HOUSTON -

Group 1 Automotive revealed Monday it has acquired a new Honda franchise and a Volkswagen rooftop in the Sunshine State.

Set to serve the Panama City, Fla., market, the two stores are expected to generate approximately $52 million in estimated annual revenues.

The dealerships are located in Springfield, Fla., and will operate as Honda of Bay County and Volkswagen of Panama City, officials shared.

Commenting on the recent acquisition, Earl Hesterberg, Group 1’s  president and chief executive officer, noted, "Group 1 is pleased to expand its presence in Florida with these two strong brands.

"The addition of these franchises adds scale to our operations in the Florida Panhandle and complements our recently renovated World Ford Pensacola dealership. We are excited that the timing of this acquisition coincides with the development of brand 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,” he continued.