Exhibit 99.1

FOR IMMEDIATE RELEASE

GROUP 1 AUTOMOTIVE REPORTS RECORD SECOND-QUARTER RESULTS

Higher Gross Profits, Expense Control Overcome Japanese Brand Supply Shortage

HOUSTON, July 26, 2011 — Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retailer, today reported record second-quarter earnings of $1.06 per diluted share on net income of $24.7 million for the period ended June 30.

“Despite an industry SAAR nearly one million units below the first quarter and severe supply shortages in the 62 percent of our business normally represented by Japanese brands, Group 1’s operating team turned in one of the best profit performances in our company’s history,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “We were able to generate revenue increases in every business segment, significantly increase our new and used vehicle margins and maintain strong expense controls in a constrained vehicle sales market.”

Group 1 reported second-quarter total revenues of $1.5 billion, a 3.9 percent increase from the prior-year period. Gross profit grew 7.7 percent to $244.2 million, as the company successfully managed through the low-inventory sales environment. Selling, general and administrative expense as a percent of gross profit improved significantly to 75.0 percent, as the combination of continued cost control and expanding gross profit significantly leveraged the cost structure.

Second-Quarter Highlights

•		Earnings per diluted share of $1.06 is the best second-quarter results ever posted and the second-best quarter in the history of Group 1.
•		Pretax income of $39.7 million is the second highest ever for Group 1.
•		New vehicle revenues increased 3.1 percent on 4.0 percent fewer unit sales.
•		New vehicle gross profit grew 20.3 percent, as gross profit increased $455 to $2,252 per retail unit sold.
•		Retail used vehicle gross profit increased 6.2 percent on 3.8 percent higher revenues, as gross profit increased $164, to $2,009 per retail unit.
•		Parts and service revenues increased 5.2 percent, reflecting increases in all segments of the business.
•		Finance and insurance gross profit per retail unit increased $125 to $1,126, on higher finance income per contract and vehicle service contract penetration rates.
•		Selling, general and administrative expense as a percent of gross profit improved significantly to 75.0 percent, as total gross profit notably outpaced expenses in the quarter.
•		Operating margin increased to 3.7 percent — matching the best ever quarterly result.

Year-to-Date Results

On a same-store basis, Group 1 reported 7.1 percent growth in gross profit on 9.1 percent higher revenues, reflecting increases in all operating segments from the prior year. New vehicle gross profit grew 13.8 percent on 10.3 percent higher revenues; used vehicle gross profit was 7.4 percent higher on a 9.1 percent revenue increase; finance and insurance revenues increased 12.3 percent on 3.9 percent more retail unit sales; and, parts and service revenues were 3.7 percent higher. Selling, general and administrative expenses as a percent of revenues improved 60 basis points to 12.5 percent, as expenses grew at a slower pace than revenues.

Share Repurchases

Group 1 Automotive, Inc.

During the second quarter, Group 1 repurchased 381,610 shares of its common stock at an average price of $36.69 under a board-authorized $25.0 million share repurchase program. At the end of the second quarter, $3.5 million remained under the authorization.

Corporate Development Update

As previously announced, in the second quarter Group 1 acquired BMW, MINI, Ford, Buick and GMC franchises that are expected to generate $245.0 million in total estimated annualized revenues. Year to date, the company has acquired seven franchises estimated to generate $340.0 million in annualized revenues including the second-quarter acquisitions.

Group 1 also announced that it disposed of a Mitsubishi and a Lincoln franchise during the second quarter. In total, the two franchises generated $4.1 million in trailing-12-month revenues.

Hesterberg added, “In addition to delivering very strong operating results in the first half of 2011, Group 1 has used its cash to acquire attractive brands in growing markets, increase our dividend and repurchase shares to return value to our shareholders.”

Second-Quarter Earnings Conference Call

Group 1’s senior management will host a conference call today at 10 a.m. ET to discuss the second-quarter financial results and the company’s outlook and strategy.

The conference call will be simulcast live on the Internet at www.group1auto.com, then click on ‘Investor Relations’ and then ‘Events’ or through this link: http://www.group1corp.com/news/events.aspx. A replay will be available for 30 days.

