Item 5. Market for Registrant’s Common Equity
Item 5. Market for Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is listed on the NYSE under the symbol “GPI.” There were 36 holders of record of our common stock as of February 10, 2023. A substantially greater number of holders of our common stock are “street name” or beneficial holders, whose shares are held of record by banks, brokers and other financial institutions.
Issuer Purchases of Equity Securities
The following table sets forth information with respect to shares of common stock repurchased by us during the three months ended December 31, 2022:
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (1)
October 1, 2022 — October 31, 2022 (2)
638,072 $ 156.70 638,072 $ 64.1
November 1, 2022 — November 30, 2022 188,327 $ 180.75 188,327 $ 191.1
December 1, 2022 — December 31, 2022 146,966 $ 188.42 146,966 $ 163.4
Total 973,365 973,365
(1) Our Board of Directors from time to time authorizes the repurchase of shares of our common stock up to a certain monetary limit. On November 16, 2022, our Board of Directors increased the Company’s share repurchase authorization by $161.0 million to $200.0 million. Our share repurchase authorization does not have an expiration date.
(2) Shares repurchased under the Rule 10b5-1 trading plan that was effective from October 3, 2022 to October 19, 2022.
During December 2022, we adopted a Rule 10b5-1 trading plan that was effective from January 3, 2023 to January 23, 2023. Under the plan, we repurchased an additional 76,294 shares subsequent to December 31 2022, at an average price of $179.42 per share, for a total cost of $13.7 million.
Future share repurchases are subject to the business judgment of our Board of Directors, taking into consideration our historical and projected results of operations, financial condition, cash flows, capital requirements, covenant compliance, changes in laws and regulations, current economic environment and other factors considered relevant. As of December 31, 2022, we had $163.4 million available under our current stock repurchase authorization. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations within this Form 10-K for additional information on share repurchases and authorization.
Performance Graph
The following graph and table compares the performance of our common stock to the S&P 500 Index and to an industry peer group for our last five fiscal years. The members of the peer group are Asbury Automotive Group, Inc., AutoNation, Inc., Lithia Motors, Inc., Penske Automotive Group, Inc. and Sonic Automotive, Inc. The information contained in the table below was provided by Zack’s Investment Research, Inc.
The returns of each member of the peer group are weighted according to each member’s stock market capitalization. The graph assumes that the value of the investment in our common stock, the S&P 500 Index and the peer group was $100 on the last trading day of December 2017, and that all dividends were reinvested.
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Base Period Indexed Returns for the Years Ended
Company /Index 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Group 1 Automotive, Inc. $ 100.00 $ 75.43 $ 145.13 $ 191.45 $ 287.23 $ 267.53
S&P 500 Index — Total Return $ 100.00 $ 95.62 $ 125.72 $ 148.85 $ 191.58 $ 156.88
Peer Group $ 100.00 $ 78.06 $ 119.48 $ 175.23 $ 245.15 $ 226.38
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.