- Brings Acquired Revenues to $740 Million YTD
HOUSTON, Sept. 6,
2022 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), an international,
Fortune 300 automotive retailer with 205 dealerships located in the
U.S. and U.K., today announced the expansion of its U.K. operations
with the acquisition of a BMW/MINI dealership and a collision
center in the town of Southend
located east of London in the
county of Essex. This
location is contiguous with several other existing automotive
dealerships currently owned and operated by Group 1 Automotive in
the U.K and increases the Company's U.K. operations to 56
dealerships (79 franchises). This acquisition is expected to
generate $80 million in annual
revenues, bringing year-to-date total acquired revenues for Group 1
to $740 million.
Group 1's Chief Executive Officer Earl
Hesterberg stated, "We are extremely pleased to further
expand our operations in the U.K. and to increase our BMW/MINI
footprint to 43 franchises in the U.S and U.K. Our strong
relationship with BMW and our experience in this market area make
this an ideal addition to our growing U.K. business."
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 205 automotive dealerships, 275
franchises, and 48 collision centers in the United States and the United Kingdom that offer 35 brands of
automobiles. Through its dealerships and omni-channel platform, the
Company sells new and used cars and light trucks; arranges related
vehicle financing; sells service and insurance 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 and the armed conflict in Ukraine on our business and the
supply chains upon which our business is dependent, (j) the impacts
of continued inflation and any potential global recession, (k) our
ability to maintain sufficient liquidity to operate, and (l) 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.