AutoNation Reports Third Quarter 2019 Results

- Same store revenue was up 3% and same store gross profit was up 5%, each as compared to the same period a year ago; same-store Customer Care gross profit was up 6%, compared to the same period a year ago

- All-time record same-store Customer Financial Services gross profit per vehicle retailed of $1,939, up $150 or 8% compared to the same period a year ago

- EPS from continuing operations for the third quarter was $1.11 and included previously announced severance and related expenses of $10 million after-tax or $0.11 per share

- Compared to the third quarter of 2018, net gains from store/property divestitures in the third quarter of 2019 were lower by $9 million after-tax or $0.11 per share

News provided by

AutoNation, Inc.

Oct 29, 2019, 07:10 ET

FORT LAUDERDALE, Fla., Oct. 29, 2019 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported same-store third quarter 2019 revenue of $5.4 billion, an increase of 3% compared to the same period a year ago. Same-store third quarter 2019 gross profit totaled $877 million, an increase of 5% compared to the year-ago period, driven by growth in Customer Financial Services, Customer Care, and Used Vehicle gross profit. Same-store Customer Financial Services gross profit per vehicle retailed was an all-time record of $1,939, up $150 or 8% compared to the year-ago period. Same-store Customer Care gross profit was $403 million, an increase of 6% compared to the year-ago-period. Same-store used vehicle gross profit was $92 million, an increase of 3% compared to the year-ago-period.

Third quarter 2019 net income from continuing operations was $100 million, or $1.11 per share, which included previously announced severance and related expenses of $10 million after-tax, or $0.11 per share. Third quarter 2018 net income from continuing operations totaled $112 million, or $1.24 per share. Net gains from store and property divestitures in the third quarter of 2019 were $4 million after-tax, or $0.04 per share, compared to $13 million after-tax, or $0.15 per share, in the third quarter of 2018.

Segment Results
Segment results⁽¹⁾ for the third quarter 2019 were as follows:

Third Quarter 2019 Segment Results

Domestic - Domestic segment income⁽²⁾ was $70 million compared to year-ago segment income of $67 million, an increase of 5%.

Import - Import segment income⁽²⁾ was $87 million compared to year-ago segment income of $85 million, an increase of 2%.

Premium Luxury - Premium Luxury segment income⁽²⁾ was $89 million compared to year-ago segment income of $77 million, an increase of 16%.

For the nine-month period ended September 30, 2019, AutoNation reported net income from continuing operations of $293 million, or $3.24 per share, compared to net income from continuing operations of $303 million, or $3.31 per share, for the same period in the prior year. AutoNation's revenue for the nine-month period ended September 30, 2019, totaled $15.8 billion, down 1% compared to $16.0 billion for the same period in the prior year.

The third quarter conference call may be accessed by telephone at (866) 211-3176 (Conference ID: 7459787) at 11:00 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 2:00 p.m. Eastern Time on October 29, 2019, through November 19, 2019, by calling (800) 585-8367 (Conference ID: 7459787).

⁽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, 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 automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of September 30, 2019, 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. Launched in 2015, AutoNation's Drive Pink initiative, which has raised over $20 million, is committed to drive out cancer, create awareness, and support critical research. AutoNation continues to be a proud supporter of the Breast Cancer Research Foundation and other cancer-related charities.

Please visit www.autonation.com, investors.autonation.com, www.twitter.com/CEOCherylMiller, 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," "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, or investments, including our brand extension strategies, as well as 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: economic conditions, including changes in interest rates, fuel prices, and tariffs; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to implement successfully our strategic initiatives, partnerships, and investments, including our brand extension strategies; our ability to identify, acquire, and build out suitable locations in a timely manner; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)

			Three Months Ended September 30,				Nine Months Ended September 30,
			2019		2018		2019		2018

Revenue:
	New vehicle	$	2,874.8	$	2,933.1	$	8,141.1	$	8,685.0
	Used vehicle		1,402.9		1,281.7		4,121.9		3,910.9
	Parts and service		902.6		864.0		2,680.8		2,579.6
	Finance and insurance, net		266.2		247.4		757.9		736.0
	Other		14.7		23.0		85.1		89.6
Total revenue			5,461.2		5,349.2		15,786.8		16,001.1

Cost of sales:
	New vehicle		2,755.9		2,807.7		7,774.8		8,305.1
	Used vehicle		1,310.6		1,190.7		3,842.3		3,642.9
	Parts and service		493.6		473.4		1,461.0		1,416.2
	Other		13.7		22.1		81.3		87.5
Total cost of sales			4,573.8		4,493.9		13,159.4		13,451.7

