Record Financial Performance
Group 1 Automotive reported quarterly record revenues of $5.7 billion and quarterly record gross profit of $936 million. Adjusted net income from continuing operations improved 12.4%, and EPS improved 17.5%.
Strong U.S. Market Performance
New car sales were up 6% on a same-store basis, outpacing the industry. Used car volumes were up nearly 4% year-over-year. Aftersales gross profit was up 14.3%, with customer pay revenue up 13.6% and warranty up 31.9%.
Expansion and Investment
Group 1 acquired 3 dealerships, expanding its presence with Mercedes-Benz, Lexus, and Acura. Technician headcount increased by 6% in the U.S., with a focus on improving productivity and customer experience.
U.K. Business Growth
Despite economic challenges, the U.K. business saw double-digit growth in gross profit on a same-store basis for used vehicles, parts and services, and F&I. The opening of a new U.K. headquarters in Milton Keynes was a major milestone.