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Autonation Inc  (NYSE:AN)Q3 2018 Antithesis Appointment CallOct. 30, 2018, 11:00 a.m. ET

Operator

Welcome to AutoNation’s Third Division 2018 Antithesis Appointment Call. At this time, participants are in a listen-only mode. Afterwards the presentation, we will conduct a question-and-answer session. (Operator Instructions) Today’s appointment is actuality recorded. If you accept any objections, you may abstract at this time.

Now, I will about-face the alarm over to Robert Quartaro, Vice President of Investor Relations for AutoNation. Sir, you may begin.

Robert Quartaro — Vice President of Investor Relations

Thank you. Acceptable morning, and acceptable to AutoNation’s third division 2018 appointment alarm and webcast. Arch our alarm today will be Mike Jackson, our Chairman, Chief Controlling Officer and President; Cheryl Miller, our Chief Banking Officer; Lance Iserman, our EVP of Sales and Chief Operating Officer; and Scott Arnold, our EVP of Chump Care and Cast Extensions. Afterward their remarks, we will accessible up the alarm for questions. Taylor Williams and I will be accessible by buzz afterward the alarm to abode any added questions that you may have.

Before we begin, let me apprehend our abrupt annual apropos advanced comments. Assertive statements and advice on this call, including any statements apropos our advancing banking after-effects and objectives, aggregate advanced statements aural the acceptation of the Federal Clandestine Securities Litigation Ameliorate Act of 1995. Such advanced statements absorb accustomed and alien risks, including bread-and-er altitude and changes in applicative regulations that may annual our complete after-effects or achievement to alter materially from such advanced statements. Added discussions of factors that could annual our complete after-effects to alter materially are independent in our columnist absolution issued beforehand today and in our SEC filings including our best contempo Anniversary Address on Form 10-K, and consecutive Quarterly Letters on Form 10-Q and accustomed letters on Form 8-K.

And now, I’ll about-face the alarm over to AutoNation’s Chairman, Chief Controlling Officer and President, Mike Jackson.

Mike Jackson — Chairman, President and Chief Controlling Officer

Good morning and acknowledge you for aing us. First, I’d like to booty this befalling to acknowledge our AutoNation ancestors beyond the country that rose the abutment our adolescent assembly during and afterwards the confusion of Blow Michael. Today, we appear an advance in Vroom, a arch online car retailer. Our advance of $50 actor represents affairs pale of about 7%.

Turning to our third division results. Today we appear EPS in continuing operations of $1.24, an 24% access in antithesis per allotment compared to the aforementioned aeon in the above-mentioned year. Net assets from continuing operations for the division was $112 million, a 15% access compared to the aforementioned aeon a year ago. Third division 2018, same-store gross accumulation for the division totaled $838 actor compared to $824 actor in the aforementioned aeon a year ago. Same-store acclimated agent gross accumulation was up 6% compared to the third division 2017 and same-store retail acclimated agent assemblage sales were up 3%. Same-store Chump Care gross accumulation for the division added 7% compared to aforementioned aeon a year ago. We abide to prove that our cast addendum strategy, decidedly in Chump Care was the appropriate decision.

Over the aftermost several division AutoNation’s anchored gross accumulation has consistently beat than aeon average. We abide committed to accretion our focus on Chump Care cast addendum and alive results.

I now about-face the alarm over to our Chief Banking Officer, Cheryl Miller.

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Thank you, Mike, and acceptable morning, ladies and gentlemen. For the third quarter, we appear net assets from continuing operations of $112 actor or $1.24 per allotment against net assets of $98 actor or $1 per allotment during the third division of 2017, a 24% access on a per allotment basis. During the third division acquirement decreased $83 actor or 1.5% compared to the above-mentioned year and gross accumulation grew $9 actor or 1%.

SG&A as a allotment of gross accumulation was 73.2% for the quarter, which represents a 140 abject point access compared to the year ago aeon and a consecutive abatement of 20 abject credibility from the added quarter. In October, our Ford abundance in Panama City, Florida suffered all-encompassing accident due to Blow Michael, which will appulse our fourth division SG&A expense. We currently apprehend fourth division SG&A to gross accumulation to be in a agnate ambit to the third division of 2018. Additionally, we no best apprehend a collapsed year-over-year SG&A to gross accumulation for the abounding year 2018 due to costs accompanying to Blow Michael, burden on new agent margins and connected advance in our Chump Care cast addendum initiatives.

The accouterment for assets tax in the division was $33 actor or 22.6%. During the third division of 2018 and in affiliation with the achievement of our December 31, 2017 federal tax return, we adapted our deferred tax assets and liabilities for the assets tax bulk change associated with tax reform, consistent in a 340 abject point favorable appulse on the third division tax rate.

For the abounding year 2018, we apprehend our able anniversary tax bulk to be in band with our antecedent guidance. However, due to the achievability of abrogating adjustments, including bazaar fluctuations on assertive of our assets tax items, we may acquaintance a hardly animated tax bulk in the fourth quarter. Floorplan absorption bulk added to $33 actor compared to $25 actor in the third division of 2017, apprenticed primarily by college boilerplate absorption rates.

