Top 3 U.S. Dealer Groups Report 2nd Quarter Profit Gains Over 2009

AutoNation, America's largest automotive retailer with 200 stores throughout the U.S., reported 2010 second quarter adjusted net income from continuing operations of $62 million or $0.38 per share compared to adjusted net income of $50 million or $0.28 per share for the same period in the prior year, a 36% improvement on a per-share basis. Revenue totaled $3.1 billion, compared to $2.6 billion in the year-ago period, an increase of 20%, driven primarily by stronger new and used retail vehicle revenue which increased 25%. AutoNation's new vehicle unit sales increased 20%.

Penske Automotive Group with 323 stores (171 franchises in 17 states and Puerto Rico and 152 franchises located outside the United States, primarily in the United Kingdom) reported second-quarter net income rose to $29.2 million, or 32 cents per share more than double the $14.1 million, or 15 cents per share, in the year ago period. Revenue rose 16.6% to $2.7 billion from $2.3 billion a year ago. Total new retail unit sales increased 19.6%, including an increase of 20.5% in the U.S. Penske's same store sales rose 16 percent in the U.S. boosting total same-store retail revenue by 15.8% in its U.S. operations.

Sonic Automotive, the nation's third-largest automotive retailer operating 140 franchises, reported second quarter adjusted earnings from continuing operations were $15.6 million, up 41% from adjusted earnings from continuing operations in the same prior year period. On a per share basis, the Company earned an adjusted $0.27 per diluted share from continuing operations, compared to an adjusted $0.23  per diluted share from continuing operations in the same prior year quarter.  New vehicle retail revenue increased 19% and used vehicle retail revenue increased 23% for the second quarter of 2010 compared to the same quarter last year.