HOUSTON and DULUTH, Ga. -

Used-vehicle sales soared double digits for Group 1 Automotive and Asbury Automotive Group during the first quarter, which saw both retailers set profit records.

Group 1 increased its retail used sales by 24 percent year-over-year, as it moved 20,749 units. It moved 9,994 wholesale used units for a 10.4-percent gain.

Used retail revenue for the dealer group climbed 28.3 percent and reached $415.0 million, while wholesale revenue was up 7.9 percent at $66.9 million.

Overall, Group 1 reported record first-quarter  2012 net income of $23.1 million (up 49.1 percent). It posted record first-quarter diluted earnings per common share ($0.97, up 51.6 percent).

Its revenues came in at $1.66 billion, which was the highest they have ever been in the first quarter. What’s more, this was the second-best quarterly revenue total of all time for the group. Gross profits for Group 1 hit an all-time high of  $260.4 million (up 17.4 percent).

“Group 1’s strong, first-quarter operating and financial results included record-setting revenues, gross profit and earnings for our shareholders,” stated Earl Hesterberg, Group 1’s president and chief executive officer.

“In addition, I am delighted with our operating margin expansion, which reflects the improvements and efficiencies we have implemented during the last several years,” he added.

As for Asbury, it moved 15,224 used retail units for a 14-percent year-over-year hike. Its used retail revenue came in at $281.3 million (up 15 percent) while wholesale revenue dipped 14 percent at $44.4 million.

Asbury’s overall revenues reached $1.1 billion for a 6-percent gain. Income from continuing operations hit $18 million, compared to $11.4 million in the year-ago period. Net income totaled $17.6 million, versus $19.9 million in the first quarter of 2011.

“Asbury is pleased to announce the strongest first quarter results in our history,” stated president and CEO Craig Monaghan. “Our first-quarter performance was made possible by the solid operational and financial foundation we have put in place, and these results reflect continued progress towards our goal of becoming a best-in-class automotive retailer.”

Asbury executive vice president and chief operating officer Michael Kearney added: “The teams in our stores produced all-time record first-quarter operating profits during the first quarter.

“With our inventory position continuing to improve and new products entering the market, we look forward to building upon the momentum we are seeing in all areas of our stores, including new, used, parts and service, and finance and insurance,” he continued.