AutoNation Inc.’s second-quarter results were buoyed by higher per-vehicle profits, record finance and insurance profit per vehicle and improved same-store used sales, despite a continued decline in new-vehicle sales.
The nation’s largest new-vehicle retailer, in a statement Monday, said net income from continuing operations rose 3.7 percent to $101 million, while revenue dipped slightly to $5.34 billion. While new-vehicle revenues fell, AutoNation posted revenue gains in used vehicles, parts and service and F&I.
“We had an excellent quarter,” Executive Chairman Mike Jackson told Automotive News.
AutoNation also named CFO Cheryl Miller as CEO on Monday in a surprise announcement. Her appointment came just four months after the auto retailer named industry outsider Carl Liebert to take over as CEO for Jackson.
Miller said AutoNation’s results in the quarter were driven by a 10 percent jump in same-store new-vehicle profit per vehicle to $1,764, same-store F&I profit per vehicle…