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Group 1 Automotive (NYSE: GPI)Q4 2019 Balance CallFeb 05, 2020, 10:00 a.m. ET

Operator

Good morning, ladies and gentlemen. Acceptable to Group 1 Automotive’s 2019 fourth-quarter and full-year banking after-effects appointment call. Amuse be brash that this alarm is actuality recorded. I would now like to about-face the alarm over to Mr.

Pete DeLongchamps, Group 1’s arch carnality admiral of architect relations, banking casework and accessible affairs. Amuse go ahead, Mr. DeLongchamps.

Pete DeLongchamps — Arch Carnality Admiral of Architect Relations, Banking Services, and Accessible Affairs

Thank you, Chad. And acceptable morning, everyone. And acceptable to today’s call. The balance absolution we issued this morning and the accompanying accelerate presentation that accommodate reconciliations accompanying to the adapted after-effects we will accredit to on this alarm for allegory purposes accept been acquaint to Group 1’s website.

Before we begin, I’d like to accomplish some abrupt animadversion about advanced statements and the use of non-GAAP banking measures. Except for absolute advice mentioned during the appointment call, statements fabricated by administration of Group 1 Automotive are advanced statements that are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Reform Act of 1995. Advanced statements absorb both accepted and alien risks and uncertainties, which may account the company’s absolute after-effects in abutting periods to alter materially from forecasted results. Those risks include, but are not bound to, risks associated with pricing, aggregate and the altitude of markets.

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Those and added risks are declared in the company’s filings with the Securities and Exchange Commission over the aftermost 12 months. Copies of these filings are accessible from both the SEC and the company. In addition, assertive non-GAAP banking measures as authentic beneath SEC rules may be discussed on this call. As appropriate by applicative SEC rules, the aggregation provides reconciliations of any such non-GAAP banking measures to the best anon commensurable GAAP measures on its website.

Participating today on the call, Earl Hesterberg, our admiral and arch controlling officer; John Rickel, our arch carnality admiral and arch banking officer; Daryl Kenningham, our admiral of U.S. operations and Brazilian operations; and Michael Welch, our carnality admiral and accumulated controller. Amuse agenda that all comparisons in the able animadversion are to the aforementioned above-mentioned period, unless contrarily stated. I’d now like to about-face the alarm over to Earl.

Earl Hesterberg — Admiral and Arch Controlling Officer

Thank you, Pete. And acceptable morning, everyone. 2019 was a almanac year for Group 1 Automotive. Admitting a weaker new agent industry in both of our key markets, we were able to accomplish almanac adapted net assets of $203.6 actor and almanac adapted balance per allotment of $10.93 per allotment by apperception on areas of the business breadth we apply greater control: acclimated vehicles, genitalia and service, F&I and cost.

Our adapted net assets cardinal represented a 13.4% access in our adapted balance per allotment performance, a 22.7% access over aftermost year. This able achievement was apprenticed by our U.S. operations. On a full-year, same-store basis, we grew acclimated retail assemblage sales by 8.4% and afterwards sales gross accumulation by 9.5%, two arresting numbers.

Along with a 4% access in F&I penetration, this collection an all-embracing access of 8% in absolute same-store gross profit. At the aforementioned time, we maintained acceptable amount conduct in the U.S., as apparent by our 70-basis-point abatement in adapted same-store SG&A as a percent of gross profit. Our able U.S. achievement was able to affected the austere challenges presented by Brexit ambiguity in the U.K.

market aftermost year. New and acclimated agent allowance declines of about 15% in the U.K. aftermost year were the aftereffect of anemic all-embracing appeal in the bazaar and balance supply. We additionally suffered from accumulation shortages of key models in our bigger business, Audi, due to the latest annular of new agent emissions regulations impacting the OEM accumulation chain.

However, we’re optimistic about the U.K. bazaar in 2020 as the new and acclimated allowance declines bigger to about 4% in the fourth quarter. The Audi accumulation alternation issues are mostly resolved. And we’ve apparent added bottom cartage in abounding of our food afterward the December 12 accepted election.

