Used and new cars for sale are starting to move out of the lot, according to numbers from AutoNation, which reported a net income increase of 3 percent. The company said U.S. and luxury brands saw particularly good sales in the last quarter.
AutoNation reported that it earned $69.4 million, or $0.49 per share, in the fourth quarter of 2011, up from the $67.3 million, or $0.45 per share, that occurred a year earlier. The ever-improving car market seems to be gaining some steam as AutoNation and car manufacturers have been reporting positive numbers as of late.
The company's revenue also saw an increase of 13 percent to $3.68 billion. New vehicle sales increased 13 percent for the fourth quarter and were up 10 percent in stores open at least a year. The Associated Press calls this a "key retail metric" that excludes newly opened or closed stores that usually will feature some kind of sale or discount as incentive for people to buy.
TrueCar.com said that January is off to a strong start, as the month is expected to see 874,491 units sold, up 6.7 percent from the same month in 2011. People looking for car credit should take a look at finding a good deal on a car while the year is still new.
