This week, two of the publicly traded dealer groups made moves, as Sonic Automotive acquired another store, and Group 1 Automotive shared an announcement for its shareholders.

And another former star with the New York Yankees is opening a Honda dealership.

On Wednesday, Sonic announced it has acquired Audi Owings Mills, marking the company’s eighth Audi franchise and 112th franchised dealership overall.

Located in Owings Mills, Md., Sonic said the dealership serves residents of the greater Baltimore area and surrounding regions with a wide selection of new and pre-owned Audi vehicles and manufacturer-authorized parts and service.

“With the acquisition of Audi Owings Mills coming on the heels of our acquisition of Volkswagen of Fallston last year, we look forward to continuing to serve guests in the Baltimore metropolitan market and beyond with our world class guest experience, quality vehicles, and competitive pricing,” Sonic chief executive officer David Smith said in a news release.

Sonic president Jeff Dyke added, “We are excited to once again expand our national franchise sales and service network. The acquisition of Audi Owings Mills allows us to continue delivering on the Audi brand promise and provide our guests with even more choices in the Maryland market.”

Group 1 share repurchase & quarterly cash dividend

In other news, Group 1 announced on Tuesday that its board of directors increased the company’s common stock repurchase authorization by $130 million to $250 million and declared an increase to the quarterly cash dividend.  

The company also updated its year-to-date repurchase activity of 1,546,856 shares of common stock at an average price of $176.80 for a total of $273.5 million, which represents 9.0% of Group 1’s outstanding share count as of Jan. 1.

Group 1 explained that purchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions.

The company said it expects that any repurchase of shares will be funded by cash from operations. Repurchased shares will be held in treasury, according to Group 1.

Furthermore, Group 1’s board of directors also declared a cash dividend of $0.38 per share for the second quarter. The company said the dividend represents an increase of 2.7%, or $0.01 per share, from the first quarter.

Group 1 indicated the dividend will be payable on Sept. 15 to stockholders of record as of Sept. 1.

“Our strong cash flow and balance sheet continues to enable significant capital deployment in 2022.  Growing our U.S. and U.K. businesses while also returning capital to our shareholders remain our top capital allocation priorities,” said Earl J. Hesterberg, president and chief executive officer Group 1, which operates 204 dealerships located in the U.S. and U.K.

Rivera Honda set for grand opening

Mariano Rivera is looking to close in a different way.

The Major League Baseball Hall of Famer who was the closer during several championships won by the New York Yankees is ready to celebrate the grand opening of Mariano Rivera Honda located in Port Jefferson Station, N.Y.

“I’m excited to bring my business to the Port Jefferson Station community. As a native New Yorker, it means a lot to be able to get involved with the area and give back to the state I was raised in,” Rivera said in a news release.

As part of the grand opening celebration on Saturday, Rivera Honda will offer all Honda owners one complimentary car wash when they visit the dealership, as well their first oil change for free.

To show its love for the Port Jefferson Station community, the dealership will also hold drawings to give away a three-year lease and three years of vehicle service.

Dealer principal Kenny Hicks added, “Celebrating our grand opening has been a long time coming. We can't wait to provide the community with an unbeatable car buying experience.”

Another former Yankees Hall of Famer also got into the car business with a Honda dealership.

In January, Reggie Jackson teamed with Hendrick Automotive to open Reggie Jackson Airport Honda in Raleigh, N.C.