CHARLOTTE, N.C., July 30 (Reuters) -Inc. , the nation's No. 2 chain of new-car dealerships, on Tuesday reported higher second-quarter earnings as it increased the number of franchises it controls.
The company said it earned $31.5 million, or 71 cents a share, compared with $22.5 million, or 55 cents a share, in the same quarter a year ago.
Sonic told analysts in April that it expected to earn between 67 cents and 69 cents a share.
Dealership groups such as Sonic andInc. have seen earnings grow as they have acquired privately-owned franchises and cut costs.