0000350698-20-000087.txt : 20200723 0000350698-20-000087.hdr.sgml : 20200723 20200723073244 ACCESSION NUMBER: 0000350698-20-000087 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200723 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200723 DATE AS OF CHANGE: 20200723 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: 201042739 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 an8kearningsrelease630.htm FORM 8-K Document
false0000350698AUTONATION, INC. 0000350698 2020-07-23 2020-07-23


 
 
 
 
 

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) July 23, 2020
  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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, par value $0.01 per share
 
AN
 
New York Stock Exchange

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  ☐
 
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 July 23, 2020, AutoNation, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended June 30, 2020. 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
104    
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.





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:
July 23, 2020
 
By:
 
/s/ C. Coleman Edmunds
 
 
 
 
 
C. Coleman Edmunds
 
 
 
 
 
Executive Vice President, General Counsel and Corporate Secretary



 EX-99.1 2 an8k63020ex991.htm PRESS RELEASE Exhibit


Exhibit 99.1
 
anlogo2016a12.jpg
 
 
 
Contact: Marc Cannon
(954) 769-3146
cannonm@autonation.com
 

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

AutoNation Reports 2nd Quarter GAAP and All-Time Record Quarterly Adjusted EPS from Continuing Operations

•
EPS from continuing operations was $3.18 compared to EPS from continuing operations of $1.12 in the prior year
◦
Second quarter 2020 net income from continuing operations included a non-cash unrealized gain related to our investment in Vroom of $161 million after-tax, or $1.82 per share
•
Adjusted EPS from continuing operations was an all-time record $1.41, an increase of 18% compared to adjusted EPS from continuing operations of $1.20 in the prior year
•
Same-store Total Variable vehicle gross profit per vehicle retailed was up $585 or 16% compared to the year-ago period
•
SG&A as a percentage of gross profit was 68.9%. Adjusted SG&A as a percentage of gross profit was 68.2%, a decrease of 330 basis points compared to the prior year.
•
AutoNation announces future expansion of AutoNation USA pre-owned vehicle sales and service centers

FORT LAUDERDALE, Fla., (July 23, 2020) — AutoNation, Inc. (NYSE: AN), America’s largest and most recognized automotive retailer, today reported second quarter 2020 net income from continuing operations of $280 million, or $3.18 per share, which included a non-cash unrealized gain related to our investment in Vroom of $161 million after-tax, or $1.82 per share. Second quarter 2019 net income from continuing operations was $101 million, or $1.12 per share, which included non-cash franchise rights impairment charges of $7 million after-tax, or $0.08 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

Operational Summary
Same-store second quarter 2020 revenue totaled $4.5 billion, a decrease of 14% compared to the same period a year ago. Same-store second quarter 2020 gross profit totaled $795 million, a decrease of 9% compared to the year-ago period. Same-store new vehicle gross profit per vehicle retailed was $2,194, up $389 or 22% compared to the year-ago period. Same-store used vehicle gross profit per vehicle retailed was $1,801, up $338 or 23% compared to the year-ago-period. Same store Customer Financial Services gross profit per vehicle retailed was an all-time record $2,172, up $240 or 12% compared to the year-ago period.





Selected GAAP Financial Data
 
($ in millions, except per share data)
 
 
Q2 2020
 
Q2 2019
 
YoY
Revenue
 
$
4,533.0

 
$
5,343.8

 
-15%
Gross Profit
 
$
795.0

 
$
890.8

 
-11%
Operating Income
 
$
201.4

 
$
203.5

 
-1%
Net Income from Continuing Operations
 
$
279.9

 
$
101.0

 
NM
Diluted EPS from Continuing Operations
 
$
3.18

 
$
1.12

 
NM
 
 
 
 
 
 
 
Selected Non-GAAP Financial Data
 
($ in millions, except per share data)
 
 
Q2 2020
 
Q2 2019
 
YoY
Adjusted Operating Income
 
$
206.9

 
$
213.1

 
-3%
Adjusted Net Income from Continuing Operations
 
$
123.9

 
$
108.3

 
14%
Adjusted Diluted EPS from Continuing Operations
 
$
1.41

 
$
1.20

 
18%
 
 
 
 
 
 
 
NM = Not Meaningful
 
 
 
 
 
 

Digital Engagement Drives Sustainable Advantage
The COVID-19 pandemic has accelerated a shift in consumer behavior towards digital engagement. Our goal is to provide a peerless customer experience, while empowering the customer to engage with us on their terms. Our AutoNation Express online selling tools enable customers to buy and sell vehicles online, and our store-to-door delivery option allows customers to completely avoid visiting a showroom if they choose. Through our digital capabilities and physical stores, we have empowered the customer to do as much or as little of the transaction online as they choose.