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic: 888.395.3241
International: 719.457.2647
Participant Passcode: 3942401

A telephonic replay will be available following the call through Aug. 25 by dialing:

Domestic: 888.203.1112
International: 719.457.0820
Replay Passcode: 3942401

About Group 1 Automotive, Inc.

Group 1 owns and operates 105 automotive dealerships, 134 franchises, and 28 collision service centers in the United States and the United Kingdom that offer 29 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

Group 1 Automotive, Inc.

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 “Business—Risk Factors” and “Management’s 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

Group 1 Automotive, Inc.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

		Three Months Ended June 30,													Six Months Ended June 30,
		2011				2010				% Change					2011				2010				% Change
REVENUES:
New vehicle retail sales		$	809,881			$	785,851				3.1	%			$	1,594,595			$	1,431,972				11.4	%
Used vehicle retail sales			353,047				340,142				3.8					676,494				619,751				9.2
Used vehicle wholesale sales			60,607				55,678				8.9					122,558				98,190				24.8
Parts and service			204,091				194,063				5.2					399,041				379,498				5.1
Finance and insurance			46,519				42,775				8.8					90,759				80,251				13.1
Total revenues			1,474,145				1,418,509				3.9					2,883,447				2,609,662				10.5
COST OF SALES:
New vehicle retail sales			755,617				740,740				2.0					1,497,559				1,347,487				11.1
Used vehicle retail sales			318,499				307,596				3.5					613,046				560,768				9.3
Used vehicle wholesale sales			58,940				54,558				8.0					118,397				95,407				24.1
Parts and service			96,878				88,963				8.9					188,459				174,827				7.8
Total cost of sales			1,229,934				1,191,857				3.2					2,417,461				2,178,489				11.0
GROSS PROFIT			244,211				226,652				7.7					465,986				431,173				8.1
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			183,051				182,465				0.3					358,935				348,871				2.9
DEPRECIATION AND AMORTIZATION EXPENSE			6,581				6,679				(1.5	)				13,036				13,164				(1.0	)
ASSET IMPAIRMENTS			142				1,482				(90.4	)				364				1,482				(75.4	)
OPERATING INCOME			54,437				36,026				51.1					93,651				67,656				38.4
OTHER EXPENSE:
Floorplan interest expense			(6,521	)			(8,633	)			(24.5	)				(13,281	)			(16,199	)			(18.0	)
Other interest expense, net			(8,225	)			(6,267	)			31.2					(16,167	)			(13,371	)			20.9
Loss on redemption of long-term debt			—				—				—					—				(3,872	)			(100.0	)
INCOME BEFORE INCOME TAXES			39,691				21,126				87.9					64,203				34,214				87.7
PROVISION FOR INCOME TAXES			(15,008	)			(8,357	)			79.6					(24,158	)			(13,464	)			79.4
NET INCOME		$	24,683			$	12,769				93.3	%			$	40,045			$	20,750				93.0	%
DILUTED INCOME PER SHARE		$	1.06			$	0.54				96.3	%			$	1.72			$	0.88				95.5	%
Weighted average dilutive shares outstanding			23,183				23,638				(1.9	)%				23,223				23,663				(1.9	)%

Group 1 Automotive, Inc.

Consolidated Balance Sheets

(Dollars in thousands)

