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Group 1 Automotive reported Apr. 23 that it is set to buy additional dealerships with combined revenues of approximately $530 million.
Upon completion of the deal, Group 1 says it will own 69 dealerships with 106 franchises, 28 different brands, and 25 collision service centers in Texas, Oklahoma, Florida, Georgia, New Mexico, Colorado, Louisiana, Massachusetts and California.
The most recent additions include 10 franchises in three markets which Group 1 says will take the company's annual revenue rate to more than $4.5 billion.
Group 1 expects to close all deals by the end of third quarter 2002 despite the fact that the purchases are subject to the usual closing conditions, including approval from various manufacturers, the board of directors and government agencies, as well as the completion of due diligence.
Group 1's initial entry into this market will be with purchasing the Miller Auto Group with six dealerships located in Culver City and Van Nuys, Calif. Fred and Mike Miller will continue to operate the business, which has been in their family for nearly 60 years.
In addition, Group 1 has agreed to acquire BMW, Buick and Jeep franchises in Tulsa, Oklahoma. These franchises will become part of the Bob Howard Auto Group. The company also says it has agreed to acquire a Nissan dealership in southwest Houston near Group 1's Sterling McCall Toyota dealership, and it is set to become part of the Sterling McCall Automotive Group.
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