We’re additionally optimistic that our 2019 cost-cutting efforts will pay allowances in 2020. In Brazil, the auto bazaar connected to balance in 2019. We were able to access same-store acclimated agent gross accumulation by 17% and after-sales gross accumulation by 8.2% in bounded bill for the abounding year. This is affirmation of continuing maturation of this business.

Daryl will accommodate some added detail on both our U.S. and Brazilian performances shortly. Attractive at the abounding year in total, we awash about 170,000 new cartage and 160,000 acclimated vehicles, which collection almanac revenues of $12 billion. We were additionally able to aggrandize our all-embracing gross margin, while added abbreviation SG&A as a percent of gross profit, which was the key to accomplishing the almanac adapted balance per allotment of $10.93, which I mentioned earlier.

Turning to our fourth-quarter results. During the quarter, we retailed over 43,000 new vehicles. Absolute circumscribed new agent revenues added 7% on a constant-currency basis, apprenticed by a 4% access in boilerplate affairs amount and a 3% access in retail assemblage sales. Additionally, our U.S.

new agent same-store assemblage sales added 2.5%, which outperformed the all-embracing retail market. Our new assemblage sales geographic mix was 74% U.S., 20% U.K. and 6% Brazil. Our new agent cast mix was led by Toyota and Lexus sales, which accounted for 25% of our new units; VW and Audi represented 15%; BMW and Mini represented 12%; Honda and Acura 11% and Ford represented 10% of our new assemblage sales.

During the quarter, we additionally retailed over 38,000 acclimated units. Absolute circumscribed acclimated agent revenues grew 8% and gross accumulation added 13% on a constant-currency basis, apprenticed by connected able achievement in the U.S. and Brazil. An 8% U.S.

same-store assemblage aggregate increase, while accretion our per assemblage retail margins by 5% is accession actual absorbing achievement by the U.S. operating team. And as I mentioned previously, this advance did not appear at the amount of our new agent sales. Absolute circumscribed after-sales acquirement added 7% on a constant-currency basis, apprenticed by increases in chump pay of 11%, blow of 11%, broad genitalia of 3% and assurance of 1%.

Gross allowance amplification of 150 base credibility helped access our absolute circumscribed after-sales gross accumulation by 10% on a constant-currency basis. And our U.S. same-store after-sales gross accumulation advance of 12% was an best aggregation record. Finance and allowance gross accumulation added 5% on a circumscribed constant-currency basis.

This advance was apprenticed by a able access in U.S. penetration, as able-bodied as absolute retail assemblage advance of 5%. Apropos our geographic articulation results, I’d like to about-face the alarm over to Daryl Kenningham to altercate our U.S. and Brazil anniversary after-effects afore I awning the U.K.

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

Thank you, Earl. We were actual admiring with our almanac fourth-quarter achievement in the U.S. Due to able advance in acclimated vehicles, F&I and afterwards sales, we were able to accomplish a 9% access in absolute same-store gross accumulation for the third afterwards quarter. During the quarter, our new agent same-store assemblage sales grew by 2.5%, while the industry was bottomward 2.1%.

The new agent sales access did not appear at the amount of use aggregate as our same-store acclimated retail assemblage sales grew 8%, and we are additionally able to aggrandize our margins by $40 per unit. The about-face of added business to the retail channel, forth with our afresh implemented big data-driven appraisement strategies accept been analytical in active acclimated agent gross accumulation growth, which was up 12% over above-mentioned year on a same-store basis. As we attending advanced to 2020, our focus will be on connected advance of the amount band initiative, advance in blurred discounts off of advertised appraisement and added development of bigger sourcing alternatives. Our anniversary after-sales acquirement grew by 8% on a same-store basis, and gross accumulation added by 12%, which again, was an best almanac for the company.

Same-store chump pay and blow gross accumulation both added 13% with assurance up 5% and broad genitalia gross of 4%. We’ve implemented our four-day assignment anniversary in 75 food and are captivated with the results. It is active bigger agent retention, and we’ve added our same-store headcount by over 300 technicians in 2019, a 13% increase. Attractive advanced to 2020, we would apprehend absolute after-sales advance to abide to aggrandize by at atomic mid distinct chiffre rates.

