Group 1 Automotive Inc, a global automotive retailer with 206 dealerships located in the United States and the United Kingdom, said on Thursday that it had acquired Beck & Masten Kia.
“We want to welcome our new teammates from Beck & Masten Kia to the Group 1 family. Kia is a new brand for our Houston platform. Kia America experienced the best first quarter sales performance in the company’s history and Houston is the 2nd fastest growing major metropolitan area in the U.S. This combination represents a terrific opportunity for Group 1,” the company’s President and Chief Executive Officer Daryl Kenningham said in a press release.
The Beck & Masten Kia dealership is located in the Houston metropolitan area and expands Group 1 Automotive’s presence to 15 brands and 18 dealerships in the local market.
The new acquisition is expected to generate $85 million in annual revenue, which would bring year-to-date total acquired revenues for Group 1 Automotive to $1 billion, it said.
The company had sold a Ford franchise in New Orleans, Louisiana, in the second quarter, which brought in $60 million in annual revenue.
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