- Expected to Generate $200 Million in Annual Revenues
HOUSTON, Dec. 1, 2022
/PRNewswire/ -- Group 1 Automotive, Inc. (NYSE:
GPI) ("Group 1" or the "Company"), an international,
Fortune 300 automotive retailer with 204 dealerships located in the
U.S. and U.K., today announced the expansion of its U.S. operations
with the acquisition of Mercedes-Benz and Sprinter franchises in
Anaheim, California. This
acquisition expands Group 1's global relationship with
Mercedes-Benz to 17 dealerships in the U.S. and U.K.
Group 1's Chief Executive Officer Earl
Hesterberg stated, "We want to welcome the team at
Mercedes-Benz of Anaheim to the
Group 1 family and are extremely pleased to expand our existing
operations in Southern California
with this great brand. Our strong relationship with
Mercedes-Benz and experience in this market area make this
dealership an excellent addition to our portfolio."
Group 1 has now acquired $940
million of annual revenues in 2022, which follows
$2.5 billion of acquired revenues in
2021. The Company has also continued to maintain its balanced
capital allocation approach by repurchasing approximately 21% of
its outstanding shares since November
2021.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 204 automotive dealerships, 275
franchises, and 47 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, including the annualized revenues of
recently completed acquisitions or dispositions and other benefits
of such currently anticipated or recently completed acquisitions or
dispositions. These forward-looking statements 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, (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.