Group 1 Automotive reports Q1 2026 earnings with cost reduction program

Group 1 Automotive reported first-quarter revenues of $5.4 billion on April 30, 2026. The large US and UK car dealer made an adjusted net income of $104 million. Sales of new vehicles fell compared to the same period last year. Bad weather also forced some US service centres to close temporarily, which cut gross profit by $7 million.

To reduce costs, the company has cut nearly 700 full-time jobs in the US. It has also launched a $50 million programme to lower operating expenses. These steps reflect pressure across the car retail industry, where many buyers are struggling with affordability. Separately, Daniel McHenry will become President and CEO of the company's UK business on May 19, 2026.