<< Back

Asbury Automotive Group Announces All Time Record Third Quarter 2020 Financial Results

Third quarter EPS of $4.96 per diluted share, up 113% over prior year EPS
 
Record third quarter adjusted EPS of $4.08 per diluted share (a non-GAAP measure), up 75% over prior year adjusted EPS
 
Record adjusted operating margin of 6.6%
 
Record low adjusted SG&A as a percentage of gross profit of 61.1%
 
Pro forma adjusted net leverage at 2.4x post acquisition

DULUTH, Ga., Oct. 27, 2020 /PRNewswire/ -- Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported net income for the third quarter 2020 of $96.2 million ($4.96 per diluted share) and adjusted net income (a non-GAAP measure) of $79.2 million ($4.08 per diluted share). This compares to net income of $45.0 million ($2.33 per diluted share) in the prior year quarter.

Net income for the third quarter 2020 was adjusted for a $24.7 million ($0.96 per diluted share) gain on a dealership divestiture, $1.3 million ($0.05 per diluted share) of acquisition related costs and a $0.7 million ($0.03 per diluted share) real estate related charge.  There were no adjustments in the prior year quarter.

Total revenue for the third quarter was $1.8 billion, flat from the prior year period; total revenue on a same-store basis was down 5% from the prior year period.

"In addition to closing on the largest acquisition in the company's history and increasing our size by 25%, we delivered another very strong quarter reflecting the resilience and the flexibility of our business model. We delivered a record adjusted operating margin of 6.6% and a record low adjusted SG&A as a percentage of gross profit of 61.1% in a 15.4 million SAAR environment," said David Hult, Asbury's President and Chief Executive Officer. "Our continued focus on gross profit combined with disciplined expense management enabled us to deliver the best quarterly results in our company's history with adjusted earnings of $4.08 per share, up 75%," Hult concluded.

Third Quarter 2020 Highlights

  • New gross profit per vehicle up 73% to $2,468
  • Used retail gross profit per vehicle up 43% to $2,116
  • Finance and Insurance gross profit per vehicle up 11% to $1,795
  • Adjusted SG&A as a percentage of gross profit decreased 780 basis points to 61.1%
  • Adjusted Income from operations as percentage of revenue increased 210 basis points to 6.6%
  • Adjusted EPS increased 75%
  • Closed on the acquisition of Park Place Dealerships, adding $1.7 billion of annualized revenue
  • Divested a Lexus dealership with approximately $90 million in annual revenues, as we reached our regional ownership cap due to acquiring two Park Place Lexus stores
  • Ended the quarter with total liquidity of $385 million and a pro forma net leverage ratio of 2.4x

For the nine-month period ended September 30, 2020, the Company reported net income of $165.3 million, or $8.56 per diluted share, compared to net income of $140.8 million, or $7.30 per diluted share in the prior year period.  Adjusted net income for the nine-month period ended September 30, 2020 was $162.7 million, or $8.43 per diluted share, compared to $133.6 million, or $6.92 per diluted share in the prior year, a 22% increase in adjusted earnings per share.

Additional commentary regarding the third quarter results will be provided during the earnings conference call on October 27, 2020 at 10:00 a.m. Eastern Time.  The conference call will be simulcast live on the internet and can be accessed at www.asburyauto.com/company/investor-relations.   A replay will be available at this site for 30 days.

In addition, a live audio of the call will be accessible to the public by calling (800) 430-8332 (domestic), or (323) 289-6581 (international); passcode – 1504679.  Callers should dial in approximately 5 to 10 minutes before the call begins. 

A conference call replay will be available two hours following the call for seven days, and can be accessed by calling (888) 203-1112 (domestic), or (719) 457-0820 (international); passcode – 1504679.

About Asbury Automotive Group

Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S.  Asbury currently operates 90 dealerships, consisting of 113 franchises, representing 31 domestic and foreign brands of vehicles.  Asbury also operates 25 collision repair centers.  Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, market conditions and projections regarding Asbury's financial position, liquidity, results of operations, market position and dealership portfolio, and other initiatives and future business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, the impact of the COVID-19 pandemic, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God or other incidents which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges, risks associated with Asbury's indebtedness (including available borrowing capacity, compliance with its financial covenants and ability to refinance or repay such indebtedness, on favorable terms), Asbury's relationships with, and the financial stability of, its lenders and lessors, risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, adverse results in litigation and other proceedings, and Asbury's ability to execute its technology initiatives and other operational strategies, Asbury's ability to leverage gains from its dealership portfolio, including its ability to realize the expected benefits of the acquisition of the Park Place dealership group. Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.

