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Sonic Automotive Reports Third Quarter 2024 Financial Results

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Sonic Automotive (NYSE:SAH) reported Q3 2024 financial results with total revenues of $3.5 billion, down 4% year-over-year. Net income increased 8% to $74.2 million, while adjusted net income decreased 39% to $44.0 million. The company's EchoPark segment achieved record quarterly performance with gross profit of $55.2 million, up 5% year-over-year.

The quarter was impacted by CDK Global software outage effects, reducing income before taxes by $17.2 million. The Board approved a 17% increase in quarterly cash dividend to $0.35 per share. The company maintained strong liquidity with $418 million in cash and floor plan deposits, and total liquidity of approximately $834 million.

Sonic Automotive (NYSE:SAH) ha riportato i risultati finanziari del terzo trimestre 2024, con ricavi totali di 3,5 miliardi di dollari, in calo del 4% rispetto all'anno precedente. L'utile netto è aumentato dell'8% a 74,2 milioni di dollari, mentre l'utile netto rettificato è diminuito del 39% a 44,0 milioni di dollari. Il segmento EchoPark dell'azienda ha raggiunto prestazioni record nel trimestre, con un utile lordo di 55,2 milioni di dollari, in crescita del 5% rispetto all'anno scorso.

Il trimestre è stato influenzato dagli effetti dell'interruzione del software di CDK Global, che ha ridotto il reddito ante imposte di 17,2 milioni di dollari. Il Consiglio ha approvato un aumento del 17% del dividendo in contante trimestrale a 0,35 dollari per azione. L'azienda ha mantenuto una forte liquidità con 418 milioni di dollari in contante e depositi per piani di finanziamento, e una liquidità totale di circa 834 milioni di dollari.

Sonic Automotive (NYSE:SAH) reportó los resultados financieros del tercer trimestre de 2024, con ingresos totales de 3.5 mil millones de dólares, una disminución del 4% interanual. El ingreso neto aumentó un 8% a 74.2 millones de dólares, mientras que el ingreso neto ajustado disminuyó un 39% a 44.0 millones de dólares. El segmento EchoPark de la compañía logró un rendimiento trimestral récord con una ganancia bruta de 55.2 millones de dólares, un aumento del 5% en comparación con el año anterior.

El trimestre se vio afectado por los efectos de la interrupción del software de CDK Global, reduciendo el ingreso antes de impuestos en 17.2 millones de dólares. La Junta aprobó un aumento del 17% en el dividendo en efectivo trimestral a 0.35 dólares por acción. La compañía mantuvo una sólida liquidez con 418 millones de dólares en efectivo y depósitos en planes de financiamiento, y una liquidez total de aproximadamente 834 millones de dólares.

소닉 오토모티브 (NYSE:SAH)는 2024년 3분기 재무 결과를 발표했으며, 총 수익은 35억 달러로 전년 대비 4% 감소했습니다. 순이익은 8% 증가하여 7420만 달러에 달했으며, 조정된 순이익은 39% 감소하여 4400만 달러가 되었습니다. 회사의 EchoPark 부문은 분기별 실적에서 기록적인 성과를 달성했으며, 총 이익은 5520만 달러로 전년 대비 5% 증가했습니다.

이번 분기는 CDK 글로벌 소프트웨어 중단의 영향을 받아 세전 소득이 1720만 달러 감소했습니다. 이사회는 분기별 현금 배당금을 주당 0.35달러로 17% 인상하는 안건을 승인했습니다. 회사는 4억 1800만 달러의 현금 및 바닥 계획 예치금으로 강력한 유동성을 유지하고 있으며, 총 유동성은 약 8억 3400만 달러에 달합니다.

Sonic Automotive (NYSE:SAH) a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus totaux de 3,5 milliards de dollars, en baisse de 4 % par rapport à l'année précédente. Le bénéfice net a augmenté de 8 % pour atteindre 74,2 millions de dollars, tandis que le bénéfice net ajusté a diminué de 39 % pour atteindre 44,0 millions de dollars. Le segment EchoPark de l'entreprise a réalisé une performance trimestrielle record avec un bénéfice brut de 55,2 millions de dollars, en hausse de 5 % par rapport à l'année dernière.

Le trimestre a été affecté par les effets de la panne de logiciel de CDK Global, réduisant le revenu avant impôts de 17,2 millions de dollars. Le Conseil a approuvé une augmentation de 17 % du dividende en espèces trimestriel à 0,35 dollar par action. L'entreprise a maintenu une forte liquidité avec 418 millions de dollars en espèces et des dépôts de plancher, et une liquidité totale d'environ 834 millions de dollars.

Sonic Automotive (NYSE:SAH) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht, mit Gesamterlösen von 3,5 Milliarden Dollar, was einem Rückgang von 4 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn stieg um 8 % auf 74,2 Millionen Dollar, während der bereinigte Nettogewinn um 39 % auf 44,0 Millionen Dollar fiel. Der EchoPark-Sektor des Unternehmens erzielte ein Rekordergebnis im Quartal mit einem Bruttogewinn von 55,2 Millionen Dollar, was einem Anstieg von 5 % im Vergleich zum Vorjahr entspricht.

Das Quartal wurde durch die Auswirkungen der CDK Global-Softwareausfälle beeinträchtigt, die das Einkommen vor Steuern um 17,2 Millionen Dollar reduzierten. Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Bar-Dividende um 17 % auf 0,35 Dollar pro Aktie. Das Unternehmen wies eine starke Liquidität mit 418 Millionen Dollar in bar und Bodenplan-Einlagen sowie eine Gesamtl liquidität von etwa 834 Millionen Dollar auf.

Positive
  • Net income increased 8% to $74.2 million ($2.13 EPS, up 11%)
  • EchoPark segment achieved record quarterly gross profit of $55.2 million (up 5%)
  • 17% increase in quarterly dividend to $0.35 per share
  • Strong liquidity position with $834 million in total liquidity
  • Same store Fixed Operations gross profit up 8%
Negative
  • Total revenues declined 4% to $3.5 billion
  • Adjusted net income decreased 39% to $44.0 million
  • CDK outage reduced income before taxes by $17.2 million
  • Same store retail new vehicle gross profit per unit down 35%
  • EchoPark revenues down 13% to $544.9 million

Insights

Sonic Automotive's Q3 2024 results present a mixed picture. While total revenues declined 4% to $3.5 billion, the company achieved notable successes in its EchoPark segment. The standout metric is adjusted net income of $44.0 million, down 39% year-over-year, significantly impacted by the CDK software outage which reduced income before taxes by $17.2 million.

The EchoPark segment showed remarkable improvement, achieving record quarterly gross profit of $55.2 million and adjusted EBITDA of $8.9 million, up 271% year-over-year. The 17% dividend increase to $0.35 per share signals management's confidence in future performance. However, the Franchised Dealerships segment faced headwinds with same-store gross profit down 7% and new vehicle gross profit per unit declining 35%.

The automotive retail landscape is showing signs of normalization, particularly in new vehicle margins. The company's inventory management appears solid with 57 days' supply for new vehicles and 33-34 days for used vehicles across segments, indicating efficient operational control. The successful diversification strategy is evident in the Powersports segment's performance, though showing some pressure with segment income down 38%.

The EchoPark segment's turnaround is particularly noteworthy, as it demonstrates the success of the company's strategic focus on the used vehicle market. The segment's same market growth and improved profitability metrics suggest increasing market acceptance and operational efficiency, despite broader market challenges.

EchoPark Reports All-Time Record Quarterly Gross Profit, Segment Income, and Adjusted EBITDA*

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the “Company,” “we” “us” or “our”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Summary

  • Total revenues of $3.5 billion, down 4% year-over-year; total gross profit of $543.6 million, down 7% year-over-year
  • Reported net income of $74.2 million, up 8% year-over-year ($2.13 earnings per diluted share, up 11% year-over-year)
    • Reported net income includes the pre-tax effects of $1.8 million in excess compensation expense paid to our teammates related to the CDK outage and a $1.5 million charge related to storm damage, offset partially by a $2.3 million gain related to sale of real estate at previously closed EchoPark Segment stores, net of a $0.2 million income tax benefit on the above net charges
    • Reported net income also includes a $31.0 million income tax benefit associated with an out of period adjustment correcting an error recorded in connection with the impairment of franchise assets in a prior period
    • Excluding these items, adjusted net income* was $44.0 million, down 39% year-over-year ($1.26 adjusted earnings per diluted share*, down 38% year-over-year)
    • The carryover effects in July from the CDK Global software outage are estimated to have reduced third quarter GAAP income before taxes by approximately $17.2 million, and net income by approximately $12.7 million, or $0.36 in diluted earnings per share
      • Approximately $1.8 million ($0.04 in diluted earnings per share) of the pre-tax CDK impact during the third quarter was related to excess compensation paid to our teammates as a result of the CDK outage, which is included as a reconciling item in the non-GAAP reconciliation tables below
  • Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 72.1% (72.4% on a Franchised Dealerships Segment basis, 72.9% on an EchoPark Segment basis, and 63.7% on a Powersports Segment basis)
    • Total adjusted SG&A expenses as a percentage of gross profit* of 71.9% (71.6% on a Franchised Dealerships Segment basis, 77.1% on an EchoPark Segment basis, and 63.7% on a Powersports Segment basis)
  • EchoPark Segment revenues of $544.9 million, down 13% year-over-year; all-time record quarterly EchoPark Segment total gross profit of $55.2 million, up 5% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 17,757, down 7% year-over-year
  • Reported EchoPark Segment income of $5.2 million, up 131% year-over-year, and adjusted EchoPark Segment income* of $2.9 million, up 124% year-over-year
  • EchoPark Segment adjusted EBITDA* of $8.9 million, up 271% year-over-year
    • Excluding closed stores, EchoPark Segment adjusted EBITDA* was $9.2 million, a 454% improvement from a loss of $2.6 million in the prior year period
  • Sonic’s Board of Directors approved a 17% increase to the quarterly cash dividend, to $0.35 per share, payable on January 15, 2025 to all stockholders of record on December 13, 2024

* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.

