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No products in the cart. Retailer focused on increasing captive’s penetration at its stores
AutoNation Finance, formally CIG Financial, has ceased accepting applications from some independent dealerships as the financier prioritizes AutoNation USA locations. The Fort Lauderdale, Fla.-based AutoNation’s $85 million acquisition of lender CIG Financial was completed in October 2022 to form a captive finance arm. AutoNation Finance sent notification to affected independent dealerships Aug. 31 detailing […]
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AutoNation captive pulls out of independent dealerships

Less than a year after AutoNation Inc . acquired auto finance company CIG Financial , the dealership giant is narrowing the division's focus to its own stores. AutoNation's Aug. 31 letter to independent dealer customers said it would end credit application processing with independent dealers as of Sept. 1. Moving forward, the company will concentrate its lending business solely on its franchised stores and its standalone AutoNation USA used-car business. Jeffrey Butler, president of AutoNation Finance (CIG Financial's new name), said the division's move to focus fully on AutoNation-specific dealers was always part of the long-term plan. Related Article
"The progress made to date has now put us in a position to expand and accelerate the integration across more of our dealerships and markets," Butler told Automotive News in a statement. "To facilitate this, we are increasingly focusing AutoNation Finance's resources on our stores. This was the notification to our independent dealers and is consistent with the intent of the acquisition a year ago." AutoNation, based in Fort Lauderdale, Fla., stressed in its letter to dealers, however, that it would honor "all valid issued approvals before the expiration dates listed on each." As well, dealers' representations and warranties in AutoNation Finance/CIG's Dealer Agreement will continue for all contracts it purchased from dealers, the company said. AutoNation bought CIG Financial in October 2022 for $85 million. AutoNation ranks No. 2 on Automotive News' most recent list of the top 150 dealership groups based in the U.S. , with retail sales of 229,971 new vehicles in 2022.

AutoNation captive finance arm's aim narrows

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Repossessions jump 30% at CIG Financial

