AutoNation acquires Audi, Porsche and three Volkswagen Stores in the Dallas market from Boardwalk Auto Group, as well as Spring Chrysler Jeep Dodge Ram in Houston. The stores generate about $575 million in revenue per year.
FORT LAUDERDALE, Fla. — AutoNation Inc., the nation’s largest automotive retailer, has signed agreements to acquire Audi, Porsche and three Volkswagen stores in the Dallas, Texas market from Boardwalk Auto Group. It has also signed an agreement to purchase Spring Chrysler Jeep Dodge Ram in Houston. The transactions are subject to customary terms and conditions, including manufacturer approval.
Together, the stores are expected to sell more than 14,000 new and used retail units in 2012 and generate approximately $575 million in revenue. Upon completion of the transactions, AutoNation will own and operate 50 franchises in the state of Texas.
Boardwalk Audi and Boardwalk Porsche are located in Plano, Texas. Boardwalk Audi, which received the prestigious 2011 Audi Magna Society Award, is in the Top 20 in the United States for Audi new vehicle volume. Boardwalk Porsche, which received the coveted Porsche Premier Dealership Award for 2012, is in the Top 10 in the United States for Porsche new-vehicle volume.
The Boardwalk Volkswagen stores include Park Cities Volkswagen in Dallas, Boardwalk Volkswagen in Richardson, and McKinney Volkswagen, which was opened in late 2009 as a new franchise in the growing McKinney market.
The Boardwalk Auto Group was founded by Scott K. Ginsburg, the principal owner of the business. Upon completion of the Boardwalk acquisition, AutoNation will own and operate 19 franchises in the Dallas-Fort Worth market.
"We will be pleased to add the Boardwalk Audi, Porsche and Volkswagen stores to our high-performing Dallas-Fort Worth platform,” said Mike Jackson, AutoNation's chairman and CEO. “The franchises are in attractive automotive retail locations, and the acquisition will enhance our brand mix in the Dallas-Fort Worth market."
Spring Chrysler Jeep Dodge Ram is the highest new-vehicle volume Chrysler Jeep Dodge Ram dealer in the Texas market. It’s also No. 4 in the United States. Spring CJDR is currently owned by Alfred Flores and Bruce Glascock, both formerly with the McCombs Auto Group. With the acquisition, AutoNation will own and operate 17 franchises in the Houston market.
"Spring CJDR will be an excellent addition to our brand mix in the Houston market, another high-performing market for AutoNation,” said Jackson. “This will enable us to serve a broader customer base in Houston and will expand AutoNation's representation of Chrysler products. We look forward to welcoming the Spring customers and approximately 160 associates into the AutoNation family."