Group 1 Automotive acquires BMW/MINI franchises in the UK
– Bring earned income to $740 million YTD
HOUSTON, September 6, 2022 /PRNewswire/ — Group 1 Automotive, Inc. ( New York stock market : GPI) (“Group 1” or the “Company”), a Fortune 300 international automotive retailer with 205 dealerships located in the United States and United Kingdom, today announced the expansion of its UK operations with the acquisition of a BMW/MINI dealership and a collision center in the city of Southend located east of London in the county of Essex. This location is contiguous to several other existing car dealerships currently owned and operated by Group 1 Automotive in the UK and brings the company’s UK operations to 56 dealerships (79 franchises). This acquisition should generate $80 million in annual revenue, bringing the total revenue acquired since the beginning of the year for Group 1 to $740 million.
Group Managing Director 1 Count Hesterberg said: “We are extremely pleased to further expand our UK operations and increase our BMW/MINI footprint to 43 franchises across the US and UK. Our strong relationship with BMW and our experience in this market area make it an ideal complement to our growing business in the UK.”
ABOUT GROUPE 1 AUTOMOTIVE, INC.
Group 1 owns and operates 205 car dealerships, 275 franchisees, and 48 collision centers at United States and the UK this offer 35 automobile brands. Through its dealerships and omnichannel platform, the Company sells new and used cars and light trucks; organizes the financing of related vehicles; 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, 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 and the armed conflict in Ukraine on our business and the supply chains on which we depend our business, (j) the impacts of continued inflation and any potential global recession, (k) our ability to maintain sufficient liquidity to operate, and (l) our ability to successfully integrate recent and future acquisitions. For information about known important 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, 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.
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
Pierpont Communications, Inc.
SOURCE Group 1 Automotive, Inc.