F inance-and-insurance gross profit per vehicle might be leveling off among the six publicly traded franchised auto retailers after quarters of year-over-year gains. Asbury Automotive Group Inc. was the only one of six publics to post a double-digit year-over-year percentage increase in same-store F&I gross profit per vehicle in the fourth quarter. Two of the publics registered slight year-over-year declines. Five of the six — all but Sonic Automotive Inc. — saw results fall when compared with the third quarter. And Lithia Motors Inc. told investors that higher interest rates in 2023 would cut its F&I gross profit on vehicles. Related Article
Nevertheless, all but one of the retailers — Penske Automotive Group Inc. — continued to generate more than $2,100 in same-store F&I profit per vehicle in the fourth quarter, and all six grossed at least $500 more per vehicle in same-store F&I than they had in the fourth quarter of 2019, before the COVID-19 pandemic. "I remember when our goal used to be $800 a car," Sonic CEO David Smith told Automotive News in a Feb. 16 interview. "But we've come a long way from that." The auto retail industry has seen F&I performance soften since automotive interest rates began to rise in November 2021, according to Cindy Allen, CEO of F&I menu and analytics company StoneEagle. Between November 2021 and January 2023, the average dealer margin on financed deals fell 16 percent to $646, and the average number of products sold per deal fell 4 percent, from 1.58 to 1.51, Allen said in a Feb. 16 statement. Asbury
Asbury produced $2,233 in fourth-quarter, same-store F&I profit on every vehicle sold, a 12 percent increase from a year earlier. However, that per-vehicle, same-store F&I profit was down 0.9 percent from the third quarter. Dan Clara, Asbury's senior vice president of operations, told investors and analysts on a Feb. 2 call that rising interest rates had not affected Asbury's ability to add F&I products to deals. "We have not seen any negative impact that is of concern at the store level," Clara said. Asked if higher interest rates would affect demand for vehicles in the second half of 2023, Asbury CEO David Hult said "we think we'll be just fine" should the Federal Reserve institute one or two more 0.25 percentage point rate hikes. Asbury owns its own F&I product provider, Total Care Auto, which it purchased in December 2021 as part of the Larry H. Miller Dealerships acquisition . Total Care Auto produced $27.5 million in revenue and $26.1 million in gross profit in the fourth quarter. Asbury, of Duluth, Ga., ranks No. 5 on Automotive News' most recent list of the top 150 dealership groups based in the U.S. , retailing 109,910 new vehicles in 2021. AutoNation
AutoNation's same-store F&I gross profit per vehicle ticked up to $2,704 in the fourth quarter, up 0.9 percent from a year earlier, but down 2.3 percent from the third quarter. AutoNation closed on the purchase of lender CIG Financial during the quarter, paying $83 million. It serves as AutoNation's captive finance arm. Company CEO Mike Manley told investors and analysts in a Feb. 17 call that his group's plan is to grow CIG Financial at a "very manageable speed" on pace largely with the growth of the AutoNation USA used-vehicle-only business. When asked about higher interest rates, Manley and CFO Joe Lower on the call stressed AutoNation's focus on F&I product sales. Lower said more than 70 percent of AutoNation's financial services income stems from products, not revenue from securing auto loans for partner lenders. AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive News' most recent top 150 dealership groups list, retailing 262,403 new vehicles in 2021. But in 2022, Lithia pulled ahead of AutoNation in new-vehicle sales to take the crown. Group 1
Group 1 Automotive Inc.'s average same-store F&I gross profit per vehicle retailed in the U.S. landed at $2,385 in the fourth quarter, up 2.2 percent from a year earlier but down 3.7 percent from the third quarter. Group 1 CEO Daryl Kenningham said during an interview that the company has seen more credit union loans hinder Group 1's ability to generate revenue from arranging financing. "The credit union competitors are formidable right now, and when rates are up, a lot of times they are able to offer a really competitive alternative," Kenningham said Jan. 26. "The one good thing is when we lose financing on a vehicle, we don't necessarily lose the products … we are still able to sell some of our products even though you might not get financing, so there's that." Automakers are trying to counter this, in part, through more aggressive competition on interest rates, he said. "It gives us a real weapon … so we're seeing a lot of that," Kenningham said. Group 1, of Houston, ranks No. 4 on Automotive News' most recent top 150 dealerships groups list, retailing 146,072 new vehicles in 2021. Lithia
Lithia posted same-store F&I gross profit per vehicle of $2,117 in the fourth quarter, down 0.2 percent from a year earlier and a dip of 3.4 percent from the third quarter. And Lithia expects a further drop in 2023. "F&I per unit may be impacted by rising interest rates and consumer affordability and are estimated to be around $1,850 for the year," Lithia CFO Tina Miller said of 2023 during a Feb. 15 earnings call. Lithia COO Chris Holzshu said Lithia is trying to get out in front of the issues. "I think operationally what we're trying to anticipate is the impact in a rising rate environment, what consumers are able to absorb in F&I and just trying to be a little bit proactive and probably a little conservative on what F&I might look like in 2023," Holzshu said. However, Holzshu also predicted increased inventory would aid Lithia's F&I business. "We're very optimistic about the recovery in volume," he said. "We feel like that's not just going to be great for new, but it's going to be great for used and F&I." Lithia, of Medford, Ore., ranks No. 2 on Automotive News' most recent top 150 dealership groups list, retailing 260,738 new vehicles in 2021. Penske
Penske's global same-store F&I gross profit per unit in the fourth quarter was $1,881, down 3.2 percent from a year earlier, and down 2.1 percent from the third quarter. However, when adjusted for the impact of foreign currency exchange, Penske's same-store F&I profit per vehicle in the quarter would have risen slightly to $1,976. Penske CEO Roger Penske said higher interest rates hadn't impacted vehicle demand at his company, which largely sells premium luxury vehicles. "I think the premium customer right now, affordability hasn't hit them obviously even with the higher interest rates, but what's driving our margins and our success, again, certainly is supply," Penske said in a Feb. 8 earnings call. Penske, of Bloomfield Hills, Mich., ranks No. 3 on Automotive News' most recent top 150 dealership groups list, retailing 195,384 new vehicles in 2021. Related Article
Sonic
Sonic collected $2,431 in same-store F&I gross profit per vehicle at its franchised dealerships in the fourth quarter, up 3.5 percent from a year earlier and up 1 percent from the third quarter. "Despite a rising interest rate environment, F&I performance continues to be ... strong, benefiting from higher retail unit volume and near-record F&I per retail unit," Smith said in a Feb. 15 earnings call. Sonic CFO Heath Byrd called vehicle affordability one of Sonic's concerns entering 2023 and referenced elevated interest rates. "As rates go up, I do think that it has the potential of impacting finance penetration," Byrd said on the call. "People shop around [a] little bit more. And so affordability is absolutely [a] concern. We haven't seen it materially impact us at this point, but it is one of our concerns going into the year," he said. Sonic, of Charlotte, N.C., ranks No. 7 on Automotive News' most recent top 150 dealership groups list, retailing 103,486 new vehicles in 2021. John Huetter, Mark Hollmer, C.J. Moore and Gail Kachadourian Howe contributed to this report.

