Company: GPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001031203-25-000049
Chunk: 118

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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 94.4%, as compared to the Prior Year, primarily driven by the acquisition of stores, higher same stores revenues, and changes in foreign currency exchange rates.

Total same store revenues in the U.K. during the Current Year increased $86.1 million, or 5.4%, as compared to the Prior Year, primarily driven by outperformances across all lines of business except new vehicle retail. On a constant currency basis, same store revenues increased 2.7%, driven by the same outperformances.

New vehicle retail same store revenues, on a constant currency basis, underperformed the Prior Year, driven by less units sold. We ended the Current Year with a U.K. new vehicle inventory supply of 32 days, three days lower than the Prior Year.

Used vehicle retail same store revenues, on a constant currency basis, outperformed the Prior Year, driven by more units sold, partially offset by lower pricing.

Used vehicle wholesale same store revenues, on a constant currency basis, outperformed the Prior Year, primarily driven by an increase in wholesale used vehicle units sold.

Parts and service same store revenues, on a constant currency basis, outperformed the Prior Year, driven by increases in customer pay and collisions revenue, partially offset by decreases in warranty and wholesale revenues. We have invested in improvements to our U.K. customer contact center, streamlining operations to make scheduling appointments easier for customers, resulting in an increase in parts and service activity driving an increase in revenues as compared to the Prior Year.

F&I, net same store revenues, on a constant currency basis, outperformed the Prior Year, driven by higher income per contract on most of our F&I products, improved penetration rates and an increase in used vehicle retail units sold.

Gross Profit

Total gross profit in the U.K. during the Current Year increased $221.7 million, or 109.6%, as compared to the Prior Year Quarter, driven by the acquisition of stores and higher same store gross profit.

Total same store gross profit in the U.K. during the Current Year increased $18.7 million, or 9.4%, as compared to the Prior Year. On a constant currency basis, total same store gross profit increased 6.6%, driven by increases in used vehicle wholesale, parts and services and F&I, partially offset by downward pressure on new and used vehicle retail margins.

New vehicle retail same store gross profit, on a constant currency basis, underperformed the Prior Year, primarily due to