HOUSTON, July 1, 2024
/PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI)
("Group 1" or the "Company"), a Fortune 300 automotive
retailer with 206 dealerships located in the U.S. and U.K., today
announced the expansion of its U.K. operations with the acquisition
of four Mercedes-Benz dealerships located north of London in the county of Hertfordshire from L&L Automotive.
These locations are contiguous with several other dealerships
currently owned and operated by Group 1 in the U.K. and are
expected to sell more than 2,800 new and used vehicle units
annually. This acquisition is expected to generate
$105 million in annual revenues with
new cars sales recorded as net revenue under the agency model.
Group 1's Chief Executive Officer Daryl
Kenningham stated, "We are delighted to expand our
relationship with Mercedes-Benz while growing our operations in the
U.K. This brand is outstanding and our ability to add these
dealerships to our portfolio is a very positive growth action and
presents an opportunity to further drive profitable growth for our
shareholders."
Year to date 2024, Group 1 has completed $1.1 billion of acquired revenues. With the
pending Inchcape U.K. dealership acquisition, which is expected to
close during the third quarter of 2024, total acquired revenues are
expected to be approximately $3.8
billion at the time of closing.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 206 automotive dealerships,
270 franchises, and 42 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 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) the occurrence of
any event, change or other circumstances that could give rise to
the termination of the definitive agreement; (b) the risk that the
necessary manufacturer approvals may not be obtained; (c) the risk
that the necessary regulatory approvals may not be obtained or may
be obtained subject to conditions that are not anticipated; (d) the
risk that the proposed acquisition will not be consummated in a
timely manner; (e) risks that any of the closing conditions to the
proposed acquisition may not be satisfied or may not be satisfied
in a timely manner; (f) risks related to disruption of management
time from ongoing business operations due to the proposed
acquisition; (g) failure to realize the benefits expected from the
proposed acquisition; (h) failure to promptly and effectively
integrate the acquisition; (i) the effect of the announcement of
the proposed acquisition on the operating results and business of
Group 1 and on its ability to retain and hire key personnel,
maintain relationships with suppliers; (j) general economic and
business conditions, (k) our cost of financing and the availability
of credit for consumers, (l) foreign exchange controls and currency
fluctuations, (m) the armed conflicts in Ukraine and the Middle
East, (n) the impacts of any potential global recession, and (o)
our ability to maintain sufficient liquidity to operate. 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.