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.
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.
Sonic’s 2013 first-quarter net income from continuing operations was $21.7 million, while Asbury reported income from continuing operations of $23.9 million.
AutoNation Inc. reported increased profitability in each of its business sectors for the first quarter, with revenue up 10 percent and gross profit up 6 percent. F&I gross profit per vehicle sold was up 7.2 percent.
Group 1 Automotive Inc. set new records for total gross profit, as well as first-quarter revenue and F&I gross profit per vehicle sold.
UDS’ Gerry Gould delivers Part 2 of his five-part series on the business office’s Top 5 responsibilities.
The magazine’s reader survey reveals that average profit per new vehicle retailed still hovers around $800, and that F&I managers are averaging approximately two products per deal.
‘Da Man’ says it’s time for dealers to stop believing in the flawed logic that says it’s impossible to make a profit in today’s Internet age.
‘Da Man’ says it’s time for dealers to stop believing in the flawed logic that says it’s impossible to make a profit in today’s Internet age.
The current market environment will definitely separate the survivors from the victims. F&I expert provides a road map for doing more than just weathering today’s economic storm.
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