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Group 1 turned in a strong performance in Q3 with year-on-year gross profit up 8.4% to $852.7m (£656m) and turnover up 11% to $5.2bn (£4bn).
Group 1 has accelerated its UK growth. For the quarter UK gross profits rose 68.6% to $1174.5 on turnover up 55.2% to $1.2bn.
In July 2024, it bought four Mercedes-Benz UK dealerships, which is expected to generate $105m in annual revenues with new car sales recorded as net revenue under the agency model.
In August, it completed the acquisition of Inchcape Retail automotive operations in the UK. This acquisition is expected to generate $2.7bn in annual revenues.
In October, it pounced on a BMW/MINI dealership, which is expected to generate approximately $125m in annual revenues
“We continue to grow revenues through acquisitions. During the quarter, we executed strategic UK transactions, which added 58 dealerships.
“We are excited to expand our operations across the broader UK with great brands, and will continue to explore growth-oriented opportunities,” said Daryl Kenningham, Group 1 president and chief executive officer.