HOUSTON, TX – Group 1 Automotive, Inc. (NYSE: GPI), a prominent international automotive retailer and Fortune 500 company, has broadened its market presence with the acquisition of a Mercedes-Benz dealership in Boerne, Texas, a key suburb of San Antonio. This strategic acquisition, announced on August 19, 2014, further solidifies Group 1 Automotive’s commitment to the San Antonio metropolitan area and its luxury vehicle market offerings. The newly acquired dealership will operate as Mercedes-Benz of Boerne and is projected to generate approximately $135 million in annual revenue, significantly enhancing Group 1’s financial portfolio and market share. Notably, this dealership also encompasses a Mercedes-Benz Sprinter commercial vehicle franchise, diversifying the product range and catering to both individual and business clients in the region.
Earl J. Hesterberg, President and CEO of Group 1 Automotive, stated, “We are thrilled to deepen our collaboration with Mercedes-Benz and strategically expand our footprint within the dynamic San Antonio metropolitan market. This acquisition underscores our dedication to providing exceptional automotive experiences and a wide selection of premium vehicles to customers in the growing Texas region.” The addition of Mercedes-Benz of Boerne strengthens Group 1 Automotive’s network and reinforces its position as a leading automotive retailer in the United States.
About Group 1 Automotive, Inc.
Group 1 Automotive stands as a leading automotive retailer, operating a vast network of 154 dealerships, representing 197 franchises, and supported by 38 collision centers across the United States, the United Kingdom, and Brazil. The company’s extensive portfolio includes 34 diverse automobile brands, offering a wide spectrum of choices to meet varied customer preferences and needs. Through its dealerships, Group 1 Automotive delivers a comprehensive suite of automotive solutions, including the sale of new and used cars and light trucks, tailored vehicle financing arrangements, service and insurance contract sales, expert automotive maintenance and repair services, and a wide array of genuine vehicle parts. With a commitment to customer satisfaction and operational excellence, Group 1 Automotive continues to drive success and expand its reach in the automotive industry.
For more information about Group 1 Automotive and its operations, please visit www.group1auto.com.
Forward-Looking Statements
This announcement includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements pertain to future events and are based on current expectations and assumptions regarding the business, economic conditions, and other influencing factors. Forward-looking statements often address goals, plans, projections, and expected financial performance, and can be identified by terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may,” or “will,” and similar expressions. While these statements reflect management’s best judgment at the time of writing, there is no guarantee that anticipated future developments will occur as predicted. Consequently, these forward-looking statements are not guarantees of future performance and involve inherent risks and uncertainties that could cause actual results to differ materially from projections. These potential risks and uncertainties include, but are not limited to: (a) general economic and business conditions, (b) fluctuations in manufacturer incentives, (c) changes in the regulatory landscape, (d) the ability to secure inventory of desirable new and used vehicles, (e) maintaining positive relationships with automobile manufacturers and their approval of future acquisitions, (f) financing costs and the availability of consumer credit, (g) the successful completion of acquisitions and dispositions and related risks, (h) foreign exchange controls and currency fluctuations, and (i) the retention of key personnel. For a comprehensive understanding of potential factors that could impact results, please refer to Group 1 Automotive’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are cautioned against placing undue reliance on forward-looking statements, which are relevant only as of the date of this release. Group 1 Automotive undertakes no obligation to publicly update or revise any forward-looking statements after the date of this announcement, whether due to new information, future events, or other factors.
Investor Relations Contacts:
Sheila Roth Manager, Investor Relations Group 1 Automotive, Inc. 713-647-5741 | [email protected]
Media Relations Contacts:
Pete DeLongchamps V.P. Manufacturer Relations, Financial Services and Public Affairs Group 1 Automotive, Inc. 713-647-5770 | [email protected]
Clint Woods Pierpont Communications, Inc. 713-627-2223 | [email protected]
SOURCE Group 1 Automotive, Inc.
