•Revenue up 4% on a same store basis driven by new vehicle growth of 10%

•EPS $4.45 and Adjusted EPS $4.68, down 1% and up 4%, respectively, as compared to the prior year

•Record After-Sales gross profit of $568 million

•Acquisitions of $70 million, adding $220 million of annualized revenue to Domestic and Import segments

•Share repurchases of $225 million

FORT LAUDERDALE, Fla., (April 25, 2025) — AutoNation, Inc. (NYSE: AN) today reported first quarter 2025 revenue of $6.7 billion, an increase of 4% compared to the same period a year ago on a same-store basis. For the quarter, EPS was $4.45 and adjusted EPS was $4.68, compared to $4.49 a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

“Our results for the first quarter were strong across the board. We achieved significant new vehicle volume growth, we gained share in the markets in which we compete, we delivered on our focus to improve unit profitability in used vehicles, Customer Financial Services continued to perform, and we delivered record After-Sales profits,” said Mike Manley, AutoNation Chief Executive Officer. “Our operating cash generation and cash conversion were significant, allowing us to deploy capital for both share repurchases and accretive acquisitions and, while there remains uncertainty around the impact of tariffs, the strength of AutoNation’s business model has proven to be durable through all economic environments. AutoNation’s multiple revenue streams, flexible cost structure, cash flow generation, and balance sheet position us to continue to deliver robust results,” Manley added.

Selected GAAP Financial Data
($ in millions, except per share data)
						Three Months Ended March 31,
						2025						2024												YoY
Revenue						$	6,690.4					$	6,485.7											3%
Gross Profit						$	1,219.9					$	1,197.9											2%
Operating Income						$	336.0					$	340.3											-1%
Net Income						$	175.5					$	190.1											-8%
Diluted EPS						$	4.45					$	4.49											-1%
Same-store Revenue						$	6,655.0					$	6,380.8											4%
Same-store Gross Profit						$	1,213.6					$	1,179.0											3%
Same-store New Vehicle Retail Unit Sales						62,379						58,227												7%
Same-store Used Vehicle Retail Unit Sales						66,787						67,850												-2%

*Reconciliations of non-GAAP financial measures are included in the attached financial tables.

•Same-store Revenue – $6.7 billion, increased $0.3 billion or 4% from a year ago, reflecting increased new vehicle unit sales and higher average new vehicle selling prices.

◦New Vehicle Revenue – $3.2 billion, an increase of $300 million or 10%.

◦Used Vehicle Revenue – $1.9 billion, a decrease of $68 million or 3%.

◦After-Sales Revenue – $1.2 billion, an increase of $23 million or 2%.

◦Customer Financial Services Revenue – $349 million, an increase of $19 million or 6%.

•Same-store Gross Profit – $1.2 billion, an increase of $35 million or 3% from a year ago.

◦New Vehicle Gross Profit – $175 million, a decrease of $19 million reflecting unit profitability of $2,804 compared to $3,335 a year ago, partially offset by a 7% increase in unit sales.

◦Used Vehicle Gross Profit – $123 million, an increase of $13 million reflecting unit profitability of $1,672 compared to $1,478 a year ago, partially offset by a 2% decrease in unit sales.

◦After-Sales Gross Profit – $566 million, an increase of $22 million or 4%. Gross profit per service day increased 5%.

◦Customer Financial Services Gross Profit – $349 million, an increase of $19 million or 6%, reflecting unit profitability of $2,703, compared to $2,621 a year ago, and a 2% increase in retail unit sales.

•SG&A as a Percentage of Gross Profit – was 67.4%, or 67.5% on an adjusted basis, up from 65.6% on an adjusted basis in the prior year and was in-line with the previously communicated expected range for the quarter.

Segment results(1) for the first quarter of 2025 were as follows:

•Domestic – Domestic Segment Income(2) was $69 million compared to $75 million a year ago, a decrease of 8%. Revenue of $1.7 billion was down 2%.

•Import – Import Segment Income(2) was $126 million compared to $129 million a year ago, a decrease of 2%. Revenue of $2.0 billion was up 3%.

•Premium Luxury – Premium Luxury Segment Income(2) was $179 million compared to $172 million a year ago, an increase of 4%. Revenue of $2.6 billion was up 7%.

•AutoNation Finance – AutoNation Finance income was $0.1 million compared to a loss of $5.0 million a year ago. Year-over-year results reflect higher net interest margin and continued operating efficiencies, partially offset by higher non-cash credit provisioning related to significant loan origination growth.

For the quarter, cash used in operating activities was $53 million, auto loans receivable, net, increased $365 million, capital expenditures were $75 million, and adjusted free cash flow was $237 million, or 129% of adjusted net income. In March, the Company acquired a Ford store and a Mazda store for $70 million. These stores had approximately $220 million full year 2024 revenue and are located near existing AutoNation dealerships in Colorado, allowing AutoNation to drive significant scale synergies and attractive projected returns. During the quarter, AutoNation repurchased 1.4 million shares of common stock for an aggregate purchase price of $225 million, or approximately $165 per share. Year-to-date through April 23, 2025, AutoNation has been able to repurchase 1.5 million shares for an aggregate purchase price of $254 million, or approximately $164 per share, well below the Company’s estimated intrinsic per share value. AutoNation has more than $607 million of repurchase authorization remaining under its current share repurchase program.

