You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Those risks include, but are not limited to, risks associated with pricing, volume, inventory supply due to increased customer demand and reduced manufacturing production levels due to component shortages, conditions of markets and adverse developments in the global economy as well as the public health prices related to the COVID-19 virus, and resulting impacts on the demand for new and used vehicles, and related services.
Those and other risks are described in the company's filings with the Securities and Exchange Commission over the past 12 months.
Copies of these filings are available from both the SEC and the company.
As required by applicable SEC rules, the company provides reconciliations of any such non-GAAP financial measures to the most directly comparable GAAP measures on its website.
I'll now hand the call over to Earl.
I'm pleased to report that for the quarter, Group 1 generated adjusted net income of $178 million.
This equates to adjusted earnings per share of $9.62 per diluted share, an increase of 38% over the prior year, and an increase of 219% over the pre-pandemic third quarter of 2019.
Our adjusted results exclude non-core items totaling approximately $5 million of net after-tax losses.
This net amount consists primarily of a loss on debt extinguishment, and acquisition costs related to the Prime transaction, partially offset by favorable legal settlements recognized during the quarter.
These profit results were largely a result of strong vehicle margins that were able to more than offset unit sales declines, as well as continued growth in after sales and impressive cost control.
Consumer demand for vehicles remains extremely strong heading into the fourth quarter.
And we continue to sell most units almost immediately after OEM delivery.
This dynamic should continue throughout the fourth quarter, and potentially much further out, assuming no material change in consumer demand.
As of September 30, we have 2,700 U.S. new vehicle inventory units in stock, representing a 11-day supply.
Our used inventory situation is much stronger at 10,000 units and a 25-day supply.
Daryl will speak more about inventory shortly.
A very encouraging element of our third quarter results is the very strong continued recovery in our after-sales business.
Our U.S. markets saw 15.5% increase in after-sales revenues versus the prior year.
Again, Daryl will provide more detail on our U.S. results in a moment.
As with the U.S., consumer demand for vehicles in the UK is extremely strong.
But new vehicle availability is severely constrained.
We have an order bank with most of our major UK brands extending into the second quarter of next year.
Strong margins were able to more than offset sales declines due to inventory shortages.
And we're proud to report that we generated an all-time record quarterly profit in the third quarter of 2021.
We believe pent-up demand built over the past several years due to both Brexit and the pandemic will help drive strong UK vehicle demand into the foreseeable future.
Our U.S. adjusted SG&A as a percentage of gross profit was 57.6%.
The UK was 64.6%, and Brazil came in at a record 60.9%.
While there is certainly a level of transitory impact due to vehicle margins, we continue to witness very high levels of productivity that will remain after vehicle inventories normalized.
As Earl mentioned, U.S. new vehicle inventory levels finished the quarter at 2,700 units and a 11-day supply.
Our September inventory receipts were the lowest of the year at approximately 6,800 units.
We expect to receive roughly the same level in October and November, which we believe will be the trough.
We do not have much visibility yet into 2022.
But based on OEM communications, we expect production to increase over current levels at some point in the first quarter.
Our team did a great job increasing vehicle margins throughout the quarter as inventory supply continues to decline.
And we will continue to adjust our operations as required.
Our Same Store used vehicle retail unit sales improved by 15% versus the third quarter of 2020.
Our team also did a great job increasing gross profit PRUs, which is a result of increased purchases directly from vehicle owners.
We continue to be very aggressive, yet judicious with our used vehicle inventory sourcing strategy, which has allowed us to hold a supply relatively constant while largely avoiding public auctions.
As a franchise dealer, we have a distinct advantage over used-only operators due to the numerous channels afforded us a sourcing inventory, including our service drives, lease returns, and OEM closed auctions.
The most encouraging profit driver was once again our after sales performance.
Our customer pay continues to ramp-up following a very strong first half of the year with 19% same-store dealership gross profit growth compared to the third quarter of 2019.
This allowed us to grow same-store dealership after sales gross profits by 9%, despite continued headwinds in warranty and collision, both of which we believe will reverse in time.
We foresee after sales continuing to ramp up over the near-term.
The final major factor driving our outstanding profit performance was continued cost discipline.
Our third quarter adjusted SG&A as a percentage of gross profit was 67.6%, down from 59% in the third quarter of 2020, and down from 70.5% in the pre-pandemic third quarter of 2019.
Material part of the improvement is due to productivity gains, which we believe will be permanent.
I would like to provide another quarterly update of AcceleRide, our digital retailing platform.
AcceleRide is proving again to be a difference maker for our customers.
In the third quarter, we sold 5,200 vehicles to AcceleRide, a 68% increase over last year.
