AutoNation Inc. has agreed to acquire 12 stores from the Allen Samuels Auto Group, giving the largest U.S. new-vehicle retailer more clout in Texas.
The stores represent approximately $800 million in revenues and sell about 19,500 new and used retail units a year. Terms of the acquisition were not included in an AutoNation statement announcing the deal.
AutoNation, of Fort Lauderdale, Fla., said it was its biggest single dealership acquisition since 1999.
After the purchase closes, Texas will represent about a quarter of AutoNation’s revenues but still will trail Florida, the retailer’s No. 1 market.
Since the beginning of 2015, AutoNation has announced acquisitions with approximately $1.7 billion in annual revenue, bringing the company to 265 stores and 372 franchises. Stores selling Fiat Chrysler Automobiles brands have accounted for about $1 billion of that revenue.
Stephens Inc. advised the seller.