0000350698-17-000055.txt : 20170425 0000350698-17-000055.hdr.sgml : 20170425 20170425074230 ACCESSION NUMBER: 0000350698-17-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170425 DATE AS OF CHANGE: 20170425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTONATION, INC. CENTRAL INDEX KEY: 0000350698 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 731105145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13107 FILM NUMBER: 17779730 BUSINESS ADDRESS: STREET 1: 200 SW 1ST AVE STREET 2: SUITE 1600 CITY: FORT LAUDERDALE STATE: FL ZIP: 33301 BUSINESS PHONE: 9547696000 MAIL ADDRESS: STREET 1: 200 SW 1ST AVE STREET 2: SUITE 1600 CITY: FORT LAUDERDALE STATE: FL ZIP: 33301 FORMER COMPANY: FORMER CONFORMED NAME: AUTONATION, INC. /FL DATE OF NAME CHANGE: 20090827 FORMER COMPANY: FORMER CONFORMED NAME: AutoNation, Inc. /FL DATE OF NAME CHANGE: 20090827 FORMER COMPANY: FORMER CONFORMED NAME: AUTONATION INC /FL DATE OF NAME CHANGE: 19990407 8-K 1 an8kearningsrelease33117.htm FORM 8-K Document


 
 
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 

 CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date Of Report (Date Of Earliest Event Reported) April 25, 2017
 
 AutoNation, Inc.
(Exact name of registrant as specified in its charter)
 
  
Delaware
 
1-13107   
 
73-1105145
(State or other jurisdiction
of incorporation)
 
(Commission     
File Number)     
 
(IRS Employer
Identification No.)
200 SW 1st Ave
Fort Lauderdale, Florida 33301
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (954) 769-6000
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company o
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 
 
 
 
 





Item 2.02
Results of Operations and Financial Condition.
On April 25, 2017, AutoNation, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended March 31, 2017. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits

99.1
Press Release of AutoNation, Inc. dated April 25, 2017 regarding results of operations for the fiscal quarter ended March 31, 2017.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
AUTONATION, INC.
 
 
 
 
 
 
Date:
April 25, 2017
 
By:
 
/s/ C. Coleman Edmunds
 
 
 
 
 
C. Coleman Edmunds
 
 
 
 
 
Executive Vice President, General Counsel and Corporate Secretary



 EX-99.1 2 an8kearningsrelease33117ex.htm PRESS RELEASE Exhibit


Exhibit 99.1
 
anlogo2016a01.jpg
 
 
 
Contact: Marc Cannon
(954) 769-3146
cannonm@autonation.com
 
Investor contacts: Andrew Wamser
(954) 769-7023
wamsera@autonation.com

Robert Quartaro
(954) 769-7342
quartaror@autonation.com

AutoNation Reports First Quarter 2017 Results

•
EPS from continuing operations was $0.97, up 8% compared to first quarter 2016 EPS from continuing operations of $0.90
•
Total revenue of $5.1 billion was flat compared to the year-ago period
•
Same store retail vehicle unit sales were flat compared to the year-ago period

FORT LAUDERDALE, Fla., (April 25, 2017) — AutoNation, Inc. (NYSE: AN), America’s largest automotive retailer, today reported first quarter 2017 net income from continuing operations of $98 million, or $0.97 per share. First quarter 2016 net income from continuing operations totaled $96 million, or $0.90 per share.
First quarter 2017 revenue of $5.1 billion, and gross profit of $820 million were relatively flat compared to the year-ago period.
Mike Jackson, Chairman and Chief Executive Officer, said, “During the first quarter, we saw increasing used unit volumes as we focused on our One Price strategy, which is now fully rolled out at all AutoNation stores, and worked through the majority of the inventory that was previously on recall hold. We expect to see a sequential increase in the second quarter in both used unit volumes and gross profit per vehicle retailed.”
Segment Results
Segment results(1) for the first quarter 2017 were as follows:

First Quarter 2017 Segment Results
•
Domestic – Domestic segment income(2) was $61 million compared to year-ago segment income of $77 million, a decrease of 21%.
•
Import – Import segment income(2) was $72 million compared to year-ago segment income of $76 million, a decrease of 6%.
•
Premium Luxury – Premium Luxury segment income(2) was $81 million compared to year-ago segment income of $83 million, a decrease of 3%.
The first 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 April 25, 2017, through May 9, 2017, by calling (866)441-1051 (passcode: 5481).
  