And since we have very little inventory pre-selling incoming new vehicles is critical to our business and AcceleRide allows customers to finalize transactions on in-transit units and take deposits digitally.
In addition to expanding our reach at in-transit inventory, AcceleRide has proven to be an exceptional way to grow our footprint.
In the third quarter, 75% of AcceleRide buyers were new to Group 1.
Customers clearly value the superior omni-channel experience that AcceleRide provides which gives Group 1 another avenue to grow incrementally.
Of the customers who placed orders online last quarter nearly 50% uploaded a driver's license and 25% uploaded proof of insurance.
An additional 36% of the orders had a completed credit application as well.
We believe that giving customer's control of completing any or all of the car buying process online is critical to their overall satisfaction, and our ability to continue to generate incremental volumes through the platform.
AcceleRide is also giving us great advantages in sourcing used vehicles.
During the quarter, we purchased nearly 5,000 used vehicles from customers through AcceleRide either through trades or through individual acquisitions.
That's up 30% sequentially from the second quarter.
A differentiator for us is our ability to digitally pay customers through Zelle, nearly 1,000 customers out of our 5,000 total took advantage of the digital payment feature in AcceleRide.
In addition to remote selling, we have increased the adoption of AcceleRide for customers in our showroom, about half of U.S. vehicle sold in the third quarter utilized AcceleRide in the everyday traditional sales process.
In our view, digitizing the in dealership experience saves everyone time, creates complete transparency and increases professionalism.
In September, we activated integrated delivery fees at 38 dealerships, preliminary results are encouraging.
About 13% of customers chose delivery up front, and so far 5% are confirming in the final steps.
The average delivery distance is 164 miles, further demonstrating our ability to extend our reach with AcceleRide.
We look forward to launching integrated delivery fees and more dealerships soon.
AcceleRide will launch at our newly acquired dealerships in Texas and California very soon.
And our AcceleRide footprint will expand significantly in the Northeast with the upcoming Prime dealership acquisitions.
We expect to start rolling out AcceleRide in those dealerships in January of 2022.
Turning quickly to Brazil, despite a nearly 30% decline in industry units sold versus the third quarter of 2019.
Our team once again did a fantastic job growing margins across all lines of business and aggressively thinning the cost structure, resulting in the lowest SG&A quarter in the region's history.
For the second quarter in a row, our Brazilian teams at an all-time quarterly profit record.
We continue to be well positioned to benefit from a sales rebound coming out of the pandemic.
As of September 30, we had $297 million of cash on hand, and another $335 million invested in our floorplan offset accounts, bringing total cash liquidity to $632 million.
There was also $282 million of additional borrowing capacity on our U.S. syndicated acquisition line, bringing total immediate liquidity to $914 million.
Subsequent to quarter-end, we issued $200 million of bonds as an add-on to our existing 4% notes to 2028.
This debt was raised to help fund our previously announced acquisition of the Prime Automotive Group, which we expect to close in November.
We also plan on raising approximately $180 million in mortgage debt to help fund the deal and provide future liquidity flexibility.
We generated $234 million of adjusted operating cash flow in the third quarter and $210 million of free cash flow after backing out $24 million of capital expenditure.
This brings our September year-to-date free cash flow to $522 million, which is allowed us to fund the majority of our Prime acquisition with access cash on hand.
Our rent-adjusted leverage ratio, as defined by our U.S. syndicated credit facility was reduced to 1.5 times at the end of September.
On a net debt basis which considers all U.S. cash on hand.
Our leverage was 0.9 times at September 30.
As previously announced when considering the pending Prime acquisition, we do not expect our rent adjusted leverage ratio to exceed two times, leaving plenty of flexibility for further capital deployment.
Finally, related to interest expense, our quarterly floorplan interest of $4.8 million was a decrease of $3.3 million or 41% from prior year, due to lower vehicle inventory holdings.
Non-floorplan interest expense decreased $1.5 million or 10% from prior year, primarily due to last year's bond debt refinancing.
Related to our corporate development efforts, We previously announced the October acquisitions of two dealerships in the Dallas-Fort Worth metroplex and one dealership in California.
And as Daniel mentioned, we expect our purchase of the Prime Group in New England to close in November.
Once closed our 2021 Total acquired revenues will equal $2.5 billion.
Our balance sheet, cash flow generation, leverage position will continue to allow for further capital deployment.
And we will continue to seek ways to maximize value for our shareholders as we head into 2022.

user
compname announces record third quarter 2021 results.
compname announces record third quarter 2021 financial results.
q3 adjusted non-gaap earnings per share $9.62.

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