) posted a 21% rise in new vehicle sales in November mainly
driven by strong sales growth in its Import brands. The Fort
Lauderdale, Florida-based automotive retailer's total sales stood
at 22,571 units during the month.
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Sales of Domestic brands, which comprise stores that sell
vehicles manufactured by
Ford Motor Co.
) and Chrysler LLC, grew 9% on a year-over-year basis to 6,444
Sales of Import brands, comprising stores that sell vehicles
manufactured primarily by
Toyota Motor Corp.
Honda Motor Co.
Nissan Motor Co.
), improved 27% to 10,909 units.
Meanwhile, sales of the Premium Luxury brands, comprising stores
that sell vehicles including
) Mercedes Benz, BMW and Toyota Lexus, escalated 25% to 5,218
Total sales in the U.S. grew 15% to 1.14 million vehicles or 15.5
million on a seasonally adjusted annual rate (SAAR) basis in the
month, driven by pent-up demand generated from Hurricane Sandy as
well as from the aging vehicles, and improving macroeconomic
conditions. It was the five-year high sales recorded by the
industry since 2007.
AutoNation reached deals to acquire Audi, Porsche and three
) stores in Dallas from Boardwalk Auto Group and Spring Chrysler
Jeep Dodge Ram dealership from Alfred Flores and Bruce Glascock,
both formerly involved with Red McCombs Automotive Group, based
in San Antonio.
With the closure of these deals, the company will own and operate
50 franchises in Texas. It expects the stores to sell a total of
14,000 new and used vehicles this year, generating about $575
million in revenues.
AutoNation, a Zacks #3 Rank (Hold) stock, witnessed a 37.5%
increase in earnings per share to 66 cents in the third quarter
of 2012 from 48 cents in the corresponding quarter last year.
However, profits missed the Zacks Consensus Estimate by a penny.
In absolute terms, profits escalated 15.8% to $81.9 million from
$70.7 million in the year-ago quarter.
Revenues for the quarter increased 12.2% to $3.93 billion,
marginally lower than the Zacks Consensus Estimate of $3.95
billion. The growth in revenues was driven by strong retail new