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AutoNation Notches Record Profit on Pricier Cars

  • Drop in sales fails to dent earnings as new car prices surge
  • CEO says the industry is in ‘a very unusual situation’

AutoNation Inc. shrugged off a sales decline to post record profit in the second quarter as US prices for new vehicles soar. 

The nation’s largest auto dealer chain said earnings were $6.48 a share during the period, up 34% from a year earlier and beating analyst estimates. Revenue fell 2% to $6.9 billion and just missed the consensus forecast.