Sonic Automotive saw record pre-owned sales of 28,514 units in the second quarter of 2014, according to recent SEC filings, as well as an increase in finance and insurance.
F&I revenue was up 10.9%, while gross profit was up 5.5% from the same period last year.
The company also saw a record total gross profit in the second quarter of $346.9 million, up $23.1 million, or 7.1%, over the prior year’s second quarter.
“We have another all-time record quarter for volume, there is simply so much upside to this part of the industry,” Jeff Dyke, executive vice president, said during the company’s recent earning call. “We are poised to continue to take advantage of it in both the Sonic retail stores and with our new upcoming pre-owned concept opening in Denver during the fourth quarter of this year.”
Also, new vehicle revenue experienced a 7.0% increase, and a 10.9% increase in new vehicle gross profit over the same time last year.
Charlotte, N.C.-based Sonic is one of the largest public dealership groups in the U.S., with over 100 stores.
