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Exhibit 99.1 GROUP 1 AUTOMOTIVE® FOR IMMEDIATE RELEASE Group 1 Automotive Announces Record Third Quarter 2021 Financial Results • Record Quarterly EPS of $ 9.33 • Total Revenues Increase 15 % HOUSTON , TX , October 28 , 2021 - Group 1 Automotive , Inc. ( NYSE : GPI ) , ( “ Group 1 " or the " Company " ) , an international , Fortune 500 automotive retailer , with 191 dealerships located in the U.S. , U.K. , and Brazil , today reported an all - time record third quarter 2021 ( “ current quarter ” ) net income per diluted share of $ 9.33 , a 36.5 % increase from $ 6.83 per diluted share as reported for third quarter 2020 ( “ prior year quarter ” ) . Current quarter adjusted net income per diluted share ( a non - GAAP measure ) was an all - time quarterly record of $ 9.62 , a 38.0 % increase from $ 6.97 adjusted net income per diluted share for the prior year quarter , and an increase of 219.1 % over the pre - pandemic third quarter of 2019. Current quarter net income was $ 172.1 million , a 36.1 % increase compared to net income of $ 126.4 million in the prior year quarter . Current quarter adjusted net income ( a non - GAAP measure ) was $ 177.5 million , a 37.6 % increase compared to adjusted net income of $ 129.0 million for the prior year quarter . The Company's current quarter total revenues were $ 3.5 billion , a 15.4 % increase compared to total revenues of $ 3.0 billion in the prior year quarter . " Continued strong vehicle margins , further improvement in our service volume , and diligent cost control delivered this quarter's impressive results , ” said Earl J. Hesterberg , Group 1's President and Chief Executive Officer . “ We continue to sell most new vehicles almost immediately upon manufacturer delivery . Assuming no material change in consumer demand , this dynamic should continue throughout the fourth quarter and into 2022. In addition to the recently announced dealership acquisition in the Dallas and Sacramento markets , we remain on track to close the purchase of the Prime Auto Group in November . " Current quarter adjusted net income and diluted earnings per share excluded net after - tax adjustments of $ 5.4 million , or $ 0.29 per common share , related to a loss on debt extinguishment of $ 3.8 million , or $ 0.21 per common share ; acquisition costs of $ 3.4 million , or $ 0.18 per common share ; an asset impairment charge of $ 1.3 million , or $ 0.07 per common share ; and hurricane related losses of $ 0.4 million or $ 0.02 per common share . These adjustments were partially offset by favorable legal settlements of $ 2.9 million , or $ 0.16 per common share ; and a non - cash gain associated with certain interest rate swaps of $ 0.7 million , or $ 0.04 per common share . Prior year quarter adjusted net income and diluted earnings per share excluded a net after - tax adjustment related to a loss on debt redemption of $ 2.6 million , or $ 0.14 per common share . Reconciliations of non - GAAP financial measures are included in the attached financial tables . Certain disclosures may not compute due to rounding . Consolidated Operating Highlights for Current Quarter ( year - over - year comparable basis ) Reported : • Total revenues increased 15.4 % , to $ 3.5 billion . • Total gross profit increased 27.6 % , to $ 653.2 million . • New vehicle revenues only decreased 0.3 % , despite an 11.9 % decline in units sold , driven by an increase in gross profit per retail unit ( PRU ) of 91.8 % , to $ 4,773 . Used vehicle retail revenues increased 44.0 % , driven by a 12.8 % increase in units sold , and an increase in used vehicle retail gross profit PRU of 23.0 % , to $ 2,279 . • Parts and service gross profit increased 12.3 % , on a 13.8 % increase in revenue . • • Finance and Insurance ( F & I ) gross profit PRU increased 13.9 % , to $ 1,885 . Selling , General and Administrative ( SG & A ) expenses as a percentage of gross profit decreased 77 basis points , to 59.0 % . Adjusted SG & A expenses ( a non - GAAP measure ) as a percentage of gross profit decreased 96 basis points , to 58.8 % . 1