AutoNation 2000 Annual Report Download - page 24

Reported Operating Data:
The following table sets forth the components of our operating results
including revenue percentages of total revenue, the components of gross margin
and retail vehicle unit sales on a reported basis for the years ended December
31 ($ in millions):
2000 % 1999 % 1998 %
--------------- --------- --------------- --------- -------------- ---------
Revenue:
New vehicle ............................ $ 12,489.3 60.6 $ 11,481.0 57.1 $ 6,775.8 53.5
Used vehicle ........................... 3,860.2 18.7 4,429.7 22.0 3,185.2 25.2
Fixed operations ....................... 2,334.9 11.3 2,222.0 11.1 1,383.2 10.9
Finance and insurance .................. 431.8 2.1 423.4 2.1 288.6 2.3
Other .................................. 1,493.4 7.3 1,555.7 7.7 1,031.8 8.1
------------ ----- ------------ ----- ----------- -----
$ 20,609.6 100.0 $ 20,111.8 100.0 $ 12,664.6 100.0
============ ===== ============ ===== =========== =====
Gross margin:
New vehicle ............................ $ 1,056.0 8.5 $ 962.3 8.4 $ 588.6 8.7
Used vehicle ........................... 438.6 11.4 449.6 10.1 379.4 11.9
Fixed operations ....................... 999.7 42.8 933.8 42.0 571.6 41.3
Finance and insurance .................. 431.8 100.0 423.4 100.0 288.6 100.0
Other .................................. 106.4 7.1 159.5 10.3 103.4 10.0
------------ ------------ -----------
3,032.5 14.7 2,928.6 14.6 1,931.6 15.3
S,G &A - Store ........................... 2,021.6 9.8 2,089.4 10.4 1,301.8 10.3
------------ ------------ -----------
Store performance ........................ 1,010.9 4.9 839.2 4.2 629.8 5.0
S,G &A - Corporate ....................... 125.2 .6 190.0 1.0 86.5 .7
S,G &A - Property carrying costs ......... 30.9 .1 -- -- -- --
Depreciation ............................. 54.7 .3 60.1 .3 40.3 .3
Amortization ............................. 79.1 .4 62.9 .3 39.6 .3
Asset impairment charges (recoveries),
net .................................... ( 3.8) -- 416.4 2.1 -- --
------------ ------------ -----------
Operating Income ......................... $ 724.8 3.5 $ 109.8 .5 $ 463.4 3.7
============ ============ ===========
Retail vehicle unit sales:
New .................................... 489,000 469,000 266,000
Used ................................... 255,000 315,000 244,000
------------ ------------ -----------
744,000 784,000 510,000
============ ============ ===========
Total revenue was $20.61 billion, $20.11 billion and $12.66 billion for
the years ended December 31, 2000, 1999 and 1998, respectively. Gross margins
were $3.03 billion, $2.93 billion and $1.93 billion for the years ended
December 31, 2000, 1999 and 1998, respectively. The primary components of these
changes are described below.
New vehicle revenue was $12.49 billion, $11.48 billion and $6.78 billion
for the years ended December 31, 2000, 1999 and 1998, respectively. New vehicle
gross margins were $1.06 billion, $962.3 million and $588.6 million or, as
percentages of new vehicle revenue, 8.5%, 8.4% and 8.7% for the years ended
December 31, 2000, 1999 and 1998, respectively. Increases are attributable to
acquisitions and higher pricing. New vehicle revenue was also impacted by an
increase in same store unit sales in 1999 and a modest decrease in same store
unit sales in 2000.
Used vehicle revenue was $3.86 billion, $4.43 billion and $3.19 billion
for the years ended December 31, 2000, 1999 and 1998, respectively. Used
vehicle gross margins were $438.6 million, $449.6 million
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and $379.4 million or, as percentages of used vehicle revenue, 11.4%, 10.1% and
11.9% for the years ended December 31, 2000, 1999 and 1998, respectively. The
decreases in 2000 used vehicle revenue and gross margin are the result of a
decrease in units retailed from approximately 315,000 in 1999 to 255,000 in