Asbury Automotive Group (ABG) New Vehicle Comps Rose 4% in Q4; Significant Discounting Used
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Asbury Automotive Group (NYSE: ABG) reported the following select information regarding the sales of new vehicles and used vehicles and associated gross profit during the fourth quarter of 2015.
During the fourth quarter of 2015, we retailed 26,160 new vehicles and 19,425 used vehicles, representing an increase of 8% and 7%, respectively, as compared to the fourth quarter of 2014. On a same store basis, new vehicle and used vehicle retail unit sales were up 5% and 4%, respectively. These unit volumes were achieved with significant retail discounts that negatively impacted both new and used gross profit per vehicle retailed compared to prior year. We expect to report, with our fourth quarter financial results, a decline in new vehicle gross profit per vehicle retailed in the range of $200 to $225 and a decline in used vehicle gross profit per vehicle retailed in the range of $100 to $125, as compared to the fourth quarter of 2014.
“In the second quarter of 2015, we began to experience margin pressure on vehicles and our fourth quarter results indicate that the margin pressure has continued” said Asbury's Executive Vice President and Chief Operating Officer, David Hult.
These preliminary results are unaudited and are based on management's initial analysis of operations for the fourth quarter of 2015, and are therefore subject to change. The company expects to announce its fourth quarter and full year 2015 financial and operating results on Thursday February 4, 2016 at 10:00 a.m. Eastern Time.
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