SOURCE: Group 1 Automotive, Inc.

Group 1 Automotive, Inc.

April 21, 2011 09:00 ET

Group 1 Automotive Acquires a BMW and MINI Dealership in El Paso, Texas

HOUSTON, TX--(Marketwire - Apr 21, 2011) - Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retailer, today announced that it acquired a BMW and MINI dealership in El Paso, Texas. The franchises will operate as BMW of El Paso and MINI of El Paso and are expected to generate $55.0 million in estimated annual revenues.

"This acquisition is part of Group 1's strategy to further grow our overall business, as well as our partnership with BMW of North America," said Earl J. Hesterberg, Group 1's president and chief executive officer.

About Group 1 Automotive, Inc.
Group 1 owns and operates 103 automotive dealerships, 133 franchises, and 27 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 "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.

Contact Information

  • Investor contacts:
    Kim Paper Canning
    Manager, Investor Relations
    Group 1 Automotive Inc.
    713-647-5741 | Email Contact

    Media contacts:
    Pete DeLongchamps
    V.P. Manufacturer Relations and
    Public Affairs
    Group 1 Automotive Inc.
    713-647-5770 | Email Contact
    or
    Clint Woods
    Pierpont Communications, Inc.
    713-627-2223 | Email Contact