AutoNation Inc. generated record revenue in the second quarter on higher vehicle margins, as new- and used-vehicle sales sharply increased from the pandemic-scarred period a year earlier.
The auto retail giant said Monday that its net income soared 38 percent to $384.8 million. Revenue surged 54 percent to $7 billion. The quarter a year earlier included a $161 million after-tax, noncash gain related to AutoNation's investment in online used-vehicle retailer Vroom Inc.
"Demand continues to outpace supply for new vehicles," CEO Mike Jackson said in a statement . "We expect this to continue into 2022 due to consumers' preference for personal transportation coupled with lower interest rates."