Commentary

David Smith, Chairman and Chief Executive Officer of Sonic Automotive, stated, “I'm pleased to report that we continued to build momentum in our EchoPark Segment in the third quarter, generating all-time record quarterly gross profit, segment income, and adjusted EBITDA* as a result of the dedicated efforts of our team and the improving conditions in the used vehicle retail environment. Overall, the Sonic Automotive team continued to execute at a high level, despite operational disruptions throughout July related to the functionality of certain CDK customer lead applications, inventory management applications and related third-party application integrations with CDK, which negatively impacted our Franchised Dealerships Segment results in the third quarter. With this disruption behind us, we remain confident that our team, our brand portfolio, and our long-term strategy will continue to benefit our diversified business and generate long-term value for our stakeholders.”

Jeff Dyke, President of Sonic Automotive, commented, “I'm very proud of our team's performance in the third quarter, which not only drove record segment income in our EchoPark Segment, but also showcased our franchised dealership team's resilience in managing through operational disruptions from the CDK outage, manufacturer stop-sale orders on certain makes and models, and continued normalization of new vehicle margins. Additionally, the successful execution of another Sturgis rally by our Powersports team underscores our commitment to maintaining diverse revenue streams. Our entire company remains dedicated to delivering an outstanding guest experience and executing our long-term strategic vision. We believe that by fostering a culture of excellence and innovation, we will continue to enhance guest satisfaction and operational efficiency as we navigate the evolving automotive retail landscape.”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified cash flow streams continued to benefit our overall financial position in the third quarter, despite operational disruption from the CDK outage. As of September 30, 2024, we had approximately $418 million in cash and floor plan deposits on hand, and approximately $834 million of total liquidity, before considering unencumbered real estate. We continue to maintain a conservative balance sheet approach, with the ability to deploy capital strategically as market conditions evolve.”

Third Quarter 2024 Segment Highlights

The financial measures discussed below are results for the third quarter of 2024 with comparisons made to the third quarter of 2023, unless otherwise noted.

  • Franchised Dealerships Segment operating results include:
    • Same store revenues down 2%; same store gross profit down 7%
    • Same store retail new vehicle unit sales volume up 2%; same store retail new vehicle gross profit per unit down 35%, to $3,049
    • Same store retail used vehicle unit sales volume down 2%; same store retail used vehicle gross profit per unit down 17%, to $1,386
    • Same store parts, service and collision repair (“Fixed Operations”) gross profit up 8%; same store customer pay gross profit up 4%; same store warranty gross profit up 29%; same store Fixed Operations gross profit margin up 50 basis points, to 50.2%
    • Same store finance and insurance ("F&I") gross profit down 3%; same store F&I gross profit per retail unit of $2,339, down 3%
    • On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 57 days’ supply of new vehicle inventory (including in-transit) and 34 days’ supply of used vehicle inventory
  • EchoPark Segment operating results include:
    • Revenues of $544.9 million, down 13%; all-time record quarterly gross profit of $55.2 million, up 5%
      • On a same market basis (which excludes closed stores), revenues were down 3% and gross profit was up 21%
    • Retail used vehicle unit sales volume of 17,757, down 7%
      • On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up 2%
    • Reported segment income of $5.2 million, adjusted segment income* of $2.9 million, and adjusted EBITDA* of $8.9 million
      • Closed stores within the segment negatively impacted segment income by $1.0 million and segment adjusted EBITDA* by $0.3 million
      • Excluding closed stores, reported segment income was $6.2 million, adjusted segment income* was $3.9 million, and adjusted EBITDA* was $9.2 million
    • On a trailing quarter cost of sales basis, the EchoPark Segment had 33 days’ supply of used vehicle inventory
  • Powersports Segment operating results include:
    • Revenues of $59.4 million, up 4%; gross profit of $17.7 million, down 15%
    • Segment income of $4.0 million, down 38%, and adjusted EBITDA* of $5.8 million, down 27%

* Represents a non-GAAP financial measure - please refer to the discussion and reconciliation of non-GAAP financial measures below.

Dividend

Sonic’s Board of Directors approved a 17% increase to the quarterly cash dividend, to $0.35 per share, payable on January 15, 2025 to all stockholders of record on December 13, 2024.

Third Quarter 2024 Earnings Conference Call

Senior management will hold a conference call today at 11:00 A.M. (Eastern). Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.

To access the live webcast of the conference call, please go to ir.sonicautomotive.com and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive Third Quarter 2024 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available following the call for 14 days at ir.sonicautomotive.com.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable diversified automotive retail and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.

About EchoPark Automotive

EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping and utilizes one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award-winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. Consumers have responded by putting EchoPark among the top national pre-owned vehicle retailers in products, sales, and service, while receiving the 2023 Consumer Satisfaction Award from DealerRater. EchoPark’s mission is in the name: Every Car, Happy Owner. This drives the experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.

Forward-Looking Statements

Included herein are forward-looking statements, including statements regarding anticipated future EchoPark profitability and anticipated future EchoPark adjusted EBITDA. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, the ultimate impact of the CDK outage on the Company, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in each of our operating segments, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the integration of recent or future acquisitions, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per diluted share, adjusted SG&A expenses as a percentage of gross profit, adjusted segment income, and adjusted EBITDA. As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.

 

Sonic Automotive, Inc.

Results of Operations (Unaudited)

 

Results of Operations - Consolidated

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except per share amounts)

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

1,566.8

 

 

$

1,573.5

 

 

%

 

$

4,575.2

 

 

$

4,624.4

 

 

(1

)%

Fleet new vehicles

 

22.2

 

 

 

23.2

 

 

(4

)%

 

 

68.0

 

 

 

70.4

 

 

(3

)%

Total new vehicles

 

1,589.0

 

 

 

1,596.7

 

 

%

 

 

4,643.2

 

 

 

4,694.8

 

 

(1

)%

Used vehicles

 

1,180.7

 

 

 

1,340.4

 

 

(12

)%

 

 

3,582.5

 

 

 

3,991.2

 

 

(10

)%

Wholesale vehicles

 

67.2

 

 

 

79.3

 

 

(15

)%

 

 

215.8

 

 

 

256.3

 

 

(16

)%

Total vehicles

 

2,836.9

 

 

 

3,016.4

 

 

(6

)%

 

 

8,441.5

 

 

 

8,942.3

 

 

(6

)%

Parts, service and collision repair

 

479.0

 

 

 

453.4

 

 

6

%

 

 

1,369.8

 

 

 

1,327.6

 

 

3

%

Finance, insurance and other, net

 

175.6

 

 

 

173.7

 

 

1

%

 

 

517.2

 

 

 

517.7

 

 

%

Total revenues

 

3,491.5

 

 

 

3,643.5

 

 

(4

)%

 

 

10,328.5

 

 

 

10,787.6

 

 

(4

)%

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

(1,479.2

)

 

 

(1,442.1

)

 

(3

)%

 

 

(4,293.4

)

 

 

(4,213.5

)

 

(2

)%

Fleet new vehicles

 

(21.6

)

 

 

(22.3

)

 

3

%

 

 

(65.7

)

 

 

(67.3

)

 

2

%

Total new vehicles

 

(1,500.8

)

 

 

(1,464.4

)

 

(2

)%

 

 

(4,359.1

)

 

 

(4,280.8

)

 

(2

)%

Used vehicles

 

(1,139.5

)

 

 

(1,288.1

)

 

12

%

 

 

(3,449.6

)

 

 

(3,877.4

)

 

11

%

Wholesale vehicles

 

(68.5

)

 

 

(80.7

)

 

15

%

 

 

(218.5

)

 

 

(255.8

)

 

15

%

Total vehicles

 

(2,708.8

)

 

 

(2,833.2

)

 

4

%

 

 

(8,027.2

)

 

 

(8,414.0

)

 

5

%

Parts, service and collision repair

 

(239.1

)

 

 

(228.1

)

 

(5

)%

 

 

(682.4

)

 

 

(669.0

)

 

(2

)%

Total cost of sales

 

(2,947.9

)

 

 

(3,061.3

)

 

4

%

 

 

(8,709.6

)

 

 

(9,083.0

)

 

4

%

Gross profit

 

543.6

 

 

 

582.2

 

 

(7

)%

 

 

1,618.9

 

 

 

1,704.6

 

 

(5

)%

Selling, general and administrative expenses

 

(392.1

)

 

 

(409.6

)

 

4

%

 

 

(1,177.4

)

 

 

(1,214.2

)

 

3

%

Impairment charges

 

 

 

 

 

 

NM

 

 

 

(2.4

)

 

 

(62.6

)

 

NM

 

Depreciation and amortization

 

(37.9

)

 

 

(35.2

)

 

(8

)%

 

 

(111.1

)

 

 

(105.7

)

 

(5

)%

Operating income (loss)

 

113.6

 

 

 

137.4

 

 

(17

)%

 

 

328.0

 

 

 

322.1

 

 

2

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(23.0

)

 

 

(17.4

)

 

(32

)%

 

 

(65.4

)

 

 

(48.9

)

 

(34

)%

Interest expense, other, net

 

(29.8

)

 

 

(29.0

)

 

(3

)%

 

 

(88.1

)

 

 

(86.2

)

 

(2

)%

Other income (expense), net

 

 

 

 

0.2

 

 

NM

 

 

 

(0.5

)

 

 

0.3

 

 

NM

 

Total other income (expense)

 

(52.8

)

 

 

(46.2

)

 

(14

)%

 

 

(154.0

)

 

 

(134.8

)

 

