AutoNation drives higher net income, revenue during Q1

Fort Lauderdale, Fla. – AutoNation Inc. reported net income of $91 million during the first quarter of fiscal 2014, about 10% higher than $83 million in the same period a year earlier. Revenue totaled $4.4 billion, up 7% from $4.1 billion.

Revenue increases resulted from stronger performance in all business sectors, including new vehicles, used vehicles, parts and service, and finance and insurance.

“AutoNation delivered solid growth in EPS and operating income in the first quarter of 2014 compared to the prior year, driven by gross profit growth in all of our business sectors,” said Mike Jackson, chairman and CEO. “We continue to expect U.S. industry new vehicle unit sales to increase 3% to 5%, bringing U.S. industry new vehicle sales above 16 million units in 2014."

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