While the international dealer group's consolidated per-copy average grew $27 to $1,352 in the third quarter, it's U.S.-based F&I operations saw its per-copy average rise $65 to $1,515. For the first nine months of 2015, the group's per-copy average is $1,529.
The international dealer group’s U.S. F&I operations grew its F&I per-copy average $80 from a year ago to a record $1,538. Training and execution were the drivers, officials said.
Consolidating its lender base and improved availability of consumer financing were other reasons cited for the fourth-quarter performance of the group’s U.S.-based F&I operations.
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.
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.
The dealer group not only endorses the association’s fair lending plan, it plans to implement the program in the next several months, officials confirm.
Group 1 Automotive Inc. has completed the acquisition of Jay Automotive Group, which operates six franchises in Columbus, Ga.
Group1 Automotive acquired BMW, MINI and Cadillac dealerships in Arlington, Texas, from Moritz Dealerships.
First-quarter net income was up 26.5 percent for the dealer group, while total gross profit grew 15.4 percent on 18 percent higher revenues.
Group 1 estimates that the storms in Oklahoma City and Houston caused damage to facilities and about 3,200 new and used vehicles. The auto retailer is continuing to assess overall damage.