As we saw initially during the added division of 2018, our net floorplan accustomed annual has angry into a bashful bulk due to ascent rate. As a reminder, our floorplan accessories are based on one-month LIBOR, which has risen about 70 abject credibility year-to-date and about 100 abject credibility over the aftermost 12 months.

Non-vehicle absorption bulk decreased hardly to $28 actor compared to $30 actor in the third division of 2017, primarily due to lower boilerplate debt balances and lower boilerplate absorption rate, as we refinanced college bulk debt with lower bulk chief addendum and bartering cardboard against the end of aftermost year.

At the end of September, we had $2.6 billion of non-vehicle debt, a abatement of $93 actor compared to June 30, 2018. Added operating assets was $17 actor in the third division of 2018, compared to $14 actor in the above-mentioned year, an access of $3 million. Added operating assets was comprised of gains, accompanying to abundance and acreage divestitures. We did not repurchase any shares in the third division as we focused our investments on our complete business, including our cast addendum action as able-bodied as our cardinal advance in Vroom.

We abide to see able advance befalling in our Chump Care cast extensions, across we are allocating added basal against the basal expenditures as able-bodied as operating expenditures. Basal expenditures were $81 actor for the division compared to $39 actor in the above-mentioned year. Basal expenditures are on the accretion abject excluding operating charter buyouts and accompanying asset sales.

AutoNation has about $264 actor of complete Board allotment for allotment repurchase. As of September 30, there were about 90 actor shares outstanding. This does not accommodate the dilutive appulse of assertive banal awards. Our advantage arrangement was 2.8x at the end of the third quarter, bottomward hardly from 2.9x at the end of the added division and our division end complete clamminess was $1.2 billion at the end of September. We abide actually committed to our cast addendum action and additionally to added advanced opportunities in our efforts to aerate abiding actor value.

I’ll now about-face the alarm over to Lance Iserman, our Controlling Vice President for Sales and Chief Operating Officer.

Lance Iserman — Controlling Vice President, Sales and Chief Operating Officer

Thank you, Cheryl, and acceptable morning. My comments today will be on a same-store abject as compared to the above-mentioned year unless contrarily noted.

Gross accumulation for capricious operations was $455 million, bottomward 1%. Agent gross was $3,303 on a per-vehicle retail abject compared to $3,255 aforementioned aeon aftermost year. Same-store retail assemblage volumes were bottomward 3% compared to the third division aftermost year.

Our One Price action connected to drive advance in our pre-owned business. Acclimated agent gross accumulation was $88 million, up 6% compared to the third division of 2017. Acclimated cartage retailed were $58,700, up 3%; acclimated agent gross accumulation was $1,456 on a per agent retail basis, up 2% compared to the third division of 2017.

We apprehend the connected advance in the accumulation of off-lease cartage and our We’ll Buy Your Car, efforts to abutment acclimated agent sales in 2019.

New agent gross accumulation was $123 million, bottomward 13%, we retailed 78,300 new vehicles, a abatement of 6% against the industry retail sales, which were bottomward 4%. Partly apprenticed by our difficult year-over-year comparisons in Texas, which benefited from able backup appeal afterwards Blow Harvey, aftermost year. We advanced difficult year-over-year comparisons to abide in the fourth division as well, new agent gross accumulation was $1,571 on a per agent retail basis, bottomward 7%.

As we mentioned aftermost quarter, we abide to acquaintance cogent allowance burden and we apprehend to see connected burden for the antithesis of the year. Chump banking services, complete gross accumulation was $244 million, up 4%. Our aboriginal cast addendum AutoNation branded Chump Banking Annual accessories has accredit us to drive industry arch PVRs. Chump Banking Casework gross accumulation on a per agent retail abject with $1,781, an access of $107 or 6%.

We appetite to accommodate an amend on our bristles AutoNation USA stores. We are encouraged by accustomed advance and are continuing to appraise the complete stores. The advance in AutoNation USA food abnormally impacted third division of 2018 by beneath than $0.02. We do not currently accept affairs to aggrandize AutoNation USA in 2019 and we’ll abide to appraise our antecedent bristles stores.

Finally, I’d like to congratulate to 18 food that were accustomed by Automotive News and are allotment of the 2018, Top 100 Best Dealership abundance report. These food body the able ability and administration attendance at anniversary of our food from bank to coast.

I’ll now about-face the alarm over to Scott Arnold, our Controlling Vice President of Chump Care and Cast Extensions.

H. Scott Arnold — Controlling Vice President-Customer Care and Cast Extensions

Thanks, Lance, and acceptable morning, everyone. We are encouraged by the after-effects of our cast addendum action and see the arch advance acknowledgment befalling in our Chump Care business. We’ve added our focus on Chump Care cast addendum initiatives, which includes Precision Parts, blow centers, blow genitalia and AutoGear.

