FORT LAUDERDALE, Fla.,
July 17, 2014 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest
automotive retailer, today reported 2014 second quarter net income
from continuing operations of $101
million, or $0.83 per share,
compared to net income from continuing operations of $90 million, or $0.73 per share, for the same period in the prior
year, a 14% improvement on a per-share basis.
2014 second quarter revenue totaled $4.8
billion, compared to $4.4
billion in the year-ago period, an increase of 8%, driven by
stronger performance in new vehicles, parts and service, and
finance and insurance. In the second quarter of 2014,
AutoNation's retail new vehicle unit sales increased 6% on a same
store basis and 8% overall.
Mike Jackson, Chairman and Chief
Executive Officer, said, "AutoNation delivered its 15th
consecutive quarter of double-digit year-over-year growth in EPS.
We reconfirm our expectation of U.S. industry new vehicle
unit sales to increase 3% to 5%, bringing U.S. industry new vehicle
sales above 16 million units in 2014."
Acquisitions
In July
2014, AutoNation completed the acquisition of Roundtree
Chrysler Dodge Jeep Ram in the Mobile,
Alabama market. The annual revenue for this store is
approximately $95 million.
Share Repurchase
During the second quarter of 2014,
AutoNation repurchased 1.1 million shares of common stock for an
aggregate purchase price of $64.1
million. As of July 16, 2014,
AutoNation has approximately $336
million remaining Board authorization for share repurchase
and 119 million shares outstanding.
Segment results(1) for the second quarter of 2014
were as follows:
- Domestic - Domestic segment income(2)
was $71 million compared to year-ago
segment income of $66 million, an
increase of 7%.
- Import - Import segment income(2) was
$78 million compared to year-ago
segment income of
$73 million, an increase
of 6%.
- Premium Luxury - Premium Luxury segment
income(2) was $86 million
compared to year-ago segment income of $76
million, an increase of 13%.
For the six-month period ended June 30,
2014, the Company reported adjusted net income from
continuing operations of $191
million, or $1.58 per share,
compared to net income from continuing operations of $173 million, or $1.41 per share, for the same period in the prior
year, an improvement of 12% on a per-share basis. On a GAAP
basis, net income from continuing operations for the six-month
period ended June 30, 2014 was
$196 million, or $1.62 per share. Reconciliations of
non-GAAP financial measures are included in the attached financial
tables. The Company's revenue for the six-month period ended
June 30, 2014, totaled $9.2 billion, up 7% compared to $8.5 billion for the same period in the prior
year.
The second 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 our website under "Events
& Presentations" following the call. A playback of the
conference call will be available after 1:00
p.m. Eastern Time on July 17,
2014, through July 27, 2014 by
calling (866) 462-8982 (password 75300).
(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 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 superior automotive retail
experience through our customer-focused sales and service
processes. Owning and operating 273 new vehicle franchises, which
sell 33 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.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," and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Statements regarding our
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; economic conditions generally; conditions in
the credit markets and changes in interest rates; the success and
financial viability of vehicle manufacturers and distributors with
which we hold franchises; factors affecting our goodwill and other
intangible asset impairment testing; natural disasters and other
adverse weather events; restrictions imposed by vehicle
manufacturers; the resolution of legal and administrative
proceedings; regulatory factors affecting our business; 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
June 30,
|
|
Six Months Ended June
30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$ 2,736.9
|
|
$ 2,493.6
|
|
$ 5,165.5
|
|
$ 4,751.3
|
|
Used
vehicle
|
|
1,082.3
|
|
1,056.5
|
|
2,132.0
|
|
2,066.2
|
|
Parts and
service
|
|
704.8
|
|
655.9
|
|
1,375.8
|
|
1,292.5
|
|
Finance and
insurance, net
|
|
185.4
|
|
173.9
|
|
357.8
|
|
329.5
|
|
Other
|
|
79.1
|
|
46.6
|
|
120.9
|
|
83.4
|
Total
revenue
|
|
4,788.5
|
|
4,426.5
|
|
9,152.0
|
|
8,522.9
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
2,575.3
|
|
2,344.4
|
|
4,858.0
|
|
4,460.4
|
|
Used
vehicle
|
|
993.0
|
|
972.4
|
|
1,948.4
|
|
1,896.1
|
|
Parts and
service
|
|
404.0
|
|
375.7
|
|
788.3
|
|
740.0
|
|
Other
|
|
71.3
|
|
37.9
|
|
105.0
|
|
66.3
|
Total cost of
sales
|
|
4,043.6
|
|
3,730.4
|
|
7,699.7
|
|
7,162.8
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
744.9
|
|
696.1
|
|
1,452.3
|
|
1,360.1
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
524.6
|
|
494.1
|
|
1,025.3
|
|
967.4
|
Depreciation and
amortization
|
|
26.2
|
|
23.3
|
|
51.8
|
|
46.0
|
Other income,
net
|
|
(3.7)
|
|
(2.2)
|
|
(11.7)
|
|
(3.6)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
197.8
|
|
180.9
|
|
386.9
|
|
350.3
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(13.3)
|
|
(13.6)
|
|
(26.5)
|
|
(26.5)
|
|
Other interest
expense
|
|
(21.3)
|
|
(22.0)
|
|
(42.9)
|
|
(44.3)
|
|
Interest
income
|
|
0.1
|
|
-
|
|
0.1
|
|
0.1
|
|
Other income,
net
|
|
0.9
|
|
1.3
|
|
2.4
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
164.2
|
|
146.6
|
|
320.0
|
|
282.5
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
63.5
|
|
56.5
|
|
123.8
|
|
109.2
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
100.7
|
|
90.1
|
|
196.2
|
|
173.3
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
(0.3)
|
|
(0.2)
|
|
(0.7)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 100.4
|
|
$ 89.9
|
|
$ 195.5
|
|
$ 172.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share*:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$ 0.83
|
|
$ 0.73
|
|
$ 1.62
|
|
$ 1.41
|
|
Discontinued
operations
|
|
$
-
|
|
$
-
|
|
$ (0.01)
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 0.83
|
|
$ 0.73
|
|
$ 1.61
|
|
$ 1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
120.8
|
|
123.3
|
|
121.1
|
|
123.2
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
118.5
|
|
121.3
|
|
118.5
|
|
121.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earnings per share
amounts are calculated discretely and therefore may not add up to
the total.
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
2014
|
|
2013
|
|
$ Variance
