December 15th, 2015

AutoNation Reports All-Time Record Quarterly and Full Year EPS from Continuing Operations

FORT LAUDERDALE, Fla., Feb. 11, 2020 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest and most recognized automotive retailer, today reported fourth quarter 2019 net income from continuing operations of $158 million, or $1.74 per share. Fourth quarter 2019 net income from continuing operations included net gains from store and property divestitures of $20 million after-tax, or $0.22 per share, and a non-cash gain related to our investment in Vroom of $19 million after-tax, or $0.21 per share. Fourth quarter 2018 net income from continuing operations was $93 million, or $1.02 per share. Fourth quarter 2018 net income from continuing operations included net gains from store and property divestitures of $13 million after-tax, or $0.15 per share, and restructuring-related charges of $7 million after-tax, or $0.08 per share.

Same store fourth quarter 2019 revenue was $5.5 billion, an increase of 4% compared to the same period a year ago. Same store fourth quarter 2019 gross profit totaled $886 million, an increase of 7% compared to the year-ago period, driven by growth in all business sectors - new vehicles, used vehicles, customer care, and customer financial services. Same store Used Vehicle gross profit was $88 million, an increase of 21% compared to the year-ago period. Same store Customer Financial Services gross profit per vehicle retailed was an all-time record of $1,989, up $130 or 7% compared to the year-ago period. Same store Customer Care gross profit was $398 million, an increase of 4% compared to the year-ago period.

Segment Results

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

Fourth Quarter 2019 Segment Results

  • Domestic - Domestic segment income(2) was $65 million compared to year-ago segment income of $55 million, an increase of 19%. 
  • Import - Import segment income(2) was $78 million compared to year-ago segment income of $69 million, an increase of 13%.
  • Premium Luxury - Premium Luxury segment income(2) was $113 million compared to year-ago segment income of $91 million, an increase of 23%.

Full Year 2019 Segment Results

  • Domestic - Domestic segment income(2) was $258 million compared to year-ago segment income of $249 million, an increase of 3%. 
  • Import - Import segment income(2) was $319 million compared to year-ago segment income of $305 million, an increase of 5%.
  • Premium Luxury - Premium Luxury segment income(2) was $381 million compared to year-ago segment income of $341 million, an increase of 12%.

For the full year ended December 31, 2019, AutoNation reported net income from continuing operations of $451 million, or $4.98 per share, compared to net income from continuing operations of $396 million, or $4.34 per share, for the same period in the prior year. AutoNation's revenue for the full year 2019 totaled $21.3 billion, compared to $21.4 billion for the same period in the prior year.

The fourth quarter conference call may be accessed by telephone at (866) 211-3176 (Conference ID: 5094300) at 11:00 a.m. Eastern Time today or on AutoNation's investor relations website at investors.autonation.com.

The webcast will also be available on AutoNation's website under "Events & Presentations" following the call. A playback of the conference call will be available after 2:00 p.m. Eastern Time on February 11, 2020, through March 3, 2020, by calling (800) 585-8367 (Conference ID: 5094300).

(1)  AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and FCA US; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Nissan, and Hyundai; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, Jaguar Land Rover, and Audi.

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

About AutoNation, Inc.
AutoNation, America's largest and most recognized automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of December 31, 2019, AutoNation owned and operated over 325 locations from coast to coast. AutoNation has sold over 12 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Since 2013, AutoNation has raised over $22 million to drive out cancer, create awareness, and support critical research through its DRIVE PINK initiative, which was officially branded in 2015.

Please visit www.autonation.com, investors.autonation.com, www.twitter.com/CEOCherylMiller, and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

FORWARD-LOOKING STATEMENTS 
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, or investments, including our brand extension strategies, as well as statements regarding our expectations for the future performance of our business and the automotive retail industry and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions, including changes in interest rates, fuel prices, and tariffs; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to implement successfully our strategic initiatives, partnerships, and investments, including our brand extension strategies; our ability to identify, acquire, and build out suitable locations in a timely manner; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

AUTONATION, INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)














Three Months Ended December 31,


Twelve Months Ended December 31,




2019


2018


2019


2018











Revenue:










New vehicle

$

3,025.4

$

3,066.6

$

11,166.5

$

11,751.6


Used vehicle


1,344.6


1,212.4


5,466.5


5,123.3


Parts and service


891.3


868.0


3,572.1


3,447.6


Finance and insurance, net


265.4


245.4


1,023.3


981.4


Other


22.2


19.3


107.3


108.9

Total revenue


5,548.9


5,411.7


21,335.7


21,412.8











Cost of sales:










New vehicle


2,887.8


2,930.4


10,662.6


11,235.5


Used vehicle


1,256.2


1,138.7


5,098.5


4,781.6


Parts and service


488.5


476.1


1,949.5


1,892.3


Other


20.8


18.6


102.1


106.1

Total cost of sales


4,653.3


4,563.8


17,812.7


18,015.5











Gross profit


895.6


847.9


3,523.0


3,397.3











Selling, general, and administrative expenses


644.8


631.5


2,558.6


2,509.8

Depreciation and amortization


46.8


42.2


180.5


166.2

Franchise rights impairment


-


-


9.6


8.1

Other income, net


(31.8)


(23.1)


(49.3)


(64.7)











Operating income


235.8


197.3


823.6


777.9











Non-operating income (expense) items:










Floorplan interest expense


(29.0)


(37.0)


(138.4)


(130.4)


Other interest expense


(25.1)


(29.0)


(106.7)


(119.4)


Interest income


0.1


0.3


0.5


1.1


Other income (loss), net


29.4


(3.1)


33.6


0.2











Income from continuing operations before income taxes


211.2


128.5


612.6


529.4











Income tax provision


53.5


35.6


161.8


133.5











Net income from continuing operations


157.7


92.9


450.8


395.9











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


-


(0.2)


(0.8)


0.1





















Net income

$

157.7

$

92.7

$

450.0

$

396.0





















Diluted earnings (loss) per share*:










Continuing operations

$

1.74

$

1.02

$

4.98

$

4.34


Discontinued operations

$

-

$

-

$

(0.01)

$

-












Net income

$

1.74

$

1.02

$

4.97

$

4.34





















Weighted average common shares outstanding


90.7


90.7


90.5


91.3











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


89.3


90.0


89.3


90.0





















* 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 December 31,


 Twelve Months Ended December 31, 





2019


2018


$ Variance


% Variance


2019


2018


$ Variance


% Variance

Revenue:



















New vehicle

$

3,025.4

$

3,066.6

$

(41.2)


(1.3)

$

11,166.5

$

11,751.6

$

(585.1)


(5.0)



  Retail used vehicle


1,264.8


1,141.5


123.3


10.8


5,160.3


4,807.6


352.7


7.3



  Wholesale


79.8


70.9


8.9


12.6


306.2


315.7


(9.5)


(3.0)



Used vehicle


1,344.6


1,212.4


132.2


10.9


5,466.5


5,123.3


343.2


6.7



Finance and insurance, net


265.4


245.4


20.0


8.1


1,023.3


981.4


41.9


4.3


Total variable operations


4,635.4


4,524.4


111.0


2.5


17,656.3


17,856.3


(200.0)


(1.1)


Parts and service


891.3


868.0


23.3


2.7


3,572.1


3,447.6


124.5


3.6


Other


22.2


19.3


2.9




107.3


108.9


(1.6)



Total revenue

$

5,548.9

$

5,411.7

$

137.2


2.5

$

21,335.7

$

21,412.8

$

(77.1)


(0.4)







































Gross profit:



















New vehicle

$

137.6

$

136.2

$

1.4


1.0

$

503.9

$

516.1

$

(12.2)


(2.4)



  Retail used vehicle


84.4


71.2


13.2


18.5


346.8


327.6


19.2


5.9



  Wholesale


4.0


2.5


1.5




21.2


14.1


7.1





Used vehicle


88.4


73.7


14.7


19.9


368.0


341.7


26.3


7.7



Finance and insurance


265.4


245.4


20.0


8.1


1,023.3


981.4


41.9


4.3


Total variable operations


491.4


455.3


36.1


7.9


1,895.2


1,839.2


56.0


3.0


Parts and service


402.8


391.9


10.9


2.8


1,622.6


1,555.3


67.3


4.3


Other


1.4


0.7


0.7




5.2


2.8


2.4



Total gross profit


895.6


847.9


47.7


5.6


3,523.0


3,397.3


125.7


3.7




















Selling, general, and administrative expenses


644.8


631.5


(13.3)


(2.1)


2,558.6


2,509.8


(48.8)


(1.9)




















Depreciation and amortization


46.8


42.2


(4.6)




180.5


166.2


(14.3)



Franchise rights impairment


-


-


-




9.6


8.1


(1.5)



Other income, net


(31.8)


(23.1)


8.7




(49.3)


