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Group 1 Automotive, Inc. (NYSE: GPI) is a leading automotive retailer that operates 203 dealerships, 265 franchises, and 43 collision centers in the United States and the United Kingdom. The company offers a wide range of automobile brands, including premium luxury and mainstream vehicles, and is headquartered in Houston, Texas. Since its foundation in 1995, the company has grown significantly, particularly through strategic acquisitions and efficient integration of new dealerships.
In 2023, Group 1 reported record revenues of $17.9 billion, driven by strong performance across all lines of business. Notably, Texas alone contributed 38% of the new-vehicle unit volume. The company's U.K. operations also performed well, generating $3.1 billion in revenue. In a significant development, Group 1 plans to close the acquisition of Inchcape UK's retail business in the third quarter of 2024, adding approximately $3 billion in revenue and increasing the company's total store count to over 250.
Group 1's operations encompass new and used car sales, vehicle financing, service contracts, automotive maintenance, repair services, and parts sales. The company has recently completed numerous acquisitions, including high-performing dealerships in Maryland, California, and the greater Washington, DC area, expected to generate hundreds of millions in annual revenues.
Despite challenges such as declining margins in new vehicle sales and increased SG&A expenses, the company continues to execute its growth strategy effectively. In the first quarter of 2024, Group 1 reported revenues of $4.5 billion and net income from continuing operations of $147.4 million. The company also announced a $500 million upsize in its revolving syndicated credit facility to $2.5 billion, ensuring ample liquidity for future growth.
Group 1 is proactive in shareholder returns, having repurchased significant shares and increased its annual dividend rate. The company maintains robust relationships with major automobile manufacturers and financial institutions, which support its expansive financing capabilities and acquisition strategies.
Group 1 Automotive (NYSE: GPI) announced two significant corporate actions: a new $500 million share repurchase authorization and a quarterly dividend declaration. The board increased the repurchase authorization by $333 million, following the company's year-to-date repurchase of 461,365 shares at an average price of $298.49, totaling $138 million. Additionally, a $0.47 per share dividend was declared, payable on December 16, 2024, reflecting a 4% increase in the annual dividend rate from $1.80 in 2023 to $1.88 in 2024.
Group 1 Automotive (NYSE: GPI) reported its Q3 2024 financial results with record quarterly revenues of $5.2 billion, up 11.0% year-over-year, and record gross profit of $852.7 million, up 8.4%. The company posted diluted earnings per share from continuing operations of $8.68 and adjusted EPS of $9.90. Net income from continuing operations was $117.1 million, down 28.6% from prior year. The quarter saw significant expansion in the UK with acquisitions adding 58 dealerships, though results were impacted by higher interest expense, depreciation, and global stop sales on certain BMW and Lexus models. The company repurchased 85,245 shares for $29.8 million during the quarter.
Group 1 Automotive (NYSE: GPI), a Fortune 250 automotive retailer, has announced the upcoming release of its third quarter 2024 financial results on Wednesday, October 30, 2024, before market open. The company will host a conference call at 10:00 a.m. ET on the same day to discuss the results. The call will be simulcast live on the company's website and available for replay for 30 days. Group 1 operates 260 automotive dealerships, 338 franchises, and 44 collision centers in the U.S. and U.K., offering 35 automobile brands. The company provides services including new and used car sales, vehicle financing, automotive maintenance and repair, and sale of vehicle parts.
Group 1 Automotive, Inc. (NYSE: GPI) has announced the acquisition of Soper of Lincoln BMW/MINI in Lincolnshire, U.K., expanding its operations in the country. The acquisition is expected to generate approximately $125 million in annual revenues. This addition brings Group 1's 2024 year-to-date acquired revenues to $3.9 billion, following $1.1 billion of acquired revenues in 2023.
Group 1 Automotive is a Fortune 250 automotive retailer with 260 dealerships across the U.S. and U.K. The company owns and operates 338 franchises and 44 collision centers, offering 35 automobile brands. Group 1 provides services including new and used car sales, vehicle financing, service and insurance contracts, automotive maintenance and repair, and vehicle parts sales.
