Group 1 acquires Munday dealerships in Houston
Hesterberg: "Munday Chevrolet is the second largest Chevy dealership in Texas."
Group 1 Automotive, the third-largest auto dealer group based in the United States, has acquired Houston dealerships Munday Chevrolet and Munday Mazda, the company said today.
A Group 1 spokesman said the stores were sold by Bill Munday and the transactions closed last week. They are expected to bring in $225 million in annual revenue. The dealership names and signage will not change.
“Munday Chevrolet is the second largest Chevy dealership in Texas and sixth largest in the country,” Group 1 CEO Earl Hesterberg said in a statement. “The addition of Chevrolet and Mazda expands our scale and brand offerings to a total of 17 brands across 19 stores serving over 300,000 customers in the greater Houston metropolitan area.”
The acquisition follows the company’s sale of Hassel Volvo in Long Island, N.Y., on June 23. Patrick Dibre bought the store, which generated about $30 million in trailing-12-month revenue for Group 1.
Including the latest transactions, Group 1 owns 153 dealerships, 195 franchises and 38 collision centers in the United States, the United Kingdom and Brazil. In 2013, the company generated about $8.9 billion in revenue, up 19 percent from 2012.
Group 1 ranks No. 3 on the Automotive News list of the top 125 U.S. dealership groups, with sales of 155,866 new light vehicles in 2013.
You can reach Kathleen Burke at firstname.lastname@example.org.