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v3.25.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION At March 31, 2025, we had four reportable segments: (1) Domestic, (2) Import, (3) Premium Luxury, and (4) AutoNation Finance. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Ford, General Motors, and Stellantis. Our Import segment is primarily comprised of retail automotive franchises that sell new vehicles manufactured by Toyota, Honda, Hyundai, Subaru, and Nissan. Our Premium Luxury segment is primarily comprised of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover. The franchises in each of our Domestic, Import, and Premium Luxury segments also sell used vehicles, parts and automotive services, and automotive finance and insurance products. Our AutoNation Finance segment is comprised of our captive auto finance company, which provides indirect financing to qualified retail customers on vehicles we sell. “Corporate and other” is comprised of our non-franchised businesses, including AutoNation USA used vehicle stores, collision centers, parts distribution centers, auction operations, and our mobile automotive repair and maintenance business, all of which generate revenues but do not meet the quantitative thresholds for reportable segments, as well as unallocated corporate overhead expenses and other income items. The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by our chief operating decision maker (“CODM”) to allocate resources and assess performance. Our CODM for each of our reportable segments is our Chief Executive Officer. For the Domestic, Import, and Premium Luxury segments, our CODM uses Franchised Dealerships - Segment Income (defined as operating income less floorplan expense) to allocate resources to each of these segments during our annual budgeting process. Our CODM evaluates Franchised Dealerships - Segment Income actual results versus budget and prior year on a monthly basis when making decisions about allocating resources to these segments and whether to reinvest profits into each of these segments or into other parts of the Company, such as for acquisitions, strategic initiatives, or share repurchases. Our CODM also uses Franchised Dealerships - Segment Income to assess the underlying operating performance of each of these segments by comparing the results and return on investment for each of these segments. Our CODM uses AutoNation Finance Income (Loss) to allocate capital resources to the AutoNation Finance segment in our annual budgeting process and uses that measure as a basis to evaluate the underlying operating performance of this segment by monitoring the margin between interest revenue and interest expense, credit program tier distribution, portfolio quality, and the overall performance of the loan portfolio for the segment. The following tables provide segment revenues and segment expenses that align with the segment-level information that is regularly provided to our CODM:
|  | Three Months Ended March 31, 2025 |  |  |  |  |  |  |
|  | Domestic |  | Import |  | Premium Luxury |  | AutoNation Finance |  | Total |  |  |  |  |  |  |
Revenues from external customers:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Franchised dealerships |  | $ | 1,717.4 |  |  | $ | 2,047.3 |  |  | $ | 2,576.5 |  |  |  |  | $ | 6,341.2 |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  |  | 349.2 |  |  |  |  |  |  |  |
Total consolidated revenues |  |  |  |  |  |  |  |  |  | 6,690.4 |  |  |  |  |  |  |  |
Less segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New vehicle |  | 834.6 |  |  | 1,004.8 |  |  | 1,233.7 |  |  |  |  |  |  |  |  |  |  |  |
Used vehicle |  | 459.0 |  |  | 510.1 |  |  | 669.0 |  |  |  |  |  |  |  |  |  |  |  |
Parts and service |  | 145.3 |  |  | 159.2 |  |  | 199.4 |  |  |  |  |  |  |  |  |  |  |  |
Other |  | — |  |  | 2.8 |  |  | (0.1) |  |  |  |  |  |  |  |  |  |  |  |
Total cost of sales |  | 1,438.9 |  |  | 1,676.9 |  |  | 2,102.0 |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation |  | 119.8 |  |  | 148.4 |  |  | 165.7 |  |  |  |  |  |  |  |  |  |  |  |
Advertising |  | 16.7 |  |  | 21.6 |  |  | 15.8 |  |  |  |  |  |  |  |  |  |  |  |
Store overhead |  | 45.4 |  |  | 53.5 |  |  | 75.5 |  |  |  |  |  |  |  |  |  |  |  |
Total selling, general, and administrative expenses |  | 181.9 |  |  | 223.5 |  |  | 257.0 |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 11.0 |  |  | 12.0 |  |  | 19.9 |  |  |  |  |  |  |  |  |  |  |  |
