October 21 (Reuters) – US auto dealer quarterly profit Asbury Automotive Group Inc. jumped 43 percent easier for customers to credit helped the company sell more imported cars.
Turnover of Asbury selling new cars midrange imported rose 7 percent, while sales of new luxury cars rose 5 percent.
The two categories accounted for about 85 percent of sales of new car sales company. Asbury gets more than two thirds of its total revenue from the sale of new cars.
Auto sales in the United States in the third quarter was the best in eight years, with sales rising about 9 percent in September, according to the research firm Autodata.
Asbury sells new and used cars made by BMW, Mercedes-Benz, Lexus, Honda Motor Co, Nissan Motor Co Ltd and Toyota Motor Corp., among others.
Net income increased to $ 32.5 million Asbury, or $ 1.08 per share for the third quarter ended Sept. 30, from $ 22.7 million, or 73 cents per share, a year earlier.
Revenue increased 8 percent to $ 1.51 billion.
Analysts on average expected earnings of $ 1.07 per share and revenue of $ 1.51 billion, according to Thomson Reuters I / B / E / S.
Asbury shares closed at $ 65.30 on the New York Stock Exchange Monday.
Japanese two-wheeler major Honda Motorcycle and Scooter India (HMSI) on trumped his hero became a partner-rival MotoCorp sales Dhanteras, sources told NDTV.
HMSI, which is expanding its footprint across the country, has sold 1.65 lakh two-wheelers on October 21, according to sources. Hero Honda Motors, the largest manufacturer of two-wheelers in India, managed to sell 1.5 lakh units on Dhanteras, the company said in a statement to the Bombay Stock Exchange.
Dhanteras is considered an auspicious day for gold, silver and other valuables in India purchase.
Hero Honda Motors said its sales increased by 40-50 percent in the previous report Dhanteras. Strong sales growth Dhanteras triggered buying auto stocks today. Self-sub BSE index jumped nearly 2 percent compared with a 0.8 percent gain in the broader Sensex.
Hero MotoCorp shares traded with over 3.5 per cent gains making it the top winner on the Nifty 50 Index share in morning trading. The stock also hit its 52-week high today. HMSI is not.
Bajaj Auto rose 2.1 percent if based in Chennai TVS Motor was down 1 percent. The number of sales is not known.
HMSI and Hero Honda Motors are locked in a battle for market leadership in the domestic market for two-wheelers which is poised for strong growth as the economy turns. Hero Honda Motors is the market leader in motorcycles, while HMSI is the dominant player in the scooter segment actor.
When HMSI separates from Hero Honda Motors in 2010, it was just one Manesar plant. Last week, the Japanese main laid the foundation stone of its fourth plant in Gujarat.
For the year 2013-14, HMSI clocked 36.50 percent year on year volume growth, against the volume growth of Hero Honda Motors 3.43 percent, according to SIAM data.
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