DULUTH, Ga. -

Asbury Automotive Group’s used-vehicle department shined again during the third quarter as the company reported this morning that its used retail sales, revenue and gross profit all climbed by double digits year-over-year.

The company said it retailed 18,715 used vehicles during the third quarter, a figure 29 percent higher than the 14,463 used units Asbury turned in the same period a year earlier.

That figure helped Asbury to generate 33 percent more used-vehicle revenue in Q3. That performance left the company with $30.3 million in used-vehicle gross profit, a level 17 percent above the third quarter of last year.

As a result the used-vehicle performance, Asbury reported total adjusted income from continuing operations for the third quarter of $28.3 million, or $0.91 per diluted share, versus income from continuing operations in the third quarter of 2012 of $22.6 million, or $0.72 per diluted share, a 26-percent increase per diluted share.

Officials noted adjusted income from continuing operations for the third quarter of this year excludes debt redemption costs of $4.2 million after tax, or $0.14 per diluted share and a real estate-related charge resulting from the purchase of a previously leased property of $1.3 million after tax, or $0.04 per diluted share. 

On a GAAP basis, Asbury indicated its third quarter net income was $22.7 million, or $0.73 per diluted share, compared to last year’s third quarter net income of $20.7 million, or $0.66 per diluted share. 

The company shared some other Q3 performance highlights compared to the prior-year period:

—Total revenues increased 17 percent to $1.4 billion

—New vehicle retail revenues up 13 percent

—Finance and insurance revenues up 24 percent

—Parts and service revenues up 9 percent

—Total gross profit up 16 percent with increases from all business lines

—SG&A expense as a percent of gross profit improved 120 basis points to 70.9 percent

—Redeemed remaining $143 million of 7.625 percent senior subordinated notes due in 2017 and raised $79 million of mortgage debt during the quarter; third quarter leverage at 2.2x Total Debt/Adjusted EBITDA

—Spent $19 million to purchase a previously leased property; $2 million of annualized rent savings

—Repurchased $8 million of Asbury common stock during the quarter

“Asbury is pleased to announce record third quarter results from continuing operations,” Asbury president and chief executive officer Craig Monaghan said. “Our stores continue to deliver operational excellence while successfully integrating our recent acquisitions.

“The future looks bright as auto sales continue their four year recovery, delivering record cash flow for reinvesting in continued growth,” Monaghan continued.

Asbury executive vice president and chief operating officer Michael Kearney added, “These record results reflect the competitive spirit and winning culture of our teams. We are very pleased with our operating performance and would like to extend our gratitude to everyone in the company, thank you for your hard work and dedication to our customers.”

Editor’s Note: For more Asbury executive commentary about the company’s third quarter and more, look for a report in Wednesday’s edition of Auto Remarketing Today.

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