|
|
% Variance
|
|
2014
|
|
2013
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$ 2,736.9
|
|
$ 2,493.6
|
|
$ 243.3
|
|
9.8
|
|
$ 5,165.5
|
|
$ 4,751.3
|
|
$ 414.2
|
|
8.7
|
|
|
Retail used
vehicle
|
|
989.1
|
|
954.0
|
|
35.1
|
|
3.7
|
|
1,934.9
|
|
1,853.2
|
|
81.7
|
|
4.4
|
|
|
Wholesale
|
|
93.2
|
|
102.5
|
|
(9.3)
|
|
(9.1)
|
|
197.1
|
|
213.0
|
|
(15.9)
|
|
(7.5)
|
|
|
Used
vehicle
|
|
1,082.3
|
|
1,056.5
|
|
25.8
|
|
2.4
|
|
2,132.0
|
|
2,066.2
|
|
65.8
|
|
3.2
|
|
|
Finance and
insurance, net
|
|
185.4
|
|
173.9
|
|
11.5
|
|
6.6
|
|
357.8
|
|
329.5
|
|
28.3
|
|
8.6
|
|
Total variable
operations
|
|
4,004.6
|
|
3,724.0
|
|
280.6
|
|
7.5
|
|
7,655.3
|
|
7,147.0
|
|
508.3
|
|
7.1
|
|
Parts and
service
|
|
704.8
|
|
655.9
|
|
48.9
|
|
7.5
|
|
1,375.8
|
|
1,292.5
|
|
83.3
|
|
6.4
|
|
Other
|
|
79.1
|
|
46.6
|
|
32.5
|
|
|
|
120.9
|
|
83.4
|
|
37.5
|
|
|
Total
revenue
|
|
$ 4,788.5
|
|
$ 4,426.5
|
|
$ 362.0
|
|
8.2
|
|
$ 9,152.0
|
|
$ 8,522.9
|
|
$ 629.1
|
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$ 161.6
|
|
$ 149.2
|
|
$ 12.4
|
|
8.3
|
|
$ 307.5
|
|
$ 290.9
|
|
$ 16.6
|
|
5.7
|
|
|
Retail used
vehicle
|
|
88.7
|
|
83.3
|
|
5.4
|
|
6.5
|
|
181.5
|
|
166.7
|
|
14.8
|
|
8.9
|
|
|
Wholesale
|
|
0.6
|
|
0.8
|
|
(0.2)
|
|
|
|
2.1
|
|
3.4
|
|
(1.3)
|
|
|
|
|
Used
vehicle
|
|
89.3
|
|
84.1
|
|
5.2
|
|
6.2
|
|
183.6
|
|
170.1
|
|
13.5
|
|
7.9
|
|
|
Finance and
insurance
|
|
185.4
|
|
173.9
|
|
11.5
|
|
6.6
|
|
357.8
|
|
329.5
|
|
28.3
|
|
8.6
|
|
Total variable
operations
|
|
436.3
|
|
407.2
|
|
29.1
|
|
7.1
|
|
848.9
|
|
790.5
|
|
58.4
|
|
7.4
|
|
Parts and
service
|
|
300.8
|
|
280.2
|
|
20.6
|
|
7.4
|
|
587.5
|
|
552.5
|
|
35.0
|
|
6.3
|
|
Other
|
|
7.8
|
|
8.7
|
|
(0.9)
|
|
|
|
15.9
|
|
17.1
|
|
(1.2)
|
|
|
Total gross
profit
|
|
744.9
|
|
696.1
|
|
48.8
|
|
7.0
|
|
1,452.3
|
|
1,360.1
|
|
92.2
|
|
6.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
524.6
|
|
494.1
|
|
(30.5)
|
|
(6.2)
|
|
1,025.3
|
|
967.4
|
|
(57.9)
|
|
(6.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
26.2
|
|
23.3
|
|
(2.9)
|
|
|
|
51.8
|
|
46.0
|
|
(5.8)
|
|
|
Other income,
net
|
|
(3.7)
|
|
(2.2)
|
|
1.5
|
|
|
|
(11.7)
|
|
(3.6)
|
|
8.1
|
|
|
Operating
income
|
|
197.8
|
|
180.9
|
|
16.9
|
|
9.3
|
|
386.9
|
|
350.3
|
|
36.6
|
|
10.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(13.3)
|
|
(13.6)
|
|
0.3
|
|
|
|
(26.5)
|
|
(26.5)
|
|
-
|
|
|
|
|
Other interest
expense
|
|
(21.3)
|
|
(22.0)
|
|
0.7
|
|
|
|
(42.9)
|
|
(44.3)
|
|
1.4
|
|
|
|
|
Interest
income
|
|
0.1
|
|
-
|
|
0.1
|
|
|
|
0.1
|
|
0.1
|
|
-
|
|
|
|
|
Other income,
net
|
|
0.9
|
|
1.3
|
|
(0.4)
|
|
|
|
2.4
|
|
2.9
|
|
(0.5)
|
|
|
Income from
continuing operations before income taxes
|
|
$ 164.2
|
|
$ 146.6
|
|
$ 17.6
|
|
12.0
|
|
$ 320.0
|
|
$ 282.5
|
|
$ 37.5
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
80,554
|
|
74,352
|
|
6,202
|
|
8.3
|
|
151,777
|
|
141,511
|
|
10,266
|
|
7.3
|
|
|
Used
|
|
52,656
|
|
52,116
|
|
540
|
|
1.0
|
|
104,792
|
|
102,621
|
|
2,171
|
|
2.1
|
|
|
|
|
133,210
|
|
126,468
|
|
6,742
|
|
5.3
|
|
256,569
|
|
244,132
|
|
12,437
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$ 33,976
|
|
$ 33,538
|
|
$ 438
|
|
1.3
|
|
$ 34,033
|
|
$ 33,575
|
|
$ 458
|
|
1.4
|
|
|
Used
|
|
$ 18,784
|
|
$ 18,305
|
|
$ 479
|
|
2.6
|
|
$ 18,464
|
|
$ 18,059
|
|
$ 405
