Group 1 Automotive, Inc., has added nine businesses to its United Kingdom operations.
The company’s U.K. operations expansion involved the acquisition of dealerships from the Robinson Motor Group, which are located in the northeast of London, the East Anglia region, as well as Norwich, Peterborough, Lowestoft and Ipswich. The dealerships represent a line of brands offered by the Volkswagen Group and one Citroen dealership.
"We are pleased to further expand our strong relationship with the Volkswagen Group in the U.K,” Group 1's President and CEO Earl Hesterberg told Cision PR Newswire. “Our previous experience in these market areas has been very positive, and we are confident that these businesses will contribute further growth to our U.K. operation."
Group 1 Automotive is projecting about $300 million total annual revenue to come as a result of the acquisition. The company also forecasted between $10.20 and $10.70 per share on a GAAP (generally accepted accounting principles) and non-GAAP basis for the second quarter of 2021, which was “driven by strong vehicle margins in the U.S., a rebound in U.S. service business, recovery of the U.K. market and ongoing strong cost control throughout the company,” according to Group 1 Automotive Investor Relations.
Group 1 owns and operates over 180 automotive dealerships in the U.S., the U.K. and Brazil.
Including the acquisition, Group 1 now operates 55 locations with 75 franchises representing 14 total brands in the U.K., according to Cision PR Newswire.
Alerts Sign-up