AutoNation Reports Third Quarter 2024 Results
- Q3 2024 EPS
$4.61 , adjusted EPS$4.02 - Strong Same Store New Vehicle unit sales growth of 2%
- Record After-Sales gross profit of
$558 million - AN Finance growth continues with
$700 million in YTD originations
"We are pleased to deliver solid operating results for the third quarter driven primarily by new vehicle unit sales growth, continued After-Sales momentum, and disciplined cost controls. We were able to navigate through a challenging environment, which included the lingering effects of the CDK outage, which we are relieved to now have behind us, weather challenges, and OEM stop-sale orders. Looking ahead, we remain focused on shareholder returns, are encouraged by the moderating interest rates and OEM support actions, and are committed to delivering a strong close to the year," said
Operational Summary
Third
quarter 2024 compared to the year-ago period:
|
Selected Financial Data |
||||||
|
($ in millions, except per share data) |
||||||
|
|
|
Three Months Ended
|
||||
|
|
|
2024 |
|
2023 |
|
YoY |
|
Revenue |
|
$ 6,586.1 |
|
$ 6,892.7 |
|
-4 % |
|
Gross Profit |
|
$ 1,182.8 |
|
$ 1,294.6 |
|
-9 % |
|
Operating Income |
|
$ 350.7 |
|
$ 419.5 |
|
-16 % |
|
Net Income |
|
$ 185.8 |
|
$ 243.7 |
|
-24 % |
|
Diluted EPS |
|
$ 4.61 |
|
$ 5.54 |
|
-17 % |
|
|
|
|
|
|
|
|
|
Adjusted Operating Income* |
|
$ 320.3 |
|
$ 415.8 |
|
-23 % |
|
Adjusted Net Income* |
|
$ 162.2 |
|
$ 243.7 |
|
-33 % |
|
Adjusted EPS* |
|
$ 4.02 |
|
$ 5.54 |
|
-27 % |
|
|
|
|
|
|
|
|
|
New Vehicle Retail Unit Sales |
|
63,150 |
|
62,289 |
|
1 % |
|
Used Vehicle Retail Unit Sales |
|
66,454 |
|
72,517 |
|
-8 % |
|
*Reconciliations of non-GAAP financial measures are included in the attached financial tables. |
-
Revenue
- totaled
$6.6 billion , down$307 million compared to the year-ago period, reflecting primarily lower average selling prices of vehicles and used vehicle unit sales, offset partially by increased new vehicle unit sales, and After-Sales growth.- New Vehicle Revenue – decreased
$16 million or 1%, to$3.2 billion . - Used Vehicle Revenue – decreased
$271 million or 12%, to$1.9 billion . - After-Sales Revenue– increased
$14 million or 1%, to$1.2 billion . - Customer Financial Services Revenue– decreased
$34 million or 9%, to$335 million .
- New Vehicle Revenue – decreased
-
Gross Profit
- totaled
$1.2 billion , down$112 million from$1.3 billion a year ago.- New Vehicle Gross Profit - decreased
$74 million reflecting gross profit per vehicle retailed of$2,804 compared to$4,025 a year ago, and a 1% increase in unit sales. - Used Vehicle Gross Profit - decreased
$17 million reflecting a gross profit per vehicle retailed of$1,589 compared to$1,746 a year ago and a 8% decrease in unit sales. - After-Sales Gross Profit - increased
$12 million , or 2% from a year ago to$558 million reflecting higher revenue and a 50-basis point increase in margin. - Customer Financial Services Gross Profit - decreased
$34 million from a year ago reflecting gross profit per vehicle retailed of$2,588 , compared to$2,741 a year ago and a 4% decrease in total units sold.
- New Vehicle Gross Profit - decreased
- SG&A as a Percentage of Gross Profit - was 68.6%, or 67.4% on an adjusted basis, and remained well below pre-pandemic levels despite impacts early in the quarter from the CDK outage.
Segment Results
Segment results(1) for the third quarter of 2024 were as follows:
-
Domestic Segment Income
– was
$62 million compared to the year-ago segment income of$107 million . Revenues of$1.8 billion decreased 11%. -
Import Segment Income
– was
$119 million compared to the year-ago segment income of$165 million . Revenues of$2.0 billion decreased 1%. -
Premium Luxury Segment Income
– was
$155 million compared to the year-ago segment income of$193 million . Revenues of$2.4 billion decreased 4%.
Year-to-date 2024 compared to the year-ago period:
|
Selected Financial Data |
||||||
|
($ in millions, except per share data) |
||||||
|
|
|
Nine Months Ended
|
||||
|
|
|
2024 |
|
2023 |
|
YoY |
|
Revenue |
|
$ 19,552.2 |
|
$ 20,181.5 |
|
-3 % |
|
Gross Profit |
|
$ 3,543.8 |
|
$ 3,916.3 |
|
-10 % |
|
Operating Income |
|
$ 966.0 |
|
$ 1,302.0 |
|
-26 % |
|
Net Income |
|
$ 506.1 |
|
$ 804.9 |
|
-37 % |
|
Diluted EPS |
|
$ 12.31 |
|
$ 17.65 |
|
-30 % |
|
|
|
|
|
|
|
|
|
Adjusted Operating Income* |
|
$ 986.5 |
|
$ 1,324.8 |
|
-26 % |
|
Adjusted Net Income* |
|
$ 514.8 |
|
$ 817.3 |
|
-37 % |
|
Adjusted EPS* |
|
$ 12.53 |
|
$ 17.92 |
|
-30 % |
|
|
|
|
|
|
|
|
|
New Vehicle Retail Unit Sales |
|
183,281 |
|
179,798 |
|
2 % |
|
Used Vehicle Retail Unit Sales |
|
201,079 |
|
208,868 |
|
-4 % |
|
*Reconciliations of non-GAAP financial measures are included in the attached financial tables. |
-
Revenue
- totaled
$19.6 billion , down$629 million compared to the year-ago period, reflecting primarily lower average selling prices of vehicles and used vehicle unit sales, offset partially by increased new vehicle unit sales and After-Sales growth.- New Vehicle Revenue – decreased
$128 million or 1%, to$9.3 billion . - Used Vehicle Revenue – decreased
$484 million or 8%, to$5.8 billion . - After-Sales Revenue– increased
$68 million or 2%, to$3.5 billion . - Customer Financial Services Revenue– decreased
$77 million or 7%, to$994 million .
- New Vehicle Revenue – decreased
-
Gross Profit
- totaled
$3.5 billion , down$373 million from$3.9 billion a year ago.- New Vehicle Gross Profit - decreased
$262 million reflecting gross profit per vehicle retailed of$3,074 compared to$4,590 a year ago, offset partially by a 2% increase in unit sales. - Used Vehicle Gross Profit - decreased
$82 million reflecting a gross profit per vehicle retailed of$1,565 compared to$1,907 a year ago and a 4% decrease in unit sales. - After-Sales Gross Profit - increased
$51 million , or 3% from a year ago to$1.7 billion as revenue growth and higher margins largely offset lower sales resulting from the CDK outage incident. - Customer Financial Services Gross Profit - decreased
$77 million from a year ago to$994 million reflecting gross profit per vehicle retailed of$2,586 , compared to$2,757 a year ago, and a 1% decrease in total units sold.
- New Vehicle Gross Profit - decreased
- SG&A as a Percentage of Gross Profit - was 68.6%, or 66.7% on an adjusted basis, and remained well below pre-pandemic levels despite the impacts of the CDK outage.
Segment Results
Segment results(1) for the first nine months of 2024 were as follows:
-
Domestic Segment Income
– was
$188 million compared to the year-ago segment income of$342 million . Revenues of$5.3 billion decreased 9%. -
Import Segment Income
– was
$356 million compared to the year-ago segment income of$498 million . Revenues of$6.0 billion increased 3%. -
Premium Luxury Segment Income
– was
$468 million compared to the year-ago segment income of$641 million . Revenues of$7.2 billion decreased 5%.
Capital Allocation, Liquidity, Leverage and Portfolio Actions
During the quarter, AutoNation repurchased 36 thousand shares of common stock for an aggregate purchase price of
As of
During the quarter, AutoNation divested seven Domestic stores and one Import store, which represented a total of 11 franchises. As a result of these divestitures, the Company received net proceeds of
The third quarter conference call will begin at
The webcast will also be available on AutoNation's website following the call under "Events & Presentations." A playback of the conference call will be available after
|
(1) |
AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by |
|
|
|
|
(2) |
Segment income represents income for each of AutoNation's reportable segments and is defined as operating income less floorplan interest expense. |
About
AutoNation, one of the largest automotive retailers in
Please visit www.autonation.com, investors.autonation.com, and www.x.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 news release and the attached financial tables contain certain non-GAAP financial measures as defined under
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," "estimates," "intends," "goals," "targets," "projects," "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, and investments, including
|
|
||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
(In millions, except per share data) |
||||||||
|
|
||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
$ 3,171.2 |
|
$ 3,187.6 |
|
$ 9,273.0 |
|
$ 9,400.5 |
|
Used vehicle |
|
1,901.4 |
|
2,172.1 |
|
5,808.6 |
|
6,292.7 |
|
Parts and service |
|
1,170.9 |
|
1,157.4 |
|
3,460.4 |
|
3,392.5 |
|
Finance and insurance, net |
|
335.4 |
|
369.5 |
|
994.1 |
|
1,071.4 |
|
Other |
|
7.2 |
|
6.1 |
|
16.1 |
|
24.4 |
|
Total revenue |
|
6,586.1 |
|
6,892.7 |
|
19,552.2 |
|
20,181.5 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
2,994.1 |
|
2,936.9 |
|
8,709.6 |
|
8,575.2 |
|
Used vehicle |
|
1,790.2 |
|
2,044.3 |
|
5,474.5 |
|
5,876.2 |
|
Parts and service |
|
612.7 |
|
611.6 |
|
1,809.8 |
|
1,793.1 |
|
Other |
|
6.3 |
|
5.3 |
|
14.5 |
|
20.7 |
|
Total cost of sales |
|
5,403.3 |
|
5,598.1 |
|
16,008.4 |
|
16,265.2 |
|
Gross profit |
|
1,182.8 |
|
1,294.6 |
|
3,543.8 |
|
3,916.3 |
|
Selling, general, and administrative expenses |
|
811.3 |
|
819.3 |
|
2,430.2 |
|
2,444.9 |
|
Depreciation and amortization |
|
61.3 |
|
55.7 |
|
179.5 |
|
163.1 |
|
Other (income) expense, net(1) |
|
(40.5) |
|
0.1 |
|
(31.9) |
|
6.3 |
|
Operating income |
|
350.7 |
|
419.5 |
|
966.0 |
|
1,302.0 |
|
Non-operating income (expense) items: |
