AutoNation Inc.'s plan to buy Priority 1 Automotive Group, of Towson, Md., will add nine luxury dealerships to the nation's largest new-vehicle retailer in a market where it already has a foothold.
Priority 1, a family-owned group in the Baltimore and Washington, D.C., areas, operates three BMW dealerships, plus Mini, Audi, Porsche, Cadillac, Acura and Jaguar-Land Rover stores and three collision centers. All of those businesses are expected to be part of the sale to AutoNation.
AutoNation said Thursday, as it announced record third-quarter results, that it has signed an agreement and aims to close on the acquisition in the fourth quarter, pending automaker and other approvals. The deal is expected to add about $420 million in annual revenue for AutoNation.