☑
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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73-1105145
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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200 SW 1st Ave
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Fort Lauderdale
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,
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Florida
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33301
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, Par Value $0.01 Per Share
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AN
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New York Stock Exchange
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Large accelerated filer
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þ
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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Domestic
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Import
|
|
Premium Luxury
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|||
Buick
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Ford
|
|
Acura
|
Nissan
|
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Alfa Romeo
|
Lexus
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Cadillac
|
GMC
|
|
Fiat
|
Subaru
|
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Audi
|
Maserati
|
Chevrolet
|
Jeep
|
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Honda
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Toyota
|
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Bentley
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Mercedes-Benz
|
Chrysler
|
Lincoln
|
|
Hyundai
|
Volkswagen
|
|
BMW
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MINI
|
Dodge
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Ram
|
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Infiniti
|
Volvo
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Jaguar
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Porsche
|
|
|
|
|
|
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Land Rover
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Sprinter
|
|
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New Vehicle
Revenues
(in millions)
|
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Retail
New Vehicle
Unit Sales
|
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% of Total
Retail New
Vehicle
Units Sold
|
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Franchises Owned
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||||
Domestic:
|
|
|
|
|
|
|
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||||
Ford, Lincoln
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$
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1,317.2
|
|
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31,588
|
|
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11.2
|
|
36
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Chevrolet, Buick, Cadillac, GMC
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1,126.7
|
|
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30,415
|
|
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10.8
|
|
40
|
|
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Chrysler, Dodge, Jeep, Ram
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1,058.6
|
|
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26,401
|
|
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9.3
|
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68
|
|
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Domestic Total
|
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3,502.5
|
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88,404
|
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31.3
|
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144
|
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Import:
|
|
|
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Toyota
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1,715.7
|
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57,726
|
|
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20.4
|
|
19
|
|
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Honda
|
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1,076.4
|
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40,038
|
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14.2
|
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24
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Nissan
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255.1
|
|
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9,433
|
|
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3.3
|
|
7
|
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Other Import
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648.4
|
|
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20,986
|
|
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7.4
|
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28
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|
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Import Total
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3,695.6
|
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128,183
|
|
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45.3
|
|
78
|
|
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Premium Luxury:
|
|
|
|
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Mercedes-Benz
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1,485.5
|
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24,934
|
|
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8.8
|
|
38
|
|
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BMW
|
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1,047.9
|
|
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17,792
|
|
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6.3
|
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16
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Lexus
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298.5
|
|
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6,533
|
|
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2.3
|
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3
|
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Audi
|
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348.3
|
|
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6,374
|
|
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2.3
|
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8
|
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Jaguar Land Rover
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465.1
|
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6,324
|
|
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2.2
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16
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Other Premium Luxury
|
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323.1
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4,058
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1.5
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14
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Premium Luxury Total
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3,968.4
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66,015
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23.4
|
|
95
|
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$
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11,166.5
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282,602
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|
|
100.0
|
|
317
|
|
•
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Create an industry-leading automotive retail customer experience in our stores and through our digital channels.
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•
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Continue to invest in the AutoNation retail brand to enhance our strong customer satisfaction and expand our market share.
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•
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Leverage our significant scale and cost structure to improve our operating efficiency.
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•
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Continue to invest in strategic partnerships to evolve with the changing automotive retail industry and to widen our access to new and expanding sales channels for vehicles, parts, and service.
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State
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Number of
Stores
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Number of
Franchises
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% of Total
Revenue (1)
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Florida
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49
|
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59
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24
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Texas
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40
|
|
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62
|
|
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20
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California
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38
|
|
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50
|
|
|
19
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Colorado
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15
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|
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25
|
|
|
7
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Arizona
|
14
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|
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18
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|
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6
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Washington
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14
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|
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19
|
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|
4
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Georgia
|
14
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23
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|
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4
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Nevada
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11
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13
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4
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Illinois
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7
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|
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8
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|
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3
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Tennessee
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8
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|
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12
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3
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Maryland
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7
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|
|
9
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|
|
1
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New York
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4
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|
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6
|
|
|
1
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Ohio
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4
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|
|
4
|
|
|
1
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Virginia
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2
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|
|
2
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|
|
1
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Alabama
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3
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|
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6
|
|
|
1
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Minnesota
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1
|
|
|
1
|
|
|
1
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Total
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231
|
|
|
317
|
|
|
100
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(1)
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Revenue by state includes revenue from non-dealership operations, such as collision centers, auction operations, AutoNation USA stand-alone used vehicle sales and service centers, and parts distribution centers.
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Name
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Age
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Position
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Years with
AutoNation
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Years in
Automotive
Industry
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Mike Jackson
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71
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Executive Chairman
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20
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49
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Cheryl Miller
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47
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Chief Executive Officer and President
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12
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21
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Joseph Lower
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52
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Executive Vice President and Chief Financial Officer
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—
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—
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James R. Bender
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64
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Executive Vice President and Chief Operating Officer
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20
|
|
43
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Marc Cannon
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58
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Executive Vice President and Chief Marketing Officer
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22
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33
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Coleman Edmunds
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55
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Executive Vice President, General Counsel and Corporate Secretary
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24
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24
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•
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Product offering: We offer a wide variety of environmentally friendly vehicles, including electric, flex fuel/electric hybrid, gas/electric hybrid, and flex fuel capable. We expect our manufacturer partners to continue to enhance their offerings of these types of vehicles.
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•
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Building and maintenance: As we build new facilities, we take various measures to reduce our environmental impact, such as reducing water consumption, locally sourcing materials, and improving air quality. In addition, as we build new or renovate existing facilities, we install or convert to LED lighting where possible and practicable. We also recently renewed our lease at our LEED Gold Certified corporate headquarters building in Fort Lauderdale, Florida, one of several LEED certified properties that we occupy.
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•
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Recycling: In addition to adhering to recycling statutes, we try to maximize our recycling efforts where practicable, whether water, oil, tire rubber, scrap metal, paper, plastic, car batteries, radiator cores, or other materials.
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•
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Stewardship: We have implemented an Environmental, Health and Safety Compliance Program, which includes training and consulting support at our dealerships and other operating entities.
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•
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Ethical standards: We have a Code of Business Ethics in place to help support our commitment to business ethics and responsibility. This Code describes our standards of business conduct and the steps AutoNation takes to ensure that our standards are understood and followed. Each AutoNation associate throughout the organization is expected to comply with the standards set forth in the Code. We also maintain a 24-hour Alert-Line for associates to anonymously report any Company policy violations under our Business Ethics Program.
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•
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Customer satisfaction: We seek to deliver a consistently superior customer experience by offering a large selection of inventory, customer-friendly, transparent sales and service processes, and competitive pricing. We measure customer satisfaction on a regular basis with a mission to deliver a peerless customer experience.
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•
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Supplier relationships and sustainable procurement: We purchase products and services at a fair value regardless of the manufacturer or provider, while conducting our operations according to high standards of business conduct and all applicable legal requirements. For international suppliers that operate in geographic locations that do not mandate the same level of standards as the United States, we generally require such suppliers to adhere to various standards related to labor, environmental, health and safety, product safety, and anti-corruption, among others. We are also a member of an affiliate of the National Minority Supplier Development Council, which focuses on advancing business opportunities for certified minority business enterprises.
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•
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Employee benefits: We offer a variety of employee benefits, such as competitive salaries/compensation plans, incentive compensation potential, and health and welfare benefits. Many of the valuable benefits we offer are free to our associates, including an innovative Company-paid cancer insurance plan that provides financial assistance to associates, their spouses, and their children who are diagnosed with cancer. This Company-paid benefit is offered by fewer than 5% of companies nationally and it underscores our commitment to driving out cancer.
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•
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Healthy living: We encourage our associates and their families to be mindful of their physical and mental health, and we offer programs that provide free and confidential support services for a multitude of issues, such as legal, family/marital, and stress/anxiety, among others. We also provide a complimentary biometric screening for our associates and their spouses to raise their awareness of certain factors that can affect their health and increase the risk for heart disease, diabetes, or stroke.
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•
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Diversity: We endeavor to attract and retain diverse and talented people throughout our Company by engaging in diversity and inclusion initiatives, including programs specifically designed to develop female leaders and to recruit current and former military personnel, among others.
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•
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We may have difficulty satisfying our debt service obligations and, if we fail to comply with these requirements, an event of default could result;
|
•
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We may be required to dedicate a substantial portion of our cash flow from operations to make required payments on indebtedness, thereby reducing the availability of cash flow for working capital, capital expenditures, acquisitions, investments, and other general corporate activities;
|
•
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A downgrade in our credit ratings could negatively impact the interest rate payable on our senior notes and could negatively impact our ability to issue, or the interest rates for, commercial paper notes;
|
•
|
Covenants relating to our indebtedness may limit our ability to obtain financing for working capital, capital expenditures, acquisitions, investments, and other general corporate activities;
|
•
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Covenants relating to our indebtedness may limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
|
•
|
We may be more vulnerable to the impact of economic downturns and adverse developments in our business;
|
•
|
We may be placed at a competitive disadvantage against any less leveraged competitors;
|
•
|
Our variable interest rate debt will fluctuate with changing market conditions and, accordingly, our interest expense will increase if interest rates rise;
|
•
|
An increase in our leverage ratio could negatively impact the applicable margins on interest rates charged for borrowings under our revolving credit facility; and
|
•
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Future share repurchases may be limited by the maximum leverage ratio and/or maximum capitalization ratio described above.
|
Period
|
|
Total Number
of Shares
Purchased
|
|
Average
Price Paid
Per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs (1)
|
|
Approximate
Dollar Value of
Shares That May
Yet Be Purchased
Under the Plans
or Programs
(in millions) (1) |
||||||
October 1, 2019 – October 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
219.0
|
|
November 1, 2019 – November 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
219.0
|
|
December 1, 2019 – December 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
219.0
|
|
Total for three months ended December 31, 2019
|
|
—
|
|
|
|
|
—
|
|
|
|
||||
Total for twelve months ended December 31, 2019
|
|
1,270,825
|
|
|
|
|
1,259,286
|
|
|
|
(1)
|
Our Board of Directors from time to time authorizes the repurchase of shares of our common stock up to a certain monetary limit. As of December 31, 2019, $219.0 million remained available under our stock repurchase limit most recently authorized by our Board of Directors. Our stock repurchase program does not have an expiration date. In 2019, all of our shares were repurchased under our stock repurchase program, except for 11,539 shares that were surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock (6,325 shares in the first quarter of 2019, 4,813 shares in the second quarter of 2019, and 401 shares in the third quarter of 2019).
|
|
As of and for the Years Ended December 31,
|
||||||||||||||||||
(In millions, except per share data and unit sales)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Consolidated Statements of Income Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
21,335.7
|
|
|
$
|
21,412.8
|
|
|
$
|
21,534.6
|
|
|
$
|
21,609.0
|
|
|
$
|
20,862.0
|
|
Income from continuing operations before income taxes
|
$
|
612.6
|
|
|
$
|
529.4
|
|
|
$
|
636.5
|
|
|
$
|
702.3
|
|
|
$
|
722.7
|
|
Net income
|
$
|
450.0
|
|
|
$
|
396.0
|
|
|
$
|
434.6
|
|
|
$
|
430.5
|
|
|
$
|
442.6
|
|
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
5.00
|
|
|
$
|
4.36
|
|
|
$
|
4.45
|
|
|
$
|
4.19
|
|
|
$
|
3.94
|
|
Discontinued operations
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
Net income
|
$
|
4.99
|
|
|
$
|
4.36
|
|
|
$
|
4.44
|
|
|
$
|
4.18
|
|
|
$
|
3.93
|
|
Weighted average common shares outstanding
|
90.1
|
|
|
90.9
|
|
|
97.8
|
|
|
103.1
|
|
|
112.7
|
|
|||||
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
4.98
|
|
|
$
|
4.34
|
|
|
$
|
4.43
|
|
|
$
|
4.16
|
|
|
$
|
3.90
|
|
Discontinued operations
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
Net income
|
$
|
4.97
|
|
|
$
|
4.34
|
|
|
$
|
4.43
|
|
|
$
|
4.15
|
|
|
$
|
3.89
|
|
Weighted average common shares outstanding
|
90.5
|
|
|
91.3
|
|
|
98.2
|
|
|
103..8
|
|
|
113.9
|
|
|||||
Common shares outstanding, net of treasury stock
|
89.3
|
|
|
90.0
|
|
|
91.6
|
|
|
100.7
|
|
|
110.8
|
|
|||||
Consolidated Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (1)
|
$
|
10,543.3
|
|
|
$
|
10,665.1
|
|
|
$
|
10,271.5
|
|
|
$
|
10,060.0
|
|
|
$
|
9,548.2
|
|
Long-term debt, net of current maturities (1)
|
$
|
1,578.5
|
|
|
$
|
1,926.2
|
|
|
$
|
1,959.2
|
|
|
$
|
1,611.1
|
|
|
$
|
1,745.3
|
|
Shareholders’ equity
|
$
|
3,162.1
|
|
|
$
|
2,716.0
|
|
|
$
|
2,369.3
|
|
|
$
|
2,310.3
|
|
|
$
|
2,349.3
|
|
Retail vehicle unit sales (continuing operations):
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle
|
282,602
|
|
|
310,839
|
|
|
329,116
|
|
|
337,622
|
|
|
339,080
|
|
|||||
Used vehicle
|
246,113
|
|
|
237,722
|
|
|
234,148
|
|
|
225,713
|
|
|
227,290
|
|
|||||
Total
|
528,715
|
|
|
548,561
|
|
|
563,264
|
|
|
563,335
|
|
|
566,370
|
|
(1)
|
Effective January 1, 2019, we adopted the new lease accounting standard (ASC Topic 842) that establishes a right-of-use (ROU) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. We adopted this accounting standard using the optional transition method with no restatement of comparative periods. Therefore, the comparative information has not been adjusted and continues to be reported under ASC Topic 840.
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
($ in millions, except per vehicle data)
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New vehicle
|
$
|
11,166.5
|
|
|
$
|
11,751.6
|
|
|
$
|
(585.1
|
)
|
|
(5.0
|
)
|
|
$
|
12,180.8
|
|
|
$
|
(429.2
|
)
|
|
(3.5
|
)
|
Retail used vehicle
|
5,160.3
|
|
|
4,807.6
|
|
|
352.7
|
|
|
7.3
|
|
|
4,577.1
|
|
|
230.5
|
|
|
5.0
|
|
|||||
Wholesale
|
306.2
|
|
|
315.7
|
|
|
(9.5
|
)
|
|
(3.0
|
)
|
|
301.3
|
|
|
14.4
|
|
|
4.8
|
|
|||||
Used vehicle
|
5,466.5
|
|
|
5,123.3
|
|
|
343.2
|
|
|
6.7
|
|
|
4,878.4
|
|
|
244.9
|
|
|
5.0
|
|
|||||
Finance and insurance, net
|
1,023.3
|
|
|
981.4
|
|
|
41.9
|
|
|
4.3
|
|
|
939.2
|
|
|
42.2
|
|
|
4.5
|
|
|||||
Total variable operations(1)
|
17,656.3
|
|
|
17,856.3
|
|
|
(200.0
|
)
|
|
(1.1
|
)
|
|
17,998.4
|
|
|
(142.1
|
)
|
|
(0.8
|
)
|
|||||
Parts and service
|
3,572.1
|
|
|
3,447.6
|
|
|
124.5
|
|
|
3.6
|
|
|
3,398.3
|
|
|
49.3
|
|
|
1.5
|
|
|||||
Other
|
107.3
|
|
|
108.9
|
|
|
(1.6
|
)
|
|
|
|
137.9
|
|
|
(29.0
|
)
|
|
|
|||||||
Total revenue
|
$
|
21,335.7
|
|
|
$
|
21,412.8
|
|
|
$
|
(77.1
|
)
|
|
(0.4
|
)
|
|
$
|
21,534.6
|
|
|
$
|
(121.8
|
)
|
|
(0.6
|
)
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New vehicle
|
$
|
503.9
|
|
|
$
|
516.1
|
|
|
$
|
(12.2
|
)
|
|
(2.4
|
)
|
|
$
|
588.4
|
|
|
$
|
(72.3
|
)
|
|
(12.3
|
)
|
Retail used vehicle
|
346.8
|
|
|
327.6
|
|
|
19.2
|
|
|
5.9
|
|
|
308.0
|
|
|
19.6
|
|
|
6.4
|
|
|||||
Wholesale
|
21.2
|
|
|
14.1
|
|
|
7.1
|
|
|
|
|
7.2
|
|
|
6.9
|
|
|
|
|||||||
Used vehicle
|
368.0
|
|
|
341.7
|
|
|
26.3
|
|
|
7.7
|
|
|
315.2
|
|
|
26.5
|
|
|
8.4
|
|
|||||
Finance and insurance
|
1,023.3
|
|
|
981.4
|
|
|
41.9
|
|
|
4.3
|
|
|
939.2
|
|
|
42.2
|
|
|
4.5
|
|
|||||
Total variable operations(1)
|
1,895.2
|
|
|
1,839.2
|
|
|
56.0
|
|
|
3.0
|
|
|
1,842.8
|
|
|
(3.6
|
)
|
|
(0.2
|
)
|
|||||
Parts and service
|
1,622.6
|
|
|
1,555.3
|
|
|
67.3
|
|
|
4.3
|
|
|
1,490.7
|
|
|
64.6
|
|
|
4.3
|
|
|||||
Other
|
5.2
|
|
|
2.8
|
|
|
2.4
|
|
|
|
|
25.5
|
|
|
(22.7
|
)
|
|
|
|||||||
Total gross profit
|
3,523.0
|
|
|
3,397.3
|
|
|
125.7
|
|
|
3.7
|
|
|
3,359.0
|
|
|
38.3
|
|
|
1.1
|
|
|||||
Selling, general, and administrative expenses
|
2,558.6
|
|
|
2,509.8
|
|
|
(48.8
|
)
|
|
(1.9
|
)
|
|
2,436.2
|
|
|
(73.6
|
)
|
|
(3.0
|
)
|
|||||
Depreciation and amortization
|
180.5
|
|
|
166.2
|
|
|
(14.3
|
)
|
|
|
|
158.6
|
|
|
(7.6
|
)
|
|
|
|||||||
Franchise rights impairment
|
9.6
|
|
|
8.1
|
|
|
(1.5
|
)
|
|
|
|
—
|
|
|
(8.1
|
)
|
|
|
|||||||
Other income, net
|
(49.3
|
)
|
|
(64.7
|
)
|
|
(15.4
|
)
|
|
|
|
(79.2
|
)
|
|
(14.5
|
)
|
|
|
|||||||
Operating income
|
823.6
|
|
|
777.9
|
|
|
45.7
|
|
|
5.9
|
|
|
843.4
|
|
|
(65.5
|
)
|
|
(7.8
|
)
|
|||||
Non-operating income (expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Floorplan interest expense
|
(138.4
|
)
|
|
(130.4
|
)
|
|
(8.0
|
)
|
|
|
|
(97.0
|
)
|
|
(33.4
|
)
|
|
|
|||||||
Other interest expense
|
(106.7
|
)
|
|
(119.4
|
)
|
|
12.7
|
|
|
|
|
(120.2
|
)
|
|
0.8
|
|
|
|
|||||||
Interest income
|
0.5
|
|
|
1.1
|
|
|
(0.6
|
)
|
|
|
|
1.0
|
|
|
0.1
|
|
|
|
|||||||
Other income, net
|
33.6
|
|
|
0.2
|
|
|
33.4
|
|
|
|
|
9.3
|
|
|
(9.1
|
)
|
|
|
|||||||
Income from continuing operations before income taxes
|
$
|
612.6
|
|
|
$
|
529.4
|
|
|
$
|
83.2
|
|
|
15.7
|
|
|
$
|
636.5
|
|
|
$
|
(107.1
|
)
|
|
(16.8
|
)
|
Retail vehicle unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New vehicle
|
282,602
|
|
|
310,839
|
|
|
(28,237
|
)
|
|
(9.1
|
)
|
|
329,116
|
|
|
(18,277
|
)
|
|
(5.6
|
)
|
|||||
Used vehicle
|
246,113
|
|
|
237,722
|
|
|
8,391
|
|
|
3.5
|
|
|
234,148
|
|
|
3,574
|
|
|
1.5
|
|
|||||
|
528,715
|
|
|
548,561
|
|
|
(19,846
|
)
|
|
(3.6
|
)
|
|
563,264
|
|
|
(14,703
|
)
|
|
(2.6
|
)
|
|||||
Revenue per vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New vehicle
|
$
|
39,513
|
|
|
$
|
37,806
|
|
|
$
|
1,707
|
|
|
4.5
|
|
|
$
|
37,011
|
|
|
$
|
795
|
|
|
2.1
|
|
Used vehicle
|
$
|
20,967
|
|
|
$
|
20,224
|
|
|
$
|
743
|
|
|
3.7
|
|
|
$
|
19,548
|
|
|
$
|
676
|
|
|
3.5
|
|
Gross profit per vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New vehicle
|
$
|
1,783
|
|
|
$
|
1,660
|
|
|
$
|
123
|
|
|
7.4
|
|
|
$
|
1,788
|
|
|
$
|
(128
|
)
|
|
(7.2
|
)
|
Used vehicle
|
$
|
1,409
|
|
|
$
|
1,378
|
|
|
$
|
31
|
|
|
2.2
|
|
|
$
|
1,315
|
|
|
$
|
63
|
|
|
4.8
|
|
Finance and insurance
|
$
|
1,935
|
|
|
$
|
1,789
|
|
|
$
|
146
|
|
|
8.2
|
|
|
$
|
1,667
|
|
|
$
|
122
|
|
|
7.3
|
|
Total variable operations(2)
|
$
|
3,544
|
|
|
$
|
3,327
|
|
|
$
|
217
|
|
|
6.5
|
|
|
$
|
3,259
|
|
|
$
|
68
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Total variable operations includes new vehicle, used vehicle (retail and wholesale), and finance and insurance results.
|
|||||||||||||||||||||||||
(2) 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.
