12:43 pm, October 25, 2023
Group 1 Automotive has reported another record breaking trading period with $4.7bn (£3.8bn) turnover in the third quarter of 2023 and gross profit of $786.2m (£648.6m).
In the UK it saw profits up $10.2m (£8.41m) to $103.5m in the three months ending September 30 and revenues also grew $126.4m (£104.3m) in those three months, an increase of 18.6%.
The Fortune 300 company based in the United States has more than 200 dealerships globally but 75 in the UK, representing BMW, Mercedes, Audi, VW, Seat, Skoda, Jaguar Land Rover, Kia, Toyota, and Ford as well as used car centres.
In the first nine months of the year, to September 30, revenue was up $211.7m (£174.6m) an increase of 9.9% and profit grew 10.5% or $30.4m (£25m).
Daryl Kenningham, Group 1’s president and chief executive officer said: ‘Our team produced another record quarter, continuing to showcase our ability to deliver across all lines of business.
‘Consolidated parts and service revenues and gross profit, were stand-outs, with double digit growth. The sizable increase in vehicles sold, allowed our F&I team to deliver record F&I revenues.
- Our story on Group 1 Automotive’s first quarter results 2023
- Our story on Group 1 Automotive’s third quarter results 2022
- Our story on Group 1 Automotive’s 2021 annual results
- Our story on Group 1 Automotive’s 2022 annual results
‘Our return-focused capital allocation strategy continues to benefit our shareholders by generating record adjusted diluted earnings per share in the quarter.’
New units sold so far in 2023 were up 14.4% and used retail vehicles were up 6.8%. In total the group sold 41,889 units (up 4.6%), made up of 25,082 new vehicles, 32,578 used vehicles and 9,311 wholesale used vehicles.
Gross profit per unit has increased for new vehicles this year, with the latest figures showing they’re now 1.8% ahead of where they were this time last year, equivalent to $66.
However, used vehicle values have fallen by 8.3%, down $137. The average sale price of a used vehicle also fell by 0.2% while new vehicle prices were 2.9% higher.
Image: Group 1 Mini Brighton/Google Maps
