AutoNation, Inc. (NYSE:AN) Q2 2024 Results Conference Call July 31, 2024 9:00 AM ET

Company Participants

Derek Fiebig - Vice President of Investor Relations
Michael Manley - Chief Executive Officer
Thomas Szlosek - Chief Financial Officer

Conference Call Participants

John Murphy - Bank of America
Rajat Gupta - JPMorgan
Douglas Dutton - Evercore
Bret Jordan - Jefferies
Danielle Hogan - Morgan Stanley

Operator

Good morning. Thank you for attending the AutoNation 2Q '24 Earnings Call. My name is Elissa, and I will be your moderator today. [Operator Instructions].

I would now like to pass the call to our host, Derek Fiebig, with AutoNation. Please go ahead.

Derek Fiebig

Thank you, Elissa, and good morning, everyone. Welcome to AutoNation's Second Quarter 2024 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'll open up the call to 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 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 measures as defined under SEC rules will be discussed on this call. Reconciliations are provided in our materials and on our website located at investors.autonation.com.

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

Michael Manley

Thank you, Derek, and good morning, everyone. Thanks for joining us today. As I mentioned in today's press release, the CDK outage masked what was developing into a very positive quarter for AutoNation. April and May new unit sales were up about 5%. Used unit sales were flat or accelerating in June. After sales growth was consistent with first quarter trends and margin trends in many of our business lines are moving positively and I was certainly encouraged with where the quarter was sitting when the CDK outage hit us on June 19.

Now as usual, Tom is going to take you through more details of our performance during the quarter in his section, but I did want to give you a summary of the scope of the impact on our business. Before I do that, however, I think it's important to state that as of the last week of July, the incident with regard to its operational impact on our business is now behind us.