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After the lawsuit was filed, the owner of the stores, dealer Gene Reed, agreed to sell the operations instead to Hendrick Automotive Group, the nation’s seventh-largest dealership group.

Tags: Automotive Group, dealership, Dealership Group, Gene Reed, Hendrick Automotive Group, South Carolina, Toyota

Chrysler’s turnaround plan, being announced today, needs to show long-term product development and financial stability for the largest U.S. auto dealership group to even consider adding franchises, AutoNation Inc. CEO Mike Jackson said.

Tags: Auto Dealership, auto dealership group, AutoNation, Autonation Inc, Ceo, Chrysler, Chrysler Products, Dealership Group, Financial Stability, Franchises, Mike Jackson, Turnaround Plan, U S Auto, United States

Penske Automotive Group, the No. 2 U.S car dealership group by sales, reported a 23 percent increase in third quarter earnings today on cost-cutting and a boost from the U.S. government’s cash for clunkers program. Net income rose to $27.

Tags: Automotive Group, Car Dealership, car dealership group, Car Sales, Cost Cutting, Dealership Group, Driven, Net Income, Penske, Penske Automotive Group, Q3, Quarter Earnings, U.S. government, United States, USD

Lithia Motors Inc. recorded $5.7 million in net income in the third quarter, becoming the fifth publicly traded U.S. dealership group to make money in the period. Lithia’s profit compares with a $2.

Tags: Dealership Group, Lithia Motors, Lithia Motors Inc, Money, Net Income

Asbury Automotive Group Inc. posted a 35 percent increase in third-quarter earnings, days after the company said it would restore top executives’ pay to pre-cutback levels. The dealership group’s net income rose to $7.4 million, from $5.

Tags: Asbury Automotive Group, Asbury Automotive Group Inc, Automotive Group Inc, Cutback, Dealership Group, Net Income, Q3 Earnings, Quarter Earnings, Top Executives

AutoNation Inc., the largest U.S. dealership group, posted its biggest profit of the year and said it would boost spending by 65 percent next year to update and buy stores. The net income of $65 million compares with a $1.

Tags: Acquisitions, AutoNation, Autonation Inc, Dealership Group, Net Income, Spurs, Store Upgrades, United States, USD

AutoNation Inc., the largest U.S. dealership group, posted its biggest profit of the year and said it would boost spending by 65 percent next year to update and buy stores. The net income of $65 million compares with a $1.

Tags: Acquisitions, AutoNation, Autonation Inc, Dealership Group, Net Income, Spurs, United States, USD

Sonic Automotive Inc., the U.S. dealership group that postponed debt payments to avoid bankruptcy earlier this year, posted its third straight quarterly profit.

Tags: Bankruptcy, Dealership Group, Debt Payments, Quarterly Profit, Sonic, Sonic Automotive, Sonic Automotive Inc, United States

Sonic Automotive Inc., the U.S. dealership group that postponed debt payments to avoid bankruptcy earlier this year, posted its third straight quarterly profit.

Tags: Bankruptcy, Dealership Group, Debt Payments, Quarterly Profit, Sonic, Sonic Automotive, Sonic Automotive Inc, United States

Sonic Automotive Inc., the U.S. dealership group that postponed debt payments to avoid bankruptcy earlier this year, posted its third straight quarterly profit.

Tags: Bankruptcy, Dealership Group, Debt Payments, Quarterly Profit, Sonic, Sonic Automotive, Sonic Automotive Inc, United States

Sonic Automotive Inc. posted its third straight quarterly profit today, and just seven months after warning of possible bankruptcy, Sonic’s CFO says the dealership group can focus on business and even reconsider selling some stores.

Tags: Bankruptcy, Business Selling, Cfo, Dealership Group, Quarterly Profit, Seven Months, Sonic, Sonic Automotive, Sonic Automotive Inc

Sonic Automotive Inc. posted its third straight quarterly profit today, and just seven months after warning of possible bankruptcy, Sonic’s CFO says the dealership group can focus on business and even reconsider selling some stores.

Tags: Dealership Group, Quarterly Profit, Sonic Automotive, Sonic Automotive Inc

Sonic Automotive Inc. posted its third straight quarterly profit today, and just seven months after warning of possible bankruptcy, Sonic’s CFO says the dealership group can focus on business and even reconsider selling some stores.

