AutoNation (NYSE:AN) announced Wednesday sales in February 2011 soared to 17,041, a 29 percent increase over February 2010, exceeding the U.S. average for growth in February, which came in at 27 percent.
A breakdown per division showed sales of domestic vehicles climbed 40 percent to 5,240, imported vehicles were up 35 percent to 9,114, and premium luxury vehicles sold fell 1 percent to 2,687.
Major automakers enjoyed a good February, although American auto manufactures lost ground to their foreign competitors, other than General Motors (NYSE:GM), which led the month with a 49 percent increase in U.S. sales.
The problem for General Motors is it appears the sales boost has come at a huge cost, as they increase incentives during the month while most competitors are cutting back in that regard.
Ford Motor (NYSE:F) has publicly stated they would rather lose market share than have to offer incentives to that degree.
AutoNation was trading at $32.66, up $0.16, or 0.49 percent, as of 12:54 PM EST.
Wednesday, March 2, 2011
AutoNation (AN) February Sales Jump 29 Percent
Labels:
Autonation,
Ford Motors,
General Motors
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