Prime Automotive Group confirmed Monday it is selling five dealerships in the Northeast, including two Toyota stores that have been sold to Group 1 Automotive Inc.
Prime has been under contract to sell a Subaru, a Chevrolet and three Toyota stores, Automotive News previously reported. The sales process, overseen by Haig Partners, began last summer and is separate from legal action surrounding Prime's parent company, GPB Capital Holdings.
Last month, a federal judge in New York ordered that an independent monitor be appointed to oversee GPB, which has been accused of securities and other fraud by the U.S. and several state governments.
Group 1 CEO Earl Hesterberg said last month the nation's fourth-largest dealership group planned to be more "aggressive in growing externally" this year. The company last bought stores in late 2019, when it purchased two in New Mexico. The company has the financial capability to add $1 billion or more in annual revenue through acquisitions and has deals in the pipeline, executives said.