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Tue Oct 23 2018

Asbury Automotive Group Announces 2018 Third Quarter Financial Results

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Record third quarter EPS of $2.18 per diluted share, up 47% over prior year EPS
Record third quarter adjusted EPS of $2.21 per diluted share (a non-GAAP measure), up 49% over prior year adjusted EPS

DULUTH, Ga., Oct. 23, 2018 /PRNewswire/ -- Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported net income for the third quarter 2018 of $44.3 million ($2.18 per diluted share) and adjusted net income (a non-GAAP measure) of $44.9 million ($2.21 per diluted share). This compares to net income of $30.7 million ($1.48 per diluted share) in the prior year quarter. Net income for the third quarter 2018 was adjusted $0.6 million ($0.03 per diluted share) as a result of a discrete tax item associated with the Tax Cuts and Jobs Act from December 2017.

On January 1, 2018, the company adopted ASC 606 for revenue recognition which impacted F&I and parts and service revenue and gross profit. The net impact of adopting ASC 606 in the third quarter was to increase net income by $0.2 million or $0.01 per diluted share.

As a result of tax legislation passed in December 2017, the tax rate in the third quarter of 2018 was 25% compared to 39% in the third quarter of 2017.

"In a slightly declining SAAR environment, we grew revenue 10% and operating profit 16%, thanks to the team's hard work and dedication," said David Hult, Asbury's President and Chief Executive Officer. "This, coupled with the benefit of tax reform, led to the achievement of 49% adjusted EPS growth.  In addition, from January 1, 2018 through October 22, we have repurchased approximately 7% of our company's stock and invested $70 million in strategic acquisitions."

Third Quarter 2018 Operational Summary

Total company:

  • Total revenue increased 10%; gross profit increased 7%
  • SG&A as a percentage of gross profit decreased 220 basis points to 67.9%
  • Income from operations as a percentage of revenue was 4.6%, an increase of 20 basis points from the prior year period
  • Adjusted EPS from operations increased 49%

Same store:

  • Total revenue increased 6%; gross profit increased 4%
  • New vehicle revenue increased 7%; gross profit was flat
  • Used vehicle retail revenue increased 9%; gross profit increased 10%
  • Finance and insurance revenue and gross profit increased 5%
  • Parts and service revenue increased 2%; gross profit increased 3%

Strategic Highlights:

  • In Q3 2018, we repurchased $17 million of common stock
  • In October 2018, the Board reset total share repurchase authorization to $100 million
  • Omni-channel initiatives helped drive results, reduce costs, and improve efficiencies

The Company's revenues for the nine-months ended September 30, 2018, totaled $5.1 billion, an increase of 6% compared to $4.8 billion in the prior year period.

For the nine-months ended September 30, 2018, the Company reported net income of $127.6 million, or $6.22 per diluted share, compared to reported net income of $96.6 million, or $4.60 per diluted share in the prior year period.  For the nine-months ended September 30, 2018 the Company reported adjusted net income of $127.7 million, or $6.23 per diluted share, compared to $97.3 million, or $4.63 per diluted share, for the prior year period.  See attached reconciliation for reported adjustments.

Additional commentary regarding the third quarter results will be provided during the earnings conference call on October 23, 2018 at 10:00 a.m.  The conference call will be simulcast live on the internet and can be accessed at www.asburyauto.com or www.ccbn.com.  A replay will be available at these sites for 30 days.

In addition, a live audio of the call will be accessible to the public by calling (855) 719-5012 (domestic), or (334) 323-0522 (international); passcode - 1043454.  Callers should dial in approximately 5 to 10 minutes before the call begins.

A conference call replay will be available two hours following the call for seven days, and can be accessed by calling (888) 203-1112 (domestic), or (719) 457-0820 (international); passcode - 1043454.

About Asbury Automotive Group, Inc.

Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S.  Asbury currently operates 83 dealerships, consisting of 97 franchises, representing 29 domestic and foreign brands of vehicles.  Asbury also operates 25 collision repair centers.  Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.