|
|
Years Ended December 31,
|
||||
|
2019 (%)
|
|
2018 (%)
|
|
2017 (%)
|
Revenue mix percentages:
|
|
|
|
|
|
New vehicle
|
52.3
|
|
54.9
|
|
56.6
|
Used vehicle
|
25.6
|
|
23.9
|
|
22.7
|
Parts and service
|
16.7
|
|
16.1
|
|
15.8
|
Finance and insurance, net
|
4.8
|
|
4.6
|
|
4.4
|
Other
|
0.6
|
|
0.5
|
|
0.5
|
Total
|
100.0
|
|
100.0
|
|
100.0
|
Gross profit mix percentages:
|
|
|
|
|
|
New vehicle
|
14.3
|
|
15.2
|
|
17.5
|
Used vehicle
|
10.4
|
|
10.1
|
|
9.4
|
Parts and service
|
46.1
|
|
45.8
|
|
44.4
|
Finance and insurance
|
29.0
|
|
28.9
|
|
28.0
|
Other
|
0.2
|
|
—
|
|
0.7
|
Total
|
100.0
|
|
100.0
|
|
100.0
|
Operating items as a percentage of revenue:
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
New vehicle
|
4.5
|
|
4.4
|
|
4.8
|
Used vehicle-retail
|
6.7
|
|
6.8
|
|
6.7
|
Parts and service
|
45.4
|
|
45.1
|
|
43.9
|
Total
|
16.5
|
|
15.9
|
|
15.6
|
Selling, general, and administrative expenses
|
12.0
|
|
11.7
|
|
11.3
|
Operating income
|
3.9
|
|
3.6
|
|
3.9
|
Other operating items as a percentage of total gross profit:
|
|
|
|
|
|
Selling, general, and administrative expenses
|
72.6
|
|
73.9
|
|
72.5
|
Operating income
|
23.4
|
|
22.9
|
|
25.1
|
|
|
|
|
|
|
|
December 31,
|
|
|
||
|
2019
|
|
2018
|
|
|
Days supply:
|
|
|
|
|
|
New vehicle (industry standard of selling days)
|
52 days
|
|
60 days
|
|
|
Used vehicle (trailing calendar month days)
|
39 days
|
|
42 days
|
|
|
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||
($ in millions, except per vehicle data)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2018
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
New vehicle
|
$
|
10,908.4
|
|
|
$
|
11,366.8
|
|
|
$
|
(458.4
|
)
|
|
(4.0
|
)
|
|
$
|
11,519.8
|
|
|
$
|
11,761.3
|
|
|
$
|
(241.5
|
)
|
|
(2.1
|
)
|
Retail used vehicle
|
5,040.6
|
|
|
4,649.3
|
|
|
391.3
|
|
|
8.4
|
|
|
4,649.6
|
|
|
4,397.8
|
|
|
251.8
|
|
|
5.7
|
|
||||||
Wholesale
|
299.3
|
|
|
306.4
|
|
|
(7.1
|
)
|
|
(2.3
|
)
|
|
302.0
|
|
|
288.9
|
|
|
13.1
|
|
|
4.5
|
|
||||||
Used vehicle
|
5,339.9
|
|
|
4,955.7
|
|
|
384.2
|
|
|
7.8
|
|
|
4,951.6
|
|
|
4,686.7
|
|
|
264.9
|
|
|
5.7
|
|
||||||
Finance and insurance, net
|
1,004.5
|
|
|
953.7
|
|
|
50.8
|
|
|
5.3
|
|
|
964.4
|
|
|
911.7
|
|
|
52.7
|
|
|
5.8
|
|
||||||
Total variable operations(1)
|
17,252.8
|
|
|
17,276.2
|
|
|
(23.4
|
)
|
|
(0.1
|
)
|
|
17,435.8
|
|
|
17,359.7
|
|
|
76.1
|
|
|
0.4
|
|
||||||
Parts and service
|
3,479.6
|
|
|
3,335.0
|
|
|
144.6
|
|
|
4.3
|
|
|
3,354.9
|
|
|
3,288.7
|
|
|
66.2
|
|
|
2.0
|
|
||||||
Other
|
105.2
|
|
|
108.4
|
|
|
(3.2
|
)
|
|
|
|
108.7
|
|
|
136.9
|
|
|
(28.2
|
)
|
|
|
||||||||
Total revenue
|
$
|
20,837.6
|
|
|
$
|
20,719.6
|
|
|
$
|
118.0
|
|
|
0.6
|
|
|
$
|
20,899.4
|
|
|
$
|
20,785.3
|
|
|
$
|
114.1
|
|
|
0.5
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
New vehicle
|
$
|
494.7
|
|
|
$
|
506.9
|
|
|
$
|
(12.2
|
)
|
|
(2.4
|
)
|
|
$
|
506.5
|
|
|
$
|
573.4
|
|
|
$
|
(66.9
|
)
|
|
(11.7
|
)
|
Retail used vehicle
|
341.8
|
|
|
320.2
|
|
|
21.6
|
|
|
6.7
|
|
|
319.5
|
|
|
296.7
|
|
|
22.8
|
|
|
7.7
|
|
||||||
Wholesale
|
20.8
|
|
|
14.6
|
|
|
6.2
|
|
|
|
|
8.1
|
|
|
7.6
|
|
|
0.5
|
|
|
|
||||||||
Used vehicle
|
362.6
|
|
|
334.8
|
|
|
27.8
|
|
|
8.3
|
|
|
327.6
|
|
|
304.3
|
|
|
23.3
|
|
|
7.7
|
|
||||||
Finance and insurance
|
1,004.5
|
|
|
953.7
|
|
|
50.8
|
|
|
5.3
|
|
|
964.4
|
|
|
911.7
|
|
|
52.7
|
|
|
5.8
|
|
||||||
Total variable operations(1)
|
1,861.8
|
|
|
1,795.4
|
|
|
66.4
|
|
|
3.7
|
|
|
1,798.5
|
|
|
1,789.4
|
|
|
9.1
|
|
|
0.5
|
|
||||||
Parts and service
|
1,580.2
|
|
|
1,503.8
|
|
|
76.4
|
|
|
5.1
|
|
|
1,513.3
|
|
|
1,441.9
|
|
|
71.4
|
|
|
5.0
|
|
||||||
Other
|
5.3
|
|
|
3.0
|
|
|
2.3
|
|
|
|
|
2.8
|
|
|
25.3
|
|
|
(22.5
|
)
|
|
|
||||||||
Total gross profit
|
$
|
3,447.3
|
|
|
$
|
3,302.2
|
|
|
$
|
145.1
|
|
|
4.4
|
|
|
$
|
3,314.6
|
|
|
$
|
3,256.6
|
|
|
$
|
58.0
|
|
|
1.8
|
|
Retail vehicle unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
New vehicle
|
275,808
|
|
|
298,468
|
|
|
(22,660
|
)
|
|
(7.6
|
)
|
|
305,615
|
|
|
316,914
|
|
|
(11,299
|
)
|
|
(3.6
|
)
|
||||||
Used vehicle
|
239,996
|
|
|
228,093
|
|
|
11,903
|
|
|
5.2
|
|
|
229,379
|
|
|
223,559
|
|
|
5,820
|
|
|
2.6
|
|
||||||
Total
|
515,804
|
|
|
526,561
|
|
|
(10,757
|
)
|
|
(2.0
|
)
|
|
534,994
|
|
|
540,473
|
|
|
(5,479
|
)
|
|
(1.0
|
)
|
||||||
Revenue per vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
New vehicle
|
$
|
39,551
|
|
|
$
|
38,084
|
|
|
$
|
1,467
|
|
|
3.9
|
|
|
$
|
37,694
|
|
|
$
|
37,112
|
|
|
$
|
582
|
|
|
1.6
|
|
Used vehicle
|
$
|
21,003
|
|
|
$
|
20,383
|
|
|
$
|
620
|
|
|
3.0
|
|
|
$
|
20,270
|
|
|
$
|
19,672
|
|
|
$
|
598
|
|
|
3.0
|
|
Gross profit per vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
New vehicle
|
$
|
1,794
|
|
|
$
|
1,698
|
|
|
$
|
96
|
|
|
5.7
|
|
|
$
|
1,657
|
|
|
$
|
1,809
|
|
|
$
|
(152
|
)
|
|
(8.4
|
)
|
Used vehicle
|
$
|
1,424
|
|
|
$
|
1,404
|
|
|
$
|
20
|
|
|
1.4
|
|
|
$
|
1,393
|
|
|
$
|
1,327
|
|
|
$
|
66
|
|
|
5.0
|
|
Finance and insurance
|
$
|
1,947
|
|
|
$
|
1,811
|
|
|
$
|
136
|
|
|
7.5
|
|
|
$
|
1,803
|
|
|
$
|
1,687
|
|
|
$
|
116
|
|
|
6.9
|
|
Total variable operations(2)
|
$
|
3,569
|
|
|
$
|
3,382
|
|
|
$
|
187
|
|
|
5.5
|
|
|
$
|
3,347
|
|
|
$
|
3,297
|
|
|
$
|
50
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) Total variable operations includes new vehicle, used vehicle (retail and wholesale), and finance and insurance results.
|
|||||||||||||||||||||||||||||
(2) 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.
|
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||
|
2019 (%)
|
|
2018 (%)
|
|
2018 (%)
|
|
2017 (%)
|
Revenue mix percentages:
|
|
|
|
|
|
|
|
New vehicle
|
52.3
|
|
54.9
|
|
55.1
|
|
56.6
|
Used vehicle
|
25.6
|
|
23.9
|
|
23.7
|
|
22.5
|
Parts and service
|
16.7
|
|
16.1
|
|
16.1
|
|
15.8
|
Finance and insurance, net
|
4.8
|
|
4.6
|
|
4.6
|
|
4.4
|
Other
|
0.6
|
|
0.5
|
|
0.5
|
|
0.7
|
Total
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
Gross profit mix percentages:
|
|
|
|
|
|
|
|
New vehicle
|
14.4
|
|
15.4
|
|
15.3
|
|
17.6
|
Used vehicle
|
10.5
|
|
10.1
|
|
9.9
|
|
9.3
|
Parts and service
|
45.8
|
|
45.5
|
|
45.7
|
|
44.3
|
Finance and insurance
|
29.1
|
|
28.9
|
|
29.1
|
|
28.0
|
Other
|
0.2
|
|
0.1
|
|
—
|
|
0.8
|
Total
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
Operating items as a percentage of revenue:
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
New vehicle
|
4.5
|
|
4.5
|
|
4.4
|
|
4.9
|
Used vehicle-retail
|
6.8
|
|
6.9
|
|
6.9
|
|
6.7
|
Parts and service
|
45.4
|
|
45.1
|
|
45.1
|
|
43.8
|
Total
|
16.5
|
|
15.9
|
|
15.9
|
|
15.7
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
($ in millions, except per vehicle data)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|||||||||||||||||
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue
|
$
|
11,166.5
|
|
|
$
|
11,751.6
|
|
|
$
|
(585.1
|
)
|
|
(5.0
|
)
|
|
$
|
12,180.8
|
|
|
$
|
(429.2
|
)
|
|
(3.5
|
)
|
Gross profit
|
$
|
503.9
|
|
|
$
|
516.1
|
|
|
$
|
(12.2
|
)
|
|
(2.4
|
)
|
|
$
|
588.4
|
|
|
$
|
(72.3
|
)
|
|
(12.3
|
)
|
Retail vehicle unit sales
|
282,602
|
|
|
310,839
|
|
|
(28,237
|
)
|
|
(9.1
|
)
|
|
329,116
|
|
|
(18,277
|
)
|
|
(5.6
|
)
|
|||||
Revenue per vehicle retailed
|
$
|
39,513
|
|
|
$
|
37,806
|
|
|
$
|
1,707
|
|
|
4.5
|
|
|
$
|
37,011
|
|
|
$
|
795
|
|
|
2.1
|
|
Gross profit per vehicle retailed
|
$
|
1,783
|
|
|
$
|
1,660
|
|
|
$
|
123
|
|
|
7.4
|
|
|
$
|
1,788
|
|
|
$
|
(128
|
)
|
|
(7.2
|
)
|
Gross profit as a percentage of revenue
|
4.5
|
%
|
|
4.4
|
%
|
|
|
|
|
|
4.8
|
%
|
|
|
|
|
|||||||||
Days supply (industry standard of selling days)
|
52 days
|
|
|
60 days
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|
2018
|
|
2017
|
|
2018 vs. 2017
|
||||||||||||||||||
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||||||||||||
Same Store:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue
|
$
|
10,908.4
|
|
|
$
|
11,366.8
|
|
|
$
|
(458.4
|
)
|
|
(4.0
|
)
|
|
$
|
11,519.8
|
|
|
$
|
11,761.3
|
|
|
$
|
(241.5
|
)
|
|
(2.1
|
)
|
Gross profit
|
$
|
494.7
|
|
|
$
|
506.9
|
|
|
$
|
(12.2
|
)
|
|
(2.4
|
)
|
|
$
|
506.5
|
|
|
$
|
573.4
|
|
|
$
|
(66.9
|
)
|
|
(11.7
|
)
|
Retail vehicle unit sales
|
275,808
|
|
|
298,468
|
|
|
(22,660
|
)
|
|
(7.6
|
)
|
|
305,615
|
|
|
316,914
|
|
|
(11,299
|
)
|
|
(3.6
|
)
|
||||||
Revenue per vehicle retailed
|
$
|
39,551
|
|
|
$
|
38,084
|
|
|
$
|
1,467
|
|
|
3.9
|
|
|
$
|
37,694
|
|
|
$
|
37,112
|
|
|
$
|
582
|
|
|
1.6
|
|
Gross profit per vehicle retailed
|
$
|
1,794
|
|
|
$
|
1,698
|
|
|
$
|
96
|
|
|
5.7
|
|
|
$
|
1,657
|
|
|
$
|
1,809
|
|
|
$
|
(152
|
)
|
|
(8.4
|
)
|
Gross profit as a percentage of revenue
|
4.5
|
%
|
|
4.5
|
%
|
|
|
|
|
|
4.4
|
%
|
|
4.9
|
%
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance 2019 vs. 2018
|
|
2017
|
|
Variance 2018 vs. 2017
|
||||||||||
Floorplan assistance
|
$
|
111.8
|
|
|
$
|
117.9
|
|
|
$
|
(6.1
|
)
|
|
$
|
122.1
|
|
|
$
|
(4.2
|
)
|
New vehicle floorplan interest expense
|
(128.1
|
)
|
|
(121.7
|
)
|
|
(6.4
|
)
|
|
(90.4
|
)
|
|
(31.3
|
)
|
|||||
Net new vehicle inventory carrying benefit (cost)
|
$
|
(16.3
|
)
|
|
$
|
(3.8
|
)
|
|
$
|
(12.5
|
)
|
|
$
|
31.7
|
|
|
$
|
(35.5
|
)
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
|||||||||||||||
($ in millions, except per vehicle data)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|||||||||||
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Retail revenue
|
$
|
5,160.3
|
|
|
$
|
4,807.6
|
|
|
$
|
352.7
|
|
|
7.3
|
|
|
$
|
4,577.1
|
|
|
$
|
230.5
|
|
|
5.0
|
Wholesale revenue
|
306.2
|
|
|
315.7
|
|
|
(9.5
|
)
|
|
(3.0
|
)
|
|
301.3
|
|
|
14.4
|
|
|
4.8
|
|||||
Total revenue
|
$
|
5,466.5
|
|
|
$
|
5,123.3
|
|
|
$
|
343.2
|
|
|
6.7
|
|
|
$
|
4,878.4
|
|
|
$
|
244.9
|
|
|
5.0
|
Retail gross profit
|
$
|
346.8
|
|
|
$
|
327.6
|
|
|
$
|
19.2
|
|
|
5.9
|
|
|
$
|
308.0
|
|
|
$
|
19.6
|
|
|
6.4
|
Wholesale gross profit
|
21.2
|
|
|
14.1
|
|
|
7.1
|
|
|
|
|
7.2
|
|
|
6.9
|
|
|
|
||||||
Total gross profit
|
$
|
368.0
|
|
|
$
|
341.7
|
|
|
$
|
26.3
|
|
|
7.7
|
|
|
$
|
315.2
|
|
|
$
|
26.5
|
|
|
8.4
|
Retail vehicle unit sales
|
246,113
|
|
|
237,722
|
|
|
8,391
|
|
|
3.5
|
|
|
234,148
|
|
|
3,574
|
|
|
1.5
|
|||||
Revenue per vehicle retailed
|
$
|
20,967
|
|
|
$
|
20,224
|
|
|
$
|
743
|
|
|
3.7
|
|
|
$
|
19,548
|
|
|
$
|
676
|
|
|
3.5
|
Gross profit per vehicle retailed
|
$
|
1,409
|
|
|
$
|
1,378
|
|
|
$
|
31
|
|
|
2.2
|
|
|
$
|
1,315
|
|
|
$
|
63
|
|
|
4.8
|
Gross profit as a percentage of retail revenue
|
6.7
|
%
|
|
6.8
|
%
|
|
|
|
|
|
6.7
|
%
|
|
|
|
|
||||||||
Days supply (trailing calendar month days)
|
39 days
|
|
|
42 days
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|
2018
|
|
2017
|
|
2018 vs. 2017
|
|||||||||||||||||
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|||||||||||||||||||||
Same Store:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Retail revenue
|
$
|
5,040.6
|
|
|
$
|
4,649.3
|
|
|
$
|
391.3
|
|
|
8.4
|
|
|
$
|
4,649.6
|
|
|
$
|
4,397.8
|
|
|
$
|
251.8
|
|
|
5.7
|
Wholesale revenue
|
299.3
|
|
|
306.4
|
|
|
(7.1
|
)
|
|
(2.3
|
)
|
|
302.0
|
|
|
288.9
|
|
|
13.1
|
|
|
4.5
|
||||||
Total revenue
|
$
|
5,339.9
|
|
|
$
|
4,955.7
|
|
|
$
|
384.2
|
|
|
7.8
|
|
|
$
|
4,951.6
|
|
|
$
|
4,686.7
|
|
|
$
|
264.9
|
|
|
5.7
|
Retail gross profit
|
$
|
341.8
|
|
|
$
|
320.2
|
|
|
$
|
21.6
|
|
|
6.7
|
|
|
$
|
319.5
|
|
|
$
|
296.7
|
|
|
$
|
22.8
|
|
|
7.7
|
Wholesale gross profit
|
20.8
|
|
|
14.6
|
|
|
6.2
|
|
|
|
|
8.1
|
|
|
7.6
|
|
|
0.5
|
|
|
|
|||||||
Total gross profit
|
$
|
362.6
|
|
|
$
|
334.8
|
|
|
$
|
27.8
|
|
|
8.3
|
|
|
$
|
327.6
|
|
|
$
|
304.3
|
|
|
$
|
23.3
|
|
|
7.7
|
Retail vehicle unit sales
|
239,996
|
|
|
228,093
|
|
|
11,903
|
|
|
5.2
|
|
|
229,379
|
|
|
223,559
|
|
|
5,820
|
|
|
2.6
|
||||||
Revenue per vehicle retailed
|
$
|
21,003
|
|
|
$
|
20,383
|
|
|
$
|
620
|
|
|
3.0
|
|
|
$
|
20,270
|
|
|
$
|
19,672
|
|
|
$
|
598
|
|
|
3.0
|
Gross profit per vehicle retailed
|
$
|
1,424
|
|
|
$
|
1,404
|
|
|
$
|
20
|
|
|
1.4
|
|
|
$
|
1,393
|
|
|
$
|
1,327
|
|
|
$
|
66
|
|
|
5.0
|
Gross profit as a percentage of retail revenue
|
6.8
|
%
|
|
6.9
|
%
|
|
|
|
|
|
6.9
|
%
|
|
6.7
|
%
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
3,572.1
|
|
|
$
|
3,447.6
|
|
|
$
|
124.5
|
|
|
3.6
|
|
$
|
3,398.3
|
|
|
$
|
49.3
|
|
|
1.5
|
Gross profit
|
$
|
1,622.6
|
|
|
$
|
1,555.3
|
|
|
$
|
67.3
|
|
|
4.3
|
|
$
|
1,490.7
|
|
|
$
|
64.6
|
|
|
4.3
|
Gross profit as a percentage of revenue
|
45.4
|
%
|
|
45.1
|
%
|
|
|
|
|
|
43.9
|
%
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2018
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Same Store:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue
|
$
|
3,479.6
|
|
|
$
|
3,335.0
|
|
|
$
|
144.6
|
|
|
4.3
|
|
$
|
3,354.9
|
|
|
$
|
3,288.7
|
|
|
$
|
66.2
|
|
|
2.0
|
Gross profit
|
$
|
1,580.2
|
|
|
$
|
1,503.8
|
|
|
$
|
76.4
|
|
|
5.1
|
|
$
|
1,513.3
|
|
|
$
|
1,441.9
|
|
|
$
|
71.4
|
|
|
5.0
|
Gross profit as a percentage of revenue
|
45.4
|
%
|
|
45.1
|
%
|
|
|
|
|
|
45.1
|
%
|
|
43.8
|
%
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
($ in millions, except per vehicle data)
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|||||||||||
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue and gross profit
|
$
|
1,023.3
|
|
|
$
|
981.4
|
|
|
$
|
41.9
|
|
|
4.3
|
|
$
|
939.2
|
|
|
$
|
42.2
|
|
|
4.5
|
Gross profit per vehicle retailed
|
$
|
1,935
|
|
|
$
|
1,789
|
|
|
$
|
146
|
|
|
8.2
|
|
$
|
1,667
|
|
|
$
|
122
|
|
|
7.3
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2018
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Same Store:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue and gross profit
|
$
|
1,004.5
|
|
|
$
|
953.7
|
|
|
$
|
50.8
|
|
|
5.3
|
|
$
|
964.4
|
|
|
$
|
911.7
|
|
|
$
|
52.7
|
|
|
5.8
|
Gross profit per vehicle retailed
|
$
|
1,947
|
|
|
$
|
1,811
|
|
|
$
|
136
|
|
|
7.5
|
|
$
|
1,803
|
|
|
$
|
1,687
|
|
|
$
|
116
|
|
|
6.9
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
$
|
6,671.4
|
|
|
$
|
7,134.5
|
|
|
$
|
(463.1
|
)
|
|
(6.5
|
)
|
|
$
|
7,452.8
|
|
|
$
|
(318.3
|
)
|
|
(4.3
|
)
|
Import
|
6,468.7
|
|
|
6,786.4
|
|
|
(317.7
|
)
|
|
(4.7
|
)
|
|
6,873.4
|
|
|
(87.0
|
)
|
|
(1.3
|
)
|
|||||
Premium Luxury
|
7,434.8
|
|
|
7,010.9
|
|
|
423.9
|
|
|
6.0
|
|
|
6,832.7
|
|
|
178.2
|
|
|
2.6
|
|
|||||
Total
|
20,574.9
|
|
|
20,931.8
|
|
|
(356.9
|
)
|
|
(1.7
|
)
|
|
21,158.9
|
|
|
(227.1
|
)
|
|
(1.1
|
)
|
|||||
Corporate and other
|
760.8
|
|
|
481.0
|
|
|
279.8
|
|
|
58.2
|
|
|
375.7
|
|
|
105.3
|
|
|
28.0
|
|
|||||
Total consolidated revenue
|
$
|
21,335.7
|
|
|
$
|
21,412.8
|
|
|
$
|
(77.1
|
)
|
|
(0.4
|
)
|
|
$
|
21,534.6
|
|
|
$
|
(121.8
|
)
|
|
(0.6
|
)
|
Segment income(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
