Document:

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                                                                    EXHIBIT 4.10

                            GROUP 1 AUTOMOTIVE, INC.
                            REGULATION S GLOBAL NOTE

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE
REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW
YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
THAT WAS NOT REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
"SECURITIES ACT") AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (A) (1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN
INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. THE
HOLDER OF THIS NOTE SHALL BE DEEMED TO HAVE AGREED TO INDEMNIFY THE ISSUER AND
THE SUBSIDIARY GUARANTORS AGAINST CERTAIN LOSSES ARISING OUT OF INFORMATION
FURNISHED IN WRITING BY THE HOLDER OF THIS NOTE FOR INCLUSION IN ANY SHELF
REGISTRATION STATEMENT UNDER THE CIRCUMSTANCES CONTEMPLATED BY THE REGISTRATION
RIGHTS AGREEMENT.

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                            GROUP 1 AUTOMOTIVE, INC.

        No. R-2                                                 $350,000

                                                           CUSIP No. U03903 AA 6
                                                           ISIN No. USU03903AA60

               8.25% Senior Subordinated Note due August 15, 2013

         Group 1 Automotive, Inc., a Delaware corporation, promises to pay to
Cede & Co., or registered assigns, the principal sum of Three Hundred and Fifty
Thousand Dollars on August 15, 2013 or such greater or lesser amount as may be
indicated on Schedule A hereto.

         Interest Payment Dates: February 15 and August 15.

         Regular Record Dates: February 1 and August 1.

         Additional provisions of this Note are set forth on the other side of
this Note.

                                               GROUP 1 AUTOMOTIVE, INC.

                                               By: /s/ Scott L. Thompson
                                                  ______________________________
                                                   Scott L. Thompson
                                                   Executive Vice President

TRUSTEE'S CERTIFICATE OF
AUTHENTICATION

WELLS FARGO BANK, N.A.,
     as Trustee, certifies that
     this is one of the Notes
     referred to in the Indenture.

By   /s/ DEIRDRE H. WARD
  __________________________
     Authorized Signatory

Dated: August 13, 2003

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                                 [REVERSE SIDE]

                      8.25% Senior Note due August 15, 2013

         Capitalized terms used herein but not defined shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

         1.       Interest. Group 1 Automotive, Inc., a Delaware corporation
(the "Company"), promises (i) to pay interest on the principal amount of this
Note at 8.25% per annum from August 13, 2003 until maturity, provided that any
principal and premium, and any installment of interest, which is overdue shall
bear interest at the rate of 9.25% per annum (to the extent that the payment of
such interest shall be legally enforceable), and (ii) to pay the Special
Interest payable pursuant to Section 2(c) of the Registration Rights Agreement
referred to below. The Company will pay interest and Special Interest, if any,
semi-annually in arrears on February 15 and August 15 of each year, commencing
February 15, 2004, or if any such day is not a Business Day, on the next
succeeding Business Day (each an "Interest Payment Date"). Interest on the Notes
will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of original issuance; provided, however,
that if this Note is authenticated between a Regular Record Date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date, except in the case of
the original issuance of Notes, in which case interest shall accrue from the
date of authentication. Interest will be computed on the basis of a 360-day year
of twelve 30-day months.

         2.       Method of Payment. The Company will pay interest on the Notes
and Special Interest to the Persons who are registered Holders of Notes at the
close of business on the February 1 or August 1 (each a "Regular Record Date")
next preceding the Interest Payment Date, even if such Notes are cancelled after
such Regular Record Date and on or before such Interest Payment Date, except as
provided in Section 307 of the Original Indenture with respect to Defaulted
Interest. Holders must surrender Notes to the Paying Agent to collect payments
of principal and premium, if any. The Notes will be payable as to principal,
premium, if any, interest and Special Interest, if any, at the office or agency
of the Company maintained for such purpose within the Borough of Manhattan, The
City and State of New York, or, at the option of the Company, payment of
interest and Additional Interest may be made by check mailed to the Holders at
their addresses set forth in the Security Register, and provided that payment by
wire transfer of immediately available funds will be required with respect to
principal of and interest, premium and Additional Interest on all Global Notes.
Such payment shall be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts.

         3.       Paying Agent and Registrar. Initially, Wells Fargo Bank, N.A.,
the Trustee under the Indenture, will act as Paying Agent and Security
Registrar. The Company may change any Paying Agent or Security Registrar without
notice to any Holder. The Company may act in any such capacity.

         4.       Indenture. This Note is one of a duly authorized issue of
Securities of the Company, issued and to be issued under an Indenture dated as
of August 13, 2003 ("Original Indenture") among the Company, the Subsidiary
Guarantors and the Trustee, as supplemented

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and amended by the First Supplemental Indenture of even date (the "Supplemental
Indenture"). The Original Indenture, as so supplemented and amended, is referred
to herein as the "Indenture." The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The
Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. The Notes are senior unsecured
obligations of the Company limited to $150,000,000 aggregate principal amount in
the case of Notes issued on the Closing Date.

         5.       Optional Redemption; Repurchases.

                  The Notes of this series are subject to redemption upon not
less than 30 nor more than 60 days' notice by mail in the event that on or
before August 15, 2006 the Company receives net proceeds from the sale of its
Common Stock in one or more Equity Offerings, in which case the Company may, at
its option, use all or a portion of any such net proceeds to redeem up to 35% of
the aggregate principal amount of the Notes (including any Additional Notes)
issued under the Indenture, provided, however, that at least 65% of the
aggregate principal amount of the Notes (including any Additional Notes) issued
under the Indenture remains outstanding after each such redemption. Any such
redemption must occur on a Redemption Date within 90 days of any such sale at a
Redemption Price of 108.25% of the principal amount of the Notes, together in
the case of any such redemption with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Notes, or one or more
Predecessor Securities, of record at the close of business on the relevant
Regular Record Dates referred to on the face hereof, all as provided in the
Indenture.

                  The Notes are further subject to redemption upon not less than
30 nor more than 60 days' notice by mail, at any time on or after August 15,
2008, as a whole or in part, at the election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount), if
redeemed during the 12-month period beginning August 15 of the years indicated:

<TABLE>
<CAPTION>
Year                                 Redemption Price
----                                 ----------------
<S>                                  <C>
2008                                     104.125%
2009                                     102.750%
2010                                     101.375%
</TABLE>

and thereafter at a Redemption Price equal to 100% of the principal amount,
together in the case of any such redemption with accrued interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior
to such Redemption Date will be payable to the Holders of such Notes, or one or
more Predecessor Securities, of record at the close of business on the relevant
Regular Record Dates referred to on the face hereof, all as provided in the
Indenture.

