I thought January 26th would never get here. ; )
http://www.autonews.com/apps/pbcs.dll/article?AID=/20120126/RETAIL07/120129934/1422
AutoNation posts record profits as sales recover from quake constraints
Amy Wilson
Automotive News -- January 26, 2012 - 7:06 am ET
"After constraints during the middle of the year, rebounding new and used vehicle sales drove net income to record levels at AutoNation Inc. during the fourth quarter.
"The nation's largest auto retailer reported net income of $69.4 million for the fourth quarter, up 3.1 percent. Full-year net income rose 24.2 percent to $281.4 million. AutoNation, in a statement, said it set an all-time profit record on an adjusted per-share basis for both the fourth quarter and the full year.
"For the fourth quarter, total revenue rose 13 percent to $3.7 billion as new and used unit sales rose 11 percent. For the full year, revenue jumped 11 percent to $13.8 billion. AutoNation said gross profit per vehicle rose by just over 2 percent in the quarter to $2,451. Gross profit from finance and insurance jumped 5.4 percent to $1,223 per vehicle.
"The fourth quarter capped a year in which supply disruptions from the Japanese earthquake limited industry sales growth â but the resulting vehicle scarcity helped retailers get top dollar from buyers. AutoNation improved in all areas of its business, CEO Mike Jackson said.
"This year should bring even better sales, Jackson said. He is predicting new vehicle sales of about 14 million units in 2012, a gain of more than 10 percent over 2011.
"We are looking forward to the continued recovery in auto retail, buoyed by accelerated product offerings, robust consumer credit and strong replacement demand," Jackson said in a prepared statement.
"Jackson noted that the average car on the road today is 11 years old. That will bring new buyers to the showroom who can't wait any longer to replace their old cars."
Everything today makes so much more sense when you look at it from a demand perspective. ABSS! ; )
http://www.autonews.com/apps/pbcs.dll/article?AID=/20120126/RETAIL07/120129934/1422
AutoNation posts record profits as sales recover from quake constraints
Amy Wilson
Automotive News -- January 26, 2012 - 7:06 am ET
"After constraints during the middle of the year, rebounding new and used vehicle sales drove net income to record levels at AutoNation Inc. during the fourth quarter.
"The nation's largest auto retailer reported net income of $69.4 million for the fourth quarter, up 3.1 percent. Full-year net income rose 24.2 percent to $281.4 million. AutoNation, in a statement, said it set an all-time profit record on an adjusted per-share basis for both the fourth quarter and the full year.
"For the fourth quarter, total revenue rose 13 percent to $3.7 billion as new and used unit sales rose 11 percent. For the full year, revenue jumped 11 percent to $13.8 billion. AutoNation said gross profit per vehicle rose by just over 2 percent in the quarter to $2,451. Gross profit from finance and insurance jumped 5.4 percent to $1,223 per vehicle.
"The fourth quarter capped a year in which supply disruptions from the Japanese earthquake limited industry sales growth â but the resulting vehicle scarcity helped retailers get top dollar from buyers. AutoNation improved in all areas of its business, CEO Mike Jackson said.
"This year should bring even better sales, Jackson said. He is predicting new vehicle sales of about 14 million units in 2012, a gain of more than 10 percent over 2011.
"We are looking forward to the continued recovery in auto retail, buoyed by accelerated product offerings, robust consumer credit and strong replacement demand," Jackson said in a prepared statement.
"Jackson noted that the average car on the road today is 11 years old. That will bring new buyers to the showroom who can't wait any longer to replace their old cars."
Everything today makes so much more sense when you look at it from a demand perspective. ABSS! ; )