$
|
257.6
|
|
|
$
|
249.3
|
|
|
$
|
8.3
|
|
|
3.3
|
|
|
$
|
257.1
|
|
|
$
|
(7.8
|
)
|
|
(3.0
|
)
|
Import
|
318.6
|
|
|
304.7
|
|
|
13.9
|
|
|
4.6
|
|
|
303.1
|
|
|
1.6
|
|
|
0.5
|
|
|||||
Premium Luxury
|
381.1
|
|
|
340.9
|
|
|
40.2
|
|
|
11.8
|
|
|
348.8
|
|
|
(7.9
|
)
|
|
(2.3
|
)
|
|||||
Total
|
957.3
|
|
|
894.9
|
|
|
62.4
|
|
|
7.0
|
|
|
909.0
|
|
|
(14.1
|
)
|
|
(1.6
|
)
|
|||||
Corporate and other
|
(272.1
|
)
|
|
(247.4
|
)
|
|
(24.7
|
)
|
|
|
|
(162.6
|
)
|
|
(84.8
|
)
|
|
|
|||||||
Floorplan interest expense
|
138.4
|
|
|
130.4
|
|
|
(8.0
|
)
|
|
|
|
97.0
|
|
|
(33.4
|
)
|
|
|
|||||||
Operating income
|
$
|
823.6
|
|
|
$
|
777.9
|
|
|
$
|
45.7
|
|
|
5.9
|
|
|
$
|
843.4
|
|
|
$
|
(65.5
|
)
|
|
(7.8
|
)
|
(1) 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
|
88,404
|
|
|
102,015
|
|
|
(13,611
|
)
|
|
(13.3
|
)
|
|
111,028
|
|
|
(9,013
|
)
|
|
(8.1
|
)
|
|||||
Import
|
128,183
|
|
|
142,556
|
|
|
(14,373
|
)
|
|
(10.1
|
)
|
|
150,422
|
|
|
(7,866
|
)
|
|
(5.2
|
)
|
|||||
Premium Luxury
|
66,015
|
|
|
66,268
|
|
|
(253
|
)
|
|
(0.4
|
)
|
|
67,666
|
|
|
(1,398
|
)
|
|
(2.1
|
)
|
|||||
|
282,602
|
|
|
310,839
|
|
|
(28,237
|
)
|
|
(9.1
|
)
|
|
329,116
|
|
|
(18,277
|
)
|
|
(5.6
|
)
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Revenue
|
$
|
6,671.4
|
|
|
$
|
7,134.5
|
|
|
$
|
(463.1
|
)
|
|
(6.5
|
)
|
|
$
|
7,452.8
|
|
|
$
|
(318.3
|
)
|
|
(4.3
|
)
|
Segment income
|
$
|
257.6
|
|
|
$
|
249.3
|
|
|
$
|
8.3
|
|
|
3.3
|
|
|
$
|
257.1
|
|
|
$
|
(7.8
|
)
|
|
(3.0
|
)
|
Retail new vehicle unit sales
|
88,404
|
|
|
102,015
|
|
|
(13,611
|
)
|
|
(13.3
|
)
|
|
111,028
|
|
|
(9,013
|
)
|
|
(8.1
|
)
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Revenue
|
$
|
6,468.7
|
|
|
$
|
6,786.4
|
|
|
$
|
(317.7
|
)
|
|
(4.7
|
)
|
|
$
|
6,873.4
|
|
|
$
|
(87.0
|
)
|
|
(1.3
|
)
|
Segment income
|
$
|
318.6
|
|
|
$
|
304.7
|
|
|
$
|
13.9
|
|
|
4.6
|
|
|
$
|
303.1
|
|
|
$
|
1.6
|
|
|
0.5
|
|
Retail new vehicle unit sales
|
128,183
|
|
|
142,556
|
|
|
(14,373
|
)
|
|
(10.1
|
)
|
|
150,422
|
|
|
(7,866
|
)
|
|
(5.2
|
)
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Revenue
|
$
|
7,434.8
|
|
|
$
|
7,010.9
|
|
|
$
|
423.9
|
|
|
6.0
|
|
|
$
|
6,832.7
|
|
|
$
|
178.2
|
|
|
2.6
|
|
Segment income
|
$
|
381.1
|
|
|
$
|
340.9
|
|
|
$
|
40.2
|
|
|
11.8
|
|
|
$
|
348.8
|
|
|
$
|
(7.9
|
)
|
|
(2.3
|
)
|
Retail new vehicle unit sales
|
66,015
|
|
|
66,268
|
|
|
(253
|
)
|
|
(0.4
|
)
|
|
67,666
|
|
|
(1,398
|
)
|
|
(2.1
|
)
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable / (Unfavorable) |
|
%
Variance |
|
2017
|
|
Variance
Favorable / (Unfavorable) |
|
%
Variance |
||||||||||
Revenue
|
$
|
760.8
|
|
|
$
|
481.0
|
|
|
$
|
279.8
|
|
|
58.2
|
|
$
|
375.7
|
|
|
$
|
105.3
|
|
|
28.0
|
Income (loss)
|
$
|
(272.1
|
)
|
|
$
|
(247.4
|
)
|
|
$
|
(24.7
|
)
|
|
|
|
$
|
(162.6
|
)
|
|
$
|
(84.8
|
)
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
|
|
|
|
2019 vs. 2018
|
|
|
|
2018 vs. 2017
|
||||||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
|
2017
|
|
Variance
Favorable /
(Unfavorable)
|
|
%
Variance
|
||||||||||||
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Compensation
|
$
|
1,634.6
|
|
|
$
|
1,567.8
|
|
|
$
|
(66.8
|
)
|
|
(4.3
|
)
|
|
$
|
1,540.6
|
|
|
$
|
(27.2
|
)
|
|
(1.8
|
)
|
Advertising
|
187.8
|
|
|
197.8
|
|
|
10.0
|
|
|
5.1
|
|
|
192.8
|
|
|
(5.0
|
)
|
|
(2.6
|
)
|
|||||
Store and corporate overhead
|
736.2
|
|
|
744.2
|
|
|
8.0
|
|
|
1.1
|
|
|
702.8
|
|
|
(41.4
|
)
|
|
(5.9
|
)
|
|||||
Total
|
$
|
2,558.6
|
|
|
$
|
2,509.8
|
|
|
$
|
(48.8
|
)
|
|
(1.9
|
)
|
|
$
|
2,436.2
|
|
|
$
|
(73.6
|
)
|
|
(3.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as a % of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Compensation
|
46.4
|
|
|
46.2
|
|
|
(20
|
)
|
|
bps
|
|
45.9
|
|
|
(30
|
)
|
|
bps
|
|||||||
Advertising
|
5.3
|
|
|
5.8
|
|
|
50
|
|
|
bps
|
|
5.7
|
|
|
(10
|
)
|
|
bps
|
|||||||
Store and corporate overhead
|
20.9
|
|
|
21.9
|
|
|
100
|
|
|
bps
|
|
20.9
|
|
|
(100
|
)
|
|
bps
|
|||||||
Total
|
72.6
|
|
|
73.9
|
|
|
130
|
|
|
bps
|
|
72.5
|
|
|
(140
|
)
|
|
bps
|
(In millions)
|
December 31,
2019 |
|
December 31,
2018 |
||||
Cash and cash equivalents
|
$
|
42.0
|
|
|
$
|
48.6
|
|
Revolving credit facility(1)
|
$
|
1,421.1
|
|
(2)
|
$
|
588.0
|
|
Secured used vehicle floorplan facilities(3)
|
$
|
0.6
|
|
|
$
|
0.5
|
|
(1)
|
As limited by the maximum consolidated leverage ratio in our credit agreement.
|
(2)
|
At December 31, 2019, we had $39.7 million of letters of credit outstanding. In addition, we use the revolving credit facility under our credit agreement as a liquidity backstop for borrowings under the commercial paper program. We had $170.0 million of commercial paper notes outstanding at December 31, 2019. See Note 9 of the Notes to Consolidated Financial Statements for additional information.
|
(3)
|
Based on the eligible used vehicle inventory that could have been pledged as collateral. See Note 5 of the Notes to Consolidated Financial Statements for additional information.
|
(In millions, except per share data)
|
2019
|
|
2018
|
|
2017
|
||||||
Shares repurchased
|
1.3
|
|
|
2.1
|
|
|
10.1
|
|
|||
Aggregate purchase price
|
$
|
44.7
|
|
|
$
|
100.0
|
|
|
$
|
434.9
|
|
Average purchase price per share
|
$
|
35.51
|
|
|
$
|
47.58
|
|
|
$
|
42.99
|
|
(In millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Cash used in business acquisitions, net(1)
|
$
|
(4.7
|
)
|
|
$
|
(67.2
|
)
|
|
$
|
(76.8
|
)
|
Cash received from business divestitures, net
|
$
|
115.6
|
|
|
$
|
173.2
|
|
|
$
|
104.6
|
|
Proceeds from the sale of property and equipment
|
$
|
1.0
|
|
|
$
|
28.0
|
|
|
$
|
21.0
|
|
Proceeds from the disposal of assets held for sale
|
$
|
38.0
|
|
|
$
|
21.1
|
|
|
$
|
38.0
|
|
|
|
|
|
|
|
||||||
(1) Excludes capital leases and deferred purchase price commitments.
|
|
|
|
|
|
|
|
|
(in millions)
|
||||||
Debt Description
|
|
Maturity Date
|
|
Interest Payable
|
|
2019
|
|
2018
|
||||
5.5% Senior Notes
|
|
February 1, 2020
|
|
February 1 and August 1
|
|
$
|
350.0
|
|
|
$
|
350.0
|
|
3.35% Senior Notes
|
|
January 15, 2021
|
|
January 15 and July 15
|
|
300.0
|
|
|
300.0
|
|
||
3.5% Senior Notes
|
|
November 15, 2024
|
|
May 15 and November 15
|
|
450.0
|
|
|
450.0
|
|
||
4.5% Senior Notes
|
|
October 1, 2025
|
|
April 1 and October 1
|
|
450.0
|
|
|
450.0
|
|
||
3.8% Senior Notes
|
|
November 15, 2027
|
|
May 15 and November 15
|
|
300.0
|
|
|
300.0
|
|
||
Revolving credit facility
|
|
October 19, 2022
|
|
Monthly
|
|
—
|
|
|
—
|
|
||
Other debt (1)
|
|
Various dates through 2038
|
|
Monthly
|
|
93.9
|
|
|
133.1
|
|
||
|
|
|
|
|
|
1,943.9
|
|
|
1,983.1
|
|
||
Less: unamortized debt discounts and debt issuance costs
|
|
(9.8
|
)
|
|
(12.6
|
)
|
||||||
Less: current maturities
|
|
(355.6
|
)
|
|
(44.3
|
)
|
||||||
Long-term debt, net of current maturities
|
|
$
|
1,578.5
|
|
|
$
|
1,926.2
|
|
(1)
|
Other debt includes finance leases as of December 31, 2019 and capital leases as of December 31, 2018.
|
(In millions)
|
2019
|
|
2018
|
||||
Vehicle floorplan payable - trade
|
$
|
2,120.6
|
|
|
$
|
2,388.0
|
|
Vehicle floorplan payable - non-trade
|
1,455.2
|
|
|
1,609.7
|
|
||
Vehicle floorplan payable
|
$
|
3,575.8
|
|
|
$
|
3,997.7
|
|
|
Years Ended December 31,
|
||||||||||
(In millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash provided by operating activities
|
$
|
769.2
|
|
|
$
|
511.0
|
|
|
$
|
540.1
|
|
Net cash used in investing activities
|
$
|
(115.8
|
)
|
|
$
|
(295.3
|
)
|
|
$
|
(227.0
|
)
|
Net cash used in financing activities
|
$
|
(660.3
|
)
|
|
$
|
(237.4
|
)
|
|
$
|
(307.4
|
)
|
|
Payments Due by Period
|
||||||||||||||||||
(In millions)
|
Total
|
|
Less Than 1
Year
(2020)
|
|
1 - 3 Years
(2021 and
2022)
|
|
3 - 5 Years
(2023 and
2024)
|
|
More Than
5 Years
(2025 and
thereafter)
|
||||||||||
Vehicle floorplan payable (Note 5)(1)
|
$
|
3,575.8
|
|
|
$
|
3,575.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt, including capital leases (Note 9)(1)(2)
|
1,943.9
|
|
|
354.5
|
|
|
309.4
|
|
|
460.4
|
|
|
819.6
|
|
|||||
Commercial paper (Note 9)(1)
|
170.0
|
|
|
170.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest payments(3)
|
380.1
|
|
|
73.8
|
|
|
112.4
|
|
|
106.1
|
|
|
87.8
|
|
|||||
Operating lease and other commitments (Note 8)(1)(4)
|
468.0
|
|
|
58.1
|
|
|
98.1
|
|
|
73.7
|
|
|
238.1
|
|
|||||
Unrecognized tax benefits, net (Note 12)(1)
|
10.0
|
|
|
—
|
|
|
2.8
|
|
|
7.2
|
|
|
—
|
|
|||||
Deferred compensation obligations(5)
|
85.8
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
81.3
|
|
|||||
Estimated chargeback liability (Note 10)(1)(6)
|
134.5
|
|
|
74.6
|
|
|
53.5
|
|
|
6.2
|
|
|
0.2
|
|
|||||
Estimated self-insurance obligations (Note 11)(1)(7)
|
80.3
|
|
|
32.3
|
|
|
27.7
|
|
|
10.6
|
|
|
9.7
|
|
|||||
Purchase obligations(8)
|
124.2
|
|
|
87.8
|
|
|
34.9
|
|
|
1.5
|
|
|
—
|
|
|||||
Total
|
$
|
6,972.6
|
|
|
$
|
4,431.4
|
|
|
$
|
638.8
|
|
|
$
|
665.7
|
|
|
$
|
1,236.7
|
|
(1)
|
See Notes to Consolidated Financial Statements.
|
(2)
|
Amounts for long-term debt obligations reflect principal payments and are not reduced for unamortized debt discounts of $1.5 million or debt issuance costs of $8.3 million.
|
(3)
|
Primarily represents scheduled fixed interest payments on our outstanding senior unsecured notes and finance leases. Estimates of future interest payments for vehicle floorplan payables and commercial paper are excluded due to the short-term nature of these facilities.
|
(4)
|
Amounts for operating lease commitments do not include certain operating expenses such as maintenance, insurance, and real estate taxes. In 2019, these charges totaled approximately $20 million. Additionally, operating leases that are on a month-to-month basis are not included.
|
(5)
|
Due to uncertainty regarding timing of payments expected beyond one year, long-term obligations for deferred compensation arrangements have been classified in the “More Than 5 Years” column.
|
(6)
|
Our estimated chargeback obligations do not have scheduled maturities, however, the timing of future payments is estimated based on historical patterns.
|
(7)
|
Our estimated self-insurance obligations are based on management estimates and actuarial calculations. Although these obligations do not have scheduled maturities, the timing of future payments is estimated based on historical patterns.
|
(8)
|
Primarily represents purchase orders and contracts in connection with information technology and communication systems and real estate construction projects.
|
•
|
The automotive retail industry is sensitive to changing economic conditions and various other factors, including, but not limited to, fuel prices, interest rates, and tariffs. Our business and results of operations are substantially dependent on new and used vehicle sales levels in the United States and in our particular geographic markets, as well as the gross profit margins that we can achieve on our sales of vehicles, all of which are very difficult to predict.
|
•
|
We are dependent upon the success and continued financial viability of the vehicle manufacturers and distributors with which we hold franchises.
|
•
|
We are investing significantly in our brand extension strategy, and if our strategic initiatives are not successful, we will have incurred significant expenses without the benefit of improved financial results.
|
•
|
If we are not able to maintain and enhance our retail brands and reputation or to attract consumers to our own digital channels, or if events occur that damage our retail brands, reputation, or sales channels, our business and financial results may be harmed.
|
•
|
New laws, regulations, or governmental policies regarding fuel economy and greenhouse gas emission standards, or changes to existing standards, may affect vehicle manufacturers’ ability to produce cost-effective vehicles or vehicles that consumers demand, which could adversely impact our business, results of operations, financial condition, cash flow, and prospects.
|
•
|
Natural disasters and adverse weather events can disrupt our business.
|
•
|
We are subject to restrictions imposed by, and significant influence from, vehicle manufacturers that may adversely impact our business, financial condition, results of operations, cash flows, and prospects, including our ability to acquire additional stores.
|
•
|
We are subject to numerous legal and administrative proceedings, which, if the outcomes are adverse to us, could materially adversely affect our business, results of operations, financial condition, cash flows, and prospects.
|
•
|
Our operations are subject to extensive governmental laws and regulations. If we are found to be in purported violation of or subject to liabilities under any of these laws or regulations, or if new laws or regulations are enacted that adversely affect our operations, our business, operating results, and prospects could suffer.
|
•
|
A failure of our information systems or any security breach or unauthorized disclosure of confidential information could have a material adverse effect on our business.
|
•
|
Our debt agreements contain certain financial ratios and other restrictions on our ability to conduct our business, and our substantial indebtedness could adversely affect our financial condition and operations and prevent us from fulfilling our debt service obligations.
|
•
|
We are subject to interest rate risk in connection with our vehicle floorplan payables, revolving credit facility, and commercial paper program that could have a material adverse effect on our profitability.
|
•
|
Goodwill and other intangible assets comprise a significant portion of our total assets. We must test our goodwill and other intangible assets for impairment at least annually, which could result in a material, non-cash write-down of goodwill or franchise rights and could have a material adverse impact on our results of operations and shareholders’ equity.
|
•
|
Our minority equity investment in Vroom Inc. does not have a readily determinable fair value and its fair value is subject to fluctuations based on observable price changes. These fluctuations could result in a downward adjustment or require us to record an impairment, both of which could adversely impact our results of operations and financial condition.
|
•
|
Our largest stockholders, as a result of their ownership stakes in us, may have the ability to exert substantial influence over actions to be taken or approved by our stockholders. In addition, future share repurchases and fluctuations in the levels of ownership of our largest stockholders could impact the volume of trading, liquidity, and market price of our common stock.
