HOUSTON -

Although it still faced the hurdles of Japanese supply shortages and economic challenges, Group 1 Automotive managed to achieve close to a 24-percent spike in adjusted net income and saw growth across the board.

What’s more, Group 1 notched a record for  F&I gross profit per unit, which came in at $1,156.

“We are pleased to deliver another record-setting quarter, with growth in every segment of the business,” said Group 1 president and chief executive officer Earl Hesterberg.

“Despite the challenges of the overall economy and continuing inventory shortages in key brands, such as Toyota and Honda, we generated excellent profit growth,” he added. “This was possible due to a well-balanced performance in all of our businesses with a note-worthy all-time record in our finance and insurance business.”

Sharing more results, Group 1’s adjusted net income reached $23.8 million, up 23.6 percent from adjusted net income of $19.3 million from the year-ago period.

When the $2.3 million in net after-tax adjustments for non-cash asset impairment charges are taken into consideration, the retailer’s net income comes out at $21.5 million for the quarter. During the year-ago period, net income was $19.0 million, which included $1.0 million in net after-tax adjustments for non-cash asset impairment charges.

Revenues were at $1.6 billion, up 7.4 percent year-over-year. Used retail revenue climbed 10.7 percent at $337.1 million, while wholesale used revenue was up 18.1 percent at $69.1 million.

Meanwhile, Group 1 increased its new-vehicle revenue to $862.7 million, a 4.9-percent gain. Parts and service revenue was up 7 percent at $210.1 million, while F&I revenue jumped 16.3 percent, coming in at $51.5 million.

The retailer moved 18,770 used vehicles on the retail side, a 6.6-percent upswing. On the wholesale side, Group 1 had 9,697 used sales, a 4.2-percent hike. New-vehicle retail sales totaled 25,777 units, a 2.3-percent drop.

Group 1 pulled in $248.8 million of total gross profit, an 8.7-percent increase.