Forward-Looking Statements

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

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

 

ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)



For the Three Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



REVENUE:








New vehicle

$

980.5



$

881.6



$

98.9



11

%

Used vehicle:








Retail

448.7



400.1



48.6



12

%

Wholesale

48.8



55.5



(6.7)



(12)

%

     Total used vehicle

497.5



455.6



41.9



9

%

Parts and service

206.1



197.2



8.9



5

%

Finance and insurance, net

73.3



67.7



5.6



8

%

TOTAL REVENUE

1,757.4



1,602.1



155.3



10

%

GROSS PROFIT:








New vehicle

42.1



41.0



1.1



3

%

Used vehicle:








Retail

32.7



28.9



3.8



13

%

Wholesale

0.1



(0.1)



0.2



NM

     Total used vehicle

32.8



28.8



4.0



14

%

Parts and service

129.8



122.8



7.0



6

%

Finance and insurance, net

73.3



67.7



5.6



8

%

TOTAL GROSS PROFIT

278.0



260.3



17.7



7

%

OPERATING EXPENSES:








Selling, general and administrative

188.8



182.5



6.3



3

%

Depreciation and amortization

8.5



8.1



0.4



5

%

Other operating (income) expenses, net

(0.1)





(0.1)



%

INCOME FROM OPERATIONS

80.8



69.7



11.1



16

%

OTHER EXPENSES:








Floor plan interest expense

8.4



5.8



2.6



45

%

Other interest expense, net

13.2



13.4



(0.2)



(1)

%

Swap interest expense

0.1



0.4



(0.3)



(75)

%

Total other expenses, net

21.7



19.6



2.1



11

%

INCOME BEFORE INCOME TAXES

59.1



50.1



9.0



18

%

Income tax expense

14.8



19.4



(4.6)



(24)

%

NET INCOME

$

44.3



$

30.7



$

13.6



44

%

EARNINGS PER COMMON SHARE:








Basic—








Net income

$

2.22



$

1.49



$

0.73



49

%

Diluted—








Net income

$

2.18



$

1.48



$

0.70



47

%

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:








Basic

20.0



20.6



(0.6)



(3)

%

Restricted stock

0.1



0.1





%

Performance share units

0.2



0.1



0.1



100

%

Diluted

20.3



20.8



(0.5)



(2)

%









NMNot Meaningful

 

 

ASBURY AUTOMOTIVE GROUP, INC.
KEY OPERATING HIGHLIGHTS (In millions, except per unit data)
(Unaudited)



For the Three Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



Unit sales








New vehicle:








Luxury

5,685



5,499



186



3

%

Import

17,046



14,997



2,049



14

%

Domestic

5,019



4,691



328



7

%

     Total new vehicle

27,750



25,187



2,563



10

%

Used vehicle retail

20,824



18,777



2,047



11

%

Used to new ratio

75.0

%


74.6

%


40 bps




Average selling price








New vehicle

$

35,333



$

35,002



$

331



1

%

Used vehicle retail

21,547



21,308



239



1

%

Average gross profit per unit








New vehicle:








Luxury

$

3,272



$

3,364



$

(92)



(3)

%

Import

903



960



(57)



(6)

%

Domestic

1,614



1,727



(113)



(7)

%

Total new vehicle

1,517



1,628



(111)



(7)

%

Used vehicle

1,570



1,539



31



2

%

Finance and insurance, net

1,509



1,540



(31)



(2)

%

Front end yield (1)

3,049



3,130



(81)



(3)

%

Gross margin








New vehicle:








Luxury

6.2

%


6.4

%


(20) bps




Import

3.2

%


3.5

%


(30) bps




Domestic

4.1

%


4.5

%


(40) bps




Total new vehicle

4.3

%


4.7

%


(40) bps




Used vehicle retail

7.3

%


7.2

%


10 bps




Parts and service

63.0

%


62.3

%


70 bps




Total gross profit margin

15.8

%


16.2

%


(40) bps




SG&A metrics








Rent expense

$

6.4



$

6.5



$

(0.1)



(2)

%

Total SG&A as a percentage of gross profit

67.9

%


70.1

%


(220) bps




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

65.6

%


67.6

%


(200) bps




Operating metrics








Income from operations as a percentage of revenue

4.6

%


4.4

%


20 bps




Income from operations as a percentage of gross profit

29.1

%


26.8

%


230 bps




Adjusted income from operations as a percentage of revenue

4.6

%


4.4

%


20 bps




Adjusted income from operations as a percentage of gross profit

29.1

%


26.8

%


230 bps




Revenue mix








New vehicle

55.8

%


55.0

%





Used vehicle retail

25.5

%


25.0

%





Used vehicle wholesale

2.8

%


3.5

%





Parts and service

11.7

%


12.3

%





Finance and insurance

4.2

%


4.2

%





     Total revenue

100.0

%


100.0

%





Gross profit mix








New vehicle

15.1

%


15.8

%





Used vehicle retail

11.8

%


11.0

%





Used vehicle wholesale

%


%





Parts and service

46.7

%


47.2

%





Finance and insurance

26.4

%


26.0

%





     Total gross profit

100.0

%


100.0

%












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

 