2 of 6 publics see same-store F&I profit per vehicle fall in Q4, but results remain strong

02/17/2023 | 07:00am EST
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Fourth Quarter 2022 GAAP EPS was $5.72, and adjusted EPS was $6.37 a fourth quarter record
Full Year 2022 GAAP EPS was $24.29, and adjusted EPS was $24.57 both records and more than 30% higher than a year ago
Fourth Quarter 2022 Revenue was $6.7 billion, a fourth quarter record, and Full Year 2022 Revenue increased $1.1 billion to a record $27 billion
After-Sales growth continued with record Fourth Quarter 2022 gross profit up 12% and Full Year 2022 increasing 14% from a year ago to a record $1.9 billion
Full Year 2022 cash flows from operations were a record $1.7 billion
In 2022, the Company reduced shares outstanding by 25% as it repurchased 15.6 million shares, including 4.6 million during the fourth quarter
FORT LAUDERDALE, Fla., Feb. 17, 2023 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's most admired automotive retailer, today reported fourth quarter 2022 GAAP EPS of $5.72 and adjusted EPS of $6.37. Fourth quarter 2022 revenue was $6.7 billion, an increase of 2% compared to the same period a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables. "Our fourth quarter results capped off another record year for earnings and revenue as our Associates drove results while providing a superior Customer experience. We closed the year strong with record full-year results for After-Sales and Customer Financial Services. We continue to perform well in the current environment while taking significant steps to address the industry transformation. During the year, we expanded our footprint, introduced additional transportation solutions, and leveraged our strong cash flow to fund investments and return capital to shareholders," said Mike Manley, AutoNation's Chief Executive Officer. Operational Summary

