Asbury Automotive Group profits in the fourth-quarter exceeded expectations

Article by Christian A., on February 24, 2011

Due to higher sales of both new and used light vehicles, Asbury Automotive Group Inc. posted profits in the fourth-quarter that exceeded expectations. Asbury, which is the nation's sixth-largest dealership group, reported a net income of $5.4 million in the fourth quarter, compared with $200,000 for the same period a year earlier.

Fourth-quarter revenue rose by 28% to $1.02 billion. New-vehicle revenues climbed 26% to $579.1 million, while used vehicle revenues increased by 21% to $270.8 million.

Meanwhile, revenue for the full year totaled $3.9 billion, a 14% increase from 2009. In the fourth quarter, Asbury acquired nine franchises with total annual revenues estimated at $160 million. During this period, it also sold one heavy-truck store, Nalley Motor Trucks, which had annual revenue of $9 million.

On Feb. 10, Charles Oglesby revealed that he has stepped down as CEO and will remain on the board until he retires in July. CFO Craig Monaghan is Oglesby’s successor as CEO. During the auto sales downturn in 2008 and 2009, Asbury restructured.

It reduced costs and moved from New York to suburban Atlanta. Asbury currently ranks No. 6 on the Automotive News list of the top 125 U.S. dealership groups. Asbury posted new-vehicles sales of 62,833 units in 2009. It operates 84 retail stores. [via autonews - sub. required]

Topics: profit

If you liked the article, share on:

Comments

Recommended

Hyundai is introducing a new 2018 Accent that is not only wider and longer, but is now also sporting a new look that is more serious than the previous model....
by - February 20, 2017
Fans and enthusiasts of the BMW M2 in the United States could now rejoice. This comes as their favorite BMW M2 is getting a limited edition version as prepped by...
by - February 20, 2017
Carmakers usually leave us thirsty for information on whether they would introduce a new, refreshed or face-lifted vehicle and on when they intend to launch it. There are reasons for...
by - February 20, 2017
Cadillac’s CT6 full-size prestige-luxury sedan is still somewhat new. It has been offered to the global auto market for two model years – 2016 and 2017. But for those who...
by - February 19, 2017
In many industries, it is the rivalries that make things exciting. In basketball for example, there is the well-known rivalry between the Los Angeles Lakers against the Boston Celtics. For...
by - February 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries