Group 1 board OKs $50 million stock repurchase program
Reprints
Print
Respond
Group 1 Automotive Inc. announced today that its board of directors has authorized a $50 million stock repurchase program.
Group 1 spent $11.3 million on share repurchases during the second quarter, buying 241,991 shares of common stock at an average price of $46.75. The new $50 million program replaces any amount remaining under the prior repurchase program as of June 30.
Group 1, the nation’s fourth-largest dealership group, said it expects to use cash from operations for any repurchase of shares made through the program.
Earlier this year, Group 1 CEO Earl Hesterberg said acquiring dealerships is the retailer’s top priority for its cash. But finding acquisitions that fit the company’s return-on-investment criteria has been challenging.
“It’s still very difficult,” Hesterberg said in February. “You look at an incredible number of opportunities to find one.”
You can reach Amy Wilson at awilson@crain.com.
