Group 1 Automotive, Inc. Buyback
OLI recorded this information on 2/18/2020
Group 1 Automotive, Inc.
Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today announced that its board of directors increased the Company's common stock share repurchase authorization by $52.4 million to $100 million. During February 2020, subsequent to the fourth quarter 2019 earnings call, the Company has repurchased 119,575 shares at an average price per common share of $94.42, for a total of $11.3 million. In total during the first quarter 2020, the Company has repurchased 268,859 shares at an average price per common share of $96.47, for a total of $25.9 million. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions. The Company expects that any repurchase of shares will be funded by cash from operations. Repurchased shares will be held in treasury.
Group 1 Automotive is an operator in the automotive retail industry. Through its dealerships, Co. sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts. Co. sells retail used vehicles directly to its customers at its dealerships or via its internet sites and wholesale used vehicles at third party auctions. Co. sells replacement parts and provides both warranty and non-warranty maintenance and repair services, as well as provides collision repair services at the collision centers that Co. operates. Co. also sell parts to wholesale customers.
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Strong Buy (3.60 out of 4)