Share price of AutoNation Inc. (AN) went up 6.1% to $52.07 on Oct 2, after the automotive retailer reported that its retail new vehicle unit sales in the third quarter of 2014 was the highest since the third quarter of 2006. The shares gained a further 2.9% to reach $53.58 on Oct 3.
AutoNation’s retail new vehicle sales increased 10% year over year to 84,225 units in the third quarter of 2014, driven by strong sales in all segments. On a same-store basis, retail new vehicle sales increased 8% over the third quarter of 2013.
Retail new vehicle unit sales in AutoNation’s Domestic segment increased 9% to 25,859 vehicles. The segment comprises retail automotive franchises that sell vehicles manufactured by Ford Motor Co. (F), Chrysler and others.
Sales in AutoNation’s Import segment escalated 9% to 42,451 vehicles in the third quarter of 2014. The segment covers retail automotive franchises that sell vehicles manufactured by Toyota Motor Corp. (TM), Honda Motor Co., Ltd. (HMC) and others.
Sales in AutoNation’s Premium Luxury segment jumped 15% to 15,915 vehicles during the quarter. The segment consists of retail automotive franchises selling vehicles manufactured by Mercedes Benz, BMW, Lexus and others.
Monthly Sales
On a monthly basis, AutoNation’s total retail new vehicle sales improved 16% year over year to 24,081 units in Sep 2014. On a same-store basis, retail new vehicle sales increased 14% from Sep 2013.
Sales in the Domestic segment went up 13% to 7,356 vehicles in September. Sales in the Import segment improved 18% to 11,599 vehicles. Further, sales in the Premium Luxury segment rose 17% to 5,126 vehicles during the month.
AutoNation currently carries a Zacks Rank #3 (Hold).
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