Asbury Records Best Q1 Performance in Group History
Asbury Automotive Group Inc. achieved an all-time high for first-quarter operating profits, the dealer group reported today.
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."
More Auto Finance
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →