Company: GPI
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001031203-25-000029
Chunk: 40

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 and service activity driving an increase in revenues as compared to the Prior Year Quarter.

F&I, net same store revenues, on a constant currency basis, outperformed the Prior Year Quarter, driven by increases in income per contract for retail finance fees and service contracts.

Gross Profit

Total gross profit in the U.K. during the Current Quarter increased $113.5 million, or 109.6%, as compared to the Prior Year Quarter, primarily driven by the acquisition of stores and higher same store gross profit.

Total same store gross profit in the U.K. during the Current Quarter increased $8.9 million, or 8.7%, as compared to the Prior Year Quarter. On a constant currency basis, total same store gross profit increased 9.1%, driven by increases from new vehicle retail, parts and service and F&I, partially offset by downward pressure on used vehicle retail margins.

New vehicle retail same store gross profit, on a constant currency basis, outperformed the Prior Year Quarter, primarily due to an increase in units sold, partially offset by a decrease in new vehicle retail gross profit per unit 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 Quarter, 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 Quarter, driven by increases in parts and service same store revenues, as discussed above.

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

Total same store gross margin in the U.K. increased 45 basis points, primarily driven by improvements in parts and service and used vehicle wholesale gross margins. This increase was partially offset by underperformances in new and used vehicle retail gross margins, as described above for same store gross profit. 

30

SG&A Expenses

SG&A as a percentage of gross profit decreased by 24 and 103 basis points on an as reported and same store basis, respectively, compared to the Prior Year Quarter. 

Total SG&A expenses in the U.K. during the Current Quarter increased $88.6 million, or 109.0%, as compared to the Prior Year Quarter. Total same store SG&A expenses in the