                  Prior to August 15, 2008, upon not less than 30 nor more than
60 days' notice by mail the Company may redeem all or a part of the Notes upon
not less than 30 nor more than 60 days' notice, at a Redemption Price equal to
the greater of:

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                           (1)      100% of the principal amount thereof; or

                           (2)      the present value, as determined by an
                  Independent Investment Banker, of

                                    (A)      104.125% of the principal amount of
                           the Notes being redeemed calculated as of August 15,
                           2008 (assuming a 360-day year consisting of twelve
                           30-day months), plus

                                    (B)      all required interest payments due
                           on such Notes through August 15, 2008 (excluding
                           accrued interest), discounted to the Redemption Date
                           on a semi-annual basis (assuming a 360-day year
                           consisting of twelve 30-day months) at the Adjusted
                           Treasury Rate, plus in each case accrued interest to
                           but excluding the Redemption Date (subject to the
                           right of Holders of record on the relevant Regular
                           Record Date to receive interest due on an Interest
                           Payment Date that is on or prior to the Redemption
                           Date).

                  The Notes are also subject to repurchase by the Company at the
option of the Holders in the event of a Change of Control or following certain
Asset Dispositions, all as provided in the Indenture.

                  In the event of redemption or repurchase of this Note in part
only, a new Note or Notes of like tenor for the unredeemed portion hereof will
be issued in the name of the Holder hereof upon the cancellation hereof.

         6.       Subordination. The indebtedness evidenced by this Note is, to
the extent provided in the Indenture, subordinate and subject in right of
payment to the prior payment in full of all Senior Debt of the Company, and this
Note is issued subject to the provisions of the Indenture with respect thereto.
Each Holder of this Note, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on his behalf
to take such action as may be necessary or appropriate to effectuate the
subordination so provided and (c) appoints the Trustee his attorney-in-fact for
any and all such purposes.

         7.       Subsidiary Guarantees. As provided in the Indenture and
subject to certain limitations therein set forth, the obligations of the Company
under this Note are guaranteed on a senior subordinated basis pursuant to the
Subsidiary Guarantees endorsed hereon. The Indenture provides that a Subsidiary
Guarantor shall be released from its Subsidiary Guarantee upon compliance with
certain conditions.

         8.       Events of Default; Remedies, Etc.

                  If an Event of Default with respect to the Notes shall occur
and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.

                                       5
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                  As provided in and subject to the provisions of the Indenture,
the Holder of this Note shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in principal amount of the Notes at the
time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have received from the
Holders of a majority in principal amount of Notes at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any
such proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Note for the enforcement of any payment of principal hereof or any premium
or interest hereon on or after the respective due dates expressed herein.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and
interest on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

         9.       Amendments. The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Notes at the
time Outstanding to be affected. The Indenture also contains provisions
permitting the Holders of a majority in principal amount of the Notes at the
time Outstanding, on behalf of the Holders of all Notes, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.

         10.      Transfer and Exchange of Notes.

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registrable in the
Security Register, upon surrender of this Note for registration of transfer at
the office or agency of the Company in any place where the principal of and any
premium and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

                  The Notes are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of

                                       6
<PAGE>

Notes and of like tenor of a different authorized denomination, as requested by
the Holder surrendering the same.

                  No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

         11.      Owner. Prior to due presentment of this Note for registration
of transfer, the Company, the Subsidiary Guarantors, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is
registered as the absolute owner hereof for all purposes, whether or not this
Note is overdue, and neither the Company, the Subsidiary Guarantors, the Trustee
nor any such agent shall be affected by notice to the contrary.

         12.      Defeasance and Discharge. The Notes are subject to Covenant
Defeasance, Defeasance and satisfaction and discharge upon the terms and
conditions specified in the Indenture.

         13.      Trustee Dealings with Company. The Trustee, in its individual
or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee.

         14.      No Recourse Against Others. No past, present or future
director, officer, employee, incorporator, member, partner or stockholder or
other owner of Capital Stock of the Company or any Subsidiary Guarantor, as
such, shall have any liability for any obligations of the Company or any
Subsidiary Guarantor under the Notes, the Subsidiary Guarantees or the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

         15.      Authentication. This Note shall not be valid until
authenticated by the manual signature of an authorized signatory of the Trustee
or an Authenticating Agent.

         16.      Abbreviations. Customary abbreviations may be used in the name
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

         17.      Additional Rights and Obligations of Holders of Transfer
Restricted Securities. In addition to the rights provided to Holders of Notes
under the Indenture, Holders of Transfer Restricted Securities shall have all
the rights and obligations set forth in the Registration Rights Agreement dated
as of August 13, 2003, among the Company, the Subsidiary Guarantors and the
Initial Purchasers named on the signature page thereof (the "Registration Rights
Agreement").

         18.      CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the
Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the

                                       7
<PAGE>

accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

         19.      Governing Law. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         20.      Successor Company. In the event a successor assumes all the
obligations of the Company under the Notes and the Indenture, pursuant to the
terms thereof, the Company will be released from all such obligations.

         The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

                  Group 1 Automotive, Inc.
                  950 Echo Lane, Suite 100
                  Houston, Texas 77024
                  Attention: Chief Financial Officer

                                       8
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                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

         I or we assign and transfer this Note to

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

________________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint __________________ agent to transfer this Note on the
books of the Company. The agent may substitute another to act for him.

Date:_____________________________   Your Signature:___________________________
                                                     Sign exactly as your name
                                                     appears on the other side
                                                         of this Note.
________________________________________________________________________________

In connection with any transfer of any of the Notes evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act after the later of the date of original issuance
of such Notes and the last date, if any, on which such Notes were owned by the
Company or any Affiliate of the Company, the undersigned confirms that such
Notes are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

         (1)      [ ]      to the Company; or

         (2)      [ ]      pursuant to an effective registration statement under
                           the Securities Act of 1933; or

         (3)      [ ]      inside the United States to a "qualified
                           institutional buyer" (as defined in Rule 144A under
                           the Securities Act of 1933) that purchases for its
                           own account or for the account of a qualified
                           institutional buyer to whom notice is given that such
                           transfer is being made in reliance on Rule 144A, in
                           each case pursuant to and in compliance with Rule
                           144A under the Securities Act of 1933; or

         (4)      [ ]      outside the United States in an offshore transaction
                           within the meaning of Regulation S under the
                           Securities Act in compliance with Rule 903 or 904
                           under the Securities Act of 1933; or

         (5)      [ ]      pursuant to the exemption from registration provided
                           by Rule 144 under the Securities Act of 1933; or

         (6)      [ ]      to an institutional accredited investor in a
                           transaction exempt from the registration requirements
                           of the Securities Act.

                                       9
<PAGE>

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Notes evidenced by this certificate in the name of any person other than the
registered holder thereof; provided, however, that if box (4), (5) or (6) is
checked, the Trustee shall be entitled to require, prior to registering any such
transfer of the Notes, such legal opinions, certifications and other information
as the Company has reasonably requested to confirm that such transfer is being
made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933, such as the exemption
provided by Rule 144 under such Act.

                                                ________________________________
                                                Signature

Signature Guarantee:

________________________________                ________________________________
Signature must be guaranteed                    Signature

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Security Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

________________________________________________________________________________

                                       10
<PAGE>

TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

The undersigned represents and warrants that it is purchasing this Note for its
own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that
it has received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Dated:_______________________    _______________________________________________
                                 Notice: To be executed by an executive officer

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                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Company
pursuant to Section 306 or 309 of the Supplemental Indenture, check the box
below:

           [ ] Section 306                  [ ] Section 309

         If you want to elect to have only part of this Note purchased by the
Company pursuant to Section 306 or Section 309 of the Supplemental Indenture,
state the amount (in minimum denomination of $1,000 or integral multiples
thereof) you elect to have purchased: $____________

Date:____________________        Your Signature:________________________________
                                                  (Sign exactly as your name
                                                   appears on the Note)

                                 Soc. Sec. or Tax Identification No.:___________

Signature Guarantee: ___________________________________
                        (Signature must be guaranteed)

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Security Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

                                       12
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                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

The following increases or decreases in this Global Note have been made:

<TABLE>
<CAPTION>

                                                               Principal Amount of       Signature of
                 Amount of decrease     Amount of increase      this Global Note      authorized officer
                 in Principal Amount    in Principal Amount      following such          of Trustee or
Date             of this Global Note    of this Global Note   decrease or increase      Notes Custodian
----             -------------------    -------------------   --------------------    -------------------
<S>              <C>                    <C>                   <C>                     <C>
</TABLE>

                                       13
<PAGE>

                              SUBSIDIARY GUARANTEE

                  For value received, each of the Subsidiary Guarantors named
(or deemed herein to be named) below hereby jointly and severally fully and
unconditionally guarantees to the Holder of the Note upon which this Subsidiary
Guarantee is endorsed, and to the Trustee on behalf of such Holder, the due and
punctual payment of the principal of (and premium, if any) and interest on such
Note when and as the same shall become due and payable, whether at the Stated
Maturity, by acceleration, call for redemption, offer to purchase or otherwise,
according to the terms thereof and of the Indenture referred to therein and to
cover all the rights of the Trustee under Section 607 of the Original Indenture.
In case of the failure of the Company punctually to make any such payment, each
of the Subsidiary Guarantors hereby jointly and severally agrees to cause such
payment to be made punctually when and as the same shall become due and payable,
whether at the Stated Maturity or by acceleration, call for redemption, offer to
purchase or otherwise, and as if such payment were made by the Company.

                  Each of the Subsidiary Guarantors hereby jointly and severally
agrees that its obligations hereunder shall be absolute and unconditional,
irrespective of, and shall be unaffected by, the validity, regularity or
enforceability of such Note or the Indenture, the absence of any action to
enforce the same or any release, amendment, waiver or indulgence granted to the
Company or any other guarantor, or any consent to departure from any requirement
of any other guarantee of all or of any of the Notes, or any other circumstances
which might otherwise constitute a legal or equitable discharge or defense of a
surety or guarantor; provided, however, that, notwithstanding the foregoing, no
such release, amendment, waiver or indulgence shall, without the consent of such
Subsidiary Guarantor, increase the principal amount of such Note, or increase
the interest rate thereon, or alter the Stated Maturity thereof. Each of the
Subsidiary Guarantors hereby waives the benefits of diligence, presentment,
demand of payment, any requirement that the Trustee or any of the Holders
protect, secure, perfect or insure any security interest in or other lien on any
property subject thereto or exhaust any right or take any action against the
Company or any other Person or any collateral, filing of claims with a court in
the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest or notice with respect to such
Note or the indebtedness evidenced thereby and all demands whatsoever, and
covenants that this Subsidiary Guarantee will not be discharged except by
complete performance of the obligations contained in such Note and in this
Subsidiary Guarantee. Each Subsidiary Guarantor agrees that if, after the
occurrence and during the continuance of an Event of Default with respect to the
Notes, the Trustee or any of the Holders are prevented by applicable law from
exercising their respective rights to accelerate the maturity of the Notes, to
collect interest on the Notes, or to enforce or exercise any other right or
remedy with respect to the Notes, such Subsidiary Guarantor agrees to pay to the
Trustee for the account of the Holders, upon demand therefor, the amount that
would otherwise have been due and payable had such rights and remedies been
permitted to be exercised by the Trustee or any of the Holders.

                  The indebtedness of each Subsidiary Guarantor evidenced by
this Subsidiary Guarantee is, to the extent provided in the Indenture,
subordinate in right of payment to the prior payment in full of all Senior Debt
of such Subsidiary Guarantor, and the Subsidiary Guarantee of each Subsidiary
Guarantor is issued subject to the provisions of the Indenture with respect
thereto.

                                       14
<PAGE>

                  No reference herein to the Indenture and no provision of this
Subsidiary Guarantee or of the Indenture shall alter or impair the Subsidiary
Guarantee of any Subsidiary Guarantor, which is absolute and unconditional, of
the due and punctual payment of the principal (and premium, if any) and interest
on the Note upon which this Subsidiary Guarantee is endorsed.

                  Each Subsidiary Guarantor shall be subrogated to all rights of
the Holder of this Note against the Company in respect of any amounts paid by
such Subsidiary Guarantor on account of this Note pursuant to the provisions of
its Subsidiary Guarantee or the Indenture; provided, however, that such
Subsidiary Guarantor shall not be entitled to enforce or to receive any payments
arising out of, or based upon, such right of subrogation until the principal of
(and premium, if any) and interest on this Note and all other Notes issued under
the Indenture shall have been paid in full.

                  This Subsidiary Guarantee shall remain in full force and
effect and continue to be effective should any petition be filed by or against
the Company for liquidation or reorganization, should the Company become
insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any part of the Company's assets,
and shall, to the fullest extent permitted by law, continue to be effective or
be reinstated, as the case may be, if at any time payment and performance of the
Notes is, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any Holder of the Notes, whether as a
"voidable preference," "fraudulent transfer," or otherwise, all as though such
payment or performance had not been made. In the event that any payment, or any
part thereof, is rescinded, reduced, restored or returned, the Notes shall, to
the fullest extent permitted by law, be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned.

                  The Subsidiary Guarantors or any particular Subsidiary
Guarantor shall be released from this Subsidiary Guarantee upon the terms and
subject to certain conditions provided in the Indenture.

                  By delivery to the Trustee of a supplement to the Indenture
referred to in the Note upon which this Subsidiary Guarantee is endorsed in
accordance with the terms of the Indenture, each Person that becomes a
Subsidiary Guarantor after the date of first issuance of the Notes will be
deemed to have executed and delivered this Subsidiary Guarantee for the benefit
of the Holder of the Note upon which this Subsidiary Guarantee is endorsed with
the same effect as if such Subsidiary Guarantor was named below and has executed
and delivered this Subsidiary Guarantee.

                  All terms used in this Subsidiary Guarantee which are defined
in the Indenture shall have the meanings assigned to them in such Indenture.

                  This Subsidiary Guarantee shall not be valid or obligatory for
any purpose until the certificate of authentication on the Note upon which this
Subsidiary Guarantee is endorsed shall have been executed by the Trustee under
the Indenture by manual signature.

                                       15
<PAGE>

                  Reference is made to the Indenture for further provisions with
respect to this Subsidiary Guarantee.

                  This Subsidiary Guarantee shall be governed by and construed
in accordance with the laws of the State of New York.

                                       16
<PAGE>

                  IN WITNESS WHEREOF, each of the Subsidiary Guarantors has
caused this Subsidiary Guarantee to be duly executed.

                                      GROUP 1 REALTY, INC.
                                      GROUP 1 FL HOLDINGS, INC.

                                      By: /s/ Scott L. Thompson
                                          _____________________________________
                                      Name:  Scott L. Thompson
                                      Title: President

                                      BOB HOWARD AUTOMOTIVE-EAST, INC.
                                      BOB HOWARD AUTOMOTIVE-H, INC.
                                      BOB HOWARD CHEVROLET, INC.
                                      BOB HOWARD DODGE, INC.
                                      BOB HOWARD MOTORS, INC.
                                      BOB HOWARD NISSAN, INC.
                                      BOHN HOLDINGS-DC, INC.
                                      BOHN HOLDINGS-F, INC.
                                      BOHN HOLDINGS-GM, INC.
                                      BOHN HOLDINGS-S, INC.
                                      CASA CHEVROLET INC.
                                      CASA CHRYSLER PLYMOUTH JEEP INC.
                                      DANVERS-DC, INC.
                                      DANVERS-DCII, INC.
                                      DANVERS-DCIII, INC.
                                      DANVERS-GM, INC.
                                      DANVERS-N, INC.
                                      DANVERS-NII, INC.
                                      DANVERS-S, INC.
                                      DANVERS-SU, INC.
                                      DANVERS-T, INC.
                                      DANVERS-TII, INC.
                                      DANVERS-TL, INC.
                                      FMM, INC.
                                      GPI ATLANTA-F, INC.
                                      GPI ATLANTA-FLM, INC.
                                      GPI ATLANTA-FLM II, INC.
                                      GPI ATLANTA-T, INC.
                                      GROUP 1 ASSOCIATES, INC.
                                      HARVEY-T, INC.
                                      HIGHLAND AUTOPLEX, INC.
                                      HOWARD FORD, INC.
                                      HOWARD PONTIAC-GMC, INC.
                                      HOWARD-DC, INC.
                                      HOWARD-DCII, INC.

                                       17
<PAGE>

                                      HOWARD-GM, INC.
                                      HOWARD-GMII, INC.
                                      HOWARD-GMIII, INC.
                                      HOWARD-H, INC.
                                      HOWARD-HA, INC.
                                      HOWARD-FLM, INC.
                                      HOWARD-SB, INC.
                                      HOWARD-SI, INC.
                                      JIM TIDWELL FORD, INC.
                                      LUBY CHEVROLET CO.
                                      MIKE SMITH AUTOMOTIVE-H, INC.
                                      MIKE SMITH AUTOMOTIVE-N, INC.
                                      MIKE SMITH AUTOPLAZA, INC.
                                      MIKE SMITH AUTOPLEX BUICK, INC.
                                      MIKE SMITH AUTOPLEX DODGE, INC.
                                      MIKE SMITH AUTOPLEX, INC.
                                      MIKE SMITH AUTOPLEX-GERMAN IMPORTS, INC.
                                      MIKE SMITH AUTOPLEX-V, INC.
                                      MIKE SMITH GM, INC.
                                      MIKE SMITH IMPORTS, INC.
                                      MIKE SMITH MOTORS, INC.
                                      MILLBRO, INC.
                                      MILLER AUTOMOTIVE GROUP, INC.
                                      MILLER FAMILY COMPANY, INC.
                                      MILLER IMPORTS, INC.
                                      MILLER INFINITI, INC.
                                      MILLER MOTORS VAN NUYS, INC.
                                      MILLER NISSAN, INC.
                                      MILLER-NII, INC.
                                      PERIMETER FORD, INC.
                                      SUNSHINE BUICK PONTIAC GMC TRUCK, INC.

                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                      AMARILLO MOTORS-C, LTD.
                                      AMARILLO MOTORS-F, LTD.
                                      AMARILLO MOTORS-FM, LTD.
                                      AMARILLO MOTORS-J, LTD.
                                      AMARILLO MOTORS-SM, LTD.
                                      CHAPERRAL DODGE, LTD.
                                      COLONIAL CHRYSLER-PLYMOUTH, LTD.
                                      GPI, LTD.

                                       18
<PAGE>

                                      KUTZ-DC, LTD.
                                      KUTZ-N, LTD.
                                      LUBBOCK MOTORS, LTD.
                                      LUBBOCK MOTORS-F, LTD.
                                      LUBBOCK MOTORS-S, LTD.
                                      LUBBOCK MOTORS-SH, LTD.
                                      LUBBOCK MOTORS-T, LTD.
                                      MAXWELL CHRYSLER DODGE JEEP, LTD.
                                      MAXWELL FORD, LTD.
                                      MAXWELL-G, LTD.
                                      MAXWELL-N, LTD.
                                      MAXWELL-NII, LTD.
                                      MAXWELL-SM, LTD.
                                      MCCALL-H, LTD.
                                      MCCALL-HA, LTD.
                                      MCCALL-N, LTD.
                                      MCCALL-T, LTD.
                                      MCCALL-TII, LTD.
                                      MCCALL-TL, LTD.
                                      PRESTIGE CHRYSLER NORTHWEST, LTD.
                                      PRESTIGE CHRYSLER SOUTH, LTD.
                                      ROCKWALL AUTOMOTIVE-DCD, LTD.
                                      ROCKWALL AUTOMOTIVE-F, LTD.

                                      By: GROUP 1 ASSOCIATES, INC.,
                                          as general partner

                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                      GROUP 1 HOLDINGS-DC, L.L.C.
                                      GROUP 1 HOLDINGS-F, L.L.C.
                                      GROUP 1 HOLDINGS-GM, L.L.C.
                                      GROUP 1 HOLDINGS-H, L.L.C.
                                      GROUP 1 HOLDINGS-N, L.L.C.
                                      GROUP 1 HOLDINGS-S, L.L.C.
                                      GROUP 1 HOLDINGS-T, L.L.C.

                                      By: GROUP 1 AUTOMOTIVE, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Executive Vice President

                                       19
<PAGE>

                                      COURTESY FORD, LLC
                                      GULF BREEZE FORD, LLC
                                      KEY FORD, LLC
                                      KOONS FORD, LLC

                                      By: GROUP 1 FL HOLDINGS, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: President

                                      BOHN-DC, LLC

                                      By: BOHN HOLDINGS-DC, INC.,
                                          as sole member
                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                      BOHN-FII, LLC
                                      BOHN-FIII, LLC
                                      HARVEY FORD, LLC
                                      HARVEY-FLM, LLC

                                      By: BOHN HOLDINGS-F, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                      HARVEY GM, LLC

                                      By: BOHN HOLDINGS-GM, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         _______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                       20
<PAGE>

                                      HARVEY SM, LLC

                                      By: BOHN HOLDINGS-S, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         ______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President
                                      HARVEY OPERATIONS-T, LLC

                                      By: HARVEY-T, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         ______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                      IRA AUTOMOTIVE GROUP, LLC

                                      By: DANVERS-T, INC.,
                                          as sole member

                                      By: /s/ Scott L. Thompson
                                         ______________________________________
                                      Name:  Scott L. Thompson
                                      Title: Vice President

                                      GROUP 1 LP INTERESTS-F, INC.
                                      GROUP 1 LP INTERESTS-DC, INC.
                                      GROUP 1 LP INTERESTS-T, INC.
                                      GROUP 1 LP INTERESTS-GM, INC.
                                      GROUP 1 LP INTERESTS-H, INC.
                                      GROUP 1 LP INTERESTS-S, INC.
                                      GROUP 1 LP INTERESTS-N, INC.

                                      By: /s/ Mathew J. Baer
                                         ______________________________________
                                      Name:  Mathew J. Baer
                                      Title: President

                                       21

<PAGE>

                                      DELAWARE ACQUISITION-DC, LLC

                                      By: GROUP 1 LP INTERESTS-DC, INC.,
                                          as sole member

                                      By: /s/ Mathew J. Baer
                                         _______________________________________
                                      Name:  Mathew J. Baer
                                      Title: President and Secretary

                                      DELAWARE ACQUISITION-F, LLC

                                      By: GROUP 1 LP INTERESTS-F, INC.,
                                          as sole member

                                      By: /s/ Mathew J. Baer
                                         _______________________________________
                                      Name:  Mathew J. Baer
                                      Title: President and Secretary

                                      DELAWARE ACQUISITION-GM, LLC

                                      By: GROUP 1 LP INTERESTS-GM, INC.,
                                          as sole member

                                      By: /s/ Mathew J. Baer
                                         _______________________________________
                                      Name:  Mathew J. Baer
                                      Title: President and Secretary

                                      DELAWARE ACQUISITION-N, LLC

                                      By: GROUP 1 LP INTERESTS-N, INC.,
                                          as sole member

                                      By: /s/ Mathew J. Baer
                                         _______________________________________
                                      Name:  Mathew J. Baer
                                      Title: President and Secretary

                                       22

<PAGE>

                                      DELAWARE ACQUISITION-T, LLC

                                      By: GROUP 1 LP INTERESTS-T, INC.,
                                          as sole member

                                      By: /s/ Mathew J. Baer
                                         _______________________________________
                                      Name:  Mathew J. Baer
                                      Title: President and Secretary

                                       23<PAGE>
                                                                   EXHIBIT 10.37

                               FIRST AMENDMENT TO

                           FIFTH AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

                          EFFECTIVE AS OF JULY 25, 2003

                                      AMONG

                            GROUP 1 AUTOMOTIVE, INC.,
                     THE SUBSIDIARY BORROWERS LISTED HEREIN,

                           THE LENDERS LISTED HEREIN,

                              JPMORGAN CHASE BANK,
                            AS ADMINISTRATIVE AGENT,

                                 COMERICA BANK,
                              AS FLOOR PLAN AGENT,

                                       AND

                                  BANK ONE, NA,
                             AS DOCUMENTATION AGENT

                                    * * * * *

                          J. P. MORGAN SECURITIES INC.
                        LEAD ARRANGER AND SOLE BOOKRUNNER

<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                Page
                                                                                                                ----
<S>                      <C>                                                                                    <C>
ARTICLE I. DEFINITIONS............................................................................................1
         Section 1.1     Terms Defined Above......................................................................1
         Section 1.2     Terms Defined in Credit Agreement........................................................1
         Section 1.3     Other Definitional Provisions............................................................1

ARTICLE II. AMENDMENTS TO CREDIT AGREEMENT........................................................................2
         Section 2.1     Amendments and Supplements to Definitions................................................2

ARTICLE III. CONDITIONS...........................................................................................2
         Section 3.1     Loan Documents...........................................................................2
         Section 3.2     Representations and Warranties...........................................................2
         Section 3.3     Other Instruments or Documents...........................................................2

ARTICLE IV. MISCELLANEOUS.........................................................................................3
         Section 4.1     Adoption, Ratification and Confirmation of Credit Agreement..............................3
         Section 4.2     Successors and Assigns...................................................................3
         Section 4.3     Counterparts.............................................................................3
         Section 4.4     Number and Gender........................................................................3
         Section 4.5     Invalidity...............................................................................3
         Section 4.6     Titles of Articles, Sections and Subsections.............................................3
         Section 4.7     Release..................................................................................3
         Section 4.8     Governing Law............................................................................4
         Section 4.9     Entire Agreement.........................................................................4
</TABLE>

                                       i
<PAGE>

                FIRST AMENDMENT TO FIFTH AMENDED CREDIT AGREEMENT

         THIS FIRST AMENDMENT (THE "FIRST AMENDMENT") TO THE FIFTH AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT (THE "CREDIT AGREEMENT") dated effective as
of July 25, 2003 (the "EFFECTIVE DATE"), is entered into among GROUP 1
AUTOMOTIVE, INC., a Delaware corporation (the "COMPANY"), each of the
Subsidiaries of the Company listed on the signature pages hereof and such other
Subsidiaries of the Company which hereafter shall become parties the Credit
Agreement (the Company and the Subsidiaries are sometimes referred to herein as,
individually, a "BORROWER," and collectively, the "BORROWERS"), the lenders
listed on the signature pages hereof (the "Lenders"), JPMORGAN CHASE BANK (as
successor by merger to The Chase Manhattan Bank and Chase Bank of Texas, N.A.),
as Administrative Agent for the Lenders (in such capacity together with any
successor, the "AGENT"), COMERICA BANK, as Floor Plan Agent for the Lenders (in
such capacity together with any successor, the "FLOOR PLAN AGENT"), and BANK
ONE, NA, as Documentation Agent (in such capacity, together with any successor
the "Documentation Agent" and together with the Agent and the Floor Plan Agent,
the "Agents").

                                R E C I T A L S:

         The Company, each of the other Borrowers, the Agents and the Lenders
are parties to the Credit Agreement dated June 2, 2003, pursuant to which the
Lenders agreed to make loans to and extensions of credit on behalf of the
Borrowers; and

         The Company, the Borrowers, the Agents and the Lenders desire to amend
the Credit Agreement in the particulars hereinafter provided;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

                             ARTICLE I. DEFINITIONS

         Section 1.1 Terms Defined Above. As used in this First Amendment, each
of the terms defined in the opening paragraph and the Recitals above shall have
the meaning assigned to such terms therein.

         Section 1.2 Terms Defined in Credit Agreement. Each term defined in the
Credit Agreement and used herein without definition shall have the meaning
assigned to such term in the Credit Agreement, unless expressly provided to the
contrary.

         Section 1.3 Other Definitional Provisions.

         (a) The words "hereby", "herein", "hereinafter", "hereof", "hereto" and
"hereunder" when used in this First Amendment shall refer to this First
Amendment as a whole and not to any particular Article, Section, subsection or
provision of this First Amendment.

         (b) Section, subsection and Exhibit references herein are to such
Sections, subsections and Exhibits to this First Amendment unless otherwise
specified.

                                       1
<PAGE>
                   ARTICLE II. AMENDMENTS TO CREDIT AGREEMENT

         The Company, each of the Borrowers, the Agents and the Lenders agree
that the Credit Agreement is hereby amended, effective as of the Effective Date,
in the following particulars.

         Section 2.1 Amendments and Supplements to Definitions.

         The following terms, which are defined in Section 1.1 of the Credit
Agreement, are hereby amended in their entirety to read as follows:

                  "Agreement" shall mean this Credit Agreement, as amended and
         supplemented by the First Amendment and as the same may from time to
         time be further amended or supplemented.

                  "EBITDA" means, for any Person, for any period for which the
         amount thereof is to be determined, Net Income for such period, plus,
         to the extent deducted in the determination of Net Income and without
         duplication with items included in the adjustments under GAAP to Net
         Income in the determination of net income, (a) provisions for income
         taxes, (b) Interest Expense, (c) depreciation and amortization expense,
         (d) other non-cash income or charges, and (e) any premium payments
         required to be paid by the Company in connection with the redemption,
         repurchase or prepayment of its 10 7/8% Senior Subordinated Notes
         originally due March 1, 2009.

                  "First Amendment" shall mean that certain First Amendment to
         Fifth Amended and Restated Credit Agreement, executed by the Company,
         each of the other Borrowers, the Lenders and the Agents.

                            ARTICLE III. CONDITIONS

         The effectiveness of this First Amendment is subject to the
satisfaction of the following conditions precedent:

         Section 3.1 Loan Documents. The Agent shall have received multiple
original counterparts of this First Amendment executed and delivered by a duly
authorized officer of the Company and each of the Borrowers and the Required
Lenders.

         Section 3.2 Representations and Warranties. Except as affected by the
transactions contemplated in the Credit Agreement and this First Amendment, each
of the representations and warranties made by the Company and the other
Borrowers in or pursuant to the Loan Documents shall be true and correct in all
material respects as of the Effective Date, as if made on and as of such date.

         Section 3.3 Other Instruments or Documents. The Agent shall receive
such other instruments or documents as it may reasonably request.

                                       2
<PAGE>
                           ARTICLE IV. MISCELLANEOUS

         Section 4.1 Adoption, Ratification and Confirmation of Credit
Agreement. The Company, each of the Borrowers, the Agents and the Lenders do
hereby adopt, ratify and confirm the Credit Agreement, as amended hereby, and
the Security Documents, and acknowledges and agrees that the Credit Agreement,
as amended hereby, and each of the Security Documents, are and remain in full
force and effect.

         Section 4.2 Successors and Assigns. This First Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted pursuant to the Credit Agreement.

         Section 4.3 Counterparts. This First Amendment may be executed by one
or more of the parties hereto in any number of separate counterparts, and may be
delivered in original or facsimile form, and all of such counterparts taken
together shall be deemed to constitute one and the same instrument and shall be
enforceable as of the Effective Date upon the execution of one or more
counterparts hereof by the Company, the other Borrowers, the Agents and the
Lenders. In this regard, each of the parties hereto acknowledges that a
counterpart of this First Amendment containing a set of counterpart execution
pages reflecting the execution of each party hereto shall be sufficient to
reflect the execution of this First Amendment by each necessary party hereto and
shall constitute one instrument.

         Section 4.4 Number and Gender. Whenever the context requires, reference
herein made to the single number shall be understood to include the plural; and
likewise, the plural shall be understood to include the singular. Words denoting
sex shall be construed to include the masculine, feminine and neuter, when such
construction is appropriate; and specific enumeration shall not exclude the
general but shall be construed as cumulative. Definitions of terms defined in
the singular or plural shall be equally applicable to the plural or singular, as
the case may be, unless otherwise indicated.

         Section 4.5 Invalidity. In the event that any one or more of the
provisions contained in this First Amendment shall for any reason be held
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this First Amendment.

         Section 4.6 Titles of Articles, Sections and Subsections. All titles or
headings to Articles, Sections, subsections or other divisions of this First
Amendment or the exhibits hereto, if any, are only for the convenience of the
parties and shall not be construed to have any effect or meaning with respect to
the other content of such Articles, Sections, subsections, other divisions or
exhibits, such other content being controlling as the agreement among the
parties hereto.

         Section 4.7 Release.

         The Company and each of the other Borrowers do hereby release the
Agents and each Lender and each Affiliate thereof and their respective
directors, officers, employees and agents from, any and all losses, liabilities,
claims or damages (including reasonable legal fees and expenses) to which any of
them may become subject, insofar as such losses, liabilities, claims or damages
arise out of or result from the Loan Documents or the transactions contemplated

                                       3
<PAGE>
thereby, or the actions or inactions of any Person in regard thereto, including
any Person hereby released, and the Company and each of the other Borrowers
shall reimburse each Lender and each Affiliate thereof and their respective
directors, officers, employees and agents, upon demand, for any expenses
(including legal fees) reasonably incurred in connection with any investigation
or proceeding involving such matters. Without prejudice to the survival of any
other obligations of the Company and the other Borrowers hereunder and under the
other Loan Documents, such release shall survive the termination of the Credit
Agreement or this Amendment and the other Loan Documents, the payment of the
Obligations, or the assignment of the Notes.

         Section 4.8 Governing Law. THIS FIRST AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF TEXAS.

         Section 4.9 Entire Agreement. THE CREDIT AGREEMENT, AS AMENDED BY THIS
FIRST AMENDMENT AND THE OTHER LOAN DOCUMENTS, CONSTITUTE THE ENTIRE AGREEMENT
AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT THEREOF. ALL PRIOR
UNDERSTANDINGS, STATEMENTS AND AGREEMENTS, WHETHER WRITTEN OR ORAL, RELATING TO
THE SUBJECT THEREOF ARE SUPERSEDED BY THE CREDIT AGREEMENT, AS AMENDED BY THIS
FIRST AMENDMENT AND THE OTHER LOAN DOCUMENTS.

                         [SIGNATURES BEGIN ON NEXT PAGE]

                                       4
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to be duly executed and delivered by their proper and duly authorized officers
as of the Effective Date.

BORROWERS:                         GROUP 1 AUTOMOTIVE, INC.,
                                   a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Executive Vice President

                                   GROUP 1 REALTY, INC., a Delaware corporation;
                                   GROUP 1 FL HOLDINGS, INC., a Delaware
                                   corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   President

                                      S-1
<PAGE>
                                   BOB HOWARD AUTOMOTIVE-EAST, INC., an Oklahoma
                                   corporation;
                                   BOB HOWARD AUTOMOTIVE-H, INC., an Oklahoma
                                   corporation;
                                   BOB HOWARD CHEVROLET, INC., an Oklahoma
                                   corporation;
                                   BOB HOWARD DODGE, INC., an Oklahoma
                                   corporation;
                                   BOB HOWARD MOTORS, INC., an Oklahoma
                                   corporation;
                                   BOB HOWARD NISSAN, INC., an Oklahoma
                                   corporation;
                                   BOHN HOLDINGS-DC, INC., a Delaware
                                   corporation;
                                   BOHN HOLDINGS-F, INC., a Delaware
                                   corporation;
                                   BOHN HOLDINGS-GM, INC., a Delaware
                                   corporation;
                                   BOHN HOLDINGS-S, INC., a Delaware
                                   corporation;
                                   CASA CHEVROLET, INC., a New Mexico
                                   corporation;
                                   CASA CHRYSLER PLYMOUTH JEEP, INC., a New
                                   Mexico corporation;
                                   DANVERS-DC, INC., a Delaware corporation;
                                   DANVERS-DCII, INC., a Delaware corporation;
                                   DANVERS-DCIII, INC., a Delaware corporation;
                                   DANVERS-GM, INC., a Delaware corporation;
                                   DANVERS-N, INC., a Delaware corporation;
                                   DANVERS-NII, INC., a Delaware corporation;
                                   DANVERS-S, INC., a Delaware corporation;
                                   DANVERS-SU, INC., a Delaware corporation;
                                   DANVERS-T, INC., a Delaware corporation;
                                   DANVERS-TII, INC., a Delaware corporation;
                                   DANVERS-TL, INC., a Delaware corporation;
                                   FMM, INC., a California corporation;
                                   GPI ATLANTA-F, INC., a Georgia corporation;
                                   GPI ATLANTA-FLM, INC., a Delaware
                                   corporation;
                                   GPI ATLANTA-FLMII, INC., a Delaware
                                   corporation;
                                   GPI ATLANTA-T, INC., a Delaware corporation;
                                   GROUP 1 ASSOCIATES, INC., a Delaware
                                   corporation;
                                   HARVEY-T, INC., a Delaware corporation;
                                   HIGHLAND AUTOPLEX, INC., a Texas corporation;
                                   HOWARD FORD, INC., a Delaware corporation;
                                   HOWARD PONTIAC-GMC, INC., an Oklahoma
                                   corporation;
                                   HOWARD-DC, INC., a Delaware corporation;
                                   HOWARD-DCII, INC., a Delaware corporation;
                                   HOWARD-GM, INC., a Delaware corporation;
                                   HOWARD-GMII, INC., a Delaware corporation;
                                   HOWARD-GMIII, INC., a Delaware corporation;

                                      S-2
<PAGE>
                                   HOWARD-H, INC., a Delaware corporation;
                                   HOWARD-HA, INC., a Delaware corporation;
                                   HOWARD-FLM, INC., a Delaware corporation;
                                   HOWARD-SB, INC., a Delaware corporation;
                                   HOWARD-SI, INC., a Delaware corporation;
                                   JIM TIDWELL FORD, INC., a Delaware
                                   corporation;
                                   LUBY CHEVROLET CO., a Delaware corporation;
                                   MIKE SMITH AUTOMOTIVE-H, INC., a Delaware
                                   corporation;
                                   MIKE SMITH AUTOMOTIVE-N, INC., a Texas
                                   corporation;
                                   MIKE SMITH AUTOPLAZA, INC., a Texas
                                   corporation;
                                   MIKE SMITH AUTOPLEX BUICK, INC., a Texas
                                   corporation;
                                   MIKE SMITH AUTOPLEX DODGE, INC., a Texas
                                   corporation;
                                   MIKE SMITH AUTOPLEX, INC., a Texas
                                   corporation;
                                   MIKE SMITH AUTOPLEX-GERMAN IMPORTS, INC., a
                                   Texas corporation;
                                   MIKE SMITH AUTOPLEX-V, INC., a Texas
                                   corporation;
                                   MIKE SMITH GM, INC., a Delaware corporation;
                                   MIKE SMITH IMPORTS, INC., a Texas
                                   corporation;
                                   MIKE SMITH MOTORS, INC., a Texas corporation;
                                   MILLBRO, INC., a California corporation;
                                   MILLER AUTOMOTIVE GROUP, INC., a California
                                   corporation;
                                   MILLER FAMILY COMPANY, INC., a California
                                   corporation;
                                   MILLER IMPORTS, INC., a California
                                   corporation;
                                   MILLER INFINITI, INC., a California
                                   corporation;
                                   MILLER MOTORS VAN NUYS, INC., a California
                                   corporation;
                                   MILLER NISSAN, INC., a California
                                   corporation;
                                   MILLER-NII, INC., a Delaware corporation;
                                   PERIMETER FORD, INC., a Delaware corporation;
                                   SUNSHINE BUICK PONTIAC GMC TRUCK, INC., a New
                                   Mexico corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                      S-3
<PAGE>
                                   AMARILLO MOTORS-C, LTD., a Texas limited
                                   partnership;
                                   AMARILLO MOTORS-F, LTD., a Texas limited
                                   partnership;
                                   AMARILLO MOTORS-FM, LTD., a Texas limited
                                   partnership;
                                   AMARILLO MOTORS-J, LTD., a Texas limited
                                   partnership;
                                   AMARILLO MOTORS-SM, LTD., a Texas limited
                                   partnership;
                                   CHAPERRAL DODGE, LTD., a Texas limited
                                   partnership;
                                   COLONIAL CHRYSLER-PLYMOUTH, LTD., a Texas
                                   limited partnership;
                                   GPI, LTD., a Texas limited partnership ;
                                   KUTZ-DC, LTD., a Texas limited partnership;
                                   KUTZ-N, LTD., a Texas limited partnership;
                                   LUBBOCK MOTORS, LTD., a Texas limited
                                   partnership;
                                   LUBBOCK MOTORS-F, LTD., a Texas limited
                                   partnership;
                                   LUBBOCK MOTORS-S, LTD., a Texas limited
                                   partnership;
                                   LUBBOCK MOTORS-SH, LTD., a Texas limited
                                   partnership;
                                   LUBBOCK MOTORS-T, LTD., a Texas limited
                                   partnership;
                                   MAXWELL CHRYSLER DODGE JEEP, LTD., a Texas
                                   limited partnership;
                                   MAXWELL FORD, LTD., a Texas limited
                                   partnership;
                                   MAXWELL-G, LTD., a Texas limited partnership;
                                   MAXWELL-N, LTD., a Texas limited partnership;
                                   MAXWELL-NII, LTD., a Texas limited
                                   partnership;
                                   MAXWELL-SM, LTD., a Texas limited
                                   partnership;
                                   MCCALL-H, LTD., a Texas limited partnership;
                                   MCCALL-HA, LTD., a Texas limited partnership;
                                   MCCALL-N, LTD., a Texas limited partnership;
                                   MCCALL-T, LTD., a Texas limited partnership;
                                   MCCALL-TII, LTD., a Texas limited
                                   partnership;
                                   MCCALL-TL, LTD., a Texas limited partnership;
                                   PRESTIGE CHRYSLER NORTHWEST, LTD., a Texas
                                   limited partnership;
                                   PRESTIGE CHRYSLER SOUTH, LTD., a Texas
                                   limited partnership;
                                   ROCKWALL AUTOMOTIVE-DCD, LTD., a Texas
                                   limited partnership;