|
•
|
AutoNation’s Twitter feed (www.twitter.com/autonation)
|
•
|
Cheryl Miller’s Twitter feed (www.twitter.com/CEOCherylMiller)
|
|
Page
|
•
|
evaluating the Company’s discount rates by comparing it against a discount rate range that was independently developed using publicly available market data for comparable entities;
|
•
|
assessing the valuation methodology used by the Company to estimate fair value; and
|
•
|
developing an independent estimate of the fair value of franchise rights using the Company’s cash flow forecast by store location and an independently developed discount rate, and compared the results of our estimate of fair value to the Company’s fair value estimate.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue:
|
|
|
|
|
|
||||||
New vehicle
|
$
|
11,166.5
|
|
|
$
|
11,751.6
|
|
|
$
|
12,180.8
|
|
Used vehicle
|
5,466.5
|
|
|
5,123.3
|
|
|
4,878.4
|
|
|||
Parts and service
|
3,572.1
|
|
|
3,447.6
|
|
|
3,398.3
|
|
|||
Finance and insurance, net
|
1,023.3
|
|
|
981.4
|
|
|
939.2
|
|
|||
Other
|
107.3
|
|
|
108.9
|
|
|
137.9
|
|
|||
TOTAL REVENUE
|
21,335.7
|
|
|
21,412.8
|
|
|
21,534.6
|
|
|||
Cost of Sales:
|
|
|
|
|
|
||||||
New vehicle
|
10,662.6
|
|
|
11,235.5
|
|
|
11,592.4
|
|
|||
Used vehicle
|
5,098.5
|
|
|
4,781.6
|
|
|
4,563.2
|
|
|||
Parts and service
|
1,949.5
|
|
|
1,892.3
|
|
|
1,907.6
|
|
|||
Other
|
102.1
|
|
|
106.1
|
|
|
112.4
|
|
|||
TOTAL COST OF SALES (excluding depreciation shown below)
|
17,812.7
|
|
|
18,015.5
|
|
|
18,175.6
|
|
|||
Gross Profit:
|
|
|
|
|
|
||||||
New vehicle
|
503.9
|
|
|
516.1
|
|
|
588.4
|
|
|||
Used vehicle
|
368.0
|
|
|
341.7
|
|
|
315.2
|
|
|||
Parts and service
|
1,622.6
|
|
|
1,555.3
|
|
|
1,490.7
|
|
|||
Finance and insurance
|
1,023.3
|
|
|
981.4
|
|
|
939.2
|
|
|||
Other
|
5.2
|
|
|
2.8
|
|
|
25.5
|
|
|||
TOTAL GROSS PROFIT
|
3,523.0
|
|
|
3,397.3
|
|
|
3,359.0
|
|
|||
Selling, general, and administrative expenses
|
2,558.6
|
|
|
2,509.8
|
|
|
2,436.2
|
|
|||
Depreciation and amortization
|
180.5
|
|
|
166.2
|
|
|
158.6
|
|
|||
Franchise rights impairment
|
9.6
|
|
|
8.1
|
|
|
—
|
|
|||
Other income, net
|
(49.3
|
)
|
|
(64.7
|
)
|
|
(79.2
|
)
|
|||
OPERATING INCOME
|
823.6
|
|
|
777.9
|
|
|
843.4
|
|
|||
Non-operating income (expense) items:
|
|
|
|
|
|
||||||
Floorplan interest expense
|
(138.4
|
)
|
|
(130.4
|
)
|
|
(97.0
|
)
|
|||
Other interest expense
|
(106.7
|
)
|
|
(119.4
|
)
|
|
(120.2
|
)
|
|||
Interest income
|
0.5
|
|
|
1.1
|
|
|
1.0
|
|
|||
Other income, net
|
33.6
|
|
|
0.2
|
|
|
9.3
|
|
|||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
612.6
|
|
|
529.4
|
|
|
636.5
|
|
|||
Income tax provision
|
161.8
|
|
|
133.5
|
|
|
201.5
|
|
|||
NET INCOME FROM CONTINUING OPERATIONS
|
450.8
|
|
|
395.9
|
|
|
435.0
|
|
|||
Income (loss) from discontinued operations, net of income taxes
|
(0.8
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|||
NET INCOME
|
$
|
450.0
|
|
|
$
|
396.0
|
|
|
$
|
434.6
|
|
BASIC EARNINGS (LOSS) PER SHARE:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
5.00
|
|
|
$
|
4.36
|
|
|
$
|
4.45
|
|
Discontinued operations
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income
|
$
|
4.99
|
|
|
$
|
4.36
|
|
|
$
|
4.44
|
|
Weighted average common shares outstanding
|
90.1
|
|
|
90.9
|
|
|
97.8
|
|
|||
DILUTED EARNINGS (LOSS) PER SHARE:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
4.98
|
|
|
$
|
4.34
|
|
|
$
|
4.43
|
|
Discontinued operations
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income
|
$
|
4.97
|
|
|
$
|
4.34
|
|
|
$
|
4.43
|
|
Weighted average common shares outstanding
|
90.5
|
|
|
91.3
|
|
|
98.2
|
|
|||
COMMON SHARES OUTSTANDING, net of treasury stock, at period end
|
89.3
|
|
|
90.0
|
|
|
91.6
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Treasury
Stock
|
|
Total
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|||||||||||||||||
BALANCE AT DECEMBER 31, 2016
|
120,562,149
|
|
|
$
|
1.2
|
|
|
$
|
18.2
|
|
|
$
|
3,133.3
|
|
|
$
|
(842.4
|
)
|
|
$
|
2,310.3
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
434.6
|
|
|
—
|
|
|
434.6
|
|
|||||
Repurchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(434.9
|
)
|
|
(434.9
|
)
|
|||||
Treasury stock cancellation
|
(18,000,000
|
)
|
|
(0.2
|
)
|
|
(30.2
|
)
|
|
(735.6
|
)
|
|
766.0
|
|
|
—
|
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
20.6
|
|
|
—
|
|
|
—
|
|
|
20.6
|
|
|||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
43.4
|
|
|
38.6
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
0.2
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.1
|
|
|||||
BALANCE AT DECEMBER 31, 2017
|
102,562,149
|
|
|
$
|
1.0
|
|
|
$
|
4.0
|
|
|
$
|
2,832.2
|
|
|
$
|
(467.9
|
)
|
|
$
|
2,369.3
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
396.0
|
|
|
—
|
|
|
396.0
|
|
|||||
Repurchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.0
|
)
|
|
(100.0
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
25.5
|
|
|
—
|
|
|
—
|
|
|
25.5
|
|
|||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
|
—
|
|
|
—
|
|
|
(8.7
|
)
|
|
—
|
|
|
23.8
|
|
|
15.1
|
|
|||||
Cumulative effect of change in accounting principle - revenue recognition
|
—
|
|
|
—
|
|
|
—
|
|
|
10.1
|
|
|
—
|
|
|
10.1
|
|
|||||
BALANCE AT DECEMBER 31, 2018
|
102,562,149
|
|
|
$
|
1.0
|
|
|
$
|
20.8
|
|
|
$
|
3,238.3
|
|
|
$
|
(544.1
|
)
|
|
$
|
2,716.0
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
450.0
|
|
|
|
|
|
450.0
|
|
|||||
Repurchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44.7
|
)
|
|
(44.7
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
31.1
|
|
|
—
|
|
|
—
|
|
|
31.1
|
|
|||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
|
—
|
|
|
—
|
|
|
(16.0
|
)
|
|
—
|
|
|
25.7
|
|
|
9.7
|
|
|||||
BALANCE AT DECEMBER 31, 2019
|
102,562,149
|
|
|
$
|
1.0
|
|
|
$
|
35.9
|
|
|
$
|
3,688.3
|
|
|
$
|
(563.1
|
)
|
|
$
|
3,162.1
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
450.0
|
|
|
$
|
396.0
|
|
|
$
|
434.6
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
(Income) loss from discontinued operations
|
0.8
|
|
|
(0.1
|
)
|
|
0.4
|
|
|||
Depreciation and amortization
|
180.5
|
|
|
166.2
|
|
|
158.6
|
|
|||
Amortization of debt issuance costs and accretion of debt discounts
|
5.2
|
|
|
5.4
|
|
|
5.6
|
|
|||
Stock-based compensation expense
|
31.1
|
|
|
25.5
|
|
|
20.6
|
|
|||
Deferred income tax provision (benefit)
|
45.8
|
|
|
14.5
|
|
|
(19.0
|
)
|
|||
Net gain on asset sales and dispositions
|
(44.9
|
)
|
|
(57.6
|
)
|
|
(95.4
|
)
|
|||
Franchise rights impairment
|
9.6
|
|
|
8.1
|
|
|
—
|
|
|||
Other non-cash impairment charges
|
2.2
|
|
|
3.2
|
|
|
26.4
|
|
|||
Unrealized gain on equity investment
|
(25.7
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
(6.8
|
)
|
|
0.8
|
|
|
(7.3
|
)
|
|||
(Increase) decrease, net of effects from business combinations
and divestitures:
|
|
|
|
|
|
||||||
Receivables
|
56.2
|
|
|
133.7
|
|
|
(61.6
|
)
|
|||
Inventory
|
296.0
|
|
|
(319.5
|
)
|
|
39.3
|
|
|||
Other assets
|
49.5
|
|
|
(107.9
|
)
|
|
(37.0
|
)
|
|||
Increase (decrease), net of effects from business combinations
and divestitures:
|
|
|
|
|
|
||||||
Vehicle floorplan payable-trade, net
|
(240.6
|
)
|
|
242.4
|
|
|
(64.4
|
)
|
|||
Accounts payable
|
(17.6
|
)
|
|
1.7
|
|
|
0.5
|
|
|||
Other liabilities
|
(22.1
|
)
|
|
(2.0
|
)
|
|
139.1
|
|
|||
Net cash provided by continuing operations
|
769.2
|
|
|
510.4
|
|
|
540.4
|
|
|||
Net cash provided by (used in) discontinued operations
|
—
|
|
|
0.6
|
|
|
(0.3
|
)
|
|||
Net cash provided by operating activities
|
769.2
|
|
|
511.0
|
|
|
540.1
|
|
|||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
(269.3
|
)
|
|
(400.8
|
)
|
|
(313.4
|
)
|
|||
Proceeds from the sale of property and equipment
|
1.0
|
|
|
28.0
|
|
|
21.0
|
|
|||
Proceeds from the disposal of assets held for sale
|
38.0
|
|
|
21.1
|
|
|
38.0
|
|
|||
Insurance recoveries on property and equipment
|
3.5
|
|
|
1.1
|
|
|
1.7
|
|
|||
Cash used in business acquisitions, net of cash acquired
|
(4.7
|
)
|
|
(67.2
|
)
|
|
(76.8
|
)
|
|||
Cash received from business divestitures, net of cash relinquished
|
115.6
|
|
|
173.2
|
|
|
104.6
|
|
|||
Investment in equity security
|
—
|
|
|
(50.0
|
)
|
|
—
|
|
|||
Other
|
0.1
|
|
|
(0.7
|
)
|
|
(2.1
|
)
|
|||
Net cash used in continuing operations
|
(115.8
|
)
|
|
(295.3
|
)
|
|
(227.0
|
)
|
|||
Net cash used in discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(115.8
|
)
|
|
(295.3
|
)
|
|
(227.0
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Repurchases of common stock
|
(44.7
|
)
|
|
(100.0
|
)
|
|
(434.9
|
)
|
|||
Payment of 6.75% Senior Notes due 2018
|
—
|
|
|
(400.0
|
)
|
|
—
|
|
|||
Proceeds from 3.5% Senior Notes due 2024
|
—
|
|
|
—
|
|
|
449.4
|
|
|||
Proceeds from 3.8% Senior Notes due 2027
|
—
|
|
|
—
|
|
|
299.8
|
|
|||
Proceeds from revolving credit facilities
|
—
|
|
|
—
|
|
|
1,307.0
|
|
|||
Payments of revolving credit facilities
|
—
|
|
|
—
|
|
|
(1,307.0
|
)
|
|||
Net proceeds from (payments of) commercial paper
|
(460.0
|
)
|
|
300.0
|
|
|
(612.0
|
)
|
|||
Payment of debt issuance costs
|
—
|
|
|
—
|
|
|
(13.5
|
)
|
|||
Net proceeds from (payments of) vehicle floorplan payable - non-trade
|
(134.3
|
)
|
|
(34.2
|
)
|
|
130.2
|
|
|||
Payments of mortgage facilities
|
—
|
|
|
—
|
|
|
(153.2
|
)
|
|||
Payments of other debt obligations
|
(31.0
|
)
|
|
(15.8
|
)
|
|
(11.8
|
)
|
|||
Proceeds from the exercise of stock options
|
12.7
|
|
|
17.8
|
|
|
39.7
|
|
|||
Payments of tax withholdings for stock-based awards
|
(3.0
|
)
|
|
(2.7
|
)
|
|
(1.1
|
)
|
|||
Other
|
—
|
|
|
(2.5
|
)
|
|
—
|
|
|||
Net cash used in continuing operations
|
(660.3
|
)
|
|
(237.4
|
)
|
|
(307.4
|
)
|
|||
Net cash used in discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net cash used in financing activities
|
(660.3
|
)
|
|
(237.4
|
)
|
|
(307.4
|
)
|
|||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
(6.9
|
)
|
|
(21.7
|
)
|
|
5.7
|
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of year
|
49.4
|
|
|
71.1
|
|
|
65.4
|
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of year
|
$
|
42.5
|
|
|
$
|
49.4
|
|
|
$
|
71.1
|
|
Buildings and improvements
|
5 to 40 years
|
Furniture, fixtures, and equipment
|
3 to 10 years
|
|
|
Twelve Months Ended December 31, 2019
|
||||||||||||||||||
|
|
Domestic
|
|
Import
|
|
Premium Luxury
|
|
Corporate and other(1)
|
|
Total
|
||||||||||
Major Goods/Service Lines
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle
|
|
$
|
3,502.5
|
|
|
$
|
3,695.6
|
|
|
$
|
3,968.4
|
|
|
$
|
—
|
|
|
$
|
11,166.5
|
|
Used vehicle
|
|
1,769.5
|
|
|
1,501.9
|
|
|
2,045.6
|
|
|
149.5
|
|
|
5,466.5
|
|
|||||
Parts and service
|
|
959.0
|
|
|
889.7
|
|
|
1,136.0
|
|
|
587.4
|
|
|
3,572.1
|
|
|||||
Finance and insurance, net
|
|
354.6
|
|
|
368.3
|
|
|
279.2
|
|
|
21.2
|
|
|
1,023.3
|
|
|||||
Other
|
|
85.8
|
|
|
13.2
|
|
|
5.6
|
|
|
2.7
|
|
|
107.3
|
|
|||||
|
|
$
|
6,671.4
|
|
|
$
|
6,468.7
|
|
|
$
|
7,434.8
|
|
|
$
|
760.8
|
|
|
$
|
21,335.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Timing of Revenue Recognition
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goods and services transferred at a point in time
|
|
$
|
5,969.6
|
|
|
$
|
5,768.3
|
|
|
$
|
6,467.5
|
|
|
$
|
399.3
|
|
|
$
|
18,604.7
|
|
Goods and services transferred over time(2)
|
|
701.8
|
|
|
700.4
|
|
|
967.3
|
|
|
361.5
|
|
|
2,731.0
|
|
|||||
|
|
$
|
6,671.4
|
|
|
$
|
6,468.7
|
|
|
$
|
7,434.8
|
|
|
$
|
760.8
|
|
|
$
|
21,335.7
|
|
|
|
Twelve Months Ended December 31, 2018
|
||||||||||||||||||
|
|
Domestic
|
|
Import
|
|
Premium Luxury
|
|
Corporate and other(1)
|
|
Total
|
||||||||||
Major Goods/Service Lines
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle
|
|
$
|
3,900.8
|
|
|
$
|
4,046.4
|
|
|
$
|
3,804.4
|
|
|
$
|
—
|
|
|
$
|
11,751.6
|
|
Used vehicle
|
|
1,725.2
|
|
|
1,418.7
|
|
|
1,875.1
|
|
|
104.3
|
|
|
5,123.3
|
|
|||||
Parts and service
|
|
1,082.8
|
|
|
934.8
|
|
|
1,082.2
|
|
|
347.8
|
|
|
3,447.6
|
|
|||||
Finance and insurance, net
|
|
344.4
|
|
|
362.6
|
|
|
246.0
|
|
|
28.4
|
|
|
981.4
|
|
|||||
Other
|
|
81.3
|
|
|
23.9
|
|
|
3.2
|
|
|
0.5
|
|
|
108.9
|
|
|||||
|
|
$
|
7,134.5
|
|
|
$
|
6,786.4
|
|
|
$
|
7,010.9
|
|
|
$
|
481.0
|
|
|
$
|
21,412.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Timing of Revenue Recognition
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goods and services transferred at a point in time
|
|
$
|
6,441.2
|
|
|
$
|
6,079.1
|
|
|
$
|
6,098.3
|
|
|
$
|
140.9
|
|
|
$
|
18,759.5
|
|
Goods and services transferred over time(2)
|
|
693.3
|
|
|
707.3
|
|
|
912.6
|
|
|
340.1
|
|
|
2,653.3
|
|
|||||
|
|
$
|
7,134.5
|
|
|
$
|
6,786.4
|
|
|
$
|
7,010.9
|
|
|
$
|
481.0
|
|
|
$
|
21,412.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) “Corporate and other” is comprised of our other businesses, including collision centers, auction operations, AutoNation USA stand-alone used vehicle sales and service centers, and aftermarket collision parts businesses.
|
||||||||||||||||||||
(2) Represents revenue recognized during the period for automotive repair and maintenance services.
|
|
2019
|
|
2018
|
||||
Receivables from contracts with customers, net
|
$
|
662.0
|
|
|
$
|
706.7
|
|
Contract Asset (Current)
|
$
|
26.7
|
|
|
$
|
28.2
|
|
Contract Asset (Long-Term)
|
$
|
7.0
|
|
|
$
|
17.4
|
|
Contract Liability (Current)
|
$
|
32.6
|
|
|
$
|
31.6
|
|
Contract Liability (Long-Term)
|
$
|
57.7
|
|
|
$
|
61.9
|
|
|
2019
|
|
2018
|
||||
Amounts included in contract liability at the beginning of the period
|
$
|
35.1
|
|
|
$
|
29.8
|
|
Performance obligations satisfied in previous periods
|
$
|
9.3
|
|
|
$
|
23.6
|
|
|
|
Revenue Expected to Be Recognized by Period
|
||||||||||||||
|
|
Total
|
|
Less Than 1 Year
|
|
1 - 3 Years
|
|
3 - 5 Years
|
||||||||
Revenue expected to be recognized on VCP contracts sold as of period end
|
|
$
|
89.5
|
|
|
$
|
29.4
|
|
|
$
|
44.7
|
|
|
$
|
15.4
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income from continuing operations
|
$
|
450.8
|
|
|
$
|
395.9
|
|
|
$
|
435.0
|
|
Income (loss) from discontinued operations, net of income taxes
|
(0.8
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|||
Net income
|
$
|
450.0
|
|
|
$
|
396.0
|
|
|
$
|
434.6
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding used in calculating basic EPS
|
90.1
|
|
|
90.9
|
|
|
97.8
|
|
|||
Effect of dilutive stock options and unvested RSUs
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|||
Weighted average common shares outstanding used in calculating diluted EPS
|
90.5
|
|
|
91.3
|
|
|
98.2
|
|
|||
|
|
|
|
|
|
||||||
Basic EPS amounts(1):
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
5.00
|
|
|
$
|
4.36
|
|
|
$
|
4.45
|
|
Discontinued operations
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income
|
$
|
4.99
|
|
|
$
|
4.36
|
|
|
$
|
4.44
|
|
|
|
|
|
|
|
||||||
Diluted EPS amounts(1):
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
4.98
|
|
|
$
|
4.34
|
|
|
$
|
4.43
|
|
Discontinued operations
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income
|
$
|
4.97
|
|
|
$
|
4.34
|
|
|
$
|
4.43
|
|
(1) Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
|
|
2019
|
|
2018
|
|
2017
|
|||
Anti-dilutive equity instruments excluded from the computation of diluted earnings per share
|
2.4
|
|
|
2.3
|
|
|
3.1
|
|
|
2019
|
|
2018
|
||||
Trade receivables
|
$
|
136.4
|
|
|
$
|
130.4
|
|
Manufacturer receivables
|
234.5
|
|
|
242.3
|
|
||
Other
|
38.8
|
|
|
31.4
|
|
||
|
409.7
|
|
|
404.1
|
|
||
Less: allowances for doubtful accounts
|
(0.5
|
)
|
|
(4.6
|
)
|
||
|
409.2
|
|
|
399.5
|
|
||
Contracts-in-transit and vehicle receivables
|
506.0
|
|
|
568.6
|
|
||
Income taxes receivable (See Note 12)
|
1.5
|
|
|
8.1
|
|
||
Receivables, net
|
$
|
916.7
|
|
|
$
|
976.2
|
|
|
2019
|
|
2018
|
||||
New vehicles
|
$
|
2,490.8
|
|
|
$
|
2,874.8
|
|
Used vehicles
|
570.0
|
|
|
553.8
|
|
||
Parts, accessories, and other
|
245.0
|
|
|
221.9
|
|
||
Inventory
|
$
|
3,305.8
|
|
|
$
|
3,650.5
|
|
|
2019
|
|
2018
|
||||
Vehicle floorplan payable - trade
|
$
|
2,120.6
|
|
|
$
|
2,388.0
|
|
Vehicle floorplan payable - non-trade
|
1,455.2
|
|
|
1,609.7
|
|
||
Vehicle floorplan payable
|
$
|
3,575.8
|
|
|
$
|
3,997.7
|
|
|
2019
|
|
2018
|
||||
Land
|
$
|
1,376.8
|
|
|
$
|
1,360.8
|
|
Buildings and improvements
|
2,306.0
|
|
|
2,320.2
|
|
||
Furniture, fixtures, and equipment
|
973.0
|
|
|
807.1
|
|
||
|
4,655.8
|
|
|
4,488.1
|
|
||
Less: accumulated depreciation and amortization
|
(1,481.2
|
)
|
|
(1,332.8
|
)
|
||
Property and equipment, net
|
$
|
3,174.6
|
|
|
$
|
3,155.3
|
|
|
2019
|
|
2018
|
||||
Goodwill
|
$
|
1,501.9
|
|
|
$
|
1,513.2
|
|
|
|
|
|
||||
Franchise rights - indefinite-lived
|
$
|
566.5
|
|
|
$
|
580.1
|
|
Other intangible assets
|
23.4
|
|
|
22.2
|
|
||
|
589.9
|
|
|
602.3
|
|
||
Less: accumulated amortization
|
(8.3
|
)
|
|
(6.9
|
)
|
||
Intangible assets, net
|
$
|
581.6
|
|
|
$
|
595.4
|
|
|
Domestic
|
|
Import
|
|
Premium
Luxury
|
|
Collision Centers
|
|
Parts Centers
|
|
Consolidated
|
||||||||||||
Goodwill at January 1, 2018 (1)
|
$
|
231.7
|
|
|
$
|
532.4
|
|
|
$
|
712.1
|
|
|
$
|
38.8
|
|
|
$
|
—
|
|
|
$
|
1,515.0
|
|
Acquisitions, dispositions, and other adjustments, net (2)
|
0.8
|
|
|
(11.5
|
)
|
|
5.6
|
|
|
3.3
|
|
|
—
|
|
|
(1.8
|
)
|
||||||
Goodwill at December 31, 2018 (1)
|
232.5
|
|
|
520.9
|
|
|
717.7
|
|
|
42.1
|
|
|
—
|
|
|
1,513.2
|
|
||||||
Acquisitions, dispositions, and other adjustments, net (2)
|
(5.2
|
)
|
|
(22.0
|
)
|
|
(2.8
|
)
|
|
(0.4
|
)
|
|
19.1
|
|
|
(11.3
|
)
|
||||||
Goodwill at December 31, 2019 (1)
|
$
|
227.3
|
|
|
$
|
498.9
|
|
|
$
|
714.9
|
|
|
$
|
41.7
|
|
|
$
|
19.1
|
|
|
$
|
1,501.9
|
|
(1)
|
Net of accumulated impairment losses of $1.47 billion associated with our single reporting unit (prior to September 30, 2008, our reporting unit structure was comprised of a single reporting unit) and $140.0 million associated with our Domestic reporting unit, both of which were recorded during the year ended December 31, 2008.
|
(2)
|
Includes amounts reclassified to held for sale and related adjustments, which are presented in Other Current Assets in our Consolidated Balance Sheet as of period end.
|
Leases
|
|
Classification
|
|
2019
|
||
Assets
|
|
|
|
|
||
Operating
|
|
Operating Lease Assets
|
|
$
|
333.1
|
|
Finance
|
|
Property and Equipment, Net and Other Assets
|
|
82.5
|
|
|
Total right-of-use assets
|
|
|
|
$
|
415.6
|
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Other Current Liabilities
|
|
$
|
41.0
|
|
Finance
|
|
Current Maturities of Long-Term Debt and Vehicle Floorplan Payable - Trade
|
|
26.2
|
|
|
Noncurrent
|
|
|
|
|
||
Operating
|
|
Noncurrent Operating Lease Liabilities
|
|
305.0
|
|
|
Finance
|
|
Long-Term Debt, Net of Current Maturities
|
|
87.3
|
|
|
Total lease liabilities
|
|
|
|
$
|
459.5
|
|
Lease Term and Discount Rate
|
|
2019
|
|
Weighted average remaining lease term
|
|
|
|
Operating
|
|
11 years
|
|
Finance
|
|
13 years
|
|
Weighted-average discount rate
|
|
|
|
Operating
|
|
5.27
|
%
|
Finance
|
|
9.09
|
%
|
Lease cost
|
|
Classification
|
|
2019
|
||
Operating lease cost
|
|
Selling, general, and administrative expenses
|
|
$
|
60.5
|
|
Finance lease cost:
|
|
|
|
|
||
Amortization of ROU assets
|
|
Depreciation and amortization
|
|
10.8
|
|
|
Interest on lease liabilities
|
|
Other interest expense and floorplan interest expense
|
|
8.8
|
|
|
Short-term lease cost (1)
|
|
Selling, general, and administrative expenses
|
|
9.6
|
|
|
Variable lease cost
|
|
Selling, general, and administrative expenses
|
|
6.6
|
|
|
Sublease income
|
|
Selling, general, and administrative expenses
|
|
(1.2
|
)
|
|
Net lease cost
|
|
|
|
$
|
95.1
|
|
|
|
|
|
|
||
(1) Includes leases with a term of one month or less.
