Company: GPI
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001031203-25-000013
Chunk: 130

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 130
---
 gross profit per unit sold, partially offset by an increase in units sold, as a result of the increase in vehicle inventory production generating downward pressure on new vehicle margins.

Used vehicle retail same store gross profit, on a constant currency basis, underperformed the Prior Year, driven by a decrease in used vehicle retail same store gross profit per unit sold, partially offset by an increase in used vehicle retail units sold. 

Parts and service same store gross profit, on a constant currency basis, outperformed the Prior Year, driven by increases in parts and service same store revenues, as discussed above.

F&I same store gross profit, on a constant currency basis, underperformed the Prior Year, as described above in F&I same store revenues.

Total same store gross margin in the U.K. decreased 52 basis points, driven by margin declines across all lines of business attributable to the factors as described above under gross profit.

38

SG&A Expenses

SG&A as a percentage of gross profit increased by 1,074 and 787 basis points on an as reported and same store basis, respectively, compared to the Prior Year.

Total SG&A expenses in the U.K. during the Current Year increased $171.3 million, or 56.4%, as compared to the Prior Year. Total same store SG&A expenses in the U.K. during the Current Year increased $21.6 million, or 7.1%, as compared to the Prior Year. On a constant currency basis, total same store SG&A expenses increased 4.2%. The increases on a total same store basis were primarily driven by fees associated with the Inchcape Acquisition, coupled with increased employee related costs, demonstration and loaner car expenses and advertising costs, offset by lower facilities costs compared to the Prior Year.

Consolidated Selected Comparisons — Year Ended December 31, 2024 compared to 2023

The following table (in millions) and discussion of our results of operations are on a consolidated basis, unless otherwise noted. For the Years Ended December 31,20242023Increase/ (Decrease)% ChangeDepreciation and amortization expense$113.1 $92.0 $21.1 22.9 %Asset impairments$33.0 $32.9 $0.1 0.3 %Restructuring charges$16.7 $— $16.7 100.0 %Other operating (income) expense$(10.0)$—