©Reuters.
HOUSTON – Group 1 Automotive, Inc. (NYSE:), an international Fortune 300 automotive retailer, has expanded its U.S. operations with the acquisition of several dealerships in the Baltimore/Washington, DC area.The company's latest moves include: Toyota (New York Stock Exchange:), Honda (NYSE:), Hyundai (OTC:), Kia new car dealerships, Toyota Certified Pre-Owned Car Centers, and three collision centers. The expansion is expected to generate more than $500 million in annual revenue.
The company also announced a 4% increase in its annual dividend rate for 2024, to $1.88 per share from $1.80 per share the previous year. A shareholder of record as of March 1, 2024 will receive a dividend of $0.47 per share on March 15, 2024.
In line with its strategic focus on larger, higher-performing dealerships, Group 1 also sold 10 franchises and a collision center in Beaumont, Texas, during the first quarter of 2024. These adjustments reflect the company's continued efforts to optimize its portfolio to increase profitability and profitability. growth.
Group 1 President and CEO Darryl Kenningham expressed enthusiasm about the growth potential of the Washington, D.C., market, one of the nation's largest automotive markets. He emphasized the company's intention to leverage Group 1's track record in mergers and acquisitions to rapidly integrate newly acquired businesses and drive growth that benefits shareholders.
Group 1 Automotive operates 198 dealerships, 262 franchises and 43 collision centers in the United States and United Kingdom, offering 35 automotive brands.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
