HOUSTON - Group 1 Automotive, Inc. (NYSE: NYSE:GPI), a Fortune 300 company and owner of automotive dealerships in the U.S. and U.K., today announced the acquisition of four Mercedes-Benz (OTC:MBGAF) dealerships in Hertfordshire, north of London. The dealerships, previously owned by L&L Automotive, are expected to contribute over $105 million in annual revenues and sell upwards of 2,800 new and used vehicles each year.
The addition of these dealerships is part of Group 1's strategic expansion in the United Kingdom. The move is anticipated to bolster the company's market presence and provide additional growth opportunities. Daryl Kenningham, Group 1's Chief Executive Officer, expressed enthusiasm about the expansion, highlighting the potential for shareholder value growth.
This latest acquisition contributes to Group 1's significant expansion in 2024, with $1.1 billion in acquired revenues reported year to date. The company anticipates that the pending purchase of Inchcape (OTC:INCPY) U.K. dealerships, expected to close in the third quarter of 2024, will bring total acquired revenues to an estimated $3.8 billion.
Group 1 Automotive operates 206 dealerships, 270 franchises, and 42 collision centers across the United States and the United Kingdom, offering 35 automobile brands. The company provides a comprehensive range of automotive services, including vehicle sales, financing, maintenance, and repair services.
The company's forward-looking statements indicate a positive outlook on the acquisition's benefits and its future financial position. However, they also acknowledge the inherent risks and uncertainties that could affect actual results, such as regulatory approvals and the integration of new acquisitions.
This expansion news is based on a press release statement from Group 1 Automotive, Inc.
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