FORT LAUDERDALE, Fla.,
Aug. 2, 2017 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest
automotive retailer, today reported second quarter 2017 net income
from continuing operations of $88
million, or $0.86 per share.
Second quarter 2016 net income from continuing operations totaled
$112 million, or $1.08 per share.
For the second quarter of 2017, AutoNation's combined retail
vehicle unit sales were down 3%, or down 2% on a same store
basis. Market conditions were very challenging in two of the
Company's largest states, Texas
and Florida, which represent
approximately 45% of AutoNation's total retail vehicle unit sales.
Same store retail vehicle unit sales in these states were down a
combined 6%. According to JD Power, industry retail new vehicle
unit sales in Texas and
Florida were down
5%.
Mike Jackson, Chairman, CEO and
President, said, "Our pre-owned margins declined due to
implementation challenges with our centralized One Price strategy during the quarter.
However, we've taken decisive action to resolve those issues by
realigning our leadership and structure to fully realize the
opportunity of our brand extension strategy."
Brand Extension Update
AutoNation continues to move forward with its comprehensive
brand extension strategy. Since January 1,
2017, AutoNation has opened two auto auctions in
Orlando, FL, and Houston, TX, and acquired three collision
centers in Ft. Lauderdale, FL,
Bellevue, WA, and Lewisville, TX. The Company currently owns and
operates 72 AutoNation Collision Centers from coast to coast.
AutoNation Precision Parts and AutoNation Auto Gear remain on
track, with multiple parts categories expected to be available at
our AutoNation USA stores,
collision centers, and auctions by year-end.
Franchise Acquisitions and Add-Points
AutoNation today announced the acquisition of Alpine Jaguar in
Ft. Lauderdale, FL, representing
approximately $68 million in annual
revenue. This is AutoNation's first Jaguar franchise in its
South Florida market.
AutoNation today also announced that it was awarded a Jaguar
Land Rover add-point in Delray Beach,
FL, with anticipated annual revenue of approximately
$130 million, once fully operational.
This add-point, together with the BMW add-point previously
announced in October 2016, will
complete our Premium Luxury automotive row in Delray Beach, FL, which also includes our
Mercedes-Benz of Delray store. On a combined basis, once the
add-points are fully operational, we expect that our Premium Luxury
stores in Delray Beach, FL, will
generate approximately $500 million
in annual revenue.
Share Repurchase
During the second quarter of 2017, AutoNation repurchased 0.9
million shares of common stock for an aggregate purchase price of
$34.9 million. AutoNation has
approximately $264 million remaining
Board authorization for share repurchase. As of July 31, 2017, AutoNation had approximately 100
million shares outstanding.
Segment Results
Segment results(1) for the second quarter and first
six months of 2017 were as follows:
Second Quarter 2017 Segment Results
- Domestic - Domestic segment income(2)
was $60 million compared to year-ago
segment income of $86 million, a
decrease of 30%.
- Import - Import segment income(2) was
$75 million, which was flat compared
to the prior year.
- Premium Luxury - Premium Luxury segment
income(2) was $84 million
compared to year-ago segment income of $93
million, a decrease of 10%.
First Six Months 2017 Segment Results
- Domestic - Domestic segment income(2)
was $122 million compared to year-ago
segment income of $163 million, a
decrease of 25%.
- Import - Import segment income(2) was
$147 million compared to year-ago
segment income of
$151
million, a decrease of 2%.
- Premium Luxury - Premium Luxury segment
income(2) was $164 million
compared to year-ago segment income of $176
million, a decrease of 7%.