 

ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (In millions)
(Unaudited)



For the Three Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



Revenue








New vehicle:








Luxury

$

297.8



$

288.3



$

9.5



3

%

Import

458.4



414.2



44.2



11

%

Domestic

191.3



179.1



12.2



7

%

     Total new vehicle

947.5



881.6



65.9



7

%

Used Vehicle:








Retail

436.0



399.0



37.0



9

%

Wholesale

48.1



55.2



(7.1)



(13)

%

     Total used vehicle

484.1



454.2



29.9



7

%

Parts and service

201.4



197.2



4.2



2

%

Finance and insurance

71.2



67.6



3.6



5

%

Total revenue

$

1,704.2



$

1,600.6



$

103.6



6

%









Gross profit








New vehicle:








Luxury

$

18.7



$

18.5



$

0.2



1

%

Import

14.3



14.4



(0.1)



(1)

%

Domestic

7.9



8.1



(0.2)



(2)

%

     Total new vehicle

40.9



41.0



(0.1)



%

Used Vehicle:








Retail

31.7



28.8



2.9



10

%

Wholesale

0.3





0.3



%

     Total used vehicle

32.0



28.8



3.2



11

%

Parts and service:








Customer pay

71.4



68.1



3.3



5

%

Warranty

18.9



20.6



(1.7)



(8)

%

Wholesale parts

5.4



5.3



0.1



2

%

     Parts and service, excluding reconditioning and preparation

95.7



94.0



1.7



2

%

Reconditioning and preparation

31.3



28.8



2.5



9

%

Total parts and service

127.0



122.8



4.2



3

%

Finance and insurance

71.2



67.6



3.6



5

%

Total gross profit

$

271.1



$

260.2



$

10.9



4

%









SG&A expense

$

183.7



$

182.0



$

1.7



1

%

SG&A expense as a percentage of gross profit

67.8

%


69.9

%


(210) bps







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

 

 

ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (Continued)
(Unaudited)



For the Three Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



Unit sales








New vehicle:








Luxury

5,685



5,499



186



3

%

Import

16,114



14,997



1,117



7

%

Domestic

4,829



4,691



138



3

%

     Total new vehicle

26,628



25,187



1,441



6

%

Used vehicle retail

20,098



18,695



1,403



8

%

Used to new ratio

75.5

%


74.2

%


130 bps












Average selling price








New vehicle

$

35,583



$

35,002



$

581



2

%

Used vehicle retail

21,694



21,343



351



2

%









Average gross profit per unit








New vehicle:








Luxury

$

3,289



$

3,364



$

(75)



(2)

%

Import

887



960



(73)



(8)

%

Domestic

1,636



1,727



(91)



(5)

%

Total new vehicle

1,536



1,628



(92)



(6)

%

Used vehicle retail

1,577



1,541



36



2

%

Finance and insurance, net

1,524



1,540



(16)



(1)

%

Front end yield (1)

3,078



3,131



(53)



(2)

%









Gross margin








New vehicle:








Luxury

6.3

%


6.4

%


(10) bps




Import

3.1

%


3.5

%


(40) bps




Domestic

4.1

%


4.5

%


(40) bps




Total new vehicle

4.3

%


4.7

%


(40) bps




Used vehicle retail

7.3

%


7.2

%


10 bps




Parts and service:








Parts and service, excluding reconditioning and preparation

47.5

%


47.7

%


(20) bps




Parts and service, including reconditioning and preparation

63.1

%


62.3

%


80 bps




Total gross profit margin

15.9

%


16.3

%


(40) bps















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


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

 

 

ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)



For the Nine Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



REVENUE:








New vehicle

$

2,766.3



$

2,597.0



$

169.3



7

%

Used vehicle:








Retail

1,355.4



1,245.7



109.7



9

%

Wholesale

143.6



150.9



(7.3)



(5)

