HOUSTON, March 7, 2022 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI) ("Group 1" or the
"Company"), an international, Fortune 300 automotive retailer
with 201 dealerships located in the U.S. and U.K., today announced
the acquisition of Charles Maund
Toyota in Austin, Texas.
The dealership, which will be renamed Toyota of North Austin, is ranked in the top 20
nationally in Toyota new vehicle volume, and adds to the Company's
strong portfolio of 13 franchises in the fast-growing Central Texas market area consisting of
Austin and San Antonio. This
dealership is expected to generate $435
million in annual revenues and represents the
16th Toyota store in the Company's U.S. portfolio.
"We are pleased to welcome the team at Toyota of North Austin to the Group 1 family. The
Austin market is leading the way as a home for numerous large
companies which have been relocating to Texas in recent years. The Austin metro market has grown by more than 30
percent and added over 500,000 residents to become the nation's
fastest growing large metro area from 2010 to 2020," said
Earl J. Hesterberg, Group 1's
President and CEO.
Hesterberg added, "The combination of the Toyota brand and the
Austin market represents a
positive growth opportunity for Group 1. Additionally, our
current financial position allows us to continue to return capital
to shareholders, as evidenced by our year-to-date repurchase of
390,201 shares at an average price of $177.53, for a total of $69.3 million, which represents over 2 percent of
our beginning of the year outstanding share count."
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 201 automotive dealerships,
267 franchises, and 46 collision centers in
the United States and the
United Kingdom that offer
34 brands of automobiles. Through its dealerships, the
Company sells new and used cars and light trucks; arranges related
vehicle financing; sells service contracts; provides automotive
maintenance and repair services; and sells vehicle parts.
Group 1 discloses additional information about the Company,
its business, and its results of operations at www.group1corp.com,
www.group1auto.com, www.group1collision.com, www.acceleride.com,
www.facebook.com/group1auto, and
www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding
our business, the economy and other future conditions. In this
context, the forward-looking statements often include statements
regarding our strategic investments, goals, plans, projections and
guidance regarding our financial position, results of operations
and business strategy, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "should,"
"foresee," "may" or "will" and similar expressions. While
management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. Any
such forward-looking statements are not assurances of future
performance and involve risks and uncertainties that may cause
actual results to differ materially from those set forth in the
statements. These risks and uncertainties include, among other
things, (a) general economic and business conditions, (b) the level
of manufacturer incentives, (c) the future regulatory environment,
(d) our ability to obtain an inventory of desirable new and used
vehicles, (e) our relationship with our automobile manufacturers
and the willingness of manufacturers to approve future
acquisitions, (f) our cost of financing and the availability of
credit for consumers, (g) our ability to complete acquisitions and
dispositions and the risks associated therewith, (h) foreign
exchange controls and currency fluctuations, (i) the impacts of
COVID-19 on our business, (j) the impacts of any potential global
recession, (k) our ability to maintain sufficient liquidity to
operate, (l) the risk that proposed transactions will not be
consummated in a timely manner, and (m) our ability to successfully
integrate recent and future acquisitions. For additional
information regarding known material factors that could cause our
actual results to differ from our projected results, please see our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date hereof. We undertake no obligation to publicly update
or revise any forward-looking statements after the date they are
made, whether as a result of new information, future events or
otherwise.
Investor contacts:
Jason
Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
713-647-5759 | jbabbitt@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-acquires-high-volume-toyota-dealership-in-austin-texas-301496986.html
SOURCE Group 1 Automotive, Inc.