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Revenue from new vehicle sales tumbled 14% from a year earlier, the company said, while warning of continued tight inventory.
Carmakers’ production lines remain under pressure from a global semiconductor chip shortage that has crimped their ability to cater to strong demand.
Meanwhile, used vehicle revenue for Auto Nation increased 13% from a year earlier. The company on Thursday also announced it would acquire California-based CIG Financial as it looks to bolster the used-vehicle business.
AutoNation said new vehicle gross profit per unit jumped 47% in the quarter.
Peer Lithia & Driveway on Wednesday also missed on revenue estimates for the second quarter and reported a 16.9% fall in same-store new vehicle revenue.
Auto Nation said net income fell to $376.3 million from $384.8 million a year earlier. On a per share basis, earnings rose to $6.48 from $4.83. The company said it had repurchased 3.7 million shares for about $404 million during the quarter.
Revenue dipped 1.6% to $6.87 billion, below analysts’ average estimate of $7 billion, according to Refinitiv data.
