Exhibit 99.1


 

FOR IMMEDIATE RELEASE

Group 1 Automotive Reports Record Full Year 2013 Financial Results

Revenue Increases 19.3 Percent to $8.9 Billion

HOUSTON, February 5, 2014 - Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today reported 2013 fourth quarter adjusted net income of $28.9 million and adjusted diluted earnings per common share of $1.08 for the period ended December 31, 2013. Full year 2013 adjusted net income increased 20.8 percent, to a record $130.7 million, and adjusted diluted earnings per common share were an all-time high of $4.96.

Fourth Quarter 2013 Results (year-over-year comparable basis unless otherwise noted)
Total gross profit grew 14.7 percent on 17.6 percent higher revenues of $2.3 billion.
New vehicle revenues increased 16.9 percent on 17.4 percent more unit sales. New vehicle gross profit increased 14.6 percent.
Retail used vehicle gross profit increased 7.8 percent on 18.9 percent higher revenues, as the Company retailed 18.3 percent more units.
Parts and service gross profit increased 17.1 percent on 15.9 percent higher revenues. Same Store parts and service revenues grew 7.5 percent.
Same Store finance and insurance (F&I) gross profit per retail unit rose 7.4 percent or $96 to $1,388. Within this growth, U.S. Same Store F&I gross profit per retail unit improved $110 to $1,436.
SG&A expenses (adjusted) as a percent of gross profit improved 40 basis points to 76.3 percent. Same Store SG&A (adjusted) as a percent of gross profit improved 70 basis points to 74.9 percent.
Operating margin (adjusted) on a Same Store basis improved to 3.2 percent.

Full Year 2013 Results (year-over-year comparable basis unless otherwise noted)
Total gross profit grew 15.7 percent on 19.3 percent higher revenues of $8.9 billion.
New vehicle gross profit increased 17.2 percent on 21.8 percent higher revenues, as the Company retailed 155,866 new vehicles in 2013.
Retail used vehicle gross profit was 10.2 percent higher on a 16.1 percent revenue increase, as the Company retailed 98,813 used units in 2013.
Parts and service gross profit rose 15.0 percent on 14.8 percent higher revenues.
Same Store parts and service revenue grew 7.4 percent.
F&I revenues rose 19.8 percent on 19.1 percent more retail unit sales; gross profit per retail unit was a record-setting $1,223. Same Store F&I profit per retail unit grew to a record $1,345, an increase of $111.
SG&A expenses (adjusted) as a percent of gross profit improved 60 basis points to 74.8 percent, while Same Store SG&A (adjusted) as a percent of gross profit improved 90 basis points to 73.6 percent.
Operating margin (adjusted) on a Same Store basis improved 10 basis points to 3.5 percent.

“Overall, 2013 was a great year for Group 1 Automotive with total revenue growth of 19.3 percent and all-time record net income and earnings per diluted share,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “We made significant progress during the year with the completion of multi-year projects to consolidate U.S. transactional accounting and commonize key operating computer systems across all of our U.S. stores. We continued to deliver sector leading results in our parts and service and F&I operations and added approximately $1 billion in net acquisition revenue during the year. The combination of all these actions has Group 1 well positioned for another strong year in 2014.”




The following information was filed by Group 1 Automotive Inc (GPI) on Wednesday, February 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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