Printed: Oct. 4, 2021 at 3:07 PM CDT|Up to date: 15 hours ago
HOUSTON, Oct. 4, 2021 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Firm” or the “Purchaser”), an worldwide, Fortune 500 automotive retailer with 190 dealerships positioned in the U.S., U.K., and Brazil, now declared the acquisition of Traditional Chrysler Dodge Jeep Ram of Denton and Typical Mazda of Denton in the increased Dallas-Fort Truly worth metro space of Texas. These two outlets are anticipated to create close to $150 million in annualized revenues.
“We are fired up to develop our presence in the fast-expanding Dallas-Fort Really worth metro current market with these potent models,” claimed Daryl Kenningham, President of U.S. and Brazilian Functions for Team 1 Automotive.
Group 1 at present operates 10 dealerships symbolizing 10 brand names in the Dallas-Fort Value market place.
12 months to date 2021, Team 1 has completed $570 million of acquired revenues. The acquisition of these two outlets brings Group 1’s overall U.S. dealership rely to 119. With the Company’s beforehand declared pending acquisition of Prime Automotive Group expected to close in late November 2021, the Company’s total acquired revenues are predicted to be at minimum $2.4 billion at the anticipated closing day, and Team 1’s whole dealership count would increase to 220 places globally, which would include things like 149 U.S. areas.
ABOUT Team 1 AUTOMOTIVE, INC.
Team 1 owns and operates 190 automotive dealerships, 247 franchises, and 48 collision centers in the United States, the United Kingdom and Brazil that offer you 33 brand names of vehicles. By way of its dealerships, the Enterprise sells new and made use of vehicles and light-weight trucks arranges associated car or truck funding sells support contracts supplies automotive maintenance and maintenance solutions and sells motor vehicle components.
Investors remember to take a look at www.team1corp.com, www.group1car.com, www.group1collision.com, www.acceleride.com, www.fb.com/team1auto, and www.twitter.com/group1auto, wherever Team 1 discloses further details about the Organization, its small business, and its effects of operations.
Ahead-Seeking STATEMENTS
To the extent that statements in this push release are not recitations of historic truth, these types of statements represent “ahead-hunting statements” as these expression is defined in the Personal Securities Litigation Reform Act of 1995. The ahead-looking statements in this press release may perhaps include statements relating to goals, designs and anticipations pertaining to the predicted rewards of the proposed transaction, administration strategies, aims for potential functions, scale and general performance, integration strategies and predicted synergies therefrom, the timing of completion of the proposed transaction, our fiscal position, benefits of functions, market placement, enterprise method and expectations of our management with respect to, between other points: improvements in basic financial and business conditions, which includes the impact of COVID-19 on the automotive market in standard, the automotive retail field in certain and our clients, suppliers, distributors and business associates our associations with vehicle brands functioning dollars flows and availability of capital funds expenses the volume of our indebtedness the completion of pending and potential acquisitions and divestitures potential return targets general economic developments, like consumer self confidence concentrations, desire costs and fuel selling prices and automotive retail industry tendencies.
The subsequent are some but not all of the variables that could induce genuine results or gatherings to vary materially from those anticipated, which include: the event of any occasion, change or other conditions that could give rise to the termination of the purchase arrangement the chance that the essential regulatory or third-celebration approvals might not be acquired or may be obtained issue to ailments that are not expected the hazard that the proposed transaction will not be consummated in a timely way hazards that any of the closing situations to the proposed acquisition might not be pleased or may perhaps not be satisfied in a well timed way hazards associated to disruption of management time from ongoing enterprise functions thanks to the proposed acquisition failure to recognize the added benefits predicted from the proposed acquisition failure to immediately and effectively combine the acquisition the influence of the announcement of the proposed acquisition on their functioning results and enterprises and on the capacity of Team 1 and Key Automotive Team to keep and employ the service of vital staff, retain associations with suppliers our capacity to execute our organization tactic the yearly charge of new car sales in the U.S. our potential to create sufficient cash flows our potential to strengthen our liquidity place current market components and the future economic atmosphere, including purchaser confidence, desire fees, the price tag of oil and gasoline, the level of maker incentives and the availability of customer credit rating the track record and fiscal condition of automobile producers whose brand names we signify and our interactions with such brands, and their skill to layout, manufacture, provide and industry their vehicles efficiently substantial disruptions in
the creation and delivery of autos and components for any purpose, which includes organic disasters, influencing the suppliers whose brand name we market our means to enter into, preserve or renew our framework and dealership agreements on favorable conditions the incapability of our dealership operations to execute at predicted amounts or reach expected return targets our skill to properly combine current and future acquisitions adjustments in, failure or inability to comply with, regulations and regulations governing the procedure of vehicle franchises, accounting benchmarks, the natural environment and taxation demands our ability to leverage gains from our dealership portfolio superior amounts of opposition in the automotive retailing marketplace which might create pricing pressures on the goods and products and services we give our potential to execute our cash expenditure plans our capacity to comply with our credit card debt or lease covenants and receive waivers for the covenants as vital and any destructive end result from any long term litigation. These dangers, uncertainties and other components are disclosed in Team 1’s Once-a-year Report on Type 10-K, subsequent quarterly reports on Kind 10-Q and other periodic and latest reviews submitted with the Securities and Trade Fee from time to time.
These ahead-seeking statements and this kind of risks, uncertainties and other components communicate only as of the date of this push launch. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking assertion contained herein, whether or not as a result of new details, long term events or normally.
Investor contacts:
Sheila Roth
Supervisor, Trader Relations
Group 1 Automotive, Inc.
713-647-5741 | [email protected]
Media contacts:
Pete DeLongchamps
Senior Vice President, Maker Relations, Money Expert services and Community Affairs
Group 1 Automotive, Inc.
713-647-5770 | [email protected]
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | [email protected]
Check out first material:
Resource Team 1 Automotive, Inc.
The higher than push release was furnished courtesy of PRNewswire. The sights, viewpoints and statements in the push release are not endorsed by Gray Media Team nor do they necessarily state or mirror these of Grey Media Group, Inc.
