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AutoNation posts higher quarterly profit

DETROIT, Oct 24 (Reuters) - AutoNation Inc, the No. 1 U.S. auto dealer, on Thursday posted a 13 percent increase in quarterly profit amid rising demand for both new and used vehicles.

Net income in the third quarter increased to $92.6 million, or 75 cents a share, compared with $81.6 million, or 66 cents a share, in the year-earlier quarter. Analysts had expected 77 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 14 percent to $4.47 billion, above the $4.44 billion analysts had expected.