AutoNation is also investing in data and analytics. The Company’s proprietary Equity Mining Tool leverages its millions of sales and service transactions into a central system that enables business development. The Equity Mining Tool automatically appraises customers’ current vehicles and identifies a newer replacement vehicle they can upgrade into for a similar or lower payment. Additionally, it shows household vehicles, service history, propensity to purchase and Customer Financial Service product history. AutoNation’s Equity Mining Tool is leveraged in our dealerships’ sales process and direct marketing campaigns.

AutoNation’s proprietary Equity Mining Tool was foundational for the recently launched Customer 360 application. Customer 360 provides a more complete picture of our customers, enabling us to provide a customized experience for each of our customers, while strengthening our relationship and identifying additional sales and service opportunities.

Expense Control
Over the last two years, AutoNation has taken an aggressive approach to streamline the business. The Company’s continued investment in digital created greater efficiencies, including position eliminations and a reduction in advertising expenses. Additionally, in 2018, AutoNation implemented a restructuring plan that reduced costs annually and consolidated its region infrastructure from three to two. This year, the Company made further reductions to headcount, advertising, and discretionary spending.  These efforts allowed us to deliver adjusted SG&A as a percentage of gross profit of 68.2% in the second quarter of 2020, which represents a 520-basis point improvement compared to the second quarter of 2018. AutoNation will continue to target operating below 69% SG&A as a percentage of gross profit on a long-term basis.

Capital Allocation
AutoNation is prioritizing its investment in capital expenditures towards opportunities with the greatest return potential. The Company today announced the planned expansion of its AutoNation USA stand-alone pre-owned vehicle sales and service centers. AutoNation plans to build at least 20 additional stores over the next three years and will provide details of the roll-out schedule in the third quarter of 2020. The stores will allow the Company to continue providing customers a peerless experience with its ‘One Price’ model and its customer-centric selling processes. This expansion will also allow the Company to leverage its brand, scale, ‘We’ll Buy Your Car’ sourcing initiative, and digital capabilities to capture a larger portion of the used vehicle market.





Segment Results
Segment results(1) for the second quarter 2020 were as follows:
Second Quarter 2020 Segment Results
•
Domestic – Domestic segment income(2) was $82 million compared to year-ago segment income of $66 million, an increase of 25%.
•
Import – Import segment income(2) was $88 million compared to year-ago segment income of $81 million, an increase of 8%.
•
Premium Luxury – Premium Luxury segment income(2) was $89 million compared to year-ago segment income of $95 million, a decrease of 6%.

For the six-month period ended June 30, 2020, AutoNation reported net income from continuing operations of $48 million, or $0.54 per share, compared to $193 million, or $2.14 per share, in the prior year. Adjusted net income from continuing operations was $206 million, or $2.32 per share, compared to $194 million, or $2.15 per share, in the prior year. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

The second quarter conference call may be accessed by telephone at (866) 211-3176 (Conference ID: 2597206) at 10:00 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 1:00 p.m. Eastern Time on July 23, 2020, through August 13, 2020, by calling (800) 585-8367 (Conference ID: 2597206).

(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, Subaru, 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 June 30, 2020, 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 nearly $25 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/CEOMikeJackon, 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.

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 operating income, adjusted income from continuing operations before income taxes, adjusted income tax provision, adjusted effective tax rate, adjusted net income from continuing operations, and adjusted diluted 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 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. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.




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 the impact of the COVID-19 pandemic on our business, results of operations, and financial condition, the actions we are taking in response to the COVID-19 pandemic, our strategic initiatives, partnerships, or investments, including the planned expansion of our AutoNation USA stand-alone pre-owned vehicle sales and service centers, our investments in digital and online capabilities, and other brand extension strategies, as well as statements regarding our expectations for the future performance of our business (including with respect to SG&A as a percentage of gross profit) 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: the resolution of the COVID-19 pandemic; the extent to which our dealerships are classified as essential services; the response by federal, state, and local governments and other third parties to the COVID-19 pandemic; supply chain disruptions; economic conditions, including changes in interest rates, fuel prices, and tariffs; new and used vehicle margins; our ability to successfully implement and maintain expense controls; 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 the planned expansion of our AutoNation USA stand-alone pre-owned vehicle sales and service centers, our investments in digital and online capabilities, and other 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 OPERATIONS
(In millions, except per share data)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenue:
 
 
 
 
 
 
 
 
New vehicle
 
$
2,261.3

 
$
2,769.6

 
$
4,543.2

 
$
5,266.3

Used vehicle
 
1,324.5

 
1,379.4

 
2,573.2

 
2,719.0

Parts and service
 
689.9

 
901.5

 
1,566.2

 
1,778.2

Finance and insurance, net
 
246.4

 
255.2

 
482.2

 
491.7

Other
 
10.9

 
38.1

 
35.2

 
70.4

Total revenue
 
4,533.0

 
5,343.8

 
9,200.0

 
10,325.6

Cost of sales:
 
 
 
 
 