(14

)%

Income (loss) before taxes

 

60.8

 

 

 

91.2

 

 

(33

)%

 

 

174.0

 

 

 

187.3

 

 

(7

)%

Provision for income taxes - benefit (expense)

 

13.4

 

 

 

(22.8

)

 

159

%

 

 

(16.6

)

 

 

(47.8

)

 

65

%

Net income (loss)

$

74.2

 

 

$

68.4

 

 

8

%

 

$

157.4

 

 

$

139.5

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

$

2.18

 

 

$

1.96

 

 

11

%

 

$

4.63

 

 

$

3.94

 

 

18

%

Basic weighted-average common shares outstanding

 

34.0

 

 

 

34.9

 

 

3

%

 

 

34.0

 

 

 

35.4

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

$

2.13

 

 

$

1.92

 

 

11

%

 

$

4.52

 

 

$

3.85

 

 

17

%

Diluted weighted-average common shares outstanding

 

34.9

 

 

 

35.6

 

 

2

%

 

 

34.8

 

 

 

36.2

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.30

 

 

$

0.30

 

 

%

 

$

0.90

 

 

$

0.86

 

 

5

%

 

NM = Not Meaningful

 

Franchised Dealerships Segment - Reported

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

1,539.9

 

 

$

1,546.7

 

 

%

 

$

4,510.8

 

 

$

4,550.9

 

 

(1

)%

Fleet new vehicles

 

22.2

 

 

 

23.2

 

 

(4

)%

 

 

68.0

 

 

 

70.4

 

 

(3

)%

Total new vehicles

 

1,562.1

 

 

 

1,569.9

 

 

%

 

 

4,578.8

 

 

 

4,621.3

 

 

(1

)%

Used vehicles

 

701.4

 

 

 

780.7

 

 

(10

)%

 

 

2,162.8

 

 

 

2,322.8

 

 

(7

)%

Wholesale vehicles

 

42.4

 

 

 

51.4

 

 

(18

)%

 

 

139.1

 

 

 

165.3

 

 

(16

)%

Total vehicles

 

2,305.9

 

 

 

2,402.0

 

 

(4

)%

 

 

6,880.7

 

 

 

7,109.4

 

 

(3

)%

Parts, service and collision repair

 

458.9

 

 

 

431.8

 

 

6

%

 

 

1,333.2

 

 

 

1,289.0

 

 

3

%

Finance, insurance and other, net

 

122.4

 

 

 

126.0

 

 

(3

)%

 

 

366.3

 

 

 

375.4

 

 

(2

)%

Total revenues

 

2,887.2

 

 

 

2,959.8

 

 

(2

)%

 

 

8,580.2

 

 

 

8,773.8

 

 

(2

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

83.5

 

 

 

125.5

 

 

(33

)%

 

 

272.5

 

 

 

396.5

 

 

(31

)%

Fleet new vehicles

 

0.6

 

 

 

0.9

 

 

(33

)%

 

 

2.3

 

 

 

3.1

 

 

(26

)%

Total new vehicles

 

84.1

 

 

 

126.4

 

 

(33

)%

 

 

274.8

 

 

 

399.6

 

 

(31

)%

Used vehicles

 

34.6

 

 

 

42.6

 

 

(19

)%

 

 

114.1

 

 

 

127.9

 

 

(11

)%

Wholesale vehicles

 

(1.1

)

 

 

(1.5

)

 

27

%

 

 

(1.8

)

 

 

(0.8

)

 

(125

)%

Total vehicles

 

117.6

 

 

 

167.5

 

 

(30

)%

 

 

387.1

 

 

 

526.7

 

 

(27

)%

Parts, service and collision repair

 

230.7

 

 

 

215.1

 

 

7

%

 

 

670.4

 

 

 

640.1

 

 

5

%

Finance, insurance and other, net

 

122.4

 

 

 

126.0

 

 

(3

)%

 

 

366.3

 

 

 

375.4

 

 

(2

)%

Total gross profit

 

470.7

 

 

 

508.6

 

 

(7

)%

 

 

1,423.8

 

 

 

1,542.2

 

 

(8

)%

Selling, general and administrative expenses

 

(340.5

)

 

 

(338.3

)

 

(1

)%

 

 

(1,027.0

)

 

 

(985.5

)

 

(4

)%

Impairment charges

 

 

 

 

 

 

NM

 

 

 

(1.0

)

 

 

 

 

NM

 

Depreciation and amortization

 

(31.5

)

 

 

(28.2

)

 

(12

)%

 

 

(91.6

)

 

 

(82.8

)

 

(11

)%

Operating income (loss)

 

98.7

 

 

 

142.1

 

 

(31

)%

 

 

304.2

 

 

 

473.9

 

 

(36

)%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(18.7

)

 

 

(12.9

)

 

(45

)%

 

 

(52.5

)

 

 

(34.7

)

 

(51

)%

Interest expense, other, net

 

(28.5

)

 

 

(27.9

)

 

(2

)%

 

 

(84.1

)

 

 

(82.2

)

 

(2

)%

Other income (expense), net

 

0.1

 

 

 

0.2

 

 

NM

 

 

 

(0.6

)

 

 

0.2

 

 

NM

 

Total other income (expense)

 

(47.1

)

 

 

(40.6

)

 

(16

)%

 

 

(137.2

)

 

 

(116.7

)

 

(18

)%

Income (loss) before taxes

 

51.6

 

 

 

101.5

 

 

(49

)%

 

 

167.0

 

 

 

357.2

 

 

(53

)%

Add: Impairment charges

 

 

 

 

 

 

NM

 

 

 

1.0

 

 

 

 

 

NM

 

Segment income (loss)

$

51.6

 

 

$

101.5

 

 

(49

)%

 

$

168.0

 

 

$

357.2

 

 

(53

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

27,391

 

 

 

26,869

 

 

2

%

 

 

79,200

 

 

 

78,766

 

 

1

%

Fleet new vehicles

 

406

 

 

 

469

 

 

(13

)%

 

 

1,299

 

 

 

1,500

 

 

(13

)%

Total new vehicles

 

27,797

 

 

 

27,338

 

 

2

%

 

 

80,499

 

 

 

80,266

 

 

%

Used vehicles

 

24,940

 

 

 

25,541

 

 

(2

)%

 

 

76,274

 

 

 

75,845

 

 

1

%

Wholesale vehicles

 

4,973

 

 

 

5,163

 

 

(4

)%

 

 

15,326

 

 

 

16,162

 

 

(5

)%

Retail new & used vehicles

 

52,331

 

 

 

52,410

 

 

%

 

 

155,474

 

 

 

154,611

 

 

1

%

Used-to-New Ratio

 

0.91

 

 

 

0.95

 

 

(4

)%

 

 

0.96

 

 

 

0.96

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

3,047

 

 

$

4,672

 

 

(35

)%

 

$

3,441

 

 

$

5,034

 

 

(32

)%

Fleet new vehicles

$

1,596

 

 

$

2,046

 

 

(22

)%

 

$

1,743

 

 

$

2,059

 

 

(15

)%

New vehicles

$

3,026

 

 

$

4,627

 

 

(35

)%

 

$

3,413

 

 

$

4,978

 

 

(31

)%

Used vehicles

$

1,386

 

 

$

1,666

 

 

(17

)%

 

$

1,497

 

 

$

1,685

 

 

(11

)%

Finance, insurance and other, net

$

2,340

 

 

$

2,403

 

 

(3

)%

 

$

2,356

 

 

$

2,428

 

 

(3

)%

 

NM = Not Meaningful

Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

 

Franchised Dealerships Segment - Same Store

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

1,539.8

 

 

$

1,542.8

 

 

%

 

$

4,502.1

 

 

$

4,502.8

 

%

Fleet new vehicles

 

22.2

 

 

 

23.2

 

 

(4

)%

 

 

68.0

 

 

 

69.6

 

 

(2

)%

Total new vehicles

 

1,562.0

 

 

 

1,566.0

 

 

%

 

 

4,570.1

 

 

 

4,572.4

 

 

%

Used vehicles

 

701.2

 

 

 

778.0

 

 

(10

)%

 

 

2,155.0

 

 

 

2,295.4

 

 

(6

)%

Wholesale vehicles

 

42.2

 

 

 

51.1

 

 

(17

)%

 

 

138.5

 

 

 

163.0

 

 

(15

)%

Total vehicles

 

2,305.4

 

 

 

2,395.1

 

 

(4

)%

 

 

6,863.6

 

 

 

7,030.8

 

 

(2

)%

Parts, service and collision repair

 

458.8

 

 

 

430.5

 

 

7

%

 

 

1,329.6

 

 

 

1,276.3

 

 

4

%

Finance, insurance and other, net

 

122.4

 

 

 

125.9

 

 

(3

)%

 

 

365.5

 

 

 

371.8

 

 

(2

)%

Total revenues

 

2,886.6

 

 

 

2,951.5

 

 

(2

)%

 

 

8,558.7

 

 

 

8,678.9

 

 

(1

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

83.5

 

 

 

125.4

 

 

(33

)%

 

 

272.3

 

 

 

392.9

 

 

(31

)%

Fleet new vehicles

 

0.6

 

 

 

1.0

 

 

(40

)%

 

 

2.3

 

 

 

3.1

 

 

(26

)%

Total new vehicles

 

84.2

 

 

 

126.3

 

 

(33

)%

 

 

274.5

 

 

 

396.1

 

 

(31

)%

Used vehicles

 

34.6

 

 

 

42.4

 

 

(18

)%

 

 

114.3

 

 

 

126.6

 

 

(10

)%

Wholesale vehicles

 

(1.3

)

 

 

(1.3

)

 

%

 

 

(1.7

)

 

 

0.1

 

 

(1,800

)%

Total vehicles

 

117.5

 

 

 

167.4

 

 

(30

)%

 

 

