The following is a summary of the AutoNation, Inc. (AN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AutoNation reported slight Q1 revenue growth of 1%.

• Gross profit at $1.2 billion, accounting for 18.5% of revenues.

• The operating income and net income were $348 million and $190 million respectively.

• The EPS for the quarter stood at $4.49.

• The company delivered an adjusted free cash flow of $257 million.

• The company's leverage was at 2.25 times EBITDA, staying within their target range.

Business Progress:

• AutoNation saw an increase in new vehicle unit sales by 7% in Q1.

• The company focused on developing customer offerings which helped originate over $160 million of loans with AutoNation Finance.

• The rollout of their new plan included the opening of four additional AutoNation USA stores, bringing the total store count to 23.

• With successful customer-focused initiatives like AutoNation Mobile Services, they attracted over 120,000 new customers.

• For the future, the company plans to increase throughput in AutoNation Finance, driving more growth.

More details: AutoNation IR

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