Group 1 Automotive, one of the nation’s largest automotive retailers, acquired three dealerships and a collision center located in Shreveport, Louisiana. The dealerships, including Mercedes-Benz, Sprinter, Land Rover, Jaguar, and Volvo brands, were bought from Holmes European Motors. Group 1 already owns two franchises in Shreveport, representing the Ford and Lincoln brands.
The purchase of these locations is expected to increase annual revenue by at least $110 million, putting the up-to-date revenue at $660 million.
Daryl Kenningham, Group 1’s President of U.S. Operations expressed his excitement and joy by stating “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.”
A Hyundai franchise in Houston, Texas, and a Volkswagen franchise in Boston, Massachusetts, both of which generated $75M in yearly revenues, were among the two franchises that the company revealed it had sold during the second quarter.
Did you enjoy this article? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at firstname.lastname@example.org.