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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 reported a record EPS of $6.07 for the first quarter of 2023, marking a 5% increase from the previous year. However, revenue fell to $6.4 billion, down 5% year-over-year, attributed to a decline in used vehicle sales. The company's after-sales gross profit reached $511 million, a notable increase of 11%. AutoNation's SG&A expenses remained disciplined at 60.8% of gross profit. During this quarter, they also repurchased 2.4 million shares for $305 million. With a liquidity of $1.6 billion and a strong cash flow from operations of $510 million, AutoNation maintains a solid financial position. Despite a drop in operating income and net income by 15% and 20%, respectively, the company continues to expand its services and improve customer experiences.
AutoNation, Inc. (NYSE: AN) will release its financial results for the first quarter ended March 31, 2023, on April 20, 2023. The earnings announcement will be followed by a conference call at 9:00 a.m. Eastern Time on the same day, where management will discuss the results and other relevant information.
Interested parties can access the call by phone at 833-470-1428 (Conference ID: 450982) or via the AutoNation investor relations website. A playback of the call will be available after 12:00 p.m. Eastern Time on the announcement date until May 10, 2023.
AutoNation reported record financial results for Q4 and full year 2022, with Q4 EPS of $5.72 and adjusted EPS of $6.37. Revenue reached $6.7 billion, up 2% year-over-year, while full year revenue hit $27 billion, an increase of $1.1 billion. After-Sales gross profit rose 12%, leading to a record total of $1.9 billion for the year. The company reduced shares outstanding by 25% through repurchases. However, net income dropped 26% in Q4, and new vehicle retail sales declined 12% for the year. AutoNation aims to enhance its service offerings and customer experience, positioning itself for long-term profitability.
AutoNation (NYSE: AN) has completed the acquisition of RepairSmith, a mobile automotive repair service, enhancing its after-sales offerings. This strategic move aims to tap into the growing non-franchised aftermarket by providing convenient repair solutions for customers, particularly those who have purchased vehicles outside of AutoNation's network. With this acquisition, AutoNation expects to accelerate growth and improve service delivery, benefiting from RepairSmith's operational capabilities. The addition of over 400 employees from RepairSmith further strengthens AutoNation's workforce, contributing to its goal of being the leading comprehensive transportation solutions provider.
AutoNation, Inc. (NYSE: AN), the largest automotive retailer in the U.S., will release its fourth quarter and full year 2022 financial results on February 17, 2023. The results will be discussed during a conference call at 9:00 a.m. Eastern Time on the same day. Interested parties can join via telephone or through the investor relations website. This earnings report will provide insights into AutoNation's financial performance, which is crucial for stakeholders monitoring developments in the automotive retail sector.
AutoNation has raised over $35 million for cancer research through its Drive Pink initiative. In 2022 alone, customers contributed nearly $800,000 to support partners like the American Cancer Society and Breast Cancer Research Foundation. The funds will aid research at institutions such as the University of Southern California and H. Lee Moffitt Cancer Center. This philanthropic effort showcases AutoNation's commitment to improving lives affected by cancer, with numerous community initiatives nationwide.
Autonomy, a leading electric vehicle subscription company, has officially launched its services in Austin, Texas, after successful expansions in California, Florida, and Washington. Texas, ranking third in EV registrations, has nearly 30,000 new EVs registered from 2020 to 2021, indicating strong demand. Autonomy offers easy access to Tesla models with no long-term commitment, aiming to enhance EV adoption. Additionally, the company has partnered with AutoNation for vehicle services and ordered 23,000 electric vehicles worth over $1.2 billion to expand its fleet.
AutoNation (NYSE: AN) announced its agreement to acquire RepairSmith for $190 million, aiming to enhance its After-Sales services and customer retention. The acquisition will expand AutoNation's mobile automotive repair capabilities, providing services at home or work, and increase loyalty among its over 12 million customers. This strategic move aligns with AutoNation's goal to become a comprehensive transportation solutions provider. The transaction is expected to close in Q1 2023, pending customary approvals.
Autonomy, the largest electric vehicle subscription company in the U.S., announced a limited-time year-end offer for the Tesla Model 3, featuring a $3,000 down payment and $450 monthly payments for the first 12 months. This price is touted as the lowest anywhere. The initiative aims to boost EV adoption by removing financial barriers. Autonomy’s services include a digital subscription model, allowing flexibility without long-term commitments. Additionally, the company has partnered with AutoNation (NYSE:AN) for vehicle service and support, having ordered 23,000 electric vehicles worth over $1.2 billion.
VinFast has received a significant order from Autonomy for over 2,500 VF 8 and VF 9 electric vehicles at the 2022 LA Auto Show. This marks VinFast's largest corporate order and underscores its growing international market presence. Autonomy, which had earlier planned to order only 400 vehicles, aims to enhance consumer access to VinFast's electric offerings through a flexible subscription model. Deliveries are set to begin within 12 months as VinFast expands into U.S. markets, signifying a promising step for the company in the EV landscape.
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