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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 19, 2023  
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 On April 20, 2023, AutoNation, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended March 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.


Item 2.02 Results of Operations and Financial Condition.
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 20, 2023, regarding results of operations for the fiscal quarter ended March 31, 2023.
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: April 20, 2023   By:   /s/ C. Coleman Edmunds
    C. Coleman Edmunds
    Executive Vice President, General Counsel and Corporate Secretary


EX-99.1 2 anearningsrelease33123ex991.htm PRESS RELEASE Document

Exhibit 99.1
 
anlogo2016a12a.jpg
    
Contact: Marc Cannon
(954) 769-3146
cannonm@autonation.com

Derek Fiebig
(954) 769-2227
fiebigd@autonation.com

AutoNation Reports Record First Quarter Earnings Per Share
•Record First Quarter 2023 EPS of $6.07, an increase of 5% compared to prior year
•First Quarter 2023 Revenue of $6.4 billion, a decrease of 5% compared to prior year
•Record First Quarter 2023 After-Sales gross profit of $511 million, an increase of 11% compared to prior year
•Record First Quarter 2023 Used Vehicle gross profit of $154 million, an increase of 13% compared to prior year
•SG&A was 60.8% of Gross Profit reflecting continued expense discipline
•First Quarter 2023 cash flow from operations of $510 million
•During the first quarter of 2023, AutoNation repurchased 2.4 million shares of common stock for an aggregate purchase price of $305 million
FORT LAUDERDALE, Fla., (April 20, 2023) — AutoNation, Inc. (NYSE: AN), America’s most admired automotive retailer, today reported First Quarter 2023 EPS of $6.07 compared to $5.78 a year ago. First Quarter 2023 revenue was $6.4 billion compared to $6.8 billion a year ago.

“Our first quarter results demonstrate the resiliency of our operations and the benefits of a diversified business model as our Associates continued to provide an exceptional experience to our large and growing Customer base. Our After-Sales team once again delivered double-digit gross profit growth, and we effectively managed our used vehicle business with a deliberate focus on driving gross profit. The strength of our balance sheet and robust cash flow enabled continued funding of investments while also returning significant capital to shareholders,” said Mike Manley, AutoNation’s Chief Executive Officer.

Operational Summary
First Quarter 2023 Operational Summary compared to the year-ago period:
Selected GAAP Financial Data
($ in millions, except per share data)
Three Months Ended
March 31,
2023 2022 YoY
Revenue $ 6,398.7  $ 6,752.8  -5%
Gross Profit $ 1,286.4  $ 1,308.9  -2%
Operating Income $ 443.3  $ 519.0  -15%
Net Income $ 288.7  $ 362.1  -20%
Diluted EPS $ 6.07  $ 5.78  5%
New Vehicle Retail Unit Sales 55,065  56,442  -2%
Used Vehicle Retail Unit Sales 67,539  79,763  -15%

•Revenue - Revenue was $6.4 billion, a decrease of 5% compared to the year-ago period. Lower Used Vehicle and Customer Financial Services revenue were partially offset by higher New Vehicle and After-Sales revenue.
◦New Vehicle Revenue – $2.9 billion, an increase of $125 million or 4%.
◦Used Vehicle Revenue – $2.0 billion, a decrease of $540 million or 21%.


◦After-Sales Revenue – $1.1 billion, an increase of $86 million or 9%.
◦Customer Financial Services Revenue – $332 million, compared to $364 million a year ago.
•Gross Profit - Gross profit totaled $1.29 billion, down $23 million from $1.31 billion a year ago.
◦New Vehicle Gross Profit - New vehicle gross profit decreased $58 million reflecting gross profit per vehicle retailed of $5,210 compared to $6,112 a year ago and slightly lower unit sales.
◦Used Vehicle Gross Profit - Used vehicle gross profit increased $18 million or 13% as higher gross profit per vehicle retailed of $2,117 compared to $1,566 a year ago more than offset lower unit sales.
◦After-Sales Gross Profit - After-Sales gross profit was $511 million, an increase of $50 million or 11% from a year ago.
◦Customer Financial Services Gross Profit - Customer Financial Services gross profit per vehicle retailed of $2,711, compared to $2,672 a year ago, was a partial offset to lower unit sales.
•SG&A as a Percentage of Gross Profit –SG&A as a percentage of gross profit was 60.8%, much lower than pre-pandemic levels, but slightly higher than recent periods reflecting investments in technology and new business initiatives.

