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 $1.45bnThe company disposed of four Jaguar/Land Rover dealerships in the UK which generated $330m in annual revenues. As previously announced, the company entered into an agreement with Chinese automaker Geely to expand its UK network through three new locations. In total Group 1 saw gross profits fall 8% to $860.6m for the quarter on turnover down 5.6% to $5.4bn. “During the quarter in the US, we successfully completed our previously announced $50m annualised expense reduction initiative, exceeding our targets.”