F&I assets per retail assemblage for the division added $57 per assemblage to $1,835, apprenticed by able artefact assimilation and assets per arrangement increases. Full-year U.S. F&I PRU was $1,782. And we apprehend 2020 to already afresh be in the $1,750 to $1,800 range.

Turning to an amend on our agenda efforts. The AcceleRide platform, our online bartering initiative, is now in all of our U.S. dealerships, and we abide admiring with the traffic, gross margins and chump feedback. During the quarter, over 2,100 barter acclimated AcceleRide as a apparatus in their agent purchase, up from 600 in the aboriginal division of 2019.

And the AcceleRide closing ante are pacing at added than bifold our added resources. We attending advanced to added improvements in AcceleRide in 2020. In addition, our omni-channel efforts and afterwards sales are continuing. Chump scheduling account accessories online grew 15% against Q4 of 2018.

And in December 2019, about 29% of our account accessories were fabricated online. Our trends in agenda cartage additionally connected on a actual absolute clue as absolute website visits added 27%, and amoebic visits added 19%, both accurate by our acceptability administration and SEO initiatives. Lastly, our aggregation was able to advantage adapted SG&A by 200 base credibility from 71.4% bottomward to 69.4% We advanced continuing to advantage SG&A as we access gross accumulation from our acclimated and after-sales efforts. In Brazil, we generated actual able year-over-year bottom-line advance abaft absorbing acclimated vehicle, after-sales and SG&A performance.

Same-store acclimated agent gross accumulation added 13% on a constant-currency basis, abundantly apprenticed by the connected efficiencies from our centralized appraisement debt initiative. Brazil after-sales gross accumulation added 10% on a same-store local-currency basis, apprenticed by an access in artisan headcount of 11%. Finally, our bounded aggregation delivered on our amount abridgement initiatives and bargain SG&A by 380 base credibility to 77.8%. We attending advanced to connected advance in 2020 as we added apparatus U.S.

learnings into our Brazilian business and account from the backlash in new agent industry sales environment. I will now about-face the alarm aback over to Earl.

Earl Hesterberg — Admiral and Arch Controlling Officer

Thanks, Daryl. As we advanced mentioned, bazaar altitude in the U.K. abide actual arduous in the fourth quarter, primarily acquired by continuing Brexit overhang. The absolute new agent industry was bottomward about 2% for the quarter, but we were able to access same-store new agent sales by 4.8% and acclimated agent sales by 3.5%.

New agent bazaar burden additionally resulted in connected bottomward burden on agent margins as we saw same-store gross accumulation per retail assemblage declines of 6% for new cartage and 4% for acclimated cartage on a constant-currency basis. As I acclaimed earlier, anon afterward the acclamation aftereffect in mid-December, we accept noticed an uptick in new agent inquiries and orders. Importantly, we are seeing that advance abide in January, so we are somewhat optimistic about the U.K. bazaar in 2020.

I’ll now about-face the alarm over to our CFO, John Rickel, to go over some of our banking after-effects in added detail.

John Rickel — Arch Carnality Admiral and Arch Banking Officer

Thank you, Earl. And acceptable morning, everyone. For the fourth division of 2019, our adapted net assets added $12.5 actor or 28.6% over our commensurable 2018 after-effects to a fourth-quarter almanac of $56.3 million. These 2019 adapted anniversary after-effects exclude $8.2 actor of net afterwards tax charges, added than explained by $8.8 actor of noncash asset impairments, primarily consistent from our anniversary allotment appraisal modeling.

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On a absolutely adulterated per-share basis, adapted balance added 30.3% to $3.01, a fourth-quarter record. Attic plan absorption amount decreased by $1.9 actor or 12% from above-mentioned year to $14.6 million, primarily explained by lower U.S. absorption rates. We should abide to see a year-over-year account from lower ante in the aboriginal three abode of 2020.

Other absorption amount added by $600,000 or 3% from the above-mentioned year to $19 million, primarily absorption college accretion band borrowings. Our circumscribed adapted able tax amount for the fourth division was 23.5%, bringing our 2019 full-year adapted amount to 23%. This would be our asperous apprehension for 2020 as well. Turning to our circumscribed clamminess and basic structure.

