As the industry counts how many used vehicles were retailed during March, the dealer survey orchestrated by KeyBanc Capital Markets in February gauged how stores continue to have some struggles despite rising turns in their used departments.

Survey orchestrators reported that gross-profit trends continued to reflect competitive pressure in new and used segments, which should continue to be offset by strength in F&I gross profit per unit, while parts and service gross margins remained intact at near-record highs.

Within new vehicles, KeyBanc found that a slight majority of dealer respondents — 55 percent to be exact — reported a pullback in gross profit per unit, a worsening versus the rolling three-month average of 43 percent.

On the used-vehicle side, the survey showed that 45 percent of participating dealer reported a pullback in gross profit per unit, in line with the rolling three-month average of 43 percent.

KeyBanc added that F&I gross profit per unit remained strong with 91 percent reporting intact or increasing results year-over-year.

Furthermore, KeyBanc mentioned that 64 percent of respondents reported intact P&S gross margin, in line with the rolling three-month average of 63 percent.

Also of note, dealers told KeyBanc that financing remains attractive to keep metal moving.

“Overall automotive financing and subprime financing availability continued to contract, not unusual at the peak of the cycle, but credit available remains well aligned with demand,” KeyBanc said.