(Bobit) — Each of the six big publicly traded U.S. dealership groups improved F&I performance in the second quarter, according to Automotive News. Leading the pack was AutoNation, which averaged $1,926 per copy, a 7.5% increase from Q1 — despite slowing new-vehicle sales.
“As we add additional used, or as we like to call it, nearly new business, in that does blend it down some, but we’ve been able to outperform that with a talented team of associates combined with having our own products in that area,” said Cheryl Miller, the group’s new chief executive.
Group 1 Automotive finished as a close second at $1,821 profit per vehicle retailed (up 9.7%). Asbury Automotive reported a per-copy average of $1,659 (up 8.4%), followed by Sonic Automotive ($1,644, up 7%), Lithia Motors ($1,451, up 11%), and Penske Automotive Group ($1,302, up 7%).
Group 1 and Sonic set all-time quarterly records. Lithia’s 11% improvement led the pack. CEO Bryan DeBoer expects further gains as acquired stores, which he said tend to average about $700 per copy, adopt Lithia’s fixed pricing policy for F&I products.
“If you reflect back on the $1,450 that we did, that’s about doubling that F&I average,” DeBoer told AN.
To read the full Automotive News report, click here.