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.
An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
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