Strategy and Business Highlights
“In addition to delivering solid results in our core business, we made significant progress in growing the AutoNation brand to extend our reach and cover a broader part of the value chain. We are executing our strategy to be the nation's most comprehensive services provider throughout the consumer transportation lifecycle. We provide our 11 million Customers with an increasingly comprehensive, convenient, and transparent experience. During the quarter, the RepairSmith acquisition and opening of our two newest AutoNation USA stores further expanded our product and service offerings. The strength of our core business and addition of products and services like AutoNation Finance combined with expense management and disciplined capital allocation position AutoNation for long-term sustained profitability and shareholder value creation,” added Manley.

Consumer demand for personal vehicle ownership remains strong, and AutoNation is meeting this demand through its sourcing capabilities, selection of vehicles, footprint, digital tools, core efficiencies, and business expansions. During the quarter, the Company opened AutoNation USA Albuquerque in New Mexico and expanded its existing footprint with AutoNation USA Austin in Texas.

In addition to operational and expansion investments of approximately $285 million, AutoNation utilized its cash flow generation and liquidity to deploy capital to return funds to shareholders through share repurchases. During the first quarter of 2023, AutoNation repurchased 2.4 million shares of common stock for an aggregate purchase price of $305 million. AutoNation has approximately $875 million remaining Board authorization for share repurchase. The Company has approximately 46 million shares outstanding, which represents a 45% decrease from the 83 million shares outstanding at the end of 2020.

Liquidity and Leverage
As of March 31, 2023, AutoNation had $1.6 billion of liquidity, including $58 million in cash and approximately $1.5 billion of availability under our revolving credit facility. The Company’s covenant leverage ratio was 1.8x at quarter-end. AutoNation had approximately $3.9 billion of non-vehicle debt outstanding as of March 31, 2023.

Segment Results
Segment results(1) for the first quarter of 2023 were as follows:
•Domestic – Domestic segment income(2) was $119 million compared to the year-ago segment income of $149 million.
•Import – Import segment income(2) was $160 million compared to the year-ago segment income of $186 million.
•Premium Luxury – Premium Luxury segment income(2) was $227 million compared to the year-ago segment income of $230 million.


The first quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID:450982) at 9:00 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 following the call under “Events & Presentations.” A playback of the conference call will be available after 12:00 p.m. Eastern Time on April 20, 2023, through May 10, 2023, by calling 866-813-9403 (Conference ID: 617046). Additional information regarding AutoNation’s results can be found in the Investor Presentation available at investors.autonation.com.
(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 Stellantis; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Hyundai, Subaru, and Nissan; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover.
(2)Segment income represents income for each of AutoNation’s reportable segments and is defined as operating income less floorplan interest expense.
About AutoNation, Inc.
AutoNation, a provider of personalized transportation services, is driven by innovation and transformation. As one of America's most admired companies, AutoNation delivers a peerless Customer experience recognized by data-driven consumer insight leaders, Reputation and J.D. Power. Through its bold leadership and brand affinity, the AutoNation Brand is synonymous with “DRVPNK” and “What Drives You, Drives Us.” AutoNation has a singular focus on personalized transportation services that are easy, transparent, and Customer-centric.

Please visit www.autonation.com, investors.autonation.com, and www.twitter.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation’s automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "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 the planned expansion of our AutoNation USA pre-owned vehicle stores and our investments in digital and online capabilities and mobility solutions, statements regarding our expectations for the future performance of our business and the automotive retail industry, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments, including the planned expansion of our AutoNation USA stores and our investments in digital and online capabilities and mobility solutions; 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 acquire and integrate successfully new franchises; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; supply chain disruptions and inventory availability; new and used vehicle margins; our ability to attain planned sales volumes within our expected time frames; 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; the economic impacts of the COVID-19 pandemic; 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 March 31,
  2023 2022
Revenue:
New vehicle $ 2,931.9  $ 2,807.2 
Used vehicle 2,032.6  2,572.4 
Parts and service 1,089.8  1,003.9 
Finance and insurance, net 332.4  363.9 
Other 12.0  5.4 
Total revenue 6,398.7  6,752.8 
Cost of sales:
New vehicle 2,645.0  2,462.2 
Used vehicle 1,878.2  2,435.8 
Parts and service 578.7  542.8 
Other 10.4  3.1 
Total cost of sales 5,112.3  5,443.9 
Gross profit 1,286.4  1,308.9 
Selling, general, and administrative expenses 782.7  741.4 
Depreciation and amortization 52.8  50.0 
Other (income) expense, net(1)
 7.6  (1.5)
Operating income 443.3  519.0 
Non-operating income (expense) items:
Floorplan interest expense (27.1) (5.2)
Other interest expense (41.1) (29.6)
Other income (loss), net(2)
 5.2  (6.4)
Income from continuing operations before income taxes 380.3  477.8 
Income tax provision 92.5  115.7 
Net income from continuing operations 287.8  362.1 
Income from discontinued operations, net of income taxes 0.9  — 
Net income $ 288.7  $ 362.1 
Diluted earnings per share(3):
Continuing operations $ 6.05  $ 5.78 
Discontinued operations $ 0.02  $ — 
Net income $ 6.07  $ 5.78 
Weighted average common shares outstanding 47.6  62.6 
Common shares outstanding, net of treasury stock, at period end 45.6  59.7 

(1)Current period includes results of our finance company, including expected credit loss expense.
(2)Includes gains (losses) related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants.
(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 March 31,
  2023 2022 $ Variance % Variance
Revenue:
New vehicle $ 2,931.9  $ 2,807.2  $ 124.7  4.4 
Retail used vehicle 1,884.1  2,392.2  (508.1) (21.2)
Wholesale 148.5  180.2  (31.7) (17.6)
Used vehicle 2,032.6  2,572.4  (539.8) (21.0)
Finance and insurance, net 332.4  363.9  (31.5) (8.7)
Total variable operations 5,296.9  5,743.5  (446.6) (7.8)
Parts and service 1,089.8  1,003.9  85.9  8.6 
Other 12.0  5.4  6.6 
Total revenue $ 6,398.7  $ 6,752.8  $ (354.1) (5.2)
Gross profit:
New vehicle $ 286.9  $ 345.0  $ (58.1) (16.8)
Retail used vehicle 143.0  124.9  18.1  14.5 
Wholesale 11.4  11.7  (0.3)
Used vehicle 154.4  136.6  17.8  13.0 
Finance and insurance 332.4  363.9  (31.5) (8.7)
Total variable operations 773.7  845.5  (71.8) (8.5)
Parts and service 511.1  461.1  50.0  10.8 
Other 1.6  2.3  (0.7)
Total gross profit 1,286.4  1,308.9  (22.5) (1.7)
Selling, general, and administrative expenses 782.7  741.4  (41.3) (5.6)
Depreciation and amortization 52.8  50.0  (2.8)
Other (income) expense, net 7.6  (1.5) (9.1)
Operating income 443.3  519.0  (75.7) (14.6)
Non-operating income (expense) items:
Floorplan interest expense (27.1) (5.2) (21.9)
Other interest expense (41.1) (29.6) (11.5)
Other income (loss), net 5.2  (6.4) 11.6 
Income from continuing operations before income taxes $ 380.3  $ 477.8  $ (97.5) (20.4)
Retail vehicle unit sales:
New 55,065  56,442  (1,377) (2.4)
Used 67,539  79,763  (12,224) (15.3)
122,604  136,205  (13,601) (10.0)
Revenue per vehicle retailed:
New $ 53,244  $ 49,736  $ 3,508  7.1 
Used $ 27,896  $ 29,991  $ (2,095) (7.0)
Gross profit per vehicle retailed:
New $ 5,210  $ 6,112  $ (902) (14.8)
Used $ 2,117  $ 1,566  $ 551  35.2 
Finance and insurance $ 2,711  $ 2,672  $ 39  1.5 
Total variable operations(1)
 $ 6,218  $ 6,122  $ 96  1.6 
(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,
  2023 (%) 2022 (%)
Revenue mix percentages:
New vehicle 45.8  41.6 
Used vehicle 31.8  38.1 
Parts and service 17.0  14.9 
Finance and insurance, net 5.2  5.4 
Other 0.2  — 
100.0  100.0 
Gross profit mix percentages:
New vehicle 22.3  26.4 
Used vehicle 12.0  10.4 
Parts and service 39.7  35.2 
Finance and insurance 25.8  27.8 
Other 0.2  0.2 
100.0  100.0 
Operating items as a percentage of revenue:
Gross profit:
New vehicle 9.8  12.3 
Used vehicle - retail 7.6  5.2 
Parts and service 46.9  45.9 
Total 20.1  19.4 
Selling, general, and administrative expenses
 12.2  11.0 
Operating income 6.9  7.7 
Operating items as a percentage of total gross profit:
Selling, general, and administrative expenses
 60.8  56.6 
Operating income 34.5  39.7 
 










AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
 
Segment Operating Highlights Three Months Ended March 31,
  2023 2022 $ Variance % Variance
Revenue:
Domestic $ 1,831.1  $ 2,034.4  $ (203.3) (10.0)
Import 1,789.3  1,974.1  (184.8) (9.4)
Premium luxury 2,484.9  2,478.7  6.2  0.3 
Total 6,105.3  6,487.2  (381.9) (5.9)
Corporate and other 293.4  265.6  27.8  10.5 
Total consolidated revenue $ 6,398.7  $ 6,752.8  $ (354.1) (5.2)
Segment income*:
Domestic $ 118.5  $ 149.4  $ (30.9) (20.7)
Import 160.4  186.2  (25.8) (13.9)
Premium luxury 226.8  229.5  (2.7) (1.2)
Total 505.7  565.1  (59.4) (10.5)
Corporate and other (89.5) (51.3) (38.2)
Add: Floorplan interest expense 27.1  5.2  21.9 
Operating income $ 443.3  $ 519.0  $ (75.7) (14.6)
* 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 15,849  16,365  (516) (3.2)
Import 23,098  24,536  (1,438) (5.9)
Premium luxury 16,118  15,541  577  3.7 
55,065  56,442  (1,377) (2.4)
Retail used vehicle unit sales:
Domestic 21,203  26,596  (5,393) (20.3)
Import 22,063  26,529  (4,466) (16.8)
Premium luxury 18,768  21,949  (3,181) (14.5)
62,034  75,074  (13,040) (17.4)
Brand Mix - Retail New Vehicle Units Sold Three Months Ended
March 31,
  2023 (%) 2022 (%)
Domestic:
Ford, Lincoln 11.5  10.8 
Chevrolet, Buick, Cadillac, GMC 10.3  9.1 
Chrysler, Dodge, Jeep, Ram 7.0  9.1 
Domestic total 28.8  29.0 
Import:
Toyota 17.9  21.1 
Honda 12.3  11.0 
Nissan 2.2  2.5 
Hyundai 3.3  3.0 
Subaru 3.2  3.2 
Other Import 3.0  2.7 
Import total 41.9  43.5 
Premium Luxury:
Mercedes-Benz 9.6  9.0 
BMW 9.7  9.5 
Lexus 3.2  2.9 
Audi 2.6  2.3 
Jaguar Land Rover 2.1  1.9 
Other Premium Luxury 2.1  1.9 
Premium Luxury total 29.3  27.5 
100.0  100.0 


 AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
 
Capital Expenditures / Stock Repurchases Three Months Ended March 31,
  2023 2022
Capital expenditures (1)
 $ 95.9  $ 50.8 
Cash paid for acquisitions, net of cash acquired $ 191.0  $ — 
Proceeds from exercises of stock options $ 1.3  $ 0.9 
Stock repurchases:
Aggregate purchase price (2)
 $ 305.0  $ 380.9 
Shares repurchased (in millions) 2.4  3.5 
 