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$ 2,006
|
|
$ 2,007
|
|
$
(1)
|
|
-
|
|
$ 2,026
|
|
$ 2,056
|
|
$ (30)
|
|
(1.5)
|
|
|
Used
|
|
$ 1,685
|
|
$ 1,598
|
|
$
87
|
|
5.4
|
|
$ 1,732
|
|
$ 1,624
|
|
$ 108
|
|
6.7
|
|
|
Finance and
insurance
|
|
$ 1,392
|
|
$ 1,375
|
|
$
17
|
|
1.2
|
|
$ 1,395
|
|
$ 1,350
|
|
$
45
|
|
3.3
|
|
|
Total variable
operations(1)
|
|
$ 3,271
|
|
$ 3,213
|
|
$
58
|
|
1.8
|
|
$ 3,300
|
|
$ 3,224
|
|
$
76
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 (%)
|
|
2013 (%)
|
|
2014 (%)
|
|
2013 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
57.2
|
|
56.3
|
|
56.4
|
|
55.7
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
22.6
|
|
23.9
|
|
23.3
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
14.7
|
|
14.8
|
|
15.0
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
3.9
|
|
3.9
|
|
3.9
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1.6
|
|
1.1
|
|
1.4
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
21.7
|
|
21.4
|
|
21.2
|
|
21.4
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
12.0
|
|
12.1
|
|
12.6
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
40.4
|
|
40.3
|
|
40.5
|
|
40.6
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
24.9
|
|
25.0
|
|
24.6
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1.0
|
|
1.2
|
|
1.1
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.9
|
|
6.0
|
|
6.0
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
9.0
|
|
8.7
|
|
9.4
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
Parts
and service
|
|
42.7
|
|
42.7
|
|
42.7
|
|
42.7
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
15.6
|
|
15.7
|
|
15.9
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
11.0
|
|
11.2
|
|
11.2
|
|
11.4
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
4.1
|
|
4.1
|
|
4.2
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
70.4
|
|
71.0
|
|
70.6
|
|
71.1
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
26.6
|
|
26.0
|
|
26.6
|
|
25.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
2014
|
|
2013
|
|
$ Variance
|
|
% Variance
|
|
2014
|
|
2013
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$ 1,604.9
|
|
$ 1,515.3
|
|
$ 89.6
|
|
5.9
|
|
$ 3,077.9
|
|
$ 2,893.3
|
|
$ 184.6
|
|
6.4
|
|
Import
|
|
1,717.8
|
|
1,629.3
|
|
88.5
|
|
5.4
|
|
3,267.2
|
|
3,133.0
|
|
134.2
|
|
4.3
|
|
Premium
luxury
|
|
1,431.9
|
|
1,242.4
|
|
189.5
|
|
15.3
|
|
2,738.3
|
|
2,415.3
|
|
323.0
|
|
13.4
|
|
Total
|
|
4,754.6
|
|
4,387.0
|
|
367.6
|
|
8.4
|
|
9,083.4
|
|
8,441.6
|
|
641.8
|
|
7.6
|
|
Corporate and
other
|
|
33.9
|
|
39.5
|
|
(5.6)
|
|
(14.2)
|
|
68.6
|
|
81.3
|
|
(12.7)
|
|
(15.6)
|
|
Total consolidated revenue
|
|
$ 4,788.5
|
|
$ 4,426.5
|
|
$ 362.0
|
|
8.2
|
|
$ 9,152.0
|
|
$ 8,522.9
|
|
$ 629.1
|
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$ 70.5
|
|
$ 66.1
|
|
$
4.4
|
|
6.7
|
|
$ 134.3
|
|
$ 124.7
|
|
$
9.6
|
|
7.7
|
|
Import
|
|
77.5
|
|
72.9
|
|
4.6
|
|
6.3
|
|
142.9
|
|
143.9
|
|
(1.0)
|
|
(0.7)
|
|
Premium
luxury
|
|
85.8
|
|
75.7
|
|
10.1
|
|
13.3
|
|
169.1
|
|
144.5
|
|
24.6
|
|
17.0
|
|
Total
|
|
233.8
|
|
214.7
|
|
19.1
|
|
8.9
|
|
446.3
|
|
413.1
|
|
33.2
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(49.3)
|
|
(47.4)
|
|
(1.9)
|
|
|
|
(85.9)
|
|
(89.3)
|
|
3.4
|
|
|
Add: Floorplan
interest expense
|
|
13.3
|
|
13.6
|
|
(0.3)
|
|
|
|
26.5
|
|
26.5
