FX.co ★ Group 1 Automotive To Cut U.K. Headcount By Approximately 10% - Update

Daryl Kenningham, President and CEO of Group 1 Automotive, Inc. (GPI), stated in the company's fourth-quarter financial report on Wednesday that the auto retailer intends to decrease its United Kingdom workforce by approximately 10% as part of cost-cutting measures during the first quarter of 2024.

Kenningham noted that while the company continues to perform well in the continually evolving U.S. market, it faced challenges in its U.K. operations during the recent quarter related to used vehicles. He acknowledged that they need to make further efforts to realign costs with the latest trends.