|
|
|
|
|
|
|
|
|
Floorplan interest expense |
|
(60.5) |
|
(38.3) |
|
(163.8) |
|
(98.2) |
|
Other interest expense |
|
(44.9) |
|
(48.8) |
|
(136.3) |
|
(135.9) |
|
Other income (loss), net(2) |
|
2.1 |
|
(5.0) |
|
9.0 |
|
4.6 |
|
Income from continuing operations before income taxes |
|
247.4 |
|
327.4 |
|
674.9 |
|
1,072.5 |
|
Income tax provision |
|
61.6 |
|
83.7 |
|
168.8 |
|
268.5 |
|
Net income from continuing operations |
|
185.8 |
|
243.7 |
|
506.1 |
|
804.0 |
|
Income from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
0.9 |
|
Net income |
|
$ 185.8 |
|
$ 243.7 |
|
$ 506.1 |
|
$ 804.9 |
|
Diluted earnings per share(3): |
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ 4.61 |
|
$ 5.54 |
|
$ 12.31 |
|
$ 17.63 |
|
Discontinued operations |
|
$ — |
|
$ — |
|
$ — |
|
$ 0.02 |
|
Net income |
|
$ 4.61 |
|
$ 5.54 |
|
$ 12.31 |
|
$ 17.65 |
|
Weighted average common shares outstanding |
|
40.3 |
|
44.0 |
|
41.1 |
|
45.6 |
|
Common shares outstanding, net of treasury stock, at |
|
39.6 |
|
42.8 |
|
39.6 |
|
42.8 |
|
|
|
|
(1) |
Includes net gains on business/property divestitures and results of our finance company, including expected credit loss expense and gains on asset sales, as well as gains on legal settlements and asset impairments. |
|
(2) |
Includes gains related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants, net of losses on minority equity investments. |
|
(3) |
Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding. |
|
|
||||||||||||||||
|
UNAUDITED SUPPLEMENTARY DATA |
||||||||||||||||
|
($ in millions, except per vehicle data) |
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|
|
||||||||||||||||
|
Operating Highlights |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
2023 |
|
$ Variance |
|
% Variance |
|
2024 |
|
2023 |
|
$ Variance |
|
% Variance |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle |
|
$ 3,171.2 |
|
$ 3,187.6 |
|
$ (16.4) |
|
(0.5) |
|
$ 9,273.0 |
|
$ 9,400.5 |
|
$ (127.5) |
|
(1.4) |
|
Retail used vehicle |
|
1,741.4 |
|
2,025.1 |
|
(283.7) |
|
(14.0) |
|
5,318.7 |
|
5,858.4 |
|
(539.7) |
|
(9.2) |
|
Wholesale |
|
160.0 |
|
147.0 |
|
13.0 |
|
8.8 |
|
489.9 |
|
434.3 |
|
55.6 |
|
12.8 |
|
Used vehicle |
|
1,901.4 |
|
2,172.1 |
|
(270.7) |
|
(12.5) |
|
5,808.6 |
|
6,292.7 |
|
(484.1) |
|
(7.7) |
|
Finance and insurance, net |
|
335.4 |
|
369.5 |
|
(34.1) |
|
(9.2) |
|
994.1 |
|
1,071.4 |
|
(77.3) |
|
(7.2) |
|
Total variable operations |
|
5,408.0 |
|
5,729.2 |
|
(321.2) |
|
(5.6) |
|
16,075.7 |
|
16,764.6 |
|
(688.9) |
|
(4.1) |
|
Parts and service |
|
1,170.9 |
|
1,157.4 |
|
13.5 |
|
1.2 |
|
3,460.4 |
|
3,392.5 |
|
67.9 |
|
2.0 |
|
Other |
|
7.2 |
|
6.1 |
|
1.1 |
|
|
|
16.1 |
|
24.4 |
|
(8.3) |
|
|
|
Total revenue |
|
$ 6,586.1 |
|
$ 6,892.7 |
|
$ (306.6) |
|
(4.4) |
|
$ 19,552.2 |
|
$ 20,181.5 |
|
$ (629.3) |
|
(3.1) |
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle |
|
$ 177.1 |
|
$ 250.7 |
|
$ (73.6) |
|
(29.4) |
|
$ 563.4 |
|
$ 825.3 |
|
$ (261.9) |
|
(31.7) |
|
Retail used vehicle |
|
105.6 |
|
126.6 |
|
(21.0) |
|
(16.6) |
|
314.7 |
|
398.3 |
|
(83.6) |
|
(21.0) |
|
Wholesale |
|
5.6 |
|
1.2 |
|
4.4 |
|
|
|
19.4 |
|
18.2 |
|
1.2 |
|
|
|
Used vehicle |
|
111.2 |
|
127.8 |
|
(16.6) |
|
(13.0) |
|
334.1 |
|
416.5 |
|
(82.4) |
|
(19.8) |
|
Finance and insurance |
|
335.4 |
|
369.5 |
|
(34.1) |
|
(9.2) |
|
994.1 |
|
1,071.4 |
|
(77.3) |
|
(7.2) |
|
Total variable operations |
|
623.7 |
|
748.0 |
|
(124.3) |
|
(16.6) |
|
1,891.6 |
|
2,313.2 |
|
(421.6) |
|
(18.2) |
|
Parts and service |
|
558.2 |
|
545.8 |
|
12.4 |
|
2.3 |
|
1,650.6 |
|
1,599.4 |
|
51.2 |
|
3.2 |
|
Other |
|
0.9 |
|
0.8 |
|
0.1 |
|
|
|
1.6 |
|
3.7 |
|
(2.1) |
|
|
|
Total gross profit |
|
1,182.8 |
|
1,294.6 |
|
(111.8) |
|
(8.6) |
|
3,543.8 |
|
3,916.3 |
|
(372.5) |
|
(9.5) |
|
Selling, general, and administrative |
|
811.3 |
|
819.3 |
|
8.0 |
|
1.0 |
|
2,430.2 |
|
2,444.9 |
|
14.7 |
|
0.6 |
|
Depreciation and amortization |
|
61.3 |
|
55.7 |
|
(5.6) |
|
|
|
179.5 |
|
163.1 |
|
(16.4) |
|
|
|
Other (income) expense, net |
|
(40.5) |
|
0.1 |
|
40.6 |
|
|
|
(31.9) |
|
6.3 |
|
38.2 |
|
|
|
Operating income |
|
350.7 |
|
419.5 |
|
(68.8) |
|
(16.4) |
|
966.0 |
|
1,302.0 |
|
(336.0) |
|
(25.8) |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense |
|
(60.5) |
|
(38.3) |
|
(22.2) |
|
|
|
(163.8) |
|
(98.2) |
|
(65.6) |
|
|
|
Other interest expense |
|
(44.9) |
|
(48.8) |
|
3.9 |
|
|
|
(136.3) |
|
(135.9) |
|
(0.4) |
|
|
|
Other income (loss), net |
|
2.1 |
|
(5.0) |
|
7.1 |
|
|
|
9.0 |
|
4.6 |
|
4.4 |
|
|
|
Income from continuing operations |
|
$ 247.4 |
|
$ 327.4 |
|
$ (80.0) |
|
(24.4) |
|
$ 674.9 |
|
$ 1,072.5 |
|
$ (397.6) |
|
(37.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
|
63,150 |
|
62,289 |
|
861 |
|
1.4 |
|
183,281 |
|
179,798 |
|
3,483 |
|
1.9 |
|
Used |
|
66,454 |
|
72,517 |
|
(6,063) |
|
(8.4) |
|
201,079 |
|
208,868 |
|
(7,789) |
|
(3.7) |
|
|
|
129,604 |
|
134,806 |
|
(5,202) |
|
(3.9) |
|
384,360 |
|
388,666 |
|
(4,306) |
|
(1.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
|
$ 50,217 |
|
$ 51,174 |
|
$ (957) |
|
(1.9) |
|
$ 50,594 |
|
$ 52,284 |
|
$ (1,690) |
|
(3.2) |
|
Used |
|
$ 26,205 |
|
$ 27,926 |
|
$ (1,721) |
|
(6.2) |
|
$ 26,451 |
|
$ 28,048 |
|
$ (1,597) |
|
(5.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
|
$ 2,804 |
|
$ 4,025 |
|
$ (1,221) |
|
(30.3) |
|
$ 3,074 |
|
$ 4,590 |
|
$ (1,516) |
|
(33.0) |
|
Used |
|
$ 1,589 |
|
$ 1,746 |
|
$ (157) |
|
(9.0) |
|
$ 1,565 |
|
$ 1,907 |
|
$ (342) |
|
(17.9) |
|
Finance and insurance |
|
$ 2,588 |
|
$ 2,741 |
|
$ (153) |
|
(5.6) |
|
$ 2,586 |
|
$ 2,757 |
|
$ (171) |
|
(6.2) |
|
Total variable operations(1) |
|
$ 4,769 |
|
$ 5,540 |
|
$ (771) |
|
(13.9) |
|
$ 4,871 |
|
$ 5,905 |
|
$ (1,034) |
|
(17.5) |
|
|
|
||||||||||||||||
|
(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 |
|
Nine Months Ended |
||||
|
|
|
2024 ( %) |
|
2023 ( %) |
|
2024 ( %) |
|
2023 ( %) |
|
Revenue mix percentages: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
48.1 |
|
46.2 |
|
47.4 |
|
46.6 |
|
Used vehicle |
|
28.9 |
|
31.5 |
|
29.7 |
|
31.2 |
|
Parts and service |
|
17.8 |
|
16.8 |
|
17.7 |
|
16.8 |
|
Finance and insurance, net |
|
5.1 |
|
5.4 |
|
5.1 |
|
5.3 |
|
Other |
|
0.1 |
|
0.1 |
|
0.1 |
|
0.1 |
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
Gross profit mix percentages: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
15.0 |
|
19.4 |
|
15.9 |
|
21.1 |
|
Used vehicle |
|
9.4 |
|
9.9 |
|
9.4 |
|
10.6 |
|
Parts and service |
|
47.2 |
|
42.2 |
|
46.6 |
|
40.8 |
|
Finance and insurance |
|
28.4 |
|
28.5 |
|
28.1 |
|
27.4 |
|
Other |
|
— |
|
— |
|
— |
|
0.1 |
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
Operating items as a percentage of revenue: |
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
5.6 |
|
7.9 |
|
6.1 |
|
8.8 |
|
Used vehicle - retail |
|
6.1 |
|
6.3 |
|
5.9 |
|
6.8 |
|
Parts and service |
|
47.7 |
|
47.2 |
|
47.7 |
|
47.1 |
|
Total |
|
18.0 |
|
18.8 |
|
18.1 |
|
19.4 |
|
Selling, general, and administrative expenses |
|
12.3 |
|
11.9 |
|
12.4 |
|
12.1 |
|
Operating income |
|
5.3 |
|
6.1 |
|
4.9 |
|
6.5 |
|
Operating items as a percentage of total gross profit: |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
68.6 |
|
63.3 |
|
68.6 |
|
62.4 |
|
Operating income |
|
29.6 |
|
32.4 |
|
27.3 |
|
33.2 |
|
|
||||||||||||||||
|
UNAUDITED SUPPLEMENTARY DATA |
||||||||||||||||
|
($ in millions) |
||||||||||||||||
|
|
||||||||||||||||
|
Segment Operating Highlights |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
2023 |
|
$ Variance |
|
% Variance |
|
2024 |
|
2023 |
|
$ Variance |
|
% Variance |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ 1,774.9 |
|
$ 1,983.9 |
|
$ (209.0) |
|
(10.5) |
|
$ 5,271.0 |
|
$ 5,770.5 |
|
$ (499.5) |
|
(8.7) |
|
Import |
|
2,046.2 |
|
2,077.2 |
|
(31.0) |
|
(1.5) |
|
6,044.5 |
|
5,864.2 |
|
180.3 |
|
3.1 |
|
Premium luxury |
|
2,426.0 |
|
2,516.1 |
|
(90.1) |
|
(3.6) |
|
7,239.3 |
|
7,621.5 |
|
(382.2) |
|
(5.0) |
|
Total |
|
6,247.1 |
|
6,577.2 |
|
(330.1) |
|
(5.0) |
|
18,554.8 |
|
19,256.2 |
|
(701.4) |
|
(3.6) |
|
Corporate and other |
|
339.0 |
|
315.5 |
|
23.5 |
|
7.4 |
|
997.4 |
|
925.3 |
|
72.1 |
|
7.8 |
|
Total consolidated revenue |
|
$ 6,586.1 |
|
$ 6,892.7 |
|
$ (306.6) |
|
(4.4) |
|
$ 19,552.2 |
|
$ 20,181.5 |
|
$ (629.3) |
|
(3.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ 62.4 |
|
$ 107.2 |
|
$ (44.8) |
|
(41.8) |
|
