RICHMOND, Va. -- AutoNation Inc., the country's largest automotive retailer, said Thursday its first-quarter profit dropped 32 percent as consumers continued to avoid car purchases, but the company's results result beat Wall Street estimates, according to The Associated Press.

The Fort Lauderdale, Fla.-based company said its profit for the quarter ended March 31 fell to $34.6 million, or 20 cents per share, from $50.7 million, or 28 cents per share, in the same quarter last year.