HOUSTON, Aug. 1, 2024
/PRNewswire/ -- Group 1 Automotive, Inc. (NYSE:
GPI) ("Group 1" or the "Company"), a Fortune 250
automotive retailer with 260 dealerships located in the U.S. and
U.K., today announced that the Company has closed on the
acquisition of Inchcape Retail ("IR") automotive operations with 54
dealership locations across the U.K. These dealerships are
expected to generate $2.7 billion in
annual revenues bringing 2024 year-to-date total acquired revenues
for Group 1 to $3.8 billion.
"This transformative acquisition effectively doubles our U.K.
footprint, giving us access to new markets throughout England with a collection of outstanding
brands," said Group 1's President and Chief Executive Officer
Daryl Kenningham. "We are
delighted to welcome our new team members as we collaborate to
deliver an excellent customer experience."
With the acquisition of IR's 54 dealerships, Group 1 has
expanded its footprint to key hubs such as the Midlands, the North West of England and Wales, enabling the Company to reach new
customers, as well as expand its brand offering in the U.K.
The extensive brand portfolio includes Audi, BMW/MINI, Jaguar
Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen
and Volkswagen Commercial Vehicles.
Group 1's Senior Vice President and Chief Financial Officer
Daniel McHenry added, "Inchcape
Retail and its team bring a 50-year reputation to Group 1's U.K.
presence. This strategic acquisition is aligned with our
capital allocation strategy, which enables us to identify
opportunities that create additional scale and value for our
shareholders."
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 260 automotive dealerships,
337 franchises, and 45 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 ability to realize the anticipated benefits of the
acquisition and our future financial position following such
acquisition, as well as guidance regarding the annualized revenues
of recently completed acquisitions. 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, on a timely
basis, if at all and the risks associated therewith, (h) our
ability to realize the benefits expected from proposed
acquisitions, including any anticipated cost reductions,(i) foreign
exchange controls and currency fluctuations, (j) the armed
conflicts in Ukraine and the Middle East, (k) the impacts of
continued inflation and any potential global recession, (l) our
ability to maintain sufficient liquidity to operate, (m) our
ability to successfully integrate recent and future acquisitions,
and (n) a material failure in or breach of our vendors' information
technology systems and other cybersecurity incidents. 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:
Terry
Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@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.
