Group 1 Automotive’s UK operations saw its gross profits increase by 71.5% to £41.2 million in the second quarter this year, driven by F&I revenues.

The US-based company, which also has operations in Brazil, said its UK business accounted for 16.8% of its total revenues and 13.3% of total gross profit.

Total UK revenues increased 62.1% to £355m during Q2. Group 1’s results show the UK’s F&I performance grew by 77.7%, followed by new car sales up 74.7% and parts and service up 69.3%.

Group 1’s global gross profits increased by 6.1% in Q2 to £311m.

Earl Hesterberg, Group 1 president and chief executive, said: "While US industry sales growth moderated during the quarter, improved margins and continued growth of our parts and service and finance and insurance businesses delivered top-line revenue growth of 3.8% on a local currency basis, and an all-time record for diluted earnings per share.

“Additionally, given the ongoing value represented by our recent stock price, we continued our share repurchase program, buying approximately 1.7 million common shares since the end of March 2016."

Group 1 owns and operates 161 automotive dealerships, 212 franchises, and 37 bodyshop centres across the US, UK and Brazil.

The company acquired 12-site group Spire Automotive in the UK in February this year for an undisclosed sum. The acquisition is expected to push Group 1 into the top 10 largest dealer group’s in the AM100.