The Duluth auto retailer Asbury Automotive Group expects luxury vehicle manufacturers to make a big push toward the end of the year, and said it will have enough vehicles to accommodate the anticipated increase.
After last year’s earthquake and tsunami in Japan led to vehicle shortages for some brands, luxury vehicle inventory has stabilized, said Michael Kearney, Asbury’s executive vice president and chief operating officer.
In a Tuesday conference call, executives said the company continues to sell more used vehicles, part of a company plan to accelerate used car growth. Used vehicle revenues grew 4 percent in the quarter over the same period last year, the company said. New vehicle revenues were up 22 percent after a traditional new-car-sale push by manufacturers.
Asbury plans to continue buying out leases at its dealerships and is evaluating adding new markets and new brands to its dealership portfolio.
The company is moving from defense to offense, executives said.
Asbury made $20.7 million in the third quarter, a 68.3 percent increase over the $12.3 million the company made for the same period a year ago.
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