AutoNation to Acquire Audi, Porsche, Volkswagen Stores in Texas
AutoNation (NYSE: AN), America's largest automotive retailer, announced today that it has signed agreements to acquire Audi, Porsche and three Volkswagen stores in the Dallas, Texas market from Boardwalk Auto Group and Spring Chrysler Jeep Dodge Ram in the Houston, Texas market. The transactions are subject to customary terms and conditions, including manufacturer approval.
Together, the stores are expected to sell over 14,000 new and used retail units in 2012 with approximately $575 million of revenue. Upon completion of the transactions, AutoNation will own and operate 50 franchises in the state of Texas.
Boardwalk Audi, Porsche and Volkswagen Acquisition
Boardwalk Audi and Boardwalk Porsche are located in Plano, Texas. Boardwalk Audi, which received the prestigious 2011 Audi Magna Society Award, is in the top 20 in the United States for Audi new vehicle volume year-to-date. Boardwalk Porsche, which received the coveted Porsche Premier Dealership Award for 2012, is in the top ten in