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AutoNation Inc., the country’s largest automotive retailer, said Thursday its first-quarter profit dropped 32 percent as consumers continued to avoid car purchases.
AutoNation Inc. shares jumped almost 12% in early trading on Thursday after the biggest U.S. car retailing chain posted a first-quarter profit decline that wasn’t nearly as bad as Wall Street had expected.
J.D. Power expects April auto sales to tumble 33%, in line with a recent trend, but sees an uptick in the second half of 2009.
Crediting fiscal discipline, nation’s No. 1 auto retailer manages a profit and says it sees improvement later this year.