Asbury revenue surges on new, used car sales

The ongoing recovery in the auto industry helped revenue surge 17 percent in the third quarter for Duluth-based Asbury Automotive Group.

The company, the nation’s fifth-largest public car dealership franchise, said total revenue was $1.4 billion as revenue from new car sales jumped 13 percent and 33 percent from used car sales.

“The future looks bright as auto sales continue their four year recovery, delivering record cash flow for reinvesting in continued growth,” Craig Monaghan, Asbury’s President and Chief Executive Officer, said in a statement.

Profit was $22.7 million in the quarter or 73 cents a share. That compared to $20.7 million in profit during the same period a year ago or 66 cents a share.