UPDATE 2-AutoNation profit gets a boost from used vehicle sales [Reuters]
AutoNation, Inc. (AN)
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Source: Reuters
UPDATE 2-AutoNation profit gets a boost from used vehicle sales | Reuters Reuters Staff 3 Min Read (Adds CEO comments, background) By Nick Carey DETROIT, Aug 1 (Reuters) - AutoNation Inc, the largest U.S. auto retail chain, on Wednesday reported a quarterly net profit that slightly exceeded analyst expectations, with high margins in its used vehicle business offsetting lower profits in new vehicle sales. The Fort Lauderdale, Florida-based company said revenue from used vehicle sales in the second quarter rose 8 percent to $1.3 billion, while new vehicle sales revenue rose less than 1 percent to $2.95 billion. AutoNation Chief Executive Officer Mike Jackson told Reuters the company’s used vehicle segment’s gross profit surged 22 percent in the quarter versus the same period in 2017, in part because the profit per vehicle was higher. The auto retail chain has focused on a branded approach to pre-owned vehicles, with prices listed online. “It’s a negotiation-free process for the consumer
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