Coming in a quarter when its earnings rose 2.6 percent, Sonic Automotive announced this morning that the group’s dealerships set a new company record for used-vehicle sales volume during the month of March.

Sonic said its stores retailed nearly 9,400 used models in March, pushing its quarterly total to 26,469 vehicles. That figure is up from 25,478 used units that Sonic turned during Q1 of last year.

The dealer group also wholesaled more vehicles during the first quarter, sending 8,393 units to auction and other channels. That amount is above what Sonic did a year ago when the company wholesaled 7,175 vehicles.

The used retail and wholesale activity likely was pushed by Sonic’s new-car performance, which also posted a sales volume increased in Q1. Sonic retailed 30,590 new models during the quarter, up from 28,490 vehicles a year ago.

“Our new- and used-vehicle growth in the first quarter grew at a record pace breaking an all-time sales record for used cars in the month of March,” Sonic executive vice president of operations Jeff Dyke said in advance of the group’s conference call with investment analysts today.

“Our new-vehicle retail volume, which increased 7.4 percent, continues to show growth as we continue to focus on the customer experience, execution of our process and implementation of True Price,” Dyke continued. “We are excited about the possibilities of further improvement in the coming months.”

The vehicle performance pushed Sonic to another record as first quarter earnings from continuing operations came in at $21.7 million for a 2.6-percent increase over the prior year results. 

Sonic indicated its continuing operations earnings per diluted share increased 13.9 percent to $0.41 compared to $0.36 in the prior year quarter.

The company’s total first-quarter revenue moved up 8.1 percent over the prior-year quarter as total gross profit jumped 3.1 percent over the same quarter a year ago.

“For 14 consecutive quarters, we have grown revenue when compared to the prior year without adding any dealerships, and are pleased with the quarter’s operating and financial results,” Sonic president Scott Smith said.

“Our operating performance continues to improve year-over-year, as we have focused on executing our playbooks and being predictable, repeatable and sustainable. This is our year to execute,” Smith went on to say.

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