Group 1 Automotive Acquires Chevrolet And Mazda Dealerships In Houston, Texas
Disposes Volvo Dealership on Long Island, New York
HOUSTON, July 21, 2014 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today announced the acquisition of Munday Chevrolet and Munday Mazda in Houston, Texas. The dealerships, which will continue to operate as Munday Chevrolet and Munday Mazda, are expected to generate $225 million in estimated annual revenues.
"Munday Chevrolet is the second largest Chevy dealership in Texas and sixth largest in the country. We are delighted to add this high volume store to our growing family of dealerships in our hometown of Houston," said Earl J. Hesterberg, Group 1's president and chief executive officer. "The addition of Chevrolet and Mazda expands our scale and brand offerings to a total of 17 brands across 19 stores serving over 300,000 customers in the greater Houston metropolitan area."
Additionally, on June 23, 2014, Group 1 completed the disposition of Hassel Volvo. This dealership, located on Long Island, New York, generated approximately $30 million in trailing-twelve-month revenues.
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