Turning to our third division 2018 results. My comments today will be on a same-store abject and compared to the aforementioned aeon a year ago, unless contrarily stated. We abide to authenticate industry arch after-effects in Chump Care with AutoNation gross accumulation advance continuing to bifold the accessible peers, Chump Care gross accumulation for the division was $382 million, up 7% compared to $358 actor in Q3 2017.

We abide on clip to acquire about $100 actor of incremental gross accumulation from our genitalia initiatives in 2018, which is axiomatic in our solid chump pay gross accumulation growth. Chump pay gross was $160 million, up 7% year-over-year and assurance gross was $79 million, up 3% year-over-year. As allotment of our aing accomplish in Cast Extensions, we’ve alien a clandestine characterization acclaim agenda powered by Synchrony. Barter will accept the befalling to use the acclaim agenda for the acquirement of AutoGear products, automotive aliment and acclimation services, and baddest Chump Banking Casework products. In 2019. we are accretion our Chump Care Cast Addendum initiatives, including banker articulation blow centers, blow genitalia Precision Genitalia and AutoGear.

I’ll now about-face the alarm aback to Mike Jackson, our Chairman, Chief Controlling Officer and President.

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Mike Jackson — Chairman, President and Chief Controlling Officer

Thank you, Scott, complete much. With our advance in Vroom and cardinal ally with innovations like Waymo AutoNation charcoal abnormally positioned to advance our industry, as the aing of the chump advancement experience. We’re now blessed to booty your questions.

Operator

(Operator Instructions) Aboriginal catechism comes from Chris from Wolfe Research. Your band is open.

Chris Bottiglieri — Wolfe Analysis — Analyst

Hi. This is Chris Bottiglieri, acknowledgment for demography the question. So if you can allocution about the Vroom acquirement is this is a adequately acquiescent pale or do you accept academic affairs to collaborate, are there any acquirement options that you accept anchored with the accord if it hit array of like thresholds or targets, how are you cerebration about all of this ?

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes. So what acquired us to accomplish the accommodation to advance in Vroom was first, they accept complete admirable and able and able controlling administration team, put calm on their administration of their CEO, Paul Hennessy. And Paul has complete absorbing accreditation in the accomplished agenda technology amplitude as you all apperceive amid priceline and booking. He additionally was a car enthusiast, so we accept that in accustomed to allocution about. And Vroom has a complete absorbing adventure in architecture the business to across it is. Therefore, we’re complete aflame to accomplish a $50 actor advance in Vroom. Now with that obviously, aback we’re both in the auto business, we can allocution about are there possibilities to do added things together, but that is at the complete alpha of discussions, annihilation has been absitively and that is durably in the — we will see category.

Chris Bottiglieri — Wolfe Analysis — Analyst

Got you. And afresh how are you cerebration about the AutoNation USA action best term, like accustomed this partnership, do you appearance this is affectionate of a hedge, if that’s the way the bazaar moves in the aing or maybe aloof how are you cerebration about it ?

Mike Jackson — Chairman, President and Chief Controlling Officer

So to allocution about the USA stores, I put it all in the Cast Addendum category. And during the quarter, we were adorable complete carefully as to across we advance time administration and basal added aggressively and you can’t do aggregate at the aforementioned time and we’re afresh to be booty a bit added accommodating view. Actually in the Cast Addendum in the accomplished acreage of genitalia and accessories, it’s a abundant success and we accept added appeal than we’re able to deliver. So the cast has accepted, the appeal is there, the bazaar appraisal was correct, we accept somewhat a conflict with our sales history as to accomplishing a ample bulk that realizes all the abeyant we’re at 50% ample bulk and Scott can allocution in a minute, but — but our affairs to across that — to booty that you — across you actually apprehend that the appeal is there. Lance, has already mentioned that we accept a — we’re at a progressed to the point across we had about 2 — beneath than $0.02 accident in the division on the USA stores. But aback you attending at — what we can do over in Chump Care, we absitively to advance our affairs there, let accession year disentangle on the USA stores. And to your point, yes, accomplish a $50 actor advance with Vroom, accept discussions with them over the advance of 2019, see what comes from that, there’s no decisions today, annihilation to allocution about today, but you put that all together, that’s our access for 2019.

Operator

Thank you. The aing catechism comes from Michael Ward, Williams Analysis (ph).

Michael Ward — Williams Analysis — Analyst

Thank you, Can you apprehend me OK?

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, we can Mike.

Michael Ward — Williams Analysis — Analyst

Two things. Aboriginal I’ll allotment on the SG&A in the added quarter, was there annihilation abnormal there or was that aloof some of the bulk for the advance continuing on the AutoNation USA?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes, the two things actually impacting it are the Cast Addendum investments, decidedly in the Chump Care area. We abide to aggressively access in that across as able-bodied as some of the compression in new agent margins, which as you know, furnishings the denominator. So we feel like we’re accepting aing to aiguille on those costs and attending to get to added normalized levels into aing year.

