Pandemic takes toll on Q2 revenue, profit

The financial toll of the coronavirus pandemic contributed to lower income and earnings for in the 2nd quarter, as the business supplied discount rates to dealerships and cut fees to offset the income hit.

The Chicago business, which presents dealership know-how and motor vehicle listings companies, documented Thursday that it posted a deeper internet loss in the quarter ended June thirty than a calendar year in the past — $24.6 million, compared with $6 million in the 2nd quarter of 2019.

Profits fell 31 p.c in the 2nd quarter to $102 million, which the business reported typically was attributed

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Early cuts, U.S. rebound lead Group 1 to profit in pandemic-hit Q2

Early cost cuts and a relatively brief rebound for its U.S. operations assisted guide Team 1 Automotive Inc. to a second-quarter income even with a double-digit decline in revenue as the coronavirus pandemic restricted dealership small business for weeks.

The Houston dealership team noted Thursday that web profits slid 39 % to $30.2 million in the second quarter. Following adjusting for just one-time costs, Team 1’s web profits rose 32 % to $sixty nine.six million. Fees for the 2020 quarter totaled $39.4 million for noncash asset impairments, inventory-dependent payment price, personal debt extinguishment and severance prices. Fees in the 2019

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Penske Automotive expects Q2 profit as business improves

Penske Automotive Team explained its U.S. automobile sales enhanced from Could to June and the nation’s second-major new-automobile retailer expects to submit a profit when second-quarter final results are planned for release July 29.

The retailer explained Tuesday that it expects second-quarter earnings for every share from continuing functions to variety from 52 cents to 57 cents. The corporation, whose business enterprise was hampered early in the quarter amid the coronavirus pandemic, explained enhanced June franchise business enterprise in the U.S. and the United Kingdom, price management and sturdy sales on reopening utilized-automobile supercenters previous thirty day period aided final

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