Group 1 acquires Arlington dealershipsNovember 12, 2013
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Group 1 Automotive Inc., an international, Fortune 500 automotive retailer, has acquired Moritz BMW/MINI and Moritz Cadillac in Arlington for an undisclosed amount.
The dealerships, which will operate as BMW of Arlington, MINI of Arlington, and Cadillac of Arlington, are expected to generate $200 million in estimated annual revenues.
“Dallas, Texas, is one of the largest and fastest growing luxury automobile markets in the U.S. These well-established businesses will give Group 1 a great platform for growth and will further expand our important, long-term relationship with BMW of North America,” said Earl J. Hesterberg, Group 1’s president and chief executive officer, in a news release.
Group 1 Automotive was founded in 1995 and is headquartered in Houston. The company owns and operates 144 automotive dealerships, 182 franchises and 36 collision centers in the United States, the United Kingdom and Brazil that offer 33 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing, service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 Automotive Inc. trades on the New York Stock Exchange under the symbol GPI. The company had total revenue of $7.476 million in 2012. - Betty Dillard, email@example.com