Group 1 Automotive (NYSE: GPI) has appointed Mark Raban as CEO of its U.K. operations. Raban, with over 20 years of executive experience in automotive retail operations and finance, will oversee the integration of recently acquired Inchcape dealerships and drive strategic growth in the U.K. His focus will be on enhancing customer experience and reinforcing OEM partnerships.
Raban's previous roles include CEO and CFO at Lookers Motor Group, CFO at Marshall Motor Holdings, and senior finance positions at Inchcape Retail, Selfridges, and Borders. Group 1 has operated in the U.K. since 2007 and now has 114 dealerships across the market, representing brands such as Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen, and Volkswagen Commercial Vehicles.
Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 250 automotive retailer, has announced a quarterly dividend of $0.47 per share. This dividend aligns with the company's previously announced 4% increase in its annualized dividend rate, rising from $1.80 per share in 2023 to $1.88 per share in 2024. The dividend will be payable on September 16, 2024, to stockholders of record as of September 2, 2024.
Group 1 operates 260 automotive dealerships, 337 franchises, and 45 collision centers across the United States and the United Kingdom, offering 35 automobile brands. The company's services include new and used car sales, vehicle financing, service and insurance contracts, automotive maintenance and repair, and vehicle parts sales.
Group 1 Automotive, Inc. (NYSE: GPI) has closed on the acquisition of Inchcape Retail's (IR) automotive operations, adding 54 dealership locations across the U.K. This acquisition is expected to generate $2.7 billion in annual revenues, bringing Group 1's 2024 year-to-date total acquired revenues to $3.8 billion. The deal doubles Group 1's U.K. footprint, expanding its presence in key hubs such as the Midlands, North West England, and Wales.
The acquisition includes an extensive brand portfolio featuring Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen, and Volkswagen Commercial Vehicles. This strategic move aligns with Group 1's capital allocation strategy, aiming to create additional scale and value for shareholders.
Group 1 Automotive (NYSE: GPI) has announced the pricing of a $500.0 million private placement of 6.375% senior unsecured notes due 2030. The offering is expected to close on July 30, 2024, subject to customary conditions. The company plans to use the net proceeds to repay borrowings under its revolving credit facility and for general corporate purposes.
The notes are being offered to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S of the Securities Act. Group 1 Automotive, a Fortune 250 automotive retailer, operates 206 dealerships, 270 franchises, and 42 collision centers in the U.S. and UK, offering 35 automobile brands.
Group 1 Automotive (NYSE: GPI), a Fortune 250 automotive retailer, has announced its intention to offer $500.0 million in senior unsecured notes due 2030, subject to market conditions. The company plans to use the net proceeds to repay borrowings under its revolving credit facility and for general corporate purposes. The notes will be offered to qualified institutional buyers and non-U.S. persons in compliance with Rule 144A and Regulation S under the Securities Act, respectively.
Group 1 Automotive operates 206 automotive dealerships, 270 franchises, and 42 collision centers in the United States and the United Kingdom, offering 35 automobile brands. The company's services include new and used vehicle sales, vehicle financing, service and insurance contracts, automotive maintenance and repair, and vehicle parts sales.
Group 1 Automotive (NYSE: GPI) reported second quarter 2024 financial results with record total revenues of $4.7 billion, a 3.0% increase year-over-year. The company achieved quarterly all-time records in U.S. new vehicle ($2.0 billion), parts and service ($497.4 million), and finance and insurance ($183.9 million) revenues. Diluted earnings per share from continuing operations was $10.15, while adjusted EPS was $9.80.
Despite challenges including extreme weather events and a CDK outage, Group 1's U.S. team delivered strong performance. The company continues to focus on the acquisition of Inchcape's U.K. retail automotive business planned for Q3 2024. Year-to-date, Group 1 has acquired dealerships with expected annual revenues of $1.1 billion and disposed of operations generating $335.0 million in annual revenues.
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