DETROIT -- Auto dealer Group 1 Automotive Inc. on Thursday reported lower first-quarter earnings due to a sluggish new-car market and lower prices for used vehicles.
The Houston-based company said earnings fell to $14.8 million from $15.5 million a year earlier.
Revenue rose to $1.03 billion from $946.1 million a year earlier. Same-store sales were down, but sales from newly acquired dealerships added revenues.
Group 1 is sixth on the Automotive News ranking of top dealer groups in the United States in 2002 with 95,005 new vehicles sold.