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Asbury Automotive Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The decrease in our same store gross profit margin was primarily attributable to margin pressure in our import brands due in part to the failure to achieve aggressive sales and marketing targets set by certain manufacturers and smaller dealer incentive opportunities.
The increase in same store gross profit is primarily due to increases in our higher margin customer pay business and additional gross profit in reconditioning and preparation, which benefited from a 8% increase in used vehicle retail unit sales.
Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle Non-Trade, and all floor plan notes payable relating to used vehicles together referred to as Floor Plan Notes Payable Non-Trade, are classified as financing activities on the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments.
We attribute the decrease in our same store gross profit margin to a shift in our revenue and unit volume mix towards our lower margin import brands, the failure to achieve aggressive sales and marketing targets set by certain manufacturers, and smaller dealer incentive opportunities.
As a result, when used vehicle, parts and service, and F&I revenue increase as a percentage of total revenue, we expect our overall gross profit margin to increase.
During the nine months ended...Read more
On a same store basis,...Read more
We continually evaluate our liquidity...Read more
As of September 30, 2018,...Read more
in operating activities differ from...Read more
The majority of our floor...Read more
As a result, we believe...Read more
We believe that splitting the...Read more
In connection with the New...Read more
In addition, the Company benefited...Read more
During the nine months ended...Read more
Cash provided by operating activities,...Read more
We had total available liquidity...Read more
Sales of new vehicles generally...Read more
Our continued organic growth is...Read more
A $150.0 million used vehicle...Read more
The net change in floor...Read more
We typically experience higher sales...Read more
Cash flows related to floor...Read more
Same store new vehicle gross...Read more
$31.8 million increase related to...Read more
We continued to benefit from...Read more
We continued to benefit from...Read more
These transfers reduce the amount...Read more
In addition, we are able...Read more
The $4.6 million 24% decrease...Read more
The $15.0 million 26% decrease...Read more
The $61.5 million increase in...Read more
We assess the organic growth...Read more
During the three months ended...Read more
Total revenue during the third...Read more
Total revenue for the nine...Read more
While the Notice is not...Read more
As a result of the...Read more
In addition, during the nine...Read more
Borrowings under the New Vehicle...Read more
Borrowings under the Used Vehicle...Read more
The increase in same store...Read more
Finance and insurance F&I, net...Read more
the continued availability of financing,...Read more
our parts and service revenue...Read more
Our borrowing capacity under the...Read more
Parts and service gross profit,...Read more
Same store new vehicle gross...Read more
The Applicable Margin, for borrowings...Read more
New vehicle floor plan borrowings...Read more
As described below, as of...Read more
Classification of Cash Flows Associated...Read more
We have provided below a...Read more
Floor plan borrowings are required...Read more
Same store parts and service...Read more
Same store parts and service...Read more
SG&A expense as a percentage...Read more
F&I, net revenue increased $12.5...Read more
Same store SG&A expense as...Read more
Same store SG&A expense as...Read more
Parts and service gross profit,...Read more
Floor plan interest expense increased...Read more
New vehicle revenue increased by...Read more
Same store new vehicle revenue...Read more
In addition, we include all...Read more
Neither our floor plan facility...Read more
The Company benefited from decreases...Read more
We re-designated this amount to...Read more
we have a floor plan...Read more
Same store new vehicle gross...Read more
the ability of consumers to...Read more
For more information on our...Read more
For the nine months ended...Read more
Our revenues are derived primarily...Read more
The $4.6 million 24% decrease...Read more
There were no outstanding borrowings...Read more
We primarily attribute the 40...Read more
Our effective tax rate was...Read more
Borrowings of floor plan notes...Read more
Many of these factors are...Read more
$30.4 million related to an...Read more
changes in general economic and...Read more
Overall, net income increased by...Read more
Overall, net income increased by...Read more
our outstanding indebtedness and our...Read more
Demand for new vehicles is...Read more
The Base Rate is the...Read more
This may result in adjustments...Read more
The net impact of adopting...Read more
Other operating income expenses, net...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Asbury Automotive Group Inc provided additional information to their SEC Filing as exhibits
Ticker: ABG
CIK: 1144980
Form Type: 10-Q Quarterly Report
Accession Number: 0001144980-18-000128
Submitted to the SEC: Wed Oct 24 2018 5:12:53 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Retail Auto Dealers And Gasoline Stations