Keating Auto Group has acquired three more stores in Texas, while a growing dealership group purchased two import stores within the past month and a family-owned dealership bought its second store in Iowa.
Here is a look at the deals, which include import and domestic stores. One of the deals involves a group ranked by Automotive News on its top 150 dealerships list.
Keating Auto Group expanded its presence in the Houston market earlier this month with the acquisition of three rooftops.
Keating Auto, of Victoria, Texas, on Nov. 9 bought Hub Hyundai Houston, Hub Hyundai Katy-Genesis West Houston and Hub Mitsubishi Katy, all in Houston, from retiring dealers Bob Cox and Jackie Cox, said Ben Keating, owner of Keating Auto.
The dealerships were renamed Northwest Hyundai, West Houston Hyundai-Genesis of West Houston and West Houston Mitsubishi.
Keating is planning to construct separate facilities for the West Houston Hyundai and Genesis brands, he said.
Keating said he acquired his first Hyundai dealership in 2015 in College Station, Texas, and later built a new facility. He previously had a Genesis franchise in College Station but took a buyout from the automaker around three years ago, he said.
"I made a big investment into Hyundai with a new facility several years ago," Keating told Automotive News. "We have seen tremendous growth and tremendous profitability at that store since we built the new facility. It's been a great relationship. I love what Hyundai is doing, the cars they're building, the way they are handling their business. I'm excited to represent them."
It marks the first Mitsubishi store for the group, which now has 23 rooftops — all in Texas.
Bill Scrivner and Mike Sims of Pinnacle Mergers and Acquisitions, a Frisco, Texas buy-sell firm, represented the sellers in the transaction.
Keating Auto ranks No. 39 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 21,480 new vehicles in 2020.