These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

ASBURY AUTOMOTIVE GROUP, INC. 

CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)

(Unaudited)



For the Three Months Ended
September 30,


Increase

(Decrease)


%
Change


2020


2019



REVENUE:








New vehicle

$

957.9



$

986.9



$

(29.0)



(3)

%

Used vehicle:








Retail

507.4



505.0



2.4



%

Wholesale

62.1



41.9



20.2



48

%

     Total used vehicle

569.5



546.9



22.6



4

%

Parts and service

237.2



227.6



9.6



4

%

Finance and insurance, net

80.8



80.6



0.2



%

TOTAL REVENUE

1,845.4



1,842.0



3.4



%

GROSS PROFIT:








New vehicle

60.6



38.6



22.0



57

%

Used vehicle:








Retail

43.3



33.9



9.4



28

%

Wholesale

5.9



(1.5)



7.4



NM

     Total used vehicle

49.2



32.4



16.8



52

%

Parts and service

145.3



141.5



3.8



3

%

Finance and insurance, net

80.8



80.6



0.2



%

TOTAL GROSS PROFIT

335.9



293.1



42.8



15

%

OPERATING EXPENSES:








Selling, general and administrative

206.5



202.0



4.5



2

%

Depreciation and amortization

9.8



9.1



0.7



8

%

Other operating expense (income), net

0.5



(0.2)



0.7



NM

INCOME FROM OPERATIONS

119.1



82.2



36.9



45

%

OTHER EXPENSES (INCOME):








Floor plan interest expense

3.0



9.0



(6.0)



(67)

%

Other interest expense, net

12.9



13.7



(0.8)



(6)

%

Gain on divestiture

(24.7)





(24.7)



%

Total other (income) expenses, net

(8.8)



22.7



(31.5)



(139)

%

INCOME BEFORE INCOME TAXES

127.9



59.5



68.4



115

%

Income tax expense

31.7



14.5



17.2



119

%

NET INCOME

$

96.2



$

45.0



$

51.2



114

%

EARNINGS PER COMMON SHARE:








Basic—








Net income

$

5.01



$

2.36



$

2.65



112

%

Diluted—








Net income

$

4.96



$

2.33



$

2.63



113

%

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:








Basic

19.2



19.1



0.1



1

%

Restricted stock

0.1



0.1





%

Performance share units

0.1



0.1





%

Diluted

19.4



19.3



0.1



1

%




NMNot Meaningful

 

ASBURY AUTOMOTIVE GROUP, INC. 

KEY OPERATING HIGHLIGHTS (In millions, except per unit data)

(Unaudited)



For the Three Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



Unit sales








New vehicle:








Luxury

6,157



6,025



132



2

%

Import

13,818



15,998



(2,180)



(14)

%

Domestic

4,580



5,055



(475)



(9)

%

     Total new vehicle

24,555



27,078



(2,523)



(9)

%

Used vehicle retail

20,464



22,988



(2,524)



(11)

%

Used to new ratio

83.3

%


84.9

%


(160) bps



Average selling price








New vehicle

$

39,010



$

36,447



$

2,563



7

%

Used vehicle retail

24,795



21,968



2,827



13

%

Average gross profit per unit








New vehicle:








Luxury

$

4,613



$

3,270



$

1,343



41

%

Import

1,397



638



759



119

%

Domestic

2,817



1,721



1,096



64

%

Total new vehicle

2,468



1,426



1,042



73

%

Used vehicle retail

2,116



1,475



641



43

%

Finance and insurance, net

1,795



1,610



185



11

%

Front end yield (1)

4,103



3,058



1,045



34

%

Gross margin








New vehicle:








Luxury

8.2

%


6.1

%


210 bps



Import

4.7

%


2.2

%


250 bps



Domestic

6.5

%


4.2

%


230 bps



Total new vehicle

6.3

%


3.9

%


240 bps



Used vehicle retail

8.5

%


6.7

%


180 bps



Parts and service

61.3

%


62.2

%


(90) bps



Total gross profit margin

18.2

%


15.9

%


230 bps



SG&A metrics








Rent expense

$

8.1



$

6.7



$

1.4



21

%

SG&A as a percentage of gross profit

61.5

%


68.9

%


(740) bps



SG&A, excluding rent expense as a percentage of gross profit

59.1

%


66.6

%


(750) bps



Adjusted SG&A as a percentage of gross profit

61.1

%


68.9

%


(780) bps



Operating metrics








Income from operations as a percentage of revenue

6.5

%


4.5

%


200 bps



Income from operations as a percentage of gross profit

35.5

%


28.0

%


750 bps



Adjusted income from operations as a percentage of revenue

6.6

%


4.5

%


210 bps



Adjusted income from operations as a percentage of gross profit

36.1

%


28.0

%


810 bps



Revenue mix








New vehicle

51.9

%


53.6

%





Used vehicle retail

27.4

%


27.3

%





Used vehicle wholesale

3.4

%


2.3

%





Parts and service

12.9

%


12.4

%





Finance and insurance

4.4

%


4.4

%





     Total revenue

100.0

%


100.0

%





Gross profit mix








New vehicle

18.0

%


13.2

%





Used vehicle retail

12.8

%


11.5

%





Used vehicle wholesale

1.8

%


(0.5)

%





Parts and service

43.3

%


48.3

%





Finance and insurance

24.1

%


27.5

%





     Total gross profit

100.0

%


100.0

%

















(1)

Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.

 

ASBURY AUTOMOTIVE GROUP, INC. 

SAME STORE OPERATING HIGHLIGHTS (In millions)

(Unaudited)



For the Three Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



Revenue








New vehicle:








Luxury

$

267.0



$

312.2



$

(45.2)



(14)

%

Import

394.6



422.9



(28.3)



(7)

%

Domestic

179.2



187.0



(7.8)



(4)

%

     Total new vehicle

840.8



922.1



(81.3)



(9)

%

Used Vehicle:








Retail

451.6



464.2



(12.6)



(3)

%

Wholesale

50.7



39.0



11.7



30

%

     Total used vehicle

502.3



503.2



(0.9)



%

Parts and service

209.0



214.8



(5.8)



(3)

%

Finance and insurance

75.1



75.2



(0.1)



%

Total revenue

$

1,627.2



$

1,715.3



$

(88.1)



(5)

%









Gross profit








New vehicle:








Luxury

$

20.6



$

18.9



$

1.7



9

%

Import

18.2



9.9



8.3



84

%

Domestic

11.6



7.6



4.0



53

%

     Total new vehicle

50.4



36.4



14.0



38

%

Used Vehicle:








Retail

38.3



31.7



6.6



21

%

Wholesale

4.9



(1.3)



6.2



NM

     Total used vehicle

43.2



30.4



12.8



42

%

Parts and service:








Customer pay

74.0



75.8



(1.8)



(2)

%

Warranty

21.1



21.1





%

Wholesale parts

5.2



5.4



(0.2)



(4)

%

     Parts and service, excluding reconditioning and preparation

100.3



102.3



(2.0)



(2)

%

Reconditioning and preparation

26.8



31.1



(4.3)



(14)

%

Total parts and service

127.1



133.4



(6.3)



(5)

%

Finance and insurance

75.1



75.2



(0.1)



%

Total gross profit

$

295.8



$

275.4



$

20.4



7

%









SG&A expense

$

185.3



$

190.8



$

(5.5)



(3)

%

SG&A expense as a percentage of gross profit

62.6

%


69.3

%


(670) bps
















Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period.

 

ASBURY AUTOMOTIVE GROUP, INC. 

SAME STORE OPERATING HIGHLIGHTS (Continued)

(Unaudited)



For the Three Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



Unit sales








New vehicle:








Luxury

4,834



5,790



(956)



(17)

%

Import

13,202



14,922



(1,720)



(12)

%

Domestic

4,181



4,592



(411)



(9)

%

     Total new vehicle

22,217



25,304



(3,087)



(12)

%

Used vehicle retail

18,815



21,070



(2,255)



(11)

%

Used to new ratio

84.7

%


83.3

%


140 bps











Average selling price








New vehicle

$

37,845



$

36,441



$

1,404



4

%

Used vehicle retail

24,002



22,031



1,971



9

%









Average gross profit per unit








New vehicle:








Luxury

$

4,261



$

3,264



$

997



31

%

Import

1,379



663



716



108

%

Domestic

2,774



1,655



1,119



68

%

Total new vehicle

2,269



1,439



830



58

%

Used vehicle retail

2,036



1,505



531



35

%

Finance and insurance, net

1,830



1,622



208



13

%

Front end yield (1)

3,992



3,090



902



29

%









Gross margin








New vehicle:








Luxury

7.7

%


6.1

%


160 bps



Import

4.6

%


2.3

%


230 bps



Domestic

6.5

%


4.1

%


240 bps



Total new vehicle

6.0

%


3.9

%


210 bps



Used vehicle retail

8.5

%


6.8

%


170 bps



Parts and service:








Parts and service, excluding reconditioning and preparation

48.0

%


47.6

%


40 bps



Parts and service, including reconditioning and preparation

60.8

%


62.1

%


(130) bps



Total gross profit margin

18.2

%


16.1

%


210 bps
















Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period.



