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Group 1 Automotive has reported a “solidly profitable” Q1 for its UK car dealerships, despite the impact of COVID-19 ‘Lockdown 3’ showroom closures.
The US-based car retailer reported consolidated total revenues up by 11.9% year-on-year, to $3.0 billion (£2.16bn) in its overall performance as total gross profit increased 17.8%, to $490.7m (£352.6m) during the three month period to March 31.
Group 1 credited growth of its US used car division, and a 20% increase in sales volumes during the period for much of its success.
Its UK operations also gained praise from president and chief executive, Earl J. Hesterberg, however, after like-for-like total gross profit decreased by just 4.1%, to $65.3m (£46.9m), despite the impact of lockdown.
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