Group 1 Automotive Inc. on Monday purchased two dealerships in Denton, Texas, that the public auto retailer says will add a combined about $150 million in annual revenues.
Group 1 said it bought Classic Chrysler-Dodge-Jeep-Ram of Denton and Classic Mazda of Denton. Denton is a city north of Dallas and Fort Worth, a market where Group 1 already has 10 dealerships.A purchase price wasn’t immediately disclosed.
“We are excited to expand our presence in the fast-growing Dallas-Fort Worth metro market with these strong brands,” Daryl Kenningham, Group 1’s president of U.S. and Brazilian operations, said in a statement Monday.
Group 1 will rename the stores Denton Chrysler-Jeep-Dodge-Ram and Denton Mazda, a spokesman told Automotive News.
The dealerships were owned by Richard Allen, according to the stores’ websites. Pinnacle Mergers & Acquisitions, a Frisco, Texas, buy-sell firm, brokered the transaction.
The Texas acquisitions follow Group 1’s announcement last month that it plans to buy 30 dealerships from Prime Automotive Group for $880 million. That deal, which will broaden Group 1’s presence in the Northeast, is expected to close in late November.
So far this year, the retailer said it has purchased dealerships expected to generate $570 million in annual revenues. The Prime deal is expected to add another $1.8 billion in annual revenues.
Group of Houston ranks No. 4 on Automotive News’ list of the top 150 dealership groups based in the U.S., retailing 140,221 new vehicles in 2020. It retailed 140,118 used vehicles for the same period, ranking it No. 7 on Automotive News‘ list of the top 100 used-vehicle retailers.