Asbury’s Used Sales Jump 21 Percent Amid Strong Overall 2011 Results
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DULUTH, Ga. –
Reporting full-year and fourth-quarter results this morning, Asbury Automotive Group enjoyed a 78-percent lift in net income in 2011, a year where the retailer’s used-vehicle operations showed substantial growth.
Asbury’s total used-vehicle revenue climbed 16 percent at $1.3 billion, with used retail revenue up 21 percent at $1.1 billion. These revenues stem from 55,805 used sales for the group in 2011, a 21-percent spike.
Overall, Asbury reported net income of $67.9 million, up from $38.1 million in 2010. Adjusted income from continuing operations totaled $59.3 million, compared to $46.9 million the year before.
Asbury pulled in $4.3 billion in total revenue for the year, up 10 percent year-over-year.
New-vehicle revenue was $2.3 billion, up from $2.1 billion. The group sold 71,449 new vehicles in 2011, representing a 4-percent hike.
Net F&I revenue for the year was $141.5 million, compared to $115.3 million in 2010. Parts and service revenue climbed from $556.5 million to $577.9 million.
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“Asbury is pleased to announce extremely strong results,” stated Craig Monaghan, president and chief executive officer at Asbury.
“These results are a culmination of the hard work and determination of the Asbury team as we continue to transform the company into a best-in-class automotive retailer,” he continued. “With a strong operational and financial foundation in place, we look forward to 2012.”
Offering more insight, Asbury executive vice president and chief operating officer Michael Kearney added: “We believe the challenges that our Japanese branded dealerships experienced over the last two quarters are largely behind us.
“Considering the increasing number of consumers looking for more fuel-efficient vehicles, the improving availability of consumer credit, and the strong pipeline of new products coming from all of our manufacturing partners, we believe we are well-positioned as we enter 2012,” he shared.
In the fourth quarter, Asbury hit net income of $21.5 million, up from $5.4 million in the prior-year period. Adjusted income from continuing operations reached $17.0 million, up from $12.2 million.
Revenues were at $1.1 billion, a year-over-year uptick of 8 percent. Used revenue totaled $305.2 million, compared to $269.4 million in the prior-year period. New revenue climbed from $570.9 million to $605.6 million.
Meanwhile, net F&I revenue grew from $29.6 million to $36.6 million, and Asbury pulled in $143.0 million in revenue from its parts and service operations, an improvement from $141.7 million the previous year.