As of December 31, we had $24 actor of banknote on duke and accession $111 actor that was invested in our attic plan-offset accounts, bringing absolute banknote clamminess to $135 million. In addition, there was $265 actor of added borrowing accommodation on our U.S. amalgamated accretion line, bringing absolute actual clamminess to $400 million. Our U.S.

credit ability hire adapted advantage arrangement decreased to 3.26 times at the end of the fourth quarter, abrogation affluence of adaptability for basic deployment. During the fourth quarter, we acclimated $5.5 actor to pay assets of $0.29 per share, which is currently an annualized crop of about 1.1%. We additionally repurchased 163,000 shares of our accepted banal at an boilerplate amount of $98.28 per allotment during December and January for a absolute of $16.1 million. We accept $58.9 actor of our lath allotment remaining.

Total capex for 2019 came in at $95 million, and we’re targeting $125 actor or beneath for 2020. For added detail apropos our banking condition, amuse accredit to the schedules of added advice absorbed to the account release, as able-bodied as the broker presentation acquaint on our website. I will now about-face the alarm aback over to Earl.

Earl Hesterberg — Admiral and Arch Controlling Officer

Thanks, John. Accompanying to our accumulated development efforts, as advanced announced, in the fourth quarter, we purchased two Lexus dealerships in New Mexico and opened a Jaguar/Land Rover dealership in Northwest London. For the full-year 2019, we acquired 15 franchises that will accomplish about $430 actor in revenues. We additionally disposed off 12 franchises that generated $240 actor in abaft 12-month revenues.

Finally, afore I about-face the alarm over to the abettor for your questions, let me amend our bazaar angle for 2020. For the U.S., we apprehend to afresh see a slight pullback in the all-embracing new agent industry. Absolute new agent sales in 2019 came in at 17 actor units, and we’re anticipating about a 2% abatement in 2020 to about 16.7 actor units. For the U.K., the new agent industry beneath 2% in 2019 to 2.3 actor units.

We apprehend the 2020 industry to abound in the low distinct digits to about 2.4 actor units as the industry recovers from emissions legislation-related accumulation shortages, and as we see the overhang from Brexit assuredly alpha to ease. And for Brazil, the bazaar bigger by about 8% in 2019 to about 2.7 actor units. Given the absolute signals we abide to see in the economy, we apprehend this trend to abide with an access of accession 5% or so to about 2.8 actor units. In this environment, we abide assured that we can abide to abound earnings.

We see opportunities to added abound after-sales and acclimated cartage in all three markets. In accession with the close administration for Brexit, we accept cogent improvements are accessible from our U.K. operations. This concludes our able remarks.

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I will now about-face the alarm over to the abettor to activate the question-and-answer session. Operator?

Operator

Thank you. [Operator instructions] And the aboriginal catechism will appear from John Murphy with Bank of America. Amuse go ahead.

Yarden Amsalem — Bank of America Merrill Lynch — Analyst

Good morning, guys. This is Yarden on for John. Aboriginal question, on the attic plan absorption expense. Given it was abundant slower this quarter, was this a action of lower rates? Or are there any specific accomplishments you’re demography in agreement of account administration or maybe with commodity else?

John Rickel — Arch Carnality Admiral and Arch Banking Officer

Yeah. This is John Rickel. The aggregation has done a acceptable job of managing the inventory, but it’s basically affectionate of collapsed on a year-over-year basis. So the advance is all basically attributed to lower U.S.

LIBOR rates, as the Fed has cut rates. So we advanced that that will abide into 2020, at atomic for the aboriginal three quarters.

Yarden Amsalem — Bank of America Merrill Lynch — Analyst

OK, great. And again for the acclimated agent business, can you maybe allocution about the key drivers of the advance in the margins? And to what admeasurement was that impacted by amount line?

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

Daryl Kenningham here. One breadth of cogent focus for us is we amount our cartage to the bazaar from the day that they are accessible for sale. And in concert with that, we try to absolute the discounts that we action afterward that. So the bigger you amount your cartage to bazaar and again the beneath discounts you offer, the bigger your gross accumulation is, and we saw some advance in that during the quarter.

We abide to assignment on sourcing efforts. And that’s a around-the-clock focus for us as well. Those were two of the beyond drivers in that gross accumulation advance in the U.S.

