Company: GPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001031203-25-000049
Chunk: 53

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 53
---
 sold. The GBP to USD foreign currency exchange rate has fluctuated from £1 to $1.265 at June 30, 2024, to £1 to $1.372 at June 30, 2025, or an increase in the value of the GBP of 8.4%.

Revenues

Total revenues in the U.K. during the Current Quarter increased $751.2 million, or 96.9%, as compared to the Prior Year Quarter, primarily driven by the acquisition of stores, higher same store revenues, and changes in foreign currency exchange rates.

Total same store revenues in the U.K. during the Current Quarter increased $46.2 million, or 6.0%, as compared to the Prior Year Quarter, primarily driven by outperformances across all lines of business except new vehicle retail. On a constant currency basis, same store revenues increased 0.1%, driven by the same outperformances.

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

Used vehicle retail same store revenues, on a constant currency basis, outperformed the Prior Year Quarter, 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 Quarter, 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 Quarter, driven by increases in customer pay, partially offset by decreases in warranty, wholesale and collision 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 Quarter.

F&I, net same store revenues, on a constant currency basis, outperformed the Prior Year Quarter, 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 Quarter increased $108.3 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