 
 
 
New vehicle
 
2,141.7

 
2,644.1

 
4,327.2

 
5,018.9

Used vehicle
 
1,207.5

 
1,282.6

 
2,365.2

 
2,531.7

Parts and service
 
378.5

 
489.6

 
866.0

 
967.4

Other
 
10.3

 
36.7

 
33.4

 
67.6

Total cost of sales
 
3,738.0

 
4,453.0

 
7,591.8

 
8,585.6

Gross profit
 
795.0

 
890.8

 
1,608.2

 
1,740.0

Selling, general, and administrative expenses
 
547.9

 
637.0

 
1,148.6

 
1,260.0

Depreciation and amortization
 
49.1

 
44.4

 
97.2

 
88.5

Goodwill impairment
 
—

 
—

 
318.3

 
—

Franchise rights impairment
 
—

 
9.6

 
57.5

 
9.6

Other (income) expense, net(1)
 
(3.4
)
 
(3.7
)
 
4.5

 
(12.4
)
Operating income (loss)
 
201.4

 
203.5

 
(17.9
)
 
394.3

Non-operating income (expense) items:
 
 
 
 
 
 
 
 
Floorplan interest expense
 
(16.3
)
 
(37.4
)
 
(41.8
)
 
(76.4
)
Other interest expense
 
(23.2
)
 
(27.7
)
 
(46.7
)
 
(55.5
)
Interest income
 
0.1

 
0.1

 
0.2

 
0.3

Other income (loss), net(2)
 
214.5

 
(0.3
)
 
211.5

 
1.6

Income from continuing operations before income taxes
 
376.5

 
138.2

 
105.3

 
264.3

Income tax provision
 
96.6

 
37.2

 
57.6

 
71.2

Net income from continuing operations
 
279.9

 
101.0

 
47.7

 
193.1

Loss from discontinued operations, net of income taxes
 
(0.1
)
 
(0.2
)
 
(0.2
)
 
(0.3
)
Net income
 
$
279.8

 
$
100.8

 
$
47.5

 
$
192.8

Diluted earnings (loss) per share(3):
 
 
 
 
 
 
 
 
Continuing operations
 
$
3.18

 
$
1.12

 
$
0.54

 
$
2.14

Discontinued operations
 
$
—

 
$
—

 
$
—

 
$
—

Net income
 
$
3.18

 
$
1.12

 
$
0.53

 
$
2.13

Weighted average common shares outstanding
 
88.1

 
90.2

 
89.0

 
90.4

Common shares outstanding, net of treasury stock, at period end
 
87.2

 
89.1

 
87.2

 
89.1


(1) 
Primarily comprised of non-cash asset impairment charges, net gains on store/property dispositions, and gains on legal settlements.
(2) 
Current period primarily comprised of unrealized gain on equity investment.
(3)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,
 
 
2020
 
2019
 
$ Variance
 
% Variance
 
2020
 
2019
 
$ Variance
 
% Variance
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle
 
$
2,261.3

 
$
2,769.6

 
$
(508.3
)
 
(18.4
)
 
$
4,543.2

 
$
5,266.3

 
$
(723.1
)
 
(13.7
)
Retail used vehicle
 
1,262.5

 
1,307.2

 
(44.7
)
 
(3.4
)
 
2,424.5

 
2,569.0

 
(144.5
)
 
(5.6
)
Wholesale
 
62.0

 
72.2

 
(10.2
)
 
(14.1
)
 
148.7

 
150.0

 
(1.3
)
 
(0.9
)
Used vehicle
 
1,324.5

 
1,379.4

 
(54.9
)
 
(4.0
)
 
2,573.2

 
2,719.0

 
(145.8
)
 
(5.4
)
Finance and insurance, net
 
246.4

 
255.2

 
(8.8
)
 
(3.4
)
 
482.2

 
491.7

 
(9.5
)
 
(1.9
)
Total variable operations
 
3,832.2

 
4,404.2

 
(572.0
)
 
(13.0
)
 
7,598.6

 
8,477.0

 
(878.4
)
 
(10.4
)
Parts and service
 
689.9

 
901.5

 
(211.6
)
 
(23.5
)
 
1,566.2

 
1,778.2

 
(212.0
)
 
(11.9
)
Other
 
10.9

 
38.1

 
(27.2
)
 

 
35.2

 
70.4

 
(35.2
)
 

Total revenue
 
$
4,533.0

 
$
5,343.8

 
$
(810.8
)
 
(15.2
)
 
$
9,200.0

 
$
10,325.6

 
$
(1,125.6
)
 
(10.9
)
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle
 
$
119.6

 
$
125.5

 
$
(5.9
)
 
(4.7
)
 
$
216.0

 
$
247.4

 
$
(31.4
)
 
