Hurricane Sandy didn’t make too much damage in the US and AutoNation reported October sales up 13%.
AutoNation reported sales for October up 13% to 20, 958 units, from 18, 530 units sold in the same period last year. Although automakers and analysts said Hurricane Sandy slowed auto sale over October’s last days, AutoNation was largely unaffected by the storm. Besides Florida, AutoNation has only seven stores on the East Coast, in the Washington and Baltimore markets.
AutoNation said that the strong performance in October came from the import-brand (up 15% to 9,980 vehicles), domestic-brand (up 10% to 6,396 vehicles) and luxury-brand stores (up 12% to 4,582 vehicles). In September AutoNation’s sales increased 23% to 22,982 vehicles, with sales of imported vehicles up 38% to 11,854 units, sales of premium luxury cars saw an increase of 11% to 4,258 units and domestic vehicle sales rose 10% to 6,870 units.
At the end of October AutoNation was announcing its plans to acquire several dealerships in the US. This year the company made no investments in new acquisitions, after it spent $64.2 million on purchases during the first nine months of 2011. The company announced that third-quarter net income increased to $81.6 million, from $70.7 million during the same period last year.