AutoNation announced that it has signed agreements to acquire four stores, including five franchises, in the Westchester County, New York area including BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection and White Plains Jaguar from DiSimone Imports.
Collectively, the deal represents approximately $190m in annual revenue and 2,600 retail new and used vehicle annual unit sales. The acquisitions are subject to customary terms and conditions, including manufacturer approvals, and are expected to close in the third quarter of 2016.
To further enhance the customer experience, AutoNation will renovate the BMW facilities in Mt. Kisco.
Also, in connection with the transaction, AutoNation will construct a new state-of-the-art Jaguar Land Rover store in the White Plains area. In Mt. Kisco, AutoNation will relocate the Land Rover franchise and combine it with Jaguar in a new state-of-the-art auto retail facility.
AutoNation will also renovate and expand its Jaguar Land Rover facilities in Larchmont/New Rochelle.
Upon completion of the above-mentioned facilities in White Plains and Mt. Kisco, AutoNation will be awarded a Land Rover franchise in White Plains and Jaguar franchise in Mt. Kisco.
These new Jaguar Land Rover facilities in White Plains and Mt. Kisco are expected to generate approximately $100m in additional annual revenue once fully operational.
AutoNation chairman, CEO and president Mike Jackson said: "These acquisitions will greatly enhance our brand mix, positioning us with outstanding premium luxury offerings in this new market.
"We look forward to welcoming the BMW, Jaguar and Land Rover customers and 140 new associates in Westchester County to AutoNation."