(12.7
)
Retail used vehicle
 
105.8

 
90.5

 
15.3

 
16.9

 
189.3

 
174.8

 
14.5

 
8.3

Wholesale
 
11.2

 
6.3

 
4.9

 
 
 
18.7

 
12.5

 
6.2

 
 
Used vehicle
 
117.0

 
96.8

 
20.2

 
20.9

 
208.0

 
187.3

 
20.7

 
11.1

Finance and insurance
 
246.4

 
255.2

 
(8.8
)
 
(3.4
)
 
482.2

 
491.7

 
(9.5
)
 
(1.9
)
Total variable operations
 
483.0

 
477.5

 
5.5

 
1.2

 
906.2

 
926.4

 
(20.2
)
 
(2.2
)
Parts and service
 
311.4

 
411.9

 
(100.5
)
 
(24.4
)
 
700.2

 
810.8

 
(110.6
)
 
(13.6
)
Other
 
0.6

 
1.4

 
(0.8
)
 
 
 
1.8

 
2.8

 
(1.0
)
 
 
Total gross profit
 
795.0

 
890.8

 
(95.8
)
 
(10.8
)
 
1,608.2

 
1,740.0

 
(131.8
)
 
(7.6
)
Selling, general, and administrative expenses
 
547.9

 
637.0

 
89.1

 
14.0

 
1,148.6

 
1,260.0

 
111.4

 
8.8

Depreciation and amortization
 
49.1

 
44.4

 
(4.7
)
 
 
 
97.2

 
88.5

 
(8.7
)
 
 
Goodwill impairment
 
—

 
—

 
—

 
 
 
318.3

 
—

 
(318.3
)
 
 
Franchise rights impairment
 
—

 
9.6

 
9.6

 
 
 
57.5

 
9.6

 
(47.9
)
 
 
Other (income) expense, net
 
(3.4
)
 
(3.7
)
 
(0.3
)
 
 
 
4.5

 
(12.4
)
 
(16.9
)
 
 
Operating income (loss)
 
201.4

 
203.5

 
(2.1
)
 
(1.0
)
 
(17.9
)

394.3

 
(412.2
)
 
NM

Non-operating income (expense) items:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
 
(16.3
)
 
(37.4
)
 
21.1

 
 
 
(41.8
)
 
(76.4
)
 
34.6

 
 
Other interest expense
 
(23.2
)
 
(27.7
)
 
4.5

 
 
 
(46.7
)
 
(55.5
)
 
8.8

 
 
Interest income
 
0.1

 
0.1

 
—

 
 
 
0.2

 
0.3

 
(0.1
)
 
 
Other income (loss), net
 
214.5

 
(0.3
)
 
214.8

 
 
 
211.5

 
1.6

 
209.9

 
 
Income from continuing operations before income taxes
 
$
376.5

 
$
138.2

 
$
238.3

 
NM

 
$
105.3

 
$
264.3

 
$
(159.0
)
 
NM

Retail vehicle unit sales:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
54,513

 
70,516

 
(16,003
)
 
(22.7
)
 
111,252

 
134,029

 
(22,777
)
 
(17.0
)
Used
 
58,920

 
62,339

 
(3,419
)
 
(5.5
)
 
115,069

 
123,510

 
(8,441
)
 
(6.8
)
 
 
113,433

 
132,855

 
(19,422
)
 
(14.6
)
 
226,321

 
257,539

 
(31,218
)
 
(12.1
)
Revenue per vehicle retailed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
$
41,482

 
$
39,276

 
$
2,206

 
5.6

 
$
40,837

 
$
39,292

 
$
1,545

 
3.9

Used
 
$
21,427

 
$
20,969

 
$
458

 
2.2

 
$
21,070

 
$
20,800

 
$
270

 
1.3

Gross profit per vehicle retailed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
$
2,194

 
$
1,780

 
$
414

 
23.3

 
$
1,942

 
$
1,846

 
$
96

 
5.2

Used
 
$
1,796

 
$
1,452

 
$
344

 
23.7

 
$
1,645

 
$
1,415

 
$
230

 
16.3

Finance and insurance
 
$
2,172

 
$
1,921

 
$
251

 
13.1

 
$
2,131

 
$
1,909

 
$
222

 
11.6

Total variable operations(1)
 
$
4,159

 
$
3,547

 
$
612

 
17.3

 
$
3,921

 
$
3,549

 
$
372

 
10.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
NM = Not Meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





Operating Percentages
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020 (%)
 
2019 (%)
 
2020 (%)
 
2019 (%)
Revenue mix percentages:
 
 
 
 
 
 
 
 
New vehicle
 
49.9
 
51.8
 
49.4
 
51.0
Used vehicle
 
29.2
 
25.8
 
28.0
 
26.3
Parts and service
 
15.2
 
16.9
 
17.0
 
17.2
Finance and insurance, net
 
5.4
 
4.8
 
5.2
 
4.8
Other
 
0.3
 
0.7
 
0.4
 
0.7
 
 
100.0
 
100.0
 
100.0
 
100.0
Gross profit mix percentages:
 
 
 
