Group 1 Automotive also reported its second quarterly earnings despite chain supply problems and inventory shortages. The total revenue for Q2 that Group 1 reported is $4.1 billion, a 14.3% year-over-year increase. Gross profit improved 18.3% for a total of $768.4 million as well. Earnings per share were $12.11, an increase of 18.3% from a year ago. These were all record highs for the company.
During the second quarter, the retailer grew 34.0% in parts and services and 20.3% in finance and insurance. The net income from continuing operations also increased 5.6% to $199.3 million compared to last year.
In a statement, Earl Hesterberg, Group 1’s President and CEO, said, “A major contributing factor to our performance was the extreme speed at which we were able to integrate a large number of new acquisitions over the past 18 months, which will provide more than $3.0 billion in expected annual additional revenues in the year ahead.”
Group 1 Automotive also purchased a Toyota dealership in New Mexico that experts expect will generate $115.0 million in annualized revenues. Not only has Group 1 Automotive been actively acquiring dealerships and auto centers, but they have also let go of a few. For example, in June 2022, they sold one dealership in Texas and one dealership in Massachusetts.
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