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8-K - LIVE FILING - GROUP 1 AUTOMOTIVE INC | htm_42027.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
GROUP 1 AUTOMOTIVE ACQUIRES FORD AND GM DEALERSHIPS IN EL PASO, TEXAS
HOUSTON, June 14, 2011 Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retailer, today announced that it acquired the Shamaley Ford and Shamaley Buick-GMC dealerships in El Paso, Texas. The dealerships are expected to generate $190.0 million in total estimated annual revenues.
The acquisition of Shamaley Ford and Shamaley Buick-GMC will complement the BMW of El Paso and MINI of El Paso dealerships that Group 1 acquired in April, said Earl J. Hesterberg, Group 1s president and chief executive officer. We are pleased to strengthen our brand portfolio and our partnerships with Ford and General Motors with this acquisition.
About Group 1 Automotive, Inc.
Group 1 owns and operates 105 automotive dealerships, 136 franchises, and 28 collision service
centers in the United States and the United Kingdom that offer 30 brands of automobiles. Through
its dealerships, the company sells new and used cars and light trucks; arranges related financing,
vehicle service and insurance contracts; provides maintenance and repair services; and sells
replacement parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
This press release contains forward-looking statements, 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 goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as expects, anticipates, intends, plans, believes, seeks, may or will and similar expressions. 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 and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, and (i) our ability to retain key personnel. These factors, as well as additional factors that could affect our forward-looking statements, are described in our Form 10-K under the headings BusinessRisk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Kim Paper Canning
Manager, Investor Relations
Group 1 Automotive Inc.
713-647-5741 | kpaper@group1auto.com
Media contacts:
Pete DeLongchamps
V.P. Manufacturer Relations and
Public Affairs
Group 1 Automotive Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com