|
|
-
|
|
|
Operating
income
|
|
$ 197.8
|
|
$ 180.9
|
|
$ 16.9
|
|
9.3
|
|
$ 386.9
|
|
$ 350.3
|
|
$ 36.6
|
|
10.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Segment income
represents income for our reportable segments and is defined as
operating income less floorplan interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicle
unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
26,182
|
|
25,191
|
|
991
|
|
3.9
|
|
49,997
|
|
47,735
|
|
2,262
|
|
4.7
|
|
Import
|
|
39,685
|
|
36,444
|
|
3,241
|
|
8.9
|
|
74,610
|
|
69,476
|
|
5,134
|
|
7.4
|
|
Premium
luxury
|
|
14,687
|
|
12,717
|
|
1,970
|
|
15.5
|
|
27,170
|
|
24,300
|
|
2,870
|
|
11.8
|
|
|
|
80,554
|
|
74,352
|
|
6,202
|
|
8.3
|
|
151,777
|
|
141,511
|
|
10,266
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - New
Vehicle Retail Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
2014 (%)
|
|
2013 (%)
|
|
2014 (%)
|
|
2013 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
16.7
|
|
17.8
|
|
17.2
|
|
18.0
|
|
|
|
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
9.9
|
|
10.6
|
|
9.9
|
|
10.4
|
|
|
|
|
|
|
|
|
|
Chrysler, Jeep, Dodge
|
|
5.9
|
|
5.5
|
|
5.8
|
|
5.3
|
|
|
|
|
|
|
|
|
|
Domestic total
|
|
32.5
|
|
33.9
|
|
32.9
|
|
33.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Honda
|
|
12.3
|
|
11.8
|
|
11.8
|
|
11.5
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
19.6
|
|
19.9
|
|
19.3
|
|
20.0
|
|
|
|
|
|
|
|
|
|
Nissan
|
|
10.5
|
|
10.1
|
|
11.0
|
|
10.5
|
|
|
|
|
|
|
|
|
|
Other
imports
|
|
6.9
|
|
7.2
|
|
7.1
|
|
7.1
|
|
|
|
|
|
|
|
|
|
Import total
|
|
49.3
|
|
49.0
|
|
49.2
|
|
49.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
7.1
|
|
7.1
|
|
7.3
|
|
7.2
|
|
|
|
|
|
|
|
|
|
BMW
|
|
4.9
|
|
4.8
|
|
4.8
|
|
4.8
|
|
|
|
|
|
|
|
|
|
Lexus
|
|
2.6
|
|
2.1
|
|
2.6
|
|
2.1
|
|
|
|
|
|
|
|
|
|
Audi
|
|
1.5
|
|
1.2
|
|
1.3
|
|
1.2
|
|
|
|
|
|
|
|
|
|
Other
premium luxury (Land Rover, Porsche)
|
|
2.1
|
|
1.9
|
|
1.9
|
|
1.9
|
|
|
|
|
|
|
|
|
|
Premium Luxury
total
|
|
18.2
|
|
17.1
|
|
17.9
|
|
17.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures / Stock Repurchases
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures(1)
|
|
$
52.9
|
|
$
31.5
|
|
$
87.8
|
|
$ 54.6
|
|
|
|
|
|
Cash paid for
acquisitions
|
|
$
-
|
|
$
69.7
|
|
$
-
|
|
$ 72.5
|
|
|
|
|
|
Proceeds from
exercises of stock options
|
|
$
6.8
|
|
$
2.7
|
|
$
22.1
|
|
$ 10.6
|
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
|
$
64.1
|
|
$
2.7
|
|
$
179.8
|
|
$ 4.9
|
|
|
|
|
|
|
Shares repurchased
(in millions)
|
|
1.1
|
|
0.1
|
|
3.6
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
2014
|
|
2013
|
|
Variance
|
|
2014
|
|
2013
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
|
$
26.7
|
|
$
23.8
|
|
$
2.9
|
|
$ 50.7
|
|
$ 42.4
|
|
$ 8.3
|
|
New vehicle floorplan
interest expense
|
|
(12.6)
|
|
(13.1)
|
|
0.5
|
|
(25.3)
|
|
(25.4)
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
|
$
14.1
|
|
$
10.7
|
|
$
3.4
|
|
$ 25.4
|
|
$ 17.0
|
|
$ 8.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
December 31,
2013
|
|
June 30,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
68.5
|
|
$
69.2
|
|
$
69.7
|
|
|
|
|
|
|
|
Inventory
|
|
$
2,776.6
|
|
$
2,827.2
|
|
$
2,625.2
|
|
|
|
|
|
|
|
Total floorplan notes
payable
|
|
$
2,869.1
|
|
$
3,029.0
|
|
$
2,748.1
|
|
|
|
|
|
|
|
Non-vehicle
debt
