HOUSTON, March 7, 2022 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: PGI) (“Group 1” or the “Company”), a Fortune 300 international automotive retailer with 201 dealerships located in the United States and United Kingdom, today announced the acquisition of Charles Maund Toyota in Austin, TX. The dealership, which will be renamed Toyota from North Austinis ranked in the top 20 nationally for new Toyota vehicle volume and adds to the company’s strong portfolio of 13 franchises in the fast-growing sector Central Texas market area consisting of Austin and San Antonio. This concession should generate $435 million of annual turnover and represents the 16and Toyota store in the company’s US portfolio.
“We are pleased to welcome the Toyota team from North Austin to the Group 1 family. The Austin market paves the way for many large companies that have moved to Texas during the last years. the Austin the metro market grew by over 30% and added over 500,000 residents to become the fastest growing major metropolitan area in the country from 2010 to 2020,” said Earl J. HesterbergChairman and CEO of Group 1.
Hesterberg added: “The combination of the Toyota brand and the Austin represents a positive growth opportunity for Group 1. In addition, our current financial situation allows us to continue to return capital to shareholders, as evidenced by our buyback since the beginning of the year of 390,201 shares at an average price of $177.53for a total of $69.3 millionwhich represents more than 2% of our number of shares outstanding at the beginning of the year. »
ABOUT GROUPE 1 AUTOMOTIVE, INC.
Group 1 owns and operates 201 car dealerships, 267 franchisees, and 46 collision centers at United States and the UK this offer 34 automobile brands. Through its dealers, the Company sells new and used cars and light trucks; organizes the financing of related vehicles; sells service 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/group1autoand www.twitter.com/group1auto.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements relating to future, not past, events and are based on our current expectations and assumptions about our business, economy and other future conditions. In this context, forward-looking statements often include statements regarding our strategic investments, objectives, plans, projections and directions regarding our financial condition, results of operations and business strategy, and often contain words such as ” expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “should”, “plans”, “may” or “will” and similar expressions. Although management believes these forward-looking statements are reasonable as made, there can be no assurance that future developments affecting us will be those we anticipate. Such forward-looking statements are not guarantees 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 others, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain new vehicle inventory and used vehicles, (e) our relationship with our automakers and the manufacturers’ willingness to approve future acquisitions, (f) our cost of financing and availability of credit to consumers, (g) our ability to make acquisitions and divestitures and the risks associated therewith, (h) exchange controls and currency fluctuations, (i) the impacts of COVID-19 on our business, (j) the impacts of any potential global recession, (k ) our ability to maintain sufficient cash to operate, (l) the risk that the proposed transactions will not be completed in a timely manner, and (m) our ability to successfully integrate recent acquisitions and future. For additional information about known important factors that could cause our actual results to differ materially from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, our quarterly reports on Form 10-Q and our current reports. 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 on which they are made, whether as a result of new information, future events or otherwise.
Vice President, Treasurer
Group 1 Automotive, Inc.
713-647-5759 | [email protected]
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | [email protected]
Pierpont Communications, Inc.
713-627-2223 | [email protected]
SOURCE Group 1 Automotive, Inc.