Auto retail behemothic AutoNation Inc. said it will buy Priority 1 Automotive Group, as it appear almanac third-quarter after-effects that saw net assets about double, bolstered by college used-vehicle sales and acquirement and almanac new-vehicle gross accumulation per unit.
The nation’s better new-vehicle banker said Thursday it acquaint third-quarter net assets of $361.7 million, up 98 percent from the $182.6 actor becoming a year earlier. Acquirement jumped 18 percent to $6.38 billion alike as new-vehicle sales fell 12 percent.
“Demand continues to outdistance accumulation for new vehicles,” approachable AutoNation CEO Mike Jackson said in a statement. Former Fiat Chrysler Automobiles CEO Mike Manley is set to booty over as AutoNation’s arch controlling Nov. 1.
AutoNation said new-vehicle canicule accumulation was aloof 10 canicule at the end of September. A year earlier, it was 43.
“New-vehicle sales are accountable by bargain assembly aggregate with low account levels,” Jackson said. “We apprehend this pent up appeal to abutment sales for the accountable future.”
AutoNation said it has active an acceding and hopes to abutting on the Priority 1 accord by the end of the fourth quarter, awaiting architect and added approvals. The accretion is accepted to accomplish about $420 actor in anniversary revenue.
In backward September, AutoNation purchased 11 dealerships and a blow centermost from Peacock Automotive Accumulation in a accord originally appear in April. Those food are accepted to accomplish $380 actor in anniversary revenue.
The banker opened a acclimated vehicle-only AutoNation USA abundance in Northglenn, Colo., additionally in September, and this anniversary opened one in Littleton, Colo., the third of bristles AutoNation USA outlets it affairs to accessible this year. Added locations are planned for Phoenix and Charlotte, N.C. The accumulation wants to abound AutoNation USA to added than 130 locations by the end of 2026.
This week, the aggregation said in a authoritative filing that it affairs to advertise 17 of its blow centers — about a division of its calculation — to Caliber Holdings in a accord slated to abutting by year’s end.
Meanwhile, during the third quarter, AutoNation spent $879 actor to buy about 11 percent of its own shares, while the lath authorized $1 billion in buybacks.
Shares of AutoNation rose 7.7 percent to abutting Thursday at $126.
Q3 revenue: $6.38 billion, up 18 percent from a year earlier
Q3 net income: $361.7 million, up 98 percent from the $182.6 actor becoming a year earlier
Q3 vehicle sales: 135,830 accumulated new- and used-vehicle sales, up 4 percent
Records: Same-store new-vehicle gross accumulation per agent of $5,484 and same-store accounts and allowance gross accumulation per agent of $2,573
AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive News’ account of the top 150 dealership groups based in the U.S., bartering 249,654 new cartage in 2020.
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