U.S. auto dealer groups post higher profits

Newswire

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. Sonic Automotive Inc. , the nation's second-largest dealer group, said earnings rose 40 percent, thanks in part to a chain of Cadillac dealerships it bought earlier this year. UnitedAuto Group Inc. said earnings jumped 83 percent as new-vehicle sales increased and profit margins improved. Their ...

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