off-the-wire

UPDATE 1-AutoNation's quarterly profit tumbles on cooling used-vehicle demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details, background) April 20 (Reuters) - Auto retailer AutoNation Inc on Thursday reported a 20% fall in first-quarter profit as higher new vehicle and after-sales revenue was offset by weakness in used vehicle and customer financial services businesses.


The results come amid affordability concerns from higher fuel prices and interest rates. Availability of new vehicles at retailers is improving but overall the industry remains supply constrained, according to a J.D. Power-LMC Automotive report in March.


AutoNation's net income fell to $288.7 million, or $6.07 per share, in the first quarter ended March 31, from $362.1 million, or $5.78 per share, a year earlier.


(Reporting by Nathan Gomes in Bengaluru; Editing by Sriraj Kalluvila)

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