Yarden Amsalem — Bank of America Merrill Lynch — Analyst

OK. And again aloof a quick follow-up. Given how able-bodied Val-U was accomplishing for you guys aftermost year, would you accede accretion it to added regions as well?

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

Expanding what to added regions? I absent that.

Yarden Amsalem — Bank of America Merrill Lynch — Analyst

Val-U, Val-U-Line.

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

We’re experimenting with it in Brazil, and Earl can, of course, allege to the U.K., but we’re attractive at it in Brazil. We accept some added things in Brazil activity on, though, that wouldn’t be a abounding cycle on.

Earl Hesterberg — Admiral and Arch Controlling Officer

Yes. We do analysis a bit of that in the U.K., but the U.K. acclimated car bazaar is structured differently. Dealerships, about retail acclimated cars of the cast they represent with the new car franchise.

So what we’ve activated is putting our nonfranchise acclimated cars into a abstracted location. So for example, if you accept a Mercedes dealership, you put your BMW and Land Rover trades assimilate a abstracted lot. And so, we’re demography a attending to see if that makes faculty as against to absolutely absorption on bargain acclimated cars. Best of our franchises in the U.K., are affluence cast franchises.

So our acclimated cartage tend to be added affluence brand.

Yarden Amsalem — Bank of America Merrill Lynch — Analyst

OK. Thank you actual much. That’s it for me.

Earl Hesterberg — Admiral and Arch Controlling Officer

Thank you.

Operator

And the abutting catechism comes from Rajat Gupta with JP Morgan. Amuse go ahead.

Rajat Gupta — J.P. Morgan — Analyst

Oh, acknowledgment for demography my questions. I aloof had a catechism on the 2020 affective genitalia on the earning bridge. You’ve talked about your expectations for new agent sales. I advanced you briefly mentioned your expectations for botheration services.

And clearly, you’re seeing a lot of backbone on the acclimated agent ancillary as able-bodied from a gross accumulation angle based on all the initiatives in 2019. F&I seems to abide to abound from a GP perspective. You accept approval from attic plan and interest. I mean, would it be absurd to apprehend agnate to bigger balance advance year over year in 2020 against 2019? Or is there annihilation altered that we should be expecting, aloof broadly?

Earl Hesterberg — Admiral and Arch Controlling Officer

This is Earl. My bond and my acceptance so far with alone one ages beneath our belt is the bazaar is absolutely stable. And I don’t see any above accouterment occurring at the moment. So the way we’re abutting the business is affectionate of abiding as she goes about to what we did aftermost year.

There is a abundant acclimated car bazaar that’s been out there for added than a year. And a lot of that has to do with the about amount of a acclimated car compared to the ascent prices of new cars. And there’s still massive account accommodation for us and potential. So we don’t see a big change in the bazaar as we sit actuality today.

The bigger change in our business all-embracing as we advanced we’ll accept a lot added abeyant in the U.K. in the year ahead.

Rajat Gupta — J.P. Morgan — Analyst

Got it. And from an SG&A to advance perspective, is there any ambit we should be assured for 2020? I mean, obviously, it’s appealing acceptable achievement in 2019 admitting the headwinds in the U.K. Should we apprehend this to abide to footfall bottomward added in 2020?

John Rickel — Arch Carnality Admiral and Arch Banking Officer

Yeah, Rajat, this is John Rickel. Yes, we advanced that as continued as we’re able to abide to abound gross profit. Daryl categorical the opportunities in the U.S. abide to be in genitalia and account and used.

We advanced we can absolutely advantage that if we’re able to abound gross accumulation there. Clearly, with our angle for the U.K., we absolutely advanced actuality able to bear some SG&A advantage there as well. I would advanced that if you get the bazaar backlash in the cost-cutting that we’re alive on, we care to be able to get that aback to at atomic 2018 levels. And again the Brazilian team, you saw absolutely acceptable advance in the fourth division there.

So aback you add all that together, I do advanced we’ll be able to abide to appearance advantage in 2020 on SG&A as a percent of gross.

Rajat Gupta — J.P. Morgan — Analyst

Got it. Aloof one aftermost one for me. I beggarly different catechism to the earnings. But a lot of the OEMs are set to barrage some new electric agent accessories after this year or abutting year.

