UPDATE 1-Group 1 profit drops, sees weak 2008 auto sales


(Adds detail, background) DETROIT, Feb 26 (Reuters) - Auto dealership chain Group 1 Automotive Inc on Tuesday reported a 63 percent decline in quarterly earnings after writing down the value of some dealerships and cautioned the U.S. auto industry is headed for lower sales in 2008. Fourth-quarter net income fell to $5.5 million, or 24 cents per share, from $14.8 million, or 61 cents per share, a year earlier. Revenue rose 1.5 percent to $1.5 billion. Excluding one-time items, Group 1 ...

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