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AutoNation, Inc. (NYSE: AN) is a leading automotive retailer in the United States, renowned for its innovative products, exceptional services, and comprehensive solutions that empower customers to make the best decisions for their ever-changing needs. With a vast network of over 250 dealerships and 53 collision centers, AutoNation represents 34 manufacturer brands across 21 states. The company also operates 23 AutoNation USA used-vehicle stores, a captive lender, four auction sites, and three parts distributors.
Established in the 1990s by Wayne Huizenga, AutoNation has grown to become the second-largest automotive dealer in the U.S., with 2023 revenue of approximately $27 billion. The company sells new and used vehicles, offers parts and repair services, and provides auto financing. New-vehicle sales account for nearly half of the company's revenue, while the remaining comes from used vehicle sales, parts, and services.
AutoNation is committed to delivering a peerless customer experience, as evidenced by its recent achievements and initiatives. The company has raised over $35 million for cancer research, treatment, and awareness through its signature DRV PNK campaign. Additionally, AutoNation continues to innovate in personalized transportation services, recently launching AutoNationParts.com for online parts sales and AutoNation Mobility for short-term vehicle micro leases.
Financially, AutoNation has shown resilience and adaptability, with a strong balance sheet and strategic capital allocation. The company reported a revenue of $6.9 billion for Q3 2023, marking a 3% increase from the prior year. Despite challenges such as fluctuating new and used vehicle margins and inventory availability, AutoNation's focus on After-Sales growth and customer financial services has driven record gross profits.
Looking forward, AutoNation remains focused on maximizing shareholder returns, supported by its robust operating cash flow and ongoing investments in technology and new business initiatives. The company's strategic acquisitions, partnerships, and investments are set to enhance its market position and drive long-term growth.
AutoNation (NYSE: AN) has partnered with Ronald McDonald House Charities in Corpus Christi to support local families in need. As part of the Drive Pink initiative, customers can donate at all eight local stores, with 100% of proceeds going to the charity. This effort is crucial, following the pandemic's disruptions to fundraising activities. AutoNation has previously supported local charities, providing meals and holiday events for families. The company aims to raise $25 million through Drive Pink, which has already raised nearly $25 million since 2013 to combat cancer.
On September 1, 2020, AutoNation (NYSE: AN) announced a $25,000 donation to the American Breast Cancer Foundation (ABCF) to enhance cancer care access for underserved communities. This initiative aligns with the company's Drive Pink Mission, which has raised nearly $25 million since its inception. The donation also marks the launch of the ONE AutoNation initiative, aimed at addressing social injustices in healthcare. AutoNation emphasizes its commitment to equitable healthcare access for all individuals facing cancer challenges.
AutoNation (NYSE: AN) is offering free vehicle sanitization services for teachers across the U.S. every Tuesday from August 25 to September 29, 2020. This initiative allows teachers to receive a Clorox T360 sanitization treatment at any AutoNation store by presenting their teaching ID, taking less than 30 minutes. The service uses an EPA-approved disinfectant effective against Covid-19. AutoNation emphasizes its commitment to safety, thanking educators for their vital roles.
AutoNation (NYSE: AN), the largest automotive retailer in America, is enhancing efficiency through a restructuring plan initiated over the last two years. The company plans to close its aftermarket collision parts business, anticipating SG&A savings of about 100 basis points. Operating expenses are expected to fall below 68% of gross profit from Q3 2020 onwards. Despite incurring estimated charges of $52 million in the second half of 2020, AutoNation aims to expand its successful AutoNation USA used vehicle stores by adding 20 locations in three years.
AutoNation (NYSE: AN), the leading automotive retailer in the U.S., announced its participation in the virtual 2020 J.P. Morgan Auto Conference on August 12, 2020. Joe Lower, CFO, will present insights on the company's Q2 2020 results and current business trends at 3:40 PM ET. A live webcast will be accessible on the investor relations website for 30 days post-event. As of June 30, 2020, AutoNation has operated over 325 locations nationwide and has sold more than 12 million vehicles, emphasizing its commitment to customer experience and community initiatives.
On July 23, 2020, AutoNation (NYSE: AN) reported second quarter 2020 earnings showing a significant increase in EPS from continuing operations to $3.18, up from $1.12 a year earlier. This included a non-cash unrealized gain of $161 million related to its investment in Vroom. Adjusted EPS reached a record $1.41, an 18% increase year-over-year. However, same-store revenue fell 14% to $4.5 billion, and gross profit decreased by 9% to $795 million. Despite these declines, AutoNation announced plans to expand its pre-owned vehicle sales network with 20 new stores over three years.
On July 14, 2020, AutoNation (NYSE: AN) announced that Mike Jackson will continue as Chairman and CEO until April 12, 2022. The board intends to appoint a successor in early 2022. Cheryl Miller has resigned from her position and the board, ending a significant tenure that included a partnership with Waymo. Jackson, a veteran leader in the automotive industry, expressed confidence in AutoNation's strong positioning and future achievements. AutoNation operates over 325 locations and has sold over 12 million vehicles, emphasizing its commitment to a customer-focused experience.
AutoNation, the largest automotive retailer in the U.S., is set to release its second-quarter 2020 financial results on July 23, 2020. Management will discuss these results during a conference call at 10:00 a.m. ET. Investors can access the call at investors.autonation.com. As of June 30, 2020, AutoNation operates over 325 locations and has sold over 12 million vehicles. The company has raised nearly $25 million for cancer research through its DRIVE PINK initiative since 2013.
On June 16, 2020, AutoNation (NYSE: AN) announced a program offering FREE vehicle sanitization for First Responders every Tuesday until August 25, 2020. The initiative is aimed at providing EPA-approved sanitization treatments at any AutoNation store from 1-4 PM. First Responders can simply show their credentials to receive the service, which takes less than 30 minutes. AutoNation emphasizes its commitment to health and safety, supporting those who serve the community during the COVID-19 pandemic.
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