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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 6, 2020

 

Group 1 Automotive, Inc.  

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

1-13461

76-0506313

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

800 Gessner, Suite 500

Houston, Texas 77024

 

77024

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 647-5700

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

GPI

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

                          Emerging growth company. 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition

 

On October 6, 2020, Group 1 Automotive, Inc., a Delaware corporation (the “Company”), issued a press release announcing its revised outlook for its expected earnings per diluted share for the third quarter ended September 30, 2020.

 

A copy of the press release is attached as Exhibit 99.1, the contents of which are incorporated in this Item 2.02 by reference.

 

As provided in General Instructions B.2. of Form 8-K, the information in this Item 2.02 (including the portion of the press release attached as Exhibit 99.1 incorporated by reference in this Item 2.02) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

 

Item 8.01 Other Events.

 

Additionally, on October 6, 2020, the Company announced that its Board of Directors approved a new common share repurchase in the amount of $200 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 also announced that it expects to reinstate a quarterly cash dividend following the mid-November 2020 meeting of its Board of Directors.

 

A copy of the press release announcing the share repurchase authorization and anticipated dividend reinstatement is attached hereto as Exhibit 99.1.

 

 

 

 

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit Index

 

Exhibit

Number

 

Description

 

 

 

99.1

 

Press Release of Group 1 Automotive, Inc., dated as of October 6, 2020.

 

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Group 1 Automotive, Inc.

 

 

 

 

Date: October 7, 2020

 

By:

/s/ Darryl M. Burman

 

 

 

Name:  Darryl M. Burman

 

 

 

Title: Sr. Vice President