Group 1 Automotive reported $439.00 million in consolidated parts and service revenue for the fourth quarter of 2021 — an increase of 24.5% (up 24.1% on a constant-currency basis). Same-store consolidated parts and service revenue increased 15.9% (up 14.9% in constant currency).
Consolidated parts and service gross profit rose 20.5% to $232.20 million (up 20.1% in constant currency) while gross margin decreased from 54.6% to 52.9% on a year-over-year basis.
A closer look at Group 1’s fourth quarter results shows that U.S. parts and service revenue grew 27.6% to $379.40 million (up 17.8% on same-store basis). Same-store U.S. customer-pay revenue rose approximately 22%, while same-store collision revenue increased 29% and wholesale parts revenue grew 27%.
U.S. parts and service gross profit increased 22.1% to $197.10 million while gross margin slipped from 54.3% to 51.9% on a year-over-year basis.
Houston-based Group 1 owns and operates 202 automotive dealerships, 268 franchises and 46 collision centers in the United States and the United Kingdom.