AM Online

UK helps Group 1 Automotive to Q3 record performance

Group 1 Automotive's UK operations delivered record earnings in Q3.

They accounted for 9.6% of total revenues, 8% of total gross profit, and 9.2% of the US company's adjusted pre-tax income in the third quarter of 2014 it reported today.

Total revenue increased 7.4% to $252.2 million, and gross profit increased 17%.

"Revenue growth was primarily driven by 35.3% and 2.5% increases in new and used vehicle retail gross profit per unit sold, respectively, and continued strong growth in parts and service revenue which was up 21.8% for the quarter," the company said.

The UK's performance helped Group 1 achieve all-time record earnings for the quarter.

Earl J. Hesterberg (pictured), Group 1's president and chief executive officer, said: "Our international businesses were major factors in our success, with our United Kingdom operations delivering all-time record earnings for the quarter."

Revenue grew 12.2% for Group 1 to an all-time record of $2.6 billion (£1.6bn).

Financial highlights (three months ended September 30)

Revenues: 2014 and 2013 and % change (£ in thousands except per unit amounts)

New vehicle retail sales: £84,080 £85,253 (1.4)
Used vehicle retail sales: £43,744 £37,100 17.9

Parts and service: £13,262 £10,891 21.8
F&I £2,991 £2,642 13.2

Gross margin %
New vehicle retail sales: 6.9 5.7
Used vehicle retail sales: 5.9 6.5

Parts and service: 55.2 56.1
F&I: 100 100

Gross profit
New vehicle retail sales: £5,801 £4,893 18.6
Used vehicle retail sales: £2,597 £2,400 8.2

Parts and service: £7,324  £6,106 19.9
F&I: £2,991 £2,642 13.2

Units sold
Retail new vehicles sold 3,773 4,306 (12.4)
Retail used vehicles sold 2,649 2,510 5.5

Average retail sales price
New vehicle retail: £22,289 £19,803 12.6
Used vehicle retail: £16,517 £14,784 11.7

Gross profit per unit sold
New vehicle retail sales: £1,538 £1,137 35.3
Used vehicle retail sales: £980 £956 2.5

F&I (per retail unit): £466  £388 20.1

(Exchange rate used is £1 to $1.60405)



If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Comment as guest


Login  /  Register

Comments

No comments have been made yet.