Auto retailer AutoNation reported healthy fourth-quarter revenue gains as sales benefitted from improved inventories.
Gross profit, though, was down 5% to $1.2 billion, the company said.
AutoNation Posts Solid Q4
Revived inventories boost nationwide retailer, though its used-vehicle business fell.
February 14, 2024
Though overall revenue was up, the company's profit fell.
IMAGE: Pexels/Kelly
1 min to read
The Florida-based auto retailer, one of the country's biggest, reported a 1% year-over-year revenue increase to $6.8 billion as its new-vehicle and after-sales growth balanced fallen used-vehicle sales.
New-vehicle revenue rose 7% to $3.4 billion and after-sales revenue by 11% to $1.1 billion while used-vehicle revenue fell 12% to $1.9 billion.
"Our results demonstrate the strength of our business model. We enjoyed excellent new vehicle unit sales and competed well in a dynamic used vehicle market,” said CEO Mike Manley.
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