Charlotte-based Sonic Automotive reported parts, service and collision repair (“fixed operations”) sales of $309.60 million for the third quarter of 2013, which was up 7.8 percent compared to the $287.31 million the company reported a year ago. Fixed operations gross profit climbed 6.1 percent to $149.15 million.
Customer-pay revenue increased 4.6 percent to $137.111 million (up 2.7 percent on a same-store basis), while wholesale parts revenue rose 14.9 percent to $43.35 million (up 13.2 percent on a same-store basis). Warranty revenue increased 11.7 percent to $45.41 million (same-store sales up 9.7 percent), led by increases in warranty activity at Sonic’s BMW, Honda and Lexus dealerships.
A closer look at the company’s third-quarter results shows that fixed operations customer-pay revenue at Sonic’s domestic dealerships decreased 2.8 percent. Customer-pay revenue at mid-line import dealerships increased 3 percent, while customer-pay revenue at Sonic’s luxury dealerships increased 5.3 percent.
Included in all of the revenue streams above, with the exception of wholesale parts, are operating results from the company’s 20 collision repair centers. Collision repair revenue decreased 7 percent in the third quarter, primarily due to the closure of one collision center in the first quarter of 2013.
Sonic operates 123 franchises in 14 states, representing 25 different brands of cars and light trucks.
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