|
|
|
Maturity of Lease Liabilities
|
|
Operating Leases
|
|
Finance Leases
|
||||
Twelve months ending December 31,
|
|
|
|
|
||||
2020
|
|
$
|
58.1
|
|
|
$
|
32.9
|
|
2021
|
|
52.2
|
|
|
11.1
|
|
||
2022
|
|
45.9
|
|
|
10.9
|
|
||
2023
|
|
39.7
|
|
|
10.7
|
|
||
2024
|
|
34.0
|
|
|
11.0
|
|
||
Thereafter
|
|
238.1
|
|
|
100.8
|
|
||
Total lease payments
|
|
468.0
|
|
|
177.4
|
|
||
Less: interest
|
|
(122.0
|
)
|
|
(63.9
|
)
|
||
Present value of lease liabilities
|
|
$
|
346.0
|
|
|
$
|
113.5
|
|
Maturity of Lease Liabilities
|
|
Operating Leases(1)
|
|
Capital Leases
|
||||
Twelve months ending December 31,
|
|
|
|
|
||||
2019
|
|
$
|
61.2
|
|
|
$
|
35.7
|
|
2020
|
|
51.0
|
|
|
10.4
|
|
||
2021
|
|
46.1
|
|
|
10.1
|
|
||
2022
|
|
42.1
|
|
|
10.2
|
|
||
2023
|
|
36.6
|
|
|
10.1
|
|
||
Thereafter
|
|
258.4
|
|
|
108.7
|
|
||
Total minimum lease payments
|
|
$
|
495.4
|
|
|
$
|
185.2
|
|
Less: amounts representing interest
|
|
|
|
(69.5
|
)
|
|||
|
|
|
|
$
|
115.7
|
|
(1)
|
Future minimum operating lease payments do not reflect future minimum sublease income of $2.2 million. Additionally, operating leases that are on a month-to-month basis are not included.
|
Debt Description
|
|
Maturity Date
|
|
Interest Payable
|
|
2019
|
|
2018
|
||||
5.5% Senior Notes
|
|
February 1, 2020
|
|
February 1 and August 1
|
|
$
|
350.0
|
|
|
$
|
350.0
|
|
3.35% Senior Notes
|
|
January 15, 2021
|
|
January 15 and July 15
|
|
300.0
|
|
|
300.0
|
|
||
3.5% Senior Notes
|
|
November 15, 2024
|
|
May 15 and November 15
|
|
450.0
|
|
|
450.0
|
|
||
4.5% Senior Notes
|
|
October 1, 2025
|
|
April 1 and October 1
|
|
450.0
|
|
|
450.0
|
|
||
3.8% Senior Notes
|
|
November 15, 2027
|
|
May 15 and November 15
|
|
300.0
|
|
|
300.0
|
|
||
Revolving credit facility
|
|
October 19, 2022
|
|
Monthly
|
|
—
|
|
|
—
|
|
||
Other debt (1)
|
|
Various dates through 2038
|
|
Monthly
|
|
93.9
|
|
|
133.1
|
|
||
|
|
|
|
|
|
1,943.9
|
|
|
1,983.1
|
|
||
Less: unamortized debt discounts and debt issuance costs
|
|
(9.8
|
)
|
|
(12.6
|
)
|
||||||
Less: current maturities
|
|
|
|
|
|
(355.6
|
)
|
|
(44.3
|
)
|
||
Long-term debt, net of current maturities
|
|
|
|
$
|
1,578.5
|
|
|
$
|
1,926.2
|
|
(1)
|
Other debt includes finance leases as of December 31, 2019 and capital leases as of December 31, 2018.
|
Year Ending December 31:
|
|
||
2020
|
$
|
354.5
|
|
2021
|
304.6
|
|
|
2022
|
4.8
|
|
|
2023
|
4.9
|
|
|
2024
|
455.5
|
|
|
Thereafter
|
819.6
|
|
|
|
$
|
1,943.9
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance - January 1
|
$
|
128.1
|
|
|
$
|
120.8
|
|
|
$
|
116.8
|
|
Add: Provisions
|
108.6
|
|
|
108.3
|
|
|
96.3
|
|
|||
Deduct: Chargebacks
|
(102.2
|
)
|
|
(101.0
|
)
|
|
(92.3
|
)
|
|||
Balance - December 31
|
$
|
134.5
|
|
|
$
|
128.1
|
|
|
$
|
120.8
|
|
|
2019
|
|
2018
|
||||
Self-insurance - current portion
|
$
|
32.3
|
|
|
$
|
29.9
|
|
Self-insurance - long-term portion
|
48.0
|
|
|
47.4
|
|
||
Total self-insurance liabilities
|
$
|
80.3
|
|
|
$
|
77.3
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
86.0
|
|
|
$
|
93.0
|
|
|
$
|
190.6
|
|
State
|
29.4
|
|
|
26.8
|
|
|
29.4
|
|
|||
Federal and state deferred
|
45.8
|
|
|
10.9
|
|
|
(22.1
|
)
|
|||
Change in valuation allowance, net
|
0.2
|
|
|
3.5
|
|
|
3.3
|
|
|||
Adjustments and settlements
|
0.4
|
|
|
(0.7
|
)
|
|
0.3
|
|
|||
Income tax provision
|
$
|
161.8
|
|
|
$
|
133.5
|
|
|
$
|
201.5
|
|
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
|||||||||
Income tax provision at statutory rate
|
$
|
128.7
|
|
|
21.0
|
|
|
$
|
111.2
|
|
|
21.0
|
|
|
$
|
222.8
|
|
|
35.0
|
|
Non-deductible expenses, net
|
10.3
|
|
|
1.7
|
|
|
4.9
|
|
|
0.9
|
|
|
5.9
|
|
|
0.9
|
|
|||
State income taxes, net of federal benefit
|
25.7
|
|
|
4.2
|
|
|
22.8
|
|
|
4.3
|
|
|
19.7
|
|
|
3.1
|
|
|||
|
164.7
|
|
|
26.9
|
|
|
138.9
|
|
|
26.2
|
|
|
248.4
|
|
|
39.0
|
|
|||
Change in tax rate
|
—
|
|
|
—
|
|
|
(5.0
|
)
|
|
(0.9
|
)
|
|
(44.2
|
)
|
|
(6.9
|
)
|
|||
Change in valuation allowance, net
|
0.2
|
|
|
—
|
|
|
3.5
|
|
|
0.7
|
|
|
3.3
|
|
|
0.5
|
|
|||
Adjustments and settlements
|
0.4
|
|
|
0.1
|
|
|
(0.7
|
)
|
|
(0.1
|
)
|
|
0.3
|
|
|
0.1
|
|
|||
Federal and state tax credits
|
(0.9
|
)
|
|
(0.2
|
)
|
|
(1.0
|
)
|
|
(0.2
|
)
|
|
(3.7
|
)
|
|
(0.6
|
)
|
|||
Other, net
|
(2.6
|
)
|
|
(0.4
|
)
|
|
(2.2
|
)
|
|
(0.5
|
)
|
|
(2.6
|
)
|
|
(0.4
|
)
|
|||
Income tax provision
|
$
|
161.8
|
|
|
26.4
|
|
|
$
|
133.5
|
|
|
25.2
|
|
|
$
|
201.5
|
|
|
31.7
|
|
|
2019
|
|
2018
|
||||
Deferred income tax assets:
|
|
|
|
||||
Inventory
|
$
|
25.7
|
|
|
$
|
23.3
|
|
Receivable allowances
|
0.2
|
|
|
1.4
|
|
||
Warranty, chargeback, and self-insurance liabilities
|
50.7
|
|
|
48.4
|
|
||
Other accrued liabilities
|
27.7
|
|
|
30.0
|
|
||
Deferred compensation
|
20.9
|
|
|
19.0
|
|
||
Stock-based compensation
|
14.9
|
|
|
21.2
|
|
||
Loss carryforwards—federal and state
|
6.8
|
|
|
7.0
|
|
||
Other, net
|
9.5
|
|
|
8.8
|
|
||
Total deferred income tax assets
|
156.4
|
|
|
159.1
|
|
||
Valuation allowance
|
(4.5
|
)
|
|
(8.9
|
)
|
||
Deferred income tax assets, net of valuation allowance
|
151.9
|
|
|
150.2
|
|
||
Deferred income tax liabilities:
|
|
|
|
||||
Long-lived assets (intangible assets and property)
|
(269.6
|
)
|
|
(225.1
|
)
|
||
Other, net
|
(17.4
|
)
|
|
(14.9
|
)
|
||
Total deferred income tax liabilities
|
(287.0
|
)
|
|
(240.0
|
)
|
||
Net deferred income tax liabilities
|
$
|
(135.1
|
)
|
|
$
|
(89.8
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at January 1
|
$
|
4.3
|
|
|
$
|
6.4
|
|
|
$
|
5.8
|
|
Additions based on tax positions related to the current year
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additions for tax positions of prior years
|
1.4
|
|
|
0.6
|
|
|
0.8
|
|
|||
Reductions for tax positions of prior years
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reductions for expirations of statute of limitations
|
(0.4
|
)
|
|
(0.9
|
)
|
|
(0.2
|
)
|
|||
Settlements
|
—
|
|
|
(1.8
|
)
|
|
—
|
|
|||
Balance at December 31
|
$
|
5.3
|
|
|
$
|
4.3
|
|
|
$
|
6.4
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Shares repurchased
|
1.3
|
|
|
2.1
|
|
|
10.1
|
|
|||
Aggregate purchase price
|
$
|
44.7
|
|
|
$
|
100.0
|
|
|
$
|
434.9
|
|
Average purchase price per share
|
$
|
35.51
|
|
|
$
|
47.58
|
|
|
$
|
42.99
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Shares issued
|
0.4
|
|
|
0.5
|
|
|
1.0
|
|
|||
Proceeds from the exercise of stock options
|
$
|
12.7
|
|
|
$
|
17.8
|
|
|
$
|
39.7
|
|
Average exercise price per share
|
$
|
33.87
|
|
|
$
|
35.25
|
|
|
$
|
37.85
|
|
(In actual number of shares)
|
2019
|
|
2018
|
|
2017
|
|||
Shares issued
|
306,346
|
|
|
122,661
|
|
|
20,000
|
|
Shares surrendered to AutoNation to satisfy tax withholding obligations
|
85,331
|
|
|
56,027
|
|
|
26,514
|
|
|
RSUs
|
|||||
|
Shares
(in actual number of shares) |
|
Weighted-Average
Grant Date Fair Value |
|||
Nonvested at January 1
|
1,028,532
|
|
|
$
|
46.69
|
|
Granted (1)
|
1,246,040
|
|
|
$
|
35.51
|
|
Vested
|
(255,243
|
)
|
|
$
|
35.28
|
|
Forfeited
|
(358,126
|
)
|
|
$
|
41.80
|
|
Nonvested at December 31
|
1,661,203
|
|
|
$
|
40.56
|
|
(1)
|
The RSUs granted during 2019 are primarily related to our employee annual equity award grant in March 2019 and non-employee director annual equity award grant in January 2019.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Weighted average grant-date fair value of RSUs granted
|
$
|
35.51
|
|
|
$
|
49.16
|
|
|
$
|
43.66
|
|
Total fair value of RSUs vested (in millions)
|
$
|
9.0
|
|
|
$
|
7.3
|
|
|
$
|
2.3
|
|
|
Stock Options
|
|||||||||||
|
Shares
(in millions)
|
|
Weighted-
Average
Exercise Price
|
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic Value
(in millions)
|
|||||
Options outstanding at January 1
|
3.1
|
|
|
$
|
50.20
|
|
|
|
|
|
||
Granted
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
(0.4
|
)
|
|
$
|
33.87
|
|
|
|
|
|
||
Forfeited
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Expired
|
(0.1
|
)
|
|
$
|
55.35
|
|
|
|
|
|
||
Options outstanding as of December 31
|
2.6
|
|
|
$
|
52.29
|
|
|
4.49
|
|
$
|
5.7
|
|
Options exercisable at December 31
|
2.4
|
|
|
$
|
52.28
|
|
|
4.39
|
|
$
|
5.7
|
|
Options exercisable at December 31 and expected to vest thereafter
|
2.6
|
|
|
$
|
52.29
|
|
|
4.49
|
|
$
|
5.7
|
|
Options available for future grants at December 31
|
3.9
|
|
|
|
|
|
|
|
|
Restricted Stock
|
|||||
|
Shares
(in actual number of shares) |
|
Weighted-Average
Grant Date Fair Value |
|||
Nonvested at January 1
|
70,718
|
|
|
$
|
55.38
|
|
Granted
|
—
|
|
|
$
|
—
|
|
Vested
|
(44,406
|
)
|
|
$
|
56.92
|
|
Forfeited
|
(10,045
|
)
|
|
$
|
52.41
|
|
Nonvested at December 31
|
16,267
|
|
|
$
|
52.53
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
RSUs
|
$
|
29.4
|
|
|
$
|
21.7
|
|
|
$
|
14.2
|
|
Stock options
|
0.9
|
|
|
1.6
|
|
|
3.1
|
|
|||
Restricted stock
|
0.8
|
|
|
2.2
|
|
|
3.3
|
|
|||
Total stock-based compensation expense
|
$
|
31.1
|
|
|
$
|
25.5
|
|
|
$
|
20.6
|
|
|
|
|
|
|
|
||||||
Tax benefit related to stock-based compensation expense
|
$
|
2.5
|
|
|
$
|
3.0
|
|
|
$
|
7.8
|
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
42.0
|
|
|
$
|
48.6
|
|
Restricted cash included in Current Assets
|
0.5
|
|
|
0.8
|
|
||
Total cash, cash equivalents, and restricted cash
|
$
|
42.5
|
|
|
$
|
49.4
|
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities
|
|
|
Level 2
|
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
|
|
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
|
•
|
Cash and cash equivalents, receivables, other current assets, vehicle floorplan payable, accounts payable, other current liabilities, commercial paper, and variable rate debt: The amounts reported in the accompanying Consolidated Balance Sheets approximate fair value due to their short-term nature or the existence of variable interest rates that approximate prevailing market rates.
|
•
|
Investment in equity security: In October 2018, we invested $50.0 million in an equity security that does not have a readily determinable fair value. We elected to measure this investment using a measurement alternative as permitted by accounting standards and recorded the equity interest at its cost, to be subsequently adjusted for observable price changes. During the fourth quarter of 2019, we identified an observable transaction for the issuance of similar equity securities of the same issuer and we recorded an upward adjustment to our equity investment of $25.7 million based on the observable price change. As of December 31, 2019, the carrying amount of our investment was $75.7 million. The equity interest is reported in Other Assets in the accompanying Consolidated Balance Sheet and the upward adjustment is reported as an unrealized gain in Other Non-Operating Income in the Consolidated Statement of Income. We have not recorded any impairments or downward adjustments to the carrying amount of our investment as of December 31, 2019.
|
•
|
Fixed rate long-term debt: Our fixed rate long-term debt consists primarily of amounts outstanding under our senior unsecured notes. We estimate the fair value of our senior unsecured notes using quoted prices for the identical liability (Level 1). A summary of the aggregate carrying values and fair values of our fixed rate long-term debt is as follows:
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Carrying value
|
$
|
1,934.1
|
|
|
$
|
1,970.5
|
|
Fair value
|
$
|
2,001.8
|
|
|
$
|
1,908.9
|
|
|
2019
|
|
2018
|
||||||||||||
Description
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
Gain/(Loss)
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
Gain/(Loss)
|
||||||||
Franchise rights and other
|
$
|
8.9
|
|
|
$
|
(9.9
|
)
|
|
$
|
31.7
|
|
|
$
|
(8.1
|
)
|
Equity investment
|
$
|
75.7
|
|
|
$
|
25.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Right-of-use assets
|
$
|
0.1
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-lived assets held and used
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(2.6
|
)
|
Assets held for sale:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
26.1
|
|
|
$
|
(1.6
|
)
|
|
$
|
7.4
|
|
|
$
|
(0.6
|
)
|
Discontinued operations
|
5.4
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
||||
Total assets held for sale
|
$
|
31.5
|
|
|
$
|
(2.1
|
)
|
|
$
|
7.4
|
|
|
$
|
(0.6
|
)
|
|
|
Year Ended December 31, 2019
|
||||||||||||||||||
|
|
Domestic
|
|
Import
|
|
Premium Luxury
|
|
Corporate and other
|
|
Total
|
||||||||||
Revenues from external customers
|
|
$
|
6,671.4
|
|
|
$
|
6,468.7
|
|
|
$
|
7,434.8
|
|
|
$
|
760.8
|
|
|
$
|
21,335.7
|
|
Floorplan interest expense
|
|
$
|
51.8
|
|
|
$
|
30.7
|
|
|
$
|
47.3
|
|
|
$
|
8.6
|
|
|
$
|
138.4
|
|
Depreciation and amortization
|
|
$
|
37.2
|
|
|
$
|
33.4
|
|
|
$
|
53.5
|
|
|
$
|
56.4
|
|
|
$
|
180.5
|
|
Segment income (loss)(1)
|
|
$
|
257.6
|
|
|
$
|
318.6
|
|
|
$
|
381.1
|
|
|
$
|
(272.1
|
)
|
|
$
|
685.2
|
|
Capital expenditures
|
|
$
|
38.6
|
|
|
$
|
23.2
|
|
|
$
|
145.3
|
|
|
$
|
50.3
|
|
|
$
|
257.4
|
|
Segment assets
|
|
$
|
2,483.6
|
|
|
$
|
1,842.1
|
|
|
$
|
3,150.5
|
|
|
$
|
3,067.1
|
|
|
$
|
10,543.3
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
|
Domestic
|
|
Import
|
|
Premium Luxury
|
|
Corporate and other
|
|
Total
|
||||||||||
Revenues from external customers
|
|
$
|
7,134.5
|
|
|
$
|
6,786.4
|
|
|
$
|
7,010.9
|
|
|
$
|
481.0
|
|
|
$
|
21,412.8
|
|
Floorplan interest expense
|
|
$
|
51.3
|
|
|
$
|
31.0
|
|
|
$
|
41.7
|
|
|
$
|
6.4
|
|
|
$
|
130.4
|
|
Depreciation and amortization
|
|
$
|
37.3
|
|
|
$
|
33.2
|
|
|
$
|
47.6
|
|
|
$
|
48.1
|
|
|
$
|
166.2
|
|
Segment income (loss)(1)
|
|
$
|
249.3
|
|
|
$
|
304.7
|
|
|
$
|
340.9
|
|
|
$
|
(247.4
|
)
|
|
$
|
647.5
|
|
Capital expenditures
|
|
$
|
77.7
|
|
|
$
|
56.2
|
|
|
$
|
144.2
|
|
|
$
|
115.5
|
|
|
$
|
393.6
|
|
Segment assets
|
|
$
|
2,684.5
|
|
|
$
|
1,934.3
|
|
|
$
|
3,046.4
|
|
|
$
|
2,999.9
|
|
|
$
|
10,665.1
|
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
|
Domestic
|
|
Import
|
|
Premium Luxury
|
|
Corporate and other
|
|
Total
|
||||||||||
Revenues from external customers
|
|
$
|
7,452.8
|
|
|
$
|
6,873.4
|
|
|
$
|
6,832.7
|
|
|
$
|
375.7
|
|
|
$
|
21,534.6
|
|
Floorplan interest expense
|
|
$
|
40.9
|
|
|
$
|
23.2
|
|
|
$
|
28.4
|
|
|
$
|
4.5
|
|
|
$
|
97.0
|
|
Depreciation and amortization
|
|
$
|
38.2
|
|
|
$
|
34.3
|
|
|
$
|
44.5
|
|
|
$
|
41.6
|
|
|
$
|
158.6
|
|
Segment income (loss)(1)
|
|
$
|
257.1
|
|
|
$
|
303.1
|
|
|
$
|
348.8
|
|
|
$
|
(162.6
|
)
|
|
$
|
746.4
|
|
Capital expenditures
|
|
$
|
36.2
|
|
|
$
|
32.8
|
|
|
$
|
101.7
|
|
|
$
|
162.2
|
|
|
$
|
332.9
|
|
(1) Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total external revenues for reportable segments
|
$
|
20,574.9
|
|
|
$
|
20,931.8
|
|
|
$
|
21,158.9
|
|
Corporate and other revenues
|
760.8
|
|
|
481.0
|
|
|
375.7
|
|
|||
Total consolidated revenues
|
$
|
21,335.7
|
|
|
$
|
21,412.8
|
|
|
$
|
21,534.6
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total segment income for reportable segments
|
$
|
957.3
|
|
|
$
|
894.9
|
|
|
$
|
909.0
|
|
Corporate and other
|
(272.1
|
)
|
|
(247.4
|
)
|
|
(162.6
|
)
|
|||
Other interest expense
|
(106.7
|
)
|
|
(119.4
|
)
|
|
(120.2
|
)
|
|||
Interest income
|
0.5
|
|
|
1.1
|
|
|
1.0
|
|
|||
Other income, net
|
33.6
|
|
|
0.2
|
|
|
9.3
|
|
|||
Income from continuing operations before income taxes
|
$
|
612.6
|
|
|
$
|
529.4
|
|
|
$
|
636.5
|
|
a.
|
Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
|
b.
|
If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be assumed by the remaining participating employers.
|
c.
|
If we choose to stop participating in a multiemployer plan, we may be required to pay the plan an amount based on the underfunded status of the plan, subject to certain limits, referred to as a withdrawal liability.
|
|
|
|
|
Pension Protection Act Zone Status
|
|
Contributions of AutoNation
($ in millions) (1)
|
|
|
|
Expiration Date of Collective-Bargaining Agreement
|
||||||||||||
Pension Fund
|
|
EIN/Pension PlanNumber
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2017
|
|
Surcharge Imposed (2)
|
|
|||||||
Automotive Industries Pension Plan
|
|
94-1133245 - 001
|
|
Red
|
|
Red
|
|
$
|
1.6
|
|
|
$
|
1.4
|
|
|
$
|
1.3
|
|
|
Yes
|
|
(3)
|
IAM National Pension Fund
|
|
51-6031295- 002
|
|
Red
|
|
Green
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
Yes
|
|
(4)
|
|||
Other funds
|
|
|
|
|
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
|
|
|
|||
Total contributions
|
|
|
|
|
|
|
|
$
|
1.9
|
|
|
$
|
1.7
|
|
|
$
|
1.6
|
|
|
|
|
|
(1)
|
Our stores were not listed in the Automotive Industries Pension Plan’s or IAM National Pension Fund’s Form 5500 as providing more than 5% of the total contributions for the plan years ended December 31, 2018 or 2017.
|
(2)
|
We paid surcharges to the Automotive Industries Pension Plan of $0.8 million, $0.6 million, and $0.6 million in 2019, 2018, and 2017 respectively. Surcharges to the IAM National Pension Fund commenced in 2019 and were de minimis.
|
(3)
|
We are party to three collective-bargaining agreements that require contributions to the Automotive Industries Pension Plan. One agreement has an expiration date of December 31, 2021. Two of the agreements expired on December 31, 2019, and both are currently extended during collective bargaining for new agreements.
|
(4)
|
We are party to two collective-bargaining agreements that require contributions to the IAM National Pension Fund. Both agreements have an expiration date of August 31, 2022.