387.1

 

 

 

522.8

 

 

(26

)%

Parts, service and collision repair

 

230.4

 

 

 

214.1

 

 

8

%

 

 

667.8

 

 

 

632.9

 

 

6

%

Finance, insurance and other, net

 

122.4

 

 

 

125.9

 

 

(3

)%

 

 

365.5

 

 

 

371.8

 

 

(2

)%

Total gross profit

$

470.3

 

 

$

507.4

 

 

(7

)%

 

$

1,420.4

 

 

$

1,527.5

 

 

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

27,387

 

 

 

26,774

 

 

2

%

 

 

79,016

 

 

 

77,639

 

 

2

%

Fleet new vehicles

 

406

 

 

 

469

 

 

(13

)%

 

 

1,299

 

 

 

1,471

 

 

(12

)%

Total new vehicles

 

27,793

 

 

 

27,243

 

 

2

%

 

 

80,315

 

 

 

79,110

 

 

2

%

Used vehicles

 

24,934

 

 

 

25,426

 

 

(2

)%

 

 

75,973

 

 

 

74,777

 

 

2

%

Wholesale vehicles

 

4,968

 

 

 

5,127

 

 

(3

)%

 

 

15,242

 

 

 

15,913

 

 

(4

)%

Retail new & used vehicles

 

52,321

 

 

 

52,200

 

 

%

 

 

154,989

 

 

 

152,416

 

 

2

%

Used-to-New Ratio

 

0.91

 

 

 

0.95

 

 

(4

)%

 

 

0.96

 

 

 

0.96

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

3,049

 

 

$

4,682

 

 

(35

)%

 

$

3,446

 

 

$

5,061

 

 

(32

)%

Fleet new vehicles

$

1,596

 

 

$

2,046

 

 

(22

)%

 

$

1,743

 

 

$

2,131

 

 

(18

)%

New vehicles

$

3,028

 

 

$

4,637

 

 

(35

)%

 

$

3,418

 

 

$

5,006

 

 

(32

)%

Used vehicles

$

1,386

 

 

$

1,669

 

 

(17

)%

 

$

1,505

 

 

$

1,694

 

 

(11

)%

Finance, insurance and other, net

$

2,339

 

 

$

2,411

 

 

(3

)%

 

$

2,358

 

 

$

2,440

 

 

(3

)%

Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

 

EchoPark Segment - Reported

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

 

 

$

 

 

%

 

$

 

 

$

1.0

 

 

(100

)%

Used vehicles

 

470.3

 

 

 

554.8

 

 

(15

)%

 

 

1,402.0

 

 

 

1,651.3

 

 

(15

)%

Wholesale vehicles

 

23.8

 

 

 

26.6

 

 

(11

)%

 

 

74.4

 

 

 

89.1

 

 

(16

)%

Total vehicles

 

494.1

 

 

 

581.4

 

 

(15

)%

 

 

1,476.4

 

 

 

1,741.4

 

 

(15

)%

Finance, insurance and other, net

 

50.8

 

 

 

45.3

 

 

12

%

 

 

145.2

 

 

 

136.4

 

 

6

%

Total revenues

 

544.9

 

 

 

626.7

 

 

(13

)%

 

 

1,621.6

 

 

 

1,877.8

 

 

(14

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

 

 

 

 

 

%

 

 

 

 

 

0.1

 

 

(100

)%

Used vehicles

 

4.4

 

 

 

7.3

 

 

(40

)%

 

 

14.4

 

 

 

(18.8

)

 

177

%

Wholesale vehicles

 

 

 

 

0.2

 

 

(100

)%

 

 

(0.7

)

 

 

1.3

 

 

(154

)%

Total vehicles

 

4.4

 

 

 

7.5

 

 

(41

)%

 

 

13.7

 

 

 

(17.4

)

 

179

%

Finance, insurance and other, net

 

50.8

 

 

 

45.3

 

 

12

%

 

 

145.2

 

 

 

136.4

 

 

6

%

Total gross profit

 

55.2

 

 

 

52.8

 

 

5

%

 

 

158.9

 

 

 

119.0

 

 

34

%

Selling, general and administrative expenses

 

(40.2

)

 

 

(58.6

)

 

31

%

 

 

(123.1

)

 

 

(199.0

)

 

38

%

Impairment charges

 

 

 

 

 

 

NM

 

 

 

(1.4

)

 

 

(62.6

)

 

NM

 

Depreciation and amortization

 

(5.4

)

 

 

(6.1

)

 

11

%

 

 

(16.4

)

 

 

(20.4

)

 

20

%

Operating income (loss)

 

9.6

 

 

 

(11.9

)

 

181

%

 

 

18.0

 

 

 

(163.0

)

 

111

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(3.7

)

 

 

(4.3

)

 

14

%

 

 

(11.3

)

 

 

(13.6

)

 

17

%

Interest expense, other, net

 

(0.7

)

 

 

(0.7

)

 

%

 

 

(2.0

)

 

 

(2.5

)

 

20

%

Other income (expense), net

 

 

 

 

 

 

NM

 

 

 

 

 

 

 

 

NM

 

Total other income (expense)

 

4.4

 

 

 

(5.0

)

 

188

%

 

 

13.3

 

 

 

(16.1

)

 

183

%

Income (loss) before taxes

 

5.2

 

 

 

(16.9

)

 

131

%

 

 

4.7

 

 

 

(179.1

)

 

103

%

Add: Impairment charges

 

 

 

 

 

 

NM

 

 

 

1.4

 

 

 

62.6

 

 

NM

 

Segment income (loss)

$

5.2

 

 

$

(16.9

)

 

131

%

 

$

6.1

 

 

$

(116.5

)

 

105

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

 

 

 

 

 

%

 

 

 

 

 

11

 

 

(100

)%

Used vehicles

 

17,757

 

 

 

19,050

 

 

(7

)%

 

 

52,379

 

 

 

56,114

 

 

(7

)%

Wholesale vehicles

 

2,720

 

 

 

2,740

 

 

(1

)%

 

 

8,307

 

 

 

8,891

 

 

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Total used vehicle and F&I

$

3,111

 

 

$

2,767

 

 

12

%

 

$

3,047

 

 

$

2,095

 

 

45

%

 

NM = Not Meaningful

 

EchoPark Segment - Same Market

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

$

470.3

 

$

497.2

 

(5

)%

 

$

1,392.4

 

$

1,340.9

 

 

4

%

Wholesale vehicles

 

23.8

 

 

 

24.2

 

 

(2

)%

 

 

71.2

 

 

 

68.4

 

 

4

%

Total vehicles

 

494.1

 

 

 

521.4

 

 

(5

)%

 

 

1,463.6

 

 

 

1,409.3

 

 

4

%

Finance, insurance and other, net

 

51.4

 

 

 

41.0

 

 

25

%

 

 

146.2

 

 

 

111.9

 

 

31

%

Total revenues

 

545.5

 

 

 

562.4

 

 

(3

)%

 

 

1,609.8

 

 

 

1,521.2

 

 

6

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

 

4.4

 

 

 

4.7

 

 

(6

)%

 

 

14.8

 

 

 

(9.3

)

 

259

%

Wholesale vehicles

 

 

 

 

0.4

 

 

(100

)%

 

 

 

 

 

1.8

 

 

(100

)%

Total vehicles

 

4.4

 

 

 

5.1

 

 

(14

)%

 

 

14.8

 

 

 

(7.5

)

 

297

%

Finance, insurance and other, net

 

51.4

 

 

 

41.0

 

 

25

%

 

 

146.2

 

 

 

111.9

 

 

31

%

Total gross profit

$

55.8

 

 

$

46.1

 

 

21

%

 

$

161.0

 

 

$

104.4

 

 

54

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

 

17,757

 

 

 

17,454

 

 

2

%

 

 

52,016

 

 

 

46,534

 

 

12

%

Wholesale vehicles

 

2,720

 

 

 

2,491

 

 

9

%

 

 

8,098

 

 

 

7,012

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Total used vehicle and F&I

$

3,145

 

 

$

2,621

 

 

20

%

 

$

3,096

 

 

$

2,203

 

 

41

%

Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market's opening.

 

Powersports Segment - Reported

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

26.9

 

 

$

26.8

 

 

%

 

$

64.4

 

 

$

72.5

 

 

(11

)%

Used vehicles

 

9.0

 

 

 

4.9

 

 

84

%

 

 

17.6

 

 

 

17.1

 

 

3

%

Wholesale vehicles

 

1.1

 

 

 

1.3

 

 

(15

)%

 

 

2.3

 

 

 

1.9

 

 

21

%

Total vehicles

 

37.0

 

 

 

33.0

 

 

12

%

 

 

84.3

 

 

 

91.5

 

 

(8

)%

Parts, service and collision repair

 

20.1

 

 

 

21.6

 

 

(7

)%

 

 

36.6

 

 

 

38.6

 

 

(5

)%

Finance, insurance and other, net

 

2.3

 

 

 

2.4

 

 

(4

)%

 

 

5.8

 

 

 

5.9

 

 

(2

)%

Total revenues

 

59.4

 

 

 

57.0

 

 

4

%

 

 

126.7

 

 

 

136.0

 

 

(7

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

4.1

 

 

 

5.9

 

 

(31

)%

 

 

9.3

 

 

 

14.3

 

 

(35

)%

Used vehicles

 

2.2

 

 

 

2.4

 

 

(8

)%

 

 

4.3

 

 

 

4.7

 

 

(9

)%

Wholesale vehicles

 

(0.1

)

 

 

(0.1

)

 

%

 

 

(0.2

)

 

 

 

 

(100

)%

Total vehicles

 

6.2

 

 

 

8.2

 

 

(24

)%

 

 

13.4

 

 

 

19.0

 

 

(29

)%

Parts, service and collision repair

 

9.2

 

 

 

10.2

 

 

(10

)%

 

 

17.0

 

 

 

18.5

 

 

(8

)%

Finance, insurance and other, net

 

2.3

 

 

 

2.4

 

 

(4

)%

 

 

5.8

 

 

 

5.9

 

 

(2

)%

Total gross profit

 

17.7

 

 

 

20.8

 

 

(15

)%

 

 

36.2

 

 

 

43.4

 

 

(17

)%

Selling, general and administrative expenses

 

(11.3

)

 

 

(12.7

)

 

11

%

 

 

(27.3

)

 

 

(29.7

)

 

8

%

Depreciation and amortization

 

(1.1

)

 

 

(0.9

)

 

(22

)%

 

 

(3.1

)

 

 

(2.5

)

 

(24

)%

Operating income (loss)

 

5.3

 

 

 

7.2

 

 

(26

)%

 

 

5.8

 

 

 

11.2

 

 

(48

)%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(0.7

)

 

 

(0.2

)

 

(250

)%

 

 

(1.6

)

 

 

(0.6

)

 

(167

)%

Interest expense, other, net

 

(0.6

)

 

 

(0.4

)

 

(50

)%

 

 

(1.9

)

 

 

(1.5

)

 

(27

)%

Other income (expense), net

 

 

 

 

 

 

NM

 

 

 

 

 

 

0.1

 

 

NM

 

Total other income (expense)

 

(1.3

)

 

 

(0.6

)

 

(117

)%

 

 

(3.5

)

 

 

(2.0

)

 

(75

)%

Income (loss) before taxes

 

4.0

 

 

 

6.6

 

 

(39

)%

 

 

2.3

 

 

 

9.2

 

 

(75

)%

Add: Impairment charges

 

 

 

 

 

 

NM

 

 

 

 

 

 

 

 

NM

 

Segment income (loss)

$

4.0

 

 

$

6.6

 

 

(39

)%

 

$

2.3

 

 

$

9.2

 

 

(75

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

1,266

 

 

 

1,391

 

 

(9

)%

 

 

3,304

 

 

 

3,894

 

 

(15

)%

Used vehicles

 

777

 

 

 

837

 

 

(7

)%

 

 

1,708

 

 

 

1,972

 

 

(13

)%

Wholesale vehicles

 

99

 

 

 

93

 

 

6

%

 

 

130

 

 

 

150

 

 

(13

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

3,249

 

 

$

4,213

 

 

(23

)%

 

$

2,820

 

 

$

3,680

 

 

(23

)%

Used vehicles

$

2,798

 

 

$

2,833

 

 

(1

)%

 

$

2,537

 

 

$

2,407

 

 

5

%

Finance, insurance and other, net

$

1,136

 

 

$

1,075

 

 

6

%

 

$

1,157

 

 

$

1,006

 

 

15

%

 

NM = Not Meaningful

 

Powersports Segment - Same Store

 

 

Three Months Ended September 30,

 

Better /
(Worse)

 

Nine Months Ended September 30,

 

Better /
(Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

26.9

 

 

$

26.8

 

 

%

 

$

63.9

 

 

$

72.3

 

 

(12

)%

Used vehicles

 

9.0

 

 

 

4.9

 

 

84

%

 

 

17.0

 

 

 

16.6

 

 

2

%

Wholesale vehicles

 

1.1

 

 

 

1.3

 

 

(15

)%

 

 

2.2

 

 

 

1.8

 

 

22

%

Total vehicles

 

37.0

 

 

 

33.0

 

 

12

%

 

 

83.1

 

 

 

90.7

 

 

(8

)%

Parts, service and collision repair

 

20.1

 

 

 

21.6

 

 

(7

)%

 

 

35.9

 

 

 

38.3

 

 

(6

)%

Finance, insurance and other, net

 

2.3

 

 

 

2.4

 

 

(4

)%

 

 

5.7

 

 

 

5.9

 

 

(3

)%

Total revenues

 

59.4

 

 

 

57.0

 

 

4

%

 

 

124.7

 

 

 

134.9

 

 

(8

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

4.1

 

 

 

5.9

 

 

(31

)%

 

 

9.2

 

 

 

14.3

 

 

(36

)%

Used vehicles

 

2.2

 

 

 

2.4

 

 

(8

)%

 

 

4.2

 

 

 

4.6

 

 

(9

)%

Wholesale vehicles

 

(0.1

)

 

 

(0.1

)

 

%

 

 

(0.3

)

 

 

(0.1

)

 

(200

)%

Total vehicles

 

6.2

 

 

 

8.2

 

 

(24

)%

 

 

13.1

 

 

 

18.8

 

 

(30

)%

Parts, service and collision repair

 

9.2

 

 

 

10.2

 

 

(10

)%

 

 

16.7

 

 

 

18.3

 

 

(9

)%

Finance, insurance and other, net

 

2.3

 

 

 

2.4

 

 

(4

)%

 

 

5.7

 

 

 

5.9

 

 

(3

)%

Total gross profit

$

17.7

 

 

$

20.8

 

 

(15

)%

 

$

35.5

 

 

$

43.0

 

 

(17

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

1,266

 

 

 

1,391

 

 

(9

)%

 

 

3,287

 

 

 

3,887

 

 

(15

)%

Used vehicles

 

777

 

 

 

837

 

 

(7

)%

 

 

1,635

 

 

 

1,929

 

 

(15

)%

Wholesale vehicles

 

99

 

 

 

93

 

 

6

%

 

 

127

 

 

 

149

 

 

(15

)%

Retail new & used vehicles

 

2,043

 

 

 

2,228

 

 

(8

)%

 

 

4,922

 

 

 

5,816

 

 

(15

)%

Used-to-New Ratio

 

0.61

 

 

 

0.60

 

 

2

%

 

 

0.50

 

 

 

0.50

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

3,249

 

 

$

4,213

 

 

(23

)%

 

$

2,790

 

 

$

3,674

 

 

(24

)%

Used vehicles

$

2,798

 

 

$

2,833

 

 

(1

)%

 

$

2,556

 

 

$

2,397

 

 

7

%

Finance, insurance and other, net

$

1,136

 

 

$

1,075

 

 

6

%

 

$

1,163

 

 

$

1,007

 

 

15

%

Note: All currently operating powersports stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

 

Non-GAAP Reconciliation - Consolidated - SG&A Expenses

 

 

Three Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

252.2

 

 

$

256.0

 

 

$

3.8

 

 

1

%

Advertising

 

21.5

 

 

 

22.5

 

 

 

1.0

 

 

4

%

Rent

 

8.9

 

 

 

11.7

 

 

 

2.8

 

 

24

%

Other

 

109.5

 

 

 

119.4

 

 

 

9.9

 

 

8

%

Total SG&A expenses

$

392.1

 

 

$

409.6

 

 

$

17.5

 

 

4

%

Adjustments:

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

$

2.3

 

 

$

 

 

 

 

 

Excess compensation related to CDK outage

 

(1.8

)

 

 

 

 

 

 

 

Storm damage charges

 

(1.5

)

 

 

 

 

 

 

 

Gain (loss) on exit of leased dealerships

 

 

 

 

(3.9

)

 

 

 

 

Severance and long-term compensation charges

 

 

 

 

(0.9

)

 

 

 

 

Total SG&A adjustments

$

(1.0

)

 

$

(4.8

)

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

391.1

 

 

$

404.8

 

 

$

13.7

 

 

3

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.4

%

 

 

44.0

%

 

 

(240

)

bps

Advertising

 

4.0

%

 

 

3.9

%

 

 

(10

)

bps

Rent

 

1.6

%

 

 

2.0

%

 

 

40

 

bps

Other

 

20.1

%

 

 

20.5

%

 

 

40

 

bps

Total SG&A expenses as a % of gross profit

 

72.1

%

 

 

70.4

%

 

 

(170

)

bps

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

0.5

%

 

 

%

 

 

 

Excess compensation related to CDK outage

 

(0.4

)%

 

 

%

 

 

 

 

Storm damage charges

 

(0.3

)%

 

 

%

 

 

 

 

Gain (loss) on exit of leased dealerships

 

%

 

 

(0.7

)%

 

 

 

Severance and long-term compensation charges

 

%

 

 

(0.2

)%

 

 

 

 

Total effect of adjustments

 

(0.2

)%

 

 

(0.9

)%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

71.9

%

 

 

69.5

%

 

 

(240

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

543.6

 

 

$

582.2

 

 

$

(38.6

)

 

(7

)%

 

Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)

 

 

Nine Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

750.3

 

 

$

775.8

 

 

$

25.5

 

 

3

%

Advertising

 

65.5

 

 

 

71.4

 

 

 

5.9

 

 

8

%

Rent

 

25.9

 

 

 

34.5

 

 

 

8.6

 

 

25

%

Other

 

335.7

 

 

 

332.5

 

 

 

(3.2

)

 

(1

)%

Total SG&A expenses

$

1,177.4

 

 

$

1,214.2

 

 

$

36.8

 

 

3

%

Adjustments:

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

$

2.9

 

 

$

20.7

 

 

 

 

 

Closed store accrued expenses

 

(2.1

)

 

 

 

 

 

 

 

Excess compensation related to CDK outage

 

(11.4

)

 

 

 

 

 

 

 

Storm damage charges

 

(5.1

)

 

 

(1.9

)

 

 

 

 

Gain (loss) on exit of leased dealerships

 

3.0

 

 

 

(4.3

)

 

 

 

 

Severance and long-term compensation charges

 

(5.0

)

 

 

(5.1

)

 

 

 

 

Total SG&A adjustments

$

(17.7

)

 

$

9.4

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

1,159.7

 

 

$

1,223.6

 

 

$

63.9

 

 

5

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.3

%

 

 

45.5

%

 

 

(80

)

bps

Advertising

 

4.0

%

 

 

4.2

%

 

