Summary Box: AutoNation 2Q profit rises on pricing

AP News
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Posted: Jul 27, 2011 9:07 AM
Summary Box: AutoNation 2Q profit rises on pricing

EARNINGS UP: AutoNation Inc., the nation's largest auto dealership chain, saw its net income jump 52 percent to $71.9 million, or 48 cents per share, on higher new- and used-vehicle prices despite shortages of new vehicles from Japanese manufacturers.

VEHICLE SALES: New-vehicle sales at dealerships open at least a year fell 4 percent and were flat overall. Total U.S. industry sales fell 2 percent. AutoNation's used-vehicle revenue rose 12 percent.

HIGHER PRICES: Average price per new vehicle climbed by $1,747 during the quarter; for used vehicles, it rose by $969 _ an increase of about 5.5 percent for both.