Group 1 Automotive Files 2024 10-K

TL;DR

GPI filed its 2024 10-K. All good.

AI Summary

Group 1 Automotive Inc. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Houston, TX, operates in the auto dealership and gasoline stations sector. This filing provides a comprehensive overview of the company's financial performance and business operations for the past fiscal year.

Why It Matters

This filing is crucial for investors and analysts to understand Group 1 Automotive's financial health, operational performance, and strategic direction for the year ended December 31, 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Players & Entities

• GROUP 1 AUTOMOTIVE INC (company) — Filer
• 730 TOWN & COUNTRY BOULEVARD (address) — Business and Mail Address
• HOUSTON (location) — City
• TX (location) — State
• 77024 (zip_code) — Zip Code
• 713-647-5700 (phone_number) — Business Phone
• 20241231 (date) — Fiscal Year End
• 20250214 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share GPI New York Stock Exchange

Filing Documents

• gpi-20241231.htm (10-K) — 2896KB
• a2024q4exhibit1028.htm (EX-10.28) — 124KB
• a2024q4exhibit1029.htm (EX-10.29) — 63KB
• a2024q4exhibit191.htm (EX-19.1) — 47KB
• a2024q4exhibit211.htm (EX-21.1) — 157KB
• a2024q4exhibit231.htm (EX-23.1) — 2KB
• a2024q4exhibit311.htm (EX-31.1) — 10KB
• a2024q4exhibit312.htm (EX-31.2) — 10KB
• a2024q4exhibit321.htm (EX-32.1) — 5KB
• a2024q4exhibit322.htm (EX-32.2) — 5KB
• gpi-20241231_g1.jpg (GRAPHIC) — 36KB
• gpi-20241231_g2.jpg (GRAPHIC) — 56KB
• gpi-20241231_g3.jpg (GRAPHIC) — 120KB
• 0001031203-25-000013.txt ( ) — 14949KB
• gpi-20241231.xsd (EX-101.SCH) — 93KB
• gpi-20241231_cal.xml (EX-101.CAL) — 162KB
• gpi-20241231_def.xml (EX-101.DEF) — 450KB
• gpi-20241231_lab.xml (EX-101.LAB) — 1045KB
• gpi-20241231_pre.xml (EX-101.PRE) — 796KB
• gpi-20241231_htm.xml (XML) — 2299KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22 Item 1C. C ybersecurity 22

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II 25

Market for Registrant Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

Management's Discussion and Analysis of Financial Condition and Results of Operation s

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation s 27

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 43

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44

Controls and Procedures

Item 9A. Controls and Procedures 44

Other Information

Item 9B. Other Information 47

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III 47

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 47

Executive Compensation

Item 11. Executive Compensation 47

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 47

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 47 PART IV 48

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 48

Form 10-K Summary

Item 16. Form 10-K Summary 52

SIGNATURES

SIGNATURES 53 i GLOSSARY OF DEFINITIONS The following are abbreviations and definitions of terms used within this report: Terms Definitions AOCI Accumulated other comprehensive income (loss) ASU Accounting Standards Update DMS Dealer management system EBITDA Earnings before interest, taxes, depreciation and amortization EPS Earnings per share EV Electric vehicle F&I Finance, insurance and other FASB Financial Accounting Standards Board FMCC Ford Motor Credit Company GBP British Pound Sterling () OEM Original equipment manufacturer PII Personally Identifiable Information PRU Per retail unit PSU Performance stock unit ROU Right-of-use RSA Restricted stock award RSU Restricted stock unit SEC Securities and Exchange Commission SG&A Selling, general and administrative SOFR Secured Overnight Financing Rate USD United States Dollar U.K. United Kingdom U.S. United States of America U.S. GAAP Accounting principles generally accepted in the U.S. 1 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Unless the context requires otherwise, references to "we," "us," "our", "Group 1" or the "Company" are intended to mean the business and operations of Group 1 Automotive, Inc. and its subsidiaries. This Annual Report on Form 10-K (this "Form 10-K") includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These forward-looking statements include, but are not limited to, statements concerning the Company's strategy, future operating performance, future liquidity and availability of financing, capital allocation, the completion of future acquisitions and divestitures, as well as the impact of cyberattacks or other privacy/data security incidents, business trends in the retail automotive industry, changes in regulations

Business

Item 1. Business General Group 1 Automotive, Inc. is a leading operator in the automotive retail industry. We sell and/or lease new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts retail and wholesale. We have operations in geographically diverse markets that extend across 17 states in the U.S. and 72 towns and cities in the U.K. As of December 31, 2024, our retail network consists of 145 dealerships and 27 collision centers in the U.S. and 114 dealerships and 12 collision centers in the U.K. Discontinued Operations Discontinued operations within the Consolidated Statements of Operations consists of activity associated with our Brazil operations, which were disposed of during the year ended December 31, 2022. Refer to Note 4. Discontinued Operations and Other Divestitures within the Notes to Consolidated Financial Statements for additional information regarding business dispositions. Unless otherwise specified, disclosures in this Form 10-K reflect continuing operations only. Dealership Operations Our new vehicle revenues include new vehicle sales and lease transactions, completed at our dealerships or via our digital platform, AcceleRide. We sell retail used vehicles directly to our customers at our dealerships and via AcceleRide and wholesale our used vehicles at third-party auctions. We sell replacement parts and provide both warranty and non-warranty maintenance and repair services at each of our franchised dealerships, as well as provide collision repair services at the 39 collision centers that we operate. We also sell parts to wholesale customers. Revenues from our F&I operations consist primarily of fees for arranging financing and selling vehicle service and insurance contracts in connection with the retail sale of a new or used vehicle. We offer a wide variety of third-party finance, vehicle service and insurance product