Latest news with #DarylKenningham
The Irish Sun
3 days ago
- Automotive
- The Irish Sun
Major car dealership group with more than 100 UK sites ‘threatens job losses' as firm blames Reeves' tax raids
A MAJOR car dealer giant with over 100 UK sites is planning job cuts despite reporting hefty profits. Group 1 Automotive will 'streamline' operations by cutting costs and axing duplicate roles. Advertisement 2 Group 1 Automotive UK has been restructuring its business since August last year Credit: Alamy The dealership doubled its gross profit in the first half of 2025, with sales soaring 94% - boosted by a stronger sales mix and improved aftersales operations, according to New car sales shot up 90% to 32,960 units, while used vehicle sales rose 89.5% to 41,580 units. Group 1's revenues skyrocketed from £1.18bn to £2.3bn in the first half of the year - with gross profit jumping 109.6% to a whopping £313m. The company also reported its UK gross margin improved from 12.6% to 13.6%. Advertisement Read more motors news This performance comes amid Group 1's ongoing restructuring efforts since August last year, which included integrating Inchcape UK's dealerships after a £346m deal last year. The shake-up is expected to put 370 jobs at risk as of the end of June this year, though exact numbers have yet to be confirmed. A spokesperson for Group 1 said: "In line with other retailers, we continue to face cost headwinds relating to tax increases announced in the last Budget, and in response we have identified opportunities to remove duplication, streamline processes and decentralise certain roles to drive efficiencies across the business." In the second quarter, Group 1 shut down two Mercedes-Benz dealerships as part of efforts to improve its UK portfolio. Advertisement Most read in Motors Breaking The group took a $7.6m (£6.1m) hit tied to layoffs and dealership closures, and has spent $18.7 million (£14m) so far this year on restructuring its UK operations. Daryl Kenningham, Group 1 president and CEO, said: 'The U.K. market continues to be challenging in terms of industry volumes and with BEV mandate-related margin pressures.' Watch Tesla test self-driving cars on London streets as it passes famous landmarks He added: 'Integration efforts are largely complete and most U.K. brands are performing to expectations, with positive momentum anticipated in the second half of the year. "SG&A leverage improvement remains a focus in the U.K., with room for further gains. Advertisement "We'll continue to pursue balanced growth while executing opportunistic share repurchases. "Additionally, we're actively reviewing underperforming stores and developing appropriate plans." US giant Group 1 Automotive runs one of the biggest car dealer networks in the UK. The UK division operates over 115 dealerships and employs more than 7,000 staff. Advertisement The group represents over 21 brands, including Audi, BMW, Citroën, Ford, Mercedes-Benz and Porsche. It comes as Group 1 recently Volkswagen Telford dealership - just months after shutting down three other sites. 2 Group 1 runs over 115 dealerships in the UK Credit: Getty - Contributor
Scottish Sun
3 days ago
- Automotive
- Scottish Sun
Major car dealership group with more than 100 UK sites ‘threatens job losses' as firm blames Reeves' tax raids
Group 1 shut down two Mercedes-Benz dealerships this quarter CUT OUT Major car dealership group with more than 100 UK sites 'threatens job losses' as firm blames Reeves' tax raids Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR car dealer giant with over 100 UK sites is planning job cuts despite reporting hefty profits. Group 1 Automotive will 'streamline' operations by cutting costs and axing duplicate roles. Sign up for Scottish Sun newsletter Sign up 2 Group 1 Automotive UK has been restructuring its business since August last year Credit: Alamy The dealership doubled its gross profit in the first half of 2025, with sales soaring 94% - boosted by a stronger sales mix and improved aftersales operations, according to Car Dealer Magazine. New car sales shot up 90% to 32,960 units, while used vehicle sales rose 89.5% to 41,580 units. Group 1's revenues skyrocketed from £1.18bn to £2.3bn in the first half of the year - with gross profit jumping 109.6% to a whopping £313m. The company also reported its UK gross margin improved from 12.6% to 13.6%. This performance comes amid Group 1's ongoing restructuring efforts since August last year, which included integrating Inchcape UK's dealerships after a £346m deal last year. The shake-up is expected to put 370 jobs at risk as of the end of June this year, though exact numbers have yet to be confirmed. A spokesperson for Group 1 said: "In line with other retailers, we continue to face cost headwinds relating to tax increases announced in the last Budget, and in response we have identified opportunities to remove duplication, streamline processes and decentralise certain roles to drive efficiencies across the business." In the second quarter, Group 1 shut down two Mercedes-Benz dealerships as part of efforts to improve its UK portfolio. The group took a $7.6m (£6.1m) hit tied to layoffs and dealership closures, and has spent $18.7 million (£14m) so far this year on restructuring its UK operations. Daryl Kenningham, Group 1 president and CEO, said: 'The U.K. market continues to be challenging in terms of industry volumes and with BEV mandate-related margin pressures.' Watch Tesla test self-driving cars on London streets as it passes famous landmarks He added: 'Integration efforts are largely complete and most U.K. brands are performing to expectations, with positive momentum anticipated in the second half of the year. "SG&A leverage improvement remains a focus in the U.K., with room for further gains. "We'll continue to pursue balanced growth while executing opportunistic share repurchases. "Additionally, we're actively reviewing underperforming stores and developing appropriate plans." US giant Group 1 Automotive runs one of the biggest car dealer networks in the UK. The UK division operates over 115 dealerships and employs more than 7,000 staff. The group represents over 21 brands, including Audi, BMW, Citroën, Ford, Mercedes-Benz and Porsche. It comes as Group 1 recently announced the closure of its Volkswagen Telford dealership - just months after shutting down three other sites.
