AutoCanada Inc., posted a 22-percent surge in net income in the first quarter of 2014 to C$8.3 million ($7.6 million), boosted by higher operating results in used vehicle, parts, service and collision repair departments. The company also logged a 28-percent increase in total revenues to C$364.3 million in the first quarter of 2014, compared to $284.1 million in the same period in 2013.
AutoCanada chief executive Pat Priestner, said in a statement that the company’s improved operating results more than offset what they considered a “slightly weaker than expected quarter” for new vehicle sales and new vehicle margins. The company sold 4,773 new vehicles in the first quarter of 2014, compared to 4,118 retailed in same period last year.
Priestner attributed the successful first quarter to “exceptional dealership teams” and to strong performance in all of the company’s four departments. The company posted a 24-percent rise in new vehicle revenue, including fleet, to $216.5 million in the first quarter of 2014, compared to $174.3 million in the same period in 2013.
AutoCanada saw its same store-revenue jump 13 percent to $313 million in the first three months of 2014, from $277 million in the same quarter in 2013. [source: Kxxv]