HOUSTON, Aug. 19, 2014 – Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retail leader, has announced a strategic acquisition that further cements its presence in the thriving Texas market. The company has purchased a Mercedes-Benz dealership located in Boerne, Texas, which will now operate as Mercedes-Benz of Boerne. This acquisition is projected to generate approximately $135 million in annual revenue, significantly bolstering Group 1’s portfolio and its reach within the San Antonio metropolitan area.
This newly acquired dealership is not limited to luxury passenger vehicles; it also includes a Mercedes-Benz Sprinter commercial vehicle franchise. This addition allows Mercedes-Benz of Boerne to cater to a broader customer base, from individual luxury car buyers to businesses seeking premium commercial vans.
“We are thrilled to deepen our partnership with Mercedes-Benz and to expand our operations in the dynamic San Antonio market,” stated Earl J. Hesterberg, President and CEO of Group 1 Automotive. “Mercedes-Benz of Boerne is a fantastic addition to our network, and it enhances our ability to serve customers in and around San Antonio with the exceptional vehicles and service that Mercedes-Benz is known for.”
This acquisition underscores Group 1 Automotive’s commitment to strategic growth and its focus on key markets like San Antonio. By adding Mercedes-Benz of Boerne to its network, Group 1 is reinforcing its position as a leading automotive retailer in Texas and beyond. Customers in the San Antonio area looking for a premier Mercedes-Benz experience will now have an even stronger resource in the form of Mercedes-Benz of Boerne, backed by the extensive resources and customer-centric approach of Group 1 Automotive.
About Group 1 Automotive, Inc.
Group 1 Automotive is a leading international automotive retailer with a significant footprint across the United States, the United Kingdom, and Brazil. The company’s extensive network includes 154 dealerships, representing 197 franchises, and 38 collision centers. Group 1 offers a diverse portfolio of 34 automotive brands, providing customers with a wide selection of new and used vehicles. Beyond vehicle sales, Group 1 dealerships offer comprehensive services including financing, insurance contracts, maintenance, repair, and genuine parts sales. For more information about Group 1 Automotive and its operations, please visit www.group1auto.com.
Forward-Looking Statements
This press release includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions about future events and are subject to risks and uncertainties. Factors that could cause actual results to differ materially include economic conditions, manufacturer incentives, regulatory environments, inventory availability, manufacturer relationships, financing costs, acquisition risks, currency fluctuations, and personnel retention. Readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant only as of the date of this release. Group 1 Automotive undertakes no obligation to update these statements publicly.
Investor Relations Contacts: Sheila Roth Manager, Investor Relations Group 1 Automotive, Inc. 713-647-5741 | [email protected]
Media Relations Contacts: Pete DeLongchamps V.P. Manufacturer Relations, Financial Services and Public Affairs Group 1 Automotive, Inc. 713-647-5770 | [email protected] or Clint Woods Pierpont Communications, Inc. 713-627-2223 | [email protected]
SOURCE Group 1 Automotive, Inc.
