Group 1 Automotive came through with a record $566.90 million in total parts and service revenue for the third quarter of 2023 — an increase of 10.0% compared to a year ago, with same-store sales up 9.1%.
U.S. parts and service sales rose 9.0% to $494.40 million. On a same-store basis, U.S. parts and service sales grew 8.2%, driven by increases in customer-pay, warranty and wholesale revenue that management tied to increased business activity as well as higher technician headcount.
Group 1’s total parts and service gross profit grew 10.0% to a record $313.50 million in the quarter, and its gross margin held steady 55.3%. Same-store total parts and service gross profit increased 8.4% on a year-over-year basis.
U.S. parts and service gross profit rose 8.9% to $271.00 million, while U.S. gross margin decreased slightly, going from 54.9% to 54.8% year over year. On a same-store basis, U.S. gross profit was up 7.3%.
Houston-based Group 1 had 145 dealerships in the United States and 55 dealerships in the United Kindom on Sept. 30, 2023.