(64.7)


(15.4)



 Operating income 


235.8


197.3


38.5


19.5


823.6


777.9


45.7


5.9




















Non-operating income (expense) items:



















Floorplan interest expense


(29.0)


(37.0)


8.0




(138.4)


(130.4)


(8.0)





Other interest expense


(25.1)


(29.0)


3.9




(106.7)


(119.4)


12.7





Interest income


0.1


0.3


(0.2)




0.5


1.1


(0.6)





Other income (loss), net


29.4


(3.1)


32.5




33.6


0.2


33.4



Income from continuing operations before income taxes

$

211.2

$

128.5

$

82.7


64.4

$

612.6

$

529.4

$

83.2


15.7




















Retail vehicle unit sales:



















New 


74,383


78,370


(3,987)


(5.1)


282,602


310,839


(28,237)


(9.1)



Used


59,022


54,985


4,037


7.3


246,113


237,722


8,391


3.5





133,405


133,355


50


-


528,715


548,561


(19,846)


(3.6)




















Revenue per vehicle retailed:



















New 

$

40,673

$

39,130

$

1,543


3.9

$

39,513

$

37,806

$

1,707


4.5



Used

$

21,429

$

20,760

$

669


3.2

$

20,967

$

20,224

$

743


3.7




















Gross profit per vehicle retailed:



















New 

$

1,850

$

1,738

$

112


6.4

$

1,783

$

1,660

$

123


7.4



Used

$

1,430

$

1,295

$

135


10.4

$

1,409

$

1,378

$

31


2.2



Finance and insurance

$

1,989

$

1,840

$

149


8.1

$

1,935

$

1,789

$

146


8.2



Total variable operations(1)

$

3,654

$

3,395

$

259


7.6

$

3,544

$

3,327

$

217


6.5









































Operating Percentages


 Three Months Ended December 31, 


 Twelve Months Ended December 31, 













2019 (%)


2018 (%)


2019 (%)


2018 (%)




























Revenue mix percentages:



















New vehicle


54.5


56.7


52.3


54.9











Used vehicle


24.2


22.4


25.6


23.9











Parts and service


16.1


16.0


16.7


16.1











Finance and insurance, net


4.8


4.5


4.8


4.6











Other


0.4


0.4


0.6


0.5













100.0


100.0


100.0


100.0




























Gross profit mix percentages:



















New vehicle


15.4


16.1


14.3


15.2











Used vehicle


9.9


8.7


10.4


10.1











Parts and service


45.0


46.2


46.1


45.8











Finance and insurance


29.6


28.9


29.0


28.9











Other


0.1


0.1


0.2


-













100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:



















Gross profit:



















   New vehicle


4.5


4.4


4.5


4.4











   Used vehicle - retail


6.7


6.2


6.7


6.8











   Parts and service


45.2


45.1


45.4


45.1











   Total


16.1


15.7


16.5


15.9











Selling, general, and administrative expenses


11.6


11.7


12.0


11.7











Operating income


4.2


3.6


3.9


3.6




























Operating items as a percentage of total gross profit:



















Selling, general, and administrative expenses


72.0


74.5


72.6


73.9











Operating income


26.3


23.3


23.4


22.9















































(1)

Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.









 

 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions) 






































Segment Operating Highlights


Three Months Ended December 31,


 Twelve Months Ended December 31, 




2019


2018


$ Variance


% Variance


2019


2018


$ Variance


% Variance





































Revenue:


















Domestic

$

1,666.7

$

1,745.0

$

(78.3)


(4.5)

$

6,671.4

$

7,134.5

$

(463.1)


(6.5)


Import


1,622.8


1,646.2


(23.4)


(1.4)


6,468.7


6,786.4


(317.7)


(4.7)


Premium luxury


2,059.3


1,894.1


165.2


8.7


7,434.8


7,010.9


423.9


6.0


    Total


5,348.8


5,285.3


63.5


1.2


20,574.9


20,931.8


(356.9)


(1.7)


Corporate and other


200.1


126.4


73.7


58.3


760.8


481.0


279.8


58.2


    Total consolidated revenue

$

5,548.9

$

5,411.7

$

137.2


2.5

$

21,335.7

$

21,412.8

$

(77.1)


(0.4)





































Segment income*:


















Domestic

$

65.2

$

54.7

$

10.5


19.2

$

257.6

$

249.3

$

8.3


3.3


Import


77.7


68.5


9.2


13.4


318.6


304.7


13.9


4.6


Premium luxury


112.5


91.4


21.1


23.1


381.1


340.9


40.2


11.8


    Total 


255.4


214.6


40.8


19.0


957.3


894.9


62.4


7.0



















Corporate and other


(48.6)


