Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of auto dealer Group 1 Automotive (NYSE: GPI) were racing higher today, gaining as much as 17% in intraday trading on heavier-than-average volume.

So what: It's earnings season, so it's a pretty safe bet that most soaring stocks are doing so because of positive earnings news. This was definitely the case for Group 1, as earnings per share of $1.06 absolutely crushed the $0.81 that analysts were looking for. Total revenue of $1.5 billion crept up 3.9% and was just shy of Wall Street expectations. The smashing profit performance was driven in part by higher profitability on new cars as new vehicle gross profit rose 20%. Gross profit per new car rose $455 to $2,252.

Now what: The quarter's results were hampered a bit by supply shortages of Japanese cars following the disaster in Japan. Looking ahead, that will likely right itself. Meanwhile, the company continued working to expand the business by acquiring BMW, MINI, Ford (NYSE: F), Buick, and GMC dealerships during the quarter. CEO Earl Hesterberg also said that the company will continue to share its profits with shareholders through dividends and share repurchases.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.