The dealer group reported this week that its F&I operations achieved a record per-copy average of $1,401 in the third quarter. Officials also announced plans to cut spending on third-party lead providers 'every quarter' in order to invest in its own online presence.
F&I gross profit per retail unit grew to $1,337 on a same-store basis for the publicly traded dealer group, but the performance of the operation’s parts and service segment was the big story in the third quarter.
Officials said the Charlotte test store was overwhelmed by sales and paperwork. F&I performance rebounded, however, after the group added document specialists.
The auto finance source also recorded record used-vehicle originations and grew its dealer network by more than 900 dealers in the second quarter.
The dealer group’s U.S. F&I operations raised its per-copy average $91 to $1,442 in the second quarter. On a year-to-date basis, the group's per-copy average rose $128 from a year ago to $1,499.
The dealer group reported a 21% increase from last year’s adjusted income from continuing operations, as well as a 12% increase in total gross profit.
The dealer group realized a 28% increase in adjusted net income from continuing operations in the second quarter of 2014. The company’s average F&I profit per vehicle retailed was also up $104.
AutoNation reported during its second-quarter investor call that it has installed the NADA’s Fair Credit Compliance Program in nine stores. Officials also provided an update on the company’s digital push.
Dealertrack officials reported this week that average monthly subscription revenues from dealers were up 30% in the first quarter, thanks in part to the company’s recent acquisition of Dealer.com. Company officials also revealed plans to combine Dealer.com’s CRM capabilities with Dealertrack's own offering to produce a single solution.
Like other public groups, Group 1’s business was hampered in the first quarter by extreme weather conditions, losing about 9% of its total available selling days through Feb. 16. Luckily, March turned out to be a strong sales month for the group.
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