Gross profit			887.4		855.3		2,627.4		2,549.4

Selling, general, and administrative expenses			653.8		626.2		1,913.8		1,878.3
Depreciation and amortization			45.2		42.9		133.7		124.0
Franchise rights impairment			-		-		9.6		8.1
Other income, net			(5.1)		(17.4)		(17.5)		(41.6)

Operating income			193.5		203.6		587.8		580.6

Non-operating income (expense) items:
	Floorplan interest expense		(33.0)		(32.7)		(109.4)		(93.4)
	Other interest expense		(26.1)		(28.4)		(81.6)		(90.4)
	Interest income		0.1		0.3		0.4		0.8
	Other income, net		2.6		2.3		4.2		3.3

Income from continuing operations before income taxes			137.1		145.1		401.4		400.9

Income tax provision			37.1		32.8		108.3		97.9

Net income from continuing operations			100.0		112.3		293.1		303.0

Income (loss) from discontinued operations, net of income taxes			(0.5)		(0.3)		(0.8)		0.3


Net income		$	99.5	$	112.0	$	292.3	$	303.3


Diluted earnings (loss) per share*:
	Continuing operations	$	1.11	$	1.24	$	3.24	$	3.31
	Discontinued operations	$	(0.01)	$	-	$	(0.01)	$	-

	Net income	$	1.10	$	1.23	$	3.23	$	3.31


Weighted average common shares outstanding			90.4		90.8		90.4		91.6

Common shares outstanding, net of treasury stock, at period end			89.2		89.9		89.2		89.9


* 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 September 30,							Nine Months Ended September 30,
				2019		2018		$ Variance	% Variance		2019		2018		$ Variance	% Variance
Revenue:
		New vehicle	$	2,874.8	$	2,933.1	$	(58.3)	(2.0)	$	8,141.1	$	8,685.0	$	(543.9)	(6.3)
		Retail used vehicle		1,326.5		1,211.6		114.9	9.5		3,895.5		3,666.1		229.4	6.3
		Wholesale		76.4		70.1		6.3	9.0		226.4		244.8		(18.4)	(7.5)
		Used vehicle		1,402.9		1,281.7		121.2	9.5		4,121.9		3,910.9		211.0	5.4
		Finance and insurance, net		266.2		247.4		18.8	7.6		757.9		736.0		21.9	3.0
	Total variable operations			4,543.9		4,462.2		81.7	1.8		13,020.9		13,331.9		(311.0)	(2.3)
	Parts and service			902.6		864.0		38.6	4.5		2,680.8		2,579.6		101.2	3.9
	Other			14.7		23.0		(8.3)			85.1		89.6		(4.5)
Total revenue			$	5,461.2	$	5,349.2	$	112.0	2.1	$	15,786.8	$	16,001.1	$	(214.3)	(1.3)


Gross profit:
		New vehicle	$	118.9	$	125.4	$	(6.5)	(5.2)	$	366.3	$	379.9	$	(13.6)	(3.6)
		Retail used vehicle		87.6		87.4		0.2	0.2		262.4		256.4		6.0	2.3
		Wholesale		4.7		3.6		1.1			17.2		11.6		5.6
		Used vehicle		92.3		91.0		1.3	1.4		279.6		268.0		11.6	4.3
		Finance and insurance		266.2		247.4		18.8	7.6		757.9		736.0		21.9	3.0
	Total variable operations			477.4		463.8		13.6	2.9		1,403.8		1,383.9		19.9	1.4
	Parts and service			409.0		390.6		18.4	4.7		1,219.8		1,163.4		56.4	4.8
	Other			1.0		0.9		0.1			3.8		2.1		1.7
Total gross profit				887.4		855.3		32.1	3.8		2,627.4		2,549.4		78.0	3.1

Selling, general, and administrative expenses				653.8		626.2		(27.6)	(4.4)		1,913.8		1,878.3		(35.5)	(1.9)

Depreciation and amortization				45.2		42.9		(2.3)			133.7		124.0		(9.7)
Franchise rights impairment				-		-		-			9.6		8.1		(1.5)
Other income, net				(5.1)		(17.4)		(12.3)			(17.5)		(41.6)		(24.1)
Operating income				193.5		203.6		(10.1)	(5.0)		587.8		580.6		7.2	1.2

