<SEC-DOCUMENT>0001299933-18-000259.txt : 20180321
<SEC-HEADER>0001299933-18-000259.hdr.sgml : 20180321
<ACCEPTANCE-DATETIME>20180320173950
ACCESSION NUMBER:		0001299933-18-000259
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180319
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180321
DATE AS OF CHANGE:		20180320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GROUP 1 AUTOMOTIVE INC
		CENTRAL INDEX KEY:			0001031203
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				760506313
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13461
		FILM NUMBER:		18702764

	BUSINESS ADDRESS:	
		STREET 1:		800 GESSNER
		STREET 2:		SUITE 500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		713-647-5700

	MAIL ADDRESS:	
		STREET 1:		800 GESSNER
		STREET 2:		SUITE 500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_55973.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Group 1 Automotive, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	March 19, 2018
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	Group 1 Automotive, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	1-13461
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	76-0506313
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	800 Gessner, Suite 500, Houston, Texas
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	77024
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_________________________________<BR>
	(Address of principal executive offices)
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	713-647-5700
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT>
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Emerging growth company [&nbsp;&nbsp;]<br>
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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. [&nbsp;&nbsp;]<br>
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	Item 2.02 Results of Operations and Financial Condition.
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On March 19, 2018, Group 1 Automotive, Inc., a Delaware corporation, announced that first quarter earnings will be negatively affected by weak market conditions, including pressure on used car margins, as well as costs associated with a series of long-term, strategic investments designed to further strengthen the used vehicle, parts, and service components of its business. <br><br>A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated in this Item 2.02 by reference. As provided in General Instruction B.2. of Form 8-K, the information in this Item 2.02 (including the press release attached as Exhibit 99.1 and incorporated by reference in this Item 2.02) is deemed to be "furnished" solely pursuant to Item 2.02 of this report and 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.
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	Item 9.01 Financial Statements and Exhibits.
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99.1 Press release of Group 1 Automotive, Inc., dated as of March 19, 2018.
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	Exhibit&nbsp;Index
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	Exhibit No.
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	99.1
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	&nbsp;
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<A HREF="exhibit1.htm" >
Press release of Group 1 Automotive, Inc., dated as of March 19, 2018.
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	SIGNATURES
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	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 hereunto duly authorized.
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	Group 1 Automotive, Inc.
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	March 20, 2018
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	By:
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	/s/ John C. Rickel
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	Name: John C. Rickel
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	Title: Sr. Vice President & Chief Financial Officer
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt">
</FONT>

<P align="right" style="font-size: 12pt"><B>Exhibit&nbsp;99.1</B>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><img src="e44378-1879105429748681ac_1.jpg">
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><I>FOR IMMEDIATE RELEASE</I>
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 14pt"><B>Group 1 Announces Market Conditions and Costs Associated with Strategic Initiatives Will
Negatively Impact First Quarter Results</B>
</FONT><BR>
<FONT style="font-size: 12pt"><B>Initiatives Include Investments in Used Car and Service Businesses</B>
</FONT>

<P align="left" style="font-size: 12pt"><B>HOUSTON, TEXAS &#150; March&nbsp;19, 2018 </B>&#150; /PRNewswire/ &#150; Group 1 Automotive, Inc. (NYSE: GPI), (&#147;Group 1&#148;
or the &#147;Company&#148;), an international, Fortune 500 automotive retailer, today announced that first
quarter earnings will be negatively affected by weak market conditions, including pressure on used
car margins, as well as costs associated with a series of long-term, strategic investments designed
to further strengthen the used vehicle, parts, and service components of its business. The
strategic investments include: (1)&nbsp;the introduction of Val-U-Line, a proprietary brand for high
mileage pre-owned vehicles; and (2)&nbsp;enhancements to aftersales and retention programs for critical
dealership employees.


