Reuters: Global Markets: Asbury Automotive net jumps; finance, insurance strong

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Asbury Automotive net jumps; finance, insurance strong Jul 24th 2012, 12:54 Tue Jul 24, 2012 8:54am EDT (Reuters) - Asbury Automotive Group (ABG.N), one of the largest U.S. auto dealer chains, said second-quarter profit rose nearly 49 percent, boosted by strength in its finance and insurance operations. Earnings rose to $21.1 million, or 67 cents a share, from $14.2 million, or 43 cents a share, a year earlier. Revenue increased 11 percent to $1.2 billion. Asbury, based in Duluth, Georgia, said new-vehicle sales were up 16 percent and used-vehicle sales rose 7 percent. Revenue in its finance and insurance business jumped 21 percent. The company said retail margins "continue to be under pressure." Gross profit per vehicle fell 10 percent on new vehicles and 13 percent on used vehicles. Gross profit on parts and service rose 4 percent. (Reporting By Paul Lienert; editing by John Wallace) Link this Share this Digg this Email Reprints

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