Three dealership groups, including one of the country's largest privately owned auto retailers and a Canadian firm expanding in the U.S., bought dealerships in May and June transactions.
Group 1 Automotive divestiture in Texas
Growing Canadian retailer Steele Auto Group, of Dartmouth, Nova Scotia, expanded its U.S. footprint in Texas with the acquisition of a Hyundai store from auto retail giant Group 1 Automotive Inc.
Steele Auto bought Sterling McCall Hyundai South Loop in Houston from Group 1 on June 22, according to Peter Porteous, vice president of business development at Steele Auto.
The dealership was renamed Steele South Loop Hyundai.
"We are thrilled to be growing our presence in the U.S. and Texas," Steele Auto President Kim Day said in a statement. "Sterling McCall Hyundai of South Loop represents our first acquisition in this strong Texas market and we were very pleased to work with Group 1 Automotive on the transaction."
Haig Partners, a buy-sell firm in Fort Lauderdale, Fla., represented Group 1 in the sale.
The Hyundai store is Steele Auto's sixth U.S. dealership, all of which are in Texas.
Steele Auto entered the U.S. in 2020, buying a Chevrolet-Buick-GMC dealership. Its growth has continued since. In February, Steele Auto bought two Hyundai dealerships, one south of Austin and one located between Austin and San Antonio.
Group 1's divestiture follows its April purchase of a Toyota store in New Mexico from Asbury Automotive Group Inc. and the March purchase of Charles Maund Toyota in Austin. In February, Group 1 sold Honda and Toyota dealerships in Massachusetts to Automotive Management Services Inc., owned by Terry Taylor.
Group 1, of Houston, ranks No. 4 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 146,072 new vehicles in 2021.