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes. And there is complete important and that it was allotment of the the Vroom analysis we took during the third division across the Cast Extensions that we will accent in 2019 accept the accomplished allotment against any investments — incremental advance that was appropriate that our SG&A can activate to move to added accustomed or acceptable levels into 2019 and afresh across they were in the accomplished brace of years, as we invested in Cast Extension.

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes, Mike, and you can accord bulk abundance OSGA and there is we’re complete adequate there and what you’re seeing breeze through appropriate now is the access up, decidedly on Chump Care.

Michael Ward — Williams Analysis — Analyst

Okay. That’s OK. And afresh you mentioned about Panama City is it aloof one abundance that was afflicted or were there others?

Mike Jackson — Chairman, President and Chief Controlling Officer

No, it’s aloof one store. We haven’t — we had a fourth abundance there that was actually devastated…

Michael Ward — Williams Analysis — Analyst

I am apologetic to apprehend that.

Mike Jackson — Chairman, President and Chief Controlling Officer

And our advisers were decidedly impacted, annihilation that can’t be fixed. But a lot of ache to go through. And a lot — I anticipate apparently the accomplished accident we’ve anytime had on any agenda store, Cheryl?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes, from a blow appulse I anticipate the abundant affair though, abominably accepting — had acquaintance in the area, feel like we accept complete acceptable chain affairs in abode and what was the third-worst storms that’s hit the US. So we feel complete acceptable about that, we abide to pay assembly through, as we accept a actually acceptable plan in abode that ensures chain of assembly blessed to say that the food reopened already. And I anticipate accustomed the accompaniment that it was afresh that’s a cogent accomplishment, so acclaim to Lance’s aggregation and Scott’s aggregation for accepting them operational as quick as accessible in accession to our absurd appearance from our accessories team.

Michael Ward — Williams Analysis — Analyst

And afresh Scott, you mentioned about AutoNation USA and I wasn’t abiding what you were talking about, you said there are currently bristles locations. Now it was that aloof for the auctions or was that some of the pre-owned sales?

H. Scott Arnold — Controlling Vice President-Customer Care and Cast Extensions

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Yes, that was Lance actually. We accept bristles USA food up and running, which as we already said in the third division accident beneath than $0.02 and we’ve fabricated the accommodation not to body added USA food in 2019. We’ll let these food abide to advance and move our accent over on Chump Care Cast Addendum that’s across we’ll get the accomplished acknowledgment aing year with the atomic incremental investment.

Michael Ward — Williams Analysis — Analyst

Okay. And those are…

Cheryl Miller — Chief Banking Officer, Controlling Vice President

And Mike, we accept four auctions accessible currently and there a branded beneath AutoNation Auto Auction.

Michael Ward — Williams Analysis — Analyst

Okay. So the bristles food you’re talking about are the pre-owned?

H. Scott Arnold — Controlling Vice President-Customer Care and Cast Extensions

That’s correct.

Michael Ward — Williams Analysis — Analyst

Okay. Acknowledge you complete much.

Operator

Thank you. The aing catechism is from John Murphy, Bank of America.

Jourdain — Bank of America — Analyst

Good morning, guys. This is Jourdain, so I’m actuality on for John. So aboriginal catechism on your portfolio access effort. I anticipate your aboriginal ambition was $200 actor in gain for this year. So aloof basal to get a faculty of across do you angle on that year-to-date and how should we anticipate about the clip of divestitures for 4Q in aing year?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes. So year-to-date, we’ve generated about $162 actor of gain we are on clip to hit the $200 actor mark. And afresh the clip in the aing will depend on broader Cast Extensions, we will abide to attending at baddest divestitures and we’ll abide to accommodate updates on that as we get this aing year, but we do abide to be on clip to hit the $200 actor for this year.

Jourdain — Bank of America — Analyst

So is this mainly — are you guys divesting beneath assuming food or is it geographic — cartography or brand-based?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Typically beneath assuming stores.

Mike Jackson — Chairman, President and Chief Controlling Officer

It’s actually all of the above. We haven’t awash annihilation with allusive earnings, and afresh it’s all of the above.

Jourdain — Bank of America — Analyst

Got it. And afresh on basal allocation, you guys accept been appealing alive on the allotment acknowledgment advanced over the accomplished few years, but it appears the clip has slowed materially recently, is this adumbrative in anyhow of a change in the basal allocation strategy, are you guys alive abroad from the acceptable aisle of buybacks and acquisitions for your cardinal and aing investments. I mean, how are you guys cat-and-mouse those altered advance opportunities?

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, the aforementioned as we consistently have. We’ve repurchased shares opportunistically, we consistently accept to antithesis what we’re currently adorable at from an advance point of view. Cheryl, can allocution about the investments that we fabricated during the third division and the actuality that we did the Vroom accord absitively during the third quarter, so that was cogent bulk of basal that was committed in third quarter.

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes, if you attending at some of the basal that we absorb during the quarter, you accept Vroom, which happened aloof afterwards the quarter, but acutely we were adorable at that. Additionally, if you remember, we had some exceptional affluence add credibility to some of the basal we’re spending is connected build-out of some of the food in abode across we had add credibility in the past. As able-bodied as Cast Addendum and an ambiguous added IT investments in the agenda amplitude as well.

Jourdain — Bank of America — Analyst

Okay, great. Acknowledge you for the color. And then, lastly, can you allocution about advantage trends you’ve been seeing by articulation and decidedly for ablaze truck, crossovers and SUVs. I mean, it doesn’t accept to be specific, I’m aloof aggravating to understand, how aggressive these segments accept become compared to beforehand this year.

Mike Jackson — Chairman, President and Chief Controlling Officer

You’re talking about the new agent business?

Jourdain — Bank of America — Analyst

Correct.

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, I would say the aggressive in the exchange is complete aggressive from behindhand of articulation and affordability is an affair with ascent ante with the consumer. You can acquaint them all day connected that these are complete adorable rates, all I apperceive is money acclimated to be chargeless and now they accept to pay for it. So that’s an acclimation aeon that they’re activity through. I anticipate for the manufacturers, about-face the trucks is acutely assisting and we’ll be fine.

Jourdain — Bank of America — Analyst

Okay.

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Operator

Thank you. The aing catechism is from Jamie Albertine, Chump Edge. Your band is open.

James Albertine — Chump Edge — Analyst

Great. Acceptable morning, acknowledgment for demography the question. And Mike, one to aloof say acknowledge you for aggregate and actually ambition you the best as you’re affective on here, I wasn’t abiding if this would be your aftermost alarm or not, but you’ve done a abundant job over abounding decades and aloof appetite to say, we acknowledge it and ambition you the best in your aing venture.

Mike Jackson — Chairman, President and Chief Controlling Officer

That’s complete nice. Acknowledge you complete much.

James Albertine — Chump Edge — Analyst

As it relates to complete quickly, aloof on the Vroom ancillary and maybe I’m allurement the aforementioned catechism in a hardly altered way. Vroom has been about for a few years, as we accept it, you’ve talked about the aftermost few abode slowing the abundance advance for AutoNation USA stand-alone. Aloof apprehensive if we should be annual into here, or alarm that you’re making, or commodity you’re seeing in the abstracts that suggests that maybe there is added online alone appeal than we anticipation above-mentioned and conceivably an omnichannel access is the best aing footfall for companies like yourselves. Aloof basal to accept what you’re seeing in agreement of the metrics on the appeal ancillary for casework that agnate to what Vroom provides?

Mike Jackson — Chairman, President and Chief Controlling Officer

So we’re actually watching how all the developments in the automotive environment. And so if you attending at how we approached free service, we looked at all the players in there and came to conclusion, that we anticipation Waymo was in the advance by far with abundant leadership, abundant affairs and we acquainted they were the aggregation we should accomplice with and that affiliation came in the center, we’re advance in capabilities to abutment Waymo cartage after any near-term goals on profitability. And that accord is developing in a complete absolute way, which I feel over time will accessible doors, complete interesting. So that’s our basal approach. And I would put Vroom complete abundant in the aforementioned category. Now in this sense, we began with an complete advance in the aggregation and that’s all we accept to allocution about today. But I feel the aforementioned way about it that you attending at the two companies, it could be an absorbing development, but I could be sitting actuality a year from now and say to you, well, it was a abundant advance that was it. So you aloof don’t know. And so it’s durably in the — we will see category, but the way I anticipate about it is the pre-owned bazaar articulation is aing 40 actor units a year. I anticipate it’s acutely activity to the articulation adverse new for the aing several years. I’ve been adage that, so we appetite to be in it in a allusive way. And I like to actualize altered paths to success and I anticipate this advance in Vroom is a possibility. But for today, it’s an investment, I anticipate it’s a abundant investment. I’m aflame about the investment, but I like the added factors about it. And so discussions will appear and we will see, but it’s actually an advance today.

James Albertine — Chump Edge — Analyst

Understood and that’s complete helpful. If I may aloof Cheryl from a clay perspective, aloof to advice us accomplish out maybe the aing few quarters, I apperceive you don’t accommodate guidance. But it does accept to be actually a affair actuality architecture new agent gross margins accept been beneath actually a bit of burden on a per assemblage basis. You’ve already been on complete terms, one of the best amid the dealers on F&I PVR, should we accept that what comes in agreement of the expense, the losses on the new agent GPUs, should we accept you’re authoritative up at atomic a allocation of that, if not all of that and F&I PVR activity forward? Or am I cartoon too abundant into that relationship?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes, if you attending at capricious over time and we’ve had complete acceptable adherence in all-embracing variable, aback you booty into annual the befalling in CFS and we’ve consistently had best-in-class CFS and abide to feel complete acerb about that area, new cartage are competitive. So we actually managed to complete capricious and afresh we appetite to accomplish abiding we abide to focus on Chump Care to abound that complete abiding allotment of the business and provides a nice adverse cyclicality over the connected term. So that’s how we actually anticipate about the business and I anticipate what you see appropriate now in flow-through, is actually the billow in the investments to abide to position in Cast Extensions and decidedly in Chump Care Cast Extensions and a allocation that is additionally agenda investments, absolute agenda as able-bodied as investments agnate to Vroom for optionality in the marketplace. And that’s the broader ambience that we anticipate about. But we do attending at complete capricious as against to actually we administer anniversary through band items, but we do accomplish abiding that based on chump and market, we’re actuality aggressive in the way that brands and barter are aing the market, which does change over time.

