While new-vehicle revenue dipped 1.3 percent, AutoNation had gains in used-vehicle, parts and service and F&I revenue. For the third straight quarter, the company’s five stand-alone AutoNation USA used-vehicle stores broke even, Miller said.
AutoNation also saw income growth from each of its three business segments: domestic, import and premium luxury. Same-store revenue rose 3.9 percent to $5.49 billion, while same-store gross profit jumped 6.8 percent to $886.4 million.
Last week, AutoNation appointed Lisa Lutoff-Perlo to its board of directors, expanding the board to 10 members. Lutoff-Perlo has been CEO of Celebrity Cruises since December 2014.
AutoNation stock was up nearly 10 percent to $47.97 a share in Tuesday morning trading.
Records: All-time record same-store F&I gross profit per vehicle of $1,989 and fourth-quarter and full-year earnings per share from continuing operations of $1.74 and $4.98, respectively.
Sales: New-vehicle sales fell 5.1 percent to 74,383 units. Used-vehicle sales jumped 7.3 percent to 59,022. Fourth-quarter new light-vehicle sales across the nation fell 1.8 percent, according to the Automotive News Data Center.
Same-store sales: New-vehicle sales on a same-store basis dipped 3.1 percent to 73,613. Used-vehicle sales on a same-store basis increased 9.8 percent to 58,467.
Full-year results: In 2019, revenue was nearly flat at $21.3 billion compared with $21.4 billion. Net income from continuing operations rose 14 percent to $451 million.
AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive News‘ list of the top 150 dealership groups based in the U.S., retailing 310,839 new vehicles in 2018. It retailed 237,722 used vehicles for the same period, ranking it No. 3 on Automotive News’ list of the top 100 dealership groups in used-vehicle sales.
