AutoNation Acquires 12 Stores in Texas
Oct. 28, 2015—AutoNation Inc. announced Wednesday that it has signed an agreement to acquire 12 stores, including 31 franchises, in Texas from Allen Samuels Auto Group.
The acquisition represents approximately $800 million in annual revenue and 19,500 retail new and used vehicle unit sales. Once the acquisition is complete, Texas will represent about 25 percent of AutoNation’s total revenue with 53 stores, 82 franchises and 5,300 associates.
The franchises to be acquired include Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter. The transaction, which is expected to close in the first quarter of 2016, is subject to customary terms and conditions.
“We are pleased to have the opportunity to add 12 stores throughout the state of Texas. This acquisition will enhance our brand mix in the state of Texas,” said Mike Jackson, chairman, CEO and president of AutoNation. “We also look forward to welcoming Allen Samuels’ customers and 1,000 associates to the AutoNation family.”
Since the beginning of 2015, AutoNation has announced acquisitions with approximately $1.7 billion in annual revenue.