Group 1 Automotive Announces Energy Management Agreement with Summit Energy
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.
