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Group 1 Automotive, Inc. - GPI STOCK NEWS

Welcome to our dedicated page for Group 1 Automotive news (Ticker: GPI), a resource for investors and traders seeking the latest updates and insights on Group 1 Automotive stock.

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.

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Group 1 Automotive (NYSE: GPI), a leading automotive retailer with 206 dealerships in the U.S. and U.K., has announced it will release its financial results for Q2 2024 on July 24, 2024, before the market opens.

The executive team, led by CEO Daryl Kenningham, will host a conference call at 10:00 a.m. ET to discuss the results. This call will be available live via webcast at Group 1's official website, with a replay accessible for 30 days.

Investors and interested parties can participate in the call by dialing the provided domestic and international numbers. A telephonic replay will also be available until July 31, 2024.

Group 1 Automotive operates 206 dealerships, 270 franchises, and 42 collision centers, offering a broad range of automotive services and products.

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Group 1 Automotive (NYSE: GPI), a leading automotive retailer, has expanded its U.K. operations by acquiring four Mercedes-Benz dealerships in Hertfordshire from L&L Automotive. This strategic acquisition adds to Group 1's existing network in the U.K. and is projected to sell over 2,800 new and used vehicles annually, generating $105 million in annual revenue.

The acquisition reflects Group 1's commitment to growing its relationship with Mercedes-Benz and is expected to drive profitable growth. So far in 2024, Group 1 has completed $1.1 billion in acquired revenues, with total acquisitions expected to reach $3.8 billion by the third quarter of the year, including the pending Inchcape U.K. dealership acquisition.

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Group 1 Automotive (NYSE: GPI) announced a disruption in its U.S. operations due to a cybersecurity incident experienced by third-party software provider CDK Global. The company activated its cyber response procedures and isolated its systems from CDK's platform. Despite the outage, all U.S. dealerships continue operations using alternative processes, while U.K. dealerships remain unaffected. CDK expects dealer management systems to be restored within days, but the timeline for other applications is unclear. Group 1 is closely monitoring the situation and will take further action if necessary. The company emphasizes its commitment to customer experience and thanks all stakeholders for their patience.

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CDK, a leading automotive retail software provider, has extended its agreement with Group 1 Automotive (NYSE: GPI), a Fortune 300 company with 203 dealerships in the U.S. and U.K. This extension will provide Group 1's U.S. franchises with the CDK Dealership Xperience platform. The platform modernizes dealership operations, leveraging capabilities such as Digital Retailing, CRM, and F&I. Additionally, Group 1 can build and integrate apps using Fortellis, a leading developer platform in the automotive industry. Group 1's CIO, James Druzbik, highlighted the partnership's role in enhancing customer experience. CDK's CEO, Brian MacDonald, emphasized the relationship's importance in driving digital transformation in the automotive sector.

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Group 1 Automotive, Inc. (NYSE: GPI) announced a new share repurchase authorization of $250 million and declared a quarterly dividend. The board increased the repurchase authorization by $161 million to $250 million, repurchasing 205,551 shares year-to-date at an average price of $264.74. The dividend of $0.47 per share will be payable on June 17, 2024. Group 1 owns 203 dealerships in the U.S. and U.K., offering various automotive services and products.

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Group 1 Automotive, Inc. (NYSE: GPI) has increased its revolving syndicated credit facility to $2.5 billion, with the possibility of expanding to $3.0 billion, strengthening its balance sheet. The syndication involves 20 financial institutions, including manufacturer-affiliated finance companies and commercial banks, aiming to secure reasonably priced capital for vehicle financing and acquisition growth.

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Group 1 Automotive, Inc. (NYSE: GPI) reports strong first quarter 2024 financial results with total revenues of $4.5 billion, a record high, and a 8.2% increase over the prior year. The company achieved net income of $147.4 million and diluted earnings per common share of $10.76. The U.K. sector saw significant growth with record revenues. Acquisitions and cost reduction efforts are driving future expansion.
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Group 1 Automotive, Inc. (GPI) has agreed to acquire Inchcape U.K. dealerships for approximately $439 million, expanding its presence in the U.K. market. The deal includes 54 dealership locations generating $2.7 billion in annual revenues. The transaction is expected to close in the third quarter of 2024, subject to regulatory approval.
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Group 1 Automotive, Inc. (NYSE: GPI) to release financial results for the first quarter of 2024 on April 24, 2024. Conference call hosted by CEO Daryl Kenningham to discuss the results.
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Group 1 Automotive, Inc. (NYSE: GPI) acquires Modern Classic Motors in Hilton Head, South Carolina, expanding its relationship with Mercedes-Benz and Honda. The acquisition is expected to generate $140 million in annual revenues, adding to the company's acquired revenues of $1.0 billion in 2024.
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FAQ

What is the current stock price of Group 1 Automotive (GPI)?

The current stock price of Group 1 Automotive (GPI) is $427.81 as of December 2, 2024.

What is the market cap of Group 1 Automotive (GPI)?

The market cap of Group 1 Automotive (GPI) is approximately 5.7B.

What does Group 1 Automotive, Inc. do?

Group 1 Automotive, Inc. is a leading automotive retailer that sells new and used cars, offers vehicle financing, service contracts, maintenance and repair services, and parts sales.

Where is Group 1 Automotive, Inc. headquartered?

Group 1 Automotive, Inc. is headquartered in Houston, Texas, United States.

How many dealerships does Group 1 Automotive, Inc. operate?

As of 2024, Group 1 Automotive, Inc. operates 203 dealerships and 265 franchises across the United States and the United Kingdom.

What was Group 1 Automotive, Inc.'s revenue in 2023?

Group 1 Automotive, Inc. reported revenues of $17.9 billion in 2023, the highest in the company's history.

What brands does Group 1 Automotive, Inc. offer?

Group 1 Automotive, Inc. offers 35 brands of automobiles, including both luxury and mainstream vehicles.

What are some recent acquisitions by Group 1 Automotive, Inc.?

Recent acquisitions by Group 1 include dealerships in Maryland, California, and the greater Washington, DC area, as well as the impending acquisition of Inchcape UK's retail business.

What is the significance of the Inchcape UK acquisition?

The Inchcape UK acquisition is expected to add about $3 billion in revenue and increase Group 1's total store count to over 250, significantly boosting its presence in the UK market.

How is Group 1 Automotive, Inc. performing in the UK market?

Group 1's UK operations delivered record revenues of $3.1 billion in 2023, with strong performance across all lines of service.

What financial strategies does Group 1 Automotive, Inc. employ?

Group 1 employs strategies such as share repurchases, dividend increases, and expansion of its revolving credit facility to support growth and shareholder returns.

Where can I find more information about Group 1 Automotive, Inc.?

More information about Group 1 Automotive, Inc. can be found on their official websites: www.group1auto.com, www.group1collision.com, and their social media pages.

Group 1 Automotive, Inc.

NYSE:GPI

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5.70B
12.89M
2.27%
108.57%
13.43%
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