Earnings Reports from Top Five Publicly Traded Dealerships Show Strong Q3

While gross prof­it for new and used vehi­cles sold declined for Penske Auto­mo­tive Group, prof­its increased for the oth­er top four largest pub­licly trad­ed deal­er­ships. Penske did see sales vol­umes increase for total rev­enue and same-store, and in the end, sales were prof­itable with oper­at­ing income increas­ing over 14% dur­ing the quar­ter.

Over­all, it was a strong quar­ter for deal­er per­for­mance. Here’s an overview from their earn­ings reports……..

Auto­Na­tion, Inc.
Rev­enue went up 9% in the third quar­ter over the same peri­od one year ear­li­er — $5.4 bil­lion ver­sus $4.9 bil­lion a year ago. Each sec­tor of the busi­ness saw improve­ments — new vehi­cles, used vehi­cles, parts and ser­vice, and finance and insur­ance. Net income from oper­a­tions went up to $119 mil­lion from $107 mil­lion in Q3 2014 – a 17% improve­ment on a per-share basis. AutoNation’s retail new vehi­cle unit sales increased 7% over­all and 5% on a same-store basis. Auto­Na­tion said its used car busi­ness should nor­mal­ize in the first half of 2016, and that it would be adding used car inven­to­ry to off­set the impact of the recalls.

Penske Auto­mo­tive Group
Total rev­enue increased 12.8% to $5.0 bil­lion while same-store retail rev­enue increased 5.2%. Total rev­enue increased 16.9%, and same-store retail rev­enue increased 8.5%. Oper­at­ing income increased 14.1% to $146.0 mil­lion. The com­pa­ny sold 51,031 used vehi­cles com­pared with 47,363 a year ear­li­er. Gross prof­it dropped for new and used vehi­cles sold. On a same-store basis, Penske sold 59,769 new vehi­cles com­pared with 57,066 in the third quar­ter of 2014; and 49,495 used vehi­cles vs. 47,363. Gross prof­it per new vehi­cle sold dropped to $2,908 from $3,005 and used fell to $1,685 from $1,807.

Car­max Inc.
Car­Max report­ed that net sales and oper­at­ing rev­enues increased 7.9% to $3.88 bil­lion in its sec­ond quar­ter end­ing Aug. 31, 2015. Used unit sales in com­pa­ra­ble stores increased 4.6%, and total used unit sales rose 9.2%. Used vehi­cle sales growth remained strong, with total used vehi­cle unit sales climb­ing 12.4%. Used vehi­cle gross prof­it rose 12.7%, dri­ven by the increase in total used unit sales. Used vehi­cle gross prof­it per unit was rel­a­tive­ly flat at $2,166 com­pared with $2,173 in the cor­re­spond­ing pri­or year peri­od.

Group 1 Auto­mo­tive
The deal­er­ship report­ed record third-quar­ter earn­ings as the com­pa­ny post­ed annu­al gains in new and used vehi­cle sales. Group 1 report­ed a net quar­ter­ly income of $46 mil­lion, up 15.7 per­cent com­pared to one year ago. New vehi­cle retail sales increased 5.3% to $1.6 bil­lion, and used vehi­cle retail sales increased 11.6% to $687.6 mil­lion.
Used vehi­cle retail rev­enue increased 11.6%, com­ing from 12.9% high­er used retail unit sales.

Son­ic Auto­mo­tive, Inc.
Son­ic Automotive’s rev­enue in the third quar­ter rose 5.9% year over year to $2.49 bil­lion with new vehi­cles improv­ing 3% to $1.37 bil­lion, and used vehi­cles increased 11.7% to $652.1 mil­lion. The com­pa­ny report­ed net oper­at­ing income of $27.1 mil­lion, an increase of 10% from $24.6 mil­lion a year ear­li­er. Son­ic Auto­mo­tive is opti­mistic about its EchoPark used vehi­cle retail stores. EchoPark stores retail sales increased 4.4% sequen­tial­ly to 920 units. The com­pa­ny will open two addi­tion­al stores in the Den­ver mar­ket in the first half of 2016.

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