$ 187.9 |
|
$ 341.5 |
|
$ (153.6) |
|
(45.0) |
|
Import |
|
119.2 |
|
164.7 |
|
(45.5) |
|
(27.6) |
|
356.2 |
|
498.1 |
|
(141.9) |
|
(28.5) |
|
Premium luxury |
|
154.7 |
|
192.9 |
|
(38.2) |
|
(19.8) |
|
468.2 |
|
641.2 |
|
(173.0) |
|
(27.0) |
|
Total |
|
336.3 |
|
464.8 |
|
(128.5) |
|
(27.6) |
|
1,012.3 |
|
1,480.8 |
|
(468.5) |
|
(31.6) |
|
Corporate and other |
|
(46.1) |
|
(83.6) |
|
37.5 |
|
|
|
(210.1) |
|
(277.0) |
|
66.9 |
|
|
|
Add: Floorplan interest expense |
|
60.5 |
|
38.3 |
|
22.2 |
|
|
|
163.8 |
|
98.2 |
|
65.6 |
|
|
|
Operating income |
|
$ 350.7 |
|
$ 419.5 |
|
$ (68.8) |
|
(16.4) |
|
$ 966.0 |
|
$ 1,302.0 |
|
$ (336.0) |
|
(25.8) |
|
* 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 |
|
17,583 |
|
17,766 |
|
(183) |
|
(1.0) |
|
50,068 |
|
51,110 |
|
(1,042) |
|
(2.0) |
|
Import |
|
28,865 |
|
28,232 |
|
633 |
|
2.2 |
|
85,162 |
|
78,502 |
|
6,660 |
|
8.5 |
|
Premium luxury |
|
16,702 |
|
16,291 |
|
411 |
|
2.5 |
|
48,051 |
|
50,186 |
|
(2,135) |
|
(4.3) |
|
|
|
63,150 |
|
62,289 |
|
861 |
|
1.4 |
|
183,281 |
|
179,798 |
|
3,483 |
|
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
18,681 |
|
22,406 |
|
(3,725) |
|
(16.6) |
|
57,178 |
|
64,914 |
|
(7,736) |
|
(11.9) |
|
Import |
|
22,851 |
|
24,548 |
|
(1,697) |
|
(6.9) |
|
69,188 |
|
69,241 |
|
(53) |
|
(0.1) |
|
Premium luxury |
|
17,876 |
|
19,710 |
|
(1,834) |
|
(9.3) |
|
54,608 |
|
57,409 |
|
(2,801) |
|
(4.9) |
|
Other |
|
7,046 |
|
5,853 |
|
1,193 |
|
20.4 |
|
20,105 |
|
17,304 |
|
2,801 |
|
16.2 |
|
|
|
66,454 |
|
72,517 |
|
(6,063) |
|
(8.4) |
|
201,079 |
|
208,868 |
|
(7,789) |
|
(3.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail New Vehicle |
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
2024 ( %) |
|
2023 ( %) |
|
2024 ( %) |
|
2023 ( %) |
|
|
|
|
|
|
|
|
|
Domestic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.3 |
|
10.5 |
|
11.0 |
|
10.9 |
|
|
|
|
|
|
|
|
|
Chevrolet, Buick, |
|
11.4 |
|
10.8 |
|
10.9 |
|
10.4 |
|
|
|
|
|
|
|
|
|
Chrysler, Dodge, |
|
5.1 |
|
7.2 |
|
5.4 |
|
7.1 |
|
|
|
|
|
|
|
|
|
Domestic total |
|
27.8 |
|
28.5 |
|
27.3 |
|
28.4 |
|
|
|
|
|
|
|
|
|
Import: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toyota |
|
19.4 |
|
19.9 |
|
20.7 |
|
18.7 |
|
|
|
|
|
|
|
|
|
Honda |
|
13.6 |
|
12.4 |
|
13.4 |
|
12.8 |
|
|
|
|
|
|
|
|
|
Nissan |
|
1.8 |
|
2.2 |
|
1.9 |
|
2.2 |
|
|
|
|
|
|
|
|
|
Hyundai |
|
3.9 |
|
3.4 |
|
3.7 |
|
3.4 |
|
|
|
|
|
|
|
|
|
Subaru |
|
4.1 |
|
4.1 |
|
3.9 |
|
3.5 |
|
|
|
|
|
|
|
|
|
Other Import |
|
3.0 |
|
3.3 |
|
2.9 |
|
3.1 |
|
|
|
|
|
|
|
|
|
Import total |
|
45.8 |
|
45.3 |
|
46.5 |
|
43.7 |
|
|
|
|
|
|
|
|
|
Premium Luxury: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz |
|
9.7 |
|
8.5 |
|
8.8 |
|
9.3 |
|
|
|
|
|
|
|
|
|
BMW |
|
8.0 |
|
8.4 |
|
8.5 |
|
9.1 |
|
|
|
|
|
|
|
|
|
Lexus |
|
3.3 |
|
2.8 |
|
3.5 |
|
3.0 |
|
|
|
|
|
|
|
|
|
Audi |
|
2.1 |
|
2.9 |
|
2.1 |
|
2.7 |
|
|
|
|
|
|
|
|
|
Jaguar Land Rover |
|
1.9 |
|
1.7 |
|
2.0 |
|
1.8 |
|
|
|
|
|
|
|
|
|
Other Premium Luxury |
|
1.4 |
|
1.9 |
|
1.3 |
|
2.0 |
|
|
|
|
|
|
|
|
|
Premium Luxury total |
|
26.4 |
|
26.2 |
|
26.2 |
|
27.9 |
|
|
|
|
|
|
|
|
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
UNAUDITED SUPPLEMENTARY DATA, Continued |
||||||||
|
($ in millions) |
||||||||
|
|
||||||||
|
Capital Expenditures / Stock Repurchases |
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Capital expenditures |
|
$ 81.0 |
|
$ 87.0 |
|
$ 262.2 |
|
$ 286.0 |
|
Cash paid for acquisitions, net of cash acquired |
|
$ — |
|
$ 2.2 |
|
$ — |
|
$ 271.1 |
|
Cash received from divestitures, net of cash relinquished |
|
$ 156.0 |
|
$ — |
|
$ 156.0 |
|
$ — |
|
Stock repurchases: |
|
|
|
|
|
|
|
|
|
Aggregate purchase price (1) |
|
$ 5.6 |
|
$ 200.0 |
|
$ 355.6 |
|
$ 712.4 |
|
Shares repurchased (in millions) |
|
— |
|
1.3 |
|
2.2 |
|
5.3 |
|
New Vehicle Floorplan Assistance and Expense |
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
2024 |
|
2023 |
|
Variance |
|
2024 |
|
2023 |
|
Variance |
|
Floorplan assistance earned (included in cost of sales) |
|
$ 38.2 |
|
$ 31.5 |
|
$ 6.7 |
|
$ 101.6 |
|
$ 92.1 |
|
$ 9.5 |
|
New vehicle floorplan interest expense |
|
(58.5) |
|
(35.1) |
|
(23.4) |
|
(157.4) |
|
(89.1) |
|
(68.3) |
|
Net new vehicle inventory carrying benefit (expense) |
|
$ (20.3) |
|
$ (3.6) |
|
$ (16.7) |
|
$ (55.8) |
|
$ 3.0 |
|
$ (58.8) |
|
Balance Sheet and Other Highlights |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ 60.2 |
|
$ 60.8 |
|
$ 64.0 |
|
Inventory |
|
$ 3,530.8 |
|
$ 3,033.4 |
|
$ 2,645.6 |
|
Floorplan notes payable |
|
$ 3,805.2 |
|
$ 3,382.4 |
|
$ 2,814.8 |
|
Non-recourse debt |
|
$ 645.9 |
|
$ 258.4 |
|
$ 246.1 |
|
Non-vehicle debt |
|
$ 3,934.5 |
|
$ 4,030.3 |
|
$ 3,942.4 |
|
Equity |
|
$ 2,371.2 |
|
$ 2,211.4 |
|
$ 2,142.0 |
|
|
|
|
|
|
|
|
|
New days supply (industry standard of selling days) |
|
52 days |
|
36 days |
|
31 days |
|
Used days supply (trailing calendar month days) |
|
36 days |
|
39 days |
|
33 days |
|
Key Credit Agreement Covenant Compliance Calculations (2) |
|
|
|
Leverage ratio |
|
2.53x |
|
Covenant |
less than or equal to |
3.75x |
|
|
||
|
Interest coverage ratio |
|
4.33x |
|
Covenant |
greater than or equal to |
3.00x |
|
|
|
|
(1) |
Excludes excise taxes imposed under Inflation Reduction Act. |
|
(2) |
Calculated in accordance with our credit agreement as filed with our Quarterly Report on Form 10-Q for the quarter ended |
|
|
||||||||||||||||||||||||
|
UNAUDITED SUPPLEMENTARY DATA, Continued |
||||||||||||||||||||||||
|
($ in millions, except per share data) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Comparable Basis Reconciliations(1) |
||||||||||||||||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
Operating Income |
|
Income from |
|
Income Tax Provision(2) |
|
Effective Tax Rate |
|
Net Income |
|
Diluted Earnings Per Share(3) |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
From continuing operations, as reported |
$ 350.7 |
|
$ 419.5 |
|
$ 247.4 |
|
$ 327.4 |
|
$ 61.6 |
|
$ 83.7 |
|
24.9 % |
|
25.6 % |
|
$ 185.8 |
|
$ 243.7 |
|
|
|
|
|
|
Discontinued operations, net of income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
— |
|
|
|
|
|
|
As reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 185.8 |
|
$ 243.7 |
|
$ 4.61 |
|
$ 5.54 |
|
|
Increase (decrease) in compensation expense |
8.2 |
|
(3.7) |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
$ — |
|
$ — |
|
|
Net loss on equity investments |
— |
|
— |
|
6.7 |
|
— |
|
1.6 |
|
— |
|
|
|
|
|
5.1 |
|
— |
|
$ 0.13 |
|
$ — |
|
|
Self-insurance related losses(5) |
5.7 |
|
— |
|
5.7 |
|
— |
|
1.4 |
|
— |
|
|
|
|
|
4.3 |
|
— |
|
$ 0.11 |
|
$ — |
|
|
Business/property-related items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains on dispositions, net of asset |
(46.7) |
|
— |
|
(46.7) |
|
— |
|
(11.4) |
|
— |
|
|
|
|
|
(35.3) |
|
— |
|
$ (0.88) |
|
$ — |
|
|
Loss from operations resulting from |
2.4 |
|
— |
|
3.0 |
|
— |
|
0.7 |
|
— |
|
|
|
|
|
2.3 |
|
— |
|
$ 0.06 |
|
$ — |
|
|
Adjusted |
$ 320.3 |
|
$ 415.8 |
|
$ 216.1 |
|
$ 327.4 |
|
$ 53.9 |
|
$ 83.7 |
|
24.9 % |
|
25.6 % |
|
$ 162.2 |
|
$ 243.7 |
|
$ 4.02 |
|
$ 5.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
SG&A |
|
SG&A as a Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
$ 811.3 |
|
$ 819.3 |
|
68.6 |
|
63.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in compensation expense |
8.2 |
|
(3.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-insurance related losses |
5.7 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
$ 797.4 |
|
$ 823.0 |
|
67.4 |
|
63.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
(1) |
Please refer to the "Non-GAAP Financial Measures" section of the Press Release. |
|||||||||||||||||||||||
|
(2) |
Tax 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. |
|||||||||||||||||||||||
|
(4) |
Increases and decreases in deferred compensation obligations, which are recorded in SG&A, are substantially offset by corresponding gains and losses, respectively, related to changes in the cash surrender value of corporate-owned life insurance ("COLI") for deferred compensation plan participants as a result of changes in market performance of the underlying investments; therefore, the net impact to net income and earnings per share is de minimis. Gains and losses related to the COLI are recorded in non-operating Other Income (Loss), Net. |
|||||||||||||||||||||||
|
(5) |
