UPDATE 1-U.S. auto dealer groups post higher profits

Newswire

(Updates with stock prices, Sonic comment on financial issue) DETROIT, July 30 (Reuters) - Two major auto dealer groups reported sharply higher second-quarter profits on Tuesday, driven by acquisitions of new franchises and strong sales of new vehicles. But shares of Sonic Automotive Inc. , the nation's second-largest dealer group, closed down more than 14 percent on the New York Stock Exchange despite the rise in its results, after the company said it was changing the way it accounts ...

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