Document:

EX-4.8

	 	 	JPMorgan Chase Bank, National Association

	 	 	P.O. Box 161

	60	 	Victoria Embankment

	 	 	London EC4Y 0JP

	 	 	England

June 23, 2006

	 	 	 	 	 
	To: Group 1 Automotive, Inc.
	950 Echo Lane, Suite 100
Houston, TX 77024
Attention: Kim Craig
Telephone No.:
	 	 	(713) 647-5742	 
	Facsimile No.:
	 	 	(713) 647-5858	 

Re: Call Option Transaction Amendment

The purpose of this letter agreement (the “Amendment”) is to amend the terms and conditions of
the Transaction (the “Transaction”) entered into among JPMorgan Chase Bank, National Association,
London Branch (“JPMorgan”) and Group 1 Automotive, Inc. (the “Counterparty”) pursuant to a letter
agreement (the “Confirmation”) dated June 20, 2006, pursuant to which the Counterparty purchased
from JPMorgan a Number of Options equal to 100,000 in connection with the issuance by Counterparty
of USD 250,000,000 principal amount of 2.25% Convertible Senior Notes due 2036 (the “Initial
Convertible Notes”) under the Indenture to be dated June 26, 2006 between Counterparty and Wells
Fargo Bank, N.A., as trustee. This Amendment relates to, and sets forth the terms of, the purchase
by the Counterparty from JPMorgan of an additional Number of Options (the “Additional Number of
Options”) in connection with the issuance by the Counterparty of an additional USD 37,500,000
principal amount of 2.25% Convertible Senior Notes due 2036 (the “Additional Convertible Notes”,
and together with the Initial Convertible Notes, the “Convertible Notes”) to the initial purchasers
of the Convertible Notes as a result of their exercise of the right granted with respect to such
Additional Convertible Notes pursuant to the Purchase Agreement dated June 20, 2006 and related to
the Convertible Notes.

Upon the effectiveness of this Amendment, all references to “Number of Options” and
“Transaction” in the Confirmation, as amended, will include the Additional Number of Options
purchased by Counterparty pursuant to the terms set forth below, all references to “Convertible
Notes” will include the Additional Convertible Notes and, except to the extent specified below, all
other provisions of the Confirmation shall apply to the Additional Number of Options as if such
Additional Number of Options were originally subject to the Confirmation. Capitalized terms used
herein without definition shall have the meanings assigned to them in the Confirmation.

The terms relating to the purchase of the Additional Number of Options are as follows:

1. The “Trade Date” with respect to the Additional Number of Options will be June 23, 2006.

2. The “Number of Options” for the Transaction will be “115,000” reflecting an addition of 15,000
Additional Number of Options.

3. The “Premium” for the Transaction will be $46,500,600 reflecting an increase of the premium
payable by the Counterparty to JPMorgan in the amount of $6,246,600 for the Additional Number of
Options.

4. The “Premium Payment Date” with respect to the premium for the Additional Number of Options
will be June 26, 2006.

5. Counterparty hereby repeats the representations, warranties and agreements contained in the
Confirmation with respect to the Amendment or with respect to the Confirmation, as amended by the
Amendment, as the context requires.

6. Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation
shall remain and continue in full force and effect and are hereby confirmed in all respects.

7. This Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if all of the signatures thereto and hereto were upon the same
instrument.

8. The provisions of this Amendment shall be governed by the New York law (without reference to
choice of law doctrine).

9. The Counterparty represents that, except as disclosed in writing by the Counterparty to
JPMorgan or as described in the prospectus relating to the Convertible Notes, neither it nor any of
its affiliates has purchased any Shares in purchases of blocks (as contemplated by Rule 10b-18
under the Exchange Act) during each of the four calendar weeks preceding the date hereof. The
Counterparty further covenants and agrees that neither it or any of its affiliates will purchase
any Shares prior to the Closing Date (or the Early Unwind Date if the Closing Date does not occur
prior to the Early Unwind Date)

1

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
this Amendment and returning it to EDG Confirmation Group, J.P. Morgan Securities Inc., 277 Park
Avenue, 11th Floor, New York, NY 10172-3401, or by fax on 212 622 8519.

