Dealer news: Group 1 adds 4 Mercedes stores in UK; acquisitions in California, Wisconsin
Group 1 Automotive has grown its presence in the U.K., with the acquisition of four Mercedes-Benz dealerships from L&L Automotive.
The dealerships are located north of London in the county of Hertfordshire and are contiguous with several other Group 1 dealerships in the U.K., the company said.
The newly acquired stores are expected to sell more than 2,800 new and used units and generate $105 million in annual revenues annually, with new cars sales recorded as net revenue under the agency model.
“We are delighted to expand our relationship with Mercedes-Benz while growing our operations in the U.K.,” Group 1 CEO Daryl Kenningham said in a news release. “This brand is outstanding and our ability to add these dealerships to our portfolio is a very positive growth action, and presents an opportunity to further drive profitable growth for our shareholders.”
Group 1 now operates 206 dealerships and 42 collision centers in the U.S. and U.K. The company said it has added $1.1 billion of acquired revenues so far in 2024. With the pending Inchcape U.K. dealership acquisition, which is expected to close during the third quarter of 2024, Group 1 expects its total acquired revenues to reach about $3.8 billion at the time of closing.
Mass Auto Group acquires SoCal dealership
Mass Auto Group has acquired Nissan of Tustin in Tustin, Calif., from Tim Hutcherson, according to Performance Brokerage Services, which advised on the transaction.
The dealership has been selected for the Nissan Award of Excellence, which recognizes employees and dealerships that consistently deliver outstanding results in sales, customer satisfaction and owner loyalty, and Hutcherson, was one of 48 nominees for the 2023 TIME Dealer of the Year award.
Mass Auto Group, led by president David Massoudi, operates five locations in Southern California, representing Nissan, Chrysler, Dodge, Jeep and RAM.
Wisconsin store sold to Link Auto & RV
Wisconsin-based dealership group Link Auto & RV has acquired South Lake Motors in Rice Lake, Wisc., from Aaron Resnick.
Performance Brokerage Services, which advised on the sale, announced the transaction.
Resnick had owned South Lake Motors for more than 30 years, after it was founded by his grandparents in 1973.
Link Auto & RV is a family-owned dealership group that has been serving northwestern Wisconsin since 1946. It currently operates four locations in Rice Lake and Minong, Wisc. South Lake Motors will be renamed Link Chrysler Dodge Jeep Ram.