Group 1 UK saw turnover and gross profits take a hit in the three months to the end of June. Gross profits fell -2.4% to $202.1m (£151m) on turnover down -4.9% to $1.45bn
“During the current quarter, the Company disposed of four Jaguar/Land Rover dealerships in the UK.
“These dealerships generated approximately $330m in annual revenues, bringing year-to-date total annualized revenues associated with dealership dispositions for the Company to $900m.
“As previously announced, the Company entered into an agreement with Chinese automaker Geely to expand its UK network through three new locations.
“The first Geely franchise opened in June 2026, with the remaining two locations expected to open later in the year.”
In total Group 1 saw gross profits fall 8% to $860.6m for the quarter on turnover of down 5.6% to $5.4n.
“While our second quarter results softened due to consumer affordability issues, we continued to execute against the strategic initiatives that will strengthen Group 1 over the long term,” said Daryl Kenningham, Group 1 president and chief executive officer.
“During the quarter in the U.S., we successfully completed our previously announced $50 million annualized expense reduction initiative, exceeding our targets.
The company continues to expand buying Hennessy Automobile Companies in the US.