		June 30,				December 31,
		2011				2010				% Change
		(Unaudited)
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents		$	12,285			$	19,843				(38.1	)%
Contracts in transit and vehicle receivables, net			105,835				113,846				(7.0	)
Accounts and notes receivable, net			71,504				75,623				(5.4	)
Inventories			779,679				777,771				0.2
Deferred income taxes			15,690				14,819				5.9
Prepaid expenses and other current assets			10,615				17,332				(38.8	)
Total current assets			995,608				1,019,234				(2.3	)
PROPERTY AND EQUIPMENT, net			550,134				506,288				8.7
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS			693,517				666,656				4.0
OTHER ASSETS			8,618				9,786				(11.9	)
Total assets		$	2,247,877			$	2,201,964				2.1	%
LIABILITIES AND STOCKHOLDERS’ EQUITY:
CURRENT LIABILITIES:
Floorplan notes payable — credit facility		$	637,242			$	690,051				(7.7	)%
Offset account related to floorplan notes payable — credit facility			(134,170	)			(129,211	)			3.8
Floorplan notes payable — manufacturer affiliates			136,049				103,345				31.6
Current maturities of long-term debt			12,874				53,189				(75.8	)
Current liabilities from interest rate risk management activities			815				1,098				(25.8	)
Accounts payable			109,079				92,799				17.5
Accrued expenses			95,332				83,663				13.9
Total current liabilities			857,221				894,934				(4.2	)
2.25% CONVERTIBLE SENIOR NOTES (aggregate principal of $182,753 at June 30, 2011 and December 31, 2010)			141,505				138,155				2.4
3.00% CONVERTIBLE SENIOR NOTES (aggregate principal of $115,000 at June 30, 2011 and December 31, 2010)			75,850				74,365				2.0
MORTGAGE FACILITY, net of current maturities			39,938				—				100.0
OTHER REAL ESTATE RELATED AND LONG-TERM DEBT, net of current maturities			157,917				161,611				(2.3	)
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities			38,507				38,819				(0.8	)
DEFERRED INCOME TAXES			70,884				58,970				20.2
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES			16,381				16,426				(0.3	)
OTHER LIABILITIES			33,436				31,036				7.7
DEFERRED REVENUES			2,332				3,280				(28.9	)
STOCKHOLDERS’ EQUITY:
Common stock			262				261				0.4
Additional paid-in capital			367,303				363,966				0.9
Retained earnings			554,640				519,843				6.7
Accumulated other comprehensive loss			(17,155	)			(18,755	)			(8.5	)
Treasury stock			(91,144	)			(80,947	)			12.6
Total stockholders’ equity			813,906				784,368				3.8
Total liabilities and stockholders’ equity		$	2,247,877			$	2,201,964				2.1	%

Group 1 Automotive, Inc.

Consolidated Statements of Adjusted Cash Flows from Operating Activities

(Unaudited)

(In thousands)

		Three Months Ended June 30,													Six Months Ended June 30,
		2011				2010				% Change					2011				2010				% Change
Net income		$	24,683			$	12,769				93.3	%			$	40,045			$	20,750				93.0	%
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments			142				1,482				(90.4	)				364				1,482				(75.4	)
Depreciation and amortization			6,581				6,679				(1.5	)				13,036				13,164				(1.0	)
Deferred income taxes			7,062				7,832				(9.8	)				14,110				12,162				16.0
Loss on redemption of long-term debt			—				—				—					—				3,872				(100.0	)
(Gain) loss on disposition of assets and franchise			(786	)			4,297				(118.3	)				(786	)			4,452				(117.7	)
Stock-based compensation			2,814				2,479				13.5					5,558				5,176				7.4
Amortization of debt discount and issue costs			2,970				2,322				27.9					5,848				3,957				47.8
Other			71				244				(70.9	)				(102	)			438				(123.3	)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts payable and accrued expenses			14,453				(7,261	)			299.0					24,889				15,699				58.5
Accounts and notes receivable			(3,315	)			(3,228	)			2.7					3,963				(6,319	)			162.7
Inventories			47,067				(46,143	)			202.0					52,803				(94,377	)			155.9
Contracts-in-transit and vehicle receivables			11,750				(5,684	)			306.7					8,127				(24,781	)			132.8
Prepaid expenses and other assets			(374	)			172				(317.4	)				1,023				1,794				(43.0	)
Floorplan notes payable — credit facility (1)			(69,722	)			39,668				(275.8	)				(73,286	)			107,215				(168.4	)
Floorplan notes payable — manufacturer affiliates (2)			10,829				(4,421	)			344.9					5,866				(14,787	)			139.7
Deferred revenues			(447	)			(45	)			893.3					(948	)			(943	)			0.5
Adjusted net cash provided by operating activities		$	53,778			$	11,162				381.8	%			$	100,510			$	48,954				105.3	%

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)

