HOUSTON, May 8, 2023
/PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group
1" or the "Company"), an international, Fortune 300 automotive
retailer with 206 dealerships located in the U.S. and U.K., today
announced the expansion of its Texas operations with the acquisition of three
Beck & Masten Buick-GMC dealerships. Two of the
dealerships are located in the Houston market and are among the highest
volume dealerships in their brand in the U.S. The third
dealership is located in the Corpus
Christi metro area and is the highest volume Buick-GMC
dealership in its market. The acquisition adds to the
Company's strong portfolio of 15 dealerships in the Houston market and 55 dealerships in the state
of Texas. The dealerships
are expected to generate $760 million
in annual revenues, bringing year-to-date total acquired revenues
for Group 1 to $910 million.
Group 1's President and CEO Daryl
Kenningham stated, "We want to welcome our new teammates
from Beck & Masten to the Group 1 family and are pleased to
further expand our footprint in our successful Texas operations. GMC has outstanding
truck and SUV products and fits perfectly into these important
Texas truck markets. Buick's
products are poised to be leaders in the transition to vehicle
electrification. Texas continues to be the fastest growing
state in the U.S. and Houston,
home to several of our largest and most profitable dealerships, is
the 2nd fastest growing major metropolitan area in the
U.S. The addition of these dealerships builds on our growth
story at Group 1."
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 206 automotive dealerships, 278
franchises, and 44 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:
Terry
Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
tbratton@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.