Group 1 Automotive announces share repurchase program

Automotive retailer Group 1 Automotive and its board of directors have authorized a share repurchase program of up to $20 million of the company’s common stock.

“Given the current value of Group 1’s common stock, we believe a share repurchase program is an attractive vehicle to deliver value to our shareholders,” says Earl J. Hesterberg, Group 1’s president and chief executive officer.

The company expects that any repurchase of shares will be funded by cash from operations and anticipates completing the repurchase program within the next 12 months. As of June 30, the company had 22.7 million shares of common stock outstanding. Repurchased shares will be held in treasury.

Group 1 owns and operates 100 automotive dealerships, 134 franchises, and 26 collision service centers in the United States and the United Kingdom that offer 31 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.

For more information, visit Group 1 Automotive online.