On Wednesday morning, AutoNation announced that the dealer group has signed an agreement to acquire 12 stores, including 31 franchises, in six Texas markets from Allen Samuels Auto Group.

Officials indicated the dozen stores located in the markets of Houston, Dallas-Fort Worth, Corpus Christi, Tyler, Ennis and Waco represent approximately $800 million in annual revenue and 19,500 retail new- and used-vehicle unit sales.

For AutoNation, officials calculated Texas will represent approximately 25 percent of total revenue, with 53 stores, 82 franchises and 5,300 associates, once the acquisition is completed.

The franchises to be acquired include Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter.

AutoNation said this transaction is subject to customary terms and conditions, including manufacturer approval, and is expected to close in the first quarter of 2016.

“We are pleased to have the opportunity to add 12 stores throughout the state of Texas,” AutoNation chairman, chief executive officer and president Mike Jackson.

“This acquisition will enhance our brand mix in the state of Texas,” Jackson continued. “We also look forward to welcoming Allen Samuels' customers and 1,000 associates to the AutoNation family.”

In September, AutoNation completed the previously announced acquisition of a Mercedes-Benz store, an Audi store, and a Subaru and Volkswagen store from Valley Motors Auto Group in the Baltimore market. The previously announced acquisition of 13 stores from Carl Gregory Enterprises is expected to close in the fourth quarter.

Since the beginning of the year, AutoNation has announced acquisitions with approximately $1.7 billion in annual revenue. Once the Allen Samuels and Carl Gregory acquisitions are completed, AutoNation's total store count will be 265 and total franchise count will be 372.

Stephens is serving as financial adviser to Allen Samuels Auto Group.

Editor's note: Details about AutoNation's third-quarter performance and more are set to be included in future installments of Auto Remarketing Today.