Group 1 Automotive, Inc. (Form: 8-K)  

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   June 23, 2010

Group 1 Automotive, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 1-13461 76-0506313
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
800 Gessner, Suite 500, Houston, Texas   77024
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   713-647-5700

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed, effective February 1, 2009, Messrs. Hesterberg, Rickel, Burman and O'Hara, the Named Executive Officers ("NEO's") of Group 1 Automotive, Inc. (the "Company"), voluntarily agreed to reduce indefinitely the cash component of their compensation by 10%. Such compensation reduction was in connection with cost cutting measures undertaken at the Company in response to the economic climate and the downturn in the automotive industry.

On June 23, 2010, the Compensation Committee of the Board of Directors of the Company approved the reinstatement of the full salaries of the above-named NEO's, effective July 1, 2010.





Item 8.01 Other Events.

On June 23, 2010, the Company, announced that it was awarded a Mini franchise in Houston, Texas, and also announced the disposition of its Pines Ford Lincoln Mercury dealership in Pembroke Pines, Florida. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.





Item 9.01 Financial Statements and Exhibits.

99.1 Press Release of Group 1 Automotive, Inc., dated as of June 23, 2010.





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Group 1 Automotive, Inc.
          
June 23, 2010   By:   /s/ Darryl M. Burman
       
        Name: Darryl M. Burman
        Title: Vice President & General Counsel

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Exhibit Index


     
Exhibit No.   Description
 
99.1
  Press release of Group 1 Automotive, Inc., dated as of June 23, 2010.