AutoNation shares got a little boost on Friday after the company reported first-quarter results that showed something interesting: even when people aren't buying as many cars, there's still plenty of money to be made from the cars already on the road.

The auto retailer reported adjusted earnings of $4.69 per share, beating analysts' expectations of $4.51. Revenue came in at $6.552 billion, down 2% from a year ago and slightly below the $6.651 billion consensus. Gross profit dipped 1% to $1.21 billion, and operating income fell 6% to $314.3 million. Same-store numbers were also down—revenue dropped 4% to $6.40 billion, and gross profit slipped 2% to $1.18 billion.

But here's where it gets interesting. CEO Mike Manley pointed out that the company posted record gross profit in after-sales and record unit profitability in customer financial services. "Unit profitability for new and used vehicles increased sequentially. These gains largely offset expected year-over-year declines in unit sales," he said.

So while people are buying fewer cars, they're still spending money on maintenance, repairs, and financing. That's the beauty of a diversified business model.

AutoNation's balance sheet looks solid too. As of March 31, the company had $1.6 billion in liquidity, including $66 million in cash and $1.6 billion available under its revolving credit facility. Manley noted that AutoNation Finance's portfolio grew to $2.4 billion, with improved profitability and credit performance.

"Our diversified earnings profile, flexible cost structure, and strong balance sheet and cash flows continue to support resilient performance and disciplined capital deployment to generate shareholder returns in a dynamic operating environment," he said.

During the quarter, AutoNation repurchased 1.5 million shares for $300 million, or about $201 per share. That's a nice vote of confidence from management.

On the earnings call, Manley emphasized the company's focus on after-sales, describing it as "relatively anti-cyclical, stable and predictable." He pointed out that the aging vehicle fleet presents a growing opportunity, especially as people defer buying new or used cars. When you put off that new car purchase, your old car still needs oil changes, brake pads, and the occasional repair. That's exactly the kind of steady demand AutoNation is banking on.

"This dynamic underscores the strength of our balanced business model," Manley added.

At the time of publication, AutoNation shares were up 1.38% at $215.32.