The following is a summary of the Group 1 Automotive, Inc. (GPI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Group 1 Automotive reported Q1 2024 net income of $130 million and an EPS of $9.49.

• Achieved a total revenue of $4.5 billion, with parts and service revenue reaching an all-time high of $576.2 million.

• New vehicle unit sales in the U.S. were up 8% on a same-store basis and 14% on a reported basis.

• A slight decrease in finance and insurance (F&I) gross profit per unit was seen due to changes in customer demand and lender requirements.

• The company repurchased approximately 203,000 shares at an average price of $264.41, reducing their share count by 1.5% over the quarter.

Business Progress:

• Acquisition of Inchcape Retail will expand Group 1 Automotive's market reach and scale.

• There is a continued focus on investing in after-sales to differentiate the business.

• The company has balanced acquisitions and disposals with share repurchases.

• The company mentioned the implementation of standardized practices and resource allocation to sustain growth.

• Cost-saving measures were implemented in its U.K business throughout Q1 2024, with complete benefit expected in Q2.

• The company plans to continue with new acquisition stores, emphasizing its growth strategy through expansions.

• Sales of full-size pickup trucks were up year-over-year with a significant increase in Toyota sales indicating a favorable demand profile.

More details: Group 1 Automotive IR

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