Four of the six publicly traded dealership groups in the first quarter posted lower year-over-year average finance and insurance gross profit per vehicle retailed the U.S. The drops were single-digit.
Only two groups showed increases in the first quarter of 2023, with AutoNation up 1.6 percent and Sonic Automotive up 0.1 percent.
Higher interest rates and vehicle affordability negatively impacted F&I sales in the first three months of the year, experts said.