Group 1 Automotive retailed nearly 94,000 used vehicles in the U.S. last year, beating 2013 figures by close to 10 percent.
And while per unit figures and gross margin percentages on the used retail side were down, the company increased its used retail gross profits by more than 5 percent.
Reporting fourth quarter and full-year 2014 results Thursday, Group 1 had 93,813 retail used-vehicle sales in the U.S. last year, compared to 85,365 in 2013.
Gross margin percentage on used retail sales for the year was 7.8 percent, down from 8.2 percent.
Group 1 pulled in $149.94 million in gross profits in its domestic used retail operation, which was up 5.6 percent year-over-year. Gross profit per used retail unit sold was $1,598, down from $1,664 in 2013.
Looking at Q4 used results for the U.S., Group 1 sold 23,446 used retail units for a 16.6-percent year-over-year increase.
Gross margin percentage on these was 7.3 percent, up from 7.2 percent in the same quarter of 2013.
Gross profits on used retail sales was $35.33 million, compared to $30.16 million a year earlier. Per unit, gross profit on used retail sales was $1,507 in Q4, up 0.5 percent year-over-year.
Sharing some commentary on the entire spectrum of the company’s overall results (including U.S. and international operations), Group 1 president and chief executive officer Earl Hesterberg said in the earnings release: “We are delighted to announce all-time record adjusted earnings for this quarter and the full year. For the quarter, the results reflect double-digit revenue growth, improved margins, and impressive cost control.
“Each of our geographic markets delivered significant improvements, with continued strong growth in the U.S. and U.K. and the benefits of cost reductions in Brazil driving higher earnings in all three countries,” Hesterberg added. “For the full year, revenue increased more than $1 billion, which in combination with improvements in our cost and capital structure, translated into record adjusted full year earnings of $5.87.”