As of March 31, 2025, AutoNation had $1.6 billion of liquidity, including $71 million in cash and $1.5 billion of availability under its revolving credit facility, net of commercial paper borrowings. The Company’s covenant leverage ratio was 2.56x at quarter end and the Company had $4.0 billion of non-vehicle debt outstanding. During the first quarter, the Company issued $500 million of 5.89% Notes due in March 2035.

The first quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID:769886) 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 25, 2025, through May 16, 2025, by calling 866-813-9403 (Conference ID: 632312). Additional information regarding AutoNation’s results can be found in the Investor Presentation available at investors.autonation.com.

(1)AutoNation has four reportable segments: Domestic, Import, Premium Luxury, and AutoNation Finance. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Stellantis; the Import segment is primarily comprised of stores that sell vehicles manufactured by Toyota, Honda, Hyundai, Subaru, and Nissan; and the Premium Luxury segment is primarily comprised of stores that sell vehicles manufactured by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover. AutoNation Finance is our captive auto finance company, which provides indirect financing to qualified retail customers on vehicles we sell.

(2)    Segment income for the Domestic, Import, and Premium Luxury reportable segments is defined as operating income less floorplan interest expense and is a non-GAAP measure.

AutoNation, one of the largest automotive retailers in the United States, offers innovative products, exceptional services, and comprehensive solutions, and empowers its customers to make the best decisions for their needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $40 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.

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.

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 AutoNation Finance, statements regarding potential tariff-related impacts and the future performance of our business and the automotive retail industry, including during 2025, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions, including changes in tariffs, unemployment, interest, and/or inflation rates, consumer demand, and fuel prices; our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments, including our investments in digital and online capabilities; our ability to maintain or improve gross profit margins; our ability to maintain or gain market share; legal, reputational, and financial risks resulting from cyber incidents and the potential impact on our operating results; the receipt of any insurance or other recoveries in connection with any cyber incidents; our ability to successfully implement and maintain expense controls; our ability to maintain and enhance

 

(1)Includes net gains on property divestitures and asset impairments.

(2)Both periods reflect losses on a minority equity investment. Current period includes losses and prior period includes gains related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants.

Operating Highlights						Three Months Ended March 31,
						2025						2024						$ Variance						% Variance
Revenue:
New vehicle						$	3,248.1					$	2,979.3					$	268.8					9.0
Retail used vehicle						1,792.1						1,833.8						(41.7)						(2.3)
Wholesale						130.3						162.3						(32.0)						(19.7)
Used vehicle						1,922.4						1,996.1						(73.7)						(3.7)
Finance and insurance, net						352.5						334.7						17.8						5.3
Total variable operations						5,523.0						5,310.1						212.9						4.0
Parts and service						1,164.0						1,172.4						(8.4)						(0.7)
Other						3.4						3.2						0.2
Total revenue						$	6,690.4					$	6,485.7					$	204.7					3.2
Gross profit:
New vehicle						$	174.9					$	195.9					$	(21.0)					(10.7)
Retail used vehicle						113.0						101.8						11.2						11.0
Wholesale						11.5						9.7						1.8
Used vehicle						124.5						111.5						13.0						11.7
Finance and insurance						352.5						334.7						17.8						5.3
Total variable operations						651.9						642.1						9.8						1.5
Parts and service						567.7						555.8						11.9						2.1
Other						0.3						—						0.3
Total gross profit						1,219.9						1,197.9						22.0						1.8
AutoNation Finance income (loss)						0.1						(5.0)						5.1
Selling, general, and administrative expenses						821.9						793.1						(28.8)						(3.6)
Depreciation and amortization						61.8						58.3						(3.5)
Other expense, net						0.3						1.2						0.9
Operating income						336.0						340.3						(4.3)						(1.3)
Non-operating income (expense) items:
Floorplan interest expense						(46.5)						(49.4)						2.9
Other interest expense						(42.3)						(44.6)						2.3
Other income (loss), net						(13.2)						7.0						(20.2)
Income before income taxes						$	234.0					$	253.3					$	(19.3)					(7.6)
Retail vehicle unit sales:
New						62,387						58,863						3,524						6.0
Used						68,000						69,121						(1,121)						(1.6)
						130,387						127,984						2,403						1.9
Revenue per vehicle retailed:
New						$	52,064					$	50,614					$	1,450					2.9
Used						$	26,354					$	26,530					$	(176)					(0.7)
Gross profit per vehicle retailed:
New						$	2,803					$	3,328					$	(525)					(15.8)
Used						$	1,662					$	1,473					$	189					12.8
Finance and insurance						$	2,703					$	2,615					$	88					3.4
Total variable operations(1)						$	4,912					$	4,941					$	(29)					(0.6)
(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.

    

 

 

 

 

 

 

(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 June 30, 2023.