AutoNation 2015 Annual Report Download - page 42
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Table of Contents
Import
The Import segment operating results included the following:
Revenue $ 7,037.2
$ 6,717.8
$ 319.4
4.8
$ 6,375.0
$ 342.8
5.4
Segment income $ 311.4
$ 291.3
$ 20.1
6.9
$ 280.1
$ 11.2
4.0
Retail new vehicle unit sales 157,868
154,066
3,802
2.5
143,325
10,741
7.5
Import revenue increased during 2015, as compared to 2014, primarily due to increases in new and used vehicle unit volume and new and used vehicle
revenue PVR. The increase in new vehicle unit volume was primarily due to replacement demand and improved market conditions, including increased
consumer borrowing and confidence as compared to the prior year. New product offerings from certain automotive manufacturers also favorably impacted
new vehicle unit volume. New vehicle revenue PVR benefited from lower average fuel prices, which caused a shift in mix toward larger vehicles, such as
trucks and sport utility vehicles, that have relatively higher average selling prices. The increase in used vehicle unit volume was primarily due to an increase
in trade-in volume associated with new vehicle sales, as well as an increase in sales of certified pre-owned vehicles. Used vehicle revenue PVR benefited from
the increase in sales of certified pre-owned vehicles, which have relatively higher average selling prices. Import revenue also benefited from an increase in
parts and service revenue.
Import segment income increased during 2015, as compared to 2014, primarily due to an increase in parts and service gross profit and an increase in
finance and insurance revenue and gross profit, which benefited from an increase in finance and insurance revenue and gross profit PVR and higher vehicle
unit volume. Increases in Import segment income were partially offset by an increase in variable expenses and decreases in both new and used vehicle gross
profit due to the competitive automotive retail environment.
Import revenue increased during 2014, as compared to 2013, primarily due to an increase in new vehicle unit volume. The increase in new vehicle unit
volume was primarily due to replacement demand and improved market conditions, including increased consumer borrowing and improved consumer
confidence as compared to the prior year. New product offerings from certain automotive manufacturers also favorably impacted new vehicle unit volume.
New vehicle unit volume also benefited from the acquisitions we completed in the second and fourth quarters of 2013.
Import segment income increased during 2014, as compared to 2013, primarily due to an increase in finance and insurance revenue and gross profit, which
benefited from an increase in finance and insurance revenue and gross profit PVR and higher new vehicle unit volume. Import segment income also benefited
from an increase in parts and service gross profit and the recent acquisitions noted in the paragraph above. These increases were partially offset by an increase
in variable expenses and a decrease in new vehicle gross profit due to a decrease in new vehicle gross profit PVR.
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