Revenue – Revenue was $6.7 billion, an increase of 2% compared to the year-ago period. Higher average selling prices of vehicles, increased new vehicle unit sales, and continued growth in After-Sales, more than offset lower used vehicle unit sales. New Vehicle Revenue – $3.1 billion, an increase of $230 million or 8%. Used Vehicle Revenue – $2.2 billion, a decrease of $176 million or 8%. After-Sales Revenue – $1.0 billion, an increase of $67 million or 7%. Customer Financial Services Revenue – $345 million, compared to $354 million a year ago. Gross Profit - Gross profit totaled $1.28 billion compared to $1.32 billion a year ago. New Vehicle Gross Profit - New vehicle gross profit per vehicle retailed was $5,633, compared to $6,450 a year ago and $5,934 in the Third Quarter 2022. Used Vehicle Gross Profit - Used vehicle gross profit per vehicle retailed was $1,847, compared to $2,063 a year ago and $1,870 in the Third Quarter 2022. Customer Financial Services Gross Profit - Customer Financial Services gross profit per vehicle retailed was $2,703, compared to $2,678 a year ago and $2,755 in the Third Quarter 2022. After-Sales Gross Profit - After-Sales gross profit was $479 million, an increase of $53 million or 12% from a year ago. SG&A as a Percentage of Gross Profit – SG&A as a percentage of gross profit was 59.8% and 59.2% on an adjusted basis, slightly higher than recent periods reflecting investments in technology and new business initiatives. Strategy and Business Highlights
"In 2022, we embarked on an ambitious strategy to be the nation's most comprehensive provider of transportation services, meeting Customers' needs throughout their transportation lifecycle. During the year, we made significant progress in expanding our product and service offerings while aligning our core business to serve our Customers and Manufacturer partners. Our progress, combined with disciplined capital allocation, has positioned AutoNation for long-term sustained profitability. Our commitment to our Customers was recognized in Reputations' Automotive Reputation Report as we were ranked the No. 1 Public Dealer for 2022," added Manley. AutoNation strengthened its core business by focusing on operational excellence, including Customer satisfaction, sales efficiency, sales effectiveness, and asset utilization. AutoNation extended and enhanced its brand, scale, and footprint, during the year opening four additional AutoNation USA stores and adding nine franchises acquired from the Moreland Auto Group. Additionally, the Company improved its digital retailing experience with an enhanced digital storefront. AutoNation expanded its service and product offerings to introduce comprehensive transportation solutions to over 11 million AutoNation Customers. The acquisition of CIG Financial and the creation of AutoNation Finance established an in-house Customer Financial Services solution for current and future Customers. We are creating mobility solutions to offer Customers greater flexibility in vehicle procurement. In January 2023, we completed the acquisition of RepairSmith, a mobile solution for automotive repair and maintenance. RepairSmith will expand our ability to innovate and conveniently service our Customers by broadening the reach of our existing After-Sales network, extending our brand, and further leveraging our scale. In addition to operational and expansion investments of over $500 million, AutoNation continued to utilize its substantial cash flow generation to deploy capital to return funds to shareholders through share repurchases. During 2022, $1.7 billion was deployed to repurchase 15.6 million shares, reducing shares outstanding by 25% from a year ago. As of February 15, 2023, AutoNation had approximately 47 million shares outstanding down from 83 million shares outstanding at the end of 2020. Full Year 2022 Operational Summary compared to the year-ago period:
Selected GAAP Financial Data
New Vehicle Revenue – $11.8 billion, a decrease of $327 million or 3%. Used Vehicle Revenue – $9.7 billion, an increase of $1.0 billion or 12%. After-Sales Revenue – $4.1 billion, an increase of $394 million or 11%. Customer Financial Services Revenue – $1.4 billion, an increase of $53 million or 4%. Gross Profit - Gross profit totaled $5.3 billion, an increase of $313 million or 6%. New Vehicle Gross Profit - New vehicle gross profit per vehicle retailed was $5,942, compared to $4,579. Used Vehicle Gross Profit - Used vehicle gross profit per vehicle retailed was $1,795, compared to $2,045. Customer Financial Services Gross Profit - Customer Financial Services gross profit per vehicle retailed was $2,713, compared to $2,443 a year ago, an 11% increase. After-Sales Gross Profit - After-Sales gross profit was $1.9 billion, an increase of $228 million or 14%. SG&A as a Percentage of Gross Profit – SG&A as a percentage of gross profit was 57.5% and 57.3% on an adjusted basis, compared to 58.0% on an adjusted basis in the prior year. Liquidity and Leverage
As of December 31, 2022, AutoNation had $1.8 billion of liquidity, including $73 million in cash and approximately $1.75 billion of availability under our revolving credit facility. The Company's covenant leverage ratio was 1.6x at quarter-end, and 1.6x net of cash and used floorplan availability. AutoNation had approximately $3.65 billion of non-vehicle debt outstanding as of December 31, 2022. Segment Results
Fourth Quarter 2022 Segment Results
