Strong New Unit Growth
Same-store new vehicle unit sales increased by 7% for the quarter compared to the prior year, with Premium Luxury up 14%, domestic up 6%, and import up 2%.
Used Vehicle Profitability Increase
Used vehicle unit profitability increased by 13% to $1,662, reflecting a focus on margin costs, inventory levels, and mix.
Record After-Sales Profits
After-sales delivered record gross profit and expanded margin by 40 basis points from the previous year.
Strong Cash Flow and Share Repurchases
Cash flow generation was strong, allowing for $225 million in share repurchases at an average price of $165 per share, reducing share count by 4%.
Improved Adjusted EPS
Adjusted EPS grew by 4% from a year ago, marking the first year-over-year increase in adjusted EPS in eight quarters.
Successful M&A Activity
Acquired two stores in the Greater Denver, Colorado area, generating approximately $220 million of revenue and reflecting a strategy to add store density.
AN Finance Profitability
AN Finance crossed over into profitability well ahead of expectations with $460 million in originations during the quarter.