The board of directors at Group 1 Automotive approved a new share repurchase authorization of $500 million, and also declared a quarterly dividend.   

• Share Repurchase Authorization Increase
  The company announced that its board of directors increased the company’s common share repurchase authorization by $333 million to $500 million. Year-to-date 2024, the company repurchased 461,365 shares at an average price per common share of $298.49, for a total of $138 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.

• Quarterly Dividend
  Group 1’s board of directors also declared a $0.47 dividend per share that will be payable on Dec. 16, 2024, to stockholders of record as of Dec. 2, 2024.  The dividend is consistent with the company’s previously announced increase of 4% in its annualized dividend rate from $1.80 per share in 2023 to $1.88 per share in 2024.