Group 1 Leads F&I Gross Profit Gains as Asbury Slips
Group 1 Automotive reported a 5% increase in F&I profits in the first quarter, adding $108 per vehicle and leading the six biggest publicly traded U.S. auto groups, five of which reported year-over-year gains, according to the latest update from Automotive News.
Group 1 also stood out in AN’s Q4 report after its dealers improved same-store profits by 2.3%. In Q1, only Asbury Automotive reported a decrease in F&I profits, down $10 per vehicle to $2,263. AutoNation led with $2,703 per vehicle, followed by Sonic Automotive at $2,442.
AN’s Paige Hodder notes Asbury’s F&I offices are in the midst of the rollout of Total Auto Care, a product suite the group acquired with the 2021 purchase of the Larry H. Miller group.
“Asbury in a government filing April 30 said its F&I results in the quarter were impacted by lower vehicle sales; it also experienced ‘slightly lower’ F&I product penetration rates,” Hodder writes.