Associated Press
07-07-2025
- Automotive
- Associated Press
Group 1 Automotive Schedules Release of Second Quarter 2025 Financial Results
HOUSTON, July 7, 2025 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ('Group 1" or the 'Company'), a Fortune 250 automotive retailer with 259 dealerships located in the U.S. and U.K., today announced that it will release financial results for the second quarter ended June 30, 2025 on Thursday, July 24, 2025 before the market opens. Daryl Kenningham, Group 1's President and Chief Executive Officer, and the Company's senior management team will host a conference call to discuss the results later that morning at 10:00 a.m. ET. The conference call will be simulcast live on the Internet at A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at The conference call will also be available live by dialing in 10 minutes prior to the start of the call at: A telephonic replay will be available following the call through July 31, 2025, by dialing: ABOUT GROUP 1 AUTOMOTIVE, INC. Group 1 owns and operates 259 automotive dealerships, 330 franchises, and 39 collision centers in the United States and the United Kingdom that offer 36 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts. Group 1 discloses additional information about the Company, its business, and its results of operations at and Investor contacts: Terry Bratton Manager, Investor Relations Group 1 Automotive, Inc. [email protected] Media contacts: Pete DeLongchamps Senior Vice President, Financial Services and Manufacturer Relations Group 1 Automotive, Inc. [email protected] Kimberly Barta Head of Marketing and Communications Group 1 Automotive, Inc. [email protected] or Jude Gorman / Clayton Erwin Collected Strategies [email protected] View original content: SOURCE Group 1 Automotive, Inc.
Yahoo
21-05-2025
- Automotive
- Yahoo
Group 1 Automotive Expands by Acquiring Three Luxury Brand Dealerships in Florida and Texas
Group 1 Automotive, Inc. (NYSE:GPI) has revealed plans to purchase three luxury brand shops in Florida and Texas: Mercedes-Benz, Acura, and Lexus. The acquisition is projected to bring in $330 million annually. A line of new and used cars in a large auto dealership's showroom. Group 1 Automotive, Inc. (NYSE:GPI) now has three dealerships in Southwest Florida because of the acquisition of the Lexus and Acura stores in Fort Myers, and it now has eight dealerships in the Austin area because of the purchase of Mercedes-Benz of South Austin. Following the completion of $3.9 billion in revenue acquisitions in 2024, the corporation now forecasts generating $430 million in acquired revenue for 2025. According to CEO Daryl Kenningham, the brands are "exceptional additions" to the firm's portfolio, which currently consists of 263 dealerships in the United States and the United Kingdom. Group 1 Automotive, Inc. (NYSE:GPI) also reported repurchasing 401,649 shares for $167.3 million at an average price of $416.62 per share so far this year, which furthers the company's commitment to capital returns. The purchases support the company's plan to expand its business in "cluster" markets with rapid development. Both Austin and Fort Myers, which are seeing fast economic and demographic growth, offer excellent prospects for high-margin luxury automobile sales. Group 1 Automotive, Inc. (NYSE:GPI)'s dual-track strategy of expansion through M&A and shareholder value through buybacks is supported by this action. The business has 335 franchisees and 39 collision centers in the United States and the United Kingdom, selling 35 automotive brands. It maintains shareholder returns through aggressive repurchase programs while seeking market expansion with high free cash flow. While we acknowledge the potential of GPI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GPI and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: Nike Restructures the Technology Division, Laying Off Some Employees and Alphabet's Waymo has Secured Approval to Expand its Driverless Ride-Hailing Service to San Jose. Disclosure: None. Sign in to access your portfolio
Yahoo
21-05-2025
- Automotive
- Yahoo
Group 1 Automotive Expands by Acquiring Three Luxury Brand Dealerships in Florida and Texas
Group 1 Automotive, Inc. (NYSE:GPI) has revealed plans to purchase three luxury brand shops in Florida and Texas: Mercedes-Benz, Acura, and Lexus. The acquisition is projected to bring in $330 million annually. A line of new and used cars in a large auto dealership's showroom. Group 1 Automotive, Inc. (NYSE:GPI) now has three dealerships in Southwest Florida because of the acquisition of the Lexus and Acura stores in Fort Myers, and it now has eight dealerships in the Austin area because of the purchase of Mercedes-Benz of South Austin. Following the completion of $3.9 billion in revenue acquisitions in 2024, the corporation now forecasts generating $430 million in acquired revenue for 2025. According to CEO Daryl Kenningham, the brands are "exceptional additions" to the firm's portfolio, which currently consists of 263 dealerships in the United States and the United Kingdom. Group 1 Automotive, Inc. (NYSE:GPI) also reported repurchasing 401,649 shares for $167.3 million at an average price of $416.62 per share so far this year, which furthers the company's commitment to capital returns. The purchases support the company's plan to expand its business in "cluster" markets with rapid development. Both Austin and Fort Myers, which are seeing fast economic and demographic growth, offer excellent prospects for high-margin luxury automobile sales. Group 1 Automotive, Inc. (NYSE:GPI)'s dual-track strategy of expansion through M&A and shareholder value through buybacks is supported by this action. The business has 335 franchisees and 39 collision centers in the United States and the United Kingdom, selling 35 automotive brands. It maintains shareholder returns through aggressive repurchase programs while seeking market expansion with high free cash flow. While we acknowledge the potential of GPI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GPI and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: Nike Restructures the Technology Division, Laying Off Some Employees and Alphabet's Waymo has Secured Approval to Expand its Driverless Ride-Hailing Service to San Jose. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
