16 days ago • Posted by William Ramstein
Autonation sees profits surge as chip shortage raises car prices
AutoNation's gross profit per new vehicle at stores that have stayed open for at least a year jumped 61% to $2,739 in the first quarter from a year earlier. The company's gross profit per used vehicle rose 17% to $1,744. Fort Lauderdale-based AutoNation's quarterly adjusted net income from continuing operations rose 183.7% to $233.8 million, or $2.79 share, in the first quarter, compared with $82.4 million, or 91 cents per share, a year earlier. Revenue rose 26.5% to $5.90 billion. The company said it had $2.1 billion of liquidity as of March 31.