Floorplan interest expense |  | 16.6 |  |  | 8.7 |  |  | 19.0 |  |  |  |  |  |  |  |  |  |  |  |
Other income(2) |  | — |  |  | — |  |  | (0.1) |  |  |  |  |  |  |  |  |  |  |  |
Franchised dealerships - segment income |  | $ | 69.0 |  |  | $ | 126.2 |  |  | $ | 178.7 |  |  |  |  | 373.9 |  |  |  |  |  |  |  |
AutoNation Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest fee income |  |  |  |  |  |  |  | $ | 41.9 |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  | (13.9) |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  |  |  |  |  |  | (18.9) |  |  |  |  |  |  |  |  |  |
Direct expenses(3) |  |  |  |  |  |  |  | (9.0) |  |  |  |  |  |  |  |  |  |
AutoNation Finance income (loss) |  |  |  |  |  |  |  | $ | 0.1 |  |  | 0.1 |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  |  | (84.5) |  |  |  |  |  |  |  |
Other interest expense |  |  |  |  |  |  |  |  |  | (42.3) |  |  |  |  |  |  |  |
Other income (loss), net |  |  |  |  |  |  |  |  |  | (13.2) |  |  |  |  |  |  |  |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 234.0 |  |  |  |  |  |  |  |
(1) See Note 2 of the Notes to Consolidated Financial Statements for detail of revenue by segment. |  |  |  |  |  |  |
(2) Other income includes net gains on asset dispositions. |  |  |  |  |  |  |
(3) Direct expenses are comprised primarily of compensation expense and loan administration costs incurred by our auto finance company. |  |  |  |  |  |  |
|  | Three Months Ended March 31, 2024
|  | Domestic |  | Import |  | Premium Luxury |  | AutoNation Finance |  | Total
Revenues from external customers:(1) |  |  |  |  |  |  |  |  |  |
Franchised dealerships |  | $ | 1,756.7 |  |  | $ | 1,979.5 |  |  | $ | 2,414.9 |  |  |  |  | $ | 6,151.1 |
Corporate and other |  |  |  |  |  |  |  |  |  | 334.6 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  | 6,485.7 |
Less segment expenses: |  |  |  |  |  |  |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |  |
New vehicle |  | 773.5 |  |  | 942.1 |  |  | 1,067.7 |  |  |  |  |
Used vehicle |  | 520.1 |  |  | 523.0 |  |  | 696.5 |  |  |  |  |
Parts and service |  | 168.4 |  |  | 150.7 |  |  | 197.1 |  |  |  |  |
Other |  | — |  |  | 3.0 |  |  | 0.1 |  |  |  |  |
Total cost of sales |  | 1,462.0 |  |  | 1,618.8 |  |  | 1,961.4 |  |  |  |  |
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |  |
Compensation |  | 122.5 |  |  | 139.6 |  |  | 154.9 |  |  |  |  |
Advertising |  | 15.2 |  |  | 18.8 |  |  | 12.2 |  |  |  |  |
Store overhead |  | 51.2 |  |  | 53.8 |  |  | 76.5 |  |  |  |  |
Total selling, general, and administrative expenses |  | 188.9 |  |  | 212.2 |  |  | 243.6 |  |  |  |  |
Depreciation and amortization |  | 11.2 |  |  | 10.6 |  |  | 19.8 |  |  |  |  |
Floorplan interest expense |  | 19.5 |  |  | 9.1 |  |  | 18.5 |  |  |  |  |
Other income(2) |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Franchised dealerships - segment income |  | $ | 75.2 |  |  | $ | 128.8 |  |  | $ | 171.6 |  |  |  |  | 375.6 |
AutoNation Finance: |  |  |  |  |  |  |  |  |  |
Interest fee income |  |  |  |  |  |  |  | $ | 21.8 |  |  |
Interest expense |  |  |  |  |  |  |  | (7.0) |  |  |
Provision for credit losses |  |  |  |  |  |  |  | (10.2) |  |  |
Direct expenses(3) |  |  |  |  |  |  |  | (9.6) |  |  |
AutoNation Finance income (loss) |  |  |  |  |  |  |  | $ | (5.0) |  |  | (5.0) |
Corporate and other |  |  |  |  |  |  |  |  |  | (79.7) |
Other interest expense |  |  |  |  |  |  |  |  |  | (44.6) |
Other income (loss), net |  |  |  |  |  |  |  |  |  | 7.0 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 253.3 |
(1) See Note 2 of the Notes to Consolidated Financial Statements for detail of revenue by segment.
(2) Other income includes net gains on asset dispositions.
(3) Direct expenses are comprised primarily of compensation expense and loan administration costs incurred by our auto finance company.
The following table provides information about segment assets:
Segment Assets(1) |  | March 31, 2025 |  | December 31, 2024
Domestic |  | $ | 2,269.7 |  |  | $ | 2,297.9 |
Imports |  | $ | 2,103.4 |  |  | $ | 2,029.8 |
Premium Luxury |  | $ | 3,532.3 |  |  | $ | 3,696.0 |
AutoNation Finance |  | $ | 1,471.0 |  |  | $ | 1,114.4 |
(1) Excludes capital expenditures for active construction projects, which are reflected in segment assets upon completion of the related project.

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- Definition The entire disclosure for reporting segments including data and tables. 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