(1) 
AutoNation has three operating segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and FCA US; 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 March 31, 2017, AutoNation owned and operated 372 new vehicle franchises from coast to coast. AutoNation has sold over 10 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 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 March 31,
 
 
2017
 
2016
Revenue:
 
 
 
 
New vehicle
 
$
2,796.2

 
$
2,800.2

Used vehicle
 
1,240.9

 
1,241.6

Parts and service
 
845.1

 
820.4

Finance and insurance, net
 
221.6

 
223.1

Other
 
35.6

 
34.3

Total revenue
 
5,139.4

 
5,119.6

Cost of sales:
 
 
 
 
New vehicle
 
2,651.9

 
2,651.0

Used vehicle
 
1,163.9

 
1,150.6

Parts and service
 
474.1

 
465.7

Other
 
29.7

 
26.4

Total cost of sales
 
4,319.6

 
4,293.7

Gross profit
 
819.8

 
825.9

Selling, general, and administrative expenses
 
595.3

 
588.7

Depreciation and amortization
 
37.3

 
34.8

Other income, net
 
(19.5
)
 
(5.0
)
Operating income
 
206.7

 
207.4

Non-operating income (expense) items:
 
 
 
 
Floorplan interest expense
 
(21.5
)
 
(18.9
)
Other interest expense
 
(28.8
)
 
(28.3
)
Interest income
 
0.4

 
0.1

Other income (loss), net
 
3.0

 
(3.4
)
Income from continuing operations before income taxes
 
159.8

 
156.9

Income tax provision
 
61.6

 
60.7

Net income from continuing operations
 
98.2

 
96.2

Loss from discontinued operations, net of income taxes
 
(0.1
)
 
(0.3
)
Net income
 
$
98.1

 
$
95.9

Diluted earnings (loss) per share*:
 
 
 
 
Continuing operations
 
$
0.97

 
$
0.90

Discontinued operations
 
$
—

 
$
—

Net income
 
$
0.97

 
$
0.89

Weighted average common shares outstanding
 
101.6

 
107.4

Common shares outstanding, net of treasury stock, at period end
 
101.3

 
103.1



* 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 March 31,
 
 
2017
 
2016
 
$ Variance
 
% Variance
Revenue:
 
 
 
 
 
 
 
 
New vehicle
 
$
2,796.2

 
$
2,800.2

 
$
(4.0
)
 
(0.1
)
Retail used vehicle
 
1,156.1

 
1,119.9

 
36.2

 
3.2

Wholesale
 
84.8

 
121.7

 
(36.9
)
 
(30.3
)
Used vehicle
 
1,240.9

 
1,241.6

 
(0.7
)
 
(0.1
)
Finance and insurance, net
 
221.6

 
223.1

 
(1.5
)
 
(0.7
)
Total variable operations
 
4,258.7

 
4,264.9

 
(6.2
)
 
(0.1
)
Parts and service
 
845.1

 
820.4

 
24.7

 
3.0

Other
 
35.6

 
34.3

 
1.3

 

Total revenue
 
$
5,139.4

 
$
5,119.6

 
$
19.8

 
0.4

Gross profit:
 
 
 
 
 
 
 
 
New vehicle
 
$
144.3

 
$
149.2

 
$
(4.9
)
 
(3.3
)
Retail used vehicle
 
74.9

 
93.7

 
(18.8
)
 
(20.1
)
Wholesale
 
2.1

 
(2.7
)
 
4.8

 
 
Used vehicle
 
77.0

 
91.0

 
(14.0
)
 
(15.4
)
Finance and insurance
 
221.6

 
223.1

 
(1.5
)
 
(0.7
)
Total variable operations
 
442.9

 
463.3

 
(20.4
)
 
(4.4
)
Parts and service
 
371.0

 
354.7

 
16.3

 
4.6

Other
 
5.9

 
7.9

 
(2.0
)
 
 
Total gross profit
 
819.8

 
825.9

 
(6.1
)
 