 
 
 
 
 
New vehicle
 
15.0
 
14.1
 
13.4
 
14.2
Used vehicle
 
14.7
 
10.9
 
12.9
 
10.8
Parts and service
 
39.2
 
46.2
 
43.5
 
46.6
Finance and insurance
 
31.0
 
28.6
 
30.0
 
28.3
Other
 
0.1
 
0.2
 
0.2
 
0.1
 
 
100.0
 
100.0
 
100.0
 
100.0
Operating items as a percentage of revenue:
 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
 
New vehicle
 
5.3
 
4.5
 
4.8
 
4.7
Used vehicle - retail
 
8.4
 
6.9
 
7.8
 
6.8
Parts and service
 
45.1
 
45.7
 
44.7
 
45.6
Total
 
17.5
 
16.7
 
17.5
 
16.9
Selling, general, and administrative expenses
 
12.1
 
11.9
 
12.5
 
12.2
Operating income (loss)
 
4.4
 
3.8
 
NM
 
3.8
Operating items as a percentage of total gross profit:
 
 
 
 
 
 
 
 
Selling, general, and administrative expenses
 
68.9
 
71.5
 
71.4
 
72.4
Operating income (loss)
 
25.3
 
22.8
 
NM
 
22.7
 
 
 
 
 
 
 
 
 
NM = Not Meaningful
 
 
 
 
 
 
 
 
 












AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
 
Segment Operating Highlights
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
$ Variance
 
% Variance
 
2020
 
2019
 
$ Variance
 
% Variance
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
 
$
1,486.0

 
$
1,707.3

 
$
(221.3
)
 
(13.0
)
 
$
2,969.5

 
$
3,276.1

 
$
(306.6
)
 
(9.4
)
Import
 
1,325.3

 
1,627.3

 
(302.0
)
 
(18.6
)
 
2,687.4

 
3,123.4

 
(436.0
)
 
(14.0
)
Premium luxury
 
1,564.8

 
1,820.9

 
(256.1
)
 
(14.1
)
 
3,181.6

 
3,555.0

 
(373.4
)
 
(10.5
)
Total
 
4,376.1

 
5,155.5

 
(779.4
)
 
(15.1
)
 
8,838.5

 
9,954.5

 
(1,116.0
)
 
(11.2
)
Corporate and other
 
156.9

 
188.3

 
(31.4
)
 
(16.7
)
 
361.5

 
371.1

 
(9.6
)
 
(2.6
)
Total consolidated revenue
 
$
4,533.0

 
$
5,343.8

 
$
(810.8
)
 
(15.2
)
 
$
9,200.0

 
$
10,325.6

 
$
(1,125.6
)
 
(10.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment income*:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
 
$
82.1

 
$
65.9

 
$
16.2

 
24.6

 
$
136.2

 
$
122.1

 
$
14.1

 
11.5

Import
 
88.3

 
81.4

 
6.9

 
8.5

 
154.2

 
154.0

 
0.2

 
0.1

Premium luxury
 
89.2

 
95.3

 
(6.1
)
 
(6.4
)
 
169.4

 
179.6

 
(10.2
)
 
(5.7
)
Total
 
259.6

 
242.6

 
17.0

 
7.0

 
459.8

 
455.7

 
4.1

 
0.9

Corporate and other
 
(74.5
)
 
(76.5
)
 
2.0

 
 
 
(519.5
)
 
(137.8
)
 
(381.7
)
 
 
Add: Floorplan interest expense
 
16.3

 
37.4

 
(21.1
)
 
 
 
41.8

 
76.4

 
(34.6
)
 
 
Operating income (loss)
 
$
201.4

 
$
203.5

 
$
(2.1
)
 
(1.0
)
 
$
(17.9
)
 
$
394.3

 
$
(412.2
)
 
NM

 
* 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
 
18,048

 
22,685

 
(4,637
)
 
(20.4
)
 
36,375

 
42,890

 
(6,515
)
 
(15.2
)
Import
 
23,605

 
31,957

 
(8,352
)
 
(26.1
)
 
48,892

 
60,713

 
(11,821
)
 
(19.5
)
Premium luxury
 
12,860

 
15,874

 
(3,014
)
 
(19.0
)
 
25,985

 
30,426

 
(4,441
)
 
(14.6
)
 
 
54,513

 
70,516

 
(16,003
)
 
(22.7
)
 
111,252

 
134,029

 
(22,777
)
 
(17.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brand Mix - Retail New Vehicle Units Sold
 
Three Months Ended
 
Six Months Ended
 
 
 
 
 
 
 
June 30,
 
June 30,
 
 
 
 
 
 
 
 
2020 (%)
 
2019 (%)
 
2020 (%)
 
2019 (%)
 
