AutoNation Reports Q3 Results
Auto retailer says revenue hit $6.9 billion, up from $6.7 billion a year earlier.
AutoNation's Q3 revenue increases were largely driven by new-vehicle and after-sales growth.
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AutoNation Inc reported third-quarter revenue hit $6.9 billion, compared to $6.7 billion a year earlier.
That's an increase of $227 million, or 3%, largely driven by new-vehicle and after-sales growth, the company said in its earnings report.
"During the quarter, we saw double digit year-over-year growth in new vehicle sales and strong sequential growth in used vehicle volume. This resulted in the first year-over-year growth in total unit sales in eight quarters,” said CEO Mike Manley.
“We also continue to see the significant benefits of the focus in our After-Sales business, which delivered record revenue and gross profit."
Other revenue highlights include:
$3.2 billion in new-vehicle revenue, up 11% year-over-year
$1.2 billion in after-sales revenue, up 12%
$370 million in customer financial services revenue, a jump of $9 million, or 2%
$546 million in after-sales growth profit, up 14%
However, used-vehicle revenue came in at $2.2 billion, down 10%, and new-vehicle gross profit decreased $79 million. Thaat reflects a gross profit per vehicle retailed of $4,025 compared to $5,934 a year earlier, partially offset by a 12% increase in unit sales, AutoNation said.
It also reported:
Domestic segment revenue of $2 billion, down $49 million from 2020
Import segment revenue of $2.1 billion, up $202 million year-over-year.
Premium-luxury segment revenue of $2.5 billion, up $10 million year-over-year.
Despite the chaotic market, Manley reported that the quarter was largely positive for the auto retailer. "Overall, AutoNation delivered a solid performance in this evolving operating environment. We continued our investments in growth initiatives and deployed capital to create value for our shareholders."
Originally posted on Auto Dealer Today
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