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May 06 2013

Ashbury Automotive Group Dealership normally has 500 vehicles every time in the stock, had just 60 available on hand at the end of the last quarter and this was the result of earthquake “Tsunami” in March that stopped the Toyota and Honda manufacturing.

The Duluth Auto dealer said that the worst was just behind it as the giant automaker Honda’s vehicles have increases up to 70% since the August. On the other hand Toyota had 17% increased in vehicles since August.

Michael Kearney the Executive Vice President and Chief operating officer said that this was one of the lowest amounts of new car inventory we ever had in the passage of 16 years history of the company. The lack of desired vehicles kept people far from the market.  

Asbury’s revenues dropped to $563.7 million from $563.9 million in just 3rd quarter a year ago. The revenue from used vehicles rose to $326.7 million from 284.7 million. Kearney stated that Asbury started a program couple of years ago to enhance the numbers of used cars. Now they are offering 83 used cars instead of offering the previous value of 62 when started the business. High revenue and profit on vehicles and the increase in used car sales helped the nation’s sixth largest retailer to make $12.3 million for the quarter. It made $12.5 million in the same period a year ago.

Kearney stated that he expects sales of new and used both types of cars in the coming months. Asbury is also buying properties these days. He added that what we are trying to do is to position the company to be able to react as quickly as it should. 






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