


0.6



5,123.5


5,202.1


(78.6)


(1.5)


Premium luxury


1,634.3


1,680.6


(46.3)


(2.8)



4,894.9


4,865.6


29.3


0.6


Total


5,336.4


5,504.5


(168.1)


(3.1)



15,576.1


15,955.9


(379.8)


(2.4)


Corporate and other


96.0


63.0


33.0


52.4



275.0


172.6


102.4


59.3


Total consolidated revenue

$

5,432.4

$

5,567.5

$

(135.1)


(2.4)


$

15,851.1

$

16,128.5

$

(277.4)


(1.7)







































Segment income*:



















Domestic

$

69.0

$

83.9

$

(14.9)


(17.8)


$

190.5

$

246.9

$

(56.4)


(22.8)


Import


81.0


79.3


1.7


2.1



227.9


230.0


(2.1)


(0.9)


Premium luxury


78.8


80.9


(2.1)


(2.6)



243.3


256.8


(13.5)


(5.3)


Total


228.8


244.1


(15.3)


(6.3)



661.7


733.7


(72.0)


(9.8)




















Corporate and other


(42.7)


(43.3)


0.6





(118.3)


(137.2)


18.9



Add: Floorplan interest expense


25.1


18.2


6.9





70.7


56.4


14.3



Operating income

$

211.2

$

219.0

$

(7.8)


(3.6)


$

614.1

$

652.9

$

(38.8)


(5.9)




















* 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


29,618


31,749


(2,131)


(6.7)



82,765


90,156


(7,391)


(8.2)


Import


40,442


39,390


1,052


2.7



111,781


113,517


(1,736)


(1.5)


Premium luxury


16,132


17,183


(1,051)


(6.1)



47,336


49,327


(1,991)


(4.0)




86,192


88,322


(2,130)


(2.4)



241,882


253,000


(11,118)


(4.4)








































Brand Mix - Retail New Vehicle Units Sold





















Three Months Ended September 30,


Nine Months Ended September 30,













2017 (%)


2016 (%)


2017 (%)


2016 (%)






























Domestic:



















Ford, Lincoln


14.2


15.0


13.8


15.0











Chevrolet, Buick, Cadillac, GMC


10.8


11.2


10.6


11.2











Chrysler, Dodge, Jeep, Ram


9.4


9.7


9.8


9.4











Domestic total


34.4


35.9


34.2


35.6






























Import:



















Toyota


19.5


18.0


18.9


17.6











Honda


13.2


12.6


13.2


12.6











Nissan


6.8


7.1


6.9


7.9











Other Import


7.4


6.9


7.2


6.8











Import total


46.9


44.6


46.2


44.9






























Premium Luxury:



















Mercedes-Benz


6.9


8.1


7.6


8.2











BMW


4.0


4.4


4.4


4.3











Lexus


2.6


2.5


2.5


2.6











Audi


2.3


2.2


2.3


2.2











Other Premium Luxury (Land Rover, Porsche)


2.9


2.3


2.8


2.2











Premium Luxury total


18.7


19.5


19.6


19.5
































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,









2017


2016


2017


2016





















Capital expenditures (1)

$

55.9

$

69.3

$

224.6

$

181.7






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

$

4.0

$

99.6

$

56.9

$

362.5






Proceeds from exercises of stock options

$

1.9

$

4.6

$

24.7

$

7.8






Stock repurchases:















Aggregate purchase price

$

400.0

$

50.0

$

434.9

$

470.6







Shares repurchased (in millions)


9.2


1.0


10.1


9.9





































Floorplan Assistance and Expense


Three Months Ended September 30,


Nine Months Ended September 30,





2017


2016


Variance


2017


2016


Variance

















Floorplan assistance earned (included in cost of sales)

$

31.1

$

31.8

$

(0.7)

$

88.7

$

92.4

$

(3.7)


New vehicle floorplan interest expense


(23.4)


(16.9)


(6.5)


(66.2)


(52.9)


(13.3)


















Net new vehicle inventory carrying benefit

$

7.7

$

14.9

$

(7.2)

$

22.5

$

39.5

$

(17.0)

































Balance Sheet and Other Highlights
































September 30, 2017


December 31, 2016


September 30, 2016























Cash and cash equivalents

$

53.3

$

64.8

$

62.2








Inventory

$

3,408.6

$

3,520.1

$

3,448.0








Total floorplan notes payable

$

3,630.5

$

3,849.2

$

3,539.5








Non-vehicle debt

$

2,857.6

$

2,720.6

$

2,757.8








Equity

$

2,200.5

$

2,310.3

$

2,220.8








New days supply (industry standard of selling days)


59 days


61 days


62 days








Used days supply (trailing calendar month days)


38 days


44 days


44 days






















































Key Credit Agreement Covenant Compliance Calculations(3)





