For the six-month period ended June 30,
2017, the Company reported net income from continuing
operations of $186 million, or
$1.83 per share, compared to net
income from continuing operations of $208
million, or $1.97 per share,
for the same period in the prior year. The Company's revenue for
the six-month period ended June 30,
2017, totaled $10.4 billion,
down 1% compared to $10.6 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 today 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 August 2,
2017, through August 16, 2017,
by calling (800) 685-6364 (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 June 30,
2017, AutoNation owned and operated 364 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
June 30,
|
|
|
Six Months Ended June
30,
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,930.9
|
$
|
3,071.9
|
|
$
|
5,727.1
|
$
|
5,872.1
|
|
Used
vehicle
|
|
1,201.1
|
|
1,259.4
|
|
|
2,442.0
|
|
2,501.0
|
|
Parts and
service
|
|
857.5
|
|
834.7
|
|
|
1,702.6
|
|
1,655.1
|
|
Finance and
insurance, net
|
|
228.8
|
|
225.4
|
|
|
450.4
|
|
448.5
|
|
Other
|
|
61.0
|
|
50.0
|
|
|
96.6
|
|
84.3
|
Total
revenue
|
|
5,279.3
|
|
5,441.4
|
|
|
10,418.7
|
|
10,561.0
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
2,792.7
|
|
2,909.1
|
|
|
5,444.6
|
|
5,560.1
|
|
Used
vehicle
|
|
1,126.6
|
|
1,175.4
|
|
|
2,290.5
|
|
2,326.0
|
|
Parts and
service
|
|
479.9
|
|
473.1
|
|
|
954.0
|
|
938.8
|
|
Other
|
|
54.0
|
|
42.0
|
|
|
83.7
|
|
68.4
|
Total cost of
sales
|
|
4,453.2
|
|
4,599.6
|
|
|
8,772.8
|
|
8,893.3
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
826.1
|
|
841.8
|
|
|
1,645.9
|
|
1,667.7
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
611.3
|
|
585.2
|
|
|
1,206.6
|
|
1,173.9
|
Depreciation and
amortization
|
|
39.3
|
|
35.9
|
|
|
76.6
|
|
70.7
|
Other income,
net
|
|
(20.7)
|
|
(5.8)
|
|
|
(40.2)
|
|
(10.8)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
196.2
|
|
226.5
|
|
|
402.9
|
|
433.9
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(24.1)
|
|
(19.3)
|
|
|
(45.6)
|
|
(38.2)
|
|
Other interest
expense
|
|
(29.2)
|
|
(28.7)
|
|
|
(58.0)
|
|
(57.0)
|
|
Interest
income
|
|
0.2
|
|
0.4
|
|
|
0.6
|
|
0.5
|
|
Other income,
net
|
|
1.8
|
|
4.2
|
|
|
4.8
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
144.9
|
|
183.1
|
|
|
304.7
|
|
340.0
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
57.2
|
|
71.0
|
|
|
118.8
|
|
131.7
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
87.7
|
|
112.1
|
|
|
185.9
|
|
208.3
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
-
|
|
(0.1)
|
|
|
(0.1)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
87.7
|
$
|
112.0
|
|
$
|
185.8
|
$
|
207.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share*:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.86
|
$
|
1.08
|
|
$
|
1.83
|
$
|
1.97
|
|
Discontinued
operations
|
$
|
-
|
$
|
-
|
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
0.86
|
$
|
1.08
|
|
$
|
1.83
|
$
|
1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
101.5
|
|
103.6
|
|
|
101.6
|
|
105.5
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
100.4
