Asbury’s Third-Quarter Profit Jumps 68 Percent
Asbury was firing all cylinders during the third quarter, with the 77-rooftop dealer group reporting revenue and profit increases of 14 and 68 percent, respectively.
DULUTH, Ga. — Balanced contributions from all business areas drove 68 percent increase in third-quarter profit for Asbury Automotive Group. The 77-rooftop operation also reported a revenue increase of 14 percent from a year ago.
The dealer group earned $20.7 million in the third quarter, up from $12.3 million in the year-ago period. Net income for the first nine months of 2012 was $59.4 million, up from $46.4 million a year ago.
“Our stores continue to generate phenomenal results,” said Michael Kearney, Asbury’s executive vice president and COO. “Record operating profits were driven by a balanced contribution from all business areas recording higher revenues and gross profits. These results reflect the impressive benefits from our focus on best processes enabled by technology and executed by motivated employees.”
Total revenue increased from $1.05 billion a year ago to $1.2 billion. A major drive of that was the 22 percent increase in new-vehicle retail revenue, which climbed to $674.7 million during the quarter. Used vehicle retail revenue rose 5 percent to $335.6 million.
Finance and insurance revenues also climbed during the quarter, rising 22 percent from a year ago to $44.1 million. The group’s profit per vehicle sold climbed 6 percent from $1,169 a year ago to $1,242.
Revenue from parts and services also edged up, rising about 1 percent to $143.5 million.
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