FORT LAUDERDALE, Fla. — AutoNation Inc. has signed agreements to acquire 13 stores in Georgia, Alabama and Tennessee from Carl Gregory Enterprises and three stores in the Baltimore, Md., market from Valley Motors Auto Group, representing over $600 million in combined annual revenue.
The franchises to be acquired in the Southeast include Chrysler, Dodge, Jeep, Ram, Fiat, Ford, Lincoln, Honda, Hyundai and Volkswagen. In 2014, the Carl Gregory stores retailed approximately 16,750 new and used vehicles. The franchises to be acquired from Valley Motors Auto Group include Audi, Mercedes-Benz, Subaru and Volkswagen. The Valley Motors Auto Group stores retailed approximately 2,900 new and used vehicles in 2014.
Once these transactions are completed, AutoNation's total franchise count will be 327 franchises, an increase of 34 franchises. The transactions are subject to customary terms and conditions, including manufacturer approval, and are expected to close later this year.
"We are pleased to have the opportunity to add 13 stores in Georgia, Alabama and Tennessee and three stores in the Baltimore, Md., and Washington, D.C. market and bring AutoNation's store count to 253 from Coast to Coast," said Mike Jackson, AutoNation's chairman, CEO and president. "We continue to seek acquisitions to leverage our scale, expand the AutoNation brand and provide a peerless experience to more customers."
Originally posted on F&I and Showroom