(CHARLOTTE) -- Sonic Automotive, Inc. reported third quarter earnings of $19.4 million, or 33 cents per share. This compared with $13 million, or 23 cents per share, in the same period last year.

The Charlotte-based automotive retailer is one of the nation's largest automotive retailers. Jeff Dyke, the Company's Executive Vice President of Operations said the industry overall saw good growth in the third quarter. Sonic saw double digit growth in both new and used vehicle revenue.

"Our higher-margin parts and service business continues to increase as we grow our customer base and continue the implementation of operating playbooks in this area," said Dyke.

The company is boosting it full-year guidance.  "As a result of the growth we've seen in our base business through the successful integration of our various operating playbooks and our favorable brand mix, we are increasing our expected 2011 earnings from continuing operations to $1.33 to $1.37 per share," said Sonic President, B. Scott Smith.

The company is expects a 2011 industry volume of 12.5 million vehicles.