AutoNation Inc., the largest new-vehicle retailer in the U.S., acquired four stores in Westchester County, N.Y., the company said today. The stores sell luxury brands BMW, Land Rover and Jaguar.
AutoNation CEO Mike Jackson said in a statement that the luxury brands will expand the company’s sales reach: “These acquisitions will greatly enhance our brand mix, positioning us with outstanding premium luxury offerings in this new market.”
AutoNation previously had no Jaguar stores, 13 BMW stores and four Land Rover stores -- none of which were in New York.
The four stores generate about $190 million in total revenue and retail 2,600 new and used vehicles annually, the release stated.
The company purchased the Premier Collection dealership group’s BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle. The fourth store, bought from DiSimone Imports, is White Plains Jaguar.
AutoNation said it will also renovate and reshuffle the stores as part of the purchase. It will update the Mt. Kisco BMW store, renovate and expand the Larchmont/New Rochelle store, add the Jaguar brand to the Mt. Kisco Land Rover store in a new building and construct a new Jaguar store in White Plains, adding Land Rover to it.
The new buildings and additional franchises are expected to generate $100 million in additional revenue each year, AutoNation said.
The deal is expected to close in the third quarter of 2016.
AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive News’ list of the 150 largest new-vehicle retailers based in the U.S., with retail sales of 339,080 new vehicles in 2015.