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Michael Patrick Ward

Michael Patrick Ward

Managing Director and Senior Analyst at Citigroup Inc.

New Canaan, CT, US

Michael Patrick Ward is a Managing Director and Senior Analyst at Citigroup, specializing in equity research with a focus on the Auto, Tires, Trucks, Retail/Wholesale, and Financial sectors. He covers 17 publicly traded companies primarily on the NYSE, with leading names in the automotive and retail industries, and has issued 26 ratings in the last nine years—over 57% of which have been Buy recommendations. His track record includes a success rate of over 62% and an average return exceeding 19%, placing him among the top-ranked analysts in his field. Ward began his career as an Equity Research Associate, has held senior roles for over a decade, and holds a BBA from Villanova University; he is registered with relevant professional and regulatory credentials required for his role.

Michael Patrick Ward's questions to AUTONATION (AN) leadership

Question · Q3 2025

Michael Patrick Ward asked for quantification of the variable gross per unit decrease from Q2 to Q3, its split between luxury mix and BEV sell-up, and expectations for Q4 reversal. He also inquired about the sustainability of the record finance and insurance (F&I) per unit.

Answer

CEO Mike Manley clarified that the primary driver for the gross per unit reduction was compression in domestic combustion and ICE sales, rather than solely BEV mix, despite BEV margins being poor. He anticipates improved supply/demand dynamics for BEVs in Q4. Manley expressed confidence in the continued strong performance of the F&I team, particularly in value-added products like extended service contracts, which bolster future aftersales and customer retention. CFO Tom Szlosek concurred with the assessment.

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