Group 1 Purchases UK’s Inchcape
Group 1 Automotive entered into a definitive agreement to acquire the U.K. automotive retailing business and related owned real estate from a subsidiary of Inchcape for approximately $439 million in an all-cash transaction. The transaction is subject to the receipt of approval from the Financial Conduct Authority and is expected to close in the third quarter 2024.
With 54 dealership locations across major hubs in England and Wales, Inchcape’s U.K. dealership portfolio includes Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen and Volkswagen Commercial Vehicles.
On an aggregate basis, these dealerships sell over 63,500 new and used vehicles, and 24,000 corporate units, annually. Year to date 2024, Group 1 has completed $1.0 billion of acquired revenues, and with this proposed acquisition, total acquired revenues are expected to be approximately $3.7 billion at the anticipated closing date in the third quarter of 2024. With the addition of the Inchcape dealerships, Group 1’s total U.K. dealership count would increase to 109, and 256 locations in the U.S. and U.K.
Wolfe Automotive Expands into Montana
Wolfe Automotive Group has acquired Jim Taylor Motors in Fort Benton, MT, according to a news release from Performance Brokerage Services.
Jim Taylor Motors, which sells new Ford, Chevrolet and GMC vehicles, will remain at its current location and will be renamed Wolfe Chevrolet GMC of Fort Benton and Wolfe Ford of Fort Benton. Wolfe Automotive Group includes five dealerships in Alberta and two stores in the U.S.
Wolfe Automotive Group, founded by F.J. Wolfe in 1921, spans over a 100-year tenure. F.J. built the iconic Edmonton Motors, the oldest Chevrolet and Cadillac dealership in western Canada.
Jim Taylor Motors will remain at its current locations, 2520 & 2500 Saint Charles Street in Fort Benton, Montana, and will be renamed Wolfe Chevrolet GMC of Fort Benton and Wolfe Ford of Fort Benton accordingly.
McGovern Buys Third Dealership in New Hampshire
McGovern Auto Group (MAG), the Northeast’s leading automotive retailer, has acquired Toyota of Portsmouth, the company’s 30th dealership and third New Hampshire location.
The newly renamed McGovern Toyota of Portsmouth underscores the group’s strategic expansion in the Granite State and fortifies its partnership with Toyota, one of the world’s most valuable car brands, said MAG officials. This is McGovern Auto Group’s 2nd Toyota dealership in NH, owning Toyota of Nashua in Nashua.
The Portsmouth dealership will continue under the leadership of Zac Casey, Regional Vice President. Casey, a McGovern veteran with deep expertise in operations and customer experience, will ensure a smooth transition that upholds the location’s reputation for stellar service.
“Toyota of Portsmouth has been a trusted resource for Seacoast drivers for years,” said Matt McGovern, CEO and Founder of MAG. “As we welcome the Portsmouth team to our growing McGovern family, we are honored to build upon that foundation while infusing the location with our signature commitment to unrivaled selection, service, and overall experience.”
McGovern Toyota of Portsmouth is a 50,000 square foot facility on a five-acre campus that will offer over 250 new vehicles. As part of the McGovern network, customers have access to an inventory of over 2,500 pre-owned vehicles across the company’s dealerships.
MAG plans to retain the dealership’s existing employees, with plans to expand the team by 10 new positions in the coming months. As MAG accelerates its regional growth, further opportunities within the Portsmouth location and across the company’s footprint will emerge for talented candidates.
Hawk Auto Plan New Site in Illinois
Hawk Auto is moving ahead with final engineering and site design plans to bring four Hawk Auto dealerships to Plainfield, IL.
The plan, recently approved by the Plainfield Village Board, includes moving Hawk’s Cadillac and Volkswagen dealerships out of Joliet, IL where they are now.
The new Hawk Auto location would contain four buildings, each containing a separate dealership, with buildings ranging in size from 16,900 to 28,700 square feet.
Hawk Auto currently operates nine other dealerships in the region, including Mazda and Subaru dealerships at a Joliet location on Route 59 and not far from the new Plainfield site.
John Crane, president and part owner of the Hawk Auto Group, said more space is needed for his Volkswagen operation. “We just need a larger place,” Crane said. “We’ve grown the business quite a bit.”
The Chevrolet-Cadillac dealership on Jefferson Street will be converted completely to a Chevrolet operation, he said.