|
|
$
1,883.2
|
|
$
1,839.9
|
|
$
1,936.8
|
|
|
|
|
|
|
|
Equity
|
|
$
2,125.1
|
|
$
2,061.7
|
|
$
1,882.5
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)(2)
|
|
59
days
|
|
62
days
|
|
67
days
|
|
|
|
|
|
|
|
Used days supply
(trailing calendar month days)
|
|
36
days
|
|
35
days
|
|
30
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance Calculations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of funded
indebtedness/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
2.19x
|
|
|
|
|
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of funded
indebtedness including floorplan/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
capitalization including floorplan
|
|
|
|
56.6%
|
|
|
|
|
|
|
|
|
|
Covenant
|
|
less than or equal
to
|
|
65.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes accrued
construction in progress and excludes property acquired under
capital leases
|
|
|
|
|
|
|
|
|
|
(2)
|
As of December 31,
2013, we have revised our method of calculating new vehicle days
supply to exclude fleet sales and in-transit inventory. We have
revised prior periods to conform to our revised method of
calculation
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Basis
Reconciliations*
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Net
Income
|
|
Diluted
Earnings Per Share**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$ 100.4
|
|
$ 89.9
|
|
$ 0.83
|
|
$ 0.73
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
0.3
|
|
0.2
|
|
$ -
|
|
$ -
|
From continuing
operations, as reported
|
|
100.7
|
|
90.1
|
|
$ 0.83
|
|
$ 0.73
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
$ 100.7
|
|
$ 90.1
|
|
$ 0.83
|
|
$ 0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
|
Net
Income
|
|
Diluted
Earnings Per Share**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$ 195.5
|
|
$ 172.9
|
|
$ 1.61
|
|
$ 1.40
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
0.7
|
|
0.4
|
|
$ 0.01
|
|
$ -
|
From continuing
operations, as reported
|
|
196.2
|
|
173.3
|
|
$ 1.62
|
|
$ 1.41
|
|
|
|
|
|
|
|
|
|
|
|
Net gain related to
business/property dispositions
|
|
(5.0)
|
|
-
|
|
$ (0.04)
|
|
$ -
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
$ 191.2
|
|
$ 173.3
|
|
$ 1.58
|
|
$ 1.41
|
|
|
|
|
|
|
|
|
|
|
*
|
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.
|
AUTONATION,
INC.
|
UNAUDITED SAME
STORE DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
2014
|
|
2013
|
|
$ Variance
|
|
% Variance
|
|
2014
|
|
2013
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$ 2,690.5
|
|
$ 2,490.5
|
|
$ 200.0
|
|
8.0
|
|
$ 5,078.7
|
|
$ 4,748.2
|
|
$ 330.5
|
|
7.0
|
|
|
Retail used
vehicle
|
|
976.0
|
|
953.3
|
|
22.7
|
|
2.4
|
|
1,907.6
|
|
1,852.4
|
|
55.2
|
|
3.0
|
|
|
Wholesale
|
|
91.5
|
|
102.5
|
|
(11.0)
|
|
(10.7)
|
|
193.5
|
|
213.0
|
|
(19.5)
|
|
(9.2)
|
|
|
Used
vehicle
|
|
1,067.5
|
|
1,055.8
|
|
11.7
|
|
1.1
|
|
2,101.1
|
|
2,065.4
|
|
35.7
|
|
1.7
|
|
|
Finance and
insurance, net
|
|
182.9
|
|
173.7
|
|
9.2
|
|
5.3
|
|
352.8
|
|
329.3
|
|
23.5
|
|
7.1
|
|
Total variable
operations
|
|
3,940.9
|
|
3,720.0
|
|
220.9
|
|
5.9
|
|
7,532.6
|
|
7,142.9
|
|
389.7
|
|
5.5
|
|
Parts and
service
|
|
695.8
|
|
655.1
|
|
40.7
|
|
6.2
|
|
1,356.3
|
|
1,291.7
|
|
64.6
|
|
5.0
|
|
Other
|
|
73.8
|
|
46.1
|
|
27.7
|
|
|
|
114.5
|
|
83.0
|
|
31.5
|
|
