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 revenue. The Prime deal is expected to add another $1.8 billion.
Group 1, 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.