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Revenue
|
2019
|
|
$
|
4,981.8
|
|
|
$
|
5,343.8
|
|
|
$
|
5,461.2
|
|
|
$
|
5,548.9
|
|
|
2018
|
|
$
|
5,259.9
|
|
|
$
|
5,392.0
|
|
|
$
|
5,349.2
|
|
|
$
|
5,411.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
2019
|
|
$
|
849.2
|
|
|
$
|
890.8
|
|
|
$
|
887.4
|
|
|
$
|
895.6
|
|
|
2018
|
|
$
|
842.3
|
|
|
$
|
851.8
|
|
|
$
|
855.3
|
|
|
$
|
847.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income(1)
|
2019
|
|
$
|
190.8
|
|
|
$
|
203.5
|
|
|
$
|
193.5
|
|
|
$
|
235.8
|
|
|
2018
|
|
$
|
185.8
|
|
|
$
|
191.2
|
|
|
$
|
203.6
|
|
|
$
|
197.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations(1) (2)
|
2019
|
|
$
|
92.1
|
|
|
$
|
101.0
|
|
|
$
|
100.0
|
|
|
$
|
157.7
|
|
|
2018
|
|
$
|
93.3
|
|
|
$
|
97.4
|
|
|
$
|
112.3
|
|
|
$
|
92.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income(1) (2)
|
2019
|
|
$
|
92.0
|
|
|
$
|
100.8
|
|
|
$
|
99.5
|
|
|
$
|
157.7
|
|
|
2018
|
|
$
|
93.7
|
|
|
$
|
97.6
|
|
|
$
|
112.0
|
|
|
$
|
92.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share from continuing operations(1) (2) (3)
|
2019
|
|
$
|
1.02
|
|
|
$
|
1.12
|
|
|
$
|
1.11
|
|
|
$
|
1.75
|
|
|
2018
|
|
$
|
1.01
|
|
|
$
|
1.07
|
|
|
$
|
1.24
|
|
|
$
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share from continuing operations(1) (2) (3)
|
2019
|
|
$
|
1.02
|
|
|
$
|
1.12
|
|
|
$
|
1.11
|
|
|
$
|
1.74
|
|
|
2018
|
|
$
|
1.01
|
|
|
$
|
1.07
|
|
|
$
|
1.24
|
|
|
$
|
1.02
|
|
(1)
|
During the fourth quarter of 2019, we recorded net gains of $25.9 million ($19.6 million after-tax) related to business/property divestitures. During the fourth quarter of 2018, we recorded net gains of $18.6 million ($14.1 million after-tax) primarily related to business/property divestitures.
|
(2)
|
During the fourth quarter of 2019, we recognized an unrealized gain related to an equity investment of $25.7 million ($19.5 million after-tax) due to a change in the fair value of the underlying security.
|
(3)
|
The sum of quarterly basic and diluted earnings per share from continuing operations may not equal full year amounts as reported in the Consolidated Statements of Income due to the effect of the calculation of weighted average common stock equivalents on a quarterly basis.
|
EQUITY COMPENSATION PLANS
|
||||||
|
(A)
|
(B)
|
(C)
|
|||
Plan Category
|
Number of Securities to
be Issued Upon Exercise
of Outstanding Options,
Warrants and Rights
|
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights
|
Number of Securities Remaining
Available for Future Issuance Under
Equity Compensation Plans
(Excluding Securities Reflected in
Column A)
|
|||
Equity Compensation Plans Approved by Security Holders
|
4,313,007
|
(1)
|
$52.29(2)
|
3,868,366
|
(3)
|
|
Equity Compensation Plans Not Approved by Security Holders
|
—
|
|
—
|
|
—
|
|
Total
|
4,313,007
|
(1)
|
$52.29(2)
|
3,868,366
|
(3)
|
(1)
|
Includes 1,661,203 shares granted under the AutoNation, Inc. 2017 Employee Equity and Incentive Plan (the “2017 Plan”) and 97,165 shares granted under the AutoNation, Inc. 2014 Non-Employee Director Equity Plan (the “2014 Plan”) that are issuable upon settlement of outstanding restricted stock units (“RSUs”). The remaining balance consists of outstanding stock option awards.
|
(2)
|
The weighted average exercise price does not take into account the shares issuable upon settlement of outstanding RSUs, which have no exercise price.
|
(3)
|
Includes 3,535,702 shares available under the 2017 Plan and 332,664 shares available under the 2014 Plan.
|
1.
|
Financial Statements: The Consolidated Financial Statements of AutoNation are set forth in Part II, Item 8 of this Form 10-K.
|
2.
|
Financial Statement Schedules: Not applicable.
|
3.
|
Exhibits: The exhibits listed in the accompanying Exhibit Index are filed, furnished or incorporated by reference as part of this Form 10-K.
|
AUTONATION, INC.
|
||
(Registrant)
|
||
|
|
|
By:
|
|
/S/ CHERYL MILLER
|
|
|
Cheryl Miller
Chief Executive Officer and President, Director
|
|
|
February 18, 2020
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/S/ MICHAEL J. JACKSON
|
|
Executive Chairman
|
|
February 18, 2020
|
Michael J. Jackson
|
|
|
|
|
|
|
|
|
|
/S/ CHERYL MILLER
|
|
Chief Executive Officer and
|
|
February 18, 2020
|
Cheryl Miller
|
|
President (Principal Executive Officer), Director
|
|
|
|
|
|
|
|
/S/ JOSEPH LOWER
|
|
Executive Vice President and Chief
|
|
February 18, 2020
|
Joseph Lower
|
|
Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
|
|
/S/ CHRISTOPHER CADE
|
|
Senior Vice President and Chief Accounting
|
|
February 18, 2020
|
Christopher Cade
|
|
Officer (Principal Accounting Officer)
|
|
|
|
|
|
|
|
/S/ THOMAS J. BALTIMORE, JR.
|
|
Director
|
|
February 18, 2020
|
Thomas J. Baltimore, Jr.
|
|
|
|
|
|
|
|
|
|
/S/ RICK L. BURDICK
|
|
Director
|
|
February 18, 2020
|
Rick L. Burdick
|
|
|
|
|
|
|
|
|
|
/S/ DAVID B. EDELSON
|
|
Director
|
|
February 18, 2020
|
David B. Edelson
|
|
|
|
|
|
|
|
|
|
/S/ STEVEN L. GERARD
|
|
Director
|
|
February 18, 2020
|
Steven L. Gerard
|
|
|
|
|
|
|
|
|
|
/S/ ROBERT R. GRUSKY
|
|
Director
|
|
February 18, 2020
|
Robert R. Grusky
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
|
Lisa Lutoff-Perlo
|
|
|
|
|
|
|
|
|
|
/S/ G. MIKE MIKAN
|
|
Director
|
|
February 18, 2020
|
G. Mike Mikan
|
|
|
|
|
|
|
|
|
|
/S/ JACQUELINE A. TRAVISANO
|
|
Director
|
|
February 18, 2020
|
Jacqueline A. Travisano
|
|
|
|
|
Exhibit
Number
|
|
Exhibit Description
|
|
Incorporated by Reference
|
|||||||
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|||||
3.1
|
|
|
10-Q
|
|
001-13107
|
|
3.1
|
|
|
8/13/99
|
|
3.2
|
|
|
8-K
|
|
001-13107
|
|
3.1
|
|
|
12/16/16
|
|
4.1
|
|
|
8-K
|
|
001-13107
|
|
4.1
|
|
|
4/15/10
|
|
4.2
|
|
|
8-K
|
|
001-13107
|
|
4.2
|
|
|
2/1/12
|
|
4.3
|
|
|
8-K
|
|
001-13107
|
|
4.2
|
|
|
2/1/12
|
|
4.4
|
|
|
10-Q
|
|
001-13107
|
|
4.6
|
|
|
4/25/12
|
|
4.5
|
|
|
10-Q
|
|
001-13107
|
|
4.2
|
|
|
4/18/14
|
|
4.6
|
|
|
8-K
|
|
001-13107
|
|
4.2
|
|
|
9/21/15
|
|
4.7
|
|
|
8-K
|
|
001-13107
|
|
4.2
|
|
|
9/21/15
|
|
4.8
|
|
|
8-K
|
|
001-13107
|
|
4.3
|
|
|
9/21/15
|
|
4.9
|
|
|
8-K
|
|
001-13107
|
|
4.3
|
|
|
9/21/15
|
|
4.10
|
|
|
10-Q
|
|
001-13107
|
|
4.2
|
|
|
4/22/16
|
|
4.11
|
|
|
10-Q
|
|
001-13107
|
|
4.3
|
|
|
4/22/16
|
|
4.12
|
|
|
10-Q
|
|
001-13107
|
|
4.4
|
|
|
4/22/16
|
|
4.13
|
|
|
10-Q
|
|
001-13107
|
|
4.2
|
|
|
10/28/16
|
|
4.14
|
|
|
10-Q
|
|
001-13107
|
|
4.3
|
|
|
10/28/16
|
|
4.15
|
|
|
10-Q
|
|
001-13107
|
|
4.4
|
|
|
10/28/16
|
|
4.16
|
|
|
10-Q
|
|
001-13107
|
|
4.2
|
|
|
11/2/17
|
|
4.17
|
|
|
10-Q
|
|
001-13107
|
|
4.3
|
|
|
11/2/17
|
Exhibit
Number
|
|
Exhibit Description
|
|
Incorporated by Reference
|
|||||||
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|||||
4.18
|
|
|
10-Q
|
|
001-13107
|
|
4.4
|
|
|
11/2/17
|
|
4.19
|
|
|
8-K
|
|
001-13107
|
|
4.2
|
|
|
11/13/17
|
|
4.20
|
|
|
8-K
|
|
001-13107
|
|
4.3
|
|
|
11/13/17
|
|
4.21
|
|
|
8-K
|
|
001-13107
|
|
4.4
|
|
|
11/13/17
|
|
4.22
|
|
|
8-K
|
|
001-13107
|
|
4.5
|
|
|
11/13/17
|
|
4.23*
|
|
|
|
|
|
|
|
|
|
||
10.1
|
|
|
10-Q
|
|
001-13107
|
|
10.2
|
|
|
8/14/00
|
|
10.2
|
|
|
10-K
|
|
001-13107
|
|
10.10
|
|
|
3/31/99
|
|
10.3
|
|
|
10-Q
|
|
001-13107
|
|
10.1
|
|
|
10/27/06
|
|
10.4
|
|
|
10-K
|
|
001-13107
|
|
10.4
|
|
|
2/28/07
|
|
10.5
|
|
|
10-K
|
|
001-13107
|
|
10.5
|
|
|
2/28/07
|
|
10.6
|
|
|
S-8
|
|
333-214308
|
|
99.1
|
|
|
10/28/16
|
|
10.7
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
9/19/18
|
|
10.8
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
3/8/17
|
|
10.9
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
6/1/17
|
|
10.10
|
|
|
10-K
|
|
001-13107
|
|
10.17
|
|
|
2/28/07
|
|
10.11
|
|
|
10-Q
|
|
001-13107
|
|
10.4
|
|
|
10/28/10
|
|
10.12
|
|
|
8-K
|
|
001-13107
|
|
10.2
|
|
|
2/2/12
|
|
10.13
|
|
|
10-Q
|
|
001-13107
|
|
10.6
|
|
|
4/18/14
|
|
10.14
|
|
|
10-Q
|
|
001-13107
|
|
10.2
|
|
|
7/17/14
|
|
10.15
|
|
|
10-Q
|
|
001-13107
|
|
10.1
|
|
|
4/25/17
|
Exhibit
Number
|
|
Exhibit Description
|
|
Incorporated by Reference
|
|||||||
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|||||
10.16
|
|
|
10-Q
|
|
001-13107
|
|
10.1
|
|
|
4/25/08
|
|
10.17
|
|
|
10-Q
|
|
001-13107
|
|
10.4
|
|
|
4/24/09
|
|
10.18
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
3/7/14
|
|
10.19
|
|
|
10-Q
|
|
001-13107
|
|
10.4
|
|
|
4/22/15
|
|
10.20
|
|
|
10-Q
|
|
001-13107
|
|
10.5
|
|
|
4/22/15
|
|
10.21
|
|
|
10-Q
|
|
001-13107
|
|
10.1
|
|
|
4/22/16
|
|
10.22
|
|
|
10-Q
|
|
001-13107
|
|
10.2
|
|
|
4/22/16
|
|
10.23
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
2/6/15
|
|
10.24
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
4/21/17
|
|
10.25
|
|
|
8-K
|
|
001-13107
|
|
10.2
|
|
|
4/21/17
|
|
10.26
|
|
|
10-Q
|
|
001-13107
|
|
10.3
|
|
|
8/2/17
|
|
10.27
|
|
|
10-Q
|
|
001-13107
|
|
10.1
|
|
|
5/1/18
|
|
10.28
|
|
|
10-Q
|
|
001-13107
|
|
10.2
|
|
|
5/1/18
|
|
10.29
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
1/9/19
|
|
10.30
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
1/24/19
|
|
10.31
|
|
|
10-K
|
|
001-13107
|
|
10.31
|
|
|
2/22/19
|
|
10.32
|
|
|
10-Q
|
|
001-13107
|
|
10.1
|
|
|
7/23/19
|
|
10.33
|
|
|
10-K
|
|
001-13107
|
|
10.32
|
|
|
2/22/19
|
|
10.34
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
8/23/19
|
|
10.35
|
|
|
8-K/A
|
|
001-13107
|
|
10.1
|
|
|
8/1/19
|
|
10.36
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
11/22/19
|
|
10.37*
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit Description
|
|
Incorporated by Reference
|
|||||||
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|||||
10.38
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
1/29/09
|
|
10.39
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
8/16/10
|
|
10.40
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
10/24/17
|
|
10.41
|
|
|
8-K
|
|
001-13107
|
|
10.1
|
|
|
5/22/15
|
|
21.1*
|
|
|
|
|
|
|
|
|
|
||
23.1*
|
|
|
|
|
|
|
|
|
|
||
31.1*
|
|
|
|
|
|
|
|
|
|
||
31.2*
|
|
|
|
|
|
|
|
|
|
||
32.1**
|
|
|
|
|
|
|
|
|
|
||
32.2**
|
|
|
|
|
|
|
|
|
|
||
101.INS*
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
|
|
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
104*
|
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
|
*
|
Filed herewith
|
**
|
Furnished herewith
|
(a)
|
Termination of Employment for Cause. Upon the termination of the Participant’s employment for Cause by the Company, its Subsidiaries or its Affiliates, this Agreement shall terminate and all rights of the Participant with respect to all RSUs that have not been settled shall immediately terminate. The RSUs shall be forfeited without payment of any consideration, and neither the Participant nor any of the Participant’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs.
|
(b)
|
Qualifying Termination of Employment.
|
(i)
|
Termination of Employment without Cause or Resignation with Good Reason. Upon the termination of the Participant’s employment with the Company, its Subsidiaries or its Affiliates thereof without Cause, or upon the Participant’s resignation from the Company, its Subsidiaries or its Affiliates thereof with Good Reason, the Participant shall immediately vest in full in the RSUs.
|
(ii)
|
Death. Upon the termination of the Participant’s employment with the Company, its Subsidiaries or its Affiliates thereof on account of death, the Participant shall immediately vest in full in the RSUs.
|
(iii)
|
Disability and Retirement. Upon the termination of the Participant’s employment with the Company, its Subsidiaries or its Affiliates thereof (i) due to Disability or (ii) by the Participant due to Retirement, the Participant shall continue to vest (as if the Participant’s employment had not been terminated) in the RSUs as set forth on Schedule 1 and the immediately following sentence. The RSUs shall continue to vest only if the Participant fully complies with any non-compete, non-disparagement, confidentiality and other restrictive covenants set forth in any agreement entered into between the Participant and the Company or its Subsidiaries or its Affiliates from time to time (including, but not limited to any Restrictive Covenants and Confidentiality Agreement entered into between the Participant and the Company) determined, notwithstanding the time periods set forth therein, as if all such restrictive covenants applied at all times while the Award is outstanding. The Board shall determine whether the Participant has complied with such restrictive covenants. Any portion of the RSUs that does not vest in accordance with the foregoing shall automatically be forfeited.
|
with a copy to:
|
AutoNation, Inc.
|
Vesting Date
|
Vesting Schedule
|
March 1, 2021
|
1/3 of the Award
|
March 1, 2022
|
1/3 of the Award
|
March 1, 2023
|
1/3 of the Award
|
By:
|
/s/ Joseph T. Lower
|
By:
|
AUTONATION, INC.
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
7 Rod Real Estate North, A Limited Liability Company
|
|
|
|
Wyoming
|
7 Rod Real Estate South, A Limited Liability Company
|
|
|
|
Wyoming
|
Abraham Chevrolet-Miami, Inc.
|
|
AutoNation Chevrolet Coral Gables
|
|
Delaware
|
Abraham Chevrolet-Tampa, Inc.
|
|
|
|
Delaware
|
ACER Fiduciary, Inc.
|
|
|
|
Delaware
|
ACP Auto Parts, LLC
|
|
AutoNation Parts Warehouse Las Vegas; AutoNation Parts Warehouse Salt Lake City; AutoNation Parts Warehouse Nashville
|
|
Delaware
|
ACP Holding Corp.
|
|
|
|
Delaware
|
AL F-L Motors, LLC
|
|
|
|
Delaware
|
AL Fort Payne Motors, LLC
|
|
|
|
Delaware
|
Allen Samuels Chevrolet of Corpus Christi, Inc.
|
|
AutoNation Chevrolet North Corpus Christi; AutoNation Collision Center North Corpus Christi
|
|
Texas
|
Allen Samuels Chevrolet of Waco, Inc.
|
|
AutoNation Chevrolet Waco; Mercedes-Benz of Waco; AutoNation Collision Center Waco
|
|
Texas
|
Allison Bavarian
|
|
BMW of Mountain View
|
|
California
|
Allison Bavarian Holding, LLC
|
|
|
|
Delaware
|
American Way Motors, Inc.
|
|
AutoNation Honda 385
|
|
Tennessee
|
AN AutoParts, Inc.
|
|
OEM Auto Parts and Accessories; Autopartsrunners
|
|
Delaware
|
AN Cadillac of WPB, LLC
|
|
AutoNation Cadillac West Palm Beach
|
|
Delaware
|
AN Central Region Management, LLC
|
|
|
|
Delaware
|
AN Chevrolet - Arrowhead, Inc.
|
|
AutoNation Chevrolet Arrowhead
|
|
Delaware
|
AN CJ Valencia, Inc.
|
|
|
|
Delaware
|
AN Collision Center FTL South, Inc.
|
|
AutoNation Collision Center Fort Lauderdale South
|
|
Delaware
|
AN Collision Center of Addison, Inc.
|
|
AutoNation Collision Center Addison
|
|
Delaware
|
AN Collision Center of Las Vegas, Inc.
|
|
AutoNation Collision Center Las Vegas
|
|
Nevada
|
AN Collision Center of North Houston, Inc.
|
|
AutoNation Collision Center North Houston
|
|
Delaware
|
AN Collision Center of Sarasota, Inc.
|
|
|
|
Florida
|
AN Collision Center of Tempe, Inc.
|
|
AutoNation Collision Center Tempe
|
|
Delaware
|
AN Corporate Management Payroll Corp.
|
|
|
|
Delaware
|
AN Corpus Christi GP, LLC
|
|
|
|
Delaware
|
AN Corpus Christi Imports Adv. GP, LLC
|
|
|
|
Delaware
|
AN Corpus Christi Imports Adv., LP
|
|
|
|
Texas
|
AN Corpus Christi Imports GP, LLC
|
|
|
|
Delaware
|
AN Corpus Christi Imports II GP, LLC
|
|
|
|
Delaware
|
AN Corpus Christi Imports II, LP
|
|
|
|
Texas
|
AN Corpus Christi Imports, LP
|
|
|
|
Texas
|
AN Corpus Christi Motors, Inc.
|
|
AutoNation Hyundai Corpus Christi
|
|
Delaware
|
AN Corpus Christi T. Imports GP, LLC
|
|
|
|
Delaware
|
AN Corpus Christi T. Imports, LP
|
|
AutoNation Toyota Corpus Christi
|
|
Texas
|
AN County Line Ford, Inc.
|
|
AutoNation Ford Burleson
|
|
Texas
|
AN Dealership Holding Corp.
|
|
|
|
Florida
|
AN F. Imports of Atlanta, LLC
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
AN F. Imports of Hawthorne Holding, LLC
|
|
|
|
Delaware
|
AN F. Imports of Hawthorne, LLC
|
|
|
|
Delaware
|
AN F. Imports of North Denver, LLC
|
|
AutoNation Alfa Romeo and FIAT North Denver
|
|
Delaware
|
AN F. Imports of North Phoenix, Inc.
|
|
|
|
Delaware
|
AN F. Imports of Roseville Holding, LLC
|
|
|
|
Delaware
|
AN F. Imports of Roseville, Inc.
|
|
|
|
Delaware
|
AN Fort Myers Imports, LLC
|
|
AutoNation Toyota Fort Myers; AutoNation Collision Center Fort Myers
|
|
Delaware
|
AN Fremont Luxury Imports, Inc.
|
|
BMW of Fremont; AutoNation Collision Center Fremont
|
|
Delaware
|
AN H. Imports of Atlanta, LLC
|
|
AutoNation Hyundai Mall of Georgia
|
|
Delaware
|
AN Imports of Ft. Lauderdale, Inc.
|
|
Land Rover Fort Lauderdale; Jaguar Fort Lauderdale
|
|
Delaware
|
AN Imports of Seattle, Inc.
|
|
|
|
Delaware
|
AN Imports of Spokane, Inc.
|
|
AutoNation Honda Spokane Valley
|
|
Delaware
|
AN Imports of Stevens Creek Holding, LLC
|
|
|
|
Delaware
|
AN Imports of Stevens Creek, Inc.
|
|
MINI of Stevens Creek
|
|
Delaware
|
AN Imports on Weston Road, Inc.
|
|
AutoNation Toyota Weston
|
|
Florida
|
AN Luxury Imports GP, LLC
|
|
|
|
Delaware
|
AN Luxury Imports Holding, LLC
|
|
|
|
Delaware
|
AN Luxury Imports of Coconut Creek, Inc.
|
|
Mercedes-Benz of Coconut Creek; smart center of Coconut Creek
|
|
Delaware
|
AN Luxury Imports of Marietta, LLC
|
|
Mercedes-Benz of Marietta
|
|
Delaware
|
AN Luxury Imports of Palm Beach, Inc.
|
|
Mercedes-Benz of Delray
|
|
Delaware
|
AN Luxury Imports of Pembroke Pines, Inc.
|
|
Mercedes-Benz of Pembroke Pines
|
|
Delaware
|
AN Luxury Imports of Phoenix, Inc.
|
|
Audi Peoria
|
|
Delaware
|
AN Luxury Imports of San Diego, Inc.
|
|
BMW Encinitas
|
|
Delaware
|
AN Luxury Imports of Sanford, LLC
|
|
Mercedes-Benz of North Orlando
|
|
Delaware
|
AN Luxury Imports of Sarasota, Inc.