(54.3)


5.7




(272.1)


(247.4)


(24.7)



Add:  Floorplan interest expense


29.0


37.0


(8.0)




138.4


130.4


8.0



Operating income

$

235.8

$

197.3

$

38.5


19.5

$

823.6

$

777.9

$

45.7


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


22,287


25,144


(2,857)


(11.4)


88,404


102,015


(13,611)


(13.3)


Import


32,705


34,780


(2,075)


(6.0)


128,183


142,556


(14,373)


(10.1)


Premium luxury


19,391


18,446


945


5.1


66,015


66,268


(253)


(0.4)




74,383


78,370


(3,987)


(5.1)


282,602


310,839


(28,237)


(9.1)






































Brand Mix - Retail New Vehicle Units Sold




















 Three Months Ended December 31, 


 Twelve Months Ended December 31, 












2019 (%)


2018 (%)


2019 (%)


2018 (%)




























Domestic:


















   Ford, Lincoln


10.9


11.5


11.2


12.2










   Chevrolet, Buick, Cadillac, GMC


10.3


11.4


10.8


11.1










   Chrysler, Dodge, Jeep, Ram


8.8


9.2


9.3


9.5










     Domestic total


30.0


32.1


31.3


32.8




























Import:


















   Toyota


20.9


19.0


20.4


19.4










   Honda


13.5


13.1


14.2


13.7










   Nissan


2.5


4.5


3.3


5.3










   Other Import


7.0


7.8


7.4


7.5










     Import total


43.9


44.4


45.3


45.9




























Premium Luxury:


















   Mercedes-Benz


10.2


8.8


8.8


8.0










   BMW


6.9


6.2


6.3


5.2










   Lexus


2.7


2.5


2.3


2.3










   Audi


2.7


2.2


2.3


2.3










   Jaguar Land Rover


2.3


2.2


2.2


2.0










   Other Premium Luxury 


1.3


1.6


1.5


1.5










     Premium Luxury total


26.1


23.5


23.4


21.3






























100.0


100.0


100.0


100.0



























 

 

 AUTONATION, INC

 UNAUDITED SUPPLEMENTARY DATA, Continued

 ($ in millions)






























































Capital Expenditures / Stock Repurchases


 Three Months Ended December 31,


 Twelve Months Ended December 31,









2019


2018


2019


2018





















Capital expenditures (1)

$

87.3

$

122.0

$

257.4

$

393.6






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

$

-

$

(0.7)

$

4.7

$

67.2






Proceeds from exercises of stock options

$

4.7

$

1.8

$

12.7

$

17.8






Stock repurchases:















Aggregate purchase price

$

-

$

-

$

44.7

$

100.0







Shares repurchased (in millions)


-


-


1.3


2.1





































Floorplan Assistance and Expense


 Three Months Ended December 31,


 Twelve Months Ended December 31,





2019


2018


 Variance


2019


2018


 Variance

















Floorplan assistance earned (included in cost of sales)

$

30.3

$

30.7

$

(0.4)

$

111.8

$

117.9

$

(6.1)


New vehicle floorplan interest expense


(26.6)


(34.5)


7.9


(128.1)


(121.7)


(6.4)


















Net new vehicle inventory carrying benefit (cost)

$

3.7

$

(3.8)

$

7.5

$

(16.3)

$

(3.8)

$

(12.5)

































Balance Sheet and Other Highlights
































December 31, 2019


December 31, 2018

























Cash and cash equivalents

$

42.0

$

48.6










Inventory

$

3,305.8

$

3,650.5










Total floorplan notes payable

$

3,575.8

$

3,997.7










Non-vehicle debt

$

2,104.1

$

2,600.5










Equity

$

3,162.1

$

2,716.0










New days supply (industry standard of selling days)


 52 days


 60 days










Used days supply (trailing calendar month days)


 39 days


 42 days
























































Key Credit Agreement Covenant Compliance Calculations(2)





























Leverage ratio




 2.24x










Covenant

less than or equal to


 3.75x

























Capitalization ratio




54.5%










Covenant

less than or equal to


70.0%








































(1)

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










(2)

Calculated in accordance with our credit agreement as filed with the SEC









 

 

 AUTONATION, INC. 