(1)

Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.

 

ASBURY AUTOMOTIVE GROUP, INC. 

CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)

(Unaudited)



For the Nine Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



REVENUE:








New vehicle

$

2,541.8



$

2,823.9



$

(282.1)



(10)

%

Used vehicle:








Retail

1,366.0



1,449.8



(83.8)



(6)

%

Wholesale

144.2



140.6



3.6



3

%

     Total used vehicle

1,510.2



1,590.4



(80.2)



(5)

%

Parts and service

628.0



669.7



(41.7)



(6)

%

Finance and insurance, net

217.8



232.3



(14.5)



(6)

%

TOTAL REVENUE

4,897.8



5,316.3



(418.5)



(8)

%

GROSS PROFIT:








New vehicle

135.6



114.8



20.8



18

%

Used vehicle:








Retail

106.1



102.2



3.9



4

%

Wholesale

10.9



0.6



10.3



NM

     Total used vehicle

117.0



102.8



14.2



14

%

Parts and service

380.7



417.4



(36.7)



(9)

%

Finance and insurance, net

217.8



232.3



(14.5)



(6)

%

TOTAL GROSS PROFIT

851.1



867.3



(16.2)



(2)

%

OPERATING EXPENSES:








Selling, general and administrative

553.4



593.7



(40.3)



(7)

%

Depreciation and amortization

29.0



26.7



2.3



9

%

Franchise rights impairment

23.0





23.0



%

Other operating expense, net

9.4



1.0



8.4



NM

INCOME FROM OPERATIONS

236.3



245.9



(9.6)



(4)

%

OTHER EXPENSES (INCOME):








Floor plan interest expense

14.1



29.7



(15.6)



(53)

%

Other interest expense, net

41.7



41.2



0.5



1

%

Loss on extinguishment of long-term debt, net

20.6





20.6



%

Gain on dealership divestitures, net

(58.4)



(11.7)



(46.7)



NM

Total other expenses, net

18.0



59.2



(41.2)



(70)

%

INCOME BEFORE INCOME TAXES

218.3



186.7



31.6



17

%

Income tax expense

53.0



45.9



7.1



15

%

NET INCOME

$

165.3



$

140.8



$

24.5



17

%

EARNINGS PER COMMON SHARE:








Basic—








Net income

$

8.61



$

7.37



$

1.24



17

%

Diluted—








Net income

$

8.56



$

7.30



$

1.26



17

%

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:








Basic

19.2



19.1



0.1



1

%

Restricted stock



0.1



(0.1)



(100)

%

Performance share units

0.1



0.1





%

Diluted

19.3



19.3





%




NMNot Meaningful

 

ASBURY AUTOMOTIVE GROUP, INC. 

KEY OPERATING HIGHLIGHTS (In millions, except per unit data)

(Unaudited)



For the Nine Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



Unit sales








New vehicle:








Luxury

15,508



16,933



(1,425)



(8)

%

Import

37,886



45,697



(7,811)



(17)

%

Domestic

13,198



15,006



(1,808)



(12)

%

     Total new vehicle

66,592



77,636



(11,044)



(14)

%

Used vehicle retail

59,151



66,330



(7,179)



(11)

%

Used to new ratio

88.8

%


85.4

%


340 bps



Average selling price








New vehicle

$

38,170



$

36,374



$

1,796



5

%

Used vehicle retail

23,093



21,857



1,236



6

%

Average gross profit per unit








New vehicle:








Luxury

$

4,004



$

3,425



$

579



17

%

Import

1,122



689



433



63

%

Domestic

2,349



1,686



663



39

%

Total new vehicle

2,036



1,479



557



38

%

Used vehicle retail

1,794



1,541



253



16

%

Finance and insurance, net

1,732



1,614



118



7

%

Front end yield (1)

3,654



3,121



533



17

%

Gross margin








New vehicle:








Luxury

7.2

%


6.2

%


100 bps



Import

3.8

%


2.4

%


140 bps



Domestic

5.5

%


4.2

%


130 bps



Total new vehicle

5.3

%


4.1

%


120 bps



Used vehicle retail

7.8

%


7.0

%


80 bps



Parts and service

60.6

%


62.3

%


(170) bps



Total gross profit margin

17.4

%


16.3

%


110 bps



SG&A metrics








Rent expense

$

20.8



$

20.3



$

0.5



2

%

SG&A as a percentage of gross profit

65.0

%


68.5

%


(350) bps



SG&A, excluding rent expense as a percentage of gross profit

62.6

%


66.1

%


(350) bps



Adjusted SG&A as a percentage of gross profit

64.9

%


68.5

%


(360) bps



Operating metrics








Income from operations as a percentage of revenue

4.8

%


4.6

%


20 bps



Income from operations as a percentage of gross profit

27.8

%


28.4

%


(60) bps



Adjusted income from operations as a percentage of revenue

5.5

%


4.7

%


80 bps



Adjusted income from operations as a percentage of gross profit

31.8

%


28.6

%


320 bps



Revenue mix








New vehicle

51.9

%


53.1

%





Used vehicle retail

28.0

%


27.3

%





Used vehicle wholesale

2.9

%


2.6

%





Parts and service

12.8

%


12.6

%





Finance and insurance

4.4

%


4.4

%





     Total revenue

100.0

%


100.0

%





Gross profit mix








New vehicle

15.9

%


13.2

%





Used vehicle retail

12.5

%


11.8

%





Used vehicle wholesale

1.3

%


0.1

%





Parts and service

44.7

%


48.1

%





Finance and insurance

25.6

%


26.8

%





     Total gross profit

100.0

%


100.0

%















(1)

Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.

 

ASBURY AUTOMOTIVE GROUP, INC. 

SAME STORE OPERATING HIGHLIGHTS (In millions)

(Unaudited)



For the Nine Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



Revenue








New vehicle:








Luxury

$

770.0



$

896.1



$

(126.1)



(14)

%

Import

1,037.5



1,175.3



(137.8)



(12)

%

Domestic

484.0



543.4



(59.4)



(11)

%

     Total new vehicle

2,291.5



2,614.8



(323.3)



(12)

%

Used Vehicle:








Retail

1,241.9



1,332.5



(90.6)



(7)

%

Wholesale

127.5



130.2



(2.7)



(2)

%

     Total used vehicle

1,369.4



1,462.7



(93.3)



(6)

%

Parts and service

571.0



628.8



(57.8)



(9)

%

Finance and insurance, net

202.2



215.6



(13.4)



(6)

%

Total revenue

$

4,434.1



$

4,921.9



$

(487.8)



(10)

%









Gross profit








New vehicle:








Luxury

$

53.2



$

55.6



$

(2.4)



(4)

%

Import

38.9



29.1



9.8



34

%

Domestic

26.6



22.5



4.1



18

%

     Total new vehicle

118.7



107.2



11.5



11

%

Used Vehicle:








Retail

95.7



95.4



0.3



%

Wholesale

9.9



0.8



9.1



NM

     Total used vehicle

105.6



96.2



9.4



10

%

Parts and service:








Customer pay

124.5



149.7



(25.2)



(17)

%

Warranty

36.2



42.1



(5.9)



(14)

%

Wholesale parts

133.8



141.9



(8.1)



(6)

%

     Parts and service, excluding reconditioning and preparation

294.5



333.7



(39.2)



(12)

%

Reconditioning and preparation

50.7



58.3



(7.6)



(13)

%

Total parts and service

345.2



392.0



(46.8)



(12)

%

Finance and insurance

202.2



215.6



(13.4)



(6)

%

Total gross profit

$

771.7



$

811.0



$

(39.3)



(5)

%









SG&A expense

$

507.7



$

556.8



$

(49.1)



(9)

%

SG&A expense as a percentage of gross profit

65.8

%


68.7

%


(290) bps










Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period.

 

ASBURY AUTOMOTIVE GROUP, INC. 

SAME STORE OPERATING HIGHLIGHTS (Continued)

(Unaudited)




For the Nine Months Ended
September 30,


Increase

(Decrease)


%

Change


2020


2019



Unit sales








New vehicle:








Luxury

13,863



16,293



(2,430)



(15)

%

Import

35,457



41,775



(6,318)



(15)

%

Domestic

11,487



13,551



(2,064)



(15)

%

     Total new vehicle

60,807



71,619



(10,812)



(15)

%

Used vehicle retail

54,299



60,826



(6,527)



(11)

%

Used to new ratio

89.3

%


84.9

%


440 bps











Average selling price








New vehicle

$

37,685



$

36,510



$

1,175



3

%

Used vehicle retail

22,872



21,907



965



4

%









Average gross profit per unit








New vehicle:








Luxury

$

3,838



$

3,413



$

425



12

%

Import

1,097



697