HOUSTON - Group 1 Automotive, Inc. (NYSE: NYSE:GPI), a Fortune 300 company and a major player in the automotive retail sector, has expanded its market presence with the acquisition of Modern Classic Motors in Hilton Head, South Carolina. The deal, which includes three franchises—Mercedes-Benz, Sprinter, and Honda—strengthens Group 1's portfolio in the United States and the United Kingdom.
The newly acquired dealerships are situated in Beaufort County, known for its rapid growth, and are anticipated to contribute $140 million to Group 1's annual revenues. This latest acquisition is part of the company's strategic expansion, having acquired approximately $1.0 billion in annual revenues year-to-date in 2024, following a $1.1 billion revenue acquisition in 2023.
Daryl Kenningham, President and CEO of Group 1, expressed enthusiasm about the acquisition, noting the potential for growth with the addition of these well-regarded automotive brands. The acquisition raises Group 1's count of Mercedes-Benz (OTC:MBGAF) franchises to 17 and Honda (NYSE:HMC) franchises to 13 across their operations.
Group 1 now oversees 202 dealerships, 265 franchises, and 43 collision centers, offering 35 automobile brands through its various channels. The company's services include the sale of new and used vehicles, vehicle financing, service and insurance contracts, automotive maintenance and repair, and the sale of vehicle parts.
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