Group 1 Automotive reported $515.60 million in consolidated parts and service revenue for the third quarter of 2022 — an increase of 23.8% compared to the same period a year ago, with same-store sales up 7.4%.
U.S. parts and service revenue rose 28.5% to $453.80 million, with same-store sales up 9.2% to $380.20 million. According to management, U.S. parts and service same-store revenues outperformed the prior year because of increases across all business lines, reflecting increased business activity in addition to increased same-store technician headcount as a result of Group 1’s technician recruiting and retention efforts providing greater capacity to meet increased demand.
The company’s consolidated parts and service gross profit grew 25.7% to $285.10 million.
U.S. parts and service gross profit rose 32.3% to $249.00 million, with same-store U.S. parts and service gross profit up 10.4% to $204.10 million. Same-store U.S. gross margin grew from 53.1% to 53.7% on a year-over-year basis.
Group 1 owns and operates 203 automotive dealerships, 273 franchises and 47 collision centers in the United States and the United Kingdom.