Group 1 Automotive Buys Modern Classic Motors In Hilton Head, South Carolina; No Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Group 1 Automotive has acquired Modern Classic Motors in Hilton Head, South Carolina, expanding its franchises with Mercedes-Benz to 17 and with Honda to 13 in the U.S. and U.K. The dealerships are expected to generate $140 million in annual revenues. No terms of the acquisition were disclosed.
March 11, 2024 | 9:00 pm
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Group 1 Automotive's acquisition of Modern Classic Motors is expected to significantly boost its annual revenues by $140 million, expanding its Mercedes-Benz and Honda franchises.
The acquisition of Modern Classic Motors by Group 1 Automotive is directly related to GPI's strategic expansion in the automotive dealership sector. By adding to its portfolio of Mercedes-Benz and Honda franchises, GPI is likely to see a significant increase in its annual revenues, estimated at $140 million from this acquisition alone. This move not only strengthens GPI's market position in the U.S. and U.K. but also signals its aggressive growth strategy in the automotive dealership industry. The lack of disclosed terms does not significantly impact the positive outlook of this acquisition on GPI's financial health and growth trajectory.
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