Georgia Auto Group to Be Sold
Major U.S. player Group 1 signed an agreement to purchase the Atlanta-area stores across multiple brands from a longtime market leader.
Porsche is among the luxury brands included in the 10-store transaction.
Porsche
A collection of Atlanta-based auto dealerships is set to be acquired by a major U.S. automotive group.
The 10 Hennessy Automobile Cos. stores in the Atlanta metropolitan area are being picked up by Group 1 Automotive, which operates more than 250 stores in the U.S. and the U.K. The $1.3 billion deal is expected to close by the end of the year.
"Our cluster strategy has long focused on premium brands in attractive growth markets with high-revenue rooftops where we can leverage scale and expand margins," said Group 1 CEO Daryl Kenningham. “The Hennessy family has a tremendous reputation in Atlanta. We feel privileged to purchase this world class business."
The stores are a mix of luxury brands, including three Land Rover dealerships and a Porsche store. Group 1 said the additions combine with two other recent purchases it made in the Stone Mountain part of the greater Atlanta area for a total of 15 stores there and its second-biggest market for revenue.
"For 62 years, our family company has been a cornerstone of the Atlanta automotive community, excelling in vehicle sales, servicing and leasing," Hennessy President Peter Hennessy said of the sale to Group 1. He didn’t indicate why his group chose to sell.
"Under Group 1's stewardship, I know this strong legacy and deep commitment to Atlanta will continue. Group 1 shares our customer-focused philosophy, which will remain the foundation as they move our dealerships into the future."
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