Though our new car inventory levels continue to be challenged due to the chip shortage, our team delivered strong results and enabled us to deliver an impressive gross margin of 20%, an all-time record and an expansion of 180 basis points versus the third quarter last year.
We've also stayed disciplined in managing expenses, resulting in adjusted SG&A as a percentage of gross profit of 55.3%, a 580 basis point improvement versus prior year.
Our total revenue for the quarter was up 30% year-over-year, and total gross profit was up 43%.
Our net leverage ratio ended this quarter at 1.2 times.
Same store revenue growth, assuming 2020 annualized revenue for Park Place, is up 10% and is exceeding expectations.
With another acquisition still under contract and expected to close in the fourth quarter as well, in total, in 2021, we anticipate that we will close on $6.6 billion of annualized revenue from acquisitions.
Our new average gross profit per vehicle was $4,808 up $2,369 or 97% from the prior year period.
At the end of September, our total new vehicle inventory was $121.9 million, and our day supply was at 12 days, down 35 days from the prior year.
Our used retail volume increased 27%, while gross margin was 8.4%, representing an average gross profit per vehicle of $2,402.
As a result of our performance, our gross profit was up 45%.
Our used vehicle inventory ended the quarter at $236.4 million, which represents a 28-day supply, down seven days from the prior year.
Our used to new ratio for the quarter was 113%.
Our strong, consistent and sustainable growth in F&I delivered an increase of $155 to $1,955 per vehicle retail from the prior quarter.
In the third quarter, our front-end yield per vehicle increased $1,400 per vehicle to an all-time record of $5,487.
Our parts and service revenue increased 10% in the quarter.
Though warranty revenue dropped 18%, our customer paid revenue continues its healthy recovery, posting a 13% growth.
Overall, our total fixed gross profit increased 10%, while total fixed margin was 60.9%.
In Q3, we had over 6.3 million unique visitors, a 12% increase versus Q3 2020.
We achieved over 143,000 online service appointments, an all-time record and a 12% increase versus Q3 2020.
We sold 6,000 vehicles through Clicklane in Q3, of which 47% of them were new vehicles and 53% used.
93% of our transactions this quarter were with customers that were new to Asbury's dealership network.
Average transaction time continues to be consistent with previous quarter, eight minutes for cash deals and 14 minutes for finance deals.
Total front-end yield of $5,400.
Total front-end yield of $4,396 on trades taken through Clicklane.
We continue to expect annualized volume through Clicklane of approximately 30,000 vehicles by year-end.
Overall, compared to the third quarter of last year, our actions to manage gross profit and control expenses resulted in a third quarter adjusted operating margin of 8.5%, an increase of 109 basis points above the same period last year and an all-time record.
Adjusted operating income increased 69% to $204.5 million, a third quarter record.
And adjusted net income increased 81% to $143.6 million, another third quarter record.
Net income for the third quarter 2021 was adjusted for acquisition expenses of $3.5 million or $0.13 per diluted share and a gain on dealership divestitures of $8 million or $0.31 per diluted share.
Net income for the third quarter of 2020 was adjusted for a gain on dealership divestiture of $24.7 million or $0.96 per diluted share, acquisition costs of $1.3 million or $0.05 per diluted share and $700,000 or $0.03 per diluted share for a real estate-related charge.
Our effective tax rate was 23.7% for the third quarter of 2021 compared to 24.8% in 2020.
Floor plan interest expense for the quarter decreased by $1.5 million over the prior year, driven by lower inventory levels.
With respect to capital deployed this quarter, we acquired a Subaru store in Colorado, utilizing approximately $16 million of our cash on the balance sheet.
In addition, we spent approximately $15 million on capital expenditures, and we repaid approximately $9 million of debt.
Also as part of our strategy to optimize our portfolio, we divested of our BMW store in Charlottesville, resulting in proceeds of $18 million, net of its mortgage payoff.
As a result of our operational performance, our balance sheet is quite healthy as we ended the quarter with approximately $780 million of liquidity comprised of cash, floor plan offset accounts and availability on both our used line and revolving credit facility.
Also, at the end of the quarter, our net leverage ratio stood at 1.2 times, well below our targeted net leverage of three.

Summary:
Our total revenue for the quarter was up 30% year-over-year, and total gross profit was up 43%.
We sold 6,000 vehicles through Clicklane in Q3, of which 47% of them were new vehicles and 53% used.
With respect to capital deployed this quarter, we acquired a Subaru store in Colorado, utilizing approximately $16 million of our cash on the balance sheet.