AutoNation’sStock reached an all-time high of $130 per share on Thursday, as the country’s biggest seller of new cars announced its sixth consecutive quarter of earnings records.

AutoNation beat Wall Street’s profit and sales estimates. This was due to a resilient consumer demand that outpaces vehicle supply. global shortage of semiconductor chipsThis has led to record profits and car prices.

Florida-based dealer group shares rose as high as 12 percent Thursday morning. However, they retreated to approximately $124 per share. That’s an increase of around 6%. AutoNation stock has risen by almost 70% this year.

The company reported adjusted earnings per share of $5.12 in the third quarter – an all-time record – beating analysts’ estimates of $4.20 a share, according to Refinitiv. AutoNation saw its revenue jump by 18% to $6.38billion in the third quarter, up from $6.31billion.

AutoNation CEO Mike Jackson claimed that “We are preselling what’s going to be produced.” “Squawk Box.”“They are coming in and going out…the demand is there.”

AutoNation announced record earnings and an acquisition which is expected to bring in approximately $420 million annually. AutoNation’s stock could be repurchased up to $1 Billion by the company’s board.

AutoNation had previously stated that 7.9 Million Shares of Common Stock were being repurchased, representing 11% of all shares outstanding. This would amount to an overall purchase price of $879million in the third quarter.

AutoNation saw a 53% rise in the number of used vehicles sold compared with a year ago, while sales for new vehicles were about flat.

The company reported same-store new gross profit per new vehicle was a record $5,484, up $2,949. According to the company, gross profit per used vehicle reached $2,104. This is an increase of $108 over a year and 51% relative to the third quarter 2019.