Group 1 Automotive Inc., meanwhile, said its F&I revenue rose 31 percent as profits jumped 27 percent. AutoNation Inc. recorded an 18 percent advance in F&I sales en route to a 29 percent rise in net income.
Of the three, Asbury posted the biggest gain in F&I revenue per vehicle sold.
Asbury said its F&I revenue totaled $30.4 million, while unit sales of new vehicles increased 12 percent, and used vehicles were up 13 percent. Asbury's F&I revenue per vehicle jumped 17 percent, to $1,005.
The company attributed the gain to:
More training and performance targets for F&I managers.
Sharing "best practices" among the group's 80 dealerships, such as selling service contracts to service customers.
Higher sales of aftermarket F&I products.
AutoNation reported on July 22 its F&I revenue per vehicle fell 1 percent for the quarter, to $1,135. The company's 18 percent increase in F&I revenue, to $104.9 million, followed a 20 percent rise in sales of new and used units.
At Group 1, F&I revenue per vehicle was up 6.3 percent to $1,028.
Its 31 percent gain in F&I revenue brought its total to $42.8 million for the quarter and accompanied a 29 percent increase in new and used vehicle unit sales.
For the quarter, Asbury's net income more than doubled, to $12.8 million. AutoNation's profits jumped 29 percent to $47.2 million. Group 1's net income rose 27 percent to $12.8 million,
According to the Automotive News list of Top 125 Dealership Groups, AutoNation is the country's biggest auto retail group measured by new vehicles retailed last year. Group 1 is No. 4, and Asbury is sixth.
No. 2 Penske Automotive Group Inc., No. 3 Sonic Automotive Inc. and No. 9 Lithia Motors Inc. are due to report second-quarter earnings July 29.