Primarily related to losses from hail storms and other natural catastrophes. |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
UNAUDITED SUPPLEMENTARY DATA, Continued |
||||||||||||||||||||||||
|
($ in millions, except per share data) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Comparable Basis Reconciliations(1) |
||||||||||||||||||||||||
|
|
Nine Months Ended |
|||||||||||||||||||||||
|
|
|
Operating Income |
|
Income from |
|
Income Tax Provision(2) |
|
Effective Tax Rate |
|
Net Income |
|
Diluted Earnings Per Share(3) |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
From continuing operations, as reported |
$ 966.0 |
|
$ 1,302.0 |
|
$ 674.9 |
|
$ 1,072.5 |
|
$ 168.8 |
|
$ 268.5 |
|
25.0 % |
|
25.0 % |
|
$ 506.1 |
|
$ 804.0 |
|
|
|
|
|
|
Discontinued operations, net of income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
0.9 |
|
|
|
|
|
|
As reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
506.1 |
|
804.9 |
|
$ 12.31 |
|
$ 17.65 |
|
|
Increase (decrease) in compensation expense |
16.3 |
|
6.3 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
$ — |
|
$ — |
|
|
Net loss on equity investments |
— |
|
— |
|
6.7 |
|
— |
|
1.6 |
|
— |
|
|
|
|
|
5.1 |
|
— |
|
$ 0.12 |
|
$ — |
|
|
One-time costs associated with CDK outage(5) |
42.8 |
|
— |
|
42.8 |
|
— |
|
10.5 |
|
— |
|
|
|
|
|
32.3 |
|
— |
|
$ 0.79 |
|
$ — |
|
|
Self-insurance related losses(6) |
5.7 |
|
16.5 |
|
5.7 |
|
16.5 |
|
1.4 |
|
4.1 |
|
|
|
|
|
4.3 |
|
12.4 |
|
$ 0.10 |
|
$ 0.27 |
|
|
Business/property-related items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains on dispositions, net of asset |
(46.7) |
|
— |
|
(46.7) |
|
— |
|
(11.4) |
|
— |
|
|
|
|
|
(35.3) |
|
— |
|
$ (0.86) |
|
$ — |
|
|
Loss from operations resulting from |
2.4 |
|
— |
|
3.0 |
|
— |
|
0.7 |
|
— |
|
|
|
|
|
2.3 |
|
— |
|
$ 0.06 |
|
$ — |
|
|
Adjusted |
$ 986.5 |
|
$ 1,324.8 |
|
$ 686.4 |
|
$ 1,089.0 |
|
$ 171.6 |
|
$ 272.6 |
|
25.0 % |
|
25.0 % |
|
$ 514.8 |
|
$ 817.3 |
|
$ 12.53 |
|
$ 17.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
SG&A |
|
SG&A as a Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
$ 2,430.2 |
|
$ 2,444.9 |
|
68.6 |
|
62.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in compensation expense |
16.3 |
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time costs associated with CDK outage |
42.8 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-insurance related losses |
5.7 |
|
16.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
$ 2,365.4 |
|
$ 2,422.1 |
|
66.7 |
|
61.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
(1) |
Please refer to the "Non-GAAP Financial Measures" section of the Press Release. |
|||||||||||||||||||||||
|
(2) |
Tax 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. |
|||||||||||||||||||||||
|
(4) |
Increases and decreases in deferred compensation obligations, which are recorded in SG&A, are substantially offset by corresponding gains and losses, respectively, related to changes in the cash surrender value of corporate-owned life insurance ("COLI") for deferred compensation plan participants as a result of changes in market performance of the underlying investments; therefore, the net impact to net income and earnings per share is de minimis. Gains and losses related to the COLI are recorded in non-operating Other Income (Loss), Net. |
|||||||||||||||||||||||
|
(5) |
Represents certain one-time costs incurred associated with the CDK outage, principally consisting of compensation paid to commission-based associates to ensure business continuity. |
|||||||||||||||||||||||
|
(6) |
Primarily related to losses from hail storms and other natural catastrophes. |
|||||||||||||||||||||||
|
|
||||||||||||||||
|
UNAUDITED SAME STORE DATA |
||||||||||||||||
|
($ in millions, except per vehicle data) |
||||||||||||||||
|
|
||||||||||||||||
|
Operating Highlights |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
2023 |
|
$ Variance |
|
% Variance |
|
2024 |
|
2023 |
|
$ Variance |
|
% Variance |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle |
|
$ 3,157.5 |
|
$ 3,155.6 |
|
$ 1.9 |
|
0.1 |
|
$ 9,133.7 |
|
$ 9,295.4 |
|
$ (161.7) |
|
(1.7) |
|
Retail used vehicle |
|
1,689.5 |
|
1,989.4 |
|
(299.9) |
