DULUTH, Ga. -

Asbury Automotive Group announced today its second-quarter results, revealing that both used retail revenue and pre-owned sales soared by double digits during the period.

Actual used sales were up 22 percent year-over-year, coming in at 17,703 units, compared to 14,496 sold during Q2 of last year.

With total revenue increasing by 16 percent to $1.3 billion for Q2, used-vehicle retail revenue soared past 2012 levels by 25 percent with gross profit up 20 percent.

New-vehicle retail revenue was also up by double digits, rising 15 percent with a 6-percent increase in gross profit.

The company’s dealerships also saw growth in the F&I office as well as in the service department.

F&I revenues were up 27 percent from 2012 levels during Q2, while parts and service gross profit was up by 14 percent.

Overall, total gross profit was up 16 percent with increases from all business lines, the company reported.

Commenting on the Q2 results, Craig Monaghan, Asbury's president and chief executive officer, said, "As the automotive market continues to recover, our associates are demonstrating continued success in maximizing sales and service opportunities while maintaining disciplined expense control."

Q2 for the company was also a big quarter for acquisitions, as it closed on the acquisition of three new-vehicle franchises in the Atlanta market (Hyundai, Kia, and Toyota) on July 22; accounting for approximately $115 million of annualized revenues, officials shared.

The company also spent $14 million to purchase two previously leased properties.

Asbury's executive vice president and chief operating officer, Michael Kearney, added, "Our teams continue to execute focused strategies across all business lines.  They have proven that, with the right strategies, processes, and resources, we can continue to take advantage of opportunities in our used vehicle retail sales, F&I, and parts and service operations.  We ask a lot from our teams and they continue to deliver."

Editor’s Note: For more information on Asbury’s Q2 results, see Wednesday’s Auto Remarketing Today e-newsletter.