 

20

 

bps

Rent

 

1.6

%

 

 

2.0

%

 

 

40

 

bps

Other

 

20.8

%

 

 

19.5

%

 

 

(130

)

bps

Total SG&A expenses as a % of gross profit

 

72.7

%

 

 

71.2

%

 

 

(150

)

bps

Adjustments:

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

0.2

%

 

 

0.4

%

 

 

 

 

Closed store accrued expenses

 

(0.1

)%

 

 

%

 

 

 

 

Excess compensation related to CDK outage

 

(0.8

)%

 

 

%

 

 

 

Storm damage charges

 

(0.3

)%

 

 

%

 

 

 

 

Gain (loss) on exit of leased dealerships

 

0.2

%

 

 

(0.1

)%

 

 

 

Severance and long-term compensation charges

 

(0.3

)%

 

 

(0.1

)%

 

 

 

Total effect of adjustments

 

(1.2

)%

 

 

0.2

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

71.5

%

 

 

71.4

%

 

 

(20

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

1,618.9

 

 

$

1,704.6

 

 

$

(85.7

)

 

(5

)%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

$

2.0

 

 

$

 

 

 

 

 

Used vehicle inventory valuation adjustment

 

 

 

 

10.0

 

 

 

 

 

Total adjustments

$

2.0

 

 

$

10.0

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted gross profit

$

1,620.9

 

 

$

1,714.6

 

 

$

(93.7

)

 

(5

)%

 

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses

 

 

Three Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

220.2

 

 

$

216.9

 

 

$

(3.3

)

 

(2

)%

Advertising

 

13.7

 

 

 

11.0

 

 

 

(2.7

)

 

(25

)%

Rent

 

9.2

 

 

 

10.2

 

 

 

1.0

 

 

10

%

Other

 

97.4

 

 

 

100.2

 

 

 

2.8

 

 

3

%

Total SG&A expenses

$

340.5

 

 

$

338.3

 

 

$

(2.2

)

 

(1

)%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

 

(1.8

)

 

 

 

 

 

 

 

Storm damage charges

$

(1.5

)

 

$

 

 

 

 

 

Total SG&A adjustments

$

(3.3

)

 

$

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

337.2

 

 

$

338.3

 

 

$

1.1

 

 

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.8

%

 

 

42.6

%

 

 

(420

)

bps

Advertising

 

2.9

%

 

 

2.2

%

 

 

(70

)

bps

Rent

 

2.0

%

 

 

2.0

%

 

 

 

bps

Other

 

20.7

%

 

 

19.7

%

 

 

(100

)

bps

Total SG&A expenses as a % of gross profit

 

72.4

%

 

 

66.5

%

 

 

(590

)

bps

Adjustments:

 

 

 

 

 

 

Excess compensation related to CDK outage

 

(0.4

)%

 

 

%

 

 

 

 

Storm damage charges

 

(0.4

)%

 

 

%

 

 

 

 

Total effect of adjustments

 

(0.8

)%

 

 

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

71.6

%

 

 

66.5

%

 

 

(510

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

470.7

 

 

$

508.6

 

 

$

(37.9

)

 

(7

)%

 

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)

 

 

Nine Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

658.5

 

 

$

649.7

 

 

$

(8.8

)

 

(1

)%

Advertising

 

43.2

 

 

 

29.7

 

 

 

(13.5

)

 

(45

)%

Rent

 

29.6

 

 

 

29.8

 

 

 

0.2

 

 

1

%

Other

 

295.7

 

 

 

276.3

 

 

 

(19.4

)

 

(7

)%

Total SG&A expenses

$

1,027.0

 

 

$

985.5

 

 

$

(41.5

)

 

(4

)%

Adjustments:

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

$

 

 

$

20.9

 

 

 

 

 

Excess compensation related to CDK outage

 

(11.0

)

 

 

 

 

 

 

 

Storm damage charges

 

(5.1

)

 

 

(1.9

)

 

 

 

 

Severance and long-term compensation charges

 

(2.2

)

 

 

 

 

 

 

 

Total SG&A adjustments

$

(18.3

)

 

$

19.0

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

1,008.7

 

 

$

1,004.5

 

 

$

(4.2

)

 

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.3

%

 

 

42.1

%

 

 

(420

)

bps

Advertising

 

3.0

%

 

 

1.9

%

 

 

(110

)

bps

Rent

 

2.1

%

 

 

1.9

%

 

 

(20

)

bps

Other

 

20.7

%

 

 

18.0

%

 

 

(270

)

bps

Total SG&A expenses as a % of gross profit

 

72.1

%

 

 

63.9

%

 

 

(820

)

bps

Adjustments:

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

%

 

 

1.3

%

 

 

 

Excess compensation related to CDK outage

 

(0.8

)%

 

 

%

 

 

 

 

Storm damage charges

 

(0.4

)%

 

 

(0.1

)%

 

 

 

 

Severance and long-term compensation charges

 

(0.2

)%

 

 

%

 

 

 

Total effect of adjustments

 

(1.4

)%

 

 

1.2

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

70.7

%

 

 

65.1

%

 

 

(560

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

1,423.8

 

 

$

1,542.2

 

 

$

(118.4

)

 

(8

)%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

$

2.0

 

 

$

 

 

 

 

 

Total adjustments

$

2.0

 

 

$

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted gross profit

$

1,425.8

 

 

$

1,542.2

 

 

$

(116.4

)

 

(8

)%

 

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses

 

 

Three Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

23.5

 

 

$

30.0

 

 

$

6.5

 

22

%

Advertising

 

7.4

 

 

 

10.9

 

 

 

3.5

 

 

32

%

Rent

 

0.7

 

 

 

2.1

 

 

 

1.4

 

 

67

%

Other

 

8.6

 

 

 

15.6

 

 

 

7.0

 

 

45

%

Total SG&A expenses

$

40.2

 

 

$

58.6

 

 

$

18.4

 

 

31

%

Adjustments:

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

$

2.3

 

 

$

 

 

 

 

 

Gain (loss) on exit of leased dealerships

 

 

 

 

(3.9

)

 

 

 

 

Severance and long-term compensation charges

 

 

 

 

(0.9

)

 

 

 

 

Total SG&A adjustments

$

2.3

 

 

$

(4.8

)

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

42.5

 

 

$

53.8

 

 

$

11.3

 

 

21

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

42.6

%

 

 

56.9

%

 

 

1,430

 

bps

Advertising

 

13.5

%

 

 

20.5

%

 

 

700

 

bps

Rent

 

1.3

%

 

 

3.9

%

 

 

260

 

bps

Other

 

15.5

%

 

 

29.8

%

 

 

1,430

 

bps

Total SG&A expenses as a % of gross profit

 

72.9

%

 

 

111.1

%

 

 

3,820

 

bps

Adjustments:

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

4.2

%

 

 

%

 

 

 

 

Gain (loss) on exit of leased dealerships

 

%

 

 

(7.5

)%

 

 

 

Severance and long-term compensation charges

 

%

 

 

(1.7

)%

 

 

 

Total effect of adjustments

 

4.2

%

 

 

(9.2

)%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

77.1

%

 

 

101.9

%

 

 

2,480

 

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

55.2

 

 

$

52.8

 

 

$

2.4

 

 

5

%

 

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)

 

 

Nine Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

72.0

 

 

$

105.1

 

 

$

33.1

 

31

%

Advertising

 

21.0

 

 

 

40.3

 

 

 

19.3

 

 

48

%

Rent

 

(2.7

)

 

 

5.3

 

 

 

8.0

 

 

151

%

Other

 

32.8

 

 

 

48.3

 

 

 

15.5

 

 

32

%

Total SG&A expenses

$

123.1

 

 

$

199.0

 

 

$

75.9

 

 

38

%

Adjustments:

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

$

2.9

 

 

$

(0.3

)

 

 

 

 

Closed store accrued expenses

 

(2.1

)

 

 

 

 

 

 

 

Excess compensation related to CDK outage

 

(0.4

)

 

 

 

 

 

 

 

Gain (loss) on exit of leased dealerships

 

3.0

 

 

 

(4.3

)

 

 

 

 

Severance and long-term compensation charges

 

(2.8

)

 

 

(5.1

)

 

 

 

 

Total SG&A adjustments

$

0.6

 

 

$

(9.7

)

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

123.7

 

 

$

189.3

 

 

$

65.6

 

 

35

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

45.3

%

 

 

88.4

%

 

 

4,310

 

bps

Advertising

 

13.2

%

 

 

33.9

%

 

 

2,070

 

bps

Rent

 

(1.7

)%

 

 

4.4

%

 

 

610

 

bps

Other

 

20.6

%

 

 

40.5

%

 

 

1,990

 

bps

Total SG&A expenses as a % of gross profit

 

77.4

%

 

 

167.2

%

 

 

8,980

 

bps

Adjustments:

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

1.9

%

 

 

(0.6

)%

 

 

 

Closed store accrued expenses

 

(1.4

)%

 

 

%

 

 

 

 

Excess compensation related to CDK outage

 

(0.3

)%

 

 

%

 

 

 

 

Gain (loss) on exit of leased dealerships

 

2.0

%

 

 

(9.0

)%

 

 

 

Severance and long-term compensation charges

 

(1.9

)%

 

 

(10.8

)%

 

 

 

Total effect of adjustments

 

0.4

%

 

 

(20.4

)%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

77.8

%

 

 

146.8

%

 

 

6,900

 

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

158.9

 

 

$

119.0

 

 

$

39.9

 

 

34

%

Adjustments:

 

 

 

 

 

 

 

Used vehicle inventory valuation adjustment

$

 

 

$

10.0

 

 

 

 

 

Total adjustments

$

 

 

$

10.0

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted gross profit

$

158.9

 

 

$

129.0

 

 

$

29.9

 

 

23

%

 

Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses

 

 

Three Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

8.4

 

 

$

9.1

 

 

$

0.7

 

 

8

%

Advertising

 

0.4

 

 

 

0.6

 

 

 

0.2

 

 

33

%

Rent

 

(1.1

)

 

 

(0.6

)

 

 

0.5

 

 

(83

)%

Other

 

3.6

 

 

 

3.6

 

 

 

 

 

%

Total SG&A expenses

$

11.3

 

 

$

12.7

 

 

$

1.4

 

 

11

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

47.8

%

 

 

44.0

%

 

 

(380

)

bps

Advertising

 

2.5

%

 

 

2.9

%

 

 

40

 

bps

Rent

 

(6.4

)%

 

 

(2.9

)%

 

 

350

 

bps

Other

 

19.8

%

 

 

17.1

%

 

 

(270

)

bps

Total SG&A expenses as a % of gross profit

 

63.7

%

 

 

61.1

%

 

 

(260

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

17.7

 

 

$

20.8

 

 

$

(3.1

)

 

(15

)%

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

19.8

 

 

$

21.0

 

 

$

1.2

 

 

6

%

Advertising

 

1.2

 

 

 

1.4

 

 

 

0.2

 

 

14

%

Rent

 

(1.0

)

 

 

(0.6

)

 

 

0.4

 

 

(67

)%

Other

 

7.3

 

 

 

7.9

 

 

 

0.6

 

 

8

%

Total SG&A expenses

$

27.3

 

 

$

29.7

 

 

$

2.4

 

 

8

%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

54.7

%

 

 

48.4

%

 

 

(630

)

bps

Advertising

 

3.4

%

 

 

3.2

%

 

 

(20

)

bps

Rent

 

(2.8

)%

 

 

(1.2

)%

 

 

160

 

bps

Other

 

20.2

%

 

 

18.1

%

 

 

(210

)

bps

Total SG&A expenses as a % of gross profit

 

75.5

%

 

 

68.5

%

 

 

(700

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

36.2

 

 

$

43.4

 

 

$

(7.2

)

 

(17

)%

 

Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

51.6

 

$

101.5

 

(49

)%

 

$

167.0

 

$

357.2

 

(53

)%

Add: Impairment charges

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

 

 

Segment income (loss)

$

51.6

 

 

$

101.5

 

 

(49

)%

 

$

168.0

 

 

$

357.2

 

 

(53

)%

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition-related (gain) loss

$

 

 

$

 

 

 

 

$

 

 

$

(20.9

)

 

 

Excess compensation related to CDK outage

 

1.8

 

 

 

 

 

 

 

 

13.0

 

 

 

 

 

 

Storm damage charges

 

1.5

 

 

 

 

 

 

 

 

5.1

 

 

 

1.9

 

 

 

Severance and long-term compensation charges

 

 

 

 

 

 

 

 

 

2.2

 

 

 

 

 

 

Total pre-tax adjustments

$

3.3

 

 

$

 

 

 

 

$

20.3

 

 

$

(19.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

$

54.9

 

 

$

101.5

 

 

(46

)%

 

$

188.3

 

 

$

338.2

 

 

(44

)%

 

Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

5.2

 

 

$

(16.9

)

 

131

%

 

$

4.7

 

 

$

(179.1

)

 

103

%

Add: Impairment charges

 

 

 

 

 

 

 

 

 

1.4

 

 

 

62.6

 

 

 

Segment income (loss)

$

5.2

 

 

$

(16.9

)

 

131

%

 

$

6.1

 

 

$

(116.5

)

 

105

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition-related (gain) loss

$

(2.3

)

 

$

 

 

 

 

$

(2.9

)

 

$

0.3

 

 

 

Closed store accrued expenses

 

 

 

 

 

 

 

 

 

2.1

 

 

 

 

 

 

Excess compensation related to CDK outage

 

 

 

 

 

 

 

 

 

0.4

 

 

 

 

 

 

Loss (gain) on exit of leased dealerships

 

 

 

 

3.9

 

 

 

 

 

(3.0

)

 

 

4.3

 

 

 

Severance and long-term compensation charges

 

 

 

 

0.9

 

 

 

 

 

2.8

 

 

 

5.1

 

 

 

Used vehicle inventory valuation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

10.0

 

 

 

Total pre-tax adjustments

$

(2.3

)

 

$

4.8

 

 

 

 

$

(0.6

)

 

$

19.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

$

2.9

 

 

$

(12.1

)

 

124

%

 

$

5.5

 

 

$

(96.8

)

 

106

%

 

Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

4.0

 

$

6.6

 

(39

)%

 

$

2.3

 

$

9.2

 

(75

)%

Add: Impairment charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

$

4.0

 

 

$

6.6

 

 

(39

)%

 

$

2.3

 

 

$

9.2

 

 

(75

)%

 

Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share

 

 

Three Months Ended September 30, 2024

 

Three Months Ended September 30, 2023

 

Weighted-

Average

Shares

 

Amount

 

Per

Share

Amount

 

Weighted-

Average

Shares

 

Amount

 

Per

Share

Amount

 

(In millions, except per share amounts)

Reported net income (loss), diluted shares, and diluted earnings (loss) per share

34.9

 

$

74.2

 

 

$

2.13

 

35.6

 

$

68.4

 

 

$

1.92

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

 

$

(2.3

)

 

 

 

 

 

$

 

 

 

Excess compensation related to CDK outage

 

 

 

1.8

 

 

 

 

 

 

 

 

 

 

Storm damage charges

 

 

 

1.5

 

 

 

 

 

 

 

 

 

 

Loss (gain) on exit of leased dealerships

 

 

 

 

 

 

 

 

 

 

3.9

 

 

 

Severance and long-term compensation charges

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

Total pre-tax adjustments

 

 

$

1.0

 

 

 

 

 

 

$

4.8

 

 

 

Tax effect of above items

 

 

 

(0.2

)

 

 

 

 

 

 

(1.2

)

 

 

Non-recurring tax items

 

 

$

(31.0

)

 

 

 

 

 

$

 

 

 

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share

34.9

 

 

$

44.0

 

 

$

1.26

 

 

35.6

 

 

$

72.0

 

 

$

2.02

 

 

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

Weighted-

Average

Shares

 

Net Income (Loss)

 

Per

Share

Amount

 

Weighted-

Average

Shares

 

Net Income (Loss)

 

Per

Share

Amount

 

(In millions, except per share amounts)

Reported net income (loss), diluted shares, and diluted earnings (loss) per share

34.8

 

$

157.4

 

 

$

4.52

 

36.2

 

$

139.5

 

 

$

3.85

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition-related gain (loss)

 

 

$

(2.9

)

 

 

 

 

 

$

(20.7

)

 

 

Closed store accrued expenses

 

 

 

2.1

 

 

 

 

 

 

 

 

 

 

Excess compensation related to CDK outage

 

 

 

13.4

 

 

 

 

 

 

 

 

 

 

Storm damage charges

 

 

 

5.1

 

 

 

 

 

 

 

1.9

 

 

 

Impairment charges

 

 

 

2.4

 

 

 

 

 

 

 

62.6

 

 

 

Loss (gain) on exit of leased dealerships

 

 

 

(3.0

)

 

 

 

 

 

 

4.3

 

 

 

Severance and long-term compensation charges

 

 

 

5.0

 

 

 

 

 

 

 

5.1

 

 

 

Used vehicle inventory valuation adjustment

 

 

 

 

 

 

 

 

 

 

10.0

 

 

 

Total pre-tax adjustments

 

 

$

22.1

 

 

 

 

 

 

$

63.2

 

 

 

Tax effect of above items

 

 

 

(5.8

)

 

 

 

 

 

 

(15.6

)

 

 

Non-recurring tax items

 

 

$

(31.0

)

 

 

 

 

 

$

 

 

 

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share

34.8

 

 

$

142.7

 

 

$

4.10

 

 

36.2

 

 

$

187.1

 

 

$

5.17

 

 

Non-GAAP Reconciliation - Adjusted EBITDA

 

 

Three Months Ended September 30, 2024

 

Three Months Ended September 30, 2023

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports Segment

 

Total

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports Segment

 

Total

 

(In millions)

Net income (loss)

 

 

 

 

 

 

$

74.2

 

 

 

 

 

 

 

 

$

68.4

 

Provision for income taxes

 

 

 

 

 

 

 

(13.4

)

 

 

 

 

 

 

 

 

22.8

 

Income (loss) before taxes

$

51.6

 

$

5.2

 

 

$

4.0

 

$

60.8

 

 

$

101.5

 

$

(16.9

)

 

$

6.6

 

$

91.2

Non-floor plan interest (1)

 

27.1

 

 

 

0.7

 

 

 

0.6

 

 

 

28.4

 

 

 

26.2

 

 

 

0.7

 

 

 

0.4

 

 

 

27.3

 

Depreciation and amortization (2)

 

32.8

 

 

 

5.3

 

 

 

1.2

 

 

 

39.3

 

 

 

29.9

 

 

 

6.1

 

 

 

0.9

 

 

 

36.9

 

Stock-based compensation expense

 

5.5

 

 

 

 

 

 

 

 

 

5.5

 

 

 

6.7

 

 

 

 

 

 

 

 

 

6.7

 

Loss (gain) on exit of leased dealerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.9

 

 

 

 

 

 

3.9

 

Severance and long-term compensation charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

0.9

 

Excess compensation related to CDK outage

 

1.8

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition related (gain) loss

 

 

 

 

(2.3

)

 

 

 

 

 

(2.3

)

 

 

0.2

 

 

 

0.1

 

 

 

 

 

 

0.3

 

Storm damage charges

 

1.5

 

 

 

 

 

 

 

 

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

120.3

 

 

$

8.9

 

 

$

5.8

 

 

$

135.0

 

 

$

164.5

 

