Wednesday, July 21, 2010

Major auto dealers' sales may reach 2-year high as ranks thin

(Bloomberg) -- U.S. auto retailers may post the highest sales in almost two years after General Motors Co. and Chrysler Group LLC closed thousands of smaller dealerships.

AutoNation Inc., the largest dealer group, may post $3.06 billion in second-quarter sales when it reports earnings tomorrow, the average estimate of seven analysts surveyed by Bloomberg. That would be the highest revenue since the third quarter of 2008. Penske Automotive Group Inc. and Sonic Automotive Inc., the second- and third-largest retailers, may post the highest sales in two years when they report results on July 29, analysts estimate.

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