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Asbury Automotive Shares Rise 10.4% to $190.99
Shares of Asbury Automotive are higher following the company's earnings conference call, during which president and CEO Dan Clara said that with the conversion behind the company, "the time and resources we dedicated to implementation can now go back into running and growing the business." Clara said it has been a "busy" few months for Asbury's teams. Shares of Asbury Automotive are up 10.4% to $190.99 in afternoon trading.
Asbury Reports Q3 Revenue of $4.4B, Below Expectations
Reports Q3 revenue $4.4B, consensus $4.51B. "We have completed one of the most ambitious technology initiatives in Asbury's history, every active store is now operating on Tekion," said Dan Clara, Asbury's President and Chief Executive Officer. "Our teams converted 47 stores in the third quarter alone, the most in any single quarter, and finished the remaining active stores in October to bring the rollout across the finish line. Our longest-tenured Tekion markets achieved efficiency gains with customer pay gross profit up 7% and total parts and service gross profit up 5%. With one modern platform now powering the entire company, we have built a strong foundation to serve our guests, make faster decisions, and operate more efficiently."
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