|
(15.1) |
|
5,098.9 |
|
5,744.6 |
|
(645.7) |
|
(11.2) |
|
Wholesale |
|
151.9 |
|
144.4 |
|
7.5 |
|
5.2 |
|
464.4 |
|
424.8 |
|
39.6 |
|
9.3 |
|
Used vehicle |
|
1,841.4 |
|
2,133.8 |
|
(292.4) |
|
(13.7) |
|
5,563.3 |
|
6,169.4 |
|
(606.1) |
|
(9.8) |
|
Finance and insurance, net |
|
328.7 |
|
364.8 |
|
(36.1) |
|
(9.9) |
|
964.4 |
|
1,055.1 |
|
(90.7) |
|
(8.6) |
|
Total variable operations |
|
5,327.6 |
|
5,654.2 |
|
(326.6) |
|
(5.8) |
|
15,661.4 |
|
16,519.9 |
|
(858.5) |
|
(5.2) |
|
Parts and service |
|
1,151.5 |
|
1,122.2 |
|
29.3 |
|
2.6 |
|
3,352.9 |
|
3,286.7 |
|
66.2 |
|
2.0 |
|
Other |
|
7.1 |
|
5.9 |
|
1.2 |
|
|
|
16.1 |
|
24.5 |
|
(8.4) |
|
|
|
Total revenue |
|
$ 6,486.2 |
|
$ 6,782.3 |
|
$ (296.1) |
|
(4.4) |
|
$ 19,030.4 |
|
$ 19,831.1 |
|
$ (800.7) |
|
(4.0) |
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle |
|
$ 176.7 |
|
$ 249.1 |
|
$ (72.4) |
|
(29.1) |
|
$ 557.3 |
|
$ 818.2 |
|
$ (260.9) |
|
(31.9) |
|
Retail used vehicle |
|
103.8 |
|
124.8 |
|
(21.0) |
|
(16.8) |
|
305.3 |
|
391.6 |
|
(86.3) |
|
(22.0) |
|
Wholesale |
|
6.4 |
|
1.4 |
|
5.0 |
|
|
|
21.7 |
|
18.5 |
|
3.2 |
|
|
|
Used vehicle |
|
110.2 |
|
126.2 |
|
(16.0) |
|
(12.7) |
|
327.0 |
|
410.1 |
|
(83.1) |
|
(20.3) |
|
Finance and insurance |
|
328.7 |
|
364.8 |
|
(36.1) |
|
(9.9) |
|
964.4 |
|
1,055.1 |
|
(90.7) |
|
(8.6) |
|
Total variable operations |
|
615.6 |
|
740.1 |
|
(124.5) |
|
(16.8) |
|
1,848.7 |
|
2,283.4 |
|
(434.7) |
|
(19.0) |
|
Parts and service |
|
550.6 |
|
533.1 |
|
17.5 |
|
3.3 |
|
1,607.3 |
|
1,562.0 |
|
45.3 |
|
2.9 |
|
Other |
|
1.0 |
|
0.7 |
|
0.3 |
|
|
|
1.5 |
|
3.9 |
|
(2.4) |
|
|
|
Total gross profit |
|
$ 1,167.2 |
|
$ 1,273.9 |
|
$ (106.7) |
|
(8.4) |
|
$ 3,457.5 |
|
$ 3,849.3 |
|
$ (391.8) |
|
(10.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
|
62,890 |
|
61,641 |
|
1,249 |
|
2.0 |
|
180,208 |
|
177,708 |
|
2,500 |
|
1.4 |
|
Used |
|
64,071 |
|
71,023 |
|
(6,952) |
|
(9.8) |
|
191,151 |
|
204,179 |
|
(13,028) |
|
(6.4) |
|
|
|
126,961 |
|
132,664 |
|
(5,703) |
|
(4.3) |
|
371,359 |
|
381,887 |
|
(10,528) |
|
(2.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
|
$ 50,207 |
|
$ 51,193 |
|
$ (986) |
|
(1.9) |
|
$ 50,684 |
|
$ 52,307 |
|
$ (1,623) |
|
(3.1) |
|
Used |
|
$ 26,369 |
|
$ 28,011 |
|
$ (1,642) |
|
(5.9) |
|
$ 26,675 |
|
$ 28,135 |
|
$ (1,460) |
|
(5.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
|
$ 2,810 |
|
$ 4,041 |
|
$ (1,231) |
|
(30.5) |
|
$ 3,093 |
|
$ 4,604 |
|
$ (1,511) |
|
(32.8) |
|
Used |
|
$ 1,620 |
|
$ 1,757 |
|
$ (137) |
|
(7.8) |
|
$ 1,597 |
|
$ 1,918 |
|
$ (321) |
|
(16.7) |
|
Finance and insurance |
|
$ 2,589 |
|
$ 2,750 |
|
$ (161) |
|
(5.9) |
|
$ 2,597 |
|
$ 2,763 |
|
$ (166) |
|
(6.0) |
|
Total variable operations(1) |
|
$ 4,798 |
|
$ 5,568 |
|
$ (770) |
|
(13.8) |
|
$ 4,920 |
|
$ 5,931 |
|
$ (1,011) |
|
(17.0) |
|
|
|
||||||||||||||||
|
(1) |
Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales. |
||||||||||||||||
|
Operating Percentages |
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
2024 ( %) |
|
2023 ( %) |
|
2024 ( %) |
|
2023 ( %) |
|
Revenue mix percentages: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
48.7 |
|
46.5 |
|
48.0 |
|
46.9 |
|
Used vehicle |
|
28.4 |
|
31.5 |
|
29.2 |
|
31.1 |
|
Parts and service |
|
17.8 |
|
16.5 |
|
17.6 |
|
16.6 |
|
Finance and insurance, net |
|
5.1 |
|
5.4 |
|
5.1 |
|
5.3 |
|
Other |
|
— |
|
0.1 |
|
0.1 |
|
0.1 |
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
Gross profit mix percentages: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
15.1 |
|
19.6 |
|
16.1 |
|
21.3 |
|
Used vehicle |
|
9.4 |
|
9.9 |
|
9.5 |
|
10.7 |
|
Parts and service |
|
47.2 |
|
41.8 |
|
46.5 |
|
40.6 |
|
Finance and insurance |
|
28.2 |
|
28.6 |
|
27.9 |
|
27.4 |
|
Other |
|
0.1 |
|
0.1 |
|
— |
|
— |
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
Operating items as a percentage of revenue: |
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
New vehicle |
|
5.6 |
|
7.9 |
|
6.1 |
|
8.8 |
|
Used vehicle - retail |
|
6.1 |
|
6.3 |
|
6.0 |
|
6.8 |
|
Parts and service |
|
47.8 |
|
47.5 |
|
47.9 |
|
47.5 |
|
Total |
|
18.0 |
|
18.8 |
|
18.2 |
|
19.4 |
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SOURCE
