– Expected to Generate $150 Million in Annual Revenues
– Share Repurchase Update Provided
Group 1 Automotive, Inc. (NYSE: GPI) (“Group 1” or the “Company”), an international, Fortune 300 automotive retailer with 205 dealerships located in the U.S. and U.K., announced the expansion of its U.S. operations with the acquisition of Estero Bay Chevrolet in Estero, Florida. The dealership is located near the fast growing city of Fort Myers in Southwest Florida. Estero Bay Chevrolet is the 5th ranked Chevrolet dealership in new vehicle volume in the state of Florida. The dealership is expected to generate $150 million in annual revenues.
The Company is also updating its year-to-date repurchase activity. Through March 28, 2023, 180,982 shares at an average price of $191.85, for a total of $34.7 million have been repurchased.
Group 1’s President and CEO Daryl Kenningham stated, “We want to welcome the team at Estero Bay Chevrolet to the Group 1 family and are pleased to further expand our brand footprint and scale in Florida. Our strong cash flow and robust balance sheet continues to enable aggressive capital deployment through acquisition while also returning capital to our shareholders.”
