On March 11, Group 1 Automotive, one of the nation’s leading auto retailers, announced the acquisition of Modern Classic Motors in Hilton Head, South Carolina.
The transaction includes three franchises, all in Beaufort County, which is one of the fastest-growing counties in South Carolina. They include:
- Mercedes-Benz
- Sprinter
- Honda
With this acquisition, Group 1 has expanded its relationship with Mercedes-Benz to 17 franchises in the United States and the United Kingdom. The firm is also expanding its partnership with Honda to 13 franchises in the U.S.
The acquisition is expected to boost GPI’s yearly income by $140 million.
Group 1 President and CEO Daryl Kenningham stated in a release, “These are highly desirable brands, and we are ecstatic to grow our relationship with Mercedes-Benz and Honda while adding scale to our successful Hilton Head operations.”
In February, the automotive retailer acquired Newport Lexus and Tustin Lexus. These establishments are Orange County, California’s top-performing Lexus dealerships. The deal is anticipated to increase the company’s yearly revenue by $350 million.
Group 1 Automotive also expanded its U.S. portfolio in the greater Baltimore/Washington D.C. area. The acquisition of RRR Automotive Group includes new vehicle dealerships for Toyota, Honda, Hyundai, and Kia. It also includes one Toyota Certified pre-owned center and three collision centers. The group also has the two highest-volume Honda dealerships in Maryland. The dealerships are expected to generate over $500 million in annual revenues.
