HOUSTON, Oct. 4, 2021 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI), (“Team 1” or the “Corporation” or the “Consumer”), an global, Fortune 500 automotive retailer with 190 dealerships found in the U.S., U.K., and Brazil, these days declared the acquisition of Common Chrysler Dodge Jeep Ram of Denton and Common Mazda of Denton in the higher Dallas-Fort Well worth metro place of Texas. These two stores are expected to crank out approximately $150 million in annualized revenues.
“We are enthusiastic to extend our existence in the quick-increasing Dallas-Fort Truly worth metro market with these robust models,” explained Daryl Kenningham, President of U.S. and Brazilian Operations for Team 1 Automotive.
Group 1 now operates 10 dealerships symbolizing 10 manufacturers in the Dallas-Fort Well worth market place.
Year to day 2021, Team 1 has concluded $570 million of obtained revenues. The acquisition of these two suppliers provides Team 1’s total U.S. dealership rely to 119. With the Firm’s earlier introduced pending acquisition of Prime Automotive Group envisioned to close in late November 2021, the Firm’s total acquired revenues are envisioned to be at least $2.4 billion at the expected closing date, and Group 1’s whole dealership rely would boost to 220 places globally, which would involve 149 U.S. locations.
ABOUT Team 1 AUTOMOTIVE, INC.
Team 1 owns and operates 190 automotive dealerships, 247 franchises, and 48 collision facilities in the United States, the United Kingdom and Brazil that present 33 models of vehicles. Through its dealerships, the Business sells new and applied cars and trucks and light-weight vehicles arranges linked car financing sells support contracts provides automotive upkeep and fix services and sells car or truck pieces.
Traders make sure you visit www.team1corp.com, www.group1auto.com, www.team1collision.com, www.acceleride.com, www.facebook.com/team1car, and www.twitter.com/group1automobile, exactly where Group 1 discloses extra information about the Firm, its enterprise, and its results of operations.
To the extent that statements in this press release are not recitations of historical point, these kinds of statements constitute “ahead-searching statements” as these types of time period is outlined in the Non-public Securities Litigation Reform Act of 1995. The forward-searching statements in this press launch may possibly contain statements relating to aims, strategies and expectations with regards to the anticipated benefits of the proposed transaction, management plans, targets for potential operations, scale and functionality, integration designs and envisioned synergies therefrom, the timing of completion of the proposed transaction, our economical position, effects of operations, sector situation, enterprise tactic and expectations of our management with respect to, between other matters: modifications in standard financial and enterprise ailments, such as the effect of COVID-19 on the automotive market in normal, the automotive retail marketplace in specific and our shoppers, suppliers, sellers and company companions our associations with vehicle companies functioning hard cash flows and availability of capital cash expenditures the total of our indebtedness the completion of pending and long run acquisitions and divestitures foreseeable future return targets basic financial traits, which includes shopper self-assurance stages, curiosity charges and fuel prices and automotive retail marketplace developments.
The following are some but not all of the aspects that could trigger genuine success or occasions to vary materially from people anticipated, including: the prevalence of any function, improve or other instances that could give increase to the termination of the buy agreement the chance that the necessary regulatory or 3rd-celebration approvals may well not be attained or may possibly be attained subject to circumstances that are not anticipated the threat that the proposed transaction will not be consummated in a well timed fashion threats that any of the closing conditions to the proposed acquisition might not be contented or could not be contented in a well timed method risks connected to disruption of administration time from ongoing business operations due to the proposed acquisition failure to notice the gains predicted from the proposed acquisition failure to instantly and efficiently combine the acquisition the result of the announcement of the proposed acquisition on their functioning effects and enterprises and on the capability of Group 1 and Key Automotive Team to retain and hire critical staff, preserve associations with suppliers our capacity to execute our organization approach the annual price of new automobile income in the U.S. our means to produce adequate cash flows our capacity to make improvements to our liquidity position market place things and the future economic surroundings, such as customer self-confidence, interest costs, the value of oil and gasoline, the level of manufacturer incentives and the availability of customer credit rating the name and monetary problem of vehicle companies whose makes we depict and our interactions with these types of manufacturers, and their skill to style, manufacture, provide and sector their automobiles correctly substantial disruptions in the generation and shipping and delivery of autos and elements for any purpose, including normal disasters, affecting the makers whose manufacturer we promote our means to enter into, retain or renew our framework and dealership agreements on favorable terms the incapacity of our dealership functions to carry out at expected ranges or obtain anticipated return targets our skill to properly combine current and long run acquisitions variations in, failure or incapacity to comply with, laws and polices governing the operation of vehicle franchises, accounting requirements, the atmosphere and taxation necessities our skill to leverage gains from our dealership portfolio significant ranges of competitors in the automotive retailing business which could build pricing pressures on the goods and providers we present our capacity to execute our capital expenditure designs our means to comply with our credit card debt or lease covenants and receive waivers for the covenants as vital and any destructive outcome from any long term litigation. These threats, uncertainties and other variables are disclosed in Group 1’s Annual Report on Kind 10-K, subsequent quarterly experiences on Sort 10-Q and other periodic and current stories submitted with the Securities and Trade Fee from time to time.
These ahead-searching statements and this sort of threats, uncertainties and other components converse only as of the date of this press launch. We expressly disclaim any obligation or endeavor to disseminate any updates or revisions to any ahead-hunting assertion contained herein, irrespective of whether as a result of new information, long term gatherings or in any other case.
Supervisor, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | [email protected]
Senior Vice President, Producer Relations, Economical Providers and Community Affairs
Group 1 Automotive, Inc.
713-647-5770 | [email protected]
Pierpont Communications, Inc.
713-627-2223 | [email protected]
Perspective first material:https://www.prnewswire.com/news-releases/team-1-automotive-announces-acquisition-of-two-dealerships-in-texas-301392202.html
Source Group 1 Automotive, Inc.
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