DULUTH, Ga. — Asbury Automotive Group Inc. achieved an all-time high for first-quarter operating profits, the dealer group reported today, with all of the group’s business lines reporting gains.
Income from continuing operations for the quarter came in at $18 million vs. $11.4 million from a year ago. Net income stood at $17.6 million vs. $19.9 million from a year ago.
Total revenues increased 6 percent to $1.1 billion, while new-vehicle retail revenues and gross profit rose 5 and 16 percent, respectively.
F&I revenues increased 21 percent to $39 million, while F&I revenue per vehicle sold increased 14 percent to $1,157. Parts-and-service gross profit rose 7 percent. Total gross profit for the company increased 11 percent.
"Asbury is pleased to announce the strongest first quarter results in our history," said Craig T. Monaghan, Asbury's president and CEO. "Our first quarter performance was made possible by the solid operational and financial foundation we have put in place, and these results reflect continued progress towards our goal of becoming a best-in-class automotive retailer."