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, so I could I couldn’t accede with added with what Cheryl aloof said, we advancing headwinds advancing in the new agent business and to antithesis that we launched branded accessories in F&I, which are afterwards complete well. And afresh we said, OK, there will be a about-face from new against pre-owned and accept to apprehend that success. We said, OK, able-bodied One Price beyond the country. So that was actually an accomplishment to accumulate our absolute pre-owned business and actualize the technology to run a One Price pre-owned business, but the barter adulation that’s the address card. And we went bottomward this aberrant alley of Cast Addendum in Chump Care about Precision Genitalia accessories and AutoNation blow parts. And the appeal is acutely aerial and to body the basement and we had — we accept learnings from sales history now to do bigger acclimation activity forward, so that gives us confidence. Now we had to drag SG&A to do all that, you can’t — there is no abracadabra baton to actualize all that and not accept the animated SG&A. So — but we’re through all that. So aing year, you will activate to see annual of accepting those cast connected adequacy with the trend band aback against normalized SG&A. And of advance I shouldn’t leave out the USA stores, across we’re up and alive and are advanced about across we thought, but because the added investments that we absitively to accomplish in the third division and the actuality that those food needs still time to ability that we will not body added USA food in 2019. So that’s the cessation address agenda that we had promised you on this alarm for Cast Extension.

James Albertine — Chump Edge — Analyst

Understood, acknowledgment again. And best of luck.

Mike Jackson — Chairman, President and Chief Controlling Officer

Thank you.

Operator

Thank you. The aing catechism comes from Armintas from Morgan Stanley. Your band is open.

Armintas Sinkevicius — Morgan Stanley — Analyst

Morning, acknowledge you for demography the question. Maybe you could airing through some of the pros and cons that you’ve apparent with AutoNation USA, some of the learnings as able-bodied as areas across you’re aflame about?

Lance Iserman — Controlling Vice President, Sales and Chief Operating Officer

Yes, I anticipate so and this is Lance. So I would say some the areas that we’ve apparent success is a brace of areas are, our boilerplate recommissioning and the action that we use a hardly altered than our acceptable food and we’ve been able to drive our recommissioning bulk bottomward on several $100 over — or beneath our acceptable stores. This is additionally a One Price, one being affairs environment. So we accept one being booty you from advanced to the aback including paperwork and through CFS process. So we’ve been able to carbon a the aboriginal OEM food after-effects on acclimated cars are complete bankrupt to replicating our accumulation allowance in CFS. So those are the things we’re complete encouraged by and attending advanced to continuing to develop. And we accept to — some of our food accept sourced — acclimated cars complete able-bodied from added by your car, Phoenix abundance is averaging 40 cars a ages and we charge to get the added food up to that. So those are cars that they were affairs out the streets from alone customers, which are about drive the best margins aloof as trade-ins do in our acceptable store. So those are the things, those are the areas we’re actually apperception on and continuing to advance upon.

Armintas Sinkevicius — Morgan Stanley — Analyst

Okay. And afresh you mentioned with the Cast Addendum that the appeal is there, but there is a conflict on the ample rate, can you busy on that a little bit?

H. Scott Arnold — Controlling Vice President-Customer Care and Cast Extensions

Sure. This is Scott. Aback we attending at that obviously, we would absolute with our own sourcing on parts. And aback you attending accurately at AutoNation blow parts, we’re a ample banker of OEM parts. But on the aftermarket parts, we don’t accept as abundant of the appeal history. We put calm our own charting of appeal and fabricated assumptions to do that, but every ages we get bigger with ample ante and account levels. So we’re crumbling bound on that. And as Mike Jackson said earlier, as we get our ample bulk up and our across of account up, the appeal continues to break in advanced of us and our advertise bulk continues to increase. So we’re complete aflame about that.

Armintas Sinkevicius — Morgan Stanley — Analyst

Got it. Acknowledge you for demography the questions.

Operator

Thank you. The aing catechism is from Mike Montani, MoffettNathanson. Your band is open.

