Today, we reported all-time record quarterly results with earnings per share of $5.12, an increase of 115% compared to adjusted earnings per share of $2.38 last year.
Our third quarter same-store revenue of $6.4 billion was up 18% compared to the prior year as well as the third quarter of 2019.
In the third quarter, we self-sourced 90% of our pre-owned vehicle retail sales and our same-store used vehicle revenue increased 63% year-over-year.
Our rollout schedule remains on track with 12 additional stores planned for 2022 and over 130 stores by the end of 2026.
Today, we announced that we signed an agreement to acquire Priority 1 Automotive Group, adding $420 million in annual revenue.
Together with our previously announced acquisition from Peacock Automotive Group, AutoNation has announced $800 million in annual revenue from acquisitions this year.
Over the last 12 months, through the end of the third quarter, we repurchased 27% of our shares outstanding from September 30 last year.
Today, we reported net income of $362 million or $5.12 per share versus adjusted net income of $212 million or $2.38 per share during the third quarter of 2020.
This represents our sixth consecutive all-time high quarterly earnings per share and 115% increase year-over-year.
For the quarter, same-store variable gross profit increased 42% year-over-year, driven by an increase in total combined units of 4% and an increase in total variable PVR of $1,709 or 39%.
A decline in new units of 11% was more than offset by growth in used units of 20%.
Our customer care business has recovered with same-store customer care gross profit increasing 8% on a year-over-year basis and 6% compared to the third quarter of 2019.
Taken together, our same-store total gross profit increased 29% compared to the prior year and 45% compared to the third quarter of 2019.
Third quarter SG&A as a percentage of gross profit was 56.9%, a 750 basis point improvement compared to the year ago period on an adjusted basis.
As measured against gross profit on an adjusted basis, our metrics improved across all key categories, with overhead decreasing 390 basis points, compensation decreasing 290 basis points and advertising decreasing 70 basis points.
We expect SG&A as a percentage of gross profit to remain below 60% for the fourth quarter and the full year 2021.
Floorplan interest expense decreased to $5 million in the third quarter of 2021, due primarily to lower average floorplan balances.
Our cash balance at quarter end was $72 million, which combined with our additional borrowing capacity resulted in total liquidity of approximately $1.8 billion.
We remain on track to open two additional stores in the fourth quarter and 12 more in 2022.
Again, as Mike mentioned, longer term we continue to target over 130 stores by the end of 2026.
In addition to organic growth initiatives, today we announced the acquisition of Priority 1 Automotive Group.
During the third quarter, we purchased 7.9 million shares for an aggregate purchase price of $879 million.
This represents an 11% reduction in shares outstanding for the fourth quarter alone.
Today, we announced that our board has authorized an additional $1 million for share repurchase.
With this increased authorization, the company has approximately $1.3 billion available for additional share repurchase.
As of October 19, there were approximately 66 million shares outstanding.
At the end of the third quarter, our covenant leverage ratio of debt to EBITDA was 1.4 times, up slightly from 1.2 at the end of the second quarter, but still well below our historical range of 2.0 to 3.0 debt to EBITDA.
It's been my honor to serve in a leadership position of AutoNation for the past 22 years.

Summary:
Today, we reported all-time record quarterly results with earnings per share of $5.12, an increase of 115% compared to adjusted earnings per share of $2.38 last year.
Our third quarter same-store revenue of $6.4 billion was up 18% compared to the prior year as well as the third quarter of 2019.
Today, we announced that we signed an agreement to acquire Priority 1 Automotive Group, adding $420 million in annual revenue.
Today, we reported net income of $362 million or $5.12 per share versus adjusted net income of $212 million or $2.38 per share during the third quarter of 2020.
In addition to organic growth initiatives, today we announced the acquisition of Priority 1 Automotive Group.
Today, we announced that our board has authorized an additional $1 million for share repurchase.