Asbury Automotive Group reported $1.5 billion in total revenues for the second quarter, a 12% increase from the year-prior period, according to an earnings release yesterday.
Revenue related to finance-and-insurance products grew 11% to $58.4 million by the end of June 30, up from $52.4 million at this time last year.
Year over year, new-vehicle revenues increased 12%, and new-vehicle gross profit increased 15%, while used-car revenue and profit increased 12% and 7%, respectively.
“Total gross profit for the quarter was up $25.6 million, or 12%,” Keith Style, senior vice president and chief executive, said during the company’s earnings call. “70% of our incremental gross profit was from used vehicles, finance and insurance and parts, and service.”
The company ended the quarter with $7 million in cash, $50 million available in floorplan offset accounts, $92 million available on its used-vehicle line, and $160 million available under a revolving credit facility.
“In summary, we have sufficient liquidity to support our balanced capital allocation plan over the remainder of 2014, as well as the financial flexibility to invest in our strategic growth plans over the next couple of years” Style said.
Duluth, Ga.-based Asbury Automotive is one of the largest public dealership groups in the U.S., with 81 dealership locations.
