Group 1 Automotive Acquires Two Toyota Dealerships in Massachusetts

Rhea-AI Summary

On March 16, 2021, Group 1 Automotive (NYSE: GPI) announced its acquisition of two Toyota dealerships in Massachusetts, located in Hyannis and Orleans. This strategic move is expected to generate approximately $120 million in annual revenues, increasing the company's total U.S. Toyota dealership count to 15 and total representation in New England to 10 dealerships. Group 1 aims to enhance its market presence and strengthen its partnership with Toyota through this expansion.

Positive

• Acquisition expected to generate approximately $120 million in annual revenues.
• Total U.S. Toyota dealership count increased to 15, enhancing market presence.
• Expansion in New England aligns with long-term growth strategy.

Negative

• None.

HOUSTON, March 16, 2021 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today announced the expansion of its business presence in the Massachusetts market with the acquisition of two Toyota dealerships.  The dealerships are located in Hyannis and Orleans on Cape Cod.  These stores are expected to generate approximately $120 million in annualized revenues.

"We are excited to grow our scale in New England with two additional stores and expand our long-standing partnership with Toyota," said Earl J. Hesterberg, Group 1's president and chief executive officer.

The acquisition of these stores brings Group 1's total U.S. Toyota dealership count to fifteen and increases the total representation in New England to ten dealerships, which includes the Audi, BMW, Lexus, Subaru, and Toyota brands.

ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 184 automotive dealerships, 237 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.

Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com

Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com  
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com

 

View original content:http://www.prnewswire.com/news-releases/group-1-automotive-acquires-two-toyota-dealerships-in-massachusetts-301248504.html

SOURCE Group 1 Automotive, Inc.

FAQ

What is the significance of Group 1 Automotive's acquisition of two Toyota dealerships in Massachusetts?

The acquisition increases Group 1's revenues by approximately $120 million annually and enhances its presence in New England.

How many Toyota dealerships does Group 1 Automotive own after this acquisition?

After the acquisition, Group 1 Automotive now owns a total of 15 Toyota dealerships in the U.S.

When did Group 1 Automotive announce the acquisition of the Massachusetts dealerships?

Group 1 Automotive announced the acquisition on March 16, 2021.