(Reuters) – No. AutoNation Inc, a U.S. automobile retailer (NYSE:), beat Wall Street’s fourth quarter profit and revenue estimates on Thursday due to strong demand for used cars. This was due in part to the COVID-19 pandemic which has influenced consumer preferences for personal transport.

Premarket trading saw shares of the company rise 3.04% to $114.5

This year has been one of the most profitable for auto retailers, with record sales and consumers scrambling to get cars at record prices.

Mike Manley took the title of AutoNation’s chief executive officers on Nov. 1. He stated in a statement that “We expect consumer desire for personal vehicle ownership (personal vehicles) to remain strong for foreseeable future.”

The massive stimulus package and the low interest rate during the pandemic fueled demand for private cars. According to consultants in the auto industry, this drove average vehicle transactions prices to new records last year.

AutoNation claimed that customers had preordered new inventory of vehicles.

The quarter’s retail gross profit per used vehicle increased 32% to $2,063 from the prior year, and retail gross profit for new vehicles was $6,000. This was an increase of 132%.

The company earned $5.76 per shares, which beat estimates of $4.96, according Refinitiv IBES data.

Fort Lauderdale-based business said that revenue from used vehicle sales rose by 55% compared to a year ago.

However, new vehicle retail sales fell 20% for the quarter ending Dec. 31.

From $151.5million, which was $1.73 per share last year, net income increased to $387.1million, or $5.87/share, during the quarter.

AutoNation revenue rose by 13.8%, to $6.58Billion. This is a significant increase from the $6.37B estimate.