DULUTH, Ga. -

Asbury Automotive Group announced across-the-board gross profit increases including a 7-percent increase on the used-car side.

The company retailed 18,840 used vehicles in the second quarter, which proved to be 1,137 more used vehicles sold than in the second quarter of 2013, a 6-percent increase.

Total used retail gross profit came in at $33.7 million, up from $31.5 million a year ago.

On a same-store basis, it was at $32.8 million, up from $31.5 million in the second quarter of 2013.

Same-store gross profit per used vehicle retailed was up 2 percent at $1,807. Used retail gross margins were at 8.6 percent, down from 9.0 percent a year ago.

Michael Kearney, Asbury’s executive vice president and chief operating officer, attributes the company’s overall success to the current automotive market situations and the Asbury employees’ dedication.

“The industry continued to gain momentum in the second quarter,” Kearney said. “Our teams continue to demonstrate the strength and diversity of the earnings power of the Asbury dealer model, delivering gross profit growth across all segments of the business.”

The company shared some other Q2 performance highlights compared to the same period the prior year:

  • Total revenues increased 12 percent to $1.5 billion
  • New-vehicle retail revenues up 12 percent
  • Finance and insurance revenues up 11 percent
  • Parts and service gross profit up 11 percent
  • Total gross profit up 12 percent with increases from all business lines
  • SG&A expense as a percent of gross profit improved 90 basis points to 68.3 percent
  • Record operating margin of 4.8 percent
  • Repurchased $20 million of Asbury common stock
  • Closed on $60 million of mortgages in July

Asbury also acquired a Hyundai franchise in Deland, Fla. along with opening their first Q auto store in Brandon, Fla., the first in a future chain of stand-alone used vehicle stores the company has planned to open.

The company is on track to open a second Q auto store in the fall.