Group 1 Automotive, a US-based automotive retailer, has acquired a Honda franchise and a Volkswagen franchise in the Panama City, Florida, that are expected to generate $52m in annual revenues.
The two dealerships are located in Springfield, Florida, and will operate as Honda of Bay County and Volkswagen of Panama City.
Group 1 Automotive chief executive officer Earl Hesterberg said that the addition of these franchises adds scale to the company's operations in the Florida Panhandle and complements its recently renovated World Ford Pensacola dealership.
The company said that the acquisition coincides with the development of new facilities for both Honda of Bay County and Volkswagen of Panama City that co-locates these franchises on a high-traffic corridor in the heart of Bay County.
Currently, the company owns and operates 120 automotive dealerships, 152 franchises and 28 collision centers in the US and the UK that offer 31 brands of automobiles.
Through dealerships, the firm sells new and used cars and light trucks, arranges related vehicle financing, service and insurance contracts, in addition to providing automotive maintenance and repair services, and selling vehicle parts.