 
 
 
 
 
 
 
Domestic:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ford, Lincoln
 
12.5

 
11.2

 
11.9

 
11.4

 
 
 
 
 
 
 
 
Chevrolet, Buick, Cadillac, GMC
 
10.5

 
11.1

 
11.2

 
11.0

 
 
 
 
 
 
 
 
Chrysler, Dodge, Jeep, Ram
 
10.1

 
9.9

 
9.6

 
9.6

 
 
 
 
 
 
 
 
Domestic total
 
33.1

 
32.2

 
32.7

 
32.0

 
 
 
 
 
 
 
 
Import:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Toyota
 
19.2

 
19.9

 
20.2

 
19.5

 
 
 
 
 
 
 
 
Honda
 
13.6

 
14.4

 
13.6

 
14.5

 
 
 
 
 
 
 
 
Nissan
 
2.4

 
3.6

 
2.6

 
3.7

 
 
 
 
 
 
 
 
Other Import
 
8.1

 
7.4

 
7.5

 
7.6

 
 
 
 
 
 
 
 
Import total
 
43.3

 
45.3

 
43.9

 
45.3

 
 
 
 
 
 
 
 
Premium Luxury:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mercedes-Benz
 
9.7

 
8.4

 
9.4

 
8.5

 
 
 
 
 
 
 
 
BMW
 
5.7

 
6.2

 
5.7

 
6.1

 
 
 
 
 
 
 
 
Lexus
 
2.3

 
2.2

 
2.4

 
2.3

 
 
 
 
 
 
 
 
Audi
 
2.1

 
2.0

 
2.1

 
2.0

 
 
 
 
 
 
 
 
Jaguar Land Rover
 
2.3

 
2.2

 
2.4

 
2.3

 
 
 
 
 
 
 
 
Other Premium Luxury
 
1.5

 
1.5

 
1.4

 
1.5

 
 
 
 
 
 
 
 
Premium Luxury total
 
23.6

 
22.5

 
23.4

 
22.7

 
 
 
 
 
 
 
 
 
 
100.0

 
100.0

 
100.0

 
100.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NM = Not Meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
 
Capital Expenditures / Stock Repurchases
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Capital expenditures (1)
 
$
24.6

 
$
67.2

 
$
54.6

 
$
107.6

Cash paid for acquisitions, net of cash acquired
 
$
—

 
$
—

 
$
0.4

 
$
4.3

Proceeds from exercises of stock options
 
$
—

 
$
2.9

 
$
1.0

 
$
3.2

Stock repurchases:
 
 
 
 
 
 
 
 
Aggregate purchase price
 
$
—

 
$
11.2

 
$
80.0

 
$
44.7

Shares repurchased (in millions)
 
—

 
0.3

 
2.5

 
1.3

 
Floorplan Assistance and Expense
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
Variance
 
2020
 
2019
 
Variance
Floorplan assistance earned (included in cost of sales)
 
$
23.7

 
$
27.6

 
$
(3.9
)
 
$
48.3

 
$
52.8

 
$
(4.5
)
New vehicle floorplan interest expense
 
(14.1
)
 
(35.0
)
 
20.9

 
(37.2
)
 
(71.4
)
 
34.2

Net new vehicle inventory carrying benefit (cost)
 
$
9.6

 
$
(7.4
)
 
$
17.0

 
$
11.1

 
$
(18.6
)
 
$
29.7

 
Balance Sheet and Other Highlights
 
June 30, 2020
 
December 31, 2019
 
June 30, 2019
Cash and cash equivalents
 
$
257.3

 
$
42.0

 
$
51.1

Inventory
 
$
2,432.3

 
$
3,305.8

 
$
3,517.9

Total floorplan notes payable
 
$
2,522.9

 
$
3,575.8

 
$
3,731.2

Non-vehicle debt
 
$
2,090.4

 
$
2,104.1

 
$
2,440.1

Equity
 
$
3,137.7

 
$
3,162.1

 
$
2,882.9

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

 
52 days

 
75 days

Used days supply (trailing calendar month days)
 
31 days

 
39 days

 
35 days

 
 
Key Credit Agreement Covenant Compliance Calculations (2)
 
 
Leverage ratio
 
2.31x
Covenant
less than or equal to
3.75x
 
Capitalization ratio
 
47.9
%
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 SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Comparable Basis Reconciliations(1)
 
 
Three Months Ended June 30,
 
 
Operating Income
 
Income from Continuing Operations Before Income Taxes
 
Income Tax Provision(2)
 
Effective Tax Rate
 
Net Income
 
Diluted Earnings
Per Share(3)
 
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
As reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
279.8

 
$
100.8

 
$
3.18

 
$
1.12

Discontinued operations, net of income taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.1

