HOUSTON -

Group 1 Automotive — which made it into Auto Remarketing’s "Top 125 Used-Car Dealer Groups" feature that can be found in the June 15  issue  — said Monday it has made another acquisition in the Sunshine State.

Three weeks after revealing the purchase of two stores in the Panama City, Fla., market,  Group 1 announced the purchase of Volkswagen of New Port Richey in Holiday, Fla.

The Tampa Bay-area store is expected to generate $34 million in estimated annual revenues, officials said.

"I am pleased to announce Group 1’s acquisition of Volkswagen of New Port Richey as it will expand our geographic footprint into the Tampa Bay metropolitan market and strengthen our growing partnership with Volkswagen of America," said Group 1 president and chief executive officer Earl Hesterberg.

In mid-May, Group 1 announced its purchase of a Honda franchise and a VW franchise along the Panhandle. The company said those two stores would operate as Honda of Bay County and Volkswagen of Panama City. They are expected to generate approximately $52 million in estimated annual revenues.

Commenting on the news, Hesterberg said at the time: "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 concluded.
 
Pete DeLongchamps, vice president, financial services and manufacturer relations, also gave Auto Remarketing some insight into what the acquisition of the two Panama-city area stores means for the dealership group: “This is a great opportunity to expand our footprint with growing brands. These acquisitions give Group 1 additional exposure in the Florida Panhandle that complements our World Ford Pensacola dealership.

“Growing our company through a disciplined acquisition strategy is a top priority. We will continue to be proactive as future opportunities become available,” he continued.

Additionally, Group 1 has also been named one of The Top 125 Used-Car Dealer Groups, which are featured in the June 15 issue of Auto Remarketing. The Houston-based retailer is ranked No. 6, based on annual used vehicle sales of 70,745 units in 2011.

Within this feature, Auto Remarketing uses data and rankings provided by Automotive News Data Center, to highlight the top used-car dealer groups based on their total retail used-vehicle sales in 2011.

In addtion to showcasing the Top 10 on the list with info-graphics, Auto Remarketing has also spotlighted selected dealer groups throughout the 125 with more details on what makes them thrive in the used-car market.