Group 1 Automotive Inc. on Wednesday laid out steps it’s taking to respond to the “dramatic decrease” in business as a result of the coronavirus pandemic, including furloughing 3,000 U.S. employees for at least 30 days, slashing executive salaries and closing stores in the U.K. and Brazil.
The Houston-based retailer is the first of the six publicly traded dealership groups in the U.S. to share details about its response.
Group 1 said that its U.S. vehicle sales volumes are down 50 to 70 percent from a typical March. Nearly all of its U.S. dealerships are located in markets that are affected by “shelter-in-place” or similar restrictions. The company’s service facilities remain open, and no Group 1 store in the U.S. is completely closed.
While sales departments have closed in some U.S. stores, others continue to operate with a “dramatically reduced staff level,” the company said. Group 1’s Acceleride online sale platform has correspondingly seen increased use.
All of Group 1’s…