RICHMOND, Va. – AutoNation says that its first-quarter profit rose 5 per cent on growing new and used vehicle sales.
The nation’s largest auto dealership chain said Wednesday that its net income rose to $73 million, or 55 cents per share. That compares with $69.4 million, or 46 cents per share, a year earlier. It says net income from continuing operations at 56 cents per share is a record for the quarter.
The company, based in Fort Lauderdale, Fla., says revenue increased 10 per cent to $3.66 billion.
Analysts expected earnings of 53 cents per share on revenue of $3.59 billion.
AutoNation Inc. says new-vehicle revenue at dealerships open at least one year increased 8 per cent and were up 10 per cent overall.
Used vehicle revenue rose more than 10 per cent.