1:16 pm, April 26, 2023
Group 1 Automotive reports that profit grew within its UK operation during the first three months of 2023, up 6.3 per cent to $110.4m (£88.5m).
The Fortune 300 company published its Q1 2023 unaudited results today, revealing that it had broken records for total revenue with its US and UK business reaching $4.1bn (£3.29bn) in the quarter, up 7.1 per cent.
New vehicle sales were up 11.2 per cent in the quarter for its UK retailers, with Group 1 reporting revenue of $347.1m (£278.4m)and profit of $32.6m (£26.2m).
Used vehicle retail sales fell marginally by one per cent, down $3.2m (£2.6m) to $318.8m (£255.7m), and profits fell by 11.6 per cent to $17m (£13.6m).
However, for both new and used retail sales the number of vehicles grew. New saw a rise of 21.2 per cent in the quarter to 8,766 vehicles sold and for used sales were up 11.5 per cent to 10,997 vehicles.
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Parts and service sales also grew during Q1, up 15.7 per cent to $74.6m (£59.8m) and made a profit of $43.5m (£34.9m), up 12 per cent.
Group 1 Automotive has 203 dealerships globally and 75 locations in UK, comprising of BMW, Mercedes, Audi, VW, Seat, Skoda, Jaguar Land Rover, Kia, Toyota and Ford franchises, and used car centres.
Last year it was named the ninth-most profitable dealer group in the UK in the Car Dealer Top 100, with £36.1m of EBITDA profit for 2021.
Daryl Kenningham, Group 1’s president and CEO, said: ‘Group 1 achieved another strong quarter. Our teams delivered record aftersales performances in both the U.S. and U.K., as a result of ongoing investment in aftersales in areas such as technician recruitment, innovation, and technology. Our customers continue to respond by trusting us with their business.
‘Record first quarter new vehicle revenues are a result to some degree of elevated prices from ongoing inventory shortages. Some manufacturers are maintaining production discipline into the future. Our days’ supply continues well below historical averages and is single digits in some of our critical brands.’
Last month it was revealed exclusively by Car Dealer that managing director Mark Bridgland had stepped down from his role leaving staff stunned.
To find out about other dealer groups’ latest EBITDA profit you can read the Car Dealer Top 100 full list here.
Image: Group 1 BMW Hindhead/Google Maps
