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This excerpt taken from the AN 10-K filed Feb 17, 2010. Import The Import segment operating results included the following:
2009 compared to 2008 Import revenue decreased $1.15 billion or 21.9% during 2009, as compared to 2008, primarily due to lower vehicle sales. Lower sales were partially attributable during the first half of 2009 to a decline in customer demand for import vehicles due to a shift in consumer preferences away from more fuel-efficient vehicles as fuel prices decreased. The decrease in sales volume was partially mitigated by the sales of vehicles under the cash for clunkers program. Although full year 2009 Import new and used vehicle sales were lower compared to the prior year, Import new and used vehicle sales increased in the fourth quarter of 2009 compared to the same period in 2008. Import segment income decreased $9.4 million or 5.1% during 2009, as compared to 2008. The decrease in segment income was driven largely by a decline in sales due to a competitive retail environment. Import segment income was also impacted by a decrease in finance and insurance gross profit per vehicle retailed as a result of tighter credit conditions. Import segment income as a percentage of segment revenue in 2009, as compared to 2008, benefited from a mix shift toward higher margin parts and service business, a reduction in selling, general, and administrative expenses, and a reduction in floorplan interest expense. See “Market Conditions – Toyota Recalls” above for information regarding recent recalls announced by Toyota. 2008 compared to 2007 Import revenue decreased $914.1 million or 14.8% during 2008, as compared to 2007, primarily due to lower vehicle sales. Sales volume decreases in the Import segment were partially mitigated by the shift in demand toward more fuel-efficient vehicles, from which our Import stores derive a greater proportion of their business, as compared to our Domestic and Premium Luxury stores. Import segment income decreased $61.6 million or 25.0% during 2008, as compared to 2007, due to decreased revenues and increased pricing pressure as a result of the competitive retail environment.
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Table of ContentsThese excerpts taken from the AN 10-K filed Feb 17, 2009. Import
The Import segment operating results included the following:
Import revenue decreased $948.0 million or 14.8% during
2008, as compared to 2007, primarily due to lower vehicle sales.
Sales volume decreases in the Import segment were partially
mitigated by the shift in demand toward more fuel-efficient
vehicles, from which our Import stores derive a greater
proportion of their business, as compared to our Domestic and
Premium Luxury stores. Import segment income decreased
$62.1 million or 24.8% during 2008, as compared to 2007,
due to decreased revenues and increased pricing pressure as a
result of the competitive retail environment.
Import revenue decreased $179.4 million or 2.7% during
2007, as compared to 2006, primarily due to lower vehicle sales.
Import segment income decreased $2.5 million or 1.0% during
2007, as compared to 2006, due to decreased revenues and
increased pricing pressure as a result of the competitive retail
environment.
Import The Import segment operating results included the following:
Import revenue decreased $948.0 million or 14.8% during 2008, as compared to 2007, primarily due to lower vehicle sales. Sales volume decreases in the Import segment were partially mitigated by the shift in demand toward more fuel-efficient vehicles, from which our Import stores derive a greater proportion of their business, as compared to our Domestic and Premium Luxury stores. Import segment income decreased $62.1 million or 24.8% during 2008, as compared to 2007, due to decreased revenues and increased pricing pressure as a result of the competitive retail environment.
Import revenue decreased $179.4 million or 2.7% during 2007, as compared to 2006, primarily due to lower vehicle sales. Import segment income decreased $2.5 million or 1.0% during 2007, as compared to 2006, due to decreased revenues and increased pricing pressure as a result of the competitive retail environment. | EXCERPTS ON THIS PAGE:
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