Group 1 Automotive acquires two Lexus dealerships in CA with $350M annual revenue, updates buyback

GROUP 1 AUTOMOTIVE INC

Acquired Newport Lexus and Tustin Lexus in Orange County, CA; expected annual revenues of $350M.
Year-to-date 2024 acquired revenues reach $850M after $1.1B in 2023.
Repurchased 174,964 shares at avg $264.88 for $46.3M; $97M remains under authorization.
CEO cites strategic portfolio optimization via larger dealership acquisitions and opportunistic buybacks.

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