HOUSTON and CHARLOTTE, N.C. -

Group 1 Automotive on Monday announced the acquisition of South Point Kia in Austin, Texas. 

The dealership, which will operate as Kia of South Austin, is expected to generate $55 million in estimated annual revenues.

"We are delighted to further expand our footprint in the Austin market, which includes Maxwell Ford, Town North Nissan and Round Rock Nissan," said Earl J. Hesterberg, Group 1 president and chief executive officer.

Thus far in 2014, Group 1 has acquired six franchises with estimated annual revenues of $295 million, and disposed of one franchise with trailing-12-month revenues of $20 million.

In other auto group news, Patterson Auto Group has sold its Toyota Scion Dealership in Mount Airy, N.C., to Scott McCorkle of Charlotte, N.C.

Patterson Toyota has been owned and operated by the Patterson Automotive Group for more than 45 years. The dealership has reached an agreement with McCorkle, who will re-brand the store as Mount Airy Toyota Scion.

McCorkle currently owns Liberty Buick GMC in Charlotte and Matthews, N.C.

“I want to congratulate Dick, Paul, Richard and their families for their dedication and long tenure of serving the automotive needs in and around Surry County,” he said. “Their reputation for excellent service and family-oriented culture is what I have been looking for in a dealership.”

Along with the Toyota Scion dealership, Patterson Automotive Group is also selling its Patterson Chrysler Dodge Jeep Ram dealership to McCorkle. The Scott McCorkle Family of Dealerships now includes Liberty Buick GMC, Keffer Pre-Owned South, Mount Airy Toyota and Mount Airy Chrysler Dodge Jeep Ram.

“It’s been a pleasure to serve the automotive needs of Surry County and beyond with such great brands,” said Paul Patterson. “We have so many great friends in the community through this dealership. We look forward to continuing to have a presence in this community we call home.”