 
0.2

 
$
—

 
$
—

From continuing operations, as reported
$
201.4

 
$
203.5

 
$
376.5

 
$
138.2

 
$
96.6

 
$
37.2

 
25.7
%
 
26.9
%
 
279.9

 
101.0

 
$
3.18

 
$
1.12

Unrealized gain on equity investment
 
 
 
 
(214.7
)
 
—

 
(54.2
)
 
—

 
 
 
 
 
(160.5
)
 
—

 
$
(1.82
)
 
$
—

Executive separation costs
5.5

 
—

 
5.5

 
—

 
1.0

 
—

 
 
 
 
 
4.5

 
—

 
$
0.05

 
$
—

Franchise rights impairment
—

 
9.6

 
—

 
9.6

 
—

 
2.3

 
 
 
 
 
—

 
7.3

 
$
—

 
$
0.08

Adjusted
$
206.9

 
$
213.1

 
167.3

 
147.8

 
43.4

 
39.5


25.9
%

26.7
%
 
$
123.9

 
$
108.3

 
$
1.41

 
$
1.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
Operating Income (Loss)
 
Income from Continuing Operations Before Income Taxes
 
Income Tax Provision(2)
 
Effective Tax Rate
 
Net Income
 
Diluted Earnings
Per Share(3)
 
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
As reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
47.5

 
$
192.8

 
$
0.53

 
$
2.13

Discontinued operations, net of income taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.2

 
0.3

 
$
—

 
$
—

From continuing operations, as reported
$
(17.9
)
 
$
394.3

 
$
105.3

 
$
264.3

 
$
57.6

 
$
71.2

 
54.7
%
 
26.9
%
 
47.7

 
193.1

 
$
0.54

 
$
2.14

Unrealized gain on equity investment
 
 
 
 
(214.7
)
 
—

 
(54.2
)
 
—

 
 
 
 
 
(160.5
)
 
—

 
$
(1.80
)
 
$
—

Executive separation costs
5.5

 
—

 
5.5

 
—

 
1.0

 
—

 
 
 
 
 
4.5

 
—

 
$
0.05

 
$
—

Goodwill and franchise rights impairment
375.8

 
9.6

 
375.8

 
9.6

 
67.4

 
2.3

 
 
 
 
 
308.4

 
7.3

 
$
3.47

 
$
0.08

Asset impairments and net gains on store dispositions
8.4

 
(8.3
)
 
8.4

 
(8.3
)
 
2.2

 
(2.0
)
 
 
 
 
 
6.2

 
(6.3
)
 
$
0.07

 
$
(0.07
)
Adjusted
$
371.8

 
$
395.6

 
$
280.3

 
$
265.6

 
$
74.0

 
$
71.5

 
26.4
%
 
26.9
%
 
$
206.3

 
$
194.1

 
$
2.32

 
$
2.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A
 
SG&A as a Percentage of Gross Profit (%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As reported
$
547.9

 
68.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding executive separation costs
5.5

 
0.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted
$
542.4

 
68.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Please refer to the “Non-GAAP Financial Measures” section of the Press Release.
(2)
Tax benefit/expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.
(3)
Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.




AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data)
 
Operating Highlights
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
$ Variance
 
% Variance
 
2020
 
2019
 
$ Variance
 
% Variance
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle
 
$
2,261.3

 
$
2,728.7

 
$
(467.4
)
 
(17.1
)
 
$
4,538.9

 
$
5,183.5

 
$
(644.6
)
 
(12.4
)
Retail used vehicle
 
1,262.4

 
1,285.2

 
(22.8
)
 
(1.8
)
 
2,421.6

 
2,523.5

 
(101.9
)
 
(4.0
)
Wholesale
 
62.0

 
71.3

 
(9.3
)
 
(13.0
)
 
148.5

 
147.8

 
0.7

 
0.5

Used vehicle
 
1,324.4

 
1,356.5

 
(32.1
)
 
(2.4
)
 
2,570.1

 
2,671.3

 
(101.2
)
 
(3.8
)
Finance and insurance, net
 
246.4

 
251.6

 
(5.2
)
 
(2.1
)
 
481.9

 
484.6

 
(2.7
)
 
(0.6
)
Total variable operations
 
3,832.1

 
4,336.8

 
(504.7
)
 
(11.6
)
 
7,590.9

 
8,339.4

 
(748.5
)
 
(9.0
)
Parts and service
 
689.5

 
883.2

 
(193.7
)
 
(21.9
)
 
1,561.1

 
1,740.0

 
(178.9
)
 
(10.3
)
Other
 
11.0

 
38.1

 
(27.1
)
 
 
 
35.1

 
70.2

 
(35.1
)
 
 
Total revenue
 
$
4,532.6

 
$
5,258.1

 
$
(725.5
)
 
(13.8
)
 
$
9,187.1


$
10,149.6

 
$
(962.5
)
 
(9.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle
 
$
119.6

 
$
124.9

 
$
(5.3
)
 
