(Source: MARKETWIRE)Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retailer, today reported that based on preliminary results, it expects 2009 third-quarter diluted earnings per share within a range of $0.68 to $0.72. This range excludes a one-time tax adjustment that is estimated to add approximately $0.07 per diluted share, gains on debt redemption of approximately $0.02 per diluted share and non-cash impairment charges primarily related to real estate holdings of approximately $0.02 per diluted share. Group 1 also announced conference call and webcast details for its third-quarter earnings release scheduled for Oct. 27.

"We remain on target with our cost-savings initiatives designed to save at least $120 million in 2009," said Earl J. Hesterberg, Group 1's president and chief executive officer. "These cost savings, combined with the hard work of our employees and substantial incremental new vehicle sales under the government's 'CARS' program, produced very strong quarterly results."

Group 1 is reviewing the impact of the quarter's results on its forecast and will address full-year guidance when the company announces its third-quarter earnings results on Oct. 27.

Third-Quarter Earnings Conference Call

Group 1 announced that it will release financial results for the third quarter ended Sept. 30, 2009, on Tuesday, Oct. 27, before market open. Earl J. Hesterberg, 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 a.m. ET.

The conference call will be simulcast live on the Internet at www.group1auto.com through the Investor Relations section. A replay will be available for 30 days.

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic: 877.795.3648
International: 719.325.4752
Participant Passcode: 8845933

A telephonic replay will be available following the call through Nov. 3 by dialing:

Domestic: 888.203.1112
International: 419.457.0820
Replay Passcode: 8845933

About Group 1 Automotive, Inc.

Group 1 owns and operates 98 automotive dealerships, 132 franchises, and 24 collision service centers in the United States and the United Kingdom that offer 31 brands of automobiles.