<P align="left" style="font-size: 12pt">According to Group 1&#146;s chief executive officer Earl Hesterberg, &#147;Based on a strategic review of our
operations, we have reaffirmed that our used vehicle and aftersales segments are the key elements
of our business model, which need to be strengthened to compete more effectively in the auto retail
environment as it continues to evolve in the future. The recent peak in the new vehicle market in
both the U.S. and U.K. and the flood of nearly-new and off-lease used vehicles into these markets
are applying significant pressure to our margins, which require that we seek additional used car
and service volume to compensate. To set us on that path, we have made the conscious decision to
make some significant upfront investments to support our long-term strategies.&#148;


<P align="left" style="font-size: 12pt">To support these targeted growth areas, the Company is taking a series of actions, including
expansion of used vehicle sales within its existing facility footprint and a variety of investments
in dealership employees and technology.


<P align="left" style="font-size: 12pt">In the first quarter, as a part of its used vehicle initiatives, Group 1 launched Val-U-Line, a
proprietary brand for older model, higher mileage pre-owned vehicles. Val-U-Line targets a growing
customer demand and enables the Company to retail lower cost units that would have otherwise been
sent to the auction. With an all-new internal online buying center, an upgraded internal auction
capability, and a new transportation infrastructure, Group 1 expects the Val-U-Line brand to
capitalize on the Company&#146;s scale, provide incremental volume and grow to represent 10&nbsp;percent of
the Company&#146;s used car business. As part of this initiative, the Company has significantly enhanced
the used vehicle compensation structure and opportunities for its sales associates. While there
will be increased costs associated with these changes, the Company expects to benefit from
increased productivity and retention over time. To support the launch and integration of
Val-U-Line, the Company has added a used car director and functional support team at the corporate
level.


<P align="left" style="font-size: 12pt">Group 1 U.S. president Daryl Kenningham commented, &#147;We believe that we have significant upside to
our used vehicle sales volume by better leveraging our existing dealership locations. We have
become preoccupied with marketing service loan and off-lease vehicles and have neglected the higher
mileage spectrum of the used vehicle market. As we deploy the Val-U-Line brand within our U.S.
operations, we will evaluate the strength and success of this model for strategic replication in
our U.K. market where similar opportunities may exist.&#148;


<P align="left" style="font-size: 12pt">In regards to the aftersales and employee retention initiatives, Hesterberg commented, &#147;One of the
major challenges and obstacles to improving our dealership performance is the difficulty in hiring
and retaining a high percentage of our key dealership customer facing service advisors and skilled
technicians. Therefore, we have taken some aggressive steps in work scheduling for many of these
critical professionals, which will incur some significant incremental near-term cost, but should
allow us to meaningfully increase sales volumes and customer satisfaction in the long-term.&#148;


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11.5pt">To support additional parts and service growth, the Company has also enhanced service
personnel compensation. This includes an increase to the fixed component of service advisor pay,
the creation of a well-defined path for career advancement, and the roll out of a new, flexible
work schedule featuring substantially more days off over the course of a year to attract and retain
talented service advisors and technicians. </FONT><FONT style="font-size: 12pt">Additional actions include the finalization of an
in-house Service Advisor University dedicated to training the Company&#146;s more than 800 U.S. customer
service personnel.
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 11.5pt">Hesterberg added, &#147;While these actions are putting near-term pressure on our financial
results, we believe they are necessary to better position the Company for future growth, as well as
prepare us for the potential ongoing evolution in the automotive retailing space. </FONT><FONT style="font-size: 12pt">In addition
to the cost of the previously announced employee bonus of $500 that will add $2.9&nbsp;million to first
quarter 2018 costs, we estimate the total cost of these strategic initiatives will add
approximately $3&nbsp;million to our costs in each of the first and second quarters of 2018. When
coupled with a recent tightening in market conditions in both the U.S. and U.K., which includes
pressure on used vehicle margins in the U.S. that have declined approximately $200 per unit in the
first two months, the combined effect is expected to negatively impact our first quarter earnings.&#148;
</FONT>

<P align="left" style="font-size: 12pt">The Company will further detail these investments and initiatives during the upcoming Bank of
America Merrill Lynch 2018 Auto Summit in late March, as well as the first quarter 2018 earnings
results teleconference on April&nbsp;26, 2018.