(0.7
)
Selling, general, and administrative expenses
 
595.3

 
588.7

 
(6.6
)
 
(1.1
)
Depreciation and amortization
 
37.3

 
34.8

 
(2.5
)
 
 
Other income, net
 
(19.5
)
 
(5.0
)
 
14.5

 
 
Operating income
 
206.7

 
207.4

 
(0.7
)
 
(0.3
)
Non-operating income (expense) items:
 
 
 
 
 
 
 
 
Floorplan interest expense
 
(21.5
)
 
(18.9
)
 
(2.6
)
 
 
Other interest expense
 
(28.8
)
 
(28.3
)
 
(0.5
)
 
 
Interest income
 
0.4

 
0.1

 
0.3

 
 
Other income (loss), net
 
3.0

 
(3.4
)
 
6.4

 
 
Income from continuing operations before income taxes
 
$
159.8

 
$
156.9

 
$
2.9

 
1.8

Retail vehicle unit sales:
 
 
 
 
 
 
 
 
New
 
75,798

 
79,007

 
(3,209
)
 
(4.1
)
Used
 
60,608

 
58,103

 
2,505

 
4.3

 
 
136,406

 
137,110

 
(704
)
 
(0.5
)
Revenue per vehicle retailed:
 
 
 
 
 
 
 
 
New
 
$
36,890

 
$
35,442

 
$
1,448

 
4.1

Used
 
$
19,075

 
$
19,274

 
$
(199
)
 
(1.0
)
Gross profit per vehicle retailed:
 
 
 
 
 
 
 
 
New
 
$
1,904

 
$
1,888

 
$
16

 
0.8

Used
 
$
1,236

 
$
1,613

 
$
(377
)
 
(23.4
)
Finance and insurance
 
$
1,625

 
$
1,627

 
$
(2
)
 
(0.1
)
Total variable operations(1)
 
$
3,232

 
$
3,399

 
$
(167
)
 
(4.9
)
 
 
 
 
 
 
 
 
 
(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.





Operating Percentages
 
Three Months Ended March 31,
 
 
2017 (%)
 
2016 (%)
Revenue mix percentages:
 
 
 
 
New vehicle
 
54.4
 
54.7
Used vehicle
 
24.1
 
24.3
Parts and service
 
16.4
 
16.0
Finance and insurance, net
 
4.3
 
4.4
Other
 
0.8
 
0.6
 
 
100.0
 
100.0
Gross profit mix percentages:
 
 
 
 
New vehicle
 
17.6
 
18.1
Used vehicle
 
9.4
 
11.0
Parts and service
 
45.3
 
42.9
Finance and insurance
 
27.0
 
27.0
Other
 
0.7
 
1.0
 
 
100.0
 
100.0
Operating items as a percentage of revenue:
 
 
 
 
Gross profit:
 
 
 
 
New vehicle
 
5.2
 
5.3
Used vehicle - retail
 
6.5
 
8.4
Parts and service
 
43.9
 
43.2
Total
 
16.0
 
16.1
Selling, general, and administrative expenses
 
11.6
 
11.5
Operating income
 
4.0
 
4.1
Operating items as a percentage of total gross profit:
 
 
 
 
Selling, general, and administrative expenses
 
72.6
 
71.3
Operating income
 
25.2
 
25.1
 





AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
 
Segment Operating Highlights
 
Three Months Ended March 31,
 
 
2017
 
2016
 
$ Variance
 
% Variance
Revenue:
 
 
 
 
 
 
 
 
Domestic
 
$
1,800.8

 
$
1,848.2

 
$
(47.4
)
 
(2.6
)
Import
 
1,631.7

 
1,675.0

 
(43.3
)
 
(2.6
)
Premium luxury
 
1,616.6

 
1,540.3

 
76.3

 
5.0

Total
 
5,049.1

 
5,063.5

 
(14.4
)
 
(0.3
)
Corporate and other
 
90.3

 
56.1

 
34.2

 
61.0

Total consolidated revenue
 
$
5,139.4

 
$
5,119.6

 
$
19.8

 
0.4

 
 
 
 
 
 
 
 
 
Segment income*:
 
 
 
 
 
 
 
 
Domestic
 
$
61.4

 
$
77.4

 
$
(16.0
)
 
