AutoNation, Inc. (NYSE:AN) Q4 2022 Earnings Conference Call February 17, 2023 9:00 AM ET
Company Participants
Derek Fiebig - Vice President of Investor Relations
Mike Manley - Chief Executive Officer
Joe Lower - Chief Financial Officer
Conference Call Participants
John Murphy - Bank of America Merrill Lynch
Daniel Imbro - Stephens
Bret Jordan - Jefferies
Colin Langan - Wells Fargo
Rajat Gupta - JPMorgan
David Whiston - Morningstar
Operator
Good morning. My name is Breka, and I will be your conference operator for today. At this time, I would like to welcome everyone to the AutoNation Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
Thank you. I would now like to turn the call over to Derek Fiebig, Vice President of Investor Relations. You may begin your conference.
Derek Fiebig
Thank you, Breka, and good morning, everyone. I'd like to welcome you to AutoNation's fourth quarter ‘22 conference call and webcast.
Leading our call today will be Mike Manley, our Chief Executive Officer; and Joe Lower, our Chief Financial Officer. Following their remarks, we will open up the call for questions.
Before beginning, I’d like to remind you that certain statements and information on this call, including any statements regarding our anticipated financial results and objectives constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause our actual results or performance to differ materially from such forward-looking statements. Additional discussion of factors that could cause our actual results to differ materially are contained in our press release issued today and in our SEC filings.
Certain non-GAAP financial measures as defined under SEC rules will be discussed on this call. Reconciliations are provided in our press release and on our website located at investors.autonation.com
With that, I'll turn the call over to Mike.
Mike Manley
Yes. Thanks, Eric. Good morning, everyone. Thank you for joining us. 2022 was a great year for AutoNation and full consecutive record quarter. Tremendous results driven by the entire AutoNation team, and I know many of you are on the call. So my personal congratulations to all of you.
Joe is going to take us through the result in detail, but I'm going to just touch on some of the headline numbers. Q4 new vehicle retail industry was up 2% with us posting a same-store 4% increase over prior year. New vehicle industry declined by 6%, which in my view was significantly driven by constrained used vehicle inventory, which also was a key driver of our used vehicle sales being down 11% in the quarter.