Group 1 Automotive Announces the Acquisition of Soper of Lincoln BMW/MINI in the U.K.

Rhea-AI Summary

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.

Positive

• Acquisition of Soper of Lincoln BMW/MINI expected to generate $125 million in annual revenues
• Year-to-date acquired revenues reach $3.9 billion in 2024
• Expansion of operations in the U.K. market
• Strong relationship with the manufacturer in the market area

Negative

• None.

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• 2024 YTD Acquired Revenues total $3.9 Billion

HOUSTON, Oct. 1, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a  Fortune 250 automotive retailer with 260 dealerships located in the U.S. and U.K., today announced the expansion of its U.K. operations with the acquisition of Soper of Lincoln BMW/MINI located north of London in the county of Lincolnshire.  This acquisition is expected to generate approximately $125 million in annual revenues.  

Group 1's Chief Executive Officer Daryl Kenningham stated, "We want to welcome our new teammates from Soper of Lincoln to the Group 1 family and are delighted to expand our operations with these great brands.  Our strong relationship with the manufacturer and our experience in this market area make this a terrific addition to our U.K. operations."

Group 1 has now acquired an estimated $3.9 billion of annual revenues in 2024, which follows $1.1 billion of acquired revenues in 2023.

ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 260 automotive dealerships, 338 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, and www.facebook.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 guidance regarding the annualized revenues of recently completed acquisitions. 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, on a timely basis, if at all and the risks associated therewith, (h) our ability to realize the benefits expected from proposed acquisitions, including any anticipated cost reductions,(i) foreign exchange controls and currency fluctuations, (j) the armed conflicts in Ukraine and the Middle East, (k) the impacts of continued inflation and any potential global recession, (l) our ability to maintain sufficient liquidity to operate, (m) our ability to successfully integrate recent and future acquisitions, and (n) a material failure in or breach of our vendors' information technology systems and other cybersecurity incidents. 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 

View original content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-the-acquisition-of-soper-of-lincoln-bmwmini-in-the-uk-302263368.html

SOURCE Group 1 Automotive, Inc.

FAQ

What is the expected annual revenue from Group 1 Automotive's acquisition of Soper of Lincoln BMW/MINI?

The acquisition of Soper of Lincoln BMW/MINI is expected to generate approximately $125 million in annual revenues for Group 1 Automotive (NYSE: GPI).

How much has Group 1 Automotive (GPI) acquired in total revenues for 2024 so far?

Group 1 Automotive has acquired an estimated $3.9 billion of annual revenues in 2024 year-to-date.

Where is the newly acquired Soper of Lincoln BMW/MINI dealership located?

The newly acquired Soper of Lincoln BMW/MINI dealership is located north of London in the county of Lincolnshire, U.K.

How many dealerships does Group 1 Automotive (GPI) now operate after this acquisition?

After the acquisition, Group 1 Automotive operates 260 automotive dealerships across the United States and the United Kingdom.