				Three Months Ended								Six Months Ended
				June 30,								June 30,
				2011				2010				2011				2010
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
Region		Geographic Market
Eastern		Massachusetts			11.2	%			14.9	%			12.0	%			15.1	%
		New Jersey			5.9				6.8				5.9				6.6
		New York			4.3				3.9				3.8				3.8
		Georgia			3.2				3.8				3.6				3.8
		New Hampshire			3.0				4.0				3.2				4.2
		Louisiana			3.0				3.2				3.1				3.1
		Mississippi			1.9				1.5				2.0				1.7
		South Carolina			1.2				1.3				1.4				0.8
		Alabama			1.1				1.2				1.2				1.3
		Maryland			1.0				0.8				0.8				0.8
		Florida			0.8				1.6				0.7				1.7
					36.6				43.0				37.7				42.9
Central		Texas			34.6				30.5				33.3				30.7
		Oklahoma			8.2				8.4				8.1				8.1
		Kansas			1.1				0.9				1.0				0.9
					43.9				39.8				42.4				39.7
Western		California			13.9				12.5				14.6				13.1
International		United Kingdom			5.6				4.7				5.3				4.3
					100.0	%			100.0	%			100.0	%			100.0	%
NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Scion/Lexus					28.5	%			35.1	%			31.5	%			34.9	%
BMW/MINI					14.9				11.5				13.3				11.0
Nissan/Infiniti					12.7				14.1				13.4				14.9
Honda/Acura					11.3				12.3				12.1				12.4
Ford					8.3				8.3				7.7				8.4
Mercedes-Benz					6.4				5.5				5.8				5.6
GM					5.0				4.2				4.8				4.0
Chrysler					4.7				3.0				4.1				2.9
Other					8.2				6.0				7.3				5.9
					100.0	%			100.0	%			100.0	%			100.0	%
NEW VEHICLE UNIT SALES OTHER MIX:
Import					52.2	%			57.8	%			55.5	%			58.1	%
Luxury					30.0				26.9				28.0				26.9
Domestic					17.8				15.3				16.5				15.0
					100.0	%			100.0	%			100.0	%			100.0	%
Car					55.9	%			59.0	%			56.0	%			58.4	%
Truck					44.1				41.0				44.0				41.6
					100.0	%			100.0	%			100.0	%			100.0	%

Group 1 Automotive, Inc.

Additional Information — Consolidated
(Unaudited)

(Dollars in thousands, except per unit amounts)

		Three Months Ended June 30,													Six Months Ended June 30,
		2011				2010				% Change					2011				2010				% Change
REVENUES:
New vehicle retail sales		$	809,881			$	785,851				3.1	%			$	1,594,595			$	1,431,972				11.4	%
Used vehicle retail sales			353,047				340,142				3.8					676,494				619,751				9.2
Used vehicle wholesale sales			60,607				55,678				8.9					122,558				98,190				24.8
Total used			413,654				395,820				4.5					799,052				717,941				11.3
Parts and service			204,091				194,063				5.2					399,041				379,498				5.1
Finance and insurance			46,519				42,775				8.8					90,759				80,251				13.1
Total		$	1,474,145			$	1,418,509				3.9	%			$	2,883,447			$	2,609,662				10.5	%
GROSS MARGIN:
New vehicle retail sales			6.7	%			5.7	%								6.1	%			5.9	%
Used vehicle retail sales			9.8				9.6									9.4				9.5
Used vehicle wholesale sales			2.8				2.0									3.4				2.8
Total used			8.8				8.5									8.5				8.6
Parts and service			52.5				54.2									52.8				53.9
Finance and insurance			100.0				100.0									100.0				100.0
Total			16.6	%			16.0	%								16.2	%			16.5	%
GROSS PROFIT:
New vehicle retail sales		$	54,264			$	45,111				20.3	%			$	97,036			$	84,485				14.9	%
Used vehicle retail sales			34,548				32,546				6.2					63,448				58,983				7.6
Used vehicle wholesale sales			1,667				1,120				48.8					4,161				2,783				49.5
Total used			36,215				33,666				7.6					67,609				61,766				9.5
Parts and service			107,213				105,100				2.0					210,582				204,671				2.9
Finance and insurance			46,519				42,775				8.8					90,759				80,251				13.1
Total		$	244,211			$	226,652				7.7	%			$	465,986			$	431,173				8.1	%
UNITS SOLD:
Retail new vehicles sold			24,097				25,101				(4.0	)%				48,801				45,732				6.7	%
Retail used vehicles sold			17,200				17,636				(2.5	)				33,930				32,629				4.0
Wholesale used vehicles sold			8,494				8,692				(2.3	)				17,549				15,408				13.9
Total used			25,694				26,328				(2.4	)%				51,479				48,037				7.2	%
GROSS PROFIT PER UNIT SOLD:
New vehicle retail sales		$	2,252			$	1,797				25.3	%			$	1,988			$	1,847				7.6	%
Used vehicle retail sales			2,009				1,845				8.9					1,870				1,808				3.4
Used vehicle wholesale sales			196				129				51.9					237				181				30.9
Total used			1,409				1,279				10.2					1,313				1,286				2.1
Finance and insurance (per retail unit)		$	1,126			$	1,001				12.5	%			$	1,097			$	1,024				7.1	%
OTHER (1):
SG&A expenses		$	183,051			$	176,850				3.5	%			$	358,935			$	343,256				4.6	%
SG&A as % revenues			12.4	%			12.5	%								12.4	%			13.2	%
SG&A as % gross profit			75.0	%			78.0	%								77.0	%			79.6	%
Operating margin			3.7	%			3.0	%								3.3	%			2.9	%
Pretax margin			2.7	%			2.0	%								2.2	%			1.7	%
FLOORPLAN EXPENSE:
Floorplan interest		$	(6,521	)		$	(8,633	)			(24.5	)%			$	(13,281	)		$	(16,199	)			(18.0	)%
Floorplan assistance			5,886				6,089				(3.3	)				12,096				11,323				6.8
Net floorplan expense		$	(635	)		$	(2,544	)			(75.0	)%			$	(1,185	)		$	(4,876	)			(75.7	)%

Group 1 Automotive, Inc.

Additional Information — Same Store⁽¹⁾

(Unaudited)

(Dollars in thousands, except per unit amounts)

		Three Months Ended June 30,													Six Months Ended June 30,
		2011				2010				% Change					2011				2010				% Change
REVENUES:
New vehicle retail sales		$	788,838			$	772,400				2.1	%			$	1,551,402			$	1,406,784				10.3	%
Used vehicle retail sales			343,758				336,540				2.1					654,721				613,030				6.8
Used vehicle wholesale sales			59,445				54,222				9.6					118,612				96,048				23.5
Total used			403,203				390,762				3.2					773,333				709,078				9.1
Parts and service			195,729				189,790				3.1					384,507				370,878				3.7
Finance and insurance			45,343				42,214				7.4					88,846				79,087				12.3
Total		$	1,433,113			$	1,395,166				2.7	%			$	2,798,088			$	2,565,827				9.1	%
GROSS MARGIN:
New vehicle retail sales			6.7	%			5.8	%								6.1	%			5.9	%
Used vehicle retail sales			9.8				9.6									9.4				9.5
Used vehicle wholesale sales			2.9				2.2									3.5				3.0
Total used			8.8				8.6									8.5				8.7
Parts and service			53.3				54.3									53.3				54.1
Finance and insurance			100.0				100.0									100.0				100.0
Total			16.6	%			16.0	%								16.2	%			16.5	%
GROSS PROFIT:
New vehicle retail sales		$	52,990			$	44,501				19.1	%			$	94,657			$	83,145				13.8	%
Used vehicle retail sales			33,601				32,292				4.1					61,684				58,494				5.5
Used vehicle wholesale sales			1,696				1,200				41.3					4,174				2,853				46.3
Total used			35,297				33,492				5.4					65,858				61,347				7.4
Parts and service			104,254				103,089				1.1					204,978				200,620				2.2
Finance and insurance			45,343				42,214				7.4					88,846				79,087				12.3
Total		$	237,884			$	223,296				6.5	%			$	454,339			$	424,199				7.1	%
UNITS SOLD:
Retail new vehicles sold			23,412				24,717				(5.3	)%				47,380				45,002				5.3	%
Retail used vehicles sold			16,716				17,416				(4.0	)				32,870				32,212				2.0
Wholesale used vehicles sold			8,303				8,532				(2.7	)				16,988				15,151				12.1
Total used			25,019				25,948				(3.6	)%				49,858				47,363				5.3	%
GROSS PROFIT PER UNIT SOLD:
New vehicle retail sales		$	2,263			$	1,800				25.7	%			$	1,998			$	1,848				8.1	%
Used vehicle retail sales			2,010				1,854				8.4					1,877				1,816				3.4
Used vehicle wholesale sales			204				141				44.7					246				188				30.9
Total used			1,411				1,291				9.3					1,321				1,295				2.0
Finance and insurance (per retail unit)		$	1,130			$	1,002				12.8	%			$	1,107			$	1,024				8.1	%
OTHER:
SG&A expenses		$	178,138			$	173,177				2.9	%			$	348,554			$	335,038				4.0	%
SG&A as % revenues			12.4	%			12.4	%								12.5	%			13.1	%
SG&A as % gross profit			74.9	%			77.6	%								76.7	%			79.0	%
Operating margin			3.7	%			3.1	%								3.3	%			3.0	%
FLOORPLAN EXPENSE:
Floorplan interest		$	(6,344	)		$	(8,494	)			(25.3	)%			$	(12,970	)		$	(15,923	)			(18.5	)%
Floorplan assistance			5,746				5,976				(3.8	)				11,888				11,072				7.4
Net floorplan expense		$	(598	)		$	(2,518	)			(76.3	)%			$	(1,082	)		$	(4,851	)			(77.7	)%

