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AutoNation To Acquire Barrier Motors Premium Luxury Group In Seattle-Bellevue, Washington Market

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AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, announced today that it has signed agreements to acquire Audi, Mercedes-Benz, Porsche and Volvo stores in the Seattle-Bellevue market from Barrier Motors.

The annual revenue for these stores is approximately $355 million, with retail sales of approximately 5,500 new and used vehicle units. Upon completion of the transaction, AutoNation will own and operate 22 franchises in the state of Washington, including 13 franchises in the Seattle-Bellevue market. The transactions are subject to customary terms and conditions, including manufacturer approval, and are expected to close in the fourth quarter 2014.

Mike Jackson, AutoNation's Chairman and Chief Executive Officer, stated, "We are pleased to be adding the Barrier Audi, Mercedes-Benz, Porsche and Volvo stores to our Seattle-Bellevue platform. The Barrier stores have a great reputation in the market. The franchises are in attractive automotive retail locations and the facilities are first class."

Mr. Jackson added, "The acquisition will greatly enhance our brand mix in Seattle-Bellevue, positioning us with outstanding premium luxury offerings in the market, where we already represent BMW. The product cycles from Audi, Mercedes-Benz and Porsche are some of the most exciting in the industry. We also look forward to welcoming the Barrier customers and over 300 associates into the AutoNation family."

Jimmy Barrier, President and Chief Executive Officer, Barrier Motors, stated, "I am extremely pleased to have worked with senior leadership of AutoNation to put this transaction together. AutoNation is the largest auto retailer in the United States, with a strong premium luxury business and track record. I am very excited for our associates, who have been a key part of our success in building one of the finest premium luxury automotive retail businesses in America. I look forward to watching the Barrier stores under AutoNation's leadership continue our long tradition of outstanding customer service."

Posted-In: M&A News Press Releases

 

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