Automotive retailer Group 1 Auto (NYSE: GPI ) said yesterday it is�assessing damage at four of its New Orleans dealerships caused by a Feb. 24 hail storm. The National Weather Service said hail as large as 2.5 inches pounded the city and suburbs as�a northward moving warm front rose and met with very cold temperatures high in the air.
Group 1 said after a preliminary assessment it appeared some of its facilities sustained damage, as did most of the new and used vehicle inventory located at the four stores, which represents 2.5% of its total new vehicle unit sales in 2012. The four�dealerships are composed of five franchises, including Ford, Buick, General Motors, Toyota, and Hyundai.�
Because the company is insured with large deductibles, it currently estimates it will incur pre-tax charges related to them in the range of $1.1 million to $1.4 million, or approximately $0.03 per diluted common share, in the first quarter. Group 1�expects sales to be adversely affected until inventories are fully replenished by late May.
Group 1 owns and operates 142�automotive dealerships, 182 franchises, and 36�collision centers�in the United States, the United Kingdom, and Brazil that offer 35 brands of automobiles.�
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