AutoNation, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AutoNation, Inc. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

AUTONATION, INC. (AN) filed a Annual Report (10-K) with the SEC on February 16, 2024. AutoNation, Inc. filed its 2023 Form 10-K on February 16, 2024, reporting on its fiscal year ending December 31, 2023. The filing covers the company's operations in the retail auto dealers and gasoline stations sector (SIC 5500). The company's principal executive offices are located at 200 SW 1st Ave, Suite 1600, Fort Lauderdale, FL 33301. AutoNation, Inc. was incorporated in Delaware. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking AUTONATION, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AutoNation's financial health, operational performance, and strategic positioning within the automotive retail sector for the past fiscal year. Investors and analysts can use this report to assess the company's revenue streams, profitability, debt levels, and overall market standing, informing investment decisions.

Risk Assessment

Risk Level: medium — AUTONATION, INC. shows moderate risk based on this filing. The company operates in the highly competitive automotive retail sector, which is subject to economic fluctuations and changing consumer preferences, as detailed in its 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand AutoNation's performance drivers and potential challenges for the upcoming year.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240216 — Filing Date (FILED AS OF DATE)
• 5500 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 001-13107 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• AUTONATION, INC. (company) — FILER
• 200 SW 1ST AVE (address) — BUSINESS ADDRESS
• FORT LAUDERDALE (location) — BUSINESS ADDRESS CITY
• FL (location) — BUSINESS ADDRESS STATE
• DE (location) — STATE OF INCORPORATION
• SEC (regulator) — SEC ACT

FAQ

Industry Context

AutoNation operates within the automotive retail industry, which involves the sale of new and used vehicles, as well as related services like financing, insurance, and parts/maintenance.

Regulatory Implications

The company is subject to SEC regulations governing public company filings, including the requirement to submit annual reports on Form 10-K.

What Investors Should Do

1. Analyze AutoNation's revenue breakdown by segment (new vehicles, used vehicles, parts & service, finance & insurance) for the fiscal year 2023.
2. Examine the company's balance sheet for key financial metrics such as total assets, total debt, and cash position as of December 31, 2023.
3. Review any disclosed risk factors to understand potential challenges and their impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, following previous quarterly and annual filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 Per Share AN New York Stock Exchange

Filing Documents

• an-20231231.htm (10-K) — 3252KB
• ex211listofsubsidiaries2023.htm (EX-21.1) — 486KB
• ex231kpmgconsent2023form.htm (EX-23.1) — 3KB
• ex311section302ceocert2023.htm (EX-31.1) — 8KB
• ex312section302cfocert2023.htm (EX-31.2) — 8KB
• ex321section906ceocert2023.htm (EX-32.1) — 5KB
• ex322section906cfocert2023.htm (EX-32.2) — 5KB
• ex971autonationclawbackpol.htm (EX-97.1) — 49KB
• an-20231231_g1.jpg (GRAPHIC) — 57KB
• an-20231231_g2.jpg (GRAPHIC) — 29KB
• 0000350698-24-000021.txt (&nbsp;) — 15355KB
• an-20231231.xsd (EX-101.SCH) — 86KB
• an-20231231_cal.xml (EX-101.CAL) — 137KB
• an-20231231_def.xml (EX-101.DEF) — 502KB
• an-20231231_lab.xml (EX-101.LAB) — 1151KB
• an-20231231_pre.xml (EX-101.PRE) — 764KB
• an-20231231_htm.xml (XML) — 2403KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 23 Item 1C. C yb ersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107

Controls and Procedures

Item 9A. Controls and Procedures 107

Other Information

Item 9B. Other Information 107

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 108

Executive Compensation

Item 11. Executive Compensation 108

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 108 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 109

Form 10-K Summary

Item 16. Form 10-K Summary 109 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General AutoNation, Inc., through its subsidiaries, is one of the largest automotive retailers in the United States. As of December 31, 2023, we owned and operated 349 new vehicle franchises from 252 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Our stores, which we believe include some of the most recognizable and well-known in our key markets, sell 34 different new vehicle brands. The core brands of new vehicles that we sell, representing approximately 88% of the new vehicles that we sold in 2023, are manufactured by Toyota (including Lexus), Honda, Ford, General Motors, BMW, Mercedes-Benz, Stellantis, and Volkswagen (including Audi and Porsche). As of December 31, 2023, we also owned and operated 53 AutoNation-branded collision centers, 19 AutoNation USA used vehicle stores, 4 AutoNation-branded automotive auction operations, 3 parts distribution centers, a mobile automotive repair and maintenance business, and an auto finance company. We offer a diversified range of automotive products and services, including new vehicles, used vehicles, "parts and service" (also referred to as "After-Sales"), which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive "finance and insurance" products (also referred to as "Customer Financial Services"), which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. We also offer indirect financing on certain vehicles we sell through our captive finance company. The following charts present the contribution to total revenue and gross profit by each of new vehicle, used vehicle, parts and service, and finance and insurance sales in 2023. For convenience, the terms "AutoNation," "Company," and "we" are used to refer collectively to AutoNation, Inc. and its subsidiaries, unless otherwise required