By Bernie Woodall
DETROIT, Feb 11 (Reuters) - Group 1 Automotive Inc Chief Executive Officer Earl Hesterberg said on Thursday the auto dealer group will cut orders for new vehicles in order to reduce excess inventory.
Hesterberg, speaking with Reuters after the company issued fourth-quarter earnings, said the excess inventory was most acute for luxury cars from BMW and Daimler AG's Mercedes-Benz in the oil patch of Texas and Oklahoma.
"We have to order a few less vehicles until we get it lined up," he said.
Low energy prices and flagging energy-related companies have cut consumer confidence in those states, Hesterberg said. He did not specify how new vehicle orders will be cut by the No. 3 U.S. auto dealer group.
Two weeks ago, AutoNation Inc Chief Executive Mike Jackson said low oil prices were pressuring sales in Texas and that the company would cut its new vehicle orders to reduce stocks of unsold inventory. (Reporting by Bernie Woodall; Editing by Dan Grebler)