DETROIT -- Car-dealership group Asbury Automotive Group Inc. said quarterly profit rose as strength in its finance and insurance, and service/repair units offset weak retail sales of new and used cars. But the company said its nine-month performance for this year still lagged from the same period a year ago.
Third-quarter profit rose to $19 million on revenue of $1.49 billion compared with net income of $17.2 million on revenue of $1.50 billion during the same quarter last year.
For the first nine months, Asbury said it posted net income of $40 million on revenue of $4.41 billion compared with net income of $48.7 million on revenue of $4.36 billion during the same period a year ago.
"The soft retail vehicle environment presented a significant challenge for Asbury in the third quarter, CEO Charles Oglesby said in a statement.
"The decline we experienced in used vehicles weighed heavily on our overall results, while the performance in the remaining three business lines remained relatively strong. In new vehicles we outperformed our local competition, gaining market share; in F&I we achieved high single-digit gains per vehicle retailed; and our fixed operations once again delivered record results."
Based in New York City, Asbury operates 93 retail auto stores, encompassing 124 franchises for the sale and service of 35 brands of American, European and Asian automobiles.
Reuters contributed to this report