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.
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