) retail new vehicle sales increased 17% year-over-year to 25,403
units in July, driven by strong sales in all segments.
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On a same-store basis, retail new vehicle sales rose 12% to
24,195 units. July had 25 selling days this year versus 24
selling days last year. AutoNation also achieved the feat of
selling 9 million vehicles.
Sales in the Domestic segment increased 23% to 7,950 vehicles.
The segment comprises retail automotive franchises that sell
vehicles manufactured by
Ford Motor Co.
), Chrysler and others.
Sales in the Import segment went up 14% to 13,066 vehicles. The
segment covers retail automotive franchises that sell vehicles
Toyota Motor Corp.
) and others.
Sales in the Premium Luxury segment rose 19% to 4,387 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 14% to 1.32 million units in July on
the back of better performances by automakers including Toyota,
General Motors Company
). The year-over-year improvement was attributable to the rising
demand for large pickup trucks with improvement in housing,
construction and energy sectors.
In addition, the launch of new models ranging from subcompact
cars to big pickup trucks, lower interest on auto loans and an
improving economy are boosting consumer confidence and favorably
impacting the results.
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 used vehicles and its Finance and
Insurance businesses. The company's Domestic segment was the
biggest gainer in the quarter.
AutoNation currently retains a Zacks Rank #3 (Hold).