Record Revenue and Growth
Total revenue for the quarter was $7 billion, an increase of 8% from a year ago on both the total and same-store basis. Gross profit margin of 18.3% of revenue was up 40 basis points from a year ago.
Significant Growth in AutoNation Finance
Originations doubled from a year prior, with approximately $464 million in loans originated in the second quarter, bringing the year-to-date originations to $924 million.
Improved Customer Financial Services
Customer Financial Services gross profit increased 13%, with more than two products attached per vehicle and a stable finance penetration rate at nearly 75%.
New Vehicle Sales and Profitability
New vehicle unit volumes increased by 7% from a year ago. New vehicle unit profitability averaged $2,785 for the quarter, in line with the first quarter.
After-Sales Record Performance
After-Sales business delivered record revenue and grew gross profit by more than 12%, with gross profit margins expanding by 100 basis points to record levels.