Company: GPI
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001031203-25-000029
Chunk: 34

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 a testament to our used vehicle management processes and use of technology for used vehicle pricing. Used vehicle wholesale same store revenues outperformed the Prior Year Quarter, driven by more units sold, coupled with higher pricing. 

Parts and service same store revenues outperformed the Prior Year Quarter, driven by increases in customer pay and warranty revenues, partially offset by decreases in wholesale and collision revenues. We are strategically reducing our collision footprint and repurposing a portion of that space to traditional service capacity, which we expect to increase returns from the higher margin service business. Same store technician headcount increased through our continued technician recruiting and retention efforts, providing greater capacity to meet increased demand.

F&I same store revenues outperformed the Prior Year Quarter, primarily driven by higher same store new and used vehicle units sold, coupled with higher same store F&I gross profit per unit sold. Penetration rates for vehicle service contracts, used vehicle finance and other F&I products improved, contributing to the higher same store F&I gross profit per unit sold.

Gross Profit

Total gross profit in the U.S. during the Current Quarter increased $35.9 million, or 5.6%, as compared to the Prior Year Quarter, driven by higher same store gross profit and the acquisition of stores. 

Total same store gross profit in the U.S. during the Current Quarter increased $20.7 million, or 3.3%, as compared to the Prior Year Quarter, driven by increases from parts and service and F&I, partially offset by downward pressure on new vehicle and use vehicle retail margins.

New vehicle retail same store gross profit underperformed the Prior Year Quarter, driven by a decrease in new vehicle retail same store gross profit per unit sold, partially offset by an increase in units sold. 

Used vehicle retail same store gross profit underperformed the Prior Year Quarter, primarily driven by lower same store gross profit per unit sold, partially offset by higher same store used vehicle retail units sold as described above for used vehicle retail same store revenues. Used vehicle wholesale same store gross profit outperformed the Prior Year Quarter, driven by an increase in same store gross profit per unit sold, coupled with an increase in same store units sold.

Parts and service same store gross profit outperformed the Prior Year Quarter, as described above for parts and service same store revenues. 

F&I same store gross profit outperformed the Prior Year Quarter, as described above for F&I same store revenues.

Total same store gross margin in the U.S.