The Asbury Automotive Group reported $509.80 million in parts and service revenue for the first quarter of 2022 — an increase of 94.6%. On a same-store basis, parts and service revenue grew 14.1% to $295.10 million with same-store customer-pay revenue up 17% (which is triple Asbury’s normal growth), same-store wholesale parts revenue up 32% and same-store warranty revenue down 12%.
Notably, the company recorded over 176,000 online service appointments for the three months ended March 31, 2022 — a 29% increase over the prior-year quarter.
Asbury’s parts and service gross profit rose 71.8% to $280.20 million in the quarter. Same-store gross profit increased 9.6% to $176.30 million. This breaks down as …
• Same-store customer-pay gross profit up 16.3% to $111.40 million.
• Same-store warranty gross profit down 14.8% to $20.20 million.
• Same-store wholesale parts gross profit up 24.6% to $8.60 million.
As of March 31, 2022, Asbury owned and operated 201 new vehicle franchises representing 31 brands of automobiles at 151 dealership locations as well as 35 collision centers.