|
|
Mercedes-Benz of Sarasota; smart center Sarasota
|
|
Delaware
|
AN Luxury Imports of Spokane, Inc.
|
|
AutoNation Acura Spokane Valley
|
|
Delaware
|
AN Luxury Imports of Tucson, Inc.
|
|
BMW of Tucson
|
|
Delaware
|
AN Luxury Imports, Ltd.
|
|
BMW of Dallas; MINI of Dallas
|
|
Texas
|
AN Motors of Brooksville, Inc.
|
|
AutoNation Ford Brooksville; AutoNation Collision Center Brooksville
|
|
Florida
|
AN Motors of Dallas, Inc.
|
|
|
|
Delaware
|
AN Motors of Delray Beach, Inc.
|
|
|
|
Delaware
|
AN Motors of Ft. Lauderdale, Inc.
|
|
|
|
Florida
|
AN Motors of Memphis, Inc.
|
|
AutoNation GMC Mendenhall
|
|
Tennessee
|
AN Motors of Pembroke, LLC
|
|
AutoNation Chevrolet Pembroke Pines; AutoNation Collision Center Pembroke Pines
|
|
Delaware
|
AN Motors of Scottsdale, LLC
|
|
AutoNation Ford Scottsdale; AutoNation Collision Center North Scottsdale
|
|
Delaware
|
AN Motors on Federal Highway, LLC
|
|
|
|
Delaware
|
AN Motors on South Padre, LP
|
|
AutoNation Chevrolet South Corpus Christi; AutoNation Cadillac Corpus Christi; AutoNation Buick GMC Corpus Christi
|
|
Texas
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
AN North Phoenix Collision, Inc.
|
|
AutoNation Collision Center North Phoenix
|
|
Delaware
|
AN Pontiac GMC Houston North GP, LLC
|
|
|
|
Delaware
|
AN Pontiac GMC Houston North, LP
|
|
|
|
Texas
|
AN San Jose Luxury Imports Holdings, LLC
|
|
|
|
Delaware
|
AN San Jose Luxury Imports, Inc.
|
|
Mercedes-Benz of Stevens Creek; AutoNation Volvo Cars San Jose; AutoNation Collision Center Stevens Creek
|
|
California
|
AN Seattle Motors, Inc.
|
|
|
|
Delaware
|
AN Subaru Motors, Inc.
|
|
AutoNation Subaru Scottsdale
|
|
Delaware
|
AN T. Imports of Atlanta, LLC
|
|
AutoNation Toyota Mall of Georgia; AutoNation Collision Center Mall of Georgia
|
|
Delaware
|
AN Texas Region Management, Ltd.
|
|
AutoNation Shared Service Center
|
|
Texas
|
AN Tucson Imports, LLC
|
|
|
|
Delaware
|
AN Valencia Auto Imports, Inc.
|
|
MINI of Valencia
|
|
Delaware
|
AN Western Region Management, LLC
|
|
|
|
Delaware
|
AN/CF Acquisition Corp.
|
|
AutoNation Ford Littleton; AutoNation Collision Center Littleton
|
|
Delaware
|
AN/KPBG Motors, Inc.
|
|
|
|
Washington
|
AN/MF Acquisition Corp.
|
|
|
|
Delaware
|
AN/MNI Acquisition Corp.
|
|
AutoNation Nissan Memphis
|
|
Delaware
|
AN/PF Acquisition Corp.
|
|
AutoNation Ford Bellevue
|
|
Delaware
|
ANUSA Holding, LLC
|
|
|
|
Delaware
|
Appleway Chevrolet, Inc.
|
|
AutoNation Chevrolet Spokane Valley; AutoNation Subaru Spokane Valley; AutoNation Toyota Spokane Valley; AutoNation Volkswagen Spokane; Audi Spokane; Jaguar Spokane; Land Rover Spokane; AutoNation Collision Center Spokane; AutoNation Parts Center; AutoNation Towing Spokane
|
|
Washington
|
ASE Motors Holding Corp.
|
|
|
|
Texas
|
Auto Car Holding, LLC
|
|
|
|
Delaware
|
Auto Car, Inc.
|
|
AutoNation Honda Roseville; AutoNation Collision Center Sacramento
|
|
California
|
Auto Company 2016-15, Inc.
|
|
|
|
Delaware
|
Auto Company 2016-16, Inc.
|
|
|
|
Delaware
|
Auto Company 2016-17, Inc.
|
|
|
|
Delaware
|
Auto Company 2016-18, Inc.
|
|
|
|
Delaware
|
Auto Company 2016-19, Inc.
|
|
|
|
Delaware
|
Auto Company 2016-20, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-01, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-02, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-03, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-04, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-05, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-06, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-07, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-08, Inc.
|
|
|
|
Delaware
|
Auto Company 2017-09, Inc.
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Auto Company 2017-10, Inc.
|
|
|
|
Delaware
|
Auto Company VI, Inc.
|
|
Audi Plano
|
|
Delaware
|
Auto Company VII, Inc.
|
|
Porsche Plano
|
|
Delaware
|
Auto Company VIII, Inc.
|
|
|
|
Delaware
|
Auto Company IX, Inc.
|
|
|
|
Delaware
|
Auto Company XI, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Spring
|
|
Delaware
|
Auto Company XII, Inc.
|
|
|
|
Delaware
|
Auto Company XIII, Inc.
|
|
AutoNation Honda Chandler
|
|
Delaware
|
Auto Company XIV, Inc.
|
|
AutoNation Hyundai Tempe
|
|
Delaware
|
Auto Company XIX, Inc.
|
|
Porsche Irvine
|
|
Delaware
|
Auto Company XVII, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Mobile
|
|
Delaware
|
Auto Company XXI, Inc.
|
|
Audi Bellevue; Mercedes-Benz of Bellevue; Porsche Bellevue
|
|
Delaware
|
Auto Company XXII, Inc.
|
|
Mercedes-Benz of San Jose; smart Center San Jose
|
|
Delaware
|
Auto Company XXIII, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Valencia
|
|
Delaware
|
Auto Company XXV, Inc.
|
|
Mercedes-Benz of Reno
|
|
Delaware
|
Auto Company XXVII, Inc.
|
|
BMW of Delray Beach
|
|
Delaware
|
Auto Company XXVIII, Inc.
|
|
|
|
Delaware
|
Auto Dealership 2016-1, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-2, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-4, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-5, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-6, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-7, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-9, LLC
|
|
|
|
Delaware
|
Auto Dealership 2016-10, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-01, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-03, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-04, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-05, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-06, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-07, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-08, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-09, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-10, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-11, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-12, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-13, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-14, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-15, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-16, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-17, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-18, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-19, LLC
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Auto Dealership 2017-20, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-21, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-22, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-23, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-24, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-25, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-26, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-27, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-28, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-29, LLC
|
|
|
|
Delaware
|
Auto Dealership 2017-30, LLC
|
|
|
|
Delaware
|
Auto Dealership III, LLC
|
|
AutoNation Honda O’Hare
|
|
Delaware
|
Auto Dealership IV, LLC
|
|
AutoNation Hyundai O’Hare
|
|
Delaware
|
Auto Dealership V, LLC
|
|
Mercedes-Benz of Wesley Chapel
|
|
Delaware
|
Auto Dealership VI, LLC
|
|
AutoNation Volkswagen Mall of Georgia
|
|
Delaware
|
Auto Dealership VII, LLC
|
|
|
|
Delaware
|
Auto Dealership VIII, LLC
|
|
|
|
Delaware
|
Auto Dealership IX, LLC
|
|
|
|
Delaware
|
Auto Dealership X, LLC
|
|
|
|
Delaware
|
Auto Dealership XXIII, LLC
|
|
|
|
Delaware
|
Auto Holding, LLC
|
|
|
|
Delaware
|
Auto Mission Holding, LLC
|
|
|
|
Delaware
|
Auto Mission Ltd.
|
|
AutoNation Toyota Hayward
|
|
California
|
Auto Motors of Englewood, LLC
|
|
AutoNation Chrysler Jeep Arapahoe
|
|
Delaware
|
Auto TechLabs, Inc.
|
|
|
|
Delaware
|
Auto West, Inc.
|
|
|
|
California
|
Autohaus Holdings, Inc.
|
|
|
|
Delaware
|
AutoNation Benefits Company, Inc.
|
|
|
|
Florida
|
AutoNation Cayman Insurance Company, Ltd.
|
|
|
|
Cayman Islands
|
AutoNation Corporate Management, LLC
|
|
|
|
Delaware
|
AutoNation Enterprises Incorporated
|
|
|
|
Florida
|
AutoNation Financial Services, LLC
|
|
|
|
Delaware
|
AutoNation Fort Worth Motors, Ltd.
|
|
AutoNation Chevrolet North Richland Hills
|
|
Texas
|
AutoNation GM GP, LLC
|
|
|
|
Delaware
|
AutoNation Holding Corp.
|
|
|
|
Delaware
|
AutoNation Imports of Katy GP, LLC
|
|
|
|
Delaware
|
AutoNation Imports of Katy, L.P.
|
|
|
|
Texas
|
AutoNation Imports of Lithia Springs, LLC
|
|
AutoNation Toyota Thornton Road
|
|
Delaware
|
AutoNation Imports of Longwood, Inc.
|
|
AutoNation Honda Sanford
|
|
Delaware
|
AutoNation Imports of Palm Beach, Inc.
|
|
Lexus of Palm Beach
|
|
Delaware
|
AutoNation Imports of Winter Park, Inc.
|
|
AutoNation Toyota Winter Park
|
|
Delaware
|
AutoNation Motors Holding Corp.
|
|
|
|
Delaware
|
AutoNation Motors of Lithia Springs, Inc.
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
AutoNation North Texas Management GP, LLC
|
|
|
|
Delaware
|
AutoNation Orlando Venture Holdings, Inc.
|
|
|
|
Delaware
|
AutoNation Realty Corporation
|
|
|
|
Delaware
|
AutoNation Suite 101, Inc.
|
|
|
|
Delaware
|
AutoNation USA of Perrine, Inc.
|
|
|
|
Delaware
|
AutoNation V. Imports of Delray Beach, LLC
|
|
|
|
Delaware
|
AutoNation.com, Inc.
|
|
AutoNation Direct
|
|
Delaware
|
Bankston Auto, Inc.
|
|
|
|
Texas
|
Bankston Chrysler Jeep of Frisco, L.P.
|
|
|
|
Texas
|
Bankston CJ GP, LLC
|
|
|
|
Delaware
|
Bankston Ford of Frisco, Ltd. Co.
|
|
AutoNation Ford Frisco
|
|
Texas
|
Bankston Nissan in Irving, Inc.
|
|
|
|
Texas
|
Bankston Nissan Lewisville GP, LLC
|
|
|
|
Delaware
|
Bankston Nissan Lewisville, Ltd.
|
|
|
|
Texas
|
Bargain Rent-A-Car
|
|
Lexus of Cerritos; Lexus Collision Center Cerritos
|
|
California
|
Batfish, LLC
|
|
|
|
Colorado
|
BBCSS, Inc.
|
|
|
|
Arizona
|
Beach City Chevrolet Company, Inc.
|
|
|
|
California
|
Beach City Holding, LLC
|
|
|
|
Delaware
|
Beacon Motors, Inc.
|
|
AutoNation Chevrolet Doral; AutoNation Collision Center Airport Miami
|
|
Florida
|
Bell Motors, LLC
|
|
AutoNation Chrysler Dodge Jeep Ram and FIAT North Phoenix
|
|
Delaware
|
Bellevue Automotive, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Bellevue
|
|
Delaware
|
Bellevue Collision, Inc.
|
|
AutoNation Collision Center Bellevue
|
|
Delaware
|
Bengal Motor Company, Ltd.
|
|
AutoNation Honda Miami Lakes
|
|
Florida
|
Bengal Motors, Inc.
|
|
|
|
Florida
|
Bethesda Luxury Imports, LLC
|
|
Jaguar Bethesda; Land Rover Bethesda
|
|
Delaware
|
Bill Ayares Chevrolet, LLC
|
|
AutoNation Chevrolet Laurel
|
|
Delaware
|
Bledsoe Dodge, LLC
|
|
|
|
Delaware
|
Bob Townsend Ford, Inc.
|
|
|
|
Delaware
|
Body Shop Holding Corp.
|
|
|
|
Delaware
|
Brown & Brown Chevrolet - Superstition Springs, LLC
|
|
AutoNation Chevrolet Mesa
|
|
Arizona
|
Brown & Brown Chevrolet, Inc.
|
|
AutoNation Chevrolet Gilbert; AutoNation Parts Center Phoenix
|
|
Arizona
|
Brown & Brown Nissan Mesa, L.L.C.
|
|
AutoNation Nissan Chandler; AutoNation Collision Center Chandler
|
|
Arizona
|
Brown & Brown Nissan, Inc.
|
|
AutoNation Nissan Tempe
|
|
Arizona
|
Buena Park Luxury Imports, Inc.
|
|
BMW Buena Park
|
|
Delaware
|
Bull Motors, LLC
|
|
AutoNation Ford Miami
|
|
Delaware
|
C. Garrett, Inc.
|
|
|
|
Colorado
|
CA-CC Fremont, Inc.
|
|
|
|
Delaware
|
CaliLuxury Imports, Inc.
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Carlisle Motors, LLC
|
|
AutoNation Ford St. Petersburg; AutoNation Lincoln Clearwater; AutoNation Collision Center Gulf to Bay
|
|
Delaware
|
Carwell Holding, LLC
|
|
|
|
Delaware
|
Carwell, LLC
|
|
Mercedes-Benz of South Bay; Jaguar Land Rover South Bay; AutoNation Collision Center South Bay
|
|
Delaware
|
Centennial Automotive, LLC
|
|
AutoNation Dodge Ram Arapahoe; AutoNation Parts Center Denver
|
|
Delaware
|
Centennial Collision, Inc.
|
|
|
|
Delaware
|
Cerritos Body Works Holding, LLC
|
|
|
|
Delaware
|
Cerritos Body Works, Inc.
|
|
|
|
California
|
Champion Chevrolet Holding, LLC
|
|
|
|
Delaware
|
Champion Chevrolet, LLC
|
|
|
|
Delaware
|
Champion Ford, Inc.
|
|
|
|
Texas
|
Chandler Collision, Inc.
|
|
AutoNation Collision Center Chandler West
|
|
Delaware
|
Charlie Hillard, Inc.
|
|
AutoNation Ford Fort Worth
|
|
Texas
|
Charlie Thomas Chevrolet GP, LLC
|
|
|
|
Delaware
|
Charlie Thomas Chevrolet, Ltd.
|
|
AutoNation Chevrolet Gulf Freeway; AutoNation Collision Center NASA
|
|
Texas
|
Charlie Thomas Chrysler-Plymouth, Inc.
|
|
|
|
Texas
|
Charlie Thomas’ Courtesy Ford, Ltd.
|
|
AutoNation Ford Corpus Christi; AutoNation Collision Center Corpus Christi II
|
|
Texas
|
Charlie Thomas’ Courtesy GP, LLC
|
|
|
|
Delaware
|
Charlie Thomas F. GP, LLC
|
|
|
|
Delaware
|
Charlie Thomas Ford, Ltd.
|
|
AutoNation Ford Gulf Freeway; AutoNation Collision Center Gulfgate
|
|
Texas
|
Chesrown Auto, LLC
|
|
|
|
Delaware
|
Chesrown Chevrolet, LLC
|
|
AutoNation Chevrolet North
|
|
Delaware
|
Chesrown Collision Center, Inc.
|
|
AutoNation Collision Center Denver
|
|
Colorado
|
Chesrown Ford, Inc.
|
|
|
|
Colorado
|
Chevrolet World, Inc.
|
|
AutoNation Chevrolet Airport
|
|
Florida
|
Chuck Clancy Ford of Marietta, LLC
|
|
AutoNation Ford Marietta; AutoNation Collision Center Marietta
|
|
Delaware
|
CJ Valencia Holding, LLC
|
|
|
|
Delaware
|
Coastal Cadillac, Inc.
|
|
AutoNation Cadillac Port Richey
|
|
Florida
|
Consumer Car Care Corporation
|
|
|
|
Tennessee
|
Contemporary Cars, Inc.
|
|
Mercedes-Benz of Orlando; smart center of Orlando
|
|
Florida
|
Cook-Whitehead Ford, Inc.
|
|
AutoNation Ford Panama City
|
|
Florida
|
Corporate Properties Holding, Inc.
|
|
|
|
Delaware
|
Corpus Christi ANUSA, LLC
|
|
AutoNation USA Corpus Christi
|
|
Delaware
|
Corpus Christi Collision Center, Inc.
|
|
AutoNation Collision Center Corpus Christi
|
|
Delaware
|
Costa Mesa Cars Holding, LLC
|
|
|
|
Delaware
|
Costa Mesa Cars, Inc.
|
|
AutoNation Honda Costa Mesa; AutoNation Collision Center Costa Mesa
|
|
California
|
Courtesy Auto Group, Inc.
|
|
|
|
Florida
|
Covington Pike Motors, Inc.
|
|
AutoNation Honda Covington Pike
|
|
Tennessee
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
CT Intercontinental GP, LLC
|
|
|
|
Delaware
|
CT Intercontinental, Ltd.
|
|
BMW of Houston North; MINI of the Woodlands
|
|
Texas
|
CT Motors, Inc.
|
|
AutoNation Acura Gulf Freeway
|
|
Texas
|
D/L Motor Company
|
|
AutoNation Honda Clearwater; AutoNation Collision Center Clearwater; AutoNation Collision Center Clearwater South
|
|
Florida
|
Dealership Realty Corporation
|
|
|
|
Texas
|
Delray Luxury Imports, Inc.
|
|
|
|
Delaware
|
Desert Buick-GMC Trucks, L.L.C.
|
|
AutoNation Buick GMC West Sahara
|
|
Delaware
|
Desert Chrysler-Plymouth, Inc.
|
|
|
|
Delaware
|
Desert Dodge, Inc.
|
|
|
|
Nevada
|
Desert GMC, L.L.C.
|
|
AutoNation Buick GMC Henderson
|
|
Delaware
|
Dobbs Ford of Memphis, Inc.
|
|
AutoNation Ford Wolfchase
|
|
Delaware
|
Dobbs Ford, Inc.
|
|
AutoNation Ford Memphis; AutoNation Collision Center Memphis
|
|
Florida
|
Dobbs Mobile Bay, Inc.
|
|
AutoNation Ford Mobile; AutoNation Collision Center Mobile
|
|
Alabama
|
Dobbs Motors of Arizona, Inc.
|
|
AutoNation Honda Tucson Auto Mall
|
|
Arizona
|
Don Mealey Chevrolet, Inc.
|
|
AutoNation Chevrolet West Colonial; AutoNation Collision Center West Colonial
|
|
Florida
|
Don Mealey Imports, Inc.
|
|
AutoNation Acura North Orlando
|
|
Florida
|
Don-A-Vee Jeep Eagle, Inc.
|
|
|
|
California
|
Driver’s Mart Worldwide, Inc.
|
|
|
|
Virginia
|
Eastern Region Management, LLC
|
|
|
|
Delaware
|
Eastgate Ford, Inc.
|
|
|
|
Ohio
|
Ed Mullinax Ford, LLC
|
|
AutoNation Ford Amherst; AutoNation Collision Center Amherst
|
|
Delaware
|
Edgren Motor Company, Inc.
|
|
AutoNation Honda Fremont
|
|
California
|
Edgren Motor Holding, LLC
|
|
|
|
Delaware
|
El Monte Imports Holding, LLC
|
|
|
|
Delaware
|
El Monte Imports, Inc.
|
|
|
|
Delaware
|
El Monte Motors Holding, LLC
|
|
|
|
Delaware
|
El Monte Motors, Inc.
|
|
|
|
Delaware
|
Emich Subaru West, LLC
|
|
AutoNation Subaru West
|
|
Delaware
|
Empire Services Agency, Inc.
|
|
|
|
Florida
|
Financial Services GP, LLC
|
|
|
|
Delaware
|
Financial Services, Ltd.
|
|
|
|
Texas
|
First Team Automotive Corp.
|
|
|
|
Delaware
|
First Team Ford of Manatee, Ltd.
|
|
AutoNation Ford Bradenton; AutoNation Collision Center Sarasota
|
|
Florida
|
First Team Ford, Ltd.
|
|
AutoNation Ford Sanford
|
|
Florida
|
First Team Management, Inc.
|
|
|
|
Florida
|
Fit Kit Holding, LLC
|
|
|
|
Delaware
|
Fit Kit, Inc.
|
|
AutoNation Toyota Buena Park
|
|
California
|
Florida Auto Corp.
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Ford of Kirkland, Inc.
|
|
|
|
Washington
|
Fox Chevrolet, LLC
|
|
|
|
Delaware
|
Fox Motors, LLC
|
|
AutoNation Buick GMC Laurel
|
|
Delaware
|
Fred Oakley Motors, Inc.
|
|
|
|
Delaware
|
Fremont Luxury Imports Holding, LLC
|
|
|
|
Delaware
|
Ft. Lauderdale Nissan, Inc.
|
|
|
|
Florida
|
G.B. Import Sales & Service Holding, LLC
|
|
|
|
Delaware
|
G.B. Import Sales & Service, LLC
|
|
|
|
Delaware
|
GA CDJR Motors, LLC
|
|
AutoNation Chrysler Dodge Jeep Ram and FIAT Columbus; AutoNation Chrysler Dodge Jeep Ram South Columbus
|
|
Delaware
|
GA Columbus Imports, LLC
|
|
AutoNation Volkswagen Columbus
|
|
Delaware
|
GA F Imports, LLC
|
|
|
|
Delaware
|
GA H Imports, LLC
|
|
AutoNation Honda Columbus
|
|
Delaware
|
GA HY Imports, LLC
|
|
AutoNation Hyundai Columbus
|
|
Delaware
|
GA-CC Columbus, Inc.
|
|
AutoNation Collision Center Columbus
|
|
Delaware
|
Gene Evans Ford, LLC
|
|
AutoNation Ford Union City; AutoNation Lincoln Union City; AutoNation Collision Center Union City
|
|
Delaware
|
George Sutherlin Nissan, LLC
|
|
AutoNation Nissan Marietta
|
|
Delaware
|
Germantown Luxury Imports, LLC
|
|
|
|
Delaware
|
Gilbert ANUSA, LLC
|
|
|
|
Delaware
|
Gilbert Body Shop, Inc.
|
|
AutoNation Collision Center Gilbert
|
|
Delaware
|
Government Boulevard Motors, Inc.
|
|
AutoNation Honda at Bel Air Mall
|
|
Alabama
|
Gulf Management, Inc.
|
|
Lexus of Clearwater; Lexus of Tampa Bay; Lexus of Tampa Bay Collision Center
|
|
Florida
|
Hayward Dodge, Inc.
|
|
|
|
Delaware
|
Henderson ANUSA, LLC
|
|
AutoNation USA Henderson
|
|
Delaware
|
Henderson Collision, Inc.
|
|
AutoNation Collision Center Henderson
|
|
Delaware
|
Hillard Auto Group, Inc.
|
|
|
|
Texas
|
Hollywood Imports Limited, Inc.
|
|
AutoNation Honda Hollywood; AutoNation Collision Center Hollywood
|
|
Florida
|
Horizon Chevrolet, Inc.
|
|
|
|
Ohio
|
House of Imports Holding, LLC
|
|
|
|
Delaware
|
House of Imports, Inc.
|
|
House of Imports; AutoNation Collision Center Buena Park
|
|
California
|
Houston ANUSA, LLC
|
|
AutoNation USA Houston
|
|
Delaware
|
Houston Auto M. Imports Greenway, Ltd.
|
|
Mercedes-Benz of Houston Greenway
|
|
Texas
|
Houston Auto M. Imports North, Ltd.
|
|
Mercedes-Benz of Houston North; smart center Houston North
|
|
Texas
|
Houston Imports Greenway GP, LLC
|
|
|
|
Delaware
|
Houston Imports North GP, LLC
|
|
|
|
Delaware
|
HVA Imports, LLC
|
|
Audi Hunt Valley
|
|
Delaware
|
HVM Imports, LLC
|
|
Mercedes-Benz of Hunt Valley
|
|
Delaware
|
HVS Motors, LLC
|
|
AutoNation Subaru Hunt Valley
|
|
Delaware
|
HVVW Motors, LLC
|
|
|
|
Delaware
|
Imports on PCH, Inc.