|
|
102.2
|
|
|
100.4
|
|
102.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
June 30,
|
|
|
Six Months
Ended June 30,
|
|
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,930.9
|
$
|
3,071.9
|
$
|
(141.0)
|
|
(4.6)
|
|
$
|
5,727.1
|
$
|
5,872.1
|
$
|
(145.0)
|
|
(2.5)
|
|
|
Retail used
vehicle
|
|
1,131.1
|
|
1,122.6
|
|
8.5
|
|
0.8
|
|
|
2,287.2
|
|
2,242.5
|
|
44.7
|
|
2.0
|
|
|
Wholesale
|
|
70.0
|
|
136.8
|
|
(66.8)
|
|
(48.8)
|
|
|
154.8
|
|
258.5
|
|
(103.7)
|
|
(40.1)
|
|
|
Used
vehicle
|
|
1,201.1
|
|
1,259.4
|
|
(58.3)
|
|
(4.6)
|
|
|
2,442.0
|
|
2,501.0
|
|
(59.0)
|
|
(2.4)
|
|
|
Finance and
insurance, net
|
|
228.8
|
|
225.4
|
|
3.4
|
|
1.5
|
|
|
450.4
|
|
448.5
|
|
1.9
|
|
0.4
|
|
Total variable
operations
|
|
4,360.8
|
|
4,556.7
|
|
(195.9)
|
|
(4.3)
|
|
|
8,619.5
|
|
8,821.6
|
|
(202.1)
|
|
(2.3)
|
|
Parts and
service
|
|
857.5
|
|
834.7
|
|
22.8
|
|
2.7
|
|
|
1,702.6
|
|
1,655.1
|
|
47.5
|
|
2.9
|
|
Other
|
|
61.0
|
|
50.0
|
|
11.0
|
|
|
|
|
96.6
|
|
84.3
|
|
12.3
|
|
|
Total
revenue
|
|
$
5,279.3
|
|
$
5,441.4
|
|
$
(162.1)
|
|
(3.0)
|
|
|
$
10,418.7
|
|
$
10,561.0
|
|
$
(142.3)
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
138.2
|
$
|
162.8
|
$
|
(24.6)
|
|
(15.1)
|
|
$
|
282.5
|
$
|
312.0
|
$
|
(29.5)
|
|
(9.5)
|
|
|
Retail used
vehicle
|
|
74.0
|
|
86.7
|
|
(12.7)
|
|
(14.6)
|
|
|
148.9
|
|
180.4
|
|
(31.5)
|
|
(17.5)
|
|
|
Wholesale
|
|
0.5
|
|
(2.7)
|
|
3.2
|
|
|
|
|
2.6
|
|
(5.4)
|
|
8.0
|
|
|
|
|
Used
vehicle
|
|
74.5
|
|
84.0
|
|
(9.5)
|
|
(11.3)
|
|
|
151.5
|
|
175.0
|
|
(23.5)
|
|
(13.4)
|
|
|
Finance and
insurance
|
|
228.8
|
|
225.4
|
|
3.4
|
|
1.5
|
|
|
450.4
|
|
448.5
|
|
1.9
|
|
0.4
|
|
Total variable
operations
|
|
441.5
|
|
472.2
|
|
(30.7)
|
|
(6.5)
|
|
|
884.4
|
|
935.5
|
|
(51.1)
|
|
(5.5)
|
|
Parts and
service
|
|
377.6
|
|
361.6
|
|
16.0
|
|
4.4
|
|
|
748.6
|
|
716.3
|
|
32.3
|
|
4.5
|
|
Other
|
|
7.0
|
|
8.0
|
|
(1.0)
|
|
|
|
|
12.9
|
|
15.9
|
|
(3.0)
|
|
|
Total gross
profit
|
|
826.1
|
|
841.8
|
|
(15.7)
|
|
(1.9)
|
|
|
1,645.9
|
|
1,667.7
|
|
(21.8)
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
611.3
|
|
585.2
|
|
(26.1)
|
|
(4.5)
|
|
|
1,206.6
|
|
1,173.9
|
|
(32.7)
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
39.3
|
|
35.9
|
|
(3.4)
|
|
|
|
|
76.6
|
|
70.7
|
|
(5.9)
|
|
|
Other income,
net
|
|
(20.7)
|
|
(5.8)
|
|
14.9
|
|
|
|
|
(40.2)
|
|
(10.8)
|
|
29.4
|
|
|
Operating
income
|
|
196.2
|
|
226.5
|
|
(30.3)
|
|
(13.4)
|
|
|
402.9
|
|
433.9
|
|
(31.0)
|
|
(7.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(24.1)
|
|
(19.3)
|
|
(4.8)
|
|
|
|
|
(45.6)
|
|
(38.2)
|
|
(7.4)
|
|
|
|
|
Other interest
expense
|
|
(29.2)
|
|
(28.7)
|
|
(0.5)
|
|
|
|
|
(58.0)
|
|
(57.0)
|
|
(1.0)
|
|
|
|
|
Interest
income
|
|
0.2
|
|
0.4
|
|
(0.2)
|
|
|
|
|
0.6
|
|
0.5
|
|
0.1
|
|
|
|
|
Other income,
net
|
|
1.8
|
|
4.2
|
|
(2.4)
|
|
|
|
|
4.8
|
|
0.8
|
|
4.0
|
|
|
Income from
continuing operations before income taxes
|
$
|
144.9
|
$
|
183.1
|
$
|
(38.2)
|
|
(20.9)
|
|
$
|
304.7
|
$
|
340.0
|
$
|
(35.3)
|
|
(10.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
79,892
|
|
85,654
|
|
(5,762)
|
|
