HOUSTON - Group 1 Automotive Inc., a publicly traded dealership group that had $4 billion in revenues in 2002, has completed three-year revolving credit arrangements with 14 financial institutions. The credit lines total almost $1.1 billion, with the potential to expand to $1.3 billion.
The credit will be used to finance vehicle inventory, provide working capital and acquire more dealerships. Year-to-date, Group 1 has closed acquisitions adding annual revenues of $131.2 million. The company intends to add $800 million in annual revenues through acquisitions this year.