Major Houston-based auto co. furloughs workers, cuts execs’ salaries to weather COVID-19 downturn

Houston-based Group 1 Automotive Inc. (NYSE: GPI) has seen vehicle sales plummet as the COVID-19 coronavirus outbreak ramped up and is taking steps to weather the downturn.

Those steps include furloughing 3,000 U.S. operating and staff employees for 30 days, which might be extended with another 30-day period, according to a March 25 press release. In the U.K., the company is furloughing 2,800 employees — about 90 percent of its U.K. workforce — for 21 days initially.

As of Dec. 31, 2019, Group…