ATLANTA -- Cost cutting helped Asbury Automotive Group Inc. become more efficient and turn a profit in 2009.
The sixth-largest U.S. dealership group earned a $200,000 fourth-quarter profit, reversing a year-earlier loss of $369.7 million, as new-vehicle sales recovered and cost cuts paid off.
Last year Asbury cut corporate staff, eliminated regional management and moved its headquarters to suburban Atlanta, from New York. Revenue rose 2 percent to $898.6 million.
For the year, Asbury posted net income of $13.4 million, compared with a loss of $343.7 million in 2008.