AutoNation To Buy Selected Stores Of BMW, Land Rover And Jaguar

AutoNation, Inc. AN revealed that it reached agreements to buy four stores, including five franchises, in the Westchester County, New York area from BMW, Land Rover and Jaguar. The company stated that the acquisitions were subject to customary terms and conditions, including manufacturer approvals. The company expects the transaction to close in the third quarter of the current year.

According to AutoNation, the stores to be purchased were BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection and White Plains Jaguar from DiSimone Imports. The company added that these stores collectively represented about $190 million revenue annually and 2,600 retail new and used vehicle annual unit sales.

The company indicated it would renovate BMW facilities in Mt. Kisco to further improve the customer experience. Also, the company would construct a new state-of-the-art Jaguar Land Rover store in the White Plains area in connection with the transaction. As far as Mt. Kisco is concerned, it would relocate the Land Rover franchise and merge it with Jaguar in a new state-of-the-art auto retail facility. The company would also renovate and expand its Jaguar Land Rover facilities in Larchmont/New Rochelle.

AutoNation's Chairman, CEO and President, Mike Jackson, commented, "These acquisitions will greatly enhance our brand mix, positioning us with outstanding premium luxury offerings in this new market. We look forward to welcoming the BMW, Jaguar and Land Rover customers and 140 new associates in Westchester County to AutoNation."

Shares of the company traded 3.6 percent higher on Thursday.