AutoNation has gotten even bigger.
The largest automotive retailer in the U.S. has agreed to acquire 16 more stores, representing $600-million in combined annual revenue.
The deal includes 13 stores in Georgia, Alabama and Tennessee from Carl Gregory Enterprises, and three stores in the Baltimore, Maryland market from Valley Motors Auto Group.
In 2014, the Carl Gregory stores retailed approximately 16,750 new and used vehicles, while the Valley Motors Auto Group retailed around 2,900 new and used vehicles that year.
Once the transactions are completed, they will bring the dealer group’s total franchise count to 327, an increase of 34 franchises.
But Mike Jackson, Chairman, CEO and President of AutoNation, has plans to continue the company’s expansion.
“We continue to seek acquisitions to leverage our scale, expand the AutoNation brand and provide a peerless experience to more customers,” said Jackson, in a written release, and added the latest additions will bring AutoNation’s store count to 253 from coast-to-coast.
Transactions are subject to customary terms and conditions, including manufacturer approval, and are expected to close later this year.