 

$

(5.2

)

 

$

7.9

 

 

$

167.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports Segment

 

Total

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports Segment

 

Total

 

(In millions)

Net income (loss)

 

 

 

 

 

 

$

157.4

 

 

 

 

 

 

 

 

$

139.5

 

Provision for income taxes

 

 

 

 

 

 

 

16.6

 

 

 

 

 

 

 

 

 

47.8

 

Income (loss) before taxes

$

167.0

 

 

$

4.7

 

 

$

2.3

 

$

174.0

 

 

$

357.2

 

 

$

(179.1

)

 

$

9.2

 

$

187.3

 

Non-floor plan interest (1)

 

79.8

 

 

 

2.0

 

 

 

1.9

 

 

 

83.7

 

 

 

77.4

 

 

 

2.5

 

 

 

1.6

 

 

 

81.5

 

Depreciation & amortization (2)

 

95.8

 

 

 

16.3

 

 

 

3.1

 

 

 

115.2

 

 

 

87.6

 

 

 

20.4

 

 

 

2.4

 

 

 

110.4

 

Stock-based compensation expense

 

15.8

 

 

 

 

 

 

 

 

 

15.8

 

 

 

17.3

 

 

 

 

 

 

 

 

 

17.3

 

Loss (gain) on exit of leased dealerships

 

 

 

 

(3.0

)

 

 

 

 

 

(3.0

)

 

 

 

 

 

4.3

 

 

 

 

 

 

4.3

 

Impairment charges

 

1.0

 

 

 

1.4

 

 

 

 

 

 

2.4

 

 

 

 

 

 

62.6

 

 

 

 

 

 

62.6

 

Loss on debt extinguishment

 

0.6

 

 

 

 

 

 

 

 

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and long-term compensation charges

 

2.2

 

 

 

2.9

 

 

 

 

 

 

5.1

 

 

 

 

 

 

5.1

 

 

 

 

 

 

5.1

 

Excess compensation related to CDK outage

 

13.0

 

 

 

0.4

 

 

 

 

 

 

13.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition related (gain) loss

 

(0.3

)

 

 

(3.3

)

 

 

 

 

 

(3.6

)

 

 

(20.7

)

 

 

0.3

 

 

 

 

 

 

(20.4

)

Storm damage charges

 

5.1

 

 

 

 

 

 

 

 

 

5.1

 

 

 

1.9

 

 

 

 

 

 

 

 

 

1.9

 

Used vehicle inventory valuation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.0

 

 

 

 

 

 

10.0

 

Closed store accrued expenses

$

 

 

$

2.1

 

 

$

 

 

$

2.1

 

 

$

 

 

$

 

 

$

 

 

$

 

Adjusted EBITDA

$

380.0

 

 

$

23.5

 

 

$

7.3

 

 

$

410.8

 

 

$

520.7

 

 

$

(73.9

)

 

$

13.2

 

 

$

460.0

 

(1)

Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.

(2)

Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.

Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

Three Months Ended September 30, 2023

 

Better / (Worse) % Change

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

(In millions, except unit and per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

545.5

 

 

$

(0.6

)

 

$

544.9

 

 

$

562.4

 

 

$

64.3

 

 

$

626.7

 

 

(3

)%

 

(101

)%

 

(13

)%

Total gross profit

$

55.8

 

 

$

(0.6

)

 

$

55.2

 

 

$

46.1

 

 

$

6.7

 

 

$

52.8

 

 

21

%

 

(109

)%

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

5.6

 

 

$

(0.4

)

 

$

5.2

 

 

$

(8.7

)

 

$

(8.2

)

 

$

(16.9

)

 

164

%

 

95

%

 

131

%

Non-floor plan interest (1)

 

0.6

 

 

 

0.1

 

 

 

0.7

 

 

 

0.3

 

 

 

0.4

 

 

 

0.7

 

 

NM

 

 

NM

 

 

NM

 

Depreciation and amortization (2)

 

5.3

 

 

 

 

 

 

5.3

 

 

 

5.8

 

 

 

0.3

 

 

 

6.1

 

 

NM

 

 

NM

 

 

NM

 

Acquisition and disposition-related (gain) loss

 

(2.3

)

 

 

 

 

 

(2.3

)

 

 

 

 

 

0.1

 

 

 

0.1

 

 

NM

 

 

NM

 

 

NM

 

Loss (gain) on exit of leased dealerships

 

 

 

 

 

 

 

 

 

 

 

 

 

3.9

 

 

 

3.9

 

 

NM

 

 

NM

 

 

NM

 

Severance and long-term compensation charges

 

 

 

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

0.9

 

 

NM

 

 

NM

 

 

NM

 

Adjusted EBITDA

$

9.2

 

 

$

(0.3

)

 

$

8.9

 

 

$

(2.6

)

 

$

(2.6

)

 

$

(5.2

)

 

454

%

 

88

%

 

271

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Used vehicle unit sales volume

 

17,757

 

 

 

 

 

 

17,757

 

 

 

17,454

 

 

 

1,596

 

 

 

19,050

 

 

2

%

 

(100

)%

 

(7

)%

Total used vehicle and F&I gross profit per unit

$

3,145

 

 

$

 

 

$

3,111

 

 

$

2,621

 

 

$

4,333

 

 

$

2,767

 

 

20

%

 

(100

)%

 

12

%

 

NM = Not Meaningful

 

Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores (Continued)

 

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

Better / (Worse) % Change

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

(In millions, except unit and per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

1,609.8

 

$

11.8

 

 

$

1,621.6

 

 

$

1,521.3

 

 

$

356.5

 

 

$

1,877.8

 

 

6

%

 

(97

)%

 

(14

)%

Total gross profit

$

160.8

 

 

$

(1.9

)

 

$

158.9

 

 

$

94.1

 

 

$

24.9

 

 

$

119.0

 

 

71

%

 

(108

)%

 

34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

12.2

 

 

$

(7.5

)

 

$

4.7

 

 

$

(88.0

)

 

$

(91.1

)

 

$

(179.1

)

 

114

%

 

92

%

 

103

%

Non-floor plan interest (1)

 

1.7

 

 

 

0.3

 

 

 

2.0

 

 

 

1.7

 

 

 

0.8

 

 

 

2.5

 

 

NM

 

 

NM

 

 

NM

 

Depreciation and amortization (2)

 

16.3

 

 

 

 

 

 

16.3

 

 

 

16.4

 

 

 

4.0

 

 

 

20.4

 

 

NM

 

 

NM

 

 

NM

 

Acquisition and disposition-related (gain) loss

 

 

 

 

(3.3

)

 

 

(3.3

)

 

 

 

 

 

0.3

 

 

 

0.3

 

 

NM

 

 

NM

 

 

NM

 

Closed store accrued expenses

 

 

 

 

2.1

 

 

 

2.1

 

 

 

 

 

 

 

 

 

 

 

NM

 

 

NM

 

 

NM

 

Impairment charges

 

 

 

 

1.4

 

 

 

1.4

 

 

 

 

 

 

62.6

 

 

 

62.6

 

 

NM

 

 

NM

 

 

NM

 

Loss (gain) on exit of leased dealerships

 

 

 

 

(3.0

)

 

 

(3.0

)

 

 

 

 

 

4.3

 

 

 

4.3

 

 

NM

 

 

NM

 

 

NM

 

Severance and long-term compensation charges

 

 

 

 

2.9

 

 

 

2.9

 

 

 

 

 

 

5.1

 

 

 

5.1

 

 

NM

 

 

NM

 

 

NM

 

Excess compensation related to CDK outage

 

0.4

 

 

 

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

NM

 

 

NM

 

 

NM

 

Used vehicle inventory valuation adjustment

 

 

 

 

 

 

 

 

 

 

7.7

 

 

 

2.3

 

 

 

10.0

 

 

NM

 

 

NM

 

 

NM

 

Adjusted EBITDA

$

30.6

 

 

$

(7.1

)

 

$

23.5

 

 

$

(62.2

)

 

$

(11.7

)

 

$

(73.9

)

 

149

%

 

39

%

 

132

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Used vehicle unit sales volume

 

52,016

 

 

 

363

 

 

 

52,379

 

 

 

46,534

 

 

 

9,580

 

 

 

56,114

 

 

12

%

 

(96

)%

 

(7

)%

Total used vehicle and F&I gross profit per unit

$

3,096

 

 

$

(3,630

)

 

$

3,047

 

 

$

2,203

 

 

$

2,666

 

 

$

2,095

 

 

41

%

 

(236

)%

 

45

%

 

NM = Not Meaningful

(1)

Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.

(2)

Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.

 

Investor Inquiries:

Heath Byrd, Executive Vice President and Chief Financial Officer

Danny Wieland, Vice President, Investor Relations & Financial Reporting

ir@sonicautomotive.com

Press Inquiries:

Sonic Automotive Media Relations

media.relations@sonicautomotive.com

Source: Sonic Automotive, Inc.

FAQ

What was Sonic Automotive's (SAH) revenue in Q3 2024?

Sonic Automotive reported total revenues of $3.5 billion in Q3 2024, representing a 4% decrease year-over-year.

How much did the CDK outage impact Sonic Automotive's (SAH) Q3 2024 earnings?

The CDK Global software outage reduced Q3 2024 income before taxes by approximately $17.2 million, and net income by approximately $12.7 million.

What was EchoPark's performance in Q3 2024 for Sonic Automotive (SAH)?

EchoPark achieved record quarterly gross profit of $55.2 million (up 5% year-over-year), with revenues of $544.9 million (down 13%) and retail used vehicle unit sales of 17,757 units.

What dividend did Sonic Automotive (SAH) declare for Q3 2024?

Sonic's Board approved a 17% increase to the quarterly cash dividend, to $0.35 per share, payable on January 15, 2025.

Sonic Automotive, Inc.

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