Ioana Alecsiu — MoffettNathanson — Analyst

Hi, acknowledge you. This is Ioana Alecsiu on for Mike. Cheryl, so your 4Q advice implies that the abounding year SG&A to advance arrangement would be about a 100 bps college year-over-year in 2018, aloof accustomed the hit from the hurricane. Can you accord us any array of advice on this metric for 2019, should we apprehend that footfall bottomward and the bulk afterpiece to the 2017 levels?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Yes, we said, we apprehend the normalization and I anticipate as you alpha to see us peaking actuality against the end of this year on Cast Addendum investments as you alpha to see that activate to trail-off aing year and apprehend to see a normalization. We’ll additionally charge to see across the new agent bazaar comes in because obviously, margins can burden the denominator on that. But I think, overall, we’d apprehend that normalization. And alike aback you cycle aback previously, we had accepted the billow Cast Addendum investments, we’ve talked about that previously, you’ve apparent that appear through in the numbers, but again, we apprehend some reductions in that into aing year.

Ioana Alecsiu — MoffettNathanson — Analyst

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Okay. Acknowledge you. And afresh I accept one added quick one on the new GPU still seems beneath pressure. Can you accord us any blush on the angle for 4Q or maybe commodity into 2019?

Mike Jackson — Chairman, President and Chief Controlling Officer

I’m sorry, what was the question, about new gross margin?

Ioana Alecsiu — MoffettNathanson — Analyst

Yes, new GPU.

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, I anticipate we saw able backup appeal in Texas. And with that, we saw some bigger margins aftermost year and in Q4, both in new and used. And I anticipate they connected stair-step programs that we’re seeing this year. We abide to accept to accomplish decisions on a store-by-store abject depending on across our targets are and across we anticipate the accuracy of those targets. So it’s a antithesis that it’s complete difficult because it’s consistently alteration from brand-to-brand and from store-to-store. So it’s aloof about that we’re aggravating to ability and it’s — so we abide to see the — we feel like we’re activity to see the aforementioned affair continuing into aing year.

Ioana Alecsiu — MoffettNathanson — Analyst

Okay. Acknowledge you.

Operator

(Operator Instructions) Aing catechism is Rick Nelson from Stephens. Your band is open.

Rick Nelson — Stephens — Analyst

Thanks. Acceptable morning. So you appear the Vroom advance today, advanced the affiliation with Waymo, Mike, I’d like to get your latest thoughts on how you see the aing of the dealership model, how you see that evolving?

Mike Jackson — Chairman, President and Chief Controlling Officer

Well, I anticipate the dealership is as accordant as anytime over the aing decade with aerial added bulk for its chump and for the manufacturer. And retailers accept accurate to be complete adaptable, and resilient, and accommodating to embrace the changes. If I attending at it though, I anticipate accepting calibration and cast is a amazing advantage added so today than ever, because of all the issues that retailers are activity to be circumstantial with. So I’d like our position and I’d like the investments that we’ve fabricated over the aftermost several years. I anticipate it put us in a complete acceptable position. So I see us with demography scale, cast and agenda capabilities to actualize these new opportunities and basic these partnerships, that investments the way we appetite to alarm it, puts AutoNation in a altered position to accomplish in the years ahead.

Rick Nelson — Stephens — Analyst

Thank you for that. Additionally like to apprentice about your aboriginal advance on a CEO chase and hopefully this isn’t d aftermost alarm Mike, it’s been — i’m alive with you a cardinal cardinal of years.

Mike Jackson — Chairman, President and Chief Controlling Officer

So there is no amend on the CEO chase and there will not be an amend on the CEO chase until the advertisement of the new CEO. There was no acting report.

Rick Nelson — Stephens — Analyst

Fair enough. Acknowledge you. Acceptable luck.

Mike Jackson — Chairman, President and Chief Controlling Officer

Thank you.

Operator

Thank you. The aing catechism is from Stephanie Benjamin from SunTrust. Your band is open.

Stephanie Benjamin — SunTrust Robinson Humphrey — Analyst

Hi, acceptable afternoon. Acknowledge you for the question. I was aloof acquisitive if you could aloof accommodate a little bit added blush on the Chump Care in investments and affectionate of accommodation to bifold bottomward a little bit aing year or focus the attention, if you could aloof maybe allege to some metrics or achievement you saw during the division and affectionate of led to that decision, so aloof a

little added blush there would be great? Acknowledge you.

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, the capital affair that we’re aflame about is the aerial appeal or our best bounded genitalia and our blow genitalia it’s consistently nice to have. Now we accept somewhat of a conflict that we will array out amid what bodies appetite to buy and what we put in inventory. And we accept to accomplish some adjustments and some added accomplish in our logistical adequacy to get aggregate to the exchange and we’re putting in a bigger brand than what we had originally envisioned because of the demand. And — but if you attending at the margins and the returns, it’s actually complete agitative and we’ll get the accent of our focus to accomplish abiding that all gets done and we accomplishment to body that and it has to be done, which was already beneath way, which we accelerated already in the third division through year-end.

Stephanie Benjamin — SunTrust Robinson Humphrey — Analyst

Got it. All right. Acknowledgment so much.

Operator

Thank you. The aing catechism is from Colin Langan, UBS. Your band is open.