(20.7
)
Import
 
71.7

 
76.1

 
(4.4
)
 
(5.8
)
Premium luxury
 
80.5

 
83.0

 
(2.5
)
 
(3.0
)
Total
 
213.6

 
236.5

 
(22.9
)
 
(9.7
)
Corporate and other
 
(28.4
)
 
(48.0
)
 
19.6

 
 
Add: Floorplan interest expense
 
21.5

 
18.9

 
2.6

 
 
Operating income
 
$
206.7

 
$
207.4

 
$
(0.7
)
 
(0.3
)
 
* 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
 
26,259

 
27,736

 
(1,477
)
 
(5.3
)
Import
 
34,315

 
35,781

 
(1,466
)
 
(4.1
)
Premium luxury
 
15,224

 
15,490

 
(266
)
 
(1.7
)
 
 
75,798

 
79,007

 
(3,209
)
 
(4.1
)
 
 
 
 
 
 
 
 
 
Brand Mix - New Vehicle Retail Units Sold
 
Three Months Ended
 
 
 
March 31,
 
 
 
 
2017 (%)
 
2016 (%)
 
 
 
 
Domestic:
 
 
 
 
 
 
 
 
Ford, Lincoln
 
13.9

 
15.2

 
 
 
 
Chevrolet, Buick, Cadillac, GMC
 
10.8

 
11.3

 
 
 
 
Chrysler, Dodge, Jeep, Ram
 
9.9

 
8.6

 
 
 
 
Domestic total
 
34.6

 
35.1

 
 
 
 
Import:
 
 
 
 
 
 
 
 
Toyota
 
18.0

 
17.3

 
 
 
 
Honda
 
13.0

 
11.9

 
 
 
 
Nissan
 
7.3

 
9.1

 
 
 
 
Other Import
 
7.0

 
7.0

 
 
 
 
Import total
 
45.3

 
45.3

 
 
 
 
Premium Luxury:
 
 
 
 
 
 
 
 
Mercedes-Benz
 
8.1

 
8.2

 
 
 
 
BMW
 
4.7

 
4.2

 
 
 
 
Lexus
 
2.5

 
3.0

 
 
 
 
Audi
 
2.2

 
2.0

 
 
 
 
Other Premium Luxury (Land Rover, Porsche)
 
2.6

 
2.2

 
 
 
 
Premium Luxury total
 
20.1

 
19.6

 
 
 
 
 
 
100.0

 
100.0

 
 
 
 




 AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
 
Capital Expenditures / Stock Repurchases
 
Three Months Ended March 31,
 
 
2017
 
2016
Capital expenditures (1)
 
$
86.8

 
$
50.7

Cash paid for acquisitions, net of cash acquired (2) 
 
$
5.8

 
$
256.6

Proceeds from exercises of stock options
 
$
21.5

 
$
0.6

Stock repurchases:
 
 
 
 
Aggregate purchase price
 
$
—

 
$
370.6

Shares repurchased (in millions)
 
—

 
7.9

 
Floorplan Assistance and Expense
 
Three Months Ended March 31,
 
 
2017
 
2016
 
Variance
Floorplan assistance earned (included in cost of sales)
 
$
28.3

 
$
29.3

 
$
(1.0
)
New vehicle floorplan interest expense
 
(20.2
)
 
(17.9
)
 
(2.3
)
Net new vehicle inventory carrying benefit
 
$
8.1

 
$
11.4

 
$
(3.3
)
 
Balance Sheet and Other Highlights
 
March 31, 2017
 
December 31, 2016
 
March 31, 2016
Cash and cash equivalents
 
$
56.3

 
$
64.8

 
$
47.8

Inventory
 
$
3,692.6

 
$
3,520.1

 
$
3,927.8

Total floorplan notes payable
 
$
3,868.5

 
$
3,849.2

 
$
4,039.4

Non-vehicle debt
 
$
2,546.2

 
$
2,720.6

 
$
2,680.5

Equity
 
$
2,434.2

 
$
2,310.3

 
$
2,090.6

 
 
 
 
 
 
 
New days supply (industry standard of selling days)
 
71 days

 
61 days

 
81 days

Used days supply (trailing calendar month days)
 
37 days

 
44 days

 
39 days

 
 
Key Credit Agreement Covenant Compliance Calculations (3)
 
 
Leverage ratio
 
2.56x
Covenant
less than or equal to
3.75x
 
Capitalization ratio
 
61.7
%
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 March 31,
 
 
2017
 
2016
 
$ Variance
 
% Variance
Revenue:
 
 
 
 
 
 
 
 
New vehicle
 
$
2,701.0

 
$
2,718.1

 
$
(17.1
)
 
(0.6
)
Retail used vehicle
 
1,127.9

 
1,086.2

 
41.7

 
3.8

Wholesale
 
79.7

 
117.7

 
(38.0
)
 
(32.3
)
Used vehicle
 
1,207.6

 
1,203.9

 
3.7

 
0.3

Finance and insurance, net
 
216.9

 
217.7

 
(0.8
)
 
(0.4
)
Total variable operations
 
4,125.5

 
4,139.7

 
(14.2
)
 
(0.3
)
Parts and service
 
820.3

 
794.9

 
25.4

 
3.2

Other
 
35.5

 
34.2

 
1.3

 
 
Total revenue
 
$
4,981.3

 
$
4,968.8

 
$
12.5

 
0.3

 
 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
 
New vehicle
 
$
138.9

 
$
146.8

 
$
(7.9
)
 
(5.4
)
Retail used vehicle
 
73.5

 
91.3

 
(17.8
)
 
(19.5
)
Wholesale
 
1.9

 
(2.4
)
 
4.3

 
 
Used vehicle
 
75.4

 
88.9

 
(13.5
)
 
(15.2
)
Finance and insurance
 
216.9

 
217.7

 
(0.8
)
 
(0.4
)
Total variable operations
 
431.2

 
453.4

 
(22.2
)
 
(4.9
)
Parts and service
 
360.8

 
343.5

 
17.3

 
5.0

Other
 
5.8

 
7.6

 
(1.8
)
 
 
Total gross profit
 
$
797.8

 
$
804.5

 
$
(6.7
)
 
(0.8
)
 
 
 
 
 
 
 
 
 
Retail vehicle unit sales:
 
 
 
 
 
 
 
 
New
 
73,639

 
76,246

 
(2,607
)
 
(3.4
)
Used
 
59,131

 
55,960

 
3,171

 
5.7

 
 
132,770

 
132,206

 
564

 
0.4

 
 
 
 
 
 
 
 
 
Revenue per vehicle retailed:
 
 
 
 
 
 
 
 
New
 
$
36,679

 
$
35,649

 
$
1,030

 
2.9

Used
 
$
19,075

 
$
19,410

 
$
(335
)
 
(1.7
)
 
 
 
 
 
 
 
 
 
Gross profit per vehicle retailed:
 
 
 
 
 
 
 
 
New
 
$
1,886

 
$
1,925

 
$
(39
)
 
(2.0
)
Used
 
$
1,243

 
$
1,632

 
$
(389
)
 
(23.8
)
Finance and insurance
 
$
1,634

 
$
1,647

 
$
(13
)
 
(0.8
)
Total variable operations(1)
 
$
3,233

 
$
3,448

 
$
(215
)
 
(6.2
)
 
 
 
 
 
 
 
 
 
(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.
 




Operating Percentages
 
Three Months Ended March 31,
 
 
2017 (%)
 
2016 (%)
Revenue mix percentages:
 
 
 
 
New vehicle
 
54.2
 
54.7
Used vehicle
 
24.2
 
24.2
Parts and service
 
16.5
 
16.0
Finance and insurance, net
 
4.4
 
4.4
Other
 
0.7
 
0.7
 
 
100.0
 
100.0
Gross profit mix percentages:
 
 
 
 
New vehicle
 
17.4
 
18.2
Used vehicle
 
9.5
 
11.1
Parts and service
 
45.2
 
42.7
Finance and insurance
 
27.2
 
27.1
Other
 
0.7
 
0.9
 
 
100.0
 
100.0
Operating items as a percentage of revenue:
 
 
 
 
Gross profit:
 
 
 
 
New vehicle
 
5.1
 
5.4
Used vehicle - retail
 
6.5
 
8.4
Parts and service
 
44.0
 
43.2
Total
 
16.0
 
16.2



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