Group 1 Automotive, Inc. (NYSE: GPI), a prominent international automotive retailer and a Fortune 500 company, has announced a strategic acquisition that significantly enhances its presence in the vibrant San Antonio metropolitan market. The company has acquired a Mercedes-Benz dealership located in Boerne, Texas, which will now operate as Mercedes-Benz of Boerne. This acquisition is projected to generate an impressive $135 million in annual revenue, further solidifying Group 1 Automotive’s robust portfolio.
This newly acquired dealership is not limited to luxury vehicles; it also encompasses a Mercedes-Benz Sprinter commercial vehicle franchise. This addition allows Mercedes-Benz of Boerne to cater to a broader spectrum of customers, from individual luxury car buyers to businesses seeking premium commercial vans.
“We are thrilled to strengthen our partnership with Mercedes-Benz and expand our reach within the dynamic San Antonio metropolitan market,” stated Earl J. Hesterberg, President and CEO of Group 1 Automotive. This acquisition underscores Group 1 Automotive’s commitment to growth and its confidence in the San Antonio automotive market.
Group 1 Automotive: A Leader in Automotive Retail
Group 1 Automotive stands as a leading operator in the automotive retail sector. The company boasts ownership and operation of 154 automotive dealerships, representing 197 franchises, and supports these operations with 38 collision centers across the United States, the United Kingdom, and Brazil. Their diverse portfolio includes 34 automobile brands, offering a wide selection to consumers worldwide.
Through its extensive dealership network, Group 1 Automotive provides a comprehensive suite of automotive services. This includes the sale of new and used cars and light trucks, facilitating vehicle financing arrangements, and offering service and insurance contracts. Customers also benefit from expert automotive maintenance and repair services, as well as access to genuine vehicle parts.
For those interested in learning more about Group 1 Automotive and its operations, detailed information is readily available on their website: www.group1auto.com.
Forward-Looking Statements
It is important to note that this announcement contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements pertain to future events and are based on current expectations and assumptions regarding the business environment and future conditions. Terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may,” or “will,” and similar expressions often identify these forward-looking statements.
While these statements reflect management’s current beliefs, they are not guarantees of future performance and involve potential risks and uncertainties. Actual results may differ materially from those projected in these statements due to various factors, including but not limited to: economic conditions, manufacturer incentives, regulatory changes, inventory availability, manufacturer relationships, financing costs and credit availability, acquisition risks, currency fluctuations, and personnel retention.
For a comprehensive understanding of potential risk factors, please refer to Group 1 Automotive’s filings with the Securities and Exchange Commission, including their Form 10-K, 10-Q, and 8-K reports. Readers are cautioned against placing undue reliance on these forward-looking statements, which are relevant only as of the announcement date. Group 1 Automotive undertakes no obligation to update or revise these statements in light of new information or future events.
Contacts
Investor Relations:Sheila RothManager, Investor RelationsGroup 1 Automotive, Inc.713-647-5741 | [email protected]
Media Relations:Pete DeLongchampsV.P. Manufacturer Relations, Financial Services and Public AffairsGroup 1 Automotive, Inc.713-647-5770 | [email protected]orClint WoodsPierpont Communications, Inc.713-627-2223 | [email protected]
SOURCE Group 1 Automotive, Inc.
