) retail new vehicle sales increased 32% year-over-year to 30,582
units in August, driven by strong sales in all segments.
On same-store basis, retail new vehicle sales increased 26% to
29,221 units. The Labor Day holiday weekend was included in
August this year as against its inclusion in September in 2012.
Sales in the Domestic segment increased 34% to 9,308 vehicles.
The segment comprises retail automotive franchises that sell
vehicles manufactured by
Ford Motor Co.
), Chrysler and others.
Sales in the Import segment escalated 29% to 16,173 vehicles. The
segment covers retail automotive franchises that sell vehicles
Toyota Motor Corporation.
Honda Motor Co., Ltd.
) and others.
Sales in the Premium Luxury segment jumped 37% to 5,101 vehicles
during the month. The segment consists of retail automotive
franchises selling vehicles manufactured by Mercedes Benz, BMW,
Lexus and others.
Auto sales in the U.S. grew 17% to 1.5 million units in August,
which is the highest since May 2007. Sales rose to 16.1 million
vehicles on a seasonally adjusted rate basis, crossing the 16
million mark for the first time since Nov 2007.
The strong sales were attributed to the ongoing macroeconomic
recovery and aging vehicles in the U.S. August turned out to be a
favorable month for automakers, with many large manufacturers
recording their highest August sales since the recession. Among
the six major automakers (in the U.S. and Japan), four recorded
more than 20% volume gain in August.
Based in Fort Lauderdale, Fla., AutoNation is the largest
automotive retailer in the U.S. The company owns and operates
about 267 new vehicle franchises that sell 33 brands located in
the major metropolitan markets across 15 states.
AutoNation reported all-time record earnings from operations in
the second quarter of 2013. The company posted a 10.6% rise in
earnings per share to 73 cents in the second quarter from 66
cents in the same quarter of 2012. However, earnings per share
missed the Zacks Consensus Estimate by a penny.
Revenues increased 13.4% to $4.43 billion, beating the Zacks
Consensus Estimate of $4.35 billion. The revenue growth was
attributable to strong performance in all business sectors along
with higher revenues from retailed used vehicle and Finance and
Insurance businesses. The company's Domestic segment was the
biggest gainer in the quarter.
AutoNation currently retains a Zacks Rank #3 (Hold).
AUTONATION INC (AN): Free Stock Analysis
FORD MOTOR CO (F): Free Stock Analysis Report
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