HOUSTON, Nov. 12,
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 its board of directors approved a new share
repurchase authorization of $500
million, and also declared a quarterly dividend.
- Share Repurchase Authorization Increase
The Company
announced that its board of directors increased the Company's
common share repurchase authorization by $333 million to $500
million. Year-to-date 2024, the Company repurchased
461,365 shares at an average price per common share
of $298.49, for a total of $138 million.
Purchases may be made from time to time, based on market
conditions, legal requirements, and other corporate considerations,
in the open market or in privately negotiated transactions.
The Company expects that any repurchase of shares will be funded by
cash from operations. Repurchased shares will be held in
treasury.
- Quarterly Dividend
Group 1's board of directors also
declared a $0.47 dividend per share
that will be payable on December 16,
2024, to stockholders of record as of December 2, 2024. The dividend is
consistent with the Company's previously announced increase of 4%
in its annualized dividend rate from $1.80 per share in 2023 to $1.88 per share in 2024.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 260 automotive dealerships,
338 franchises, and 39 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, and
www.facebook.com/group1auto.
FORWARD-LOOKING STATEMENTS
All statements in
this press release related to future, not past, events are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, which are based on our
current expectations and assumptions regarding our business, the
economy and other future conditions. 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. 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, Financial Services and Manufacturer
Relations
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
Kimberly Barta
Head of Marketing and Communications
Group 1 Automotive, Inc.
kbarta@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc.