Sonic, Ashbury Total Revenue Up in Q1
Duluth, Ga. — Sonic Automotive and Asbury Automotive Group both reported record increases in first quarter earnings over last year, with Sonic experiencing a total revenue increase of 8.1 percent. Asbury Automotive’s total revenue increased 15 percent.
Sonic’s first-quarter net income from continuing operations was $21.7 million, as it retailed 30,590 new units and 26,469 used vehicles. In March, the company hit a record for used-vehicle sales volume, retailing nearly 9,400 vehicles for the month.
"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,” said Sonic President B. Scott Smith. “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."
The company’s total gross profit was up 3.1 percent vs. the year-ago period. The group’s parts and service gross profit was up 1 percent (up 4.2 percent adjusted for two less selling days in 1Q2013). Finance and insurances was at $65,494 for the quarter, over $57,584 last year.
Asbury Automotive Group Inc. reported income from continuing operations for the first quarter 2013 of $23.9 million. It also reported a total gross profit increase of 12 percent, as it realized increases from all business lines.
Its new-vehicle retail revenues and used-vehicle retail revenues were both up 16 percent. Finance and insurance revenues were up 25 percent, at $1,293 per vehicle.
"I am thrilled with the success our stores are demonstrating in an extremely competitive industry that is benefitting from recovering sales volumes, attractive financing rates and the availability of great new products,” said Craig T. Monaghan, Asbury's president and CEO. “With the right strategies and brands, our people are making the difference."
More Industry

Ownership Priorities are Shifting
A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.
Read More →
Pump Price Jump Calculated
ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.
Read More →
Black Book: Weekly Market Update
Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.
Read More →
Arkansas Auto Group Acquires First Indiana Rooftop
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
Stellantis to Dive Into U.S. Lending
The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Read More →
New-Vehicle Prices Rise
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Black Book: Weekly Market Update
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →
Black Book: Weekly Market Update
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
EU Auto Association Urges Action
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Driving into the Super CFC Era
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →