Business
Stronger car sales help Asbury Automotive
Duluth-based Asbury Automotive Group saw its revenues rise 15 percent to $1.2 billion in the fourth quarter, the company reported on Tuesday.
Net income for the quarter, which ended Dec. 31, 2012, was $22.8 million or 73 cents a share compared to $21.5 million or 68 cents a share during the same period in 2011. Net income for the year as $82.2 million.
Revenue was up 21 percent for new vehicles and 5 percent for used ones, the company said.
“We expect the recovery of automotive sales to continue in 2013 due to the increasing average age of vehicles in the U.S., extremely attractive financing rates and the availability of exciting new products,” said Craig Monaghan, the company’s president and chief executive officer.