(6.7)
|
|
|
155,690
|
|
164,678
|
|
(8,988)
|
|
(5.5)
|
|
|
Used
|
|
58,266
|
|
56,637
|
|
1,629
|
|
2.9
|
|
|
118,874
|
|
114,740
|
|
4,134
|
|
3.6
|
|
|
|
|
138,158
|
|
142,291
|
|
(4,133)
|
|
(2.9)
|
|
|
274,564
|
|
279,418
|
|
(4,854)
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
36,686
|
$
|
35,864
|
$
|
822
|
|
2.3
|
|
$
|
36,785
|
$
|
35,658
|
$
|
1,127
|
|
3.2
|
|
|
Used
|
$
|
19,413
|
$
|
19,821
|
$
|
(408)
|
|
(2.1)
|
|
$
|
19,241
|
$
|
19,544
|
$
|
(303)
|
|
(1.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
1,730
|
$
|
1,901
|
$
|
(171)
|
|
(9.0)
|
|
$
|
1,815
|
$
|
1,895
|
$
|
(80)
|
|
(4.2)
|
|
|
Used
|
$
|
1,270
|
$
|
1,531
|
$
|
(261)
|
|
(17.0)
|
|
$
|
1,253
|
$
|
1,572
|
$
|
(319)
|
|
(20.3)
|
|
|
Finance and
insurance
|
$
|
1,656
|
$
|
1,584
|
$
|
72
|
|
4.5
|
|
$
|
1,640
|
$
|
1,605
|
$
|
35
|
|
2.2
|
|
|
Total variable
operations(1)
|
$
|
3,192
|
$
|
3,338
|
$
|
(146)
|
|
(4.4)
|
|
$
|
3,212
|
$
|
3,367
|
$
|
(155)
|
|
(4.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
2017 (%)
|
|
2016 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
55.5
|
|
56.5
|
|
55.0
|
|
55.6
|
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
22.8
|
|
23.1
|
|
23.4
|
|
23.7
|
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.2
|
|
15.3
|
|
16.3
|
|
15.7
|
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.3
|
|
4.1
|
|
4.3
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1.2
|
|
1.0
|
|
1.0
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
16.7
|
|
19.3
|
|
17.2
|
|
18.7
|
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
9.0
|
|
10.0
|
|
9.2
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
45.7
|
|
43.0
|
|
45.5
|
|
43.0
|
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.7
|
|
26.8
|
|
27.4
|
|
26.9
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.9
|
|
0.9
|
|
0.7
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
4.7
|
|
5.3
|
|
4.9
|
|
5.3
|
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
6.5
|
|
7.7
|
|
6.5
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
Parts
and service
|
|
44.0
|
|
43.3
|
|
44.0
|
|
43.3
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
15.6
|
|
15.5
|
|
15.8
|
|
15.8
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.6
|
|
10.8
|
|
11.6
|
|
11.1
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
3.7
|
|
4.2
|
|
3.9
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
74.0
|
|
69.5
|
|
73.3
|
|
70.4
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
23.8
|
|
26.9
|
|
24.5
|
|
26.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Highlights
|
|
Three Months Ended
June 30,
|
|
|
Six Months
Ended June 30,
|
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
1,844.7
|
$
|
1,995.1
|
$
|
(150.4)
|
|
(7.5)
|
|
$
|
3,645.5
|
$
|
3,843.3
|
$
|
(197.8)
|
|
(5.1)
|
|
Import
|
|
1,702.2
|
|
1,748.1
|
|
(45.9)
|
|
(2.6)
|
|
|
3,333.9
|
|
3,423.1
|
|
(89.2)
|
|
(2.6)
|
|
Premium
luxury
|
|
1,644.1
|
|
1,644.7
|
|
(0.6)
|
|
-
|
|
|
3,260.7
|
|
3,185.0
|
|
75.7
|
|
2.4
|
|
Total
|
|
5,191.0
|
|
5,387.9
|
|
(196.9)
|
|
(3.7)
|
|
|
10,240.1
|
|
10,451.4
|
|
