Company: GPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001031203-25-000049
Chunk: 60

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 currency basis, underperformed the Prior Year, primarily due to a decrease in units sold, coupled with a decrease in new vehicle retail gross profit per unit sold.

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, outperformed the Prior Year, as described above in F&I same store revenues.

Total same store gross margin in the U.K. increased 47 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.

40

SG&A Expenses

SG&A as a percentage of gross profit increased by 170 and decreased by 15 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 $183.5 million, or 114.1%, as compared to the Prior Year. Total same store SG&A expenses in the U.K. during the Current Year increased $14.5 million, or 9.2%, as compared to the Prior Year. On a constant currency basis, total same store SG&A expenses increased 6.5%. These increases on a total same store basis were primarily driven by fees associated with acquisitions, coupled with increased employee related costs and facilities fees, offset by lower legal expenses and advertising costs, compared to the Prior Year.

Consolidated Selected Comparisons — Three and Six Months Ended June 30, 2025 Compared to 2024

The following table (in millions) and discussion of our results of operations are on a consolidated basis, unless otherwise noted. Three Months Ended June 30,20252024Increase/ (Decrease)% ChangeDepreciation and amortization expense$28.7 $28.2 $0.5 1.9 %Asset impairments$0.4 $— $0.4 100.0 %Restructuring charges$7.6 $— $7.6 100.0 %Floorplan interest expense$