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THE NEWS : PRESS RELEASE
08.16.07
Group 1 Automotive Announces Energy Management Agreement
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Group 1 Automotive (NYSE: GPI), a Fortune 500 automotive retailer,
announced today that Summit Energy Services, Inc. will manage energy
purchasing for each of its 104 domestic automotive dealerships.
The agreement will eventually include Group 1’s European locations
and will deliver efficient, enterprise-wide procurement processes
and management services for all energy contracts. The partnership
allows Group 1 to leverage economies of scale when securing energy
contracts and enables the company’s dealership employees to
focus on core activities.
“Leveraging our size to realize cost savings in purchasing
is an important strategic initiative for our company and shareholders,” said
Gigi L. Myung, Vice President of Purchasing for Group 1 Automotive. “Group
1’s partnership with Summit Energy Services enables us to lock
in optimum energy rates, analyze market changes, manage risks and
budget for long-term stability.”
In addition, through Summit’s services Group 1 will be able
to assess opportunities related to green power procurement, renewable
energy certificates and other supply and demand-side aspects of the
company’s ongoing energy sustainability initiatives.
Summit’s unique online web portal, DashboardView, allows Group
1 management access to real-time updates including all energy invoices,
hedge recommendations, savings analysis and energy futures. The system
acts as an energy file drawer, providing comprehensive data on company-wide
energy procurement.
About Group 1 Automotive
Group 1 owns and operates 104 automotive dealerships, 143 franchises,
and 28 collision service centers in the United States and three dealerships,
six franchises and two collision centers in the United Kingdom that
offer 33 brands of automobiles. Through its dealerships, the company
sells new and used cars and light trucks; arranges related financing,
vehicle service and insurance contracts; provides maintenance and
repair services; and sells replacement parts. Group 1 Automotive can
be reached at www.group1auto.com.
About Summit Energy
Summit Energy is a pioneering provider of energy management services
for business and industry. Summit’s clients operate in industries
ranging from aerospace and automotive to government, chemical, food
manufacturing, pharmaceuticals, healthcare and others. Its growing
staff of more than 250 energy professionals is headquartered in Louisville,
Kentucky, with additional offices in Houston and Dallas, Texas, Mexico,
Belgium, Italy, France, Germany and The Netherlands. For more information,
visit www.summitenergy.com.
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