Austin Ligon Quotations

After careful consideration, we have decided that for our next fiscal year, we'll issue guidance on comparable store used unit sales and on earnings per share only for the full fiscal year. We will no longer issue quarterly guidance. This decision reflects our continuing focus on longer-term store, sales, and earnings growth and on return on invested capital, and our recognition that the performance in shorter-term periods can be more volatile than over the longer term. As we report our quarterly results, we plan to comment on how our performance is tracking against our annual guidance.

Margins on other sales and revenues grew as a result of the growth in extended service plan revenues, which have no associated cost of sales, and the growth in our service margin, reflecting improved overhead expense absorption.

As a businessman, I know President Obama understands what it takes to spark economic growth, because I have seen him in action.

The Obama administration took rapid and decisive action to restructure GM and Chrysler. Within a fairly short period of time these companies were working effectively again.

Private-equity and hedge-fund guys typically come into a situation of mediocrity, where rapid change may result in a profit.

President Obama has shown he has the vision to support average consumers and taxpayers.

We have revolutionized the way consumers buy cars. This will be the first time northeastern area residents will have an opportunity to experience a no- hassle, no-haggle, fun and easy car shopping experience. As we continue to grow our store base by 15 to 20 percent each year, we are looking forward to introducing ourselves to more and more consumers in the Northeast.

Our third quarter used car sales growth reflected increased traffic compared with last year's third quarter, as well as continuing strong execution. We were able to sustain positive momentum even as the cross-shopping benefit from this summer's new car employee pricing programs waned. Subsequently, new car sales and traffic levels dropped significantly, reflecting the limited model year close-out vehicle availability that resulted from the success of the employee pricing programs.

We expect we will recover nearly all of the resulting lost sales during the next few months.

New vehicle sales declined modestly, reflecting the performance of the broader new car marketplace following the end of the employee discount programs. Other sales and revenues benefited from increases in extended service plan revenues and service department sales.