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AutoNation Posts 3rd Quarter Increase

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FORT LAUDERDALE (CBSMiami/AP) – Ft. Lauderdale based AutoNation Inc. reported that its third-quarter profit was up 24 percent thanks in part to higher prices for new and used vehicles.

The nation’s largest auto dealership chain said that its net income rose to $70.7 million, or 48 cents per share, for the period that ended Sept. 30. The company says revenue increased 7 percent to $3.5 billion. Analysts expected earnings of 47 cents a share on revenue of $3.4 billion.

Because Japanese automakers ran short of supply due to the March earthquake, AutoNation said new-vehicle revenue at dealerships open at least a year fell 2 percent and were flat overall. Used vehicle revenue rose 7 percent.

CEO Mike Jackson says new vehicle sales should improve in the fourth quarter.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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