Asbury, Lithia join auto dealers cutting estimates

Newswire

By Michael Ellis DETROIT, Dec 20 (Reuters) - Lithia Motors Inc. and Asbury Automotive Group Inc. on Friday became the latest car dealership groups to cut earnings estimates due to slowing sales of new vehicles and falling profit margins on used cars and trucks. Sales of new cars and trucks in the United States hit their lowest level in four years in October and only rebounded slightly in November. Medford, Oregon-based Lithia said fourth-quarter earnings would be as much as 30 percent ...

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