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures
(Unaudited)

(Dollars in thousands, except per share amounts)

		Three Months Ended June 30,													Six Months Ended June 30,
		2011				2010				% Change					2011				2010				% Change
NET INCOME RECONCILIATION:
As reported		$	24,683			$	12,769				93.3	%			$	40,045			$	20,750				93.0	%
After-tax Adjustments:
Non-Cash asset impairment charges (2)			85				950									225				950
Loss on dealership dispositions (3)			—				3,698									—				3,698
Loss on debt redemption (4)			—				—									—				2,458
Severance costs related to UK-dealership acquisitions (5)			—				405									—				405
Adjusted net income (1)		$	24,768			$	17,822				39.0	%			$	40,270			$	28,261				42.5	%
DILUTED INCOME PER SHARE RECONCILIATION:
As reported		$	1.06			$	0.54				96.3	%			$	1.72			$	0.88				95.5	%
After-tax Adjustments:
Non-Cash asset impairment charges			—				0.04									0.01				0.04
Loss on dealership dispositions			—				0.15									—				0.15
Loss on debt redemption			—				—									—				0.10
Severance costs related to UK-dealership acquisitions			—				0.02									—				0.02
Adjusted diluted income per share (1)		$	1.06			$	0.75				41.3	%			$	1.73			$	1.19				45.4	%
SG&A RECONCILIATION:
As reported		$	183,051			$	182,465				0.3	%			$	358,935			$	348,871				2.9	%
Pre-tax Adjustments:
Loss on dealership dispositions			—				(5,053	)								—				(5,053	)
Severance costs related to UK-dealership acquisitions			—				(562	)								—				(562	)
Adjusted SG&A (1)		$	183,051			$	176,850				3.5	%			$	358,935			$	343,256				4.6	%
SG&A AS % REVENUES:
Unadjusted			12.4	%			12.9	%								12.4	%			13.4	%
Adjusted (1)			12.4	%			12.5	%								12.4	%			13.2	%
SG&A AS % OF GROSS PROFIT:
Unadjusted			75.0	%			80.5	%								77.0	%			80.9	%
Adjusted (1)			75.0	%			78.0	%								77.0	%			79.6	%
OPERATING MARGIN:
Unadjusted			3.7	%			2.5	%								3.2	%			2.6	%
Adjusted (1), (6)			3.7	%			3.0	%								3.3	%			2.9	%
PRETAX MARGIN:
Unadjusted			2.7	%			1.5	%								2.2	%			1.3	%
Adjusted (1), (7)			2.7	%			2.0	%								2.2	%			1.7	%