Asbury Automotive Group Inc. posted higher-than-expected fourth-quarter profits, reflecting higher sales of both new and used light vehicles.
The nation's sixth-largest dealership group posted a net income of $5.4 million in the fourth quarter, compared with $200,000 for the same period a year earlier.
Fourth-quarter revenue shot up 28 percent to $1.02 billion. New-vehicle revenues rose 26 percent to $579.1 million, while used vehicle revenues rose 21 percent to $270.8 million.
Revenue for the full year totaled $3.9 billion, up 14 percent from 2009.
During the fourth quarter, Asbury acquired nine franchises with total annual revenues estimated at $160 million. It sold one heavy-truck store, Nalley Motor Trucks, which had annual revenue of $9 million.
On Feb. 10, Charles Oglesby announced that he was stepping down as CEO and will remain on the board until his retirement in July. CFO Craig Monaghan succeeded Oglesby as CEO.
Asbury restructured during the auto sales downturn in 2008 and 2009, cutting costs and moving from New York to suburban Atlanta.
Asbury ranks No. 6 on the Automotive News list of the top 125 U.S. dealership groups with new-vehicles sales of 62,833 units in 2009. It operates 84 retail stores.
Reuters contributed to this report.