%

     Total used vehicle

1,499.0



1,396.6



102.4



7

%

Parts and service

609.9



589.5



20.4



3

%

Finance and insurance, net

215.0



202.5



12.5



6

%

TOTAL REVENUE

5,090.2



4,785.6



304.6



6

%

GROSS PROFIT:








New vehicle

121.3



122.4



(1.1)



(1)

%

Used vehicle:








Retail

98.5



94.4



4.1



4

%

Wholesale

1.9



1.0



0.9



90

%

     Total used vehicle

100.4



95.4



5.0



5

%

Parts and service

384.5



367.2



17.3



5

%

Finance and insurance, net

215.0



202.5



12.5



6

%

TOTAL GROSS PROFIT

821.2



787.5



33.7



4

%

OPERATING EXPENSES:








Selling, general and administrative

563.6



549.2



14.4



3

%

Depreciation and amortization

25.2



24.0



1.2



5

%

Other operating (income) expenses, net

(1.2)



0.7



(1.9)



NM

INCOME FROM OPERATIONS

233.6



213.6



20.0



9

%

OTHER EXPENSES:








Floor plan interest expense

23.0



17.1



5.9



35

%

Other interest expense, net

39.4



40.2



(0.8)



(2)

%

Swap interest expense

0.5



1.6



(1.1)



(69)

%

Total other expenses, net

62.9



58.9



4.0



7

%

INCOME BEFORE INCOME TAXES

170.7



154.7



16.0



10

%

Income tax expense

43.1



58.1



(15.0)



(26)

%

NET INCOME

$

127.6



$

96.6



$

31.0



32

%

EARNINGS PER COMMON SHARE:








Basic—








Net income

$

6.29



$

4.64



$

1.65



36

%

Diluted—








Net income

$

6.22



$

4.60



$

1.62



35

%

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:








Basic

20.3



20.8



(0.5)



(2)

%

Restricted stock

0.1



0.1





%

Performance share units

0.1



0.1





%

Diluted

20.5



21.0



(0.5)



(2)

%




NMNot Meaningful

 

 

ASBURY AUTOMOTIVE GROUP, INC.
KEY OPERATING HIGHLIGHTS (In millions, except per unit data)
(Unaudited)



For the Nine Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



Unit sales








New vehicle:








Luxury

16,527



16,117



410



3

%

Import

46,545



43,504



3,041



7

%

Domestic

14,406



14,163



243



2

%

     Total new vehicle

77,478



73,784



3,694



5

%

Used vehicle retail

63,079



59,107



3,972



7

%

Used to new ratio

81.4

%


80.1

%


130 bps




Average selling price








New vehicle

$

35,704



$

35,197



$

507



1

%

Used vehicle retail

21,487



21,075



412



2

%

Average gross profit per unit








New vehicle:








Luxury

$

3,479



$

3,394



$

85



3

%

Import

840



984



(144)



(15)

%

Domestic

1,715



1,758



(43)



(2)

%

Total new vehicle

1,566



1,659



(93)



(6)

%

Used vehicle

1,562



1,597



(35)



(2)

%

Finance and insurance, net

1,530



1,524



6



%

Front end yield (1)

3,093



3,155



(62)



(2)

%

Gross margin








New vehicle:








Luxury

6.5

%


6.4

%


10 bps




Import

3.0

%


3.5

%


(50) bps




Domestic

4.4

%


4.6

%


(20) bps




Total new vehicle

4.4

%


4.7

%


(30) bps




Used vehicle retail

7.3

%


7.6

%


(30) bps




Parts and service

63.0

%


62.3

%


70 bps




Total gross profit margin

16.1

%


16.5

%


(40) bps




SG&A metrics








Rent expense

$

19.0



$

20.2



$

(1.2)



(6)

%

Total SG&A as a percentage of gross profit

68.6

%


69.7

%


(110) bps




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

66.3

%


67.2

%


(90) bps




Operating metrics








Income from operations as a percentage of revenue

4.6

%


4.5

%


10 bps




Income from operations as a percentage of gross profit

28.4

%


27.1

%


130 bps




Adjusted income from operations as a percentage of revenue

4.6

%


4.5

%


10 bps




Adjusted income from operations as a percentage of gross profit

28.4

%


27.3

%


110 bps




Revenue mix








New vehicle

54.3

%


54.3

%





Used vehicle retail

26.7

%


26.0

%





Used vehicle wholesale

2.8

%


3.2

%





Parts and service

12.0

%


12.3

%





Finance and insurance

4.2

%


4.2

%





     Total revenue

100.0

%


100.0

%





Gross profit mix








New vehicle

14.8

%


15.5

%





Used vehicle retail

12.0

%


12.1

%





Used vehicle wholesale

0.2

%


0.1

%





Parts and service

46.8

%


46.6

%





Finance and insurance

26.2

%


25.7

%





     Total gross profit

100.0

%


100.0

%








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

 

