AutoNation revenue triples, expects demand for brand spanking new autos to remain robust By Reuters – NewsEverything Enterprise

© Reuters. FILE PHOTO: FILE PHOTO: Automobiles on the market are pictured on the lot at AutoNation Toyota dealership in Cerritos, California December 9, 2015. REUTERS/Mario Anzuoni/File Picture

(Reuters) – AutoNation Inc (NYSE:) mentioned it expects robust demand for brand spanking new autos to proceed into subsequent 12 months, as low-interest charges and shopper desire for private transportation through the pandemic helped drive a three-fold leap in its quarterly revenue.

The highest U.S. auto retailer on Monday reported adjusted internet earnings from persevering with operations of $384.9 million, or $4.83 share, for the second quarter ended June 30, in contrast with $123.9 million, or $1.41 per share, a 12 months earlier.

“Shoppers are shopping for autos earlier than they even arrive at our shops. We count on the present setting of demand exceeding provide to proceed into 2022,” Chief Government Officer Mike Jackson mentioned.

The worldwide semiconductor chip scarcity has depleted car inventories and compelled automakers to chop manufacturing, prompting customers to pay extra for vehicles because the COVID-19 pandemic drives demand for personal autos.

Fort Lauderdale, Florida-based AutoNation’s gross revenue per new car jumped 89% to $4,157 within the second quarter, whereas the gross revenue per used car rose 24% to $2,240.

Gross sales of latest and used autos jumped 42% and 37%, respectively, helped partly by decrease borrowing prices.

Income rose 54% to $6.98 billion.

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