Asbury Reports Higher Same-Store Revenue, Gross Profit For Q3 2023

Nov 20, 2023

The Asbury Automotive Group reported $526.50 million in parts and service revenue for the third quarter of 2023 — a decrease of 1.8% compared to a year ago. However, same-store parts and service revenue grew 3.3%, attributable to a 3% increase in customer-pay revenue, a 8% rise in warranty revenue and a 2% increase in wholesale parts revenue.

Asbury’s parts and service gross profit declined 2.2% to $291.10 million for the quarter, and gross margin slipped from 55.5% to 55.3% on a year-over-year basis. Yet, on a same-store basis, parts and service gross profit increased 3.2%, with customer-pay gross profit up 2%, warranty gross profit up 6% and wholesale parts gross profit up 3.1%.

Duluth, GA-based Asbury is one of the largest automotive retailers in the United States. As of Sept. 30, 2023, it owned and operated 181 new vehicle franchises (138 dealership locations) representing 31 brands of automobiles as well as 31 collision centers.

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