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Profits jump more than a third at Group 1 Automotive UK

Group 1 Automotive, the US dealer group, says its UK division generated gross profits up 35.7% to £34.2m or $58.2m on turnover up 31.8% to $499m in the six months to June 20.
The company, which reports quarterly, said in the three months to June 30 total UK revenue increased 21.2% to $251.3m and gross profit increased 24.4% to $29.5m.
This gross profit increase was driven by new vehicle retail sales growth of 26.2%, parts and service growth of 18.2% and a $130 increase in F&I per retail unit to $709.
“Our second quarter earnings were significantly impacted by several major factors,” said Earl Hesterberg, Group 1′s president and chief executive officer.
“On the positive side, our UK operations continue to set new records with a revenue increase of 21.2% and a gross profit increase of 24.4%,” he added.

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