Group 1 buys Chevy store in Fort Myers area, provides share repurchase update
Group 1 Automotive is expanding in the Sunshine State, and also announced Tuesday that it is updating its year-to-date share repurchase activity.
Starting with its latest acquisition, Group 1 said it has purchased Estero Bay Chevrolet in Estero, Fla., which is near Fort Myers.
The dealership, which Group 1 said ranks fifth among Florida Chevy dealers for new-car sales, is projected to bring in annual revenues of $150 million, the retailer said.
Regarding repurchase activity, Group 1 said 180,982 shares, with an average price of $191.85, have been repurchased through Tuesday. That equates to a sum of $34.7 million.
“We want to welcome the team at Estero Bay Chevrolet to the Group 1 family and are pleased to further expand our brand footprint and scale in Florida,” Group 1 president and CEO Daryl Kenningham said in a news release.
“Our strong cash flow and robust balance sheet continues to enable aggressive capital deployment through acquisition while also returning capital to our shareholders,” Kenningham added.