The direct bond percolation process (Gribov process) is studied in the presence of random velocity fluctuations generated by the Gaussian self-similar ensemble with finite correlation time. We employ the renormalization group in order to analyze a combined effect of the compressibility and finite correlation time on the long-time behavior of the phase transition between an active and an absorbing state. The renormalization procedure is performed to the one-loop order. Stable fixed points of the renormalization group and their regions of stability are calculated in the one-loop approximation within the three-parameter (η) expansion. Different regimes corresponding to the rapid-change limit and frozen velocity field are discussed, and their fixed points' structure is determined in numerical fashion.