GPI - Group 1 Automotive acquires Toyota Dealership in Austin Texas

Group 1 Automotive (GPI -0.9%) announced the acquisition of Charles Maund Toyota in Austin, Texas; dealership will be renamed Toyota of North Austin. This adds to the company's strong portfolio of 13 franchises in the fast-growing Central Texas market area consisting of Austin and San Antonio. This dealership is expected to generate $435M in annual revenues and marks its 16th Toyota store in the company's U.S. portfolio. "...current financial position allows us to continue to return capital to shareholders, as evidenced by our YTD repurchase of 390,201 shares at an average price of $177.53, for a total of $69.3M, which represents over 2% of our beginning of the year outstanding share count," President and CEO Earl J. Hesterberg commented.

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Group 1 Automotive acquires Toyota Dealership in Austin, Texas