 UNAUDITED SAME STORE DATA 

 ($ in millions, except per vehicle data) 









































Operating Highlights


Three Months Ended December 31,


 Twelve Months Ended December 31, 





2019


2018


$ Variance


% Variance


2019


2018


$ Variance


% Variance

Revenue:



















New vehicle

$

2,993.4

$

2,993.4

$

-


-

$

10,908.4

$

11,366.8

$

(458.4)


(4.0)



  Retail used vehicle


1,251.4


1,113.1


138.3


12.4


5,040.6


4,649.3


391.3


8.4



  Wholesale


78.8


69.2


9.6


13.9


299.3


306.4


(7.1)


(2.3)



Used vehicle


1,330.2


1,182.3


147.9


12.5


5,339.9


4,955.7


384.2


7.8



Finance and insurance, net


262.7


240.1


22.6


9.4


1,004.5


953.7


50.8


5.3


Total variable operations


4,586.3


4,415.8


170.5


3.9


17,252.8


17,276.2


(23.4)


(0.1)


Parts and service


881.5


846.9


34.6


4.1


3,479.6


3,335.0


144.6


4.3


Other


22.2


19.2


3.0




105.2


108.4


(3.2)



Total revenue

$

5,490.0

$

5,281.9

$

208.1


3.9

$

20,837.6

$

20,719.6

$

118.0


0.6







































Gross profit:



















New vehicle

$

135.9

$

134.1

$

1.8


1.3

$

494.7

$

506.9

$

(12.2)


(2.4)



  Retail used vehicle


84.0


70.0


14.0


20.0


341.8


320.2


21.6


6.7



  Wholesale


4.1


2.7


1.4




20.8


14.6


6.2





Used vehicle


88.1


72.7


15.4


21.2


362.6


334.8


27.8


8.3



Finance and insurance


262.7


240.1


22.6


9.4


1,004.5


953.7


50.8


5.3


Total variable operations


486.7


446.9


39.8


8.9


1,861.8


1,795.4


66.4


3.7


Parts and service


398.4


382.4


16.0


4.2


1,580.2


1,503.8


76.4


5.1


Other


1.3


0.7


0.6




5.3


3.0


2.3



Total gross profit

$

886.4

$

830.0

$

56.4


6.8

$

3,447.3

$

3,302.2

$

145.1


4.4




















Retail vehicle unit sales:



















New 


73,613


75,943


(2,330)


(3.1)


275,808


298,468


(22,660)


(7.6)



Used


58,467


53,226


5,241


9.8


239,996


228,093


11,903


5.2





132,080


129,169


2,911


2.3


515,804


526,561


(10,757)


(2.0)




















Revenue per vehicle retailed:



















New 

$

40,664

$

39,416

$

1,248


3.2

$

39,551

$

38,084

$

1,467


3.9



Used

$

21,404

$

20,913

$

491


2.3

$

21,003

$

20,383

$

620


3.0




















Gross profit per vehicle retailed:



















New 

$

1,846

$

1,766

$

80


4.5

$

1,794

$

1,698

$

96


5.7



Used

$

1,437

$

1,315

$

122


9.3

$

1,424

$

1,404

$

20


1.4



Finance and insurance

$

1,989

$

1,859

$

130


7.0

$

1,947

$

1,811

$

136


7.5



Total variable operations(1)

$

3,654

$

3,439

$

215


6.3

$

3,569

$

3,382

$

187


5.5









































Operating Percentages


 Three Months Ended December 31, 


 Twelve Months Ended December 31, 













2019 (%)


2018 (%)


2019 (%)


2018 (%)




























Revenue mix percentages:



















New vehicle


54.5


56.7


52.3


54.9











Used vehicle


24.2


22.4


25.6


23.9











Parts and service


16.1


16.0


16.7


16.1











Finance and insurance, net


4.8


4.5


4.8


4.6











Other


0.4


0.4


0.6


0.5













100.0


100.0


100.0


100.0




























Gross profit mix percentages:



















New vehicle


15.3


16.2


14.4


15.4











Used vehicle


9.9


8.8


10.5


10.1











Parts and service


44.9


46.1


45.8


45.5











Finance and insurance


29.6


28.9


29.1


28.9











Other


0.3


-


0.2


0.1













100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:



















Gross profit:



















   New vehicle


4.5


4.5


4.5


4.5











   Used vehicle - retail


6.7


6.3


6.8


6.9











   Parts and service


45.2


45.2


45.4


45.1











   Total


16.1


15.7


16.5


15.9




























(1)


Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.









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