<P align="left" style="font-size: 12pt"><U><B><I>About Group 1 Automotive, Inc.</I></B></U>
<BR>
<I>Group 1 owns and&nbsp;operates 180&nbsp;automotive dealerships, 238&nbsp;franchises, and 48&nbsp;collision
centers&nbsp;in&nbsp;the&nbsp;United States, the&nbsp;United Kingdom&nbsp;and&nbsp;Brazil&nbsp;that offer 32 brands of automobiles.
Through its dealerships, the Company sells new and used cars and light trucks; arranges related
vehicle financing; sells service contracts; provides automotive maintenance and repair services;
and sells vehicle parts.</I>


<P align="left" style="font-size: 12pt"><I>Investors please visit </I><U><I>www.group1corp.com</I></U><I>, </I><U><I>www.group1auto.com</I></U><I>,</I>
<U><I>www.group1collision.com</I></U><I>, </I><U><I>www.facebook.com/group1auto</I></U><I>, and</I>
<U><I>www.twitter.com/group1auto</I></U><I>, where Group 1 discloses additional information about the
Company, its business, and its results of operations.</I>


<P align="left" style="font-size: 12pt"><U><B><I>FORWARD-LOOKING STATEMENTS</I></B></U>
<BR>
<I>This press release contains &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding our business, the economy and
other future conditions. In this context, the forward-looking statements often include statements
regarding our strategic investments, goals, plans, projections and guidance regarding our financial
position, results of operations, business strategy, and often contain words such as &#147;expects,&#148;
&#147;anticipates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;seeks,&#148; &#147;should,&#148; &#147;foresee,&#148; &#147;may&#148; or &#147;will&#148; and
similar expressions. While management believes that these forward-looking statements are reasonable
as and when made, there can be no assurance that future developments affecting us will be those
that we anticipate. Any such forward-looking statements are not assurances of future performance
and involve risks and uncertainties that may cause actual results to differ materially from those
set forth in the statements. These risks and uncertainties include, among other things, (a)&nbsp;general
economic and business conditions, (b)&nbsp;the level of manufacturer incentives, (c)&nbsp;the future
regulatory environment, (d)&nbsp;our ability to obtain an inventory of desirable new and used vehicles,
(e)&nbsp;our relationship with our automobile manufacturers and the willingness of manufacturers to
approve future acquisitions, (f)&nbsp;our cost of financing and the availability of credit for
consumers, (g)&nbsp;our ability to complete acquisitions and dispositions and the risks associated
therewith, (h)&nbsp;foreign exchange controls and currency fluctuations, and (i)&nbsp;our ability to retain
key personnel. For additional information regarding known material factors that could cause our
actual results to differ from our projected results, please see our filings with the SEC, including
our Annual Report on </I><I>Form 10-K</I><I>, Quarterly Reports on </I><I>Form 10-Q</I><I> and Current Reports on </I><I>Form 8-K</I><I>.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only
as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking
statements after the date they are made, whether as a result of new information, future events or
otherwise.</I>


<P align="left" style="font-size: 12pt"><B>Investor contacts:</B>
<BR>
Sheila Roth
<BR>
Manager, Investor Relations
<BR>
Group 1 Automotive, Inc.
<BR>
713-647-5741 |&nbsp;sroth@group1auto.com


<P align="left" style="font-size: 12pt"><B>Media contacts:</B>
<BR>
Pete DeLongchamps
<BR>
Senior V.P. Manufacturer Relations, Financial Services and Public Affairs
<BR>
Group 1 Automotive, Inc.
<BR>
713-647-5770 |&nbsp;pdelongchamps@group1auto.com
<BR>
or
<BR>
Clint Woods
<BR>
Pierpont Communications, Inc.
<BR>
713-627-2223 |&nbsp;cwoods@piercom.com



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
