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U.S. auto retailer AutoNation’s quarterly profit doubles -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The lot of the AutoNation Toyota dealership is in Cerritos California, December 9, 2015. REUTERS/Mario Anzuoni

Kannaki deka

(Reuters] – AutoNation Inc. (NYSE:), Thursday announced an additional $1B share buyback program. It is the biggest U.S. retailer of autos.

Car prices have risen due to increased demand for personal transport since the pandemic and global shortage of chips, which has resulted in auto production reductions around the world.

The demand for both new and used vehicles has also been influenced by personal savings and stimulus checks.

AutoNation reported yet another quarter with record earnings. The company said that new vehicle inventories remained low, leading to an increase in vehicle revenue for the third quarter ended September 30.

The revenue from used vehicles rose to $2.32billion, compared to $1.51billion one year prior.

For the quarter, net income from continuing operations was $361.7million, which is $5.12 per shares, as compared to $182.6million, or $2.05 a share one year ago. Average net income per shares was $5.12.

To $6.4 billion, revenue increased 18%

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