(4.2
)
 
$
215.6

 
$
245.9

 
$
(30.3
)
 
(12.3
)
Retail used vehicle
 
106.1

 
89.3

 
16.8

 
18.8

 
189.5

 
172.6

 
16.9

 
9.8

Wholesale
 
11.1

 
6.3

 
4.8

 
 
 
18.7

 
12.7

 
6.0

 
 
Used vehicle
 
117.2

 
95.6

 
21.6

 
22.6

 
208.2

 
185.3

 
22.9

 
12.4

Finance and insurance
 
246.4

 
251.6

 
(5.2
)
 
(2.1
)
 
481.9

 
484.6

 
(2.7
)
 
(0.6
)
Total variable operations
 
483.2

 
472.1

 
11.1

 
2.4

 
905.7

 
915.8

 
(10.1
)
 
(1.1
)
Parts and service
 
311.2

 
404.2

 
(93.0
)
 
(23.0
)
 
698.7

 
794.5

 
(95.8
)
 
(12.1
)
Other
 
0.8

 
1.6

 
(0.8
)
 
 
 
1.8

 
3.0

 
(1.2
)
 
 
Total gross profit
 
$
795.2

 
$
877.9

 
$
(82.7
)
 
(9.4
)
 
$
1,606.2

 
$
1,713.3

 
$
(107.1
)
 
(6.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail vehicle unit sales:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
54,512

 
69,213

 
(14,701
)
 
(21.2
)
 
111,193

 
131,365

 
(20,172
)
 
(15.4
)
Used
 
58,910

 
61,024

 
(2,114
)
 
(3.5
)
 
114,935

 
120,698

 
(5,763
)
 
(4.8
)
 
 
113,422

 
130,237

 
(16,815
)
 
(12.9
)
 
226,128

 
252,063

 
(25,935
)
 
(10.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue per vehicle retailed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
$
41,483

 
$
39,425

 
$
2,058

 
5.2

 
$
40,820

 
$
39,459

 
$
1,361

 
3.4

Used
 
$
21,429

 
$
21,061

 
$
368

 
1.7

 
$
21,069

 
$
20,908

 
$
161

 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit per vehicle retailed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
$
2,194

 
$
1,805

 
$
389

 
21.6

 
$
1,939

 
$
1,872

 
$
67

 
3.6

Used
 
$
1,801

 
$
1,463

 
$
338

 
23.1

 
$
1,649

 
$
1,430

 
$
219

 
15.3

Finance and insurance
 
$
2,172

 
$
1,932

 
$
240

 
12.4

 
$
2,131

 
$
1,923

 
$
208

 
10.8

Total variable operations(1)
 
$
4,162

 
$
3,577

 
$
585

 
16.4

 
$
3,923

 
$
3,583

 
$
340

 
9.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 June 30,
 
Six Months Ended June 30,
 
 
2020 (%)
 
2019 (%)
 
2020 (%)
 
2019 (%)
Revenue mix percentages:
 
 
 
 
 
 
 
 
New vehicle
 
49.9
 
51.9
 
49.4
 
51.1
Used vehicle
 
29.2
 
25.8
 
28.0
 
26.3
Parts and service
 
15.2
 
16.8
 
17.0
 
17.1
Finance and insurance, net
 
5.4
 
4.8
 
5.2
 
4.8
Other
 
0.3
 
0.7
 
0.4
 
0.7
 
 
100.0
 
100.0
 
100.0
 
100.0
Gross profit mix percentages:
 
 
 
 
 
 
 
 
New vehicle
 
15.0
 
14.2
 
13.4
 
14.4
Used vehicle
 
14.7
 
10.9
 
13.0
 
10.8
Parts and service
 
39.1
 
46.0
 
43.5
 
46.4
Finance and insurance
 
31.0
 
28.7
 
30.0
 
28.3
Other
 
0.2
 
0.2
 
0.1
 
0.1
 
 
100.0
 
100.0
 
100.0
 
100.0
Operating items as a percentage of revenue:
 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
 
New vehicle
 
5.3
 
4.6
 
4.8
 
4.7
Used vehicle - retail
 
8.4
 
6.9
 
7.8
 
6.8
Parts and service
 
45.1
 
45.8
 
44.8
 
45.7
Total
 
17.5
 
16.7
 
17.5
 
16.9



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Document and Entity Information
Jul. 23, 2020
Document And Entity Information [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 23, 2020
Entity Registrant Name AUTONATION, INC.
Entity Incorporation, State or Country Code DE
Entity Central Index Key 0000350698
Entity File Number 1-13107
Entity Tax Identification Number 73-1105145
Entity Address, Address Line One 200 SW 1st Ave
Entity Address, City or Town Fort Lauderdale
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33301
City Area Code 954
Local Phone Number 769-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol AN
Security Exchange Name NYSE
Entity Emerging Growth Company false
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