Group 1 Automotive, the nation's fourth-largest dealership, raised its quarterly cash dividend by 6 percent, or 1 cent per share.
The company's board of directors declared a cash dividend of 17 cents per share for the second quarter, which will be payable on Sept. 16 to stockholders of record as of Sept. 2, Group 1 said today. With more than 24 million shares outstanding, Group 1 will pay out roughly $4 million in cash dividends, about $240,000 more than in the previous quarter.
"Based on Group 1's record-setting financial results, the board of directors is pleased to reward the company's shareholders with another dividend increase," Group 1 CEO Earl J. Hesterberg said in a statement.
Group 1 Automotive Inc. sold an estimated 128,550 new-vehicle retail units in 2012, according to the Automotive News list of the top 125 dealership groups in the United States.