HOUSTON, Nov. 17, 2021 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Agency”), A world, Fortune 500 automotive retailer with 217 dealerships located Inside the U.S., U.K., and Brazil, right now introduced an replace on the acquisition of Prime Automotive Group. Furthermore, The company introduced its board of directors elevated The company’s quarterly money dividend by 2.9%, or $0.01 per share, And in addition elevated The company’s widespread inventory share rebuy authorization by $116.1 million to $200.0 million.
- Prime Automotive Group Acquisition Update
By way of November 17, 2021, The company has accomplished The acquisition of considerably All of the belongings, collectively with exact property, 27 Prime Automotive Group dealerships, and three collision facilities.
“We’re joyful So as to add these good fashions and new teammates to our company,” said Earl J. Hesterberg, Group 1’s President and Chief Authorities Officer. “This movement will further leverage our value construction, diversify our footprint, and broaden our buyer base.”
Yr-to-date 2021, Group 1 has accomplished transmovements recurrenting $2.4 billion of buyd annual revenues, rising The company’s portfolio by 57 franchises. As earlier thanhand introduced, The company anticipates the sale of the operations in Brazil to happen earlier than The prime of the second quarter Of two022.
- Share Rebuy Authorization Enhance
The Agency introduced that its board of directors elevated The company’s widespread inventory share rebuy authorization by $116.1 million to $200.0 million. All through October through November 17, 2021, subsequent to the third quarter 2021 earnings name, The company rebuyd 339,853 shares at A imply worth per widespread share of $194.86, for An complete of $66.2 million. Yr-to-date through November 17, 2021, The company has rebuyd 464,922 shares at A imply worth per widespread share of $182.47, for An complete of $84.8 million. Purchases Might Even be made As quickly as Shortly, based mostly on market situations, authorized requirements, and completely different company factors, Inside the open market or in privately negotiated transmovements. The Agency expects that any rebuy of shares Shall be funded by money from operations. Rebuyd shares Shall be held in treasury.
- Quarterly Cash Dividend Enhance
Group 1’s board of directors furtherly declared a money dividend of $0.35 per share for the third quarter Of two021. The dividend recurrents An increase Of two.9%, or $0.01 per share, from the second quarter Of two021, and Shall be payable on December 15, 2021, to inventoryholders of doc as of December 1, 2021.
Hesterberg added, “Our current monetary place permits us to develop our enterprise through acquisitions the placeas furtherly returning capital to shareholders.”
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and opeprices 217 automotive dealerships, 287 franchises, and 52 collision facilities in the Usa, the Uk and Brazil That current 34 fashions of cars. By way of its dealerships, The company promotes new and used cars And Lightweight vans; arranges associated car financing; promotes service contracts; currents automotive upmaintain and restore providers; and promotes car parts.
Buyers please go to www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.fb.com/group1auto, and www.twitter.com/group1auto, the place Group 1 discloses further Particulars Regarding The company, its enterprise, and its end Outcomes of operations.
Forward-Wanting STATEMENTS
To the extent that assertions On this press launch Aren’t recitations of historic exactity, such assertions recurrent “forward-looking assertions” as such time period is outlined Inside the Private Securities Litigation Reform Act of 1995. The forward-looking assertions On this press launch might embrace assertions Referring to goals, plans and expectations relating to the anticipated advantages of the proposed transmovement, administration plans, goals for future operations, scale and efficiency, integration plans and anticipated synergies therefrom, the timing of completion of the proposed transmovement, our monetary place, end Outcomes of operations, market place, enterprise stpricegy and expectations of our administration with respect to, amongst completely different issues: modifications Usually financial and enterprise situations, collectively with the influence of COVID-19 on the automotive enterprise Usually, the automotive retail enterprise Notably and our buyers, suppliers, distributors and enterprise companions; our relationships with car manuexactityurers; working money flows and availcapability of capital; capital expenditures; The quantity of our indebtedness; the completion of pending and future acquisitions and divestitures; future return targets; widespread financial tendencies, collectively with shopper confidence ranges, Costs of curiosity and gasoline prices; and automotive retail enterprise tendencies.
The subsequent are some however not All the exactityors That would set off exact end Outcomes or events To vary materially from these anticipated, collectively with: the prevalence of any event, change or completely different circumstances That would give rise to the time periodination of The acquisition settlement; The hazard that The required regulatory or third-celebration approvals May be not obtained or Might Even be obtained topic to situations That are not anticipated; failure To understand The advantages anticipated from the proposed acquisition; failure to promptly and effectively integprice the acquisition; the annual price Of latest car gross sales Inside the U.S.; our capability to geneprice enough money flows; our capability To reinformationrce our liquidity place; market exactityors and The Prolonged time period financial environment, collectively with shopper confidence, Costs of curiosity, The worth of oil and gasoline, The extent of manuexactityurer incentives and The current of shopper credit rating; the popularity and monetary situation Of auto manuexactityurers whose fashions we recurrent and our relationships with such manuexactityurers, and their capability to design, manuexactityure, ship and market their cars effectively; vital disruptions Inside the manufacturing and shipy Of autos and parts for any set off, collectively with pure disasters, affecting the manuexactityurers whose mannequin we promote; our capability to enter into, maintain or renew our framework and dealership settlements on favorable time durations; The lack of our dealership operations to carry out at anticipated ranges or obtain anticipated return targets; our capability to effectively integprice current and future acquisitions; modifications in, failure or incapability to Adjust to, legal guidelines and legal guidelines governing the operation of car franchises, accounting requirements, the environment and taxation requirements; our capability to leverage positive elements from our dealership portfolio; extreme ranges of rivals Inside the automotive retailing enterprise Which might create pricing pressures on the Services We current; our capability to execute our capital expenditure plans; our capability to Adjust to our debt or lease covenants And buy waivers for the covenants as needed; and any adverse Outcome from any future litigation. These hazards, uncertainties and completely different exactityors are disclosed in Group 1’s Annual Report on Type 10-K, subsequent quarterly reviews on Type 10-Q and completely different periodic and current reviews filed with the Securities and Commerce Fee As quickly as Shortly.
These forward-looking assertions and such hazards, uncertainties and completely different exactityors converse solely as of the date of this press launch. We expressly disclaim any obligation or enterprise to disseminate any replaces or revisions to any forward-looking assertion contained herein, whether or not As a Outcome of Of latest information, future events or completely differentwise.
Investor contacts:
Sheila Roth
Supervisor, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | [e-mail protected]
Media contacts:
Pete DeProlongedchamps
Senior Vice chairman, Manuexactityurer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | [e-mail protected]
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | [e-mail protected]
Supply Group 1 Automotive, Inc.
Related Hyperlinks
http://www.group1auto.com