(211.3)
|
|
(2.0)
|
|
Corporate and
other
|
|
88.3
|
|
53.5
|
|
34.8
|
|
65.0
|
|
|
178.6
|
|
109.6
|
|
69.0
|
|
63.0
|
|
Total consolidated revenue
|
$
|
5,279.3
|
$
|
5,441.4
|
$
|
(162.1)
|
|
(3.0)
|
|
$
|
10,418.7
|
$
|
10,561.0
|
$
|
(142.3)
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
60.1
|
$
|
85.6
|
$
|
(25.5)
|
|
(29.8)
|
|
$
|
121.5
|
$
|
163.0
|
$
|
(41.5)
|
|
(25.5)
|
|
Import
|
|
75.3
|
|
74.6
|
|
0.7
|
|
0.9
|
|
|
147.0
|
|
150.7
|
|
(3.7)
|
|
(2.5)
|
|
Premium
luxury
|
|
83.9
|
|
92.9
|
|
(9.0)
|
|
(9.7)
|
|
|
164.4
|
|
175.9
|
|
(11.5)
|
|
(6.5)
|
|
Total
|
|
219.3
|
|
253.1
|
|
(33.8)
|
|
(13.4)
|
|
|
432.9
|
|
489.6
|
|
(56.7)
|
|
(11.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(47.2)
|
|
(45.9)
|
|
(1.3)
|
|
|
|
|
(75.6)
|
|
(93.9)
|
|
18.3
|
|
|
Add: Floorplan
interest expense
|
|
24.1
|
|
19.3
|
|
4.8
|
|
|
|
|
45.6
|
|
38.2
|
|
7.4
|
|
|
Operating
income
|
$
|
196.2
|
$
|
226.5
|
$
|
(30.3)
|
|
(13.4)
|
|
$
|
402.9
|
$
|
433.9
|
$
|
(31.0)
|
|
(7.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
26,888
|
|
30,654
|
|
(3,766)
|
|
(12.3)
|
|
|
53,147
|
|
58,407
|
|
(5,260)
|
|
(9.0)
|
|
Import
|
|
37,024
|
|
38,346
|
|
(1,322)
|
|
(3.4)
|
|
|
71,339
|
|
74,127
|
|
(2,788)
|
|
(3.8)
|
|
Premium
luxury
|
|
15,980
|
|
16,654
|
|
(674)
|
|
(4.0)
|
|
|
31,204
|
|
32,144
|
|
(940)
|
|
(2.9)
|
|
|
|
79,892
|
|
85,654
|
|
(5,762)
|
|
(6.7)
|
|
|
155,690
|
|
164,678
|
|
(8,988)
|
|
(5.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail
New Vehicle Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
2017 (%)
|
|
2016 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
13.2
|
|
14.9
|
|
13.6
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
10.0
|
|
11.1
|
|
10.4
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep, Ram
|
|
10.5
|
|
9.8
|
|
10.1
|
|
9.3
|
|
|
|
|
|
|
|
|
|
|
Domestic total
|
|
33.7
|
|
35.8
|
|
34.1
|
|
35.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
19.0
|
|
17.4
|
|
18.5
|
|
17.4
|
|
|
|
|
|
|
|
|
|
|
Honda
|
|
13.4
|
|
13.1
|
|
13.2
|
|
12.6
|
|
|
|
|
|
|
|
|
|
|
Nissan
|
|
6.6
|
|
7.7
|
|
7.0
|
|
8.4
|
|
|
|
|
|
|
|
|
|
|
Other
Import
|
|
7.3
|
|
6.6
|
|
7.2
|
|
6.6
|
|
|
|
|
|
|
|
|
|
|
Import total
|
|
46.3
|
|
44.8
|
|
45.9
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
7.8
|
|
8.4
|
|
7.9
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
BMW
|
|
4.5
|
|
4.1
|
|
4.6
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
Lexus
|
|
2.5
|
|
2.5
|
|
2.5
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
Audi
|
|
2.5
|
|
2.3
|
|
2.3
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
Other
Premium Luxury (Land Rover, Porsche)
|
|
2.7
|
|
2.1
|
|
2.7
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
Premium Luxury
total
|
|
20.0
|
|
19.4
|
|
20.0
|
|
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 June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
$
|
82.0
|
$
|
61.7
|
$
|
168.7
|
$
|
112.4
|
|
|
|
|
|
Cash paid for
acquisitions, net of cash acquired (2)
|
$
|
47.1
|
$
|
6.3
|
$
|
52.9
|
$
|
262.9
|
|
|
|
|
|
Proceeds from
exercises of stock options
|
$
|
1.3
|
$
|
2.6
|
$
|
22.8
|
$
|
3.2
|
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
$
|
34.9
|
$
|
50.0
|
$
|
34.9
|
$
|
420.6
|
|
|
|
|
|
|
Shares repurchased
(in millions)
|
|
0.9
|
|
1.0
|
|
0.9
|
|
8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
2017
|
|
2016
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
$
|
29.3
|
$
|
31.2
|
$
|
(1.9)
|
$
|
57.6
|
$
|
60.5
|
$
|
(2.9)
|
|
New vehicle floorplan
interest expense
|
|
(22.6)
|
|
(18.0)
|
|
(4.6)
|
|
(42.8)
|
|
(35.9)
|
|
(6.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
$
|
6.7
|
$
|
13.2
|
$
|
(6.5)
|
$
|
14.8
|
$
|
24.6
|
$
|
(9.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
December 31,
2016
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
52.5
|
$
|
64.8
|
$
|
54.7
|
|
|
|
|
|
|
|
Inventory
|
$
|
3,713.2
|
$
|
3,520.1
|
$
|
3,661.4
|
|
|
|
|
|
|
|
Total floorplan notes
payable
|
$
|
3,894.4
|
$
|
3,849.2
|
$
|
3,802.8
|
|
|
|
|
|
|
|
Non-vehicle
debt
|
$
|
2,568.1
|
$
|
2,720.6
|
$
|
2,708.1
|
|
|
|
|
|
|
|
Equity
|
$
|
2,498.6
|
$
|
2,310.3
|
$
|
2,158.2
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
77
days
|
|
61
days
|
|
73
days
|
|
|
|
|
|
|
|
Used days supply
(trailing calendar month days)
|
|
40
days
|
|
44
days
|
|
44
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance
Calculations(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
2.67x
|
|
|
|
|
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio
|
|
|
|
61.5%
|
|
|
|
|
|
|
|
|
|
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
June 30,
|
|
|
Six Months
Ended June 30,
|
|
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,860.0
|
$
|
3,004.4
|
$
|
(144.4)
|
|
(4.8)
|
|
$
|
5,553.2
|
$
|
5,713.8
|
$
|
(160.6)
|
|
(2.8)
|
|
|
Retail used
vehicle
|
|
1,103.5
|
|
1,095.4
|
|
8.1
|
|
0.7
|
|
|
2,225.5
|
|
2,177.8
|
|
47.7
|
|
2.2
|
|
|
Wholesale
|
|
67.7
|
|
132.8
|
|
(65.1)
|
|
(49.0)
|
|
|
149.1
|
|
250.2
|
|
(101.1)
|
|
(40.4)
|
|
|
Used
vehicle
|
|
1,171.2
|
|
1,228.2
|
|
(57.0)
|
|
(4.6)
|
|
|
2,374.6
|
|
2,428.0
|
|
(53.4)
|
|
(2.2)
|
|
|
Finance and
insurance, net
|
|
225.6
|
|
220.9
|
|
4.7
|
|
2.1
|
|
|
442.1
|
|
437.9
|
|
4.2
|
|
1.0
|
|
Total variable
operations
|
|
4,256.8
|
|
4,453.5
|
|
(196.7)
|
|
(4.4)
|
|
|
8,369.9
|
|
8,579.7
|
|
(209.8)
|
|
(2.4)
|
|
Parts and
service
|
|
842.3
|
|
815.0
|
|
27.3
|
|
3.3
|
|
|
1,659.5
|
|
1,606.6
|
|
52.9
|
|
3.3
|
|
Other
|
|
60.8
|
|
50.1
|
|
10.7
|
|
|
|
|
96.3
|
|
84.2
|
|
12.1
|
|
|
Total
revenue
|
$
|
5,159.9
|
$
|
5,318.6
|
$
|
(158.7)
|
|
(3.0)
|
|
$
|
10,125.7
|
$
|
10,270.5
|
$
|
(144.8)
|
|
(1.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
134.2
|
$
|
161.0
|
$
|
(26.8)
|
|
(16.6)
|
|
$
|
272.9
|
$
|
307.6
|
$
|
(34.7)
|
|
(11.3)
|
|
|
Retail used
vehicle
|
|
72.8
|
|
84.9
|
|
(12.1)
|
|
(14.3)
|
|
|
146.0
|
|
175.9
|
|
(29.9)
|
|
(17.0)
|
|
|
Wholesale
|
|
(1.3)
|
|
(2.4)
|
|
1.1
|
|
|
|
|
0.6
|
|
(4.8)
|
|
5.4
|
|
|
|
|
Used
vehicle
|
|
71.5
|
|
82.5
|
|
(11.0)
|
|
(13.3)
|
|
|
146.6
|
|
171.1
|
|
(24.5)
|
|
(14.3)
|
|
|
Finance and
insurance
|
|
225.6
|
|
220.9
|
|
4.7
|
|
2.1
|
|
|
442.1
|
|
437.9
|
|
4.2
|
|
1.0
|
|
Total variable
operations
|
|
431.3
|
|
464.4
|
|
(33.1)
|
|
(7.1)
|
|
|
861.6
|
|
916.6
|
|
(55.0)
|
|
(6.0)
|
|
Parts and
service
|
|
370.9
|
|
353.0
|
|
17.9
|
|
5.1
|
|
|
730.3
|
|
695.1
|
|
35.2
|
|
5.1
|
|
Other
|
|
6.7
|
|
8.0
|
|
(1.3)
|
|
|
|
|
12.5
|
|
15.5
|
|
(3.0)
|
|
|
Total gross
profit
|
$
|
808.9
|
$
|
825.4
|
$
|
(16.5)
|
|
(2.0)
|
|
$
|
1,604.4
|
$
|
1,627.2
|
$
|
(22.8)
|
|
(1.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
78,491
|
|
83,461
|
|
(4,970)
|
|
(6.0)
|
|
|
151,913
|
|
159,444
|
|
(7,531)
|
|
(4.7)
|
|
|
Used
|
|
57,065
|
|
54,924
|
|
2,141
|
|
3.9
|
|
|
115,909
|
|
110,625
|
|
5,284
|
|
4.8
|
|
|
|
|
135,556
|
|
138,385
|
|
(2,829)
|
|
(2.0)
|
|
|
267,822
|
|
270,069
|
|
(2,247)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
36,437
|
$
|
35,998
|
$
|
439
|
|
1.2
|
|
$
|
36,555
|
$
|
35,836
|
$
|
719
|
|
2.0
|
|
|
Used
|
$
|
19,338
|
$
|
19,944
|
$
|
(606)
|
|
(3.0)
|
|
$
|
19,200
|
$
|
19,686
|
$
|
(486)
|
|
(2.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
1,710
|
$
|
1,929
|
$
|
(219)
|
|
(11.4)
|
|
$
|
1,796
|
$
|
1,929
|
$
|
(133)
|
|
(6.9)
|
|
|
Used
|
$
|
1,276
|
$
|
1,546
|
$
|
(270)
|
|
(17.5)
|
|
$
|
1,260
|
$
|
1,590
|
$
|
(330)
|
|
(20.8)
|
|
|
Finance and
insurance
|
$
|
1,664
|
$
|
1,596
|
$
|
68
|
|
4.3
|
|
$
|
1,651
|
$
|
1,621
|
$
|
30
|
|
1.9
|
|
|
Total variable
operations(1)
|
$
|
3,191
|
$
|
3,373
|
$
|
(182)
|
|
(5.4)
|
|
$
|
3,215
|
$
|
3,412
|
$
|
(197)
|
|
(5.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
2017 (%)
|
|
2016 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
55.4
|
|
56.5
|
|
54.8
|
|
55.6
|
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
22.7
|
|
23.1
|
|
23.5
|
|
23.6
|
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.3
|
|
15.3
|
|
16.4
|
|
15.6
|
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.4
|
|
4.2
|
|
4.4
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1.2
|
|
0.9
|
|
0.9
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
16.6
|
|
19.5
|
|
17.0
|
|
18.9
|
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle
|
|
8.8
|
|
10.0
|
|
9.1
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
45.9
|
|
42.8
|
|
45.5
|
|
42.7
|
|
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.9
|
|
26.8
|
|
27.6
|
|
26.9
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.8
|
|
0.9
|
|
0.8
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
4.7
|
|
5.4
|
|
4.9
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
6.6
|
|
7.8
|
|
6.6
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
Parts
and service
|
|
44.0
|
|
43.3
|
|
44.0
|
|
43.3
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
15.7
|
|
15.5
|
|
15.8
|
|
15.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Total variable
operations gross profit per vehicle retailed is calculated by
dividing the sum of new vehicle, retail used vehicle, and finance
and insurance gross profit by total retail vehicle unit
sales.
|
|
|
|
|
|
|
|
|
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/autonation-reports-second-quarter-2017-results-300497703.html
SOURCE AutoNation, Inc.