Group 1 Automotive (GPI) will raise its quarterly dividend by 7.7 percent to $0.28 per share in 2019. This marks the 9th consecutive year of annual dividend increases by the car dealership company.

The next dividend will be payable on September 17, 2019, to stockholders of record as of September 3, 2019. A new annual rate of $1.12 per share yields 1.5% at a stock price of $75.60.

Group 1 Automotive, Inc. owns and operates automotive dealerships, franchises, and collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts. Group 1 Automotive became a public company in October 1997 and restarted a quarterly payment in 2010 following the suspension of its dividend in 2009 during the financial crisis.