AutoNation, Sonic Set Records as Publics Grow PVR
All six of America’s big publicly traded dealership groups enjoyed year-over-year gains in F&I profit per vehicle retailed in Q3, led by record highs at AutoNation and Sonic Automotive.
Charlotte, N.C.-based Sonic Automotive grew F&I profit per vehicle retailed by 18% on a same-store, year-over-year basis in the third quarter.
Photo courtesy Sonic Automotive Inc.
(Bobit) — Finance and insurance performance boosted profits and took the edge off plateauing new vehicle sales at all six of the nation’s publicly traded dealer groups in Q3, according to reports compiled by Automotive News.
AutoNation continues to set the pace with a Q3 PVR of $1,939, an 8.4% ($150) same-store year-over-year improvement. But Sonic Automotive led the pack with a remarkable 18% ($266) increase, reaching $1,771 in F&I profit per vehicle. Both set new quarterly records.
AutoNation and Sonic Automotive were trailed by Group 1 Automotive (up 3.2% to $1,751), Asbury Automotive Group (up 7.9% to $1,628), Lithia Motors (up 7.3% to $1,471), and Penske Automotive Group (up 4% to $1,262).
In Q3 calls with investors, executives variously warned that increasing used car sales, highline sales, and lease rates could dampen future results.
To read the full report, click here.
Originally posted on F&I and Showroom
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