HOUSTON, Aug. 19, 2014 – Group 1 Automotive, Inc. (NYSE: GPI), a leading international automotive retailer and Fortune 500 company, today announced a significant expansion in the Texas market with the acquisition of a Mercedes-Benz dealership in Boerne, Texas. This strategic acquisition, operating as Mercedes-Benz of Boerne, is projected to generate approximately $135 million in annual revenue and includes a valuable Mercedes-Benz Sprinter commercial vehicle franchise, further solidifying Group 1’s presence in the lucrative San Antonio metropolitan area.
“We are thrilled to grow our partnership with Mercedes-Benz and significantly enhance our scale within the thriving San Antonio metropolitan market,” stated Earl J. Hesterberg, President and CEO of Group 1 Automotive. This acquisition underscores Group 1 Automotive’s commitment to the San Antonio area, providing customers with greater access to the prestigious Mercedes-Benz brand and their exceptional vehicles. The addition of Mercedes-Benz of Boerne will complement Group 1’s existing operations and strengthen their position as a premier automotive provider in the region.
Group 1 Automotive boasts a robust network of 154 automotive dealerships, representing 197 franchises and supported by 38 collision centers across the United States, the United Kingdom, and Brazil. Their diverse portfolio includes 34 brands of automobiles, offering a wide selection of new and used cars and light trucks to meet varied customer needs. Beyond sales, Group 1 dealerships provide comprehensive services including vehicle financing arrangements, service and insurance contracts, expert automotive maintenance and repair, and genuine vehicle parts sales. This acquisition of Mercedes-Benz of Boerne further expands their service offerings and brand representation in a key Texas market.
Alt text: A selection of new Mercedes-Benz luxury vehicles showcased at a dealership, representing the premium automotive experience available to customers in the San Antonio area.
As with many business announcements, this press release includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect future expectations and assumptions regarding the business environment and the company’s operations. Terms like “expects,” “anticipates,” “intends,” and “plans” are indicative of these forward-looking projections, particularly concerning financial position, market standing, and potential acquisitions. While these statements are made in good faith based on current management beliefs, they are not guarantees of future performance and are subject to various risks and uncertainties. Factors such as economic conditions, manufacturer incentives, regulatory changes, vehicle inventory availability, manufacturer relationships, financing costs, acquisition risks, currency fluctuations, and personnel retention could significantly impact actual results. For a comprehensive understanding of potential risks, readers are encouraged to consult Group 1 Automotive’s filings with the SEC, including reports on Forms 10-K, 10-Q, and 8-K. It is important to note that these forward-looking statements are relevant only as of the current date, and the company undertakes no obligation to update them publicly.
Investor Contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | [email protected]
Media Contacts:
Pete DeLongchamps
V.P. Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | [email protected]
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | [email protected]
SOURCE Group 1 Automotive, Inc.