I mean, you already accept the acquaintance with the e-tron at your Audi stores. What affectionate of — or how are you advancing for the billow in agreement of like any capex investments that ability be required? Or like affability accommodation or artisan training. I mean, would we apprehend this to move the aggravate decidedly from a capex or SG&A perspective, aloof to get you able for this surge?

Earl Hesterberg — Admiral and Arch Controlling Officer

This is Earl. I don’t see any actual capex or advance appropriate to move with the auto manufacturers as they about-face against added electric agent offerings. We’ve put in charging stations, we alternation technicians and there are some accoutrement and such. But this is affectionate of a slow, abiding clearing and it’s been beneath way for added than a year.

And we can go aback to the Nissan Leaf, a acceptable cardinal of years ago. So we don’t see that as an obstacle in our business.

Rajat Gupta — J.P. Morgan — Analyst

Got it. Thank you.

Operator

Your abutting catechism will appear from Armintas Sinkevicius with Morgan Stanley. Amuse go ahead.

Armintas Sinkevicius — Morgan Stanley — Analyst

Great. Thank you for demography the question. As I attending at the genitalia and casework advance in the U.S., the same-store sales acquirement growth, there is a bit of a decel in the fourth division about to the third quarter, the comps are about similar. Aloof was acquisitive for added blush on that.

And again what gives you aplomb into 2020?

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

Some of the decel was a little lighter assurance assignment in the fourth division than we’ve apparent in the aftermost three quarters. So that was the basic disciplinarian abaft that. We’re blessed with our chump pay growth. And we abide to see allowances from the four-day assignment anniversary and the accommodation we’re abacus there and We abide to see upside there.

Armintas Sinkevicius — Morgan Stanley — Analyst

OK, and again how do you advanced about the assorted advance apparatus or the assorted business components? How they activity to abound in 2020?

John Rickel — Arch Carnality Admiral and Arch Banking Officer

Well, I think, Armintas, as you attending at it, if you’re talking about genitalia and service, clearly, we’re activity to abide to drive chump pay. We had a lot of success there in 2019 with the accommodation we’ve added with the amplification of ours. We advanced there’s absolutely added to go there. Collission continues to additionally be a ablaze atom for us.

So we advanced there’s opportunities to abound that. Assurance is somewhat at the manufacturers’ benevolence as the recalls are announced, but there seems to consistently be some of those advancing up. And again wholesale’s accession breadth breadth we can abide to move the needle. But I’d say our primary focus is on chump pay.

Armintas Sinkevicius — Morgan Stanley — Analyst

OK. And again aback you mentioned 13% advance in artisan count, what’s the acumen that genitalia and casework can’t abound 13%? Is it aloof the mix of chump pay, the admeasurement of the chump pay makes up about to the blow of the business? Or any added affective pieces to be alert of?

Earl Hesterberg — Admiral and Arch Controlling Officer

Yes. I mean, that’s some of it. There is additionally ramp-up with accepting the technicians absolutely productive.

Armintas Sinkevicius — Morgan Stanley — Analyst

OK. And again one aftermost one here. With commendations to the U.K., you mentioned that there’s befalling actuality and the cost-cutting allowances will pay in 2020. Are you — aloof aggravating to advanced through, are there any initiatives that you are attractive to booty now that we accept added authoritativeness about the ambiance that had been put on authority and now you’re able to array of move advanced with them?

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

I would say the bigger changes, we should accept a bigger ambiance to trim our portfolio up a bit. There’s apparently some dispositions we charge to accomplish based on some ample acquisitions we fabricated in the antecedent three years, and there hasn’t been abundant of a seller’s bazaar in the U.K. the aftermost year or two. So we’re still in a accumulation approach in the U.K.

We charge to rightsize our portfolio a bit. But what we’re encouraged by, and it’s apparently too aboriginal to go crazy on this is artlessly the adjustment assimilation in our above brands for the aftermost six weeks or so. March will be the key as it is in the U.S. and the U.K.

for us to see how abundant accurate advance there is in the market. But we’re adequately optimistic at the moment.

Armintas Sinkevicius — Morgan Stanley — Analyst

Appreciate it.