Non-operating income (expense) items:
		Floorplan interest expense		(33.0)		(32.7)		(0.3)			(109.4)		(93.4)		(16.0)
		Other interest expense		(26.1)		(28.4)		2.3			(81.6)		(90.4)		8.8
		Interest income		0.1		0.3		(0.2)			0.4		0.8		(0.4)
		Other income, net		2.6		2.3		0.3			4.2		3.3		0.9
Income from continuing operations before income taxes			$	137.1	$	145.1	$	(8.0)	(5.5)	$	401.4	$	400.9	$	0.5	0.1

Retail vehicle unit sales:
		New		74,190		79,237		(5,047)	(6.4)		208,219		232,469		(24,250)	(10.4)
		Used		63,581		60,446		3,135	5.2		187,091		182,737		4,354	2.4
				137,771		139,683		(1,912)	(1.4)		395,310		415,206		(19,896)	(4.8)

Revenue per vehicle retailed:
		New	$	38,749	$	37,017	$	1,732	4.7	$	39,099	$	37,360	$	1,739	4.7
		Used	$	20,863	$	20,044	$	819	4.1	$	20,821	$	20,062	$	759	3.8

Gross profit per vehicle retailed:
		New	$	1,603	$	1,583	$	20	1.3	$	1,759	$	1,634	$	125	7.6
		Used	$	1,378	$	1,446	$	(68)	(4.7)	$	1,403	$	1,403	$	-	-
		Finance and insurance	$	1,932	$	1,771	$	161	9.1	$	1,917	$	1,773	$	144	8.1
		Total variable operations⁽¹⁾	$	3,431	$	3,295	$	136	4.1	$	3,508	$	3,305	$	203	6.1


		Operating Percentages		Three Months Ended September 30,				Nine Months Ended September 30,
				2019 (%)		2018 (%)		2019 (%)	2018 (%)

Revenue mix percentages:
		New vehicle		52.6		54.8		51.6	54.3
		Used vehicle		25.7		24.0		26.1	24.4
		Parts and service		16.5		16.2		17.0	16.1
		Finance and insurance, net		4.9		4.6		4.8	4.6
		Other		0.3		0.4		0.5	0.6
				100.0		100.0		100.0	100.0

Gross profit mix percentages:
		New vehicle		13.4		14.7		13.9	14.9
		Used vehicle		10.4		10.6		10.6	10.5
		Parts and service		46.1		45.7		46.4	45.6
		Finance and insurance		30.0		28.9		28.8	28.9
		Other		0.1		0.1		0.3	0.1
				100.0		100.0		100.0	100.0

Operating items as a percentage of revenue:
		Gross profit:
		New vehicle		4.1		4.3		4.5	4.4
		Used vehicle - retail		6.6		7.2		6.7	7.0
		Parts and service		45.3		45.2		45.5	45.1
		Total		16.2		16.0		16.6	15.9
		Selling, general, and administrative expenses		12.0		11.7		12.1	11.7
		Operating income		3.5		3.8		3.7	3.6

Operating items as a percentage of total gross profit:
		Selling, general, and administrative expenses		73.7		73.2		72.8	73.7
		Operating income		21.8		23.8		22.4	22.8


⁽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.

AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)


	Segment Operating Highlights		Three Months Ended September 30,							Nine Months Ended September 30,
			2019		2018		$ Variance	% Variance		2019		2018		$ Variance	% Variance


Revenue:
	Domestic	$	1,728.6	$	1,789.7	$	(61.1)	(3.4)	$	5,004.7	$	5,389.5	$	(384.8)	(7.1)
	Import		1,722.5		1,770.6		(48.1)	(2.7)		4,845.9		5,140.2		(294.3)	(5.7)
	Premium luxury		1,820.5		1,668.8		151.7	9.1		5,375.5		5,116.8		258.7	5.1
	Total		5,271.6		5,229.1		42.5	0.8		15,226.1		15,646.5		(420.4)	(2.7)
	Corporate and other		189.6		120.1		69.5	57.9		560.7		354.6		206.1	58.1
	Total consolidated revenue	$	5,461.2	$	5,349.2	$	112.0	2.1	$	15,786.8	$	16,001.1	$	(214.3)	(1.3)


Segment income*:
	Domestic	$	70.3	$	67.2	$	3.1	4.6	$	192.4	$	194.6	$	(2.2)	(1.1)
	Import		86.9		85.3		1.6	1.9		240.9		236.2		4.7	2.0
	Premium luxury		89.0		76.9		12.1	15.7		268.6		249.5		19.1	7.7
	Total		246.2		229.4		16.8	7.3		701.9		680.3		21.6	3.2