Tags: Bankruptcy, Business Selling, Cfo, Dealership Group, Quarterly Profit, Seven Months, Sonic, Sonic Automotive, Sonic Automotive Inc

The restructuring of the U.S. auto industry should include a new standard for inventory levels, the CEO of the top U.S. dealership group said today. AutoNation Inc.

Tags: Auto Industry, AutoNation, Autonation Inc, Ceo, Dealership Group, Inventory Levels, Inventory Standards, Restructuring, U S Auto, United States

Sonic Automotive Inc., four months after postponing debt payments to avoid bankruptcy, said Wednesday it had netted about $266 million from its sale of stock and convertible debt notes to refinance its debt. The dealership group sold 10.

Tags: Bankruptcy, Convertible Debt, Dealership Group, Debt Payments, Debt Refinance, Four Months, Sonic, Sonic Automotive, Sonic Automotive Inc, Stock, USD

Sonic Automotive Inc., four months after postponing debt payments to avert bankruptcy, is beginning a public offering of common stock and convertible senior debt notes, the dealership group said today in a regulatory filing.

Tags: Balance Sheet, Bankruptcy, Common Stock, Dealership Group, Debt Payments, Four Months, Public Offering, Senior Debt, Sonic Automotive, Sonic Automotive Inc

A group of 73 dealerships is continuing its own incentive program as the government’s cash-for-clunkers plan is about to end. The dealers’ autostimulusplan.

Tags: Dealership Group, Incentive Program

AutoNation Inc., the largest U.S. dealership group, posted its third-straight quarterly profit while forecasting an improving U.S. vehicle market after slashing inventory costs and seeing a sharp rise in July sales.

Tags: AutoNation, Autonation Inc, Dealership Group, Improving Market, Inventory Costs, Quarterly Profit, United States

Auto dealership group Asbury Automotive Group Inc. said today it posted a 47 percent drop in quarterly earnings, but signaled the U.S. new vehicle market has stabilized, though at very low levels.

Tags: Asbury Automotive Group, Asbury Automotive Group Inc, Auto Dealership, Automotive Group Inc, Dealership Group, Q2 Earnings Drop, Quarterly Earnings

Group 1 Automotive Inc.’s revenue growth via acquisitions has fallen to a fraction of 2006 levels, and the Hyundai franchise rights acquired this year will be the dealership group’s only addition in 2009.

Tags: Acquisitions, Dealership Group, Fraction, Franchise Rights, Group 1 Automotive, Group 1 Automotive Inc, Hyundai, Trickle

Sonic Automotive Inc., the nation’s third-largest dealership group, has reached an agreement with its bondholders allowing the retailer to postpone payment of $90 million in debt until 2012. The debt would have matured this week.

Tags: Bondholders, Dealership Group, Sonic Automotive, Sonic Automotive Inc

Sonic Automotive Inc. avoided bankruptcy as bondholders allowed the nation’s third-largest dealership group to postpone a $90 million debt payment until 2012.

Tags: Bankruptcy, Bondholders, Dealership Group, Debt Payment, Sonic, Sonic Automotive, Sonic Automotive Inc, USD

Lithia Motors Inc. posted a $1.3 million profit in the first quarter, the dealership group’s first quarterly profit since the fourth quarter of 2007. The net income, which benefited from a $2.

Tags: Dealership Group, First Quarter, Fourth Quarter, Lithia Motors, Lithia Motors Inc, Net Income, Profitability, Q1, Quarterly Profit

Group 1 Automotive Inc., the fourth-largest U.S. dealership group, today posted net income of $8.4 million in the first quarter and said it will cut about $120 million from its 2009 operating costs.

Tags: Budget Cuts, Budget Group, Dealership Group, First Quarter, Group 1 Automotive, Group 1 Automotive Inc, Net Income, United States, USD

Group 1 Automotive Inc., the fourth-largest U.S. dealership group, today posted net income of $8.4 million in the first quarter and said it will cut about $120 million from its 2009 operating costs.

Tags: Budget Cuts, Budget Group, Dealership Group, First Quarter, Group 1 Automotive, Group 1 Automotive Inc, Net Income, United States, USD