|
Total
revenue
|
|
$ 4,710.5
|
|
$ 4,421.2
|
|
$ 289.3
|
|
6.5
|
|
$ 9,003.4
|
|
$ 8,517.6
|
|
$ 485.8
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$ 158.6
|
|
$ 148.9
|
|
$
9.7
|
|
6.5
|
|
$ 302.2
|
|
$ 290.7
|
|
$ 11.5
|
|
4.0
|
|
|
Retail used
vehicle
|
|
87.4
|
|
83.1
|
|
4.3
|
|
5.2
|
|
178.6
|
|
166.5
|
|
12.1
|
|
7.3
|
|
|
Wholesale
|
|
0.5
|
|
0.9
|
|
(0.4)
|
|
|
|
2.0
|
|
3.5
|
|
(1.5)
|
|
|
|
|
Used
vehicle
|
|
87.9
|
|
84.0
|
|
3.9
|
|
4.6
|
|
180.6
|
|
170.0
|
|
10.6
|
|
6.2
|
|
|
Finance and
insurance
|
|
182.9
|
|
173.7
|
|
9.2
|
|
5.3
|
|
352.8
|
|
329.3
|
|
23.5
|
|
7.1
|
|
Total variable
operations
|
|
429.4
|
|
406.6
|
|
22.8
|
|
5.6
|
|
835.6
|
|
790.0
|
|
45.6
|
|
5.8
|
|
Parts and
service
|
|
296.7
|
|
279.8
|
|
16.9
|
|
6.0
|
|
578.9
|
|
552.1
|
|
26.8
|
|
4.9
|
|
Other
|
|
7.8
|
|
8.9
|
|
(1.1)
|
|
|
|
16.0
|
|
17.2
|
|
(1.2)
|
|
|
Total gross
profit
|
|
$ 733.9
|
|
$ 695.3
|
|
$ 38.6
|
|
5.6
|
|
$ 1,430.5
|
|
$ 1,359.3
|
|
$ 71.2
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
78,968
|
|
74,227
|
|
4,741
|
|
6.4
|
|
148,692
|
|
141,386
|
|
7,306
|
|
5.2
|
|
|
Used
|
|
51,817
|
|
52,066
|
|
(249)
|
|
(0.5)
|
|
102,928
|
|
102,571
|
|
357
|
|
0.3
|
|
|
|
|
130,785
|
|
126,293
|
|
4,492
|
|
3.6
|
|
251,620
|
|
243,957
|
|
7,663
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$ 34,071
|
|
$ 33,552
|
|
$ 519
|
|
1.5
|
|
$ 34,156
|
|
$ 33,583
|
|
$ 573
|
|
1.7
|
|
|
Used
|
|
$ 18,836
|
|
$ 18,309
|
|
$ 527
|
|
2.9
|
|
$ 18,533
|
|
$ 18,060
|
|
$ 473
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$ 2,008
|
|
$ 2,006
|
|
$
2
|
|
0.1
|
|
$ 2,032
|
|
$ 2,056
|
|
$ (24)
|
|
(1.2)
|
|
|
Used
|
|
$ 1,687
|
|
$ 1,596
|
|
$
91
|
|
5.7
|
|
$ 1,735
|
|
$ 1,623
|
|
$ 112
|
|
6.9
|
|
|
Finance and
insurance
|
|
$ 1,398
|
|
$ 1,375
|
|
$
23
|
|
1.7
|
|
$ 1,402
|
|
$ 1,350
|
|
$
52
|
|
3.9
|
|
|
Total variable
operations(1)
|
|
$ 3,279
|
|
$ 3,212
|
|
$
67
|
|
2.1
|
|
$ 3,313
|
|
$ 3,224
|
|
$
89
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 (%)
|
|
2013 (%)
|
|
2014 (%)
|
|
2013 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
57.1
|
|
56.3
|
|
56.4
|
|
55.7
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
22.7
|
|
23.9
|
|
23.3
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
14.8
|
|
14.8
|
|
15.1
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
3.9
|
|
3.9
|
|
3.9
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1.5
|
|
1.1
|
|
1.3
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
21.6
|
|
21.4
|
|
21.1
|
|
21.4
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
12.0
|
|
12.1
|
|
12.6
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
40.4
|
|
40.2
|
|
40.5
|
|
40.6
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
24.9
|
|
25.0
|
|
24.7
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1.1
|
|
1.3
|
|
1.1
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.9
|
|
6.0
|
|
6.0
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
9.0
|
|
8.7
|
|
9.4
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
Parts
and service
|
|
42.6
|
|
42.7
|
|
42.7
|
|
42.7
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
15.6
|
|
15.7
|
|
15.9
|
|
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.
|
|
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20001017/AUTONATIONLOGO
SOURCE AutoNation, Inc.