                                      S-4
<PAGE>
                                   ROCKWALL AUTOMOTIVE-F, LTD., a Texas limited
                                   partnership;

                                   By:      GROUP 1 ASSOCIATES, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                   GROUP 1 HOLDINGS-DC, L.L.C., a Delaware
                                   limited liability company;
                                   GROUP 1 HOLDINGS-F, L.L.C., a Delaware
                                   limited liability company;
                                   GROUP 1 HOLDINGS-GM, L.L.C., a Delaware
                                   limited liability company;
                                   GROUP 1 HOLDINGS-H, L.L.C., a Delaware
                                   limited liability company;
                                   GROUP 1 HOLDINGS-N, L.L.C., a Delaware
                                   limited liability company;
                                   GROUP 1 HOLDINGS-S, L.L.C., a Delaware
                                   limited liability company;
                                   GROUP 1 HOLDINGS-T, L.L.C., a Delaware
                                   limited liability company;

                                   By:      GROUP 1 AUTOMOTIVE, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Executive Vice President

                                   COURTESY FORD, LLC, a Delaware limited
                                   liability company;
                                   GULF BREEZE FORD, LLC, a Delaware limited
                                   liability company;
                                   KEY FORD, LLC, a Delaware limited liability
                                   company;

                                      S-5
<PAGE>
                                   KOONS FORD, LLC, a Delaware limited liability
                                   company

                                   By:      GROUP 1 FL HOLDINGS, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   President

                                   BOHN-DC, LLC, a Delaware limited liability
                                   company

                                   By:      BOHN HOLDINGS-DC, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                   BOHN-FII, LLC, a Delaware limited liability
                                   company;
                                   BOHN-FIII, LLC, a Delaware limited liability
                                   company;
                                   HARVEY FORD, LLC, a Delaware limited
                                   liability company;
                                   HARVEY-FLM, LLC, a Delaware limited liability
                                   company

                                   By:      BOHN HOLDINGS-F, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
*                                  Name:    Scott L. Thompson
                                   Title:   Vice President

                                      S-6
<PAGE>
                                   HARVEY GM, LLC, a Delaware limited liability
                                   company

                                   By:      BOHN HOLDINGS-GM, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                   HARVEY SM, LLC, a Delaware limited liability
                                   company

                                   By:      BOHN HOLDINGS-S, INC.,
                                            a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                   HARVEY OPERATIONS-T, LLC, a Delaware limited
                                   liability company

                                   By:    HARVEY-T, INC., a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                   IRA AUTOMOTIVE GROUP, LLC, a Delaware limited
                                   liability company

                                   By:   DANVERS-T, INC., a Delaware corporation

                                   By:  /s/ Scott L. Thompson
                                      ------------------------------------------
                                   Name:    Scott L. Thompson
                                   Title:   Vice President

                                      S-7
<PAGE>
                                   GROUP 1 LP INTERESTS-F, INC., a Delaware
                                   corporation;
                                   GROUP 1 LP INTERESTS-DC, INC., a Delaware
                                   corporation;
                                   GROUP 1 LP INTERESTS-T, INC., a Delaware
                                   corporation;
                                   GROUP 1 LP INTERESTS-GM, INC., a Delaware
                                   corporation;
                                   GROUP 1 LP INTERESTS-H, INC., a Delaware
                                   corporation;
                                   GROUP 1 LP INTERESTS-S, INC., a Delaware
                                   corporation;
                                   GROUP 1 LP INTERESTS-N, INC., a Delaware
                                   corporation

                                   By:  /s/ Mathew J. Baer
                                      ------------------------------------------
                                   Name:    Mathew J. Baer
                                   Title:   President

                                   DELAWARE ACQUISITION-DC, LLC, a Delaware
                                   limited liability company

                                   By:      GROUP 1 LP INTERESTS-DC, INC.,
                                            a Delaware corporation

                                   By:  /s/ Mathew J. Baer
                                      ------------------------------------------
                                   Name:    Mathew J. Baer
                                   Title:   President

                                   DELAWARE ACQUISITION-F, LLC, a Delaware
                                   limited liability company

                                   By:      GROUP 1 LP INTERESTS-F, INC.,
                                            a Delaware corporation

                                   By:  /s/ Mathew J. Baer
                                      ------------------------------------------
                                   Name:    Mathew J. Baer
                                   Title:   President

                                      S-8
<PAGE>
                                   DELAWARE ACQUISITION-GM, LLC, a Delaware
                                   limited liability company

                                   By:      GROUP 1 LP INTERESTS-GM, INC.,
                                            a Delaware corporation

                                   By:  /s/ Mathew J. Baer
                                      ------------------------------------------
                                   Name:    Mathew J. Baer
                                   Title:   President

                                   DELAWARE ACQUISITION-N, LLC, a Delaware
                                   limited liability company

                                   By:      GROUP 1 LP INTERESTS-N, INC.,
                                            a Delaware corporation

                                   By:  /s/ Mathew J. Baer
                                      ------------------------------------------
                                   Name:    Mathew J. Baer
                                   Title:   President

                                   DELAWARE ACQUISITION-T, LLC, a Delaware
                                   limited liability company

                                   By:      GROUP 1 LP INTERESTS-T, INC.,
                                            a Delaware corporation

                                   By:  /s/ Mathew J. Baer
                                      ------------------------------------------
                                   Name:    Mathew J. Baer
                                   Title:   President

                                      S-9
<PAGE>
AGENT, ISSUING BANK AND            JPMORGAN CHASE BANK
LENDER:

                                   By:  /s/ H. David Jones
                                      ------------------------------------------
                                   Name:    H. David Jones
                                   Title:   Vice President

                                      S-10
<PAGE>
FLOOR PLAN AGENT,
SWING LINE BANK AND                COMERICA BANK
LENDER:

                                   By:  /s/ Joseph A. Moran
                                      ------------------------------------------
                                   Name:    Joseph A. Moran
                                   Title:   Senior Vice President

                                      S-11
<PAGE>
DOCUMENTATION AGENT                BANK ONE, NA
AND LENDER:

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-12
<PAGE>
LENDER:                            TOYOTA MOTOR CREDIT CORPORATION

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-13
<PAGE>
LENDER:                            U.S. BANK N.A.

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-14
<PAGE>
LENDER:                            SOVEREIGN BANK

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-15
<PAGE>
LENDER:                            KEY BANK NATIONAL ASSOCIATION

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-16
<PAGE>
LENDER:                            BNP PARIBAS

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-17
<PAGE>
LENDER:                            WELLS FARGO BANK, N.A.

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-18
<PAGE>
LENDER:                            SOUTHWEST BANK OF TEXAS, N.A.

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-19
<PAGE>
LENDER:                            BANK OF OKLAHOMA, N.A.

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-20
<PAGE>
LENDER:                            BMW FINANCIAL SERVICES NA, LLC

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-21
<PAGE>
LENDER:                            AMARILLO NATIONAL BANK

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

                                   Address:
                                           -------------------------------------

                                           -------------------------------------

                                           -------------------------------------

                                   Telecopy No.:
                                                --------------------------------

                                      S-22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]