Asbury Records Best Q1 Performance in Group History
DULUTH - Asbury Automotive Group Inc. achieved an all-time high for first-quarter operating profits, the dealer group reported today, with all of the group’s business lines reporting gains.
Income from continuing operations for the quarter came in at $18 million vs. $11.4 million from a year ago. Net income stood at $17.6 million vs. $19.9 million from a year ago, according to F&I and Showroom magazine.
Total revenues increased 6 percent to $1.1 billion, while new-vehicle retail revenues and gross profit rose 5 and 16 percent, respectively.
F&I revenues increased 21 percent to $39 million, while F&I revenue per vehicle sold increased 14 percent to $1,157. Parts-and-service gross profit rose 7 percent. Total gross profit for the company increased 11 percent.
"Asbury is pleased to announce the strongest first quarter results in our history," said Craig T. Monaghan, Asbury's president and CEO. "Our first quarter performance was made possible by the solid operational and financial foundation we have put in place, and these results reflect continued progress towards our goal of becoming a best-in-class automotive retailer."
More Industry

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →