22K Used Retail Sales for Group 1 Help Kick Up US Revenue
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HOUSTON –
Group 1 Automotive sold 22,206 used retail vehicles in the U.S. during the third quarter, more than a 5-percent year-over-year increase and a contributing factor to the revenue gains for the retailer.
Group 1 reported total U.S. revenue of $1.89 billion during the quarter, which was up 4.1 percent from the third quarter of 2012.
The company said this gain was driven by the increases in new-car retail sales (which were up 2.8 percent), stronger used retail sales and a 3.3-percent parts and service revenue increase.
The aforementioned 22,000-plus used cars the retailer moved in Q3 pushed its year-to-date U.S. retail used sales total to 65,250 units, a 5.7-percent increase.
Sharing more U.S. results, gross profit per unit on used retail sales for the quarter was at $1,618, down 2.4 percent year-over-year. So far this year, they’re averaging $1,715, down from $1,725 in the same period of 2012.
Gross profit margins on used retail sales were at 8.1 percent in the third quarter, versus 8.3 percent in Q3 of 2012.
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Year-to-date, gross profit margins on used retail have come in at 8.5 percent, down from 8.6 percent in the prior-year period.
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