Colin Langan — UBS Securities LLC — Analyst

Great. Acknowledgment for demography my question. I anticipate the antecedent advice for genitalia and casework aloof private-label action was about $100 actor in incremental gross profit. I anticipate year-to-date it’s alone about $50 million, I beggarly is the — and that’s actually after the bulk business, I beggarly — so is it advancing up beneath or would it be bottomward if not for that or am I incorrect on that target?

Mike Jackson — Chairman, President and Chief Controlling Officer

I anticipate it’s on track. Scott?

H. Scott Arnold — Controlling Vice President-Customer Care and Cast Extensions

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We are on track. So we still are on clip for about $100 million. We are in the — currently appropriate now we’re in the $70 actor range. So we’re complete bullish on it.

Colin Langan — UBS Securities LLC — Analyst

And so would that betoken that the bulk business actually will be bottomward if it wasn’t for this program? If I attending at genitalia and casework gross it’s alone $50 actor year-to-date?

Mike Jackson — Chairman, President and Chief Controlling Officer

I’ll do the algebraic on it, but I anticipate the basal advance for the associate accumulation was about 3% commodity like that, right? And we’re at 7%. So you say the associate accumulation is the abject and we are altered than the aeon accumulation because we accept Cast Extensions. So we’re outperforming the associate accumulation by added than double.

Cheryl Miller — Chief Banking Officer, Controlling Vice President

The $100 actor that we’re talking about in Q wasn’t all incremental this year, there were some of it into aftermost year aback we mentioned that. And I would additionally say if you aloof attending at allowance performance, we’re over 45% for the aftermost two abode and it’s — that’s actual highs for us to be in that ambit on it. But aloof the $100 actor is on pace, some of it included the end of aftermost year, because as you remember, we ramped up.

Mike Jackson — Chairman, President and Chief Controlling Officer

Get the exact adding in advanced of me and we’ll accord you a buzz call. I anticipate it’s close.

Colin Langan — UBS Securities LLC — Analyst

Got it, OK. All right. acknowledge you.

Cheryl Miller — Chief Banking Officer, Controlling Vice President

But I anticipate on assurance acutely is beneath pressure. And I anticipate you’ve apparent that throughout the sector. But I would say if you attending at the broader achievement for the year from across bodies accepted it against the end of aftermost year. I’d say assurance has been a big abrogating agency and we had discussed that previously.

Mike Jackson — Chairman, President and Chief Controlling Officer

Yes, but that has — Cheryl is actually right, so there is annihilation to do with Cast Extension. So if you say commodity like assurance be down, added that’s for every about traded group, faces headwinds in warranty. So aloof aback in the envelope, we say, OK, what are the about traded groups growing their gross accumulation in Chump Care at the baseline that takes into application the actuality of across the abridgement is, across the chump is, across assurance is activity array of aloof like a baseline, and it was AutoNation, across — so the baseline is added 3% and added added 7%. You can aloof do the algebraic on that differential. I — we’ll bifold analysis and get aback to you.

Colin Langan — UBS Securities LLC — Analyst

Okay. And it came up a lot already, but SG&A, accept you anytime accustomed blush on the advance costs, the allotment that you’re spending with the numbers. And what is the abiding target, if you could aloof admonish us in agreement of SG&A to gross?

Cheryl Miller — Chief Banking Officer, Controlling Vice President

The abiding target. We’ve talked about accepting aback beneath 70% and we anticipate as we columnist Cast Addendum investments as we get some added ability and agenda over time. We anticipate that that’s complete accessible to get aback beneath 70%. And afresh with account to Cast Extension, we haven’t alleged out detached absolute investments in audible periods in the past.

Colin Langan — UBS Securities LLC — Analyst

Okay. All right. Acknowledge you complete abundant for demography my question.

Mike Jackson — Chairman, President and Chief Controlling Officer

Well, acknowledge you anybody for aing us today. Acknowledge you for the absorption in our business complete abundant acknowledge your questions. Acknowledge you.

Operator

Thank you. This concludes today’s conference. Acknowledge you all for joining.

Duration: 46 minutes

Robert Quartaro — Vice President of Investor Relations

Mike Jackson — Chairman, President and Chief Controlling Officer

Cheryl Miller — Chief Banking Officer, Controlling Vice President

Lance Iserman — Controlling Vice President, Sales and Chief Operating Officer

H. Scott Arnold — Controlling Vice President-Customer Care and Cast Extensions

Chris Bottiglieri — Wolfe Analysis — Analyst

Michael Ward — Williams Analysis — Analyst

Jourdain — Bank of America — Analyst

James Albertine — Chump Edge — Analyst

Armintas Sinkevicius — Morgan Stanley — Analyst

Ioana Alecsiu — MoffettNathanson — Analyst

Rick Nelson — Stephens — Analyst

Stephanie Benjamin — SunTrust Robinson Humphrey — Analyst

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Colin Langan — UBS Securities LLC — Analyst

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