FORT LAUDERDALE, Fla. –
In addition to revealing it would be debuting at least 20 more standalone used-car stores in the coming years, AutoNation’s quarterly earnings results announcement this week included data on its overall used-car operations.
And while sales were down, gross profits in used were up.
Here is a look at the retailer’s pre-owned results, starting with revenue.
AutoNation pulled in $1.32 billion in used-vehicle revenue during the second quarter ($62 million of which was wholesale), compared to $1.38 billion a year ago.
Through six months, used-vehicle revenue has reached $2.57 billion ($148.7 million of which was wholesale), compared to $2.72 billion in the first half of 2019.
Retail used-vehicle gross profits for Q2 were at $105.8 million, up 16.9% year-over-year. For the first half, it was at $189.3 million, up 8.3%.
Total used-vehicle gross profits for the quarter (which includes wholesale) came in at $117 million, up 20.9%. Year-to-date, it reached $208 million, up 11.1%.
AutoNation retailed 58,920 used vehicles during the quarter, down 5.5% year-over-year.
In the first half, its retail used sales were at 115,069 units, down 6.8%.
Revenue per used vehicle retailed was $21,427 in Q2 (up 2.2%) and $21,070 year-to-date, up 1.3%.
AutoNation generated $1,796 in gross profits per used retail sale during the quarter, up 23.7%.
For the first half, that figure was at $1,645, a 16.3% uptick.
Pre-owned continues to be a big part of the retailer’s operations.
On Thursday morning as part of releasing its second-quarter financial statement, AutoNation shared plans for expansion of AutoNation USA; intentions to build at least 20 additional stores during the next three years.
AutoNation said it will provide more details of the roll-out schedule during the third quarter.
“AutoNation is prioritizing its investment in capital expenditures towards opportunities with the greatest return potential,” the company said in a news release.