- Provides Share Repurchase Update
HOUSTON, April 4,
2022 /PRNewswire/ -- Group 1 Automotive,
Inc. (NYSE: GPI) ("Group 1" or the "Company"), an
international, Fortune 300 automotive retailer with 202 dealerships
located in the U.S. and U.K., today announced the acquisition of
Larry H. Miller Toyota in
Albuquerque, New Mexico. The
dealership, which will be renamed Sandia Toyota, adds to the
Company's existing New Mexico
portfolio of 8 franchises which represents the Lexus, BMW, MINI,
Land Rover, and Jaguar brands. The dealership is expected to
generate $115 million in annual
revenues, bringing year-to-date total acquired revenues for Group 1
to $550 million. This
dealership represents the 17th Toyota store in the
Company's U.S. portfolio.
"We are pleased to welcome the team at Sandia Toyota to the
Group 1 family. The ability to add another strong Toyota
franchise to our U.S. portfolio and add scale to our successful
New Mexico operations is a very
positive growth action for our Company," said Daryl Kenningham, Group 1's President of U.S.
Operations.
The Company also updated their year-to-date repurchase activity
of 638,696 shares at an average price of $180.30 for a total of $115.2 million, which represents nearly 4 percent
of Group 1's beginning of the year outstanding share count.
ABOUT GROUP 1 AUTOMOTIVE,
INC.
Group 1 owns and operates 202 automotive dealerships,
268 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.
jbabbitt@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc.