AutoNation, Inc. (NYSE:AN) Q3 2023 Results Conference Call October 27, 2023 9:00 AM ET

Company Participants

Derek Fiebig - Vice President of Investor Relations

Mike Manley - Chief Executive Officer

Tom Szlosek - Chief Financial Officer

Conference Call Participants

John Murphy - Bank of America

Rajat Gupta - JPMorgan

Daniel Imbro - Stephens

Patrick Buckley - Jefferies

David Whiston - Morningstar

Operator

Good morning. My name is Ellen, and I'll be your conference operator today. At this time, I would like to welcome everyone to the AutoNation Third Quarter 2023 Earnings Conference Call [Operator Instructions].

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, Ellen, and good morning, everyone. Welcome to AutoNation's third quarter 2023 conference call. Leading our call today will be Mike Manley, our Chief Executive Officer; and Tom Szlosek, our Chief Financial Officer. Following their remarks, we will open up the call for questions. Before we begin, 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 discussions of factors that could cause our actual results to differ materially are contained in our press release issued today and in our filings with the SEC. Certain non-GAAP financial measures, as defined in our SEC rules, will be discussed on this call. Reconciliations are provided in our materials and on our Web site located at investor.autonation.com.

With that, I'll turn the call over to Mike.

Mike Manley

Thanks, Derek, and good morning, everyone. Thank you for joining us today. I'm going to start on Slide 3, and I'm going to provide some opening remarks before Tom takes you through the third quarter results in great detail. So as we all know, there continues to be mixed economic signals in the economy. But despite concerns of affordability, consumer demand for vehicles remains relatively healthy. And during the quarter, partly because of improved new vehicle supply and stable used vehicle inventory, we saw double digit year-over-year growth in new vehicle sales and strong sequential growth in used vehicle volume. And frankly, this is the first time in eight consecutive quarters that we've seen growth in combined new and used vehicle volumes for automation. So I think that's very positive. We also continue to see significant benefits of our clear focus on after sales, which delivered a record quarter for revenue and margin, and as a result, AutoNation delivered a solid performance in this evolving operating environment.