Group 1 Automotive (GPI) will raise its quarterly dividend by another 3.6 percent to $0.29 per share in 2019.

This is the second dividend increase announced in 2019 by the car dealership company. The dividend has been raised for nine consecutive years by GPI.

The next dividend will be payable on December 16, 2019, to stockholders of record as of December 2, 2019. A new annual rate of $1.16 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.