Group 1 Automotive Buys Acquires Newport Lexus And Tustin Lexus, Two Dealerships In Orange County, California; No Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Group 1 Automotive has acquired Newport Lexus and Tustin Lexus, two dealerships in Orange County, California. The terms of the acquisition were not disclosed. These dealerships are expected to generate $350 million in annual revenues, increasing Group 1's 2024 year-to-date total acquired revenues to $850 million. This follows $1.1 billion of acquired revenues in 2023.
February 26, 2024 | 9:20 pm
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Group 1 Automotive's acquisition of Newport Lexus and Tustin Lexus is expected to significantly boost its annual revenues by $350 million, contributing to a total of $850 million in acquired revenues for 2024.
The acquisition of Newport Lexus and Tustin Lexus by Group 1 Automotive is directly related to the company's revenue growth strategy. The expected increase in annual revenues by $350 million from these acquisitions is significant and indicates a positive impact on the company's financial health and growth trajectory. Given the substantial amount of revenue these acquisitions are expected to generate, this move is likely to be viewed positively by investors and could lead to an increase in GPI's stock price in the short term.
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