Group 1 Automotive Board Approves Share Repurchase Authorization, Announces Quarterly Cash Dividend


HOUSTON, May 18, 2022 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI) (“Group 1” or the “Company”), a Fortune 300 international automotive retailer with 202 dealerships located in the United States and United Kingdom, today announced that its Board of Directors has increased the authorization to buy back ordinary shares of the Company from $175 million for $250 millionand also declared an increase in the quarterly cash dividend.

“We continue to demonstrate strong cash flow and a healthy balance sheet, which has enabled significant capital deployment in 2022. We seek to continue our growth through acquisitions while returning capital to our shareholders,” said Earl J. HesterbergPresident and CEO of Group 1.

  • Share buybacks and increased authorizations
    The Company announced that its Board of Directors has increased the Company’s common stock repurchase authorization by $175 million for $250 million. The company also updated its year-to-date repurchase activity of 796,060 common shares at an average price of $179.72 for a total of $143.1 million, representing 4.6% the number of outstanding shares of group 1 to January 1, 2022. Purchases may be made from time to time, depending on market conditions, legal requirements and other corporate considerations, on the open market or in privately negotiated transactions. The Company expects any share buybacks to be funded by cash flow from operations. The repurchased shares will be held in treasury.

  • Quarterly Cash Dividend Increase
    The Group 1 board also declared a cash dividend of $0.37 per share for the first quarter of 2022. The dividend represents an increase of 2.8%, i.e. $0.01 per share, beginning in the fourth quarter of 2021, and will be payable on June 15, 2022to shareholders registered in June 1, 2022.

ABOUT GROUPE 1 AUTOMOTIVE, INC.

Group 1 owns and operates 202 car dealerships, 268 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.

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 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 about our 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. 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 actual results may differ materially from those set forth in the statements.These risks and uncertainties include, among others, (a) economic conditions and as general markets, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain inventory of new and used vehicles, (e) our relationship with our automakers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and availability of credit to consumers, (g) our ability to complete acquisitions and divestitures and the risks associated therewith, (h) controls and currency fluctuations, (i) the impacts of COVID-19 and the armed conflict in Ukraine on our business and the supply chains on which our business depends, (j) the impacts of any potential global recession, (k ) our ability to maintain sufficient liquidity 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 transactions and f fut ur acquisitions. 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.

Investor contacts:

Jason Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
[email protected]

Media contacts:

Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
[email protected]
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
[email protected]

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SOURCE Group 1 Automotive, Inc.

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