Very truly yours,

J.P. Morgan Securities Inc., as agent for
JPMorgan Chase Bank, National Association

By: /s/ Sudheer Tegulapalle

Authorized Signatory

Name: Sudheer Tegulapalle

Accepted and confirmed

as of the Trade Date:

GROUP 1 AUTOMOTIVE, INC.

By: /s/ Jeffrey Cameron

Authorized Signatory

Name: Jeffrey Cameron

2EX-4.9

	 	 	Bank of America, N.A.

	 	 	c/o Banc of America Securities LLC

	9	 	West 57th Street

	 	 	New York, NY 10019

June 23, 2006

	 	 	 	 	 
	To: Group 1 Automotive, Inc.
	950 Echo Lane, Suite 100
Houston, TX 77024
Attention: Kim Craig
Telephone No.:
	 	 	(713) 647-5742	 
	Facsimile No.:
	 	 	(713) 647-5858	 

Re: Call Option Transaction Amendment

The purpose of this letter agreement (the “Amendment”) is to amend the terms and conditions of
the Transaction (the “Transaction”) entered into among Bank of America, N.A. (“BofA”) and Group 1
Automotive, Inc. (the “Counterparty”) pursuant to a letter agreement (the “Confirmation”) dated
June 20, 2006, pursuant to which the Counterparty purchased from BofA a Number of Options equal to
150,000 in connection with the issuance by Counterparty of USD 250,000,000 principal amount of
2.25% Convertible Senior Notes due 2036 (the “Initial Convertible Notes”) under the Indenture to be
dated June 26, 2006 between Counterparty and Wells Fargo Bank, N.A., as trustee. This Amendment
relates to, and sets forth the terms of, the purchase by the Counterparty from BofA of an
additional Number of Options (the “Additional Number of Options”) in connection with the issuance
by the Counterparty of an additional USD 37,500,000 principal amount of 2.25% Convertible Senior
Notes due 2036 (the “Additional Convertible Notes”, and together with the Initial Convertible
Notes, the “Convertible Notes”) to the initial purchasers of the Convertible Notes as a result of
their exercise of the right granted with respect to such Additional Convertible Notes pursuant to
the Purchase Agreement dated June 20, 2006 and related to the Convertible Notes.

Upon the effectiveness of this Amendment, all references to “Number of Options” and
“Transaction” in the Confirmation, as amended, will include the Additional Number of Options
purchased by Counterparty pursuant to the terms set forth below, all references to “Convertible
Notes” will include the Additional Convertible Notes and, except to the extent specified below, all
other provisions of the Confirmation shall apply to the Additional Number of Options as if such
Additional Number of Options were originally subject to the Confirmation. Capitalized terms used
herein without definition shall have the meanings assigned to them in the Confirmation.

The terms relating to the purchase of the Additional Number of Options are as follows:

1. The “Trade Date” with respect to the Additional Number of Options will be June 23, 2006.

2. The “Number of Options” for the Transaction will be “172,500” reflecting an addition of 22,500
Additional Number of Options.

3. The “Premium” for the Transaction will be $69,750,900 reflecting an increase of the premium
payable by the Counterparty to BofA in the amount of $9,369,900 for the Additional Number of
Options.

4. The “Premium Payment Date” with respect to the premium for the Additional Number of Options
will be June 26, 2006.

5. Counterparty hereby repeats the representations, warranties and agreements contained in the
Confirmation with respect to the Amendment or with respect to the Confirmation, as amended by the
Amendment, as the context requires.

6. Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation
shall remain and continue in full force and effect and are hereby confirmed in all respects.

7. This Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if all of the signatures thereto and hereto were upon the same
instrument.

8. The provisions of this Amendment shall be governed by the New York law (without reference to
choice of law doctrine).

9. The Counterparty represents that, except as disclosed in writing by the Counterparty to BofA or
as described in the prospectus relating to the Convertible Notes, neither it nor any of its
affiliates has purchased any Shares in purchases of blocks (as contemplated by Rule 10b-18 under
the Exchange Act) during each of the four calendar weeks preceding the date hereof. The
Counterparty further covenants and agrees that neither it or any of its affiliates will purchase
any Shares prior to the Closing Date (or the Early Unwind Date if the Closing Date does not occur
prior to the Early Unwind Date)

1

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
this Amendment and returning it to Chris Hutmaker, Facsimile No. 212 326 9882.

Very truly yours,

Bank of America, N.A.