Domestic - Domestic segment income(2) was $120 million compared to the year-ago segment income of $159 million, a decrease of 25%. Import - Import segment income(2) was $175 million compared to the year-ago segment income of $184 million, a decrease of 5%. Premium Luxury - Premium Luxury segment income(2) was $247 million, unchanged from a year-ago. Full Year 2022 Segment Results
Domestic - Domestic segment income(2) was $565 million compared to the year-ago segment income of $596 million, a decrease of 5%. Import - Import segment income(2) was $734 million compared to the year-ago segment income of $715 million, an increase of 3%. Premium Luxury - Premium Luxury segment income(2) was $969 million compared to the year-ago segment income of $837 million, an increase of 16%. The fourth quarter conference call may be accessed by telephone at 844-200-6205 (Conference ID: 779065) at 9:00 a.m. Eastern Time today or on AutoNation's investor relations website at investors.autonation.com . The webcast will also be available on AutoNation's website following the call under "Events & Presentations." A playback of the conference call will be available after 12:00 p.m. Eastern Time on February 17, 2023, through March 10, 2023, by calling 866-813-9403 (Conference ID: 106051). Additional information regarding AutoNation's results can be found in the Investor Presentation available at:investors.autonation.com. (1)
AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Stellantis; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Hyundai, Subaru, and Nissan; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover. (2)
Segment income represents income for each of AutoNation's reportable segments and is defined as operating income less floorplan interest expense. About AutoNation, Inc. AutoNation, a provider of personalized transportation services, is driven by innovation and transformation. As one of America's most admired companies, AutoNation delivers a peerless Customer experience recognized by data-driven consumer insight leaders, Reputation and J.D. Power. Through its bold leadership and brand affinity, the AutoNation Brand is synonymous with "DRVPNK" and "What Drives You, Drives Us." AutoNation has a singular focus on personalized transportation services that are easy, transparent, and Customer-centric. Please visit www.autonation.com , investors.autonation.com , and www.twitter.com/AutoNation , where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com , AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends. NON-GAAP FINANCIAL MEASURES
This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP. FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "targets," "projects," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, and investments, including the planned expansion of our AutoNation USA pre-owned vehicle stores and our investments in digital and online capabilities and mobility solutions, statements regarding our expectations for the future performance of our business and the automotive retail industry, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments, including the planned expansion of our AutoNation USA stores and our investments in digital and online capabilities and mobility solutions; our ability to identify, acquire, and build out suitable locations in a timely manner; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to acquire and integrate successfully new franchises; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; supply chain disruptions and inventory availability; new and used vehicle margins; our ability to attain planned sales volumes within our expected time frames; our ability to successfully implement and maintain expense controls; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; the economic impacts of the COVID-19 pandemic; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

AutoNation Reports Record Fourth Quarter and Full Year Results

Point Predictive is a technology company that specializes in artificial intelligence and machine learning within the financial services industry. The company offers solutions that use predictive models to identify truthful information on loan applications, enabling lenders to streamline their underwriting process and protect against fraud. These services primarily cater to sectors such as automotive, mortgage, retail, personal lending, and student loan finance. It was founded in 2016 and is based in San Diego, California.

Point Predictive

She concluded , `` CIG Financial is a proud member of Point Predictive Inc. 's anti-fraud Consortium since fraud risks are best managed through a collaborative , cross-industry approach . ''

CIG Financial’s Partnership with Point Predictive Produces Eye-Catching Risk Separation

TruDecision provides fintech solutions that create efficiencies for automotive dealers and lenders. Its cloud-based data analytics integrates with existing auto finance systems to provide real-time insights without adding another system to log into and manage.

TruDecision

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Cig Financial auto lending and other financial services. The company was founded in 1984 and is based in Irvine, California. On July 21st, 2022, Cig Financial was acquired by AutoNation.

Name	Work History	Title	Status
Greg Skjonsby		Chief Executive Officer, President	Current
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