 

ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (In millions)
(Unaudited)



For the Nine Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



Revenue








New vehicle:








Luxury

$

883.8



$

852.3



$

31.5



4

%

Import

1,259.3



1,204.7



54.6



5

%

Domestic

546.7



537.6



9.1



2

%

     Total new vehicle

2,689.8



2,594.6



95.2



4

%

Used Vehicle:








Retail

1,321.4



1,235.4



86.0



7

%

Wholesale

141.0



149.8



(8.8)



(6)

%

     Total used vehicle

1,462.4



1,385.2



77.2



6

%

Parts and service

598.2



589.0



9.2



2

%

Finance and insurance, net

210.1



201.5



8.6



4

%

Total revenue

$

4,960.5



$

4,770.3



$

190.2



4

%









Gross profit








New vehicle:








Luxury

$

57.6



$

54.7



$

2.9



5

%

Import

36.7



42.8



(6.1)



(14)

%

Domestic

24.0



24.8



(0.8)



(3)

%

     Total new vehicle

118.3



122.3



(4.0)



(3)

%

Used Vehicle:








Retail

95.8



93.7



2.1



2

%

Wholesale

2.1



1.3



0.8



62

%

     Total used vehicle

97.9



95.0



2.9



3

%

Parts and service:








Customer pay

213.8



203.5



10.3



5

%

Warranty

55.6



61.7



(6.1)



(10)

%

Wholesale parts

16.5



15.7



0.8



5

%

     Parts and service, excluding reconditioning and preparation

285.9



280.9



5.0



2

%

Reconditioning and preparation

91.0



85.7



5.3



6

%

Total parts and service

376.9



366.6



10.3



3

%

Finance and insurance

210.1



201.5



8.6



4

%

Total gross profit

$

803.2



$

785.4



$

17.8



2

%









SG&A expense

$

550.7



$

546.1



$

4.6



1

%

SG&A expense as a percentage of gross profit

68.6

%


69.5

%


(90) bps







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

 

 

ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (Continued)
(Unaudited)



For the Nine Months
Ended September 30,


Increase
(Decrease)


%
Change


2018


2017



Unit sales








New vehicle:








Luxury

16,527



16,117



410



3

%

Import

44,438



43,467



971



2

%

Domestic

13,923



14,125



(202)



(1)

%

     Total new vehicle

74,888



73,709



1,179



2

%

Used vehicle retail

61,165



58,463



2,702



5

%

Used to new ratio

81.7

%


79.3

%


240 bps












Average selling price








New vehicle

$

35,918



$

35,201



$

717



2

%

Used vehicle retail

21,604



21,131



473



2

%









Average gross profit per unit








New vehicle:








Luxury

$

3,485



$

3,394



$

91



3

%

Import

826



985



(159)



(16)

%

Domestic

1,724



1,756



(32)



(2)

%

Total new vehicle

1,580



1,659



(79)



(5)

%

Used vehicle retail

1,566



1,603



(37)



(2)

%

Finance and insurance, net

1,544



1,525



19



1

%

Front end yield (1)

3,118



3,159



(41)



(1)

%









Gross margin








New vehicle:








Luxury

6.5

%


6.4

%


10 bps




Import

2.9

%


3.6

%


(70) bps




Domestic

4.4

%


4.6

%


(20) bps




Total new vehicle

4.4

%


4.7

%


(30) bps




Used vehicle retail

7.2

%


7.6

%


(40) bps




Parts and service:








Parts and service, excluding reconditioning and preparation

47.8

%


47.7

%


10 bps




Parts and service, including reconditioning and preparation

63.0

%


62.2

%


80 bps




Total gross profit margin

16.2

%


16.5

%


(30) bps















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


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

 

 

ASBURY AUTOMOTIVE GROUP, INC.
Additional Disclosures