Operator

The abutting catechism comes from Rick Nelson with Stephens. Amuse go ahead.

Rick Nelson — Stephens Inc. — Analyst

Thank you. Acceptable morning. I appetence to ask you about the accretion environment. You acquired two food in December, 15 food in 2019.

How you see the environment? The multiples? Your appetence in the U.S., U.K.? It sounds like you’re accumulation in the U.K. against acquiring, but maybe Brazil annotation as well.

Earl Hesterberg — Admiral and Arch Controlling Officer

Yeah, hi, Rick, it’s Earl. There is a acceptable accumulation of acquisitions in the U.S. However, we are actual alert about acquisitions in the U.S. Clearly, we begin some that accommodated our needs and hurdles in the aftermost year or so.

But it’s actual it’s actual accessible that you can abort basic in a bazaar that’s clearing bottomward as the U.S. new agent bazaar has been in the aftermost three years plus. So we’re opportunistic, and we’re absorbed in growing in the U.S., but we’re not activity to be too aggressive. We appetence to accomplish abiding we get a acceptable acknowledgment on our capital, and the appraisement I see in best of these deals wouldn’t accomplish that possible.

The U.K., I wouldn’t say we wouldn’t aggrandize because we accept some of our OEM ally that appetence us to expand. But as I mentioned a few account ago, we’re added in a rightsizing approach there appropriate now. We apparently charge to do a brace of dispositions added than we charge to do acquisitions. And about to Brazil, we’re accommodating to abound there with the banknote breeze we accomplish in that market, which we are breeding banknote there.

But acquisitions are added difficult in Brazil because asset purchases are abnormal and you frequently inherent liabilities from the seller, and we don’t do that. So yes, we appetence to abound the company, and we acutely accept the banking adequacy to do it. But we are actual alert these canicule on that.

Rick Nelson — Stephens Inc. — Analyst

Got you. Acknowledgment for the color. And again for Daryl, the GPUs in the U.S., we saw year-over-year advance on the new cars that I advanced you aggressively use ancillary earlier. Do you booty what you set a attic actuality of specific brands that collection the performance? Or any blush about that would be helpful.

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

It was beyond the lath on brands and geography. And what I attributed to was a lot of the agenda efforts that the aggregation has formed on to drive. We quoted some of our cartage counts on amoebic cartage and website traffic. And I accept that’s absolutely allowance us drive added bodies into our dealerships.

And so, that’s what I aspect it to.

Rick Nelson — Stephens Inc. — Analyst

OK, great. And again any comments aural the U.S., on Texas would be interesting?

John Rickel — Arch Carnality Admiral and Arch Banking Officer

I’m sorry, on Texas?

Rick Nelson — Stephens Inc. — Analyst

How that performed for Texas? Yes, how that performed against the blow of the chain?

John Rickel — Arch Carnality Admiral and Arch Banking Officer

Yeah, Rick, this is John Rickel. Texas was basically in band with what the blow of our operations did. But aback we are appealing abundant with the Texas footprint, that affectionate of gives you some idea, and we acutely outperformed the U.S. bazaar with our results.

Rick Nelson — Stephens Inc. — Analyst

Great. Acknowledgment and acceptable luck.

Operator

Ladies and gentlemen, this concludes our question-and-answer session. I would like to about-face the appointment aback over to Earl Hesterberg for any closing remarks.

Earl Hesterberg — Admiral and Arch Controlling Officer

OK. Thanks, everyone, for abutting us today. We attending advanced to afterlight you on our first-quarter balance alarm in April. Accept a acceptable day.

Operator

[Operator signoff]

Duration: 36 minutes

Pete DeLongchamps — Arch Carnality Admiral of Architect Relations, Banking Services, and Accessible Affairs

Earl Hesterberg — Admiral and Arch Controlling Officer

Daryl Kenningham — Admiral of U.S. Operations and Brazilian Operations

John Rickel — Arch Carnality Admiral and Arch Banking Officer

Yarden Amsalem — Bank of America Merrill Lynch — Analyst

Rajat Gupta — J.P. Morgan — Analyst

Armintas Sinkevicius — Morgan Stanley — Analyst

Rick Nelson — Stephens Inc. — Analyst

More GPI analysis

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