Corporate and other			(85.7)		(58.5)		(27.2)			(223.5)		(193.1)		(30.4)
Add: Floorplan interest expense			33.0		32.7		0.3			109.4		93.4		16.0
Operating income		$	193.5	$	203.6	$	(10.1)	(5.0)	$	587.8	$	580.6	$	7.2	1.2

* 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		23,227		25,966		(2,739)	(10.5)		66,117		76,871		(10,754)	(14.0)
	Import		34,765		37,540		(2,775)	(7.4)		95,478		107,776		(12,298)	(11.4)
	Premium luxury		16,198		15,731		467	3.0		46,624		47,822		(1,198)	(2.5)
			74,190		79,237		(5,047)	(6.4)		208,219		232,469		(24,250)	(10.4)


	Brand Mix - Retail New Vehicle Units Sold
			Three Months Ended September 30,				Nine Months Ended September 30,
			2019 (%)		2018 (%)		2019 (%)	2018 (%)

	Domestic:
	Ford, Lincoln		11.1		12.4		11.3	12.4
	Chevrolet, Buick, Cadillac, GMC		10.7		10.6		10.9	11.0
	Chrysler, Dodge, Jeep, Ram		9.5		9.8		9.6	9.7
	Domestic total		31.3		32.8		31.8	33.1

	Import:
	Toyota		21.6		20.4		20.3	19.6
	Honda		14.2		13.9		14.4	13.9
	Nissan		3.6		5.4		3.7	5.5
	Other Import		7.5		7.6		7.4	7.3
	Import total		46.9		47.3		45.8	46.3

	Premium Luxury:
	Mercedes-Benz		8.1		6.9		8.3	7.8
	BMW		6.1		5.0		6.1	4.8
	Lexus		2.0		2.2		2.2	2.3
	Audi		2.2		2.4		2.1	2.3
	Jaguar Land Rover		2.0		1.9		2.2	1.9
	Other Premium Luxury		1.4		1.5		1.5	1.5
	Premium Luxury total		21.8		19.9		22.4	20.6

			100.0		100.0		100.0	100.0

AUTONATION, INC
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)




	Capital Expenditures / Stock Repurchases			Three Months Ended September 30,				Nine Months Ended September 30,
				2019		2018		2019		2018

	Capital expenditures ⁽¹⁾		$	62.6	$	88.9	$	170.1	$	271.6
	Cash paid for acquisitions, net of cash acquired		$	0.4	$	65.2	$	4.7	$	67.9
	Proceeds from exercises of stock options		$	4.9	$	1.8	$	8.0	$	16.0
	Stock repurchases:
		Aggregate purchase price	$	-	$	-	$	44.7	$	100.0
		Shares repurchased (in millions)		-		-		1.3		2.1


		Floorplan Assistance and Expense		Three Months Ended September 30,						Nine Months Ended September 30,
				2019		2018		Variance		2019		2018		Variance

	Floorplan assistance earned (included in cost of sales)		$	28.7	$	28.9	$	(0.2)	$	81.5	$	87.1	$	(5.6)
	New vehicle floorplan interest expense			(30.1)		(30.5)		0.4		(101.4)		(87.2)		(14.2)

		Net new vehicle inventory carrying cost	$	(1.4)	$	(1.6)	$	0.2	$	(19.9)	$	(0.1)	$	(19.8)


		Balance Sheet and Other Highlights

				September 30, 2019		December 31, 2018		September 30, 2018

	Cash and cash equivalents		$	45.0	$	48.6	$	52.6
	Inventory		$	3,280.7	$	3,650.5	$	3,381.3
	Total floorplan notes payable		$	3,481.1	$	3,997.7	$	3,603.3
	Non-vehicle debt		$	2,269.9	$	2,600.5	$	2,567.4
	Equity		$	2,996.7	$	2,716.0	$	2,618.0
	New days supply (industry standard of selling days)			55 days		60 days		63 days
	Used days supply (trailing calendar month days)			37 days		42 days		37 days



		Key Credit Agreement Covenant Compliance Calculations⁽²⁾

	Leverage ratio					2.65x
	Covenant			less than or equal to		3.75x

	Capitalization ratio					55.7%
	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 SAME STORE DATA
($ in millions, except per vehicle data)


