Group 1 Automotive's acquisitive year continued with the June 1 purchase of Beck & Masten Kia in Tomball, Texas, a few weeks after the Houston company bought three high-volume Buick-GMC stores in Texas, all owned by retiring John Beck and James Masten.
The auto retailer now has purchased dealerships that are expected to add about $1 billion in revenues this year, with the Houston-area Kia store, which will retain its name, projected to bring in $85 million.
"Kia is a new brand for our Houston platform," Group 1 CEO Daryl Kenningham said in a statement. "Kia America experienced the best first-quarter sales performance in the company's history and Houston is the second-fastest growing major metropolitan area in the U.S."
Interest in Kia stores is rising across the country, according to Ryan Kerrigan, managing director of Kerrigan Advisors, a dealership sell-side firm in Incline Village, Nev.