Asbury’s Same-Store Customer-Pay Revenue, Gross Profit Up Roughly 6%

Aug 21, 2023

For the second quarter of 2023, the Asbury Automotive Group reported $526.10 million in parts and service revenue — an increase of 1.1% compared to a year ago. On a same-store basis, parts and service revenue was up 6.2%. Same-store customer pay revenue increased 6.0%, while same-store warranty revenue rose 10.0% and same-store wholesale parts revenue grew 4.0%.

Parts and service gross profit grew 0.6% to $292.00 million, with same-store gross profit up 5.9%. Gross margin slipped from 55.8% to 55.5% on a year-over-year basis. A closer look shows that …
• Customer-pay gross profit increased 0.8% to $182.10 million, with same-store gross profit up 5.9%.
• Warranty gross profit rose 9.0% to $36.40 million, with same-store gross profit up 13.0%.
• Wholesale parts gross profit grew 0.5% to $19.50 million, with same-store gross profit up 3.2%.

As of June 30, 2023, Asbury owned and operated 181 new vehicle franchises (138 dealership locations), representing 31 brands of automobiles, as well as 32 collision centers across 14 states.

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