Floorplan Assistance and Expense Three Months Ended March 31,
  2023 2022 Variance
Floorplan assistance earned (included in cost of sales) $ 28.3  $ 27.6  $ 0.7 
New vehicle floorplan interest expense (24.4) (3.7) (20.7)
Net new vehicle inventory carrying benefit $ 3.9  $ 23.9  $ (20.0)
 
Balance Sheet and Other Highlights March 31, 2023 December 31, 2022 March 31, 2022
Cash and cash equivalents $ 58.3  $ 72.6  $ 608.1 
Inventory $ 2,196.2  $ 2,048.3  $ 1,698.3 
Total floorplan notes payable $ 2,185.7  $ 2,109.3  $ 1,395.7 
Non-recourse debt $ 283.4  $ 323.6  $ — 
Non-vehicle debt $ 3,882.4  $ 3,649.5  $ 3,548.3 
Equity $ 2,020.3  $ 2,047.8  $ 2,345.6 
New days supply (industry standard of selling days) 25 days 19 days 8 days
Used days supply (trailing calendar month days) 29 days 31 days 30 days
 
 
Key Credit Agreement Covenant Compliance Calculations (3)
    
Leverage ratio 1.82x
Covenant less than or equal to 3.75x
 
Capitalization ratio 61.3  %
Covenant less than or equal to 70.0  %
 

(1) Includes accrued construction in progress.
(2) Excludes excise tax accrual under Inflation Reduction Act.
(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,
  2023 2022 $ Variance % Variance
Revenue:
New vehicle $ 2,909.8  $ 2,792.1  $ 117.7  4.2 
Retail used vehicle 1,832.3  2,378.1  (545.8) (23.0)
Wholesale 146.3  179.5  (33.2) (18.5)
Used vehicle 1,978.6  2,557.6  (579.0) (22.6)
Finance and insurance, net 326.4  362.5  (36.1) (10.0)
Total variable operations 5,214.8  5,712.2  (497.4) (8.7)
Parts and service 1,072.9  997.4  75.5  7.6 
Other 11.9  5.3  6.6 
Total revenue $ 6,299.6  $ 6,714.9  $ (415.3) (6.2)
Gross profit:
New vehicle $ 284.8  $ 343.5  $ (58.7) (17.1)
Retail used vehicle 139.0  124.3  14.7  11.8 
Wholesale 11.5  11.8  (0.3)
Used vehicle 150.5  136.1  14.4  10.6 
Finance and insurance 326.4  362.5  (36.1) (10.0)
Total variable operations 761.7  842.1  (80.4) (9.5)
Parts and service 503.1  457.9  45.2  9.9 
Other 1.3  2.2  (0.9)
Total gross profit $ 1,266.1  $ 1,302.2  $ (36.1) (2.8)
Retail vehicle unit sales:
New 54,654  56,224  (1,570) (2.8)
Used 65,474  79,375  (13,901) (17.5)
120,128  135,599  (15,471) (11.4)
Revenue per vehicle retailed:
New $ 53,240  $ 49,660  $ 3,580  7.2 
Used $ 27,985  $ 29,960  $ (1,975) (6.6)
Gross profit per vehicle retailed:
New $ 5,211  $ 6,109  $ (898) (14.7)
Used $ 2,123  $ 1,566  $ 557  35.6 
Finance and insurance $ 2,717  $ 2,673  $ 44  1.6 
Total variable operations(1)
 $ 6,245  $ 6,123  $ 122  2.0 
(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 March 31,
  2023 (%) 2022 (%)
Revenue mix percentages:
New vehicle 46.2  41.6 
Used vehicle 31.4  38.1 
Parts and service 17.0  14.9 
Finance and insurance, net 5.2  5.4 
Other 0.2  — 
100.0  100.0 
Gross profit mix percentages:
New vehicle 22.5  26.4 
Used vehicle 11.9  10.5 
Parts and service 39.7  35.2 
Finance and insurance 25.8  27.8 
Other 0.1  0.1 
100.0  100.0 
Operating items as a percentage of revenue:
Gross profit:
New vehicle 9.8  12.3 
Used vehicle - retail 7.6  5.2 
Parts and service 46.9  45.9 
Total 20.1  19.4