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Irvine Body Shop, Inc.
|
|
|
|
Delaware
|
Irvine Imports Holding, LLC
|
|
|
|
Delaware
|
Irvine Imports, Inc.
|
|
AutoNation Toyota Irvine
|
|
California
|
Irvine Toyota/Nissan/Volvo Limited Partnership
|
|
|
|
Georgia
|
Jemautco, Inc.
|
|
|
|
Ohio
|
Jerry Gleason Chevrolet, Inc.
|
|
|
|
Illinois
|
Jim Quinlan Chevrolet Co.
|
|
AutoNation Chevrolet South Clearwater
|
|
Delaware
|
JLR Luxury Imports of Fremont, Inc.
|
|
|
|
Delaware
|
Joe MacPherson Ford
|
|
AutoNation Ford Tustin
|
|
California
|
Joe MacPherson Imports No. I
|
|
|
|
California
|
Joe MacPherson Infiniti
|
|
AutoNation Infiniti Tustin
|
|
California
|
Joe MacPherson Infiniti Holding, LLC
|
|
|
|
Delaware
|
John M. Lance Ford, LLC
|
|
AutoNation Ford Westlake; AutoNation Collision Center Westlake
|
|
Delaware
|
J-R Motors Company North
|
|
AutoNation Honda 104; AutoNation Hyundai 104
|
|
Colorado
|
J-R Motors Company South
|
|
AutoNation Toyota Arapahoe
|
|
Colorado
|
JRJ Investments, Inc.
|
|
Audi Las Vegas; BMW of Henderson; BMW of Las Vegas; MINI of Las Vegas; AutoNation Volkswagen Las Vegas
|
|
Nevada
|
Katy ANUSA, LLC
|
|
AutoNation ANUSA Katy
|
|
Delaware
|
Kenyon Dodge, Inc.
|
|
|
|
Florida
|
King’s Crown Ford, Inc.
|
|
AutoNation Ford Jacksonville
|
|
Delaware
|
L.P. Evans Motors WPB, Inc.
|
|
Mercedes-Benz of Miami
|
|
Florida
|
L.P. Evans Motors, Inc.
|
|
AutoNation Nissan Miami
|
|
Florida
|
Lance Children, Inc.
|
|
|
|
Ohio
|
Las Vegas ANUSA, LLC
|
|
|
|
Delaware
|
Leesburg Imports, LLC
|
|
AutoNation Honda Dulles
|
|
Delaware
|
Leesburg Motors, LLC
|
|
AutoNation Toyota Leesburg
|
|
Delaware
|
Les Marks Chevrolet, Inc.
|
|
|
|
Texas
|
Lew Webb’s Ford, Inc.
|
|
|
|
California
|
Lew Webb’s Irvine Nissan Holding, LLC
|
|
|
|
Delaware
|
Lew Webb’s Irvine Nissan, Inc.
|
|
|
|
California
|
Lewisville Collision, Inc.
|
|
|
|
Delaware
|
Lewisville Imports GP, LLC
|
|
|
|
Delaware
|
Lewisville Imports, Ltd.
|
|
AutoNation Honda Lewisville
|
|
Texas
|
Lot 4 Real Estate Holdings, LLC
|
|
|
|
Delaware
|
Luxury Orlando Imports, Inc.
|
|
Audi South Orlando
|
|
Delaware
|
Luxury Woodlands Imports, Inc.
|
|
BMW of the Woodlands
|
|
Delaware
|
MacHoward Leasing
|
|
|
|
California
|
MacHoward Leasing Holding, LLC
|
|
|
|
Delaware
|
MacPherson Enterprises, Inc.
|
|
|
|
California
|
Magic Acquisition Corp.
|
|
AutoNation Ford Valencia
|
|
Delaware
|
Magic Acquisition Holding, LLC
|
|
|
|
Delaware
|
Maitland Luxury Imports, Inc.
|
|
Porsche of Orlando
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Marks Family Dealerships, Inc.
|
|
|
|
Texas
|
Marks Transport, Inc.
|
|
AutoNation Toyota Gulf Freeway
|
|
Texas
|
MC/RII, LLC
|
|
|
|
Ohio
|
Mealey Holdings, Inc.
|
|
|
|
Florida
|
Mesa Collision, Inc.
|
|
AutoNation Collision Center Mesa
|
|
Delaware
|
Midway Chevrolet, Inc.
|
|
|
|
Texas
|
Mike Hall Chevrolet, Inc.
|
|
|
|
Delaware
|
Mike Shad Chrysler Plymouth Jeep Eagle, Inc.
|
|
|
|
Florida
|
Mike Shad Ford, Inc.
|
|
AutoNation Ford Orange Park; AutoNation Lincoln Orange Park; AutoNation Collision Center Orange Park
|
|
Florida
|
Mission Blvd. Motors, Inc.
|
|
|
|
California
|
Mobile Motors, LLC
|
|
|
|
Delaware
|
Mortimer Collision, LLC
|
|
AutoNation Collision Center Baltimore
|
|
Delaware
|
Mr. Wheels Holding, LLC
|
|
|
|
Delaware
|
Mr. Wheels, Inc.
|
|
AutoNation Toyota Cerritos
|
|
California
|
Mullinax East, LLC
|
|
AutoNation Ford East
|
|
Delaware
|
Mullinax Ford North Canton, Inc.
|
|
AutoNation Ford North Canton; AutoNation Collision Center North Canton
|
|
Ohio
|
Mullinax Ford South, Inc.
|
|
AutoNation Ford Margate; AutoNation Collision Center Margate
|
|
Florida
|
Mullinax Insurance Agency
|
|
|
|
Ohio
|
Mullinax Used Cars, Inc.
|
|
|
|
Ohio
|
Naperville Imports, Inc.
|
|
Mercedes-Benz of Naperville
|
|
Delaware
|
Newport Beach Cars Holding, LLC
|
|
|
|
Delaware
|
Newport Beach Cars, LLC
|
|
Newport Auto Center; Porsche Newport Beach; Bentley Newport Beach
|
|
Delaware
|
Nichols Ford, Ltd.
|
|
AutoNation Ford South Fort Worth; AutoNation Collision Center Fort Worth
|
|
Texas
|
Nichols GP, LLC
|
|
|
|
Delaware
|
Nissan of Brandon, Inc.
|
|
|
|
Florida
|
Northpoint Chevrolet, LLC
|
|
|
|
Delaware
|
Northwest Financial Group, Inc.
|
|
BMW of Bellevue
|
|
Washington
|
NY LNR Luxury Imports, Inc.
|
|
Jaguar Land Rover Larchmont/New Rochelle
|
|
Delaware
|
NY Luxury Motors of Mt. Kisco, Inc.
|
|
Land Rover Mt. Kisco
|
|
Delaware
|
NY MT. Kisco Luxury Imports, Inc.
|
|
BMW of Mt. Kisco
|
|
Delaware
|
NY Palisades Luxury Imports, Inc.
|
|
|
|
Delaware
|
NY White Plains Luxury Imports, Inc.
|
|
Jaguar Land Rover White Plains
|
|
Delaware
|
Oxnard European Motors, LLC
|
|
|
|
Delaware
|
Oxnard Venture Holdings, Inc.
|
|
|
|
Delaware
|
Payton-Wright Ford Sales, Inc.
|
|
|
|
Texas
|
Pembroke Motors, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Pembroke Pines
|
|
Delaware
|
Peyton Cramer Automotive
|
|
AutoNation Acura South Bay
|
|
California
|
Peyton Cramer Automotive Holding, LLC
|
|
|
|
Delaware
|
Peyton Cramer F. Holding, LLC
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Peyton Cramer Ford
|
|
AutoNation Ford Torrance
|
|
California
|
Peyton Cramer Infiniti
|
|
|
|
California
|
Peyton Cramer Infiniti Holding, LLC
|
|
|
|
Delaware
|
Peyton Cramer Jaguar
|
|
|
|
California
|
Peyton Cramer LM Holding, LLC
|
|
|
|
Delaware
|
Phoenix ANUSA, LLC
|
|
AutoNation USA Phoenix
|
|
Delaware
|
Pierce Automotive Corporation
|
|
|
|
Arizona
|
Pierce, LLC
|
|
AutoNation Toyota Tempe
|
|
Delaware
|
Pitre Chrysler-Plymouth-Jeep of Scottsdale, Inc.
|
|
|
|
Delaware
|
Plains Chevrolet GP, LLC
|
|
|
|
Delaware
|
Plains Chevrolet, Ltd.
|
|
AutoNation Chevrolet Amarillo; AutoNation Collision Center Amarillo
|
|
Texas
|
Plano Collision, Inc.
|
|
AutoNation Collision Center Plano
|
|
Delaware
|
Port City Imports, Inc.
|
|
AutoNation Honda South Corpus Christi
|
|
Texas
|
Prime Auto Cosmetics, Inc.
|
|
AutoNation Reconditioning Services
|
|
Delaware
|
Prime Auto Resources, Inc.
|
|
AutoNation Auto Auction; AutoNation Auto Auction Orlando; AutoNation Auto Auction Houston; AutoNation Auto Auction Atlanta
|
|
California
|
Quality Nissan GP, LLC
|
|
|
|
Delaware
|
Quinlan Motors, Inc.
|
|
|
|
Florida
|
R. Coop Limited
|
|
|
|
Colorado
|
R.L. Buscher II, Inc.
|
|
|
|
Colorado
|
R.L. Buscher III, Inc.
|
|
|
|
Colorado
|
Real Estate Holdings, Inc.
|
|
|
|
Florida
|
Renton H Imports, Inc.
|
|
AutoNation Honda Renton
|
|
Delaware
|
Republic Resources Company
|
|
|
|
Delaware
|
Republic Risk Management Services, Inc.
|
|
|
|
Florida
|
Resources Aviation, Inc.
|
|
|
|
Florida
|
RI Merger Corp.
|
|
|
|
Colorado
|
RI/BB Acquisition Corp.
|
|
AutoNation Collision Center East Colonial; AutoNation Collision Center Kissimmee; AutoNation Collision Center Longwood; AutoNation Collision Center Winter Garden; AutoNation Collision Center Oviedo; AutoNation Collision Center North; AutoNation Collision Center Airport
|
|
Delaware
|
RI/BBNM Acquisition Corp.
|
|
|
|
Arizona
|
RI/Hollywood Nissan Acquisition Corp.
|
|
AutoNation Nissan Pembroke Pines
|
|
Delaware
|
RI/LLC Acquisition Corp.
|
|
|
|
Colorado
|
RI/RMC Acquisition GP, LLC
|
|
|
|
Delaware
|
RI/RMC Acquisition, Ltd.
|
|
AutoNation Chevrolet West Austin
|
|
Texas
|
RI/RMT Acquisition GP, LLC
|
|
|
|
Delaware
|
RI/RMT Acquisition, Ltd.
|
|
AutoNation Toyota South Austin; AutoNation Collision Center Austin
|
|
Texas
|
RI/WFI Acquisition Corporation
|
|
|
|
Delaware
|
RKR Motors, Inc.
|
|
Mercedes-Benz of Pompano
|
|
Florida
|
Roseville Motor Corporation
|
|
AutoNation Chrysler Dodge Jeep Ram Roseville; AutoNation Parts Center Roseville
|
|
California
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Roseville Motor Holding, LLC
|
|
|
|
Delaware
|
Sacramento Collision, Inc.
|
|
|
|
Delaware
|
Sahara Imports, Inc.
|
|
AutoNation Honda East Las Vegas
|
|
Nevada
|
Sahara Nissan, Inc.
|
|
AutoNation Nissan Las Vegas
|
|
Nevada
|
Shamrock F. Holding, LLC
|
|
|
|
Delaware
|
Shamrock Ford, Inc.
|
|
|
|
California
|
Six Jays LLC
|
|
|
|
Colorado
|
SMI Motors Holding, LLC
|
|
|
|
Delaware
|
SMI Motors, Inc.
|
|
|
|
California
|
South Broadway Motors, LLC
|
|
AutoNation Chrysler Jeep Broadway
|
|
Delaware
|
Southwest Motors of Denver, LLC
|
|
AutoNation Chrysler Dodge Jeep Ram Southwest
|
|
Delaware
|
Star Motors, LLC
|
|
Mercedes-Benz of Fort Lauderdale
|
|
Delaware
|
Steakley Chevrolet GP, LLC
|
|
|
|
Delaware
|
Steakley Chevrolet, Ltd.
|
|
|
|
Texas
|
Steve Moore Chevrolet Delray, LLC
|
|
|
|
Delaware
|
Steve Moore Chevrolet, LLC
|
|
AutoNation Chevrolet Greenacres; AutoNation Collision Center Greenacres
|
|
Delaware
|
Stevens Creek Holding, LLC
|
|
|
|
Delaware
|
Stevens Creek Luxury Imports Holding, LLC
|
|
|
|
Delaware
|
Stevens Creek Luxury Imports, Inc.
|
|
AutoNation Maserati Stevens Creek; AutoNation Alfa Romeo Stevens Creek
|
|
Delaware
|
Stevens Creek Motors, Inc.
|
|
AutoNation Acura Stevens Creek
|
|
California
|
Sunrise Nissan of Jacksonville, Inc.
|
|
|
|
Florida
|
Sunrise Nissan of Orange Park, Inc.
|
|
|
|
Florida
|
Sunset Pontiac-GMC Truck South, Inc.
|
|
|
|
Florida
|
Sunset Pontiac-GMC, Inc.
|
|
|
|
Michigan
|
Superior Nissan, Inc.
|
|
|
|
North Carolina
|
Sutherlin Chrysler-Plymouth Jeep-Eagle, LLC
|
|
|
|
Delaware
|
Sutherlin H. Imports, LLC
|
|
AutoNation Honda Thornton Road
|
|
Delaware
|
Sutherlin Imports, LLC
|
|
AutoNation Toyota Pinellas Park; AutoNation Collision Center Pinellas Park
|
|
Delaware
|
Sutherlin Nissan, LLC
|
|
|
|
Delaware
|
Tasha Incorporated
|
|
|
|
California
|
Tempe Auto Imports, Inc.
|
|
|
|
Delaware
|
Tempe Body Shop, Inc.
|
|
AutoNation Collision Center North Tempe
|
|
Delaware
|
Terry York Motor Cars Holding, LLC
|
|
|
|
Delaware
|
Terry York Motor Cars, Ltd.
|
|
Land Rover Encino
|
|
California
|
Texan Ford Sales, Ltd.
|
|
AutoNation Ford Arlington; AutoNation Collision Center Arlington
|
|
Texas
|
Texan Ford, Inc.
|
|
AutoNation Ford Katy; AutoNation Collision Center Katy
|
|
Texas
|
Texan Sales GP, LLC
|
|
|
|
Delaware
|
Texas Management Companies LP, LLC
|
|
|
|
Delaware
|
The Pierce Corporation II, Inc.
|
|
|
|
Arizona
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
Tier2 Corporation
|
|
|
|
Delaware
|
Tinley Park A. Imports, Inc.
|
|
|
|
Delaware
|
Tinley Park J. Imports, Inc.
|
|
|
|
Delaware
|
Tinley Park V. Imports, Inc.
|
|
|
|
Delaware
|
TN CDJR Motors, LLC
|
|
AutoNation Chrysler Dodge Jeep Ram and FIAT Johnson City
|
|
Delaware
|
TN F Imports, LLC
|
|
|
|
Delaware
|
Torrance Nissan Holding, LLC
|
|
|
|
Delaware
|
Torrance Nissan, LLC
|
|
|
|
Delaware
|
Tousley Ford, Inc.
|
|
AutoNation Ford White Bear Lake
|
|
Minnesota
|
Triangle Corporation
|
|
|
|
Delaware
|
Tucson Collision, Inc.
|
|
|
|
Delaware
|
T-West Sales & Service, Inc.
|
|
AutoNation Toyota Las Vegas
|
|
Nevada
|
TX Alliance Motors, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram North Fort Worth; AutoNation Collision Center Alliance
|
|
Texas
|
TX Ennis Autoplex Motors, Inc.
|
|
|
|
Texas
|
TX Motors of North Richland Hills, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram North Richland Hills; AutoNation Hyundai North Richland Hills; AutoNation Collision Center North Richland Hills
|
|
Delaware
|
TX Motors on Katy Freeway, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Katy; AutoNation Collision Center Katy West
|
|
Texas
|
TX Motors on Southwest Loop, Inc.
|
|
|
|
Texas
|
TX West Houston Motors, Inc.
|
|
AutoNation Chrysler Dodge Jeep Ram Houston; AutoNation Collision Center Houston
|
|
Texas
|
TX-CC Dallas, Inc.
|
|
AutoNation Collision Center Maple; AutoNation Parts Center Dallas
|
|
Delaware
|
TX-CC Galleria, Inc.
|
|
AutoNation Collision Center Galleria
|
|
Delaware
|
TX-CC Spring, Inc.
|
|
AutoNation Collision Center Spring
|
|
Delaware
|
Valencia Auto Imports Holding, LLC
|
|
|
|
Delaware
|
Valencia B. Imports Holding, LLC
|
|
|
|
Delaware
|
Valencia B. Imports, Inc.
|
|
Valencia BMW
|
|
Delaware
|
Valencia Dodge
|
|
|
|
California
|
Valencia Dodge Holding, LLC
|
|
|
|
Delaware
|
Valencia H. Imports Holding, LLC
|
|
|
|
Delaware
|
Valencia H. Imports, Inc.
|
|
AutoNation Honda Valencia
|
|
Delaware
|
Valley Chevrolet, LLC
|
|
AutoNation Chevrolet Timonium; AutoNation Collision Center Timonium
|
|
Delaware
|
Vanderbeek Motors Holding, LLC
|
|
|
|
Delaware
|
Vanderbeek Motors, Inc.
|
|
AutoNation Subaru Roseville; BMW of Roseville; AutoNation Collision Center Roseville
|
|
California
|
Vanderbeek Olds/GMC Truck, Inc.
|
|
|
|
California
|
Vanderbeek Truck Holding, LLC
|
|
|
|
Delaware
|
Village Motors, LLC
|
|
AutoNation Toyota Libertyville
|
|
Delaware
|
Vince Wiese Chevrolet, Inc.
|
|
AutoNation Chevrolet Valencia
|
|
Delaware
|
Vince Wiese Holding, LLC
|
|
|
|
Delaware
|
Legal Entity
|
|
Current DBA(s)
|
|
State of Organization
|
VistaCal Luxury Imports, Inc.
|
|
BMW of Vista
|
|
Delaware
|
W.O. Bankston Nissan, Inc.
|
|
|
|
Texas
|
Wallace Dodge, LLC
|
|
|
|
Delaware
|
Wallace Ford, LLC
|
|
AutoNation Collision Center Delray
|
|
Delaware
|
Wallace Lincoln-Mercury, LLC
|
|
|
|
Delaware
|
Wallace Nissan, LLC
|
|
|
|
Delaware
|
Webb Automotive Group, Inc.
|
|
|
|
California
|
West Colorado Motors, LLC
|
|
AutoNation Chrysler Jeep West; AutoNation Buick GMC Park Meadows; AutoNation Buick GMC West; AutoNation Subaru Arapahoe
|
|
Delaware
|
West Houston Luxury Imports, Inc.
|
|
|
|
Delaware
|
West Side Motors, Inc.
|
|
AutoNation Honda West Knoxville
|
|
Tennessee
|
Westgate Chevrolet GP, LLC
|
|
|
|
Delaware
|
Westgate Chevrolet, Ltd.
|
|
AutoNation Chevrolet West Amarillo; AutoNation Cadillac West Amarillo
|
|
Texas
|
Westmont A. Imports, Inc.
|
|
Audi Westmont
|
|
Delaware
|
Westmont B. Imports, Inc.
|
|
Laurel BMW of Westmont
|
|
Delaware
|
Westmont Collision, Inc.
|
|
AutoNation Collision Center Westmont
|
|
Delaware
|
Westmont M. Imports, Inc.
|
|
Mercedes-Benz of Westmont
|
|
Delaware
|
Woody Capital Investment Company II
|
|
|
|
Colorado
|
Woody Capital Investment Company III
|
|
|
|
Colorado
|
Working Man’s Credit Plan, Inc.
|
|
|
|
Texas
|
WPB Collision, Inc.
|
|
AutoNation Collision Center West Palm Beach
|
|
Delaware
|
•
|
Form S-3 Registration No. 333-229818;
|
•
|
Form S-4 Registration No. 333-41505 and 333-17915; and
|
•
|
Form S-8 Registration No. 333-216482, 333-214308, 333-195706, 333-175830, 333-170737, 333-150756, 333-143250, 333-130019, 333-81888, 333-90819, 333-56967, 333-42891, 333-29265, 333-20669, 333-19453, 033-93742, and 333-07623
|
/s/ CHERYL MILLER
|
Cheryl Miller
|
Chief Executive Officer and President, Director
|
/s/ JOSEPH LOWER
|
Joseph Lower
|
Executive Vice President and Chief Financial Officer
|
/s/ CHERYL MILLER
|
Cheryl Miller
|
Chief Executive Officer and President, Director
|
/s/ JOSEPH LOWER
|
Joseph Lower
|
Executive Vice President and Chief Financial Officer
|