Auto retail giant AutoNation Inc. is poised to make its first franchised dealership acquisitions since 2018, after it signed an agreement to acquire 11 stores from Peacock Automotive Group of Hardeeville, S.C.
AutoNation said Tuesday that it plans to buy 11 stores and a collision center in the Hilton Head and Columbia areas of South Carolina and in Savannah, Ga., from Peacock Automotive, a group owned by Warner Peacock. The group dates to 2001 and counts baseball great Ken Griffey Jr., lawyer Jay Brennan and another unnamed lawyer as its investors, Warner Peacock said.
Peacock's dealerships represent a mix of import, domestic and luxury brands including Hyundai, Genesis, Jaguar, Land Rover, Audi, Porsche, Subaru, Chrysler, Dodge, Jeep, Ram and Volkswagen.
AutoNation, the largest new-vehicle retailer in the U.S., did not release the price it will pay to acquire the stores but said the deal is expected to close in the summer following necessary approvals such as those from automakers. The 11 stores are expected to generate $380 million in annual revenues.