Group 1 Automotive said Monday it has purchased three dealerships and a collision center in Shreveport, La., from Holmes European Motors.
The stores include Mercedes-Benz, Sprinter, Land Rover, Jaguar and Volvo franchises, adding to Group 1’s existing portfolio in the city, which include Ford and Lincoln franchises.
Group 1 expects the dealerships will generate annual revenues of $110 million. With this purchase, the retailer has now acquired revenues of $660 million in 2022.
“We are extremely pleased to welcome the teams at Mercedes-Benz, Jaguar-Land Rover and Volvo Cars of Shreveport to the Group 1 family, and to further expand our brand footprint and scale to our already successful Shreveport operations,” said Daryl Kenningham, Group 1's President of U.S. Operations, in a news release.
During the second quarter, the retailer disposed of two franchises — a Hyundai franchise in Houston and a Volkswagen franchise in Boston — which generated annual revenues of $75 million.
Additionally, Group 1 Automotive has exited Brazil.
The dealer group said last week it has closed on the disposition of its operations in the South American country, after nine years there.
Group 1’s wholly owned subsidiary GPI SA, LLC closed the sale under the share purchase agreement with Original Holdings S.A.
UAB Motors Participações Ltda., which is a wholly owned subsidiary of the Houston-based dealer group, was an intervening party.
Alan Jay sells 2 stores
Alan Jay Automotive Network has sold its Alan Jay Toyota in Sebring, Fla., to Doherty Automotive Group, and its Maserati & Alfa Romeo of St. Petersburg, Fla., to Qvale Auto Group of West Palm Beach, Fla.
The news was announced by Kerrigan Advisors, which represented the Alan Jay group.
“Throughout this transaction, the Kerrigan Advisors team was professional, diligent, and insightful, always putting our interests front and center,” said Alan Jay Wildstein, who is the founder, president and chief executive officer of Alan Jay Automotive Network. “For 30 years we’ve operated under a simple philosophy — treat customers like family. So, I appreciated being represented by a firm who shares that philosophy and who treated us with the same kind of care and dedication.”
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