Today, we reported all-time record quarter results with adjusted earnings per share from continuing operations of $2.79, an increase of 207% compared to last year.
AutoNation same-store new vehicle units were up 22% year-over-year and up 12% compared to 2019.
We remain focused on our pre-owned vehicle procurement strategy, nearly 90% of our pre-owned vehicles retailed in the first quarter were self- sourced, meaning, we acquired through trade-in, switch returns.
AutoNation same-store pre-owned units were up 28% year-over-year and 20% compared to 2019.
Tools like Customer 360, which has over 10 million active customer records, enable us to provide a truly comprehensive and personal experience for our customers, which leads to higher close rates and increased vehicle sales.
These efforts allowed us to deliver adjusted SG&A as a percent of gross profit, a 62.7% in the first quarter of 2021 which represents a 1,120 basis point improvement compared to the first quarter of 2020.
Our target is to operate at or below 65% SG&A as a percent of gross profit for '21.
We are on track to open five new AutoNation USA stores in 2021 and 12 additional new stores in 2022.
Our target is to have over 130 AutoNation USA stores in operation from coast to coast by the end of 2026.
Today, we announced that we signed an agreement to acquire 11 stores and one collision center for Peacock Automotive Group in Hilton Head and Columbia, South Carolina and Savannah, Georgia, representing approximately $380 million in annual revenue.
This acquisition will increase AutoNation's footprint from coast to coast to over 325 locations and it's set to close in the summer.
We have set the target to sell 1 million combined new and pre-owned vehicles annually.
During the quarter we bought back 3.8 million shares or 5% of our shares outstanding.
Today we reported adjusted net income from continuing operations of $234 million or $2.79 per share versus $82 million or $0.91 per share during the first quarter of 2020.
This represents an all-time high quarterly earnings per share and a 207% increase year-over-year.
During the quarter, we sold our remaining stake in Vroom for a gain of approximately $6 million after tax or $0.07 per share, which was excluded from our adjusted results.
Our first quarter same-store revenue increased $1.3 billion or 27% compared to the prior year due to strong growth in new, used and customer financial services.
For the quarter, same-store total variable gross profit increased 52% year-over-year, driven by an increase in total combined units of 25% and an increase in total variable PVR of $767 or 21%.
Our customer care business continues to gradually improve with same-store customer care gross profit increasing 1% year-over-year.
Taking together, our same-store total gross profit increased 27% compared to the prior year.
First quarter SG&A as a percentage of gross profit was 62.7%, as Mike stated a 1,120 basis point improvement compared to the year-ago period.
As measured against gross profit, overhead decreased 590 basis points, compensation decreased 320 basis points and advertising decreased 210 basis points.
Based on current business conditions, we project SG&A as a percentage of gross profit to be at or below 65% for the full year 2021.
Floorplan interest expense decreased to $9 million in the first quarter of 2021 due to lower interest rates and lower average floorplan balances.
Our cash balance at quarter end was $350 million which combined with our additional borrowing capacity resulted in total liquidity of approximately $2.1 billion.
Our covenant leverage ratio of debt to EBITDA declined to 1.3 times at the end of the first quarter, down from 1.8 times at the end of the fourth quarter.
Including cash and used floorplan availability, our net leverage ratio was 1.1 times at the end of March.
During the first quarter, our five existing AutoNation US stores generated over $3 million in pre-tax profit.
As Mike referenced earlier, we plan to open five new stores by the end of this year and 12 new stores in 2022 and targeting over 130 total locations by the end of 2026.
During the first quarter, repurchased 3.8 million shares of common stock for an aggregate price of $306 million.
We have approximately $892 million of remaining Board authorization for share repurchases and approximately 80 million shares outstanding.
Our commitment to the customer experience is why we're number 1 for the J.D. Power Dealer of Excellence Recognition Program for the third year in a row.
Less than 2% of all US franchise dealers achieved this honor.
78 AutoNation stores representing over 20% of our dealerships were recognized.

Summary:
Today, we reported all-time record quarter results with adjusted earnings per share from continuing operations of $2.79, an increase of 207% compared to last year.
AutoNation same-store new vehicle units were up 22% year-over-year and up 12% compared to 2019.
AutoNation same-store pre-owned units were up 28% year-over-year and 20% compared to 2019.
Our target is to have over 130 AutoNation USA stores in operation from coast to coast by the end of 2026.
We have set the target to sell 1 million combined new and pre-owned vehicles annually.
Today we reported adjusted net income from continuing operations of $234 million or $2.79 per share versus $82 million or $0.91 per share during the first quarter of 2020.
Our customer care business continues to gradually improve with same-store customer care gross profit increasing 1% year-over-year.
Taking together, our same-store total gross profit increased 27% compared to the prior year.
As Mike referenced earlier, we plan to open five new stores by the end of this year and 12 new stores in 2022 and targeting over 130 total locations by the end of 2026.
Our commitment to the customer experience is why we're number 1 for the J.D. Power Dealer of Excellence Recognition Program for the third year in a row.