By: /s/ Eric P. Hambleton

Authorized Signatory

Name: Eric P. Hambleton

Accepted and confirmed

as of the Trade Date:

GROUP 1 AUTOMOTIVE, INC.

By: /s/ Jeffrey Cameron

Authorized Signatory

Name: Jeffrey Cameron

2EX-4.10

	 	 	JPMorgan Chase Bank, National Association

	 	 	P.O. Box 161

	60	 	Victoria Embankment

	 	 	London EC4Y 0JP

	 	 	England

June 23, 2006

	 	 	 	 	 
	To: Group 1 Automotive, Inc.
	950 Echo Lane, Suite 100
Houston, TX 77024
Attention: Kim Craig
Telephone No.:
	 	 	(713) 647-5742	 
	Facsimile No.:
	 	 	(713) 647-5858	 

Re: Warrants Transaction Amendment

The purpose of this letter agreement (the “Amendment”) is to amend the terms and conditions of
the Transaction (the “Transaction”) entered into between JPMorgan Chase Bank, National Association,
London Branch (“JPMorgan”) and Group 1 Automotive, Inc., (the “Company”) pursuant to a letter
agreement (the “Confirmation”) dated June 20, 2006, pursuant to which JPMorgan has purchased from
the Company a Number of Warrants equal to 1,682,670. This Amendment relates to, and sets forth the
terms of, the purchase by JPMorgan from the Company of an additional Number of Warrants (the
“Additional Number of Warrants”).

Upon the effectiveness of this Amendment to the Confirmation, all references to “Number of
Warrants” and “Transaction” in the Confirmation, as amended, will include the Additional Number of
Warrants purchased by Company pursuant to the terms set forth below and, except to the extent
specified below, all other provisions of the Confirmation shall apply to the Additional Number of
Warrants as if such Additional Number of Warrants were originally subject to Confirmation.
Capitalized terms used herein without definition shall have the meanings assigned to them in the
Confirmation.

The terms relating to the purchase of the Additional Number of Warrants are as follows:

1. The “Trade Date” with respect to the Additional Number of Warrants will be June 23, 2006 .

2. The “Number of Warrants” for the Transaction will be “1,935,071” reflecting an addition of
252,401 Additional Number of Warrants.

3. The “Maximum Number of Warrants” for the Transaction will be “1,935,071” reflecting an addition
of 252,401 Additional Number of Warrants.

4. The “Maximum Amount,” as defined in Section 9(p), will be “3,870,142.”

5. The “Premium” for the Transaction will be $32,220,500 reflecting an increase of the premium
payable by JPMorgan to the Company in the amount of $4,366,500 for to the Additional Number of
Warrants.

6. The “Premium Payment Date” with respect to the premium for the Additional Number of Warrants
will be June 26, 2006.

7. The Company hereby repeats the representations, warranties and agreements contained in the
Confirmation with respect to the Amendment or with respect to the Confirmation, as amended by the
Amendment, as the context requires.

8. Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation
shall remain and continue in full force and effect and are hereby confirmed in all respects.

9. This Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if all of the signatures thereto and hereto were upon the same
instrument.

10. The provisions of this Amendment shall be governed by the New York law (without reference to
choice of law doctrine).

11. The Company represents that, except as disclosed in writing by the Company to JPMorgan or as
described in the prospectus relating to the Convertible Notes, neither it nor any of its affiliates
has purchased any Shares in purchases of blocks (as contemplated by Rule 10b-18 under the Exchange
Act) during each of the four calendar weeks preceding the date hereof. The Company further
covenants and agrees that neither it or any of its affiliates will purchase any Shares prior to the
Closing Date (or the Early Unwind Date if the Closing Date does not occur prior to the Early Unwind
Date).

1

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
this Amendment and returning it to EDG Confirmation Group, J.P. Morgan Securities Inc., 277 Park
Avenue, 11th Floor, New York, NY 10172-3401, or by fax on 212 622 8519.

Very truly yours,

J.P. Morgan Securities Inc., as agent for
JPMorgan Chase Bank, National Association

By: /s/ Sudheer Tegulapalle

Authorized Signatory

Name: Sudheer Tegulapalle

Accepted and confirmed

as of the Trade Date:

GROUP 1 AUTOMOTIVE, INC.

By: /s/ Jeffrey Cameron

Authorized Signatory

Name: Jeffrey Cameron

2

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