Leverage ratio




3.03x










Covenant

less than or equal to


3.75x

























Capitalization ratio




63.4%










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,





2017


2016


$ Variance


% Variance



2017


2016


$ Variance


% Variance

Revenue:




















New vehicle

$

3,061.2

$

3,135.1

$

(73.9)


(2.4)


$

8,594.4

$

8,829.4

$

(235.0)


(2.7)



Retail used vehicle


1,124.9


1,106.1


18.8


1.7



3,340.2


3,272.1


68.1


2.1



Wholesale


73.3


145.8


(72.5)


(49.7)



221.8


395.0


(173.2)


(43.8)



Used vehicle


1,198.2


1,251.9


(53.7)


(4.3)



3,562.0


3,667.1


(105.1)


(2.9)



Finance and insurance, net


238.8


226.3


12.5


5.5



679.3


662.6


16.7


2.5


Total variable operations


4,498.2


4,613.3


(115.1)


(2.5)



12,835.7


13,159.1


(323.4)


(2.5)


Parts and service


828.6


827.8


0.8


0.1



2,480.4


2,428.3


52.1


2.1


Other


12.6


21.5


(8.9)





108.9


105.5


3.4



Total revenue

$

5,339.4

$

5,462.6

$

(123.2)


(2.3)


$

15,425.0

$

15,692.9

$

(267.9)


(1.7)









































Gross profit:




















New vehicle

$

142.2

$

155.9

$

(13.7)


(8.8)


$

414.3

$

462.5

$

(48.2)


(10.4)



Retail used vehicle


83.3


83.0


0.3


0.4



228.5


257.8


(29.3)


(11.4)



Wholesale


(0.6)


(7.1)


6.5





-


(11.8)


11.8





Used vehicle


82.7


75.9


6.8


9.0



228.5


246.0


(17.5)


(7.1)



Finance and insurance


238.8


226.3


12.5


5.5



679.3


662.6


16.7


2.5


Total variable operations


463.7


458.1


5.6


1.2



1,322.1


1,371.1


(49.0)


(3.6)


Parts and service


361.7


356.5


5.2


1.5



1,088.5


1,048.7


39.8


3.8


Other


6.4


7.6


(1.2)





19.0


23.2


(4.2)



Total gross profit

$

831.8

$

822.2

$

9.6


1.2


$

2,429.6

$

2,443.0

$

(13.4)


(0.5)





















Retail vehicle unit sales:




















New


85,186


86,389


(1,203)


(1.4)



236,374


245,114


(8,740)


(3.6)



Used


57,984


54,394


3,590


6.6



173,128


164,180


8,948


5.5





143,170


140,783


2,387


1.7



409,502


409,294


208


0.1





















Revenue per vehicle retailed:




















New

$

35,935

$

36,290

$

(355)


(1.0)


$

36,359

$

36,022

$

337


0.9



Used

$

19,400

$

20,335

$

(935)


(4.6)


$

19,293

$

19,930

$

(637)


(3.2)





















Gross profit per vehicle retailed:




















New

$

1,669

$

1,805

$

(136)


(7.5)


$

1,753

$

1,887

$

(134)


(7.1)



Used

$

1,437

$

1,526

$

(89)


(5.8)


$

1,320

$

1,570

$

(250)


(15.9)



Finance and insurance

$

1,668

$

1,607

$

61


3.8


$

1,659

$

1,619

$

40


2.5



Total variable operations(1)

$

3,243

$

3,304

$

(61)


(1.8)


$

3,229

$

3,379

$

(150)


(4.4)











































Operating Percentages


Three Months Ended September 30,


Nine Months Ended September 30,














2017 (%)


2016 (%)


2017 (%)


2016 (%)






























Revenue mix percentages:




















New vehicle


57.3


57.4


55.7


56.3












Used vehicle


22.4


22.9


23.1


23.4












Parts and service


15.5


15.2


16.1


15.5












Finance and insurance, net


4.5


4.1


4.4


4.2












Other


0.3


0.4


0.7


0.6














100.0


100.0


100.0


100.0






























Gross profit mix percentages:




















New vehicle


17.1


19.0


17.1


18.9












Used vehicle


9.9


9.2


9.4


10.1












Parts and service


43.5


43.4


44.8


42.9












Finance and insurance


28.7


27.5


28.0


27.1












Other


0.8


0.9


0.7


1.0














100.0


100.0


100.0


100.0






























Operating items as a percentage of revenue:




















Gross profit:




















New vehicle


4.6


5.0


4.8


5.2












Used vehicle - retail


7.4


7.5


6.8


7.9












Parts and service


43.7


43.1


43.9


43.2












Total


15.6


15.1


15.8


15.6






























(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.










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SOURCE AutoNation, Inc.