HOUSTON, April 7, 2020 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today announced that effective immediately, it is suspending its cash dividend and canceling its prior share repurchase authorization.
“Due to the dramatic impact of the COV-ID 19 pandemic on the auto retail market and the associated temporary displacement of so many of our valued employees, the Group 1 Automotive Board of Directors has decided to suspend the quarterly dividend and cancel our existing share repurchase authorization at this time,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “In addition, we have reviewed our planned capital expenditures and are making significant reductions to this year’s planned spending. These actions will further strengthen our balance sheet and provide additional resources during this period of market disruption,” added Hesterberg.
ABOUT GROUP 1 AUTOMOTIVE, INC.