"Although market conditions were challenging in the quarter, we did see significant cost adjustments, which offset a large degree of the new and used vehicle gross profit pressure. . . We're beginning to see results from the strategic operating initiatives we have been implementing in our used, parts and service, and finance & insurance business.  We believe these initiatives are making the fundamental processes of the company stronger and better able to weather these challenging times."

Source: Earl Hesterberg, CEO, Group 1 Automotive, 2Q07 earnings call (July 31, 2007.)

Why is this important?

In this environment, I think the focus has to be on constantly ...

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