Group 1 Automotive Inc. has sold a Ford-Lincoln-Mercury store in Florida and estimates it will lose $5 million on the sale of the property and other assets.
The nation's fourth-largest dealership group also said today it would take a $1.4 million pretax charge in the second quarter to write down the value of other domestic dealerships.
The Pines Ford-Lincoln-Mercury store in Pembroke Pines, Fla., had generated $51.7 million in revenue during the past 12 months. It is the first dealership divested by Group 1 in 2010. Group 1 has acquired nine franchises with $253.2 million in total estimated annual revenue this year.
The newest of those additions is a Mini franchise announced today. It joins Group 1's existing BMW of Clear Lake store in metropolitan Houston. Mini sales will begin in July out of a newly constructed and exclusive showroom at the current Clear Lake location.
Houston-based Group 1 estimates the new Mini franchise will generate $11 million in annual revenues.
With the latest changes, Group 1 said it will own and operate 101 automotive dealerships, 136 franchises, and 25 collision service centers in the United States and the United Kingdom that market 32 brands of automobiles.