CHARLOTTE, N.C., Oct 28 (Reuters) - Auto dealer Sonic Automotive Inc. said quarterly earnings rose 43 percent as new purchases of dealerships helped boost profits.
Sonic said it earned $31.6 million, or 73 cents a share, in the third quarter, up from $22.1 million, or 53 cents a share, a year earlier. Revenues rose 37 percent.
In July, Sonic had told analysts to expect earnings of 69 cents to 71 cents a share.
Sonic is one of several dealership groups such as AutoNation Inc. that have been consolidating privately owned franchises.