		Operating Highlights		Three Months Ended September 30,							Nine Months Ended September 30,
				2019		2018		$ Variance	% Variance		2019		2018		$ Variance	% Variance
Revenue:
		New vehicle	$	2,836.3	$	2,855.3	$	(19.0)	(0.7)	$	7,965.6	$	8,431.6	$	(466.0)	(5.5)
		Retail used vehicle		1,308.1		1,179.0		129.1	10.9		3,806.9		3,556.2		250.7	7.0
		Wholesale		75.5		68.7		6.8	9.9		221.7		238.7		(17.0)	(7.1)
		Used vehicle		1,383.6		1,247.7		135.9	10.9		4,028.6		3,794.9		233.7	6.2
		Finance and insurance, net		263.6		242.0		21.6	8.9		746.4		718.3		28.1	3.9
	Total variable operations			4,483.5		4,345.0		138.5	3.2		12,740.6		12,944.8		(204.2)	(1.6)
	Parts and service			889.0		840.7		48.3	5.7		2,612.7		2,501.2		111.5	4.5
	Other			14.6		22.8		(8.2)			83.0		89.5		(6.5)
Total revenue			$	5,387.1	$	5,208.5	$	178.6	3.4	$	15,436.3	$	15,535.5	$	(99.2)	(0.6)


Gross profit:
		New vehicle	$	117.7	$	122.7	$	(5.0)	(4.1)	$	359.8	$	374.5	$	(14.7)	(3.9)
		Retail used vehicle		87.2		85.8		1.4	1.6		258.7		251.4		7.3	2.9
		Wholesale		4.8		3.6		1.2			16.7		11.9		4.8
		Used vehicle		92.0		89.4		2.6	2.9		275.4		263.3		12.1	4.6
		Finance and insurance		263.6		242.0		21.6	8.9		746.4		718.3		28.1	3.9
	Total variable operations			473.3		454.1		19.2	4.2		1,381.6		1,356.1		25.5	1.9
	Parts and service			402.8		380.3		22.5	5.9		1,189.3		1,128.1		61.2	5.4
	Other			1.0		0.7		0.3			3.8		2.3		1.5
Total gross profit			$	877.1	$	835.1	$	42.0	5.0	$	2,574.7	$	2,486.5	$	88.2	3.5

Retail vehicle unit sales:
		New		73,271		76,818		(3,547)	(4.6)		204,022		224,656		(20,634)	(9.2)
		Used		62,708		58,440		4,268	7.3		182,616		176,054		6,562	3.7
				135,979		135,258		721	0.5		386,638		400,710		(14,072)	(3.5)

Revenue per vehicle retailed:
		New	$	38,710	$	37,170	$	1,540	4.1	$	39,043	$	37,531	$	1,512	4.0
		Used	$	20,860	$	20,175	$	685	3.4	$	20,846	$	20,199	$	647	3.2

Gross profit per vehicle retailed:
		New	$	1,606	$	1,597	$	9	0.6	$	1,764	$	1,667	$	97	5.8
		Used	$	1,391	$	1,468	$	(77)	(5.2)	$	1,417	$	1,428	$	(11)	(0.8)
		Finance and insurance	$	1,939	$	1,789	$	150	8.4	$	1,930	$	1,793	$	137	7.6
		Total variable operations⁽¹⁾	$	3,445	$	3,331	$	114	3.4	$	3,530	$	3,355	$	175	5.2


		Operating Percentages		Three Months Ended September 30,				Nine Months Ended September 30,
				2019 (%)		2018 (%)		2019 (%)	2018 (%)

Revenue mix percentages:
		New vehicle		52.6		54.8		51.6	54.3
		Used vehicle		25.7		24.0		26.1	24.4
		Parts and service		16.5		16.1		16.9	16.1
		Finance and insurance, net		4.9		4.6		4.8	4.6
		Other		0.3		0.5		0.6	0.6
				100.0		100.0		100.0	100.0

Gross profit mix percentages:
		New vehicle		13.4		14.7		14.0	15.1
		Used vehicle		10.5		10.7		10.7	10.6
		Parts and service		45.9		45.5		46.2	45.4
		Finance and insurance		30.1		29.0		29.0	28.9
		Other		0.1		0.1		0.1	-
				100.0		100.0		100.0	100.0

Operating items as a percentage of revenue:
		Gross profit:
		New vehicle		4.1		4.3		4.5	4.4
		Used vehicle - retail		6.7		7.3		6.8	7